Future Consumer financials and balance sheet

BSE: 533400Retailing

Formerly Future Consumer Enterprise

Trading suspended since 1 Sep 2026

Last traded ₹0.22 on 31 Aug 2026

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Future Consumer annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹4,040 Cr, year to Mar 2020A loss in 10 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

Results for the year to Mar 2025

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue441
Materials and goods−375
Employee costs−25
Other expenses−50
Operating profit−8.5
Depreciation−16
Other income+32
One-off items+0.7
Finance costs−61
Profit before tax−52
Joint ventures+6.8
Net profit−45

What the company owns

Plant, investments and other assets₹507 Cr
Inventory₹36 Cr
Cash and bank₹14 Cr
Receivables₹13 Cr
Current investments₹0 Cr

What pays for it: net worth and liabilities

Borrowings₹399 Cr
Owed to suppliers₹95 Cr
Other liabilities₹76 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Future Consumer quarterly results

₹ crore	Mar 2016	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020Filed 11 Jul	Mar 2021Filed 26 Jun	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 24 Jul	Mar 2025Filed 13 Jun
Revenue from operations	1,758	2,116	3,005	3,881	4,040	1,185	1,469	381	370	441
	1,777	2,106	–	3,780	3,995	1,470	1,729	460	390	449
Materials and goods bought	1,476	1,823	2,597	3,356	3,519	1,086	1,288	349	311	375
Employee costs	108	98	–	131	120	63	54	34	25	25
Other expenses	194	185	–	293	356	321	386	77	55	50
Operating profit before depreciation	−20	10	–	101	45	−285	−260	−78	−21	−9
Operating margin	−1.1%	0.5%	–	2.6%	1.1%	−24.1%	−17.7%	−20.6%	−5.6%	−1.9%
Materials, % of revenue	84.0%	86.2%	–	86.5%	87.1%	91.7%	87.7%	91.5%	84.1%	85.0%
Employee costs, % of revenue	6.1%	4.6%	–	3.4%	3.0%	5.3%	3.7%	8.9%	6.8%	5.6%
Other expenses, % of revenue	11.0%	8.7%	–	7.5%	8.8%	27.1%	26.3%	20.1%	14.8%	11.3%
Depreciation and amortisation	60	33	–	53	70	58	52	32	18	16
Operating profit after depreciation	−80	−23	–	48	−25	−344	−312	−111	−39	−24
Other income	23	25	33	31	26	21	21	25	23	32
Finance costs	61	45	53	73	87	72	63	53	61	61
Profit before one-off items and tax	−118	−43	−12	6	−86	−395	−354	−140	−77	−53
One-off items	−5	0	0	0	−85	−43	−74	−187	−57	1
Profit before tax	−123	−43	−12	6	−171	−438	−428	−326	−134	−52
	0	1	−2	−17	−2	21	−1	6	−2	–
Current tax	–	–	0	2	3	−1	0	4	1	–
Deferred tax	–	–	−3	−19	−5	22	−1	2	−2	–
Share of profit of joint ventures and associates	−1	−22	−22	−29	−47	−25	−22	−3	−3	7
	−113	−61	−31	−7	−217	−483	−450	−335	−135	−45
Belonging to the company's shareholders	−113	−61	−31	−6	−216	−483	−450	−335	−138	−45
Belonging to outside owners of subsidiaries	–	–	–	−1	−1	0	0	0	4	0
Other comprehensive income	–	–	–	0	−1	2	0	0	−1	0
Total comprehensive income	–	–	–	−7	−217	−482	−450	−335	−135	−46
Net margin	−6.4%	−2.9%	−1.0%	−0.2%	−5.4%	−40.8%	−30.6%	−87.9%	−36.4%	−10.3%
Net margin without joint ventures and associates	−6.4%	−1.9%	−0.3%	0.6%	−4.2%	−38.7%	−29.1%	−87.2%	−35.7%	−11.9%

Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2018: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given. Tax is left blank for the year to Mar 2025: profit before tax less the tax charge stated does not come to the profit after tax the same statement states, so the tax charge is not shown.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2025, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 23 May	Mar 2020Filed 11 Jul	Mar 2021Filed 26 Jun	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 24 Jul	Mar 2025Filed 13 Jun	Sep 2025Half yearFiled 21 Jan
	988	1,054	592	150	−184	−306	−298	−302
	990	1,054	592	150	−184	−306	−298	−302
Share capital	1,144	1,145	1,184	1,190	1,192	1,196	1,198	1,198
Reserves	−154	−90	−592	−1,040	−1,376	−1,502	−1,496	−1,501
Belonging to outside owners of subsidiaries	−2	0	0	0	0	0	–	1
	759	610	535	577	409	409	399	403
Repayable after a year	278	294	207	180	0	0	0	0
Repayable within a year	482	315	329	397	409	409	399	403
	912	803	932	811	656	657	784	750
Trade payables	300	309	199	117	52	39	95	89
Other financial liabilities	90	117	133	35	54	91	160	200
Other liabilities	27	53	261	254	137	117	127	55
Provisions	13	8	10	8	4	2	3	3
	370	380	290	261	18	1	85	104
Other financial liabilities	6	9	10	12	0	1	29	31
Other liabilities	38	34	34	31	15	–	22	21
Provisions	7	8	4	3	1	0	3	3
Deferred tax	41	35	35	34	1	–	30	49
Liabilities going with businesses held for sale	–	–	–	–	–	155	–	–
	2,269	2,238	1,813	1,223	490	508	570	552
Held for sale or for a demerger	–	120	157	157	270	381	5	5
	1,134	963	878	777	159	108	482	450
Plant in use, after depreciation	582	512	430	410	38	5	173	–
Plant being built	31	36	9	9	0	–	3	–
Intangible assets	214	194	171	157	18	0	72	68
Goodwill	142	69	69	69	3	0	36	3
Property held to earn rent	7	7	7	7	4	4	0	0
Investments	73	66	65	8	5	0	8	8
Loans given	21	5	73	52	54	49	50	52
Other financial assets	8	9	21	35	25	33	37	126
Deferred tax	19	23	0	0	–	–	0	0
Other assets	37	43	34	31	14	17	102	15
	1,135	1,154	778	288	60	20	83	97
Inventories	247	166	57	79	30	2	36	42
Trade receivables	675	763	628	149	3	0	13	15
Cash and cash equivalents	56	48	37	28	14	7	12	5
Other bank balances	13	11	11	0	2	3	2	5
Current investments	0	0	0	0	0	0	0	0
Loans given	47	60	5	0	0	0	0	7
Other financial assets	71	80	15	12	2	0	7	7
Other assets	27	26	26	20	11	8	14	17
Net debt	691	551	488	550	394	399	385	393

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2016, Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2025, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 26 Jun	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 24 Jul	Mar 2025Filed 13 Jun	Sep 2025Half yearFiled 21 Jan
	95	119	40	1	6	7
	92	110	36	−1	−1	6
	175	125	91	2	−4	7
Receivables	−38	249	46	−2	−22	−4
Inventories	109	−22	40	0	−5	−5
Payables	−94	−83	−16	10	22	−6
Other working capital	197	−19	22	−5	1	22
Tax paid	3	9	4	2	7	1
Capital spending	6	9	3	1	2	2
Free cash flow	90	110	37	0	4	4
	−16	6	94	10	19	−8
Plant and property sold	2	22	93	1	23	0
Interest received	3	1	1	1	0	1
	−91	−134	−148	−18	−22	−7
Borrowings raised	0	−34	0	0	0	0
Borrowings repaid	−37	−45	−114	0	−22	0
Interest paid	−49	−49	−28	−17	−6	−1
Lease payments	−6	−6	−5	0	6	−5
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−11	−9	−14	−7	4	−8

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2016, Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020Filed 11 Jul	Mar 2021Filed 26 Jun	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 24 Jul	Mar 2025Filed 13 Jun
Earnings per share	−₹0.34	–	−₹0.03	−₹1.13	−₹2.45	−₹2.27	–	−₹0.23	−₹0.23
Diluted earnings per share	−₹0.34	–	−₹0.03	−₹1.13	−₹2.45	−₹2.27	–	−₹0.23	−₹0.23
Book value per share	–	–	–	₹5.53	₹3.00	₹0.76	−₹0.92	−₹1.53	−₹1.49
Shareholder yield	–	–	–	–	0.0%	0.0%	−0.1%	0.0%	−0.4%
Market cap at the year end (₹ crore)	–	–	8,556	1,393	1,184	909	100	150	102

Earnings per share is left blank for the year to Mar 2023: the earnings per share is stated as 0 while the period's profit or loss comes to at least half a paisa a share, so the 0 stands in for a figure the filing does not give.

