Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Forcas Studio Ltd. (FORCAS)
SME CapConsumer stocks · SME cap · NSE
Forcas Studio Ltd. specializes in men's garments under its FTX brand (mass market, Tier 2-4, ₹199-₹599) and TRIBE (Gen Z, high-end, ₹499-₹1499). It recently launched women's trousers & denims. The company operates asset-light, with 700+ distributors, 10,000+ MBOs, 15+ online marketplaces, and white-labels for major brands.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result24 May, 12:48 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
52NeutralSMA20 +5.8% / mo · MACD − · near 52W high · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 62
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
FORCASD candles · FIT view+118.3%Latest close ₹224.90 on 2026-10-19
Bar
-1.8%
RSI
49
MACD hist
-2.61
52W pos
84%
2026-10-19O ₹228.95H ₹228.95L ₹218.00C ₹224.90Vol 9,600 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
FORCASNifty Consumer DurablesNifty 500
- FORCAS
- +55.5%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +61.1 pp
Chart stats
19 Oct 2026- From 52W high
- -10.0%
- 52W range position
- 84%
- ATR (14)
- 5.3%
- Volume vs 20D
- 0.52x
- Avg traded value
- ₹0.4 Cr
- 20D price channel
- ₹207.7 - ₹250
₹250
₹91.5 - ₹250
₹12
Latest completed session
20-session average
41.2% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE54
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +37.4% · PAT +100.0% YoY
Technical
Neutral52
Price trend and sector-relative-strength timing.
Valuation
Legacy model+13.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence75
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +37% YoY · PAT +100% YoY · margin expansion · +36% QoQ · operating leverage
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹114 Cr | +37.4% | +35.7% |
| EBITDA | ₹12 Cr | NDF | +33.3% |
| Operating margin | 11.0% | NDF | +0 bps |
| PAT | ₹8 Cr | +100.0% | +33.3% |
| PAT margin | 7.0% | NDF | -12 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 28.90
- P/B
- 4.70
- EV/EBITDA
- 19.95
- Market Cap
- 394.00Cr
Profitability
- ROE
- 18.50%
- ROCE
- 20.20%
- ROA
- 8.59%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 32.00%
- EPS 5Y
- 88.00%
- Revenue 3Y
- 43.00%
- EPS 3Y
- 127.00%
Balance Sheet
- Debt/Equity
- 0.54
- Interest Coverage
- 7.00×
- Altman Z
- 5.38
- Book Value
- 47.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -42.00 Cr
- EPS TTM
- 7.76
Shareholding
- Promoter Hold
- 60.30%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 84%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 114+35.7% vs prev
Net Profit
₹ CrLatest: 8.0+33.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 49. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~5.5% over last month) — short-term momentum positive.
- RSI(14) at 49 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 10% off 52W high · 146% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
96
RS percentile
Stage 2 UptrendEstablished S2
1M return
+5.1%
3M return
+58.6%
6M return
+114.3%
1Y return
+112.1%
RS 1D
0
RS 20D
0
Sector rank
#9
Industry rank
#36
Stage evidence
- Price is 50.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +12.9%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
24 Jul 2026
S2 age
59 trading sessions
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
253 observations
19 Oct 2026Value 219.88+1.44%
RS vs Nifty 500220
Valuation & peers
U-Score 54 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 54 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
FAIR_VALUE
Fundamental score breakdown
U band · FAIR VALUEValuation4/30
Growth25/25
Quality14/20
Balance Sheet8/15
Cash Flow3/10
Piotroski
6/9 (+3)
Penalties
-3
Raw sum
54
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
54/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 13.0%.
- Growth contributes 25/25 to the score.
- Quality contributes 14/20 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
28.9
PB
4.7
EV/EBITDA
19.9
ROE
18.5%
ROCE
20.2%
FCF Yield
—
Debt/Equity
0.5
MoS
+13.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
54
Previous: 54
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+13.0%
Previous: +13.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
51
51
51
51
53
53
53
54
54
54
54
54
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹91.26
-146.4% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹258.41
+13.0% MoS
PEG
0.28
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
THOMASCOTT
Small
Thomas Scott (India) Limited
Textiles
match 87
53
16.8
16.8%
+44%
FAIR VALUE
DONEAR
Small
Donear Industries Limited
Textiles
match 87
51
9.1
17.0%
+45%
FAIR VALUE
CPS
SME
C P S Shapers Ltd.
Textiles
match 87
12
3118.0
0.4%
-93237%
OVERVALUED
VEEKAYEM
SME
Veekayem Fashion and Apparels Ltd
Textiles
match 85
45
6.3
12.4%
+71%
WATCHLIST
VIPCLOTHNG
Small
VIP Clothing Limited
Textiles
match 83
54
19.2
5.2%
+48%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-16T07:49:42.831Z
Management commentary snapshot
Forcas Studio delivered strong H2 FY26 performance with Net Sales up 31.5% YoY to INR 1,139.7 Mn, EBITDA up 46.8% YoY to INR 121.5 Mn, and PAT up 38.4% YoY to INR 79.2 Mn. For FY26, Net Sales grew 39% YoY to INR 1,976.5 Mn, driven by robust branded business growth and channel expansion.
