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 ₹ 339 Cr.
- Current Price ₹ 193
- High / Low ₹ 250 / 91.5
- Stock P/E 19.0
- Book Value ₹ 53.3
- Dividend Yield 0.00 %
- ROCE 20.3 %
- 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 163 to 114 days.
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company might be capitalizing the interest cost
* 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 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 50 | 53 | 67 | 24 | 41 | 153 | 209 | 244 | |
| Sales growth | +6% | +28% | -54% | -38% | +270% | +36% | +43% | |
| 47 | 50 | 65 | 22 | 38 | 140 | 188 | 217 | |
| Operating Profit | 3 | 3 | 3 | 2 | 3 | 14 | 21 | 27 |
| OPM % | 6% | 6% | 3.8% | 9% | 8% | 9% | 10% | 11% |
| 1 | 1 | 2 | 0 | 0 | 1 | 0 | 1 | |
| Interest | 3 | 3 | 3 | 1 | 1 | 3 | 3 | 4 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Profit before tax | 1 | 1 | 1 | 2 | 3 | 12 | 18 | 24 |
| Tax % | -5% | -3% | -3% | 26% | 21% | 26% | 25% | |
| 1 | 1 | 1 | 1 | 2 | 9 | 14 | 18 | |
| EPS in Rs | 0.61 | 0.85 | 1.23 | 0.91 | 1.66 | 4.91 | 7.76 | 10.19 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 33% |
| 3 Years: | 46% |
| TTM: | 43% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 88% |
| 3 Years: | 127% |
| TTM: | 55% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 49% |
| 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 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 8 | 9 | 13 | 13 | 18 | 18 | 18 |
| Reserves | 0 | 0 | 0 | 6 | 7 | 46 | 66 | 76 |
| 24 | 24 | 23 | 29 | 33 | 13 | 45 | 76 | |
| 17 | 11 | 7 | 11 | 13 | 14 | 35 | 25 | |
| Total Liabilities | 49 | 43 | 39 | 59 | 66 | 91 | 163 | 195 |
| 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 48 | 42 | 38 | 58 | 65 | 89 | 161 | 193 | |
| Total Assets | 49 | 43 | 39 | 59 | 66 | 91 | 163 | 195 |
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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 90% | 85% | 211% | 65% | -1,135% | -41% | -180% |
Ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Feb 2024 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 136 | 40 | 63 | 360 | 284 | 91 | 114 |
| Inventory Days | 224 | 285 | 156 | 544 | 244 | 124 | 217 |
| Days Payable | 169 | 92 | 50 | 199 | 124 | 47 | 85 |
| Cash Conversion Cycle | 191 | 232 | 169 | 705 | 403 | 168 | 246 |
| Working Capital Days | 81 | 70 | 39 | 189 | 99 | 122 | 135 |
| ROCE % | 10% | 13% | 5% | 9% | 22% | 20% |
Insights
In beta| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Number of Online Marketplaces count |
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| Number of Pin codes served count |
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| Number of SKUs offered count |
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| Cumulative Online Customers Served customers |
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| Number of Distributors / Semi-wholesalers count |
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| Number of Retailers / MBOs count |
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| Quick Commerce Stores count |
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| Units sold (garments) pieces |
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| White Label Closing Order Book INR crore |
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Extracted by Screener AI
Documents
Announcements
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Analysts/Institutional Investor Meet/Con. Call Updates
- Forcas Studio released H1 FY27 earnings call transcript; revenue rose 56.4%, PAT 72%, FY27 guidance 25-30%.
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Analysts/Institutional Investor Meet/Con. Call Updates
- Company uploaded H1 FY27 earnings conference call audio on its website.
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Press Release
- Forcas Studio reported H1 FY27 income of ₹1,310.17 Mn and PAT of ₹99.91 Mn, up sharply YoY.
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Investor Presentation
- Forcas Studio released H1 FY27 investor presentation, reporting ₹1,310.17 million income and ₹99.91 million PAT.
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Outcome of Board Meeting
- Board approved unaudited H1 FY2026 results on October 22, 2026; profit rose to ₹999.12 lakh.
Concalls
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Oct 2026Transcript REC
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May 2026Transcript PPT
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Nov 2025Transcript PPT
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Jun 2025Transcript PPT
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Feb 2025PPT
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Jan 2025PPT
Product Portfolio:[1][2]
Forcas has expanded its portfolio to 14+ men's wear categories, including boxers, shorts, track pants, cargos, denims, trousers, shirts, T-shirts, sportswear, jackets, sweatshirts and tracksuits. It has also entered women's wear under the FTX brand, launching formal and casual trousers, comfort wear, and denims in H1 FY26, along with kids' winter wear.