Forcas StudioShare price, financial results, shareholding and management
- Market cap
- ₹331 cr
- Stock P/E
- 24.2peers 18.1
- Book value
- ₹43.9
- Price to book
- 4.29
- EV / operating profit
- 17.8
- Market cap to sales
- 1.67
- ROCE · FY26
- 20.9%
- ROE · FY26
- 19.4%
- ROE, 3-year average
- 15.8%
- Operating margin · FY26
- 10.6%peers 7.7%
- Sales growth, 3 years
- 43.4%
- Profit growth, 3 years
- 138.9%
- Debt to equity
- 0.58peers 1.16
- Borrowings
- ₹44.7 cr
- Interest cover
- 8.0×
- Cash from business / op. profit
- -200%
- Debtor days
- 121
- Pledged
- 0.00%
- Promoter holding
- 60.30%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 569
- 52-week high / low
- ₹250 / ₹92
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Forcas Studio share price chart
Close on 6 Nov 2026 · -1.49% on the day · Vol 15,200
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -21.6%
- 3 months
- +0.6%
- 6 months
- +82.5%
- 1 year
- +53.0%
- Since IPO
- +135.2%
- Traded a day, 20 days
- ₹0.37 cr
- Taken for delivery
- 82%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +39% | +58% |
| 3 years, a year | +43% | +139% |
| Latest half, H2 FY26 | +32% | +38% |
About Forcas Studio: business, products and customers
Forcas Studio offers low-priced, trendy men's clothes under its own FTX brand, through small shops in smaller towns, online marketplaces and quick delivery apps, and also makes clothes for other retailers' labels. Its shares trade on NSE Emerge.
Forcas Studio, based in Kolkata, designs men's T-shirts, trousers, cargos, denims, jackets and other everyday wear and markets them mainly under FTX, with most items priced from ₹199 to ₹599 for young buyers in Tier 2 to 4 towns. TRIBE is a pricier bottom-wear brand for men and women, and Fitness Exchange, an athleisure and sports accessories brand, is being launched in FY27. It also makes clothes under the labels of retail chains such as Landmark Group and V-Mart Retail.
It owns no factories and no shops: it buys fabric, has garments stitched at contract factories under its own quality checks, holds stock in a 60,000 sq ft warehouse in Kolkata and reaches buyers through more than 700 distributors, marketplaces such as Flipkart, Myntra, Amazon and Meesho, and quick delivery apps. This keeps fixed assets small but puts the money into stock and money owed by buyers. Margins differ by channel: the Managing Director puts gross margin at about 30% to 35% online, about 22% to 23% in distribution and about 19% to 21% in white label, while marketplace commissions take about 30% to 33% of online sales.
Read more about the business
The Managing Director says no listed company follows the same mix of wholesale and online selling without its own shops, and that big fashion retailers such as Zudio and Westside work through their own stores instead.
What is new: FTX went live on Myntra M-Now and on Flipkart Minutes from 29 July 2026, adding to Zepto. TRIBE is being expanded across channels, Fitness Exchange is being tested, and the kidswear brand announced earlier is not going ahead for now.
From the offer document, the 2025-26 annual report, the November 2025 and May 2026 earnings calls, the May 2026 investor presentation and the July 2026 press release.
Read the deeper study ↓In its favour
- Sales have grown fast: 43% a year over three years.
- It earns a high return on the money it uses: ROCE 21% in FY26.
- The promoters own a large part of the company: 60.30%.
To watch
- Whether stock and borrowing come down as quick commerce and new brands settle, which the Managing Director expects over a couple of years (Earnings call, May 2026, p.8).
- FY27 growth against the company's own 25% to 30% expectation (Earnings call, May 2026, p.5).
- The network target of 800 distributors and more than 25,000 retailers by March 2027 (Investor presentation, May 2026, p.21).
- The launch and testing of the Fitness Exchange brand in FY27 (Earnings call, May 2026, p.6 and p.7).