Forcas Studio demonstrates strong execution in its core branded business, with both FTX and TRIBE showing significant growth. The expansion into quick commerce and new categories like women's and kids' wear indicates strategic foresight. While gross margins saw a slight dip, EBITDA and PAT margins expanded, suggesting operational leverage. The increasing debt-to-equity ratio warrants monitoring.
Current business mix
Revenue by Channel (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Distributions41.0%
Online Sales38.0%
White-label Manufacturing21.0%
Growth engines
Premiumization via TRIBE Brand
TRIBE, a Gen Z men's wear brand, achieved nearly 3.2x growth in H2 FY26 and 2.1x growth in FY26, enhancing profitability through higher margins.
Quick Commerce Expansion
Expanded presence in the fast-growing Quick Commerce ecosystem with 3 new platforms (M-Now, Booon, Flipkart Minutes) and expanded to 138 stores with 100+ SKUs.
New Category Launches
Launched Kids wear in Winter Wear and Women Trousers & Denims under FTX, with plans to go live online from the Summer Season.
Deepening Market Penetration
Distributor-led revenue increased 54% YoY in FY26, driven by deeper market penetration and channel expansion in Tier 2-4 cities.
Capacity and execution
Quick Commerce Store Expansion
Launched on Zepto in Q2 FY26 with 10 stores and now expanded to 138 stores and 100+ SKUs.
Tailwinds
Rising Disposable Income
The growing middle class in India is driving increased spending on clothing, with a shift toward higher-quality and premium products.
E-Commerce Growth
Online platforms are transforming the apparel market with convenience, variety, and personalized experiences, appealing to tech-savvy consumers.
Fast Fashion Market Growth
India's fast fashion segment is projected to grow rapidly at 30-40% in FY25, significantly outpacing the overall apparel industry's 8-10% growth.
Tier II and III City Demand
Tier II and III cities are emerging as key strategic markets for fashion retailers, driven by consumers embracing global fashion trends.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both half-yearly (H2 FY26 vs H2 FY25) and full-year (FY26 vs FY25) comparisons are provided and crucial. YoY comparisons are essential for understanding annual growth and seasonal trends, while HoH (H2 FY26 vs H1 FY26) provides insight into sequential momentum and recent performance.
Sector KPIs management disclosed
Gross Margin
H2 FY26 Gross Margin was 25.8% (0 bps YoY). FY26 Gross Margin was 28.3% (-109 bps YoY).
EBITDA Margin
H2 FY26 EBITDA Margin was 10.7% (+111 bps YoY). FY26 EBITDA Margin was 10.6% (+120 bps YoY).
PAT Margin
H2 FY26 PAT Margin was 6.9% (+35 bps YoY). FY26 PAT Margin was 6.9% (+83 bps YoY).
Online Sales Revenue Growth
H2 FY26 online sales revenue stood at INR 400 Mn, delivering 64% YoY growth. FY26 online sales revenue stood at INR 801 Mn, registering 37% YoY growth.
Management forward view
Distribution Network Expansion
Company plans to expand its dealer network to 800 Distributors & 25,000+ Retailers across India by March 2027.
Brand Visibility Enhancement
Aiming to enhance brand visibility via hiring a National Face as a Brand Ambassador, high-impact social media campaigns, and community building.
Online Launch of New Categories
Company will be going live online with both Women and Kids Wear from Summer Season, following offline trials.
Operational Efficiencies
Focus is placed on improving operational efficiencies through continuous process enhancements, cost control, and maximizing labor and logistics efficiency.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Distributor & Retailer Network | 700+ Distributors / Semi-wholesalers, 18,000+ Retailers | Progress towards 800 Distributors & 25,000+ Retailers by March 2027. |
| TRIBE Brand Contribution | 9% of FY26 branded revenue | Continued rapid scale-up and increasing contribution to overall revenue and margins. |
| Quick Commerce Footprint | 138 Quick Commerce Stores, 100+ SKUs | Expansion to Flipkart Minutes and further growth in store count and SKU offerings. |
| Gross Margin Trend | FY26 Gross Margin 28.3% (-109 bps YoY) | Stabilization or improvement in gross margins, given the slight compression in FY26. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
75Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 78th percentile of the scored universe and 81st percentile within Consumer. Main check: cash conversion is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
8 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
78th percentile
overall median 67 · Consumer: 81st pctile, median 66 · SME: 94th pctile, median 64
Evidence depth
Financial-only
8 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 60.3%.
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸ROCE is 20.2%.
Trust risks
- ▸Operating cash flow is negative at ₹-42 Cr.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Forcas Studio Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptMay 2026
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Annual reportMar 2026
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.