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Forcas Studio Limited (FORCAS)

📊 NSE: FORCAS 🏢 Textiles - Products 📢 Latest filing: 14 Oct 2026 📝 Analysis written: 13 Dec 2025

Q2 FY27 results

📅 Next results: 22 Oct 2026 (board meeting)

Forcas Studio Limited's board meets on 22 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, H2 FY26, Forcas Studio's revenue was ₹114 Cr (+31.5% year on year, +36.2% on the previous half-year), and net profit ₹8.0 Cr (+39.9% year on year); the operating margin was 10.5%.

H2 FY26 (₹ Cr)	Value	YoY vs H2 FY25	vs prev. half
Revenue	₹114	+31.5%	+36.2%
Operating profit	₹12.0	+44.9%	+35.3%
Net profit	₹8.0	+39.9%	+37.7%
EPS (₹)	4.51	+31.9%	+36.7%
Operating margin	10.5%	—	—

Full quarterly financials → Results calendar →

FORCAS delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 85.71% of the FORCAS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 81.19%. That is close to its usual level. Turnover was only ₹73 lakh, so a handful of trades can move this figure. It closed at its lower price band (circuit) on 16 Oct, one of 5 band closes in about the last 20 sessions.

85.71%Delivery, 16 Oct

81.19%Own 20-session average

1.9×Volume vs its average

₹224.00NSE close · +0.00%

Delivery in the last 5 sessions: 100.0% · 66.7% · 71.4% · 50.0% · 85.7%

Delivery across the market →Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Forcas Studio Submits Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 14 Oct 2026, 06:23 PM

Forcas Studio Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent MAS Services Limited confirms that dematerialisation requests received between July 1, 2026, and September 30, 2026, were processed within the mandated 15-day timeline. Cancelled share certificates were mutilated and depository names were updated in the register of members accordingly. This is a standard quarterly procedural disclosure.

Compliance certificate submitted under Regulation 74(5) of SEBI regulations for the quarter ended September 30, 2026
Confirmation provided for dematerialisation requests processed between 01/07/2026 and 30/09/2026
Dematerialisation requests confirmed and processed within the required 15 days of receipt
Certificate issued by Registrar and Share Transfer Agent MAS Services Limited dated October 06, 2026

💡 No action required. Investors should track upcoming quarterly financial results and operational updates rather than routine administrative filings.

Forcas Studio Convenes 3rd AGM on Sep 23, 2026; Proposes ESOP Plan & Executive Pay Revision

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Aug 2026, 05:34 PM

Forcas Studio Limited has issued the notice for its 3rd Annual General Meeting (AGM) scheduled for September 23, 2026. Key special business items include approval for revision in remuneration of Managing Director Sailesh Agarwal to ₹8,00,000 per month and Whole-time Director & CFO Sourav Agarwal to ₹3,00,000 per month. The company is also seeking shareholder approval for the 'Forcas Studio Employee Stock Option Plan, 2026' and the appointment of Neha Agarwal as an Independent Director for a 5-year term. Annexure disclosures show FY26 standalone turnover stood at ₹198.00 Cr (₹19,800.12 Lakhs) with a net profit of ₹13.64 Cr (₹1,363.71 Lakhs).

AGM scheduled for September 23, 2026, at 12:30 PM via Video Conferencing.
Proposed salary revision for MD Sailesh Agarwal to ₹8,00,000 per month plus perquisites.
Proposed salary revision for WTD & CFO Sourav Agarwal to ₹3,00,000 per month plus perquisites.
Proposal to adopt the new 'Forcas Studio Employee Stock Option Plan, 2026' for eligible employees.
Standalone FY26 turnover reported at ₹19,800.12 Lakhs with PAT of ₹1,363.71 Lakhs.

💡 Track voting outcomes and resolutions passed at the AGM on September 23, 2026, including details and dilution terms of the ESOP 2026 scheme.

