Does Future Group’s poor FY21 show mean end of the road for Kishore Biyani?

Future Group chairman Kishore Biyani is facing his biggest challenge ever as he tries to salvage the Future group’s merger transaction with Reliance Retail Ltd after the Supreme Court ruled against the Future group today.

Though Future Group said it would look at all legal remedies and exercise its options, its sagging financial performance is making it an unattractive target for acquisition for any acquirer. For the fiscal ended 2021, the group has made a loss of Rs 5,943 crore on sales of Rs 11,723 crore, a drop of 66 per cent over fiscal 2020. The group’s total debt was up by 7 per cent to Rs 20,742 crore (see chart).