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 ₹ 174 Cr.
- Current Price ₹ 99.2
- High / Low ₹ 140 / 93.0
- Stock P/E 12.8
- Book Value ₹ 47.7
- Dividend Yield 0.00 %
- ROCE 20.2 %
- ROE 18.5 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 88.0% CAGR over last 5 years
- Debtor days have improved from 165 to 121 days.
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
* 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
Part of Nifty SME Emerge
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 50 | 53 | 67 | 24 | 41 | 153 | 198 | |
| 47 | 50 | 65 | 22 | 38 | 140 | 177 | |
| Operating Profit | 3 | 3 | 3 | 2 | 3 | 14 | 21 |
| OPM % | 6% | 6% | 4% | 9% | 8% | 9% | 11% |
| 1 | 1 | 2 | 0 | 0 | 1 | 0 | |
| Interest | 3 | 3 | 3 | 1 | 1 | 2 | 3 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Profit before tax | 1 | 1 | 1 | 2 | 3 | 12 | 18 |
| Tax % | -5% | -3% | -3% | 26% | 21% | 26% | 25% |
| 1 | 1 | 1 | 1 | 2 | 9 | 14 | |
| EPS in Rs | 0.61 | 0.85 | 1.23 | 0.91 | 1.66 | 4.91 | 7.76 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 32% |
| 3 Years: | 43% |
| TTM: | 29% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 88% |
| 3 Years: | 127% |
| TTM: | 58% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -12% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 18% |
| 3 Years: | 19% |
| Last Year: | 19% |
Balance Sheet
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Feb 2024 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 8 | 9 | 13 | 13 | 18 | 18 |
| Reserves | 0 | 0 | 0 | 6 | 7 | 46 | 66 |
| 24 | 24 | 23 | 29 | 33 | 13 | 45 | |
| 17 | 11 | 7 | 11 | 13 | 14 | 35 | |
| Total Liabilities | 49 | 43 | 39 | 59 | 66 | 91 | 163 |
| 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 | 161 | |
| Total Assets | 49 | 43 | 39 | 59 | 66 | 91 | 163 |
Cash Flows
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Feb 2024 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 3 | 3 | 5 | 1 | -40 | -10 | -42 | |
| -0 | -0 | -1 | 0 | -10 | 5 | -1 | |
| -2 | -2 | -5 | -2 | 50 | 13 | 35 | |
| Net Cash Flow | 0 | 0 | -0 | -0 | 0 | 8 | -8 |
| Free Cash Flow | 2 | 2 | 5 | 1 | -41 | -11 | -43 |
| CFO/OP | 90% | 85% | 211% | 65% | -1,135% | -42% | -180% |
Ratios
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Feb 2024 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 136 | 40 | 63 | 360 | 284 | 91 | 121 |
| Inventory Days | 224 | 285 | 156 | 544 | 244 | 124 | 214 |
| Days Payable | 169 | 92 | 50 | 199 | 124 | 47 | 84 |
| Cash Conversion Cycle | 191 | 232 | 169 | 705 | 403 | 168 | 251 |
| Working Capital Days | 81 | 70 | 39 | 189 | 99 | 122 | 143 |
| ROCE % | 10% | 13% | 5% | 9% | 22% | 20% |
Insights
In beta| Sep 2024 | Sep 2025 | |
|---|---|---|
| Warehouse Storage Capacity (Garments) Million Units |
|
|
| Number of Distributors Number |
||
| Number of Employees Number |
||
| Number of Retailers Number |
||
| Number of SKUs Number |
||
| Online Customers Served Million |
||
| Online Marketplace Presence Number of Marketplaces |
||
| Product Return Ratio - Bottom Wear % |
||
| Product Return Ratio - Top Wear % |
||
| White-labelling Order Book INR Mn |
||
Extracted by Screener AI
Documents
Announcements
-
Analysts/Institutional Investor Meet/Con. Call Updates
29 May 2026 - FY26 revenue rose 39% to Rs.198 crore; PAT up 58% to Rs.13.6 crore; Quick Comm expansion planned.
-
Analysts/Institutional Investor Meet/Con. Call Updates
25 May 2026 - Shared recording link for H2 and FY26 post-earnings investor conference call.
-
Investor Presentation
25 May 2026 - Forcas Studio released its investor presentation with H2 and FY26 performance highlights on May 25, 2026.
-
Press Release
23 May 2026 - Forcas Studio reported FY26 revenue of Rs 1,976.5 Mn, EBITDA up 56.5%, PAT up 58.0%.
-
Statement of deviation(s) or variation(s) under Reg. 32
23 May 2026 - Forcas Studio reports no deviation in warrant proceeds utilisation for half year ended March 31, 2026.
Annual reports
Concalls
-
May 2026Transcript PPT
-
Nov 2025Transcript PPT
-
Jun 2025Transcript PPT
-
Feb 2025TranscriptAI SummaryPPT
-
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.