Foce India Limited (FOCE)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Foce India's revenue was ₹87.0 Cr (+24.3% year on year, +47.5% on the previous half-year), and net profit ₹9.0 Cr (+12.5% year on year); the operating margin was 13.8%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹87.0 | +24.3% | +47.5% |
| Operating profit | ₹12.0 | +20.0% | +50.0% |
| Net profit | ₹9.0 | +12.5% | +50.0% |
| EPS (₹) | 7.80 | +21.1% | +56.9% |
| Operating margin | 13.8% | — | — |
📢 Recent Corporate Announcements
Foce India Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent Purva Sharegistry (India) Pvt. Ltd. confirms that all procedural requirements regarding share dematerialisation were fulfilled. The filing explicitly notes 'NIL' shares dematerialised or processed during the period from July 1, 2026 to September 30, 2026.
- Quarter ended September 30, 2026 compliance certificate submitted under SEBI Regulation 74(5)
- NIL shares were dematerialised during the period from 01/07/2026 to 30/09/2026
- Certificate issued by Registrar and Share Transfer Agent Purva Sharegistry (India) Pvt. Ltd.
Foce India Limited has issued the notice for its 25th Annual General Meeting scheduled for September 30, 2026. Key agenda items include the re-appointment of statutory auditors SDG & Co. for a second five-year term and seeking shareholder approval for material Related Party Transactions (RPT) up to ₹100 crore. Notably, the ₹100 crore RPT limit is substantial compared to the company's TTM revenue of ₹144 crore. The annual report also outlines ongoing tax and regulatory investigations, including past GST seizures and an ongoing show-cause notice under the PMLA.
- 25th Annual General Meeting to be held on September 30, 2026 via video conferencing
- Shareholder approval sought for Related Party Transactions up to an aggregate limit of ₹100 crore
- Proposed re-appointment of statutory auditor M/s. S.D.G. & Co. for a 5-year term from FY 2026-27 to FY 2030-31
- Document notes ₹91,83,910 demand confirmed by CGST Commissioner for subsidiary FO Industries, with a ₹1,042.74 lakh bank guarantee furnished
Foce India Limited's Board of Directors approved key proposals to increase the company's borrowing limits and related party transaction (RPT) limits under the Companies Act up to ₹100 Crore each, subject to shareholder approval. The Board also recommended the re-appointment of Statutory Auditors M/s S.D.G. & Co. for a second 5-year term. The 25th Annual General Meeting is scheduled for September 30, 2026, via Video Conferencing, with the register of members closed from September 24 to September 30, 2026.
- Approved increase in borrowing powers under Section 180(1)(c) up to ₹100 Crore (compared to existing debt of ₹63 Cr)
- Approved Related Party Transaction limits under Section 188 up to ₹100 Crore, subject to shareholder approval
- Recommended re-appointment of M/s S.D.G. & Co., Chartered Accountants, as Statutory Auditors for a second 5-year term
- Scheduled 25th AGM for September 30, 2026, with book closure set for September 24–30, 2026
Foce India Limited announced the results of its Postal Ballot conducted via remote e-voting, where shareholders approved all 7 resolutions with 100% votes in favor. Crucially, the resolutions include migrating from the NSE SME (Emerge) platform to the NSE Main Board, as well as a direct listing on the BSE Main Board. Additionally, shareholders approved the re-appointment of Managing Director Manoj Sitaram Agarwal for a five-year term alongside director appointments. A total of 26,400 votes across 7 voting shareholders were polled.
- Shareholders unanimously approved the migration from NSE SME (Emerge) to the NSE Main Board.
- Approved direct listing of equity shares on the Main Board platform of BSE Limited.
- All 7 resolutions passed with 100% votes cast in favor (26,400 votes from 7 participating members).
- Re-appointed Manoj Sitaram Agarwal as Managing Director for a 5-year consecutive term.
- Shareholder count stood at 514 on the record date of 10-07-2026.
Foce India Limited has declared the results of its postal ballot conducted via remote e-voting, which concluded on August 18, 2026. Shareholders approved all 7 resolutions with 100% of the 26,400 valid votes cast in favor by 7 participating shareholders out of 514 total members. Key approvals include the migration of the company's equity shares from NSE Emerge to the NSE Main Board, direct listing on the BSE Main Board, and the re-appointment of Managing Director Manoj Sitaram Agarwal for a 5-year term.
- Shareholders approved all 7 resolutions via postal ballot with 100% of valid votes cast in favor
- Approval secured for migration from the NSE SME (Emerge) platform to the NSE Main Board and direct listing on BSE
- Re-appointment of Managing Director Manoj Sitaram Agarwal approved for a 5-year consecutive term
- A total of 26,400 votes were polled across 7 participating shareholders from a base of 514 total members on record date (July 10, 2026)
Foce India Limited has responded to NSE queries regarding clerical errors in its FY26 financial filings, including missing balancing figure notes and XBRL mismatches. The company clarified that its paid-up capital increased from ₹11.74 Cr to ₹24.89 Cr due to corporate actions during the year. Significantly, the board has approved migrating the company's listing from the NSE SME platform to the NSE Main Board and a direct listing on the BSE Main Board. The company reported a strong March 2026 quarter with revenue of ₹87 Cr, which accounts for approximately 60% of its TTM revenue of ₹144 Cr.
