Each Futures contract has a lot size. The Nifty Future, for example, has a lot size of 75, meaning each Nifty Futures contract represents 75 Nifty underlying.
Similarly, each Equity Future has a lot size. Reliance Futures, for example, has a lot size of 500: so each Reliance Futures contract is equivalent to 500 Reliance shares.
Therefore, a Futures contract has a value equivalent to its price x lot size. If the Nifty near-month contract is trading at ₹5500, then its value becomes ₹5500 x 75 = ₹4,12,500.