Sharescart Research Club logo

Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹131 Cr.
Stock P/E
-0
P/B
Current Price
₹2.4
Book Value
₹ 0
Face Value
2
52W High
52W Low
Dividend Yield
0%

Future Retail Overview

Business

Future Retail Ltd. (FRL) was one of India's largest organized multi-format retailers. Its core business model involved operating a chain of hypermarkets, supermarkets, and fashion stores across India. Major formats included Big Bazaar (hypermarket and department stores), FBB (fashion destination), Easyday (neighborhood stores), and WH Smith (book and convenience stores). The company generated revenue by selling a wide range of products including food, fast-moving consumer goods (FMCG), fashion apparel, home furnishings, electronics, and general merchandise to customers.

Revenue Mix

Historically, FRL's revenue was primarily driven by:

Food & FMCG: A significant portion came from daily essentials, groceries, and packaged goods, primarily through Big Bazaar and Easyday formats.

Fashion & Apparel: FBB and fashion sections within Big Bazaar contributed substantially, focusing on affordable fashion.

Home & General Merchandise: Household goods, electronics, and other lifestyle products.

Specific percentage breakdowns are not meaningfully applicable currently due to the company's insolvency process and halted operations.

Industry

The Indian retail industry is characterized by a mix of traditional unorganized retail and rapidly growing organized retail, increasingly influenced by e-commerce. Historically, Future Retail was a pioneer and one of the largest players in organized retail, known for its extensive store network and popular brands like Big Bazaar. However, due to severe financial distress, accumulation of debt, and the failure of its proposed asset sale to Reliance Retail, Future Retail is currently undergoing a Corporate Insolvency Resolution Process (CIRP) under the NCLT. Its market position has been significantly eroded, and most of its operational assets have been taken over or are non-operational.

MOAT

Historically, Future Retail possessed some competitive advantages:

Scale & Reach: Extensive store network across India provided significant reach and procurement advantages.

Brand Recognition: "Big Bazaar" was a household name and a strong anchor brand, offering a value proposition to mass-market consumers.

Supply Chain: Established supply chain and logistics infrastructure.

However, these historical moats have been severely eroded due to the company's financial collapse, asset stripping, inability to replenish stock, and the ongoing insolvency proceedings. The company, in its current state, lacks any meaningful competitive advantage.

Growth Drivers

For a healthy retail company in India, typical growth drivers include:

Rising disposable incomes and increasing consumption.

Urbanization and demographic shifts.

Shift from unorganized to organized retail.

Digital adoption and omnichannel strategies.

Expansion into Tier 2/3 cities.

However, for Future Retail Ltd. in its current state of insolvency, these industry growth drivers are not applicable. The company's future "growth" is contingent upon the successful resolution of its insolvency, which could involve liquidation or acquisition by a new entity that revives some of its underlying assets or brands under a new structure.

Risks

Insolvency & Liquidation: The primary risk is the current Corporate Insolvency Resolution Process (CIRP) leading to liquidation of assets and minimal recovery for stakeholders.

Legal & Regulatory: Ongoing legal battles (e.g., with Amazon, various creditors) creating uncertainty and delays in the resolution process.

Operational Halt: Most of its stores have been shut down or taken over by other entities, leading to a complete cessation of active retail operations.

Creditor Recovery: Uncertainty regarding the extent of recovery for various classes of creditors (financial, operational).

Brand Erosion: Prolonged non-operation and negative publicity have severely damaged its brand equity.

Management & Ownership

Future Retail Ltd. was promoted by Kishore Biyani and the Future Group, who were instrumental in pioneering modern retail in India. However, the company faced significant financial mismanagement, excessive debt, and failed strategic initiatives in recent years, leading to its collapse. Currently, the company is under the purview of the National Company Law Tribunal (NCLT) as part of the CIRP, and its operations are overseen by a Resolution Professional. Ownership is effectively contested, with a consortium of lenders and other creditors having significant claims over the company's assets.

Outlook

The outlook for Future Retail Ltd. is highly uncertain and predominantly negative given its current state of corporate insolvency.

Bull Case (for assets/creditors): A successful and relatively swift resolution process under NCLT leading to the acquisition of some viable assets (e.g., specific store locations, brands) by a larger, financially stable entity. This might allow for some recovery for a portion of its creditors.

Bear Case (for company/shareholders): A prolonged and complex insolvency process, leading to the complete liquidation of remaining assets. This would likely result in minimal or no recovery for operational creditors and shareholders, with the brand name potentially fading away completely.

The most probable outcome involves the sale of its remaining assets to recover dues for lenders, with the current entity as a going concern being highly unlikely. The future hinges entirely on the NCLT proceedings and decisions by its creditors.