Forcas Studio Concludes Analyst & Investor Virtual Meeting on August 20, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Aug 2026, 06:26 PM

Forcas Studio Limited concluded its scheduled Analyst & Investor meeting on August 20, 2026, held virtually at 3:00 PM. The session was conducted in a Q&A format without any formal presentation from company management. The company confirmed that no Unpublished Price Sensitive Information (UPSI) was shared during the meeting.

Analyst & Investor interaction held on August 20, 2026 at 3:00 PM
Meeting conducted virtually using a standard Q&A format
No company presentation was made and no UPSI was shared

💡 Track upcoming financial results and operational updates regarding warehouse additions and expansion into quick commerce channels.

Forcas Studio Schedules Virtual Investor Meeting for August 20, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Aug 2026, 03:00 PM

Forcas Studio Limited has announced a virtual meeting with analysts and institutional investors scheduled for August 20, 2026. This comes as the company maintains a TTM revenue of Rs 340 Cr and an operating margin of 10.1%. Management is currently focused on a 30-40% growth target, driven by expansion into Quick Commerce and increasing Average Selling Prices (ASP). No unpublished price sensitive information is expected to be shared during this routine interaction.

Virtual meeting scheduled for August 20, 2026, at 3:00 p.m. IST
Company reported TTM revenue of Rs 340 Cr with a PAT of Rs 22 Cr
Targeting a 5-10% revenue contribution from Quick Commerce channels
Scaling inventory to Rs 61 Cr to support projected 50-70% top-line growth
Aims to increase Average Selling Price (ASP) from INR 350 to INR 450

💡 Investors should monitor the company's website for the post-meeting presentation or transcript to track progress on the Quick Commerce rollout and product diversification into Women's and Kids' wear.

Forcas Studio Launches FTX Brand on Flipkart Minutes for 20-Minute Delivery

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 31 Jul 2026, 05:42 PM

Forcas Studio Limited has officially launched its flagship menswear brand, FTX, on the Flipkart Minutes quick-commerce platform as of July 29, 2026. This move is a direct execution of the company's strategy to capture 5-10% of its total revenue (TTM Rs 340 Cr) through quick-commerce channels. The partnership enables delivery of selected apparel in as little as 20 minutes, targeting the 'Aspirant Bharat' demographic. While the immediate financial impact is not quantified, it represents a significant step in the company's omnichannel growth plan.

Launch of flagship brand FTX on Flipkart Minutes effective July 29, 2026
Enables ultra-fast delivery of selected products in as little as 20 minutes
Aligns with the company's target to derive 5-10% of total revenue from Quick Commerce
Supports the company's TTM revenue base of Rs 340 Cr and OPM of 10.1%
Part of a broader strategy to increase ASP from Rs 350 to Rs 450 through better product mix

💡 Investors should monitor the upcoming quarterly results to track the actual revenue contribution from Quick Commerce and observe if high platform commissions (up to 40%) impact the current 10.1% operating margins.

2,00,000 Shares ESOP Scheme Approved; AGM Scheduled for September 23, 2026

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 28 Jul 2026, 04:48 PM

Forcas Studio Limited has approved the 'Forcas ESOP Scheme 2026', proposing the issuance of up to 2,00,000 equity shares to eligible employees. This represents a potential equity dilution of approximately 1.2% based on the current share count derived from TTM PAT and EPS. The company has also scheduled its Annual General Meeting (AGM) for September 23, 2026, with a voting cut-off date of September 16, 2026. The ESOPs will have a minimum vesting period of one year and a maximum of five years.

Proposed grant of up to 2,00,000 equity shares under the new ESOP Scheme 2026.
Annual General Meeting (AGM) to be held on September 23, 2026, via video conferencing.
Cut-off date for e-voting eligibility is September 16, 2026.
Book closure period for the AGM set from September 17 to September 23, 2026.
ESOP exercise period capped at 3 years from the date of respective vesting.

