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 ₹ 230 Cr.
- Current Price ₹ 131
- High / Low ₹ 132 / 65.0
- Stock P/E 26.6
- Book Value ₹ 36.2
- Dividend Yield 0.00 %
- ROCE 21.7 %
- ROE 20.6 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Debtor days have improved from 146 to 91.0 days.
Cons
- Stock is trading at 3.61 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- 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 | |
|---|---|---|---|---|---|---|
| 50 | 53 | 67 | 24 | 41 | 153 | |
| 47 | 50 | 65 | 22 | 38 | 140 | |
| Operating Profit | 3 | 3 | 3 | 2 | 3 | 14 |
| OPM % | 6% | 6% | 4% | 9% | 8% | 9% |
| 1 | 1 | 2 | 0 | 0 | 1 | |
| Interest | 3 | 3 | 3 | 1 | 1 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 1 | 1 | 1 | 2 | 3 | 12 |
| Tax % | -5% | -3% | -3% | 26% | 21% | 26% |
| 1 | 1 | 1 | 1 | 2 | 9 | |
| EPS in Rs | 0.61 | 0.85 | 1.23 | 0.91 | 1.66 | 4.91 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 43% |
| TTM: | 270% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 120% |
| TTM: | 303% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 24% |
| 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 | |
|---|---|---|---|---|---|---|
| Equity Capital | 7 | 8 | 9 | 13 | 13 | 18 |
| Reserves | 0 | 0 | 0 | 6 | 7 | 46 |
| 24 | 24 | 23 | 29 | 33 | 13 | |
| 17 | 11 | 7 | 11 | 13 | 14 | |
| Total Liabilities | 49 | 43 | 39 | 59 | 66 | 91 |
| 1 | 1 | 1 | 1 | 1 | 2 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| 48 | 42 | 38 | 58 | 65 | 89 | |
| Total Assets | 49 | 43 | 39 | 59 | 66 | 91 |
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
-
General Updates
29 October 2025 - Correction: warrant issue price Rs108 (previously misstated Rs107.53); clarification dated Oct 29, 2025.
-
Outcome of Board Meeting
28 October 2025 - Preferential issue 24.2 lakh warrants @Rs107.53 (Rs26.02Cr); authorized capital to Rs22Cr; EOGM Nov 26, 2025.
-
Certificate under SEBI (Depositories and Participants) Regulations, 2018
16 October 2025 - Regulation 74(5) certificate for quarter ended Sep 30, 2025; demat confirmations processed within 15 days.
-
Trading Window
29 September 2025 - Trading window closed for designated persons from Oct 1, 2025; Board meeting to approve unaudited results for Sep 30, 2025.
-
Shareholders meeting
25 September 2025 - AGM Sep 25, 2025: three ordinary resolutions passed; 10,706,400 votes (60.901% turnout); Sourav Agarwal re-appointed.
Annual reports
Concalls
-
Jun 2025Transcript PPT
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Feb 2025TranscriptNotesPPT
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Jan 2025TranscriptNotesPPT
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.