Future Market Networks Limited (FMNL.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

+2017.2%

₹174.88

vs ₹8.26 price

Levered DCF

₹0.03

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	5.52×	1.4×	-5.42×	-2.55×	-1.64×	-2.23×	1.65×	24.49×
P/B	0.39×	0.95×	1.5×	0.7×	1.11×	0.62×	0.29×	1.35×
P/S	0.44×	0.94×	0.36×	0.25×	0.54×	1×	0.39×	1.85×
EV / EBITDA	3.21×	2.61×	4.64×	7.49×	12.27×	11.17×	2.16×	6.55×
Gross margin	34.4%	49.4%	47.9%	76.8%	81.5%	68.5%	70.4%	17.4%
Operating margin	11.7%	89.2%	26.1%	35.0%	30.8%	-16.2%	3.2%	11.9%
Net margin	8.0%	65.4%	-6.7%	-9.8%	-33.2%	-44.8%	23.4%	7.6%
Current ratio	0.94×	0.85×	0.35×	0.6×	0.7×	0.63×	0.65×	0.58×
Debt / equity	1.31×	1.79×	5.85×	7.61×	6.61×	1.76×	1.3×	0.86×
Interest coverage	0.65×	7.3×	1.53×	1.59×	1.24×	-0.28×	0.13×	0.77×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.1%	65.9%	-27.7%	-27.5%	-67.6%	-27.9%	17.4%	5.5%
Return on invested capital	4.2%	25.3%	-29.9%	-69.8%	7.8%	-2.7%	0.7%	3.2%
Return on assets	2.5%	18.9%	-1.9%	-1.7%	-5.0%	-4.8%	3.9%	1.5%
Free cash flow yield	14.8%	3.2%	-61.6%	330.9%	-77.7%	-51.1%	-180.2%	6.0%
Earnings yield	18.1%	69.4%	-18.5%	-39.1%	-61.0%	-44.9%	60.6%	4.1%
Enterprise value	₹1.8B	₹2.7B	₹1.6B	₹2.6B	₹3.1B	₹2.5B	₹2.6B	₹3.9B
Net debt / EBITDA	2.45×	1.69×	3.64×	6.83×	10.45×	8.06×	1.76×	2.49×
Cash conversion cycle (days)	228	191	92	227	454	512	328	46