💡 Monitor the shareholder approval of the ESOP scheme during the AGM on September 23, 2026, and review the upcoming Annual Report for detailed performance metrics tied to these grants.

Forcas Studio Approves ESOP 2026 for 2,00,000 Shares; AGM Set for Sept 23

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 28 Jul 2026, 04:35 PM

Forcas Studio Limited's Board has approved the 'Forcas ESOP Scheme 2026,' which involves granting up to 2,00,000 equity shares to eligible employees. This represents a minor equity dilution of approximately 1.2% based on the company's estimated share capital. The scheme is subject to shareholder approval at the Annual General Meeting (AGM) scheduled for September 23, 2026. Additionally, the company has fixed September 16, 2026, as the cut-off date for e-voting eligibility.

Proposed grant of up to 2,00,000 equity shares of face value ₹10 each.
Minimum vesting period of 1 year and maximum vesting up to 5 years from the date of grant.
Exercise period set between 90 days and 3 years from the date of respective vesting.
Annual General Meeting (AGM) scheduled for September 23, 2026, at 12:30 p.m. IST.
Book closure period for the AGM set from September 17, 2026, to September 23, 2026.

💡 Investors should monitor the voting results of the AGM on September 23, 2026, to confirm the adoption of the ESOP scheme and other routine resolutions.

2,00,000 Options: Forcas Studio Approves ESOP 2026 and Schedules AGM for September 23

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 28 Jul 2026, 04:31 PM

Forcas Studio's Board has approved the 'Forcas ESOP Scheme, 2026,' which proposes granting up to 2,00,000 stock options to eligible employees. Each option is convertible into one equity share of ₹10 face value, representing a potential equity dilution of approximately 1.2% based on current estimated share capital. The scheme is subject to shareholder approval at the upcoming Annual General Meeting (AGM) scheduled for September 23, 2026. The exercise price will be determined by the Compensation Committee but will not be less than the face value of ₹10.

Approval of up to 2,00,000 employee stock options convertible into equity shares.
Minimum vesting period of 1 year and maximum vesting period of 5 years from the date of grant.
Exercise period set between 90 days and 3 years from the date of respective vesting.
Annual General Meeting (AGM) scheduled for September 23, 2026, via Video Conference.
Cut-off date for e-voting eligibility is September 16, 2026.

💡 Investors should monitor the outcome of the AGM on September 23, 2026, to confirm shareholder approval of the ESOP scheme and any management commentary on growth execution.

View All FORCAS Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company achieved a 251.39% YoY growth in standalone revenue, rising from INR 40.48 Cr in FY24 to INR 142.24 Cr in FY25. Growth was driven by the Textile division (higher volumes in fabric and garmenting) and the Garmenting segment, which maintained strong momentum through operational improvements.

Geographic Revenue Split

While specific regional percentages are not disclosed, the company is expanding its footprint in 'Bharat' (Tier 2/3 cities), specifically targeting the UP market via a new warehouse in Varanasi and reporting strong sales for kurtas in Hyderabad, Lucknow, and Southern India.

Profitability Margins

Net Profit Margin improved from 5.28% in FY24 to 6.07% in FY25. The company targets higher margins by shifting the product mix toward Women's wear (20-30% higher EBITDA margin than Men's) and Kids' wear (10-15% higher than Men's).

EBITDA Margin

EBITDA grew by 282.02% from INR 3.64 Cr in FY24 to INR 13.89 Cr in FY25. The company expects EBITDA margins to improve as the Average Selling Price (ASP) increases from the current INR 350-370 range toward INR 450.

Capital Expenditure

Property, Plant, and Equipment increased from INR 1.70 Cr in FY25 to INR 2.29 Cr in H1 FY26. The company maintains an asset-light model by outsourcing manufacturing, focusing capex on warehousing and distribution infrastructure.