- Its borrowings rose a lot last year: ₹44.7 cr, from ₹13.4 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Forcas Studio revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Forcas Studio half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 29 | 83 | 56 | 86.66 | 83.68 | 113.97 |
| Expenses | 27 | 75 | 50 | 78.39 | 74.82 | 101.81 |
| Operating profit | 2 | 8 | 5 | 8.27 | 8.87 | 12.15 |
| OPM | 8.0% | 10.0% | 9.0% | 9.5% | 10.6% | 10.7% |
| Interest | 1 | 2 | 2 | 0.67 | 0.92 | 1.67 |
| Depreciation | 0 | 0 | 0 | 0.18 | 0.15 | 0.44 |
| Profit before tax | 1 | 6 | 4 | 7.72 | 7.87 | 10.32 |
| Net profit | 1 | 4 | 3 | 5.72 | 5.81 | 7.92 |
Forcas Studio profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 50 | 53 | 67 | 24 | 142.24 | 197.65 |
| Expenses | 47 | 50 | 65 | 22 | 128.81 | 176.63 |
| Operating profit | 3 | 3 | 3 | 2 | 13.43 | 21.02 |
| OPM | 6.0% | 6.0% | 3.8% | 9.0% | 9.4% | 10.6% |
| Other income | 1 | 1 | 2 | 0 | 0.80 | 0.35 |
| Interest | 3 | 3 | 3 | 1 | 2.25 | 2.59 |
| Depreciation | 0 | 0 | 0 | 0 | 0.33 | 0.59 |
| Exceptional and other items | · | · | -1 | 1 | · | · |
| Profit before tax | 1 | 1 | 1 | 2 | 11.65 | 18.19 |
| Tax rate | 0.0% | 0.0% | 0.0% | 50.0% | 25.9% | 25.0% |
| Net profit | 1 | 1 | 1 | 1 | 8.63 | 13.64 |
| EPS ₹ | 0.61 | 0.85 | 1.23 | 0.91 | 5.52 | 7.76 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Forcas Studio profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 6.0% | 6.0% | 3.8% | 9.0% | 9.4% | 10.6% |
| Tax rate | 0.0% | 0.0% | 0.0% | 50.0% | 25.9% | 25.0% |
| ROCE | · | 12.7% | 12.5% | 7.5% | 22.2% | 20.9% |
| ROE | · | 13.3% | 11.8% | 7.1% | 20.9% | 19.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Forcas Studio debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Forcas Studio balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 7 | 8 | 9 | 13 | 17.58 | 17.58 |
| Reserves | 0 | 0 | 0 | 6 | 46.08 | 59.68 |
| Net worth | 7 | 8 | 9 | 19 | 63.66 | 77.26 |
| Borrowings | 24 | 24 | 23 | 29 | 13.36 | 44.69 |
| Other liabilities | 18 | 11 | 7 | 11 | 13.99 | 41.08 |
| Total liabilities | 49 | 43 | 39 | 59 | 91.01 | 163.03 |
| Fixed assets | 1 | 1 | 1 | 1 | 1.70 | 2.17 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 48 | 42 | 38 | 58 | 89.31 | 160.86 |
| Receivables | · | · | · | · | 38.26 | 65.47 |
| Inventory | · | · | · | · | 33.47 | 83.03 |
| Cash | · | · | · | · | 8.44 | 0.46 |
| Trade payables | · | · | · | · | 12.77 | 32.50 |
Forcas Studio cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 3 | 3 | 5 | 1 | -4.25 | -42.02 |
| Cash from investing | 0 | 0 | -1 | 0 | -0.91 | -1.20 |
| Cash from financing | -2 | -2 | -5 | -2 | 13.26 | 35.24 |
| Net cash flow | 1 | 1 | -1 | -1 | 8.10 | -7.98 |
| Capital spending | · | · | · | · | 0.91 | 1.06 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 136 | 40 | 63 | 360 | 98 | 121 |
| Inventory days | 224 | 285 | 156 | 544 | 124 | 214 |
| Days payable | 169 | 92 | 50 | 199 | 47 | 84 |
| Cash conversion cycle | 191 | 232 | 169 | 705 | 168 | 251 |
| Working capital days | 81 | 70 | 39 | 189 | 122 | 143 |
Forcas Studio peers and competitors
Listed SME companies in the same industryBy sales, Forcas Studio is number 19 of the 62 listed SME companies in textiles & apparels.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Unitec Fibres | - | - | 223 | 8 | 7.0% | 1.20 |
| Aayush Art And Bullion | 1,981 | 247.6 | 216 | 8 | 5.0% | 0.00 |
| Angel Fibers | 25 | 25.0 | 212 | 1 | 3.7% | 1.17 |
| Shree Balaji (Mala) Textiles | 49 | 8.1 | 212 | 6 | 7.0% | 2.56 |
| Madhur Knit Crafts | 109 | 8.4 | 211 | 13 | 13.0% | 1.66 |
| Shree Karni Fabcom | 307 | 20.2 | 204 | 15.2 | 15.3% | 0.89 |
| Forcas Studio | 331 | 24.2 | 198 | 13.6 | 10.6% | 0.58 |
| S D Retail | 157 | 16.1 | 196 | 9.8 | 8.4% | 0.14 |
| Purple United Sales | 480 | 31.6 | 171 | 15.2 | 20.9% | 1.15 |
| Cedaar Textile | 23 | - | 163 | -71.4 | -50.9% | 2.22 |
| Kaytex Fabrics | 79 | 4.6 | 161 | 17.4 | 18.6% | 0.21 |
