Foce India Ltd
Incorporated in 2001, Foce India Ltd trades in wristwatches and Men’s accessories[1]
- Market Cap ₹ 643 Cr.
- Current Price ₹ 548
- High / Low ₹ 835 / 511
- Stock P/E 443
- Book Value ₹ 31.8
- Dividend Yield 0.00 %
- ROCE 2.09 %
- ROE 2.73 %
- Face Value ₹ 10.0
Pros
Cons
- Stock is trading at 17.2 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- The company has delivered a poor sales growth of -8.03% over past five years.
- Company has a low return on equity of 1.53% over last 3 years.
- Company might be capitalizing the interest cost
- Company has high debtors of 150 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 28.13 | 4.99 | 21.68 | 62.08 | 54.44 | 76.90 | 148.98 | 14.50 | 16.53 | 35.82 | 47.56 | |
| 27.73 | 4.93 | 20.63 | 59.82 | 52.24 | 74.21 | 143.97 | 13.80 | 15.26 | 34.34 | 44.92 | |
| Operating Profit | 0.40 | 0.06 | 1.05 | 2.26 | 2.20 | 2.69 | 5.01 | 0.70 | 1.27 | 1.48 | 2.64 |
| OPM % | 1.42% | 1.20% | 4.84% | 3.64% | 4.04% | 3.50% | 3.36% | 4.83% | 7.68% | 4.13% | 5.55% |
| 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.15 | 0.07 | 0.00 | 0.05 | 0.04 | |
| Interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.43 | 0.59 | 0.20 | 0.12 |
| Depreciation | 0.01 | 0.04 | 0.03 | 0.02 | 0.02 | 0.02 | 0.03 | 0.06 | 0.03 | 0.03 | 0.67 |
| Profit before tax | 0.39 | 0.02 | 1.02 | 2.24 | 2.18 | 2.67 | 5.13 | 0.28 | 0.65 | 1.30 | 1.89 |
| Tax % | 35.90% | 150.00% | 28.43% | 29.46% | 26.61% | 25.47% | 24.76% | 35.71% | 24.62% | 25.38% | |
| 0.25 | 0.00 | 0.73 | 1.58 | 1.61 | 1.99 | 3.85 | 0.18 | 0.49 | 0.98 | 1.45 | |
| EPS in Rs | 0.50 | 0.00 | 0.99 | 2.14 | 1.68 | 2.07 | 3.29 | 0.15 | 0.42 | 0.84 | 1.24 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -8% |
| 3 Years: | -38% |
| TTM: | 135% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -9% |
| 3 Years: | -36% |
| TTM: | 69% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 47% |
| 1 Year: | -21% |
| Return on Equity | |
|---|---|
| 10 Years: | 7% |
| 5 Years: | 5% |
| 3 Years: | 2% |
| Last Year: | 3% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2.08 | 3.07 | 3.07 | 3.07 | 3.99 | 3.99 | 4.89 | 4.89 | 4.89 | 4.89 | 4.89 |
| Reserves | 0.60 | 0.60 | 1.33 | 3.89 | 4.80 | 6.67 | 29.87 | 30.09 | 30.57 | 31.55 | 32.35 |
| 4.67 | 1.74 | 1.07 | 0.16 | 0.58 | 0.00 | 1.29 | 26.38 | 24.39 | 46.59 | 58.29 | |
| 1.55 | 2.20 | 6.61 | 6.93 | 1.81 | 26.83 | 1.84 | 2.30 | 0.74 | 4.39 | 10.10 | |
| Total Liabilities | 8.90 | 7.61 | 12.08 | 14.05 | 11.18 | 37.49 | 37.89 | 63.66 | 60.59 | 87.42 | 105.63 |
| 0.01 | 0.08 | 0.05 | 0.04 | 0.03 | 0.06 | 0.14 | 0.09 | 0.06 | 0.14 | 0.16 | |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 0.03 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 10.99 | 2.01 | 2.01 | 2.44 | 2.61 |
| 8.86 | 7.50 | 12.03 | 14.01 | 11.15 | 37.43 | 26.76 | 61.56 | 58.52 | 84.84 | 102.86 | |
| Total Assets | 8.90 | 7.61 | 12.08 | 14.05 | 11.18 | 37.49 | 37.89 | 63.66 | 60.59 | 87.42 | 105.63 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.41 | 0.48 | -1.11 | 3.10 | -11.23 | -9.10 | 0.55 | -0.30 | |||
| 0.00 | -0.01 | 0.00 | -0.05 | -10.93 | 9.04 | 0.00 | -0.48 | |||
| -0.64 | 0.09 | 0.65 | -0.70 | 21.22 | 0.32 | 0.00 | 0.00 | |||
| Net Cash Flow | -0.23 | 0.55 | -0.46 | 2.35 | -0.94 | 0.26 | 0.55 | -0.78 | ||
| Free Cash Flow | 0.41 | 0.47 | -1.11 | 3.06 | -11.34 | -9.11 | 0.54 | -0.40 | ||
| CFO/OP | 67% | 50% | -24% | 141% | -198% | -1,286% | 56% | 2% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 72.27 | 226.75 | 141.59 | 55.50 | 65.91 | 152.83 | 9.36 | 117.56 | 97.38 | 150.30 |
| Inventory Days | 41.91 | 278.93 | 45.03 | 20.67 | 3.36 | 12.12 | 5.83 | 56.45 | 17.32 | 32.24 |
| Days Payable | 19.12 | 172.14 | 114.58 | 42.27 | 9.58 | 133.94 | 4.27 | 41.08 | 15.56 | 43.58 |
| Cash Conversion Cycle | 95.06 | 333.54 | 72.04 | 33.90 | 59.69 | 31.02 | 10.93 | 132.92 | 99.13 | 138.96 |
| Working Capital Days | 93.81 | 367.93 | 90.41 | 38.10 | 61.68 | 38.54 | 56.50 | 814.58 | 713.66 | 341.97 |
| ROCE % | 0.31% | 18.75% | 35.58% | 26.44% | 26.66% | 21.32% | 1.38% | 2.05% | 2.09% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Net Capital Turnover Ratio (Standalone) Times |
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| Trade Receivable Turnover Ratio (Standalone) Times |
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| Number of Permanent Employees Numbers |
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Documents
Announcements
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Trading Window
25 March 2026 - Trading window closed from 1 Apr 2026 until 48 hours after audited results for year/half-year ending 31 Mar 2026.
-
General Updates
17 March 2026 - Published postal ballot dispatch and e-voting details; notice dated 13 Mar 2026; newspapers 17 Mar 2026.
-
Shareholders meeting
16 March 2026 - Postal ballot to approve/ratify RPTs: ₹40Cr loan to Manoj Agarwal; ₹50Cr trade with Tremont. Voting Mar17–Apr15, 2026.
-
Outcome of Board Meeting
13 March 2026 - Board approved postal ballot for material related-party transactions; e-voting Mar 17–Apr 15, 2026.
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Bonus
4 March 2026 - Allotted 6,850,095 bonus shares (7:5); record date 02-Mar-2026; paid-up capital now 11,743,020 shares.
Business Overview:[1][2][3]
FIL is a part of Indian Horology Industry in the mid-range segment. It is an Authorized Distributor of Foce Watches in India. Company manufactures and imports wrist watches under various brand names with distribution across 1700 retail stores in the country along with clientele in corporate segment