💰 Financial Performance

Revenue Growth by Segment

Standalone revenue from operations decreased by 78.06% YoY to INR 886.93 Cr from INR 4,043.15 Cr. Consolidated total income fell 70.72% YoY to INR 1,590.68 Cr from INR 5,433.06 Cr. Online business activities contributed INR 68 Cr during the year.

Geographic Revenue Split

Primarily domestic (India) operations; however, the company maintained a presence in Singapore through Future Merchandising & Sourcing Pte. Ltd. for global sourcing until its cessation as a subsidiary on July 5, 2021. Specific percentage split not disclosed.

Profitability Margins

Gross Margin stood at 26.50%. Net Margin was deeply negative at (118.37%) due to a standalone net loss of INR 1,049.90 Cr, which widened by INR 761.40 Cr from the previous year's loss of INR 288.50 Cr.

EBITDA Margin

Standalone Profit before Depreciation & Tax was negative INR 458.05 Cr, a sharp decline from a positive INR 535.32 Cr in the previous year. Return on Capital Employed (ROCE) dropped to 2.75% from 11.58% YoY.

Capital Expenditure

Capital employed (net of cash) in the business was INR 9,013.71 Cr as of March 31, 2021. Specific planned CAPEX for future periods was not disclosed due to the ongoing insolvency process.

Credit Rating & Borrowing

Interest and financial charges increased by 12.78% to INR 717.00 Cr from INR 635.75 Cr due to increased debt levels. The Interest Coverage Ratio deteriorated to 0.36, indicating severe difficulty in servicing debt.

⚙️ Operational Drivers

Raw Materials

Finished goods for sourcing including food, fashion, and footwear represent the primary cost of goods, though specific percentage breakdowns per category are not disclosed.

Import Sources

International markets via Singapore-based Future Merchandising & Sourcing Pte. Ltd. and domestic sourcing within India.

Key Suppliers

Future Merchandising & Sourcing Pte. Ltd. (internal global sourcing arm) and various domestic vendors. Specific third-party supplier names were not disclosed.

Capacity Expansion

Not applicable in MT/MW; however, the company operates through infrastructure services and e-commerce platforms. Expansion is currently halted by Corporate Insolvency Resolution Process (CIRP).

Raw Material Costs

Not explicitly disclosed as a percentage of revenue, but operational challenges and disrupted supply lines due to COVID-19 significantly increased procurement difficulties.

Manufacturing Efficiency

Not applicable as the company is primarily an infrastructure and investment holding entity for retail-related services.

Logistics & Distribution

Distribution and logistics are heavily linked to Future Supply Chain Solutions Limited, which has trade receivables of INR 742.33 Cr owing to the company.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

The company is attempting to tie up with new investors to provide funds to bridge the negative net worth and ensure continuity. Strategy includes pivoting toward online business activities (futurebazaar.com) to capture digital consumption trends.

Products & Services

E-retailing services via futurebazaar.com, media property creation and brand engagement via Future Media (India) Ltd, IT-enabled platform operations via Bluerock eServices, and global sourcing of food, fashion, and footwear.

Brand Portfolio

Future Bazaar, Future Media, Future Enterprises.

New Products/Services

Expansion of the e-portal www.futurebazaar.com for online shopping; expected revenue contribution not quantified but identified as a key recovery area.

Market Expansion

Global sourcing activities were conducted through Singapore, though this subsidiary was divested in July 2021. Current focus is on domestic survival through insolvency resolution.

Strategic Alliances

Joint ventures and associates include Future Media (India) Ltd (35.37% stake) and Future E-Commerce Infrastructure Limited (40.33% stake).

🌍 External Factors

Industry Trends

Rapid shift toward online business activities and e-commerce (e-portal revenue reached INR 68 Cr). The industry is currently consolidating or undergoing restructuring due to high leverage among major players.

Competitive Landscape

Competes with other large-scale retail infrastructure providers and e-commerce platforms; currently disadvantaged by financial distress and CIRP status.

Competitive Moat

Moat was based on an integrated retail infrastructure and media ecosystem; however, this is currently unsustainable as evidenced by the 2.52 Debt-Equity ratio and ongoing insolvency.

Macro Economic Sensitivity

Highly sensitive to pandemic-related lockdowns and domestic economic cycles; revenue fell 70.72% on a consolidated basis due to macro disruptions.

Consumer Behavior

Shift toward online shopping experience and digital engagement, which the company is trying to capture via Future Media and Future Bazaar.

Geopolitical Risks

Trade barriers affecting global sourcing of fashion and food from international markets.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with the Companies Act 2013 and SEBI LODR Regulations. The company faced issues with Ind AS 110 compliance regarding the non-consolidation of 13 step-down subsidiaries.

Taxation Policy Impact

Standalone tax expense was INR (17.89) Cr for FY 2020-21.

Legal Contingencies

The company is under Corporate Insolvency Resolution Process (CIRP). As of November 2025, it has held 39 meetings of the Committee of Creditors (CoC). 13 step-down subsidiaries (including Acute Retail Infra and Brattle Foods) were excluded from consolidated results due to 'accounts under finalization'.

⚠️ Risk Analysis

Key Uncertainties

Going concern assumption is at risk; if inappropriate, significant adjustments to asset values would be required. Net worth decreased from INR 3,630.36 Cr to INR 2,573.41 Cr (down 29.1%).

Geographic Concentration Risk

Heavy concentration in the Indian market, making it vulnerable to domestic policy changes and local economic shocks.

Third Party Dependencies

High dependency on related parties for revenue and receivables (86.3% of receivables are related party).

Technology Obsolescence Risk

Risk of falling behind in the e-commerce space if the transition to digital platforms (futurebazaar.com) is not funded or executed effectively.

Credit & Counterparty Risk

Significant credit risk with INR 640.68 Cr owed by related parties, particularly given the broader financial stress within the Future Group ecosystem.