| Median of the 10 others | 109 | 18.2 | 207 | 8.9 | 7.7% | 1.16 |
Forcas Studio shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Forcas Studio shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Aug 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|---|
| Promoters | 60.30% | 60.30% | 60.30% | 60.30% | 60.30% |
| Foreign investors (FIIs) | 6.27% | 2.61% | 0.50% | - | - |
| Indian institutions (DIIs) | 5.37% | 2.56% | 0.62% | 0.08% | 0.09% |
| HNIs (over ₹2 lakh each) | 12.12% | 15.19% | 20.89% | 19.98% | 19.27% |
| Small holders (up to ₹2 lakh) | 12.86% | 12.31% | 10.16% | 10.22% | 8.02% |
| Companies and others | 3.08% | 7.03% | 7.53% | 9.42% | 12.32% |
| Number of shareholders | 1,501 | 887 | 701 | 703 | 569 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Forcas Studio study: the business from its own documents
Read from 12 of the company's own documentsForcas Studio so far
From the company's own record
- April 2010Company formed
- 26 Aug 2024Listed on NSE Emerge at ₹80
- 31 March 2026Promoters at 60.30%
- 5 Oct 2026Highest close since listing, ₹245.95
Forcas Studio key facts from the filings
Each figure with the document it comes from
- FY26 sales
- ₹197.7 cr
- Up 39% on FY25; the second half brought in ₹114.0 cr.Investor presentation, May 2026, p.25
- FY26 profit
- ₹13.6 cr
- Profit after tax, up 58% on FY25, a margin of 6.9%.Investor presentation, May 2026, p.25
- Gross margin
- 28.3%
- In FY26, down from 29.4% in FY25 and 33.5% in FY24; 25.8% in the second half.Investor presentation, May 2026, p.25 and p.27
- Inventory
- ₹33.5 cr → ₹83.0 cr
- Stock at March 2026, up about two and a half times in a year as the company stocked for quick commerce and new brands.Investor presentation, May 2026, p.28; Earnings call, May 2026, p.14 and p.15
- Short-term borrowings
- ₹44.6 cr
- At March 2026, up from ₹11.9 cr a year earlier, as working capital grew.Investor presentation, May 2026, p.28
Show 5 more facts
- Sales by channel
- 41% / 38% / 21%
- Online own brand, offline own brand and white label shares of FY26 revenue.Investor presentation, May 2026, p.14
- Top ten customers
- 51.3%
- Share of FY26 revenue, down from 69.8% in FY25.Investor presentation, May 2026, p.14
- TRIBE
- ₹14.1 cr
- Revenue from the pricier brand in FY26, 9% of own-brand sales, about double FY25.Investor presentation, May 2026, p.13
- Quick commerce
- About ₹7.5 cr
- Revenue from quick delivery apps in FY26, its first year on them.Earnings call, May 2026, p.18
- White-label orders
- ₹17.8 cr
- Order book for white-label work at the end of FY26; the branded business has no order book.Investor presentation, May 2026, p.23
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the May 2026 call the Managing Director said the company expects about 25% to 30% growth a year while improving profitability, with FY27 aims of ₹50 cr to ₹60 cr from white label, ₹160 cr to ₹170 cr from FTX and ₹30 cr to ₹35 cr from TRIBE. The company plans to grow its network to 800 distributors and more than 25,000 retailers by March 2027, add two states offline, launch Fitness Exchange and expand on quick delivery apps, which the Managing Director expects to reach 10% to 15% of sales. The Managing Director also said cash flow should improve over a couple of years.
| What management said | When | What happened |
|---|---|---|
| Growth of 30% to 40% a year | November 2025 call | 39% in FY26 |
| Quick commerce to reach at least 5% to 10% of revenue | November 2025 call | About ₹7.5 cr in FY26, under 4% of sales |
| Women's and kids wear online from the summer season | November 2025 presentation | Women's wear launched; kidswear brand dropped for now |
| Live on Flipkart Minutes probably the next month | May 2026 call | Live from 29 July 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Forcas Studio earns its money designing cheap, fashionable clothes, having them made by others and selling them in large numbers through distributors, marketplaces and its retail chain customers.
