Future Enterprises Limited (FEL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-41595.3%

-₹116.19

vs ₹0.28 price

Levered DCF

-₹111.50

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-2.91

Distress zone

Rating

—

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
P/E	-0.03×	-0.1×	-0.35×	-1.29×	12.94×	247.67×	37.35×	160.63×
P/B	-0.05×	-1.1×	0.15×	0.11×	0.43×	0.44×	0.35×	1.67×
P/S	0.21×	0.13×	0.28×	0.08×	0.29×	0.33×	0.29×	0.64×
EV / EBITDA	-16.95×	-5.27×	22.31×	5.47×	5.27×	5.38×	6.3×	9.49×
Gross margin	-599.4%	7.6%	-35.7%	32.6%	31.4%	29.8%	29.5%	28.4%
Operating margin	-1634.2%	-37.8%	-41.8%	6.1%	11.1%	9.4%	8.5%	6.0%
Net margin	-648.6%	-131.2%	-78.9%	-6.2%	2.4%	0.1%	0.8%	0.4%
Current ratio	0.02×	0.37×	1.11×	0.78×	1.7×	1.99×	2.24×	1.74×
Debt / equity	-12.6×	-28.41×	2.71×	1.8×	1.66×	1.5×	1.43×	1.44×
Interest coverage	-110.42×	-1.09×	-0.73×	0.46×	1.11×	0.83×	0.73×	1.09×
Dividend yield	0.0%	0.0%	0.0%	0.8%	0.2%	0.7%	0.4%	0.5%
Payout ratio	0.0%	0.0%	0.0%	-1.1%	1.9%	167.7%	16.7%	72.4%

Key metrics by fiscal year

Metric	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Return on equity	158.4%	1095.9%	-42.6%	-8.8%	3.6%	0.2%	0.9%	1.0%
Return on invested capital	-33.7%	-11.3%	-5.7%	2.6%	5.7%	2.8%	3.2%	4.1%
Return on assets	-11.9%	-34.1%	-9.5%	-2.1%	1.1%	0.1%	0.3%	0.4%
Free cash flow yield	0.0%	134.8%	-793.2%	179.2%	-21.5%	-32.5%	-24.0%	-4.8%
Earnings yield	-3048.8%	-995.0%	-285.4%	-77.5%	8.4%	0.4%	2.7%	0.6%
Enterprise value	₹54.1B	₹77.4B	₹75B	₹72B	₹82.6B	₹73.6B	₹65.1B	₹105.2B
Net debt / EBITDA	-16.88×	-5.08×	21.14×	5.15×	4.17×	4.15×	5.03×	4.36×
Cash conversion cycle (days)	-37	156	761	147	83	90	78	24