- Clarified paid-up equity capital increase to ₹2,489.29 lakhs (₹24.89 Cr) from ₹1,174.30 lakhs due to corporate actions
- Reported March 2026 quarter revenue of ₹87.0 Cr, a significant jump from ₹20.7 Cr in the September 2025 period
- Board approved migration from the NSE SME platform to the NSE Main Board, subject to shareholder approval
- Re-appointed Manoj Sitaram Agarwal as Managing Director for a 5-year term effective July 5, 2026
- Corrected XBRL filing errors related to reserves excluding revaluation and cash flow statement mismatches
Foce India Limited has submitted a compliance filing stating that the requirement for a Corporate Governance Report for the quarter ended June 30, 2026, is not applicable to the company. This exemption is granted under Regulation 15(2) of SEBI (LODR) Regulations, 2015, as the company is listed on the NSE SME Platform. This is a standard procedural notification for SME-listed entities and does not impact the company's financial or operational standing. The company maintains its status as an authorized distributor for FOCE watches in India.
- Exemption claimed under Regulation 15(2) of SEBI (LODR) Regulations, 2015 for the quarter ended June 30, 2026
- Company is listed on the NSE SME Platform, which provides specific reporting relaxations
- Exemption covers Regulations 17 to 27 and specific clauses of Regulation 46 and Schedule V
- Company confirms it will comply with these regulations if and when they become applicable in the future
Financial Performance
Revenue Growth by Segment
Not disclosed in available documents; however, the company operates primarily as an authorized distributor for FOCE watches in India.
Geographic Revenue Split
100% of revenue is generated within India, as the company is the 'Authorized Distributor for India of FOCE Watches'.
Profitability Margins
Not disclosed in available documents. The company reported no dividend payments for the fiscal year ended March 31, 2025, indicating a focus on capital retention or lack of distributable surplus.
Capital Expenditure
Not disclosed in available documents; however, the company maintains records for Property, Plant, and Equipment, suggesting ongoing maintenance of distribution infrastructure.
Credit Rating & Borrowing
The company has not defaulted on any loans or interest payments. It has not been sanctioned working capital limits in excess of INR 5 Cr from banks or financial institutions on the basis of security of current assets.
Operational Drivers
Raw Materials
Finished FOCE watches (100% of core trading inventory). As a distributor, the primary 'raw material' is the procurement of finished goods for resale.
Import Sources
Not specifically disclosed, but as an 'Authorized Distributor for India', procurement likely originates from the global FOCE brand manufacturing hubs.
Key Suppliers
FOCE (Brand owner/Manufacturer). The company's operations are entirely dependent on its status as the authorized distributor for this specific brand.
Capacity Expansion
Not applicable as a distribution entity; however, the company operates through two wholly-owned subsidiaries: FO Industries Private Limited and FOCE Realty Solutions Private Limited.
Raw Material Costs
Not disclosed in absolute terms; however, physical verification of inventory showed no discrepancies exceeding 10%, indicating tight control over stock-in-trade.
Manufacturing Efficiency
Not applicable for a distributor; however, internal financial controls are audited and deemed effective for ensuring reliable financial reporting.
Strategic Growth
Growth Strategy
Growth is pursued through the expansion of the distribution network for FOCE watches across India and leveraging its status as a listed SME on the NSE platform to access capital markets if required.
Products & Services
FOCE branded watches and related horological products.
Brand Portfolio
FOCE (Authorized Distribution Rights).
Market Expansion
Targeting the Indian domestic watch market through its registered office in Mumbai and nationwide distribution rights.
Strategic Alliances
Authorized distribution agreement with FOCE; ownership of subsidiaries FO Industries Private Limited and FOCE Realty Solutions Private Limited.
External Factors
Industry Trends
The Indian watch industry is shifting toward branded retail and SME listings are providing smaller players with the governance framework needed for institutional growth.
Competitive Landscape
Competes with other domestic and international watch distributors and brands in the Indian lifestyle and fashion segment.
Competitive Moat
The primary moat is the 'Authorized Distributor' status for India, which provides exclusive or protected access to the FOCE brand, though this is dependent on contract renewal.
Macro Economic Sensitivity
Highly sensitive to Indian consumer discretionary spending; a 1% drop in consumer confidence typically impacts luxury/accessory sales volumes.
Consumer Behavior
Increasing demand for branded fashion accessories among the Indian middle class is a primary driver for distribution volume.
Geopolitical Risks
Trade barriers or import duty hikes on watches would increase the cost of goods sold, potentially squeezing distribution margins.
Regulatory & Governance
Industry Regulations
Compliance with SEBI (LODR) Regulations 2015. As an SME-listed entity, it is exempt from certain Corporate Governance reporting requirements under Regulation 15(2).
Taxation Policy Impact
The company is subject to standard Indian corporate tax and GST. A specific disputed liability of INR 2.82 Cr exists under the GST Act.
Legal Contingencies
FO Industries Private Limited (subsidiary) has a pending dispute with the GST Appellate Authority for Tax & Penalty amounting to INR 2,82,47,432 for F.Y. 2021-23.
Risk Analysis
Key Uncertainties
The outcome of the INR 2.82 Cr GST litigation and the potential for future changes in the distribution agreement with the FOCE brand owner.
Geographic Concentration Risk
100% of operations and revenue are concentrated in the Indian market, making the company vulnerable to regional economic downturns.
Third Party Dependencies
Critical dependency on the FOCE brand owner for product supply and brand marketing support.
Technology Obsolescence Risk
The company has mitigated financial reporting risks by adopting Tally Prime with an audit trail to comply with modern statutory requirements.
Credit & Counterparty Risk
The company has not been declared a willful defaulter by any bank or financial institution, suggesting a stable credit profile.