Its weak spots are a crowded market where price is the main draw, heavy marketplace commissions, and a fast build-up of stock and borrowing.
WatchCan it set its own prices?Low prices are the whole offer, so there is little room to charge more, and gross margin has slipped two years in a row.
AverageHow strong is it against rivals?Its edge is speed, design and reach across both shops and apps, not anything that others cannot copy over time.
AverageWho are its customers?It reaches buyers through many distributors, marketplaces and retail chains, and reliance on the biggest buyers has come down, but large marketplaces still matter a lot.
WatchDoes it need a lot of money?It needs little money for plant, but a lot for stock and money owed by buyers, and that need jumped in the latest year.
StrongCan it keep finding new work?It keeps finding new selling routes and products, from quick delivery apps to new brands, and shops reorder its products often.
AverageDo good and bad years swing a lot?Sales have risen each year since it built its own brand, but fashion stock that does not move and seasonal winter buying can hurt margins and cash.
Who runs Forcas Studio?
Promoters, directors and officers; tap a name for the background
SASailesh AgarwalPromoter and Managing Director · holds 54.27%
Studied commerce at the University of Calcutta and began in the family fabric business in Mumbai, supplying hypermarkets, before moving into garments in 2011 and launching FTX in 2020; responsible for the overall management of the company. The offer document states that Sailesh Agarwal is the brother of Sourav Agarwal.
Offer document, p.143, p.144 and p.154; Investor presentation, May 2026, p.7; Annual report 2025-26, p.33SASourav AgarwalPromoter, Whole-Time Director and Chief Financial Officer
A commerce graduate of the University of Calcutta with more than a decade in garment manufacturing and trading; heads purchase and finance, and leads production, raw material buying and offline marketing.
Offer document, p.143 and p.154; Investor presentation, May 2026, p.7AUAltab Uddin KaziIndependent Director
A Company Secretary with commerce and law degrees and more than eight years in corporate law, accounting, taxation and GST; a former chairman of the Hooghly chapter of ICSI.
Offer document, p.144; Annual report 2025-26, p.8HGHitu Gambhir MahajanIndependent Director
Holds a home science degree from the University of Delhi and a postgraduate diploma in advertising and marketing, with more than 16 years in marketing, sales and branding at the time of the offer.
Offer document, p.144; Annual report 2025-26, p.9Forcas Studio latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹114 cr (+32%), net profit ₹7.9 cr (+38%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 60.30%.
Forcas Studio announcements
77 on record, latest first; each opens the filing on the exchange
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 23, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 23, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 23, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesOutcome of Analysts /Investors MeetingPDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meetPDF ↗
- Press Releasea press release dated July 31, 2026, titled " Forcas Studio Limited Announces Launch of FTX on Flipkart Minutes ."PDF ↗
- Record DateBook Closure dates and cut-off date for E-votingPDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Outcome of Board MeetingHeld on July 28, 2026PDF ↗
Forcas Studio annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Forcas Studio share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Forcas Studio's data · 10
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- !The two halves of FY24 as reported add up to sales of ₹112.00 cr, the full year to ₹24.00 cr; one of the filings may have been restated.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,75,80,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Forcas Studio
What does Forcas Studio do?
Forcas Studio offers low-priced, trendy men's clothes under its own FTX brand, through small shops in smaller towns, online marketplaces and quick delivery apps, and also makes clothes for other retailers' labels. Its shares trade on NSE Emerge.
What is the share price of Forcas Studio?
₹188 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Forcas Studio?
₹331 cr at the close on 6 Nov 2026, on 1,75,80,000 shares.
What is the P/E of Forcas Studio?
24.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Forcas Studio's revenue and profit?
Revenue ₹198 cr and profit after tax ₹14 cr in FY26.
Who are the promoters of Forcas Studio?
Sailesh Agarwal, Sourav Agarwal; promoters held 60.30% at 31 March 2026.
What was the IPO price of Forcas Studio?
₹80 a share; it listed on 26 Aug 2024.
What is Forcas Studio's website?
www.focasstudio.in
More SME companies like Forcas Studio
Other listed SME companies in textiles & apparels, the closest in size first, each read from its own documents.
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- Spunweb NonwovenSPUNWEB · NSE Emerge · Textiles & Apparels · listed 2025Market cap ₹251 cr
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Every listed SME company in Textiles & Apparels → · SME companies listed in 2024 →
Built from 3 earnings call transcripts, 3 investor presentations, 2 annual reports, 2 press releases, 1 offer document, 1 result filing, 77 exchange announcements, 5 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.