Future Market Networks Limited (FMNL) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Future Market Networks Limited stock ₹14.51, price ₹8.21, upside +76.7%, quality 27 out of 100. Rating: strongly undervalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.
How to read this chart
60‑month range ₹3.85 – ₹28.17 · fair‑value band ₹12.85 – ₹21.42 · the ₹8.21 price screens below the ₹14.51 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.
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Future Market Networks Limited, together with its subsidiaries, engages in organizing of wholesale, trade, retail, and logistics infrastructure projects in India.
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The company also manages and operates shopping infrastructures and retail spaces; develops large-scale warehouses; and provides mall management business. The company was formerly known as Agre Developers Limited and changed its name to Future Market Networks Limited in February 2012.
The company was incorporated in 2008 and is based in Mumbai, India. Future Market Networks Limited is a subsidiary of Future Corporate Resources Private Limited.
Stock analysis
Future Market Networks Limited (FMNL) currently trades at ₹8.21, while our model-based Fair Value estimate is ₹14.51, implying the stock looks roughly 43% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹29.30 per share, and 13 of the 14 models we run sit above the ₹8.21 price.
Bear case: the Asset-Based group reads lowest at ₹9.84, and 1 of the 14 models stay below the price. Data coverage for this calculation is low.
Scenario range: ₹12.85 (bear) to ₹21.42 (bull), the price of ₹8.21 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 27/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Spin-off in 2016: revenue and profit before it include the divested business. Growth is measured afresh from 2016.
Future Market Networks Limited reported revenue of ₹985M in FY2026 versus ₹853M in FY2022, a compound +3.7%/yr. Reported net income was ₹79.2M in FY2026.
Key figures
Market cap ₹571M (≈ $6.1M) Micro · P/E ratio 6.7 · P/S ratio 0.57 · EPS (TTM) ₹1.23 · Net margin 8.3% · Return on equity 7.3% · Return on assets (EBIT) 9.5% (5-year average) · Operating margin 10.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 34% below its 52-week high and 19% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at 77%, FMNL screens cheaper than that median.
Fair Value models
Bear₹12.85Fair Value ₹14.51Bull₹21.42
Price ₹8.21 · Upside +76.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹0.7582 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF₹20.92₹29.30₹42.7680
Growth DCF₹21.66₹29.59₹41.4679
5Y EBITDA Exit₹46.20₹76.93₹115.8574
All 14 models by family
DCF Models
FCF DCF₹20.92₹29.30₹42.7680
5Y Revenue Exit₹12.56₹19.32₹28.6972
5Y EBITDA Exit₹46.20₹76.93₹115.8574
10Y Revenue Exit₹15.57₹21.72₹28.5367
10Y EBITDA Exit₹35.02₹56.85₹82.3068
Multiples
P/S Multiple₹15.12₹20.16₹25.2058
P/B Multiple₹12.53₹16.71₹20.8855
EV/EBIT₹7.54₹17.07₹26.6062
EV/EBITDA₹63.28₹91.39₹119.5067
EV/Revenuen/a₹1.48>₹5.9250
Asset-Based
NCAV (Graham)₹7.34₹9.84₹14.6854
Growth DCF
Growth DCF₹21.66₹29.59₹41.4679
Rev-Margin DCF₹12.56₹19.95₹29.0872
Economic Profit
Residual Income₹12.96₹13.49₹14.5571
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2016: revenue and profit before it include the divested business. Growth is measured afresh from 2016.
Revenue growth 1 year
−2.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.4%
Start year 2021 (pandemic). Over 10 years: +1.0% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.0%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−26.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−26.2%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−26.2% vs −24.3%, steady
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−16% → 12%
Pace: the 5-year rate starts in 2021 (pandemic)
⚠ Revenue per share shrinking 5.4%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+12.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +7.8% a year for the price.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Real Estate Services · 479 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score27 · Bottom 25%
Fair Value upside+76.7% · Above median
Profitability
Return on equity (12 months)7.3% · Above median
Return on assets2.5% · Above median
Net margin (12 months)8.3% · Below median
Operating margin (12 months)10.6% · Below median
Growth and dividend
Revenue growth (quarter YoY)1.0% · Below median
Balance sheet
Debt / equity0.54× · Above median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
P/E (12 months)6.7× · Cheapest 25%
P/B0.51× · Cheaper than median
P/S (12 months)0.57× · Cheapest 25%
Price / free cash flow (fiscal year)8.8× · Cheaper than median
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Is Future Market Networks Limited (FMNL) overvalued or undervalued?
As of Nov 10, 2026, our model estimates a fair value of ₹14.51 versus a price of ₹8.21, about +77% upside (undervalued).
What is the fair value of FMNL?
Our model-based fair value for Future Market Networks Limited is ₹14.51 (as of Nov 10, 2026), built from audited fundamentals. The current price: ₹8.21.
What is the quality score of FMNL?
Future Market Networks Limited has a Quality Score of 27/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Future Market Networks Limited (FMNL)?
Our model-based price target is the fair value of ₹14.51 (as of Nov 10, 2026) from 14 valuation models. Cautious scenario ₹12.85, optimistic scenario ₹21.42. It is a calculation from audited fundamentals, not an analyst target.