Credit Rating & Borrowing

The company has not availed any credit rating. However, it significantly deleveraged its balance sheet, with the debt-equity ratio improving from 3.29 in FY24 to 0.42 in FY25. Debt Service Coverage Ratio (DSCR) improved from 2.07 to 6.32.

⚙️ Operational Drivers

Raw Materials

Fabric and yarn are the primary raw materials, though specific percentage of total cost is not disclosed. The company is exposed to price fluctuations in these commodities which directly impact the COGS for its garmenting division.

Import Sources

Not specifically disclosed; however, the company monitors global and Indian demand-supply conditions for procurement.

Capacity Expansion

The company operates on an outsourced manufacturing model. Expansion is focused on distribution; it recently added a warehouse in Varanasi and is scaling inventory to INR 61 Cr to support a 50-70% top-line growth target.

Raw Material Costs

Raw material costs are managed through forward booking and proactive vendor development. The company's strategy involves maintaining a robust marketing network to mitigate the impact of price risks on finished goods.

Manufacturing Efficiency

Efficiency is driven by an asset-light, 100% outsourced manufacturing strategy, allowing the company to focus on design, branding, and distribution rather than factory utilization.

Logistics & Distribution

Online commissions (including logistics/platform fees) average 30-33%, ranging from 22% to 40% depending on the platform (Zepto, Myntra FWD, etc.).

📈 Strategic Growth

Expected Growth Rate

30-40%

Growth Strategy

Growth will be achieved by expanding into Quick Commerce (targeting 5-10% of total revenue), increasing the ASP from INR 350 to INR 450, and diversifying the product mix into higher-margin Women's and Kids' categories. The company is also issuing warrants to promoters to fund this expansion.

Products & Services

Fashionable apparel including shirts, denims, kurtas, and specialty workwear priced between INR 299 and INR 599.

Brand Portfolio

Forcas Studio.

New Products/Services

Expansion into Women's and Kids' wear segments and new categories like kurtas for specific regional markets (UP, Hyderabad).

Market Expansion

Targeting 'Aspirant Bharat' through both online (B2C, Quick Commerce) and offline channels, with a focus on rapid delivery and regional warehousing.

Strategic Alliances

Partnerships with quick commerce platforms like Zepto and fashion platforms like Myntra (FWD segment).

🌍 External Factors

Industry Trends

The industry is shifting toward 'Quick Commerce' for fashion. Forcas is positioning itself to capture this by ensuring products are 'delivered fastest' to customers who want fashionable items at low price points.

Competitive Landscape

Competes with other value-segment fashion brands; differentiates through price (INR 299-599) and presence across both quick commerce and traditional offline channels.

Competitive Moat

The moat is built on a 15-17 year understanding of the apparel lifecycle and a data-driven inventory system that prevents capital lock-up in dead stock. This is sustainable as long as the company maintains its speed-to-market advantage.

Macro Economic Sensitivity

Highly sensitive to Indian consumer spending patterns in the value fashion segment and fluctuations in the domestic textile industry.

Consumer Behavior

Increasing consumer preference for 'fast fashion' delivered via quick commerce platforms in Tier 2 and Tier 3 cities.

Geopolitical Risks

Global demand-supply conditions for raw materials are cited as a factor that could materially affect operations.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to Indian Government regulations, tax regimes, and textile industry standards. The company complies with IndAS and the Companies Act 2013.

Taxation Policy Impact

Current tax for FY25 was INR 3.03 Cr on a PBT of INR 11.65 Cr, representing an effective tax rate of approximately 26%.

Legal Contingencies

The company notes that litigation and labor negotiations are factors that could affect operations, but no specific pending high-value court cases are detailed in the provided text.

⚠️ Risk Analysis

Key Uncertainties

Inventory risk is the primary uncertainty; while currently managed at <2% write-offs, a failure to accurately predict fashion trends could lead to significant discounting. Online commission costs (30-33%) also represent a high fixed-variable cost burden.