FMNL
Future Market Networks financials
- Market cap
- ₹57 Cr
- Sector
- Services
What Future Market Networks Limited does
Future Market Networks Limited (FMNL), part of the Future Group, develops, owns and leases shopping-mall and retail commercial real estate in India. Its named properties include the 10 Acre Mall at the Cotton Mills Complex in Kankaria, Ahmedabad (retail premises there known as 'Akashganga Enclave', historically let out to Future Retail Limited/Big Bazaar), a separate Big Bazaar retail building (Ground+1) at Rajpur-Hirpur, Ahmedabad, and a unit within R Mall in Mulund West, Mumbai that was sold via a registered SARFAESI Sale Certificate in FY23. The company earns lease-rental income from these retail properties and has also pledged some of its mall assets as loan collateral for group/related borrower entities.
Segments
- Mall / retail property leasing
- Mall / retail properties (named in FY25 Annual Report)
- 10 Acre Mall (Kankaria, Ahmedabad) and a Big Bazaar retail building (Ground+1) at Rajpur-Hirpur, Ahmedabad; formerly a unit in R Mall, Mulund West, Mumbai (sold FY23)
- Cities with mall/retail property footprint
- 2 (Mumbai, Ahmedabad)
- Ahmedabad mall site area
- ~10 acres (Cotton Mills Complex, Kankaria)
Quarterly results
Q1 FY27: revenue up 0.8%, net profit up 23.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 26 | 26 | 24 | 24 | 24 −7% | 24 −7% | 25 +5% | 25 +1% |
| EBITDA | 13 | 11 | 3 | 12 | 9 −28% | 12 +6% | 11 +248% | 10 −15% |
| Net profit | 6 | 6 | -30 | 1 | 2 −60% | 2 −70% | 2 +107% | 2 +23% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −29.3% 1Y
1Y: ₹13.34 on 10 Sept 2025 → ₹9.43. High ₹13.79 (18 Sept 2025), low ₹6.92 (27 Mar 2026).
Financials, as filed
Revenue grew 2.9% a year over 2 years, FY24 to FY26. Operating margin widened to 44.8%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹93 Cr | ₹101 Cr | ₹99 Cr |
| Operating profit | ₹17 Cr | ₹39 Cr | ₹44 Cr |
| Operating margin | 18.6% | 39.0% | 44.8% |
| Interest | ₹16 Cr | ₹12 Cr | ₹18 Cr |
| Depreciation | ₹14 Cr | ₹14 Cr | ₹33 Cr |
| Net profit | ₹-8 Cr | ₹65 Cr | ₹8 Cr |
| Net margin | -8.8% | 64.0% | 7.8% |
| Cash from operations | ₹-18 Cr | ₹3 Cr | ₹41 Cr |
| Free cash flow | ₹-21 Cr | ₹25 Cr | ₹11 Cr |
| ROCE | 17.9% | 15.8% | 9.3% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹58 Cr | ₹58 Cr | ₹58 Cr | ₹58 Cr | ₹61 Cr | ₹64 Cr |
| Reserves | ₹53 Cr | ₹-16 Cr | ₹-25 Cr | ₹-35 Cr | ₹44 Cr | ₹47 Cr |
| Borrowings | ₹195 Cr | ₹277 Cr | ₹250 Cr | ₹131 Cr | ₹165 Cr | ₹146 Cr |
| Other liabilities | ₹339 Cr | ₹250 Cr | ₹243 Cr | ₹175 Cr | ₹71 Cr | ₹66 Cr |
| Total liabilities | ₹645 Cr | ₹569 Cr | ₹525 Cr | ₹328 Cr | ₹340 Cr | ₹322 Cr |
| Fixed assets | ₹278 Cr | ₹256 Cr | ₹242 Cr | ₹148 Cr | ₹166 Cr | ₹150 Cr |
| Capital work in progress | ₹6 Cr | ₹6 Cr | ₹7 Cr | ₹8 Cr | ₹7 Cr | ₹8 Cr |
| Investments | ₹18 Cr | ₹49 Cr | ₹86 Cr | ₹29 Cr | ₹28 Cr | ₹28 Cr |
| Other assets | ₹343 Cr | ₹257 Cr | ₹190 Cr | ₹142 Cr | ₹140 Cr | ₹136 Cr |
| Total assets | ₹645 Cr | ₹569 Cr | ₹525 Cr | ₹328 Cr | ₹340 Cr | ₹322 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters added +3.03 pp while the public trimmed −3.03 pp. The shareholder count shrank 4% to 28,680.
- Promoters
- 70.0%
- Public
- 30.1%
Since Jun 2025
- Promoters +3.03 pp
- Public −3.03 pp
- DIIs 0.00 pp
How it drifted, 12 quarters
Over this window promoters went from 65.3% to 70.0% — +4.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 65.3%, DIIs 0.1%, Public 34.6%.Dec '23: Promoters 65.3%, DIIs 0.1%, Public 34.6%.Mar '24: Promoters 65.3%, Public 34.7%.Jun '24: Promoters 65.3%, Public 34.7%.Sep '24: Promoters 65.3%, Public 34.7%.Dec '24: Promoters 66.9%, Public 33.1%.Mar '25: Promoters 66.9%, Public 33.1%.Jun '25: Promoters 66.9%, Public 33.1%.Sep '25: Promoters 66.9%, Public 33.1%.Dec '25: Promoters 66.9%, Public 33.1%.Mar '26: Promoters 68.5%, Public 31.5%.Jun '26: Promoters 70.0%, Public 30.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Surplus Finvest Private Limited +4.22 pp 14.03% held
- Harees Thunthakachi +0.30 pp 1.31% held
- Rajesh Joseph +0.09 pp 1.50% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Future Market Networks Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Future Corporate Resources Pvt Ltd | 55.93% | −2.74 pp |
| Surplus Finvest Private Limited | 14.03% | +4.22 pp |
| Rajesh Joseph | 1.50% | +0.09 pp |
| Harees Thunthakachi | 1.31% | +0.30 pp |
| Gopikishan Biyani | 0.00% | unchanged |
| Kishore Biyani | 0.00% | unchanged |
| Laxminarayan Bansilal Biyani | 0.00% | unchanged |
| Rakesh Biyani | 0.00% | unchanged |
| Sunil Biyani | 0.00% | unchanged |
| Vijay Biyani | 0.00% | unchanged |
| Vivek Biyani | 0.00% | unchanged |
| Anil Biyani | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Future Market Networks Limited
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