What is the Future Market Networks Limited stock forecast for 2026?
Our models put fair value at ₹14.51, about +77% upside versus a price of ₹8.21 (undervalued). Cautious scenario ₹12.85, optimistic scenario ₹21.42. The calculation is refreshed regularly with new filings.
What is the revenue of Future Market Networks Limited (FMNL)?
Future Market Networks Limited reported trailing-twelve-month revenue of about ₹999M (latest available figure, as of Nov 10, 2026).
What growth is priced into Future Market Networks Limited (FMNL)?
For today's price to be fair in a discounted-cash-flow model, Future Market Networks Limited would have to grow free cash flow by +12.3 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.4 % per year. As of Nov 10, 2026.
What discount rate (WACC) does the fair value of FMNL use?
Our models discount Future Market Networks Limited at 10.9 %: a base by market capitalisation (nano), damped by beta 0.03, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Future Market Networks Limited that is +12.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has Future Market Networks Limited (FMNL) delivered so far?
Over the past 5 years revenue at Future Market Networks Limited grew +7.4 % a year. The price currently implies free-cash-flow growth of +12.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Future Market Networks Limited (FMNL) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Future Market Networks Limited (+12.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Future Market Networks Limited (FMNL)?
The free-cash-flow yield on the price is 11.37 %: that much free cash flow Future Market Networks Limited produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Future Market Networks Limited (FMNL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Future Market Networks Limited it is ₹14.51 per share (as of Nov 10, 2026), against a price of ₹8.21. It is the blended result of 14 valuation models in 5 families (DCF Models, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Future Market Networks Limited stock overvalued or undervalued in 2026?
As of Nov 10, 2026, FMNL trades below its calculated fair value: price ₹8.21, fair value ₹14.51, a gap of about +77% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FMNL?
No. The price is what the market pays today (₹8.21); the fair value is what the company's own numbers justify (₹14.51). For Future Market Networks Limited the two are ₹6.30 per share apart. That gap is exactly why we show both numbers side by side.
How much is Future Market Networks Limited worth?
The market values Future Market Networks Limited at about ₹571M (market capitalisation, as of Nov 10, 2026). Per share that is ₹8.21; our models calculate a fair value of ₹14.51 per share.
What do the bullish and bearish scenarios say about FMNL?
Our models span a range for Future Market Networks Limited: cautious scenario ₹12.85, base ₹14.51, optimistic ₹21.42 per share (as of Nov 10, 2026, price ₹8.21). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FMNL?
Future Market Networks Limited trades at a price-to-earnings ratio of 6.7 (as of Nov 10, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹14.51 is built from several models across several years. Other multiples: P/B 0.5, P/S 0.6, EV/EBITDA 2.2.
How solid is the balance sheet of Future Market Networks Limited (FMNL)?
Balance-sheet figures for Future Market Networks Limited (as of Nov 10, 2026): return on equity 7.3%, debt of 0.54 per unit of equity. They feed the Quality Score of 27/100, which measures business quality independently of the share price.
How far is FMNL from its 52-week high?
Future Market Networks Limited trades at ₹8.21, about 34% below its 52-week high of ₹12.52 and 19% above the low of ₹6.92 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of ₹14.51 is for.
Which stocks are comparable to Future Market Networks Limited?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Future Market Networks Limited stock attractive at the current price?
The data as of Nov 10, 2026: price ₹8.21, calculated fair value ₹14.51 (+77%), Quality Score 27/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FMNL calculated?
We run Future Market Networks Limited through 14 models from 5 families: DCF Models, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of ₹14.51 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Future Market Networks Limited currently trades 43% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Future Market Networks Limited (FMNL)?
The closing price on Nov 9, 2026 was ₹8.21. Our model-based fair value is ₹14.51, about +77% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Future Market Networks Limited right now?
The large discount to fair value meets weak quality (27/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (₹12.85). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Future Market Networks Limited
How large is the market capitalisation of Future Market Networks Limited (FMNL)?
The market capitalisation of Future Market Networks Limited is ₹571M (≈ $6.1M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Future Market Networks Limited (FMNL)?
The price-to-sales ratio of Future Market Networks Limited is 0.57 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Future Market Networks Limited (FMNL)?
Earnings per share at Future Market Networks Limited are ₹1.23 (price ÷ EPS = P/E 6.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Future Market Networks Limited (FMNL)?
The net margin of Future Market Networks Limited is 8.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Future Market Networks Limited (FMNL)?
The return on equity (ROE) of Future Market Networks Limited is 7.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Future Market Networks Limited (FMNL)?
On an EBIT basis the return on assets of Future Market Networks Limited is 9.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Future Market Networks Limited (FMNL)?
The operating margin of Future Market Networks Limited is 10.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Future Market Networks Limited (FMNL)?
Revenue at Future Market Networks Limited is growing +1.0% versus a year earlier (3y avg +2.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Future Market Networks Limited (FMNL)?
Earnings per share at Future Market Networks Limited are growing +21.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Future Market Networks Limited (FMNL) carry?
The net debt of Future Market Networks Limited is ₹1.4B (fiscal year 2026, ≈ 21.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 10, 2026