Future Retail Share Price

Live · BSE / NSE · Inception: 2007
| |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Future Retail Quarterly Results

#(Fig in Cr.) Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021
Net Sales 5449 5193 4492 1358 1424 1507 2015 1416 2369 2816
Other Income 21 16 40 111 65 38 42 16 15 11
Total Income 5470 5209 4533 1470 1489 1545 2057 1431 2384 2827
Total Expenditure 4753 4480 4493 1508 1443 1620 2304 1810 2723 3137
Operating Profit 717 729 40 -39 47 -76 -247 -379 -339 -310
Interest 273 276 231 278 362 403 428 354 365 344
Depreciation 279 286 282 245 378 368 392 414 413 409
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 166 166 -474 -562 -692 -847 -1067 -1147 -1117 -1063
Provision for Tax 0 0 3 0 0 0 21 0 0 0
Profit After Tax 166 166 -477 -562 -692 -847 -1088 -1147 -1117 -1063
Adjustments 0 -1 -3 0 0 0 0 0 0 0
Profit After Adjustments 166 165 -479 -562 -692 -847 -1088 -1147 -1117 -1063
Adjusted Earnings Per Share 3.3 3.3 -9.1 -10.4 -12.8 -15.6 -20.1 -21.2 -20.6 -19.6

Future Retail Profit & Loss

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021 TTM
Net Sales 20333 20332 6304 8616
Other Income 23 87 261 84
Total Income 20356 20418 6565 8699
Total Expenditure 19296 18276 6879 9974
Operating Profit 1060 2142 -315 -1275
Interest 228 1026 1471 1491
Depreciation 104 1099 1383 1628
Exceptional Income / Expenses 0 0 0 0
Profit Before Tax 727 18 -3168 -4394
Provision for Tax 0 3 21 21
Profit After Tax 727 15 -3190 -4415
Adjustments -0 -3 0 0
Profit After Adjustments 727 12 -3190 -4415
Adjusted Earnings Per Share 14.5 0.2 -58.8 -81.5

Future Retail Balance Sheet

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021
Shareholder's Funds 3847 4183 1094
Minority's Interest 0 0 0
Borrowings 375 4363 4385
Other Non-Current Liabilities 206 2014 1090
Total Current Liabilities 6159 10977 12456
Total Liabilities 10587 21538 19025
Fixed Assets 1525 3646 7026
Other Non-Current Assets 894 6174 1976
Total Current Assets 8168 11718 10023
Total Assets 10587 21538 19025

Future Retail Cash Flow

#(Fig in Cr.) Mar 2019 Mar 2020 Mar 2021
Opening Cash & Cash Equivalents 144 208 91
Cash Flow from Operating Activities -340 -1755 -113
Cash Flow from Investing Activities -760 -4405 -62
Cash Flow from Financing Activities 1165 6043 122
Net Cash Inflow / Outflow 64 -117 -53
Closing Cash & Cash Equivalent 208 91 37

Future Retail Ratios

# Mar 2019 Mar 2020 Mar 2021
Earnings Per Share (Rs) 14.47 0.22 -58.81
CEPS(Rs) 16.54 21.12 -33.32
DPS(Rs) 0 0 0
Book NAV/Share(Rs) 76.21 64.58 19.62
Core EBITDA Margin(%) 4.66 9.24 -8.38
EBIT Margin(%) 4.3 4.69 -24.73
Pre Tax Margin(%) 3.27 0.08 -46.16
PAT Margin (%) 3.27 0.07 -46.46
Cash Profit Margin (%) 3.74 5.01 -26.32
ROA(%) 6.87 0.09 -15.73
ROE(%) 18.99 0.42 -142.71
ROCE(%) 14.69 10.66 -13.39
Receivable days 5.3 8.35 29.39
Inventory Days 83.51 84.77 245.88
Payable days 89.19 111.35 351.97
PER(x) 31.36 359.92 0
Price/Book(x) 5.95 1.22 2.18
Dividend Yield(%) 0 0 0
EV/Net Sales(x) 1.24 0.63 2.13
EV/Core EBITDA(x) 23.78 6.02 -42.71
Net Sales Growth(%) 0 -0 -68.99
EBIT Growth(%) 0 9.22 -262.65
PAT Growth(%) 0 -97.94 0
EPS Growth(%) 0 -98.49 0
Debt/Equity(x) 0.69 2.61 10.52
Current Ratio(x) 1.33 1.07 0.8
Quick Ratio(x) 0.5 0.59 0.48
Interest Cover(x) 4.19 1.02 -1.15
Total Debt/Mcap(x) 0.12 2.14 4.83

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -69%
Operating Profit CAGR -115%
PAT CAGR -21367%
Share Price CAGR 0% -1% -46%
ROE Average -143% -41% -41% -41%
ROCE Average -13% +4% +4% +4%

Future Retail Shareholding Pattern

Latest · Mar 2022
100% held
Promoters 14.31 %
FII 2.6 %
DII (MF + Insurance) 6.61 %
Public (retail) 85.69 %
# Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
Promoter 47.0240.3141.7333.862820.5619.8619.8618.2414.31
FII 12.61210.984.392.912.62.912.972.852.6
DII 14.1412.9111.096.466.066.076.076.077.226.61
Public 52.9859.6958.2766.147279.4480.1480.1481.7685.69
Others 0000000000
Total 100100100100100100100100100100

Future Retail Peer Comparison

Retailing Edit Columns

Future Retail Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

See more…

Future Retail Pros & Cons

Pros

Cons

  • Promoter holding is low: 14.31%.
  • Company has a low return on equity of -41% over the last 3 years.
  • Debtor days have increased from 111.35 to 351.97days.
Want to Start Investing in Top Unlisted Stocks?

Our experts help you choose the right stocks based on performance, risk, and growth potential.

whatsapp