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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +37% YoY · PAT +100% YoY · margin expansion · +36% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹114 Cr | +37.4% | +35.7% |
| EBITDA | ₹12 Cr | +50.0% | +33.3% |
| Operating margin | 11.0% | +100 bps | +0 bps |
| PAT | ₹8 Cr | +100.0% | +33.3% |
| PAT margin | 7.0% | +12 bps | -12 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Channel (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
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.
Quick Commerce Store Expansion
Launched on Zepto in Q2 FY26 with 10 stores and now expanded to 138 stores and 100+ SKUs.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
65Bullishfull bull SMA stack · SMA20 +22.3% / mo · RSI overbought · MACD + · near 52W high
Technical chart
FORCASdaily · 1Y · AUTO+142.8%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 75.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~18.3% over last month) — short-term momentum positive.
- RSI(14) at 75 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- 5% off 52W high · 159% 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.
Valuation & score drivers
U-Score 53 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 53 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 12.6%.
- Growth contributes 25/25 to the score.
- Quality contributes 14/20 to the score.
Main drags
- Penalty bucket subtracts 4 points.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter holding is 60.3%. Key concern: Operating cash flow is negative at ₹-42 Cr.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 81st pctile, median 66 · SME: 94th pctile, median 64
8 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 30.60
- P/B
- 4.97
- EV/EBITDA
- 21.00
- Market Cap
- 417.00Cr
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
- 5.56
- 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
- 92%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
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.