Ratios

Consolidated, years to March.

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020Filed 11 Jul	Mar 2021Filed 26 Jun	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 24 Jul	Mar 2025Filed 13 Jun
Revenue growth	20.4%	42.0%	29.1%	4.1%	−70.7%	24.0%	−74.1%	−3.0%	19.2%
Operating profit growth	–	–	–	−55.0%	–	–	–	–	–
	–	–	−0.6%	−21.1%	−58.7%	–	–	–	–
	–	–	–	−20.5 pts	−37.6 pts	–	–	–	–
From the net margin	–	–	–	−20.3 pts	−140.2 pts	–	–	–	–
From asset turnover	–	–	–	−1.0 pts	108.7 pts	–	–	–	–
From borrowing	–	–	–	0.8 pts	−6.1 pts	–	–	–	–
Return on capital employed	–	–	2.7%	−1.5%	−30.5%	–	–	–	−24.1%
Interest cover	–	–	0.6	–	–	–	–	–	–
Debt to equity	–	–	0.77	0.58	0.90	–	–	–	–
Receivable days	–	–	63	69	194	–	–	–	10
Inventory days	–	–	27	17	19	–	–	–	35
Payable days	–	–	33	32	67	–	–	–	92
Cash conversion cycle, days	–	–	58	54	146	–	–	–	−46
Working capital days	–	–	60	55	39	–	–	–	−261
Asset turnover	–	–	1.71	1.79	0.58	–	–	–	–
Assets per rupee of net worth	–	–	2.29	2.20	2.46	–	–	–	–
Sales per rupee of plant	–	–	6.67	7.90	2.76	3.59	10.09	74.11	2.55
Capital spending to depreciation	–	–	–	–	0.10	0.18	0.09	0.08	0.13
Plant being built, % of plant in use	–	–	5.3%	7.0%	2.1%	2.2%	0.0%	–	1.9%

Interest cover is left blank for the years to Mar 2016, Mar 2017, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024 and Mar 2025: operating profit after depreciation is a loss, and a loss covers no interest bill. Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2022, Mar 2023, Mar 2024 and Mar 2025: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2022, Mar 2023, Mar 2024 and Mar 2025: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the years to Mar 2022, Mar 2023 and Mar 2024: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity is left blank for the year to Mar 2025: net worth is below zero, so there is no shareholders' money to set the borrowings against. No balance sheet is on record for the years to Mar 2016, Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2025.

Return on assets, latest year: −8.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	−35.8%	−33.1%
Operating margin, average	−7.4%	−14.0%	−9.4%
Net margin, average	−22.2%	−41.2%	−44.9%

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2025.

₹ crore	5 years	3 years	Latest year
Cash from operations	261	47	6
Cash from investing	113	123	19
Cash from financing	−412	−187	−22
Capital spending	21	7	2
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	–	0	0
Borrowings repaid	218	136	22

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	3	4	3	4	5
Altman Z-scorePublished threshold 1.1	1.47	1.58	−2.46	−7.44	−21.16	−19.23	−16.88
Beneish M-scorePublished threshold −1.78	–	–	−2.84	−5.22	−7.34	−4.78	110.46
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−27.78	−37.83	−54.72	−29.18	−13.12
Receivables growth less revenue growthOur threshold 0 percentage points	–	8.96	53.05	−100.26	−24.24	−93.66	14,560.95
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−37.54	3.39	19.40	10.55	−82.53	1,746.35
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	0.20	−5.49	−0.55	−5.23	−1.24	2.75
Assets under construction, years of additionsOur threshold 2 years of additions	–	103.63	–	0.29	–	–	0.02
Effective tax ratePublished threshold 17.16 per cent	−288.44	–	–	–	–	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Amount, ₹ Cr
26 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash CreditLong-term scale	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	16
26 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Funded Interest term LoanLong-term scale	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	31.06
26 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term LoanLong-term scale	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	55.14
26 Jun 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-Working Capital LimitsLong and short-term scales	CARE D / CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	305.75
26 Jun 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LCShort-term scale	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	1.70

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.