Arthneeti

Forcas Studio Q2 FY27 Share Price & Earnings Call Analysis

₹190.45+1.25% today
Market cap
₹335 Cr
P/E
24.53
ROE
18.50%
PEG
0.19
Price to sales
1.69
Debt to equity
0.53
52W high / low
₹246 / ₹92.5
Sales growth (5Y)
31.67%
EBITDA margin
10.63%
Net profit margin
6.90%
Promoter holding
60.30%
Sales (last year)
₹198 Cr

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]

Guidance scorecard · Q2 FY27 call

What Forcas Studio Ltd's management guided
and where it ranks in Textiles & Apparels

#8of 42 in
Textiles & Apparels
Revenue20–40%MarginsUp 0–2%CapexPlannedFundraisingPlannedOrder bookRising

RevenueQ2 FY27 call

20–40%
  • Forcas Studio expects a revenue growth of 25% to 30% for the full year FY '27, supported by strong H1 growth of around 56%.
  • Volume growth contributed approximately 40% to the total 56% income growth in H1.
  • Quick commerce revenue share is rapidly increasing, currently at ~10% in H1, with a target to grow above 20% in the medium term.
  • The TRIBE brand is growing by about 50% year-on-year and is on track to achieve its FY '27 revenue target of Rs. 30-35 crore.
  • The company plans to expand distribution reach to over 25,000 retail touchpoints by March 2027.

2 more points from Forcas Studio Ltd's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Up 0–2%

See what Forcas Studio Ltd said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • Focus remains on an asset-light business model emphasizing disciplined capital allocation.
  • Investment primarily targeted towards expanding product availability, strengthening distribution networks, and increasing presence on quick commerce and online marketplaces.
  • Upcoming launch of Fitness Exchange brand in Q4 FY '27 indicates capital allocation towards product development and sourcing.
  • Existing preferential warrants to be converted by May/June 2027.
  • Growth capital will be consumed in day-to-day operations, supporting FTX, TRIBE, and Fitness Exchange brands.

2 more points from Forcas Studio Ltd's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

Planned

See what Forcas Studio Ltd said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

Rising
  • The white label business had a closing order book of Rs. 17.8 crores at the end of March 2026.
  • The company is focused on disciplined execution, product availability, and sustainable growth.
  • Inventory at the end of FY '26 was Rs. 80 crore and currently around Rs. 104 crore as of H1 FY '27.

2 more points from Forcas Studio Ltd's call on the order book

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Full Q2 FY27 analysis
Full Textiles & Apparels ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Textiles & Apparels
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Sumeet IndustrieGood growth
    3
See all potential multibaggersWhere does Forcas Studio Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Textiles & Apparels companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹560 Cr90.6
240%+Flat₹421 Cr27.7
3Sumeet Industrie20–40%Up 2%+₹751 Cr30.3
420–40%Up 2%+₹305 Cr20.4
520–40%Up 0–2%₹2,823 Cr17.5
620–40%Up 0–2%₹1,225 Cr69.7

Sign up free to see every company in the sector ranking and track Forcas Studio Ltd.

Pro shows every company guiding 40%+ revenue growth →Full Textiles & Apparels ranking

Financials of Forcas Studio Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Forcas Studio Ltd

Shareholding breakup across reporting periods.

Sep 2024Mar 2025Sep 2025Mar 2026Sep 2026
Promoters +60.30%60.30%60.30%60.30%60.30%
FIIs +2.61%0.50%0.00%0.00%0.00%
DIIs +2.56%0.62%0.08%0.09%0.01%
Public +34.53%38.58%39.62%39.61%39.70%
No. of Shareholders887701703569532

Financials of Forcas Studio Ltd

Quarterly Results

Quarter-by-quarter operating performance

No quarterly results data available for this company yet.

Financials of Forcas Studio Ltd

Profit & Loss

Annual income statement trend

Mar 2021Mar 2022Mar 2023Feb 2024 1mMar 2024Mar 2025Mar 2026TTM
Sales +5053672441153198244
Expenses +4750652238140177217
Operating Profit33323142127
OPM %6%6%3.8%9%8%9%11%11%
Other Income +11200101
Interest33311234
Depreciation00000011
Profit before tax11123121824
Tax %-5%-3%-3%26%21%26%25%
Net Profit +1111291418
EPS in Rs0.610.851.230.911.664.917.7610.19
Dividend Payout %0%0%0%0%0%0%0%

Financials of Forcas Studio Ltd

Balance Sheet

Capital structure and asset base

Mar 2021Mar 2022Mar 2023Feb 2024Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital7891313181818
Reserves00067466676
Borrowings +2424232933134576
Other Liabilities +171171113143525
Total Liabilities494339596691163195
Fixed Assets +11111222
CWIP00000000
Investments00000000
Other Assets +484238586589161193
Total Assets494339596691163195

Financials of Forcas Studio Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2021Mar 2022Mar 2023Feb 2024Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +3351-40-10-42
Cash from Investing Activity +-0-0-10-105-1
Cash from Financing Activity +-2-2-5-2501335
Net Cash Flow00-0-008-8
Free Cash Flow2251-41-11-43
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit90%85%211%65%-1,135%-42%-180%

Financials of Forcas Studio Ltd

Ratios

Working capital efficiency and return ratios

Mar 2021Mar 2022Mar 2023Feb 2024Mar 2024Mar 2025Mar 2026
Debtor Days136406336028491121
Inventory Days224285156544244124214
Days Payable16992501991244784
Cash Conversion Cycle191232169705403168251
Working Capital Days81703918999122143
ROCE %10%13%5%9%22%20%

Guidance history

How Forcas Studio Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →20–40%Up 0–2%PlannedPlannedRising
Q4 FY26 call →20–40%Up 0–2%Planned——
Q2 FY26 call →40%+FlatPlannedPlanned—
Q4 FY25 call →20–40%Flat———

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

Continue your research

What Forcas Studio Ltd's management said in earlier quarters

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