Forcas Studio Ltd
Incorporated in April 2010, Forcas Studio Limited sells men's clothing, including shirts, jeans, t-shirts, trousers, cotton pants, sportswear, party wear, fashion wear, and boxers.[1]
- Market Cap ₹ 223 Cr.
- Current Price ₹ 127
- High / Low ₹ 140 / 65.0
- Stock P/E 19.4
- Book Value ₹ 39.5
- Dividend Yield 0.00 %
- ROCE 21.7 %
- ROE 20.6 %
- Face Value ₹ 10.0
Pros
- Debtor days have improved from 146 to 91.0 days.
Cons
- Stock is trading at 3.14 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company might be capitalizing the interest cost
- Working capital days have increased from 86.5 days to 122 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.
Peer comparison
Consumer Discretionary Textiles Textiles & Apparels Garments & Apparels
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Feb 2024 1m | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 50 | 53 | 67 | 24 | 41 | 153 | 170 | |
| 47 | 50 | 65 | 22 | 38 | 140 | 153 | |
| Operating Profit | 3 | 3 | 3 | 2 | 3 | 14 | 17 |
| OPM % | 6% | 6% | 4% | 9% | 8% | 9% | 10% |
| 1 | 1 | 2 | 0 | 0 | 1 | 0 | |
| Interest | 3 | 3 | 3 | 1 | 1 | 2 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 1 | 1 | 1 | 2 | 3 | 12 | 16 |
| Tax % | -5% | -3% | -3% | 26% | 21% | 26% | |
| 1 | 1 | 1 | 1 | 2 | 9 | 12 | |
| EPS in Rs | 0.61 | 0.85 | 1.23 | 0.91 | 1.66 | 4.91 | 6.55 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 43% |
| TTM: | 23% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 120% |
| TTM: | 61% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 54% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 18% |
| Last Year: | 21% |
Balance Sheet
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Feb 2024 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 8 | 9 | 13 | 13 | 18 | 18 |
| Reserves | 0 | 0 | 0 | 6 | 7 | 46 | 52 |
| 24 | 24 | 23 | 29 | 33 | 13 | 34 | |
| 17 | 11 | 7 | 11 | 13 | 14 | 6 | |
| Total Liabilities | 49 | 43 | 39 | 59 | 66 | 91 | 110 |
| 1 | 1 | 1 | 1 | 1 | 2 | 2 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 48 | 42 | 38 | 58 | 65 | 89 | 107 | |
| Total Assets | 49 | 43 | 39 | 59 | 66 | 91 | 110 |
Cash Flows
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Feb 2024 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 3 | 3 | 5 | 1 | -40 | -10 | |
| -0 | -0 | -1 | 0 | -10 | 5 | |
| -2 | -2 | -5 | -2 | 50 | 13 | |
| Net Cash Flow | 0 | 0 | -0 | -0 | 0 | 8 |
Ratios
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Feb 2024 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 136 | 40 | 63 | 360 | 284 | 91 |
| Inventory Days | 224 | 285 | 156 | 544 | 244 | 124 |
| Days Payable | 169 | 92 | 50 | 199 | 124 | 47 |
| Cash Conversion Cycle | 191 | 232 | 169 | 705 | 403 | 168 |
| Working Capital Days | 81 | 70 | 39 | 189 | 99 | 122 |
| ROCE % | 10% | 13% | 5% | 9% | 22% |
Documents
Announcements
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Analysts/Institutional Investor Meet/Con. Call Updates
28 November 2025 - Meeting with Seven Canyon Advisors (USA) in Kolkata on Dec 4, 2025; no UPSI to be shared.
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Shareholders meeting
26 November 2025 - EGM on 26-Nov-2025 approved increase in authorised capital and preferential issuance of convertible warrants; 10,629,800 votes for.
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Shareholders meeting
26 November 2025 - EOGM on Nov 26, 2025 put to vote increase in authorised capital and preferential convertible warrants issuance.
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Analysts/Institutional Investor Meet/Con. Call Updates
17 November 2025 - H1 FY26: Revenue +50.6% YoY; brand revenue ₹71.79cr; EBITDA +72.3%; warehouse added; quick-commerce expansion.
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Analysts/Institutional Investor Meet/Con. Call Updates
15 November 2025 - Analyst meet recording (Nov 15, 2025) for H1 ended Sep 30, 2025 results available online.
Annual reports
Concalls
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Nov 2025Transcript PPT
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Jun 2025Transcript PPT
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Feb 2025TranscriptAI SummaryPPT
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Jan 2025TranscriptAI SummaryPPT
Product Portfolio[1] Company offers a wide range of products, including shirts, denim, t-shirts, trousers, cotton pants, sportswear, party wear, fashion wear, and boxers for the Indian menswear segment.