---
title: "Forcas Studio Ltd (FORCAS) — Share Price, Financials & Analysis"
symbol: "FORCAS"
company: "Forcas Studio Ltd"
canonical: "https://tapetide.com/stocks/FORCAS"
isin: "INE0U2501017"
nse_symbol: "FORCAS"
sector: "Textiles"
industry: "Textiles & Apparels"
market_cap_cr: 411.28
generated_at: "2026-09-13T20:14:29.707Z"
---

# Forcas Studio Ltd (FORCAS)

Canonical page: https://tapetide.com/stocks/FORCAS

## Company

- **NSE Symbol:** FORCAS
- **ISIN:** INE0U2501017
- **Sector:** Textiles
- **Industry:** Textiles & Apparels
- **Macro Sector:** Consumer Discretionary
- **Stock Type:** EQUITY
- **Listed Since:** 2024-08-26
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** focasstudio.in

## About

Incorporated in April 2010, Forcas Studio Limited sells men's clothing, including shirts, jeans, t-shirts, trousers, cotton pants, sportswear, party wear, fashion wear, and boxers.[1]

## Latest Price

- **Price:** ₹216.7
- **Change:** -7.5 (-3.35%)
- **Open:** ₹233.95
- **Day High:** ₹233.95
- **Day Low:** ₹214.05
- **Previous Close:** ₹224.2
- **Volume:** 19200
- **As Of:** 2026-09-11T10:01:43+00:00

## Key Fundamentals

Observed at 2026-09-11T04:48:15.541549Z.

- **Market Cap:** ₹411.28 Cr
- **Classification:** SME
- **P/E (reported):** 28.9
- **Book Value:** ₹47.66
- **Price to Book:** 4.7
- **Dividend Yield:** 0%
- **ROE:** 6.15%
- **ROCE:** 9.2%
- **Debt to Equity:** 0.54
- **Revenue (yearly):** ₹197.65 Cr
- **Net Income:** ₹13.54 Cr
- **EBITDA:** ₹21.02 Cr
- **52-Week High:** ₹248.95
- **52-Week Low:** ₹91.5
- **RSI (14):** 60.54

## Tapetide Score

- **Score:** 51 / 100
- **Score date:** 2026-09-04
- **Archetype:** Trend Ahead of Fundamentals
- **What it means:** The price trend is running ahead of what the financials currently support. Moves like this depend on the fundamentals catching up; check what would have to be true for that.
- **Pillar profile:** Quality: Average · Valuation: Expensive · Momentum: Rising
- **Percentile:** 52 (of 4473 scored stocks)
- **Confidence:** 88%
- **Data coverage:** 76%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 59.32 | 9% |
| growth | 78.21 | 9% |
| momentum | 98.9 | 12% |
| ownership | 51.74 | 24% |
| quality | 58.53 | 22% |
| valuation | 26.77 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company has delivered good profit growth of 88.0% CAGR over last 5 years
- Debtor days have improved from 165 to 121 days.

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| cash flow growth | 74.78% | -833.58% | -500.4% |
| ebitda margin growth | 19.33% | 69.11% | 58.74% |
| net income growth | — | 127% | 88% |
| revenue growth | 716.74% | 43% | 32% |
| roce | -69.57% | -57.15% | 20.08% |
| roe | -54.85% | 9.83% | -36.66% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 29 | 83 | 56 | 87 | 84 | 114 |
| Expenses | 27 | 75 | 50 | 78 | 75 | 102 |
| Operating Profit | 2 | 8 | 5 | 8 | 9 | 12 |
| OPM % | 8 | 10 | 9 | 10 | 11 | 11 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 1 | 2 | 2 | 1 | 1 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 1 | 6 | 4 | 8 | 8 | 10 |
| Tax % | 34 | 24 | 26 | 26 | 26 | 23 |
| Net Profit | 1 | 4 | 3 | 6 | 6 | 8 |
| EPS in Rs | 0.81 | 3.31 | 1.66 | 3.25 | 3.3 | 4.51 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Feb 2024 1m | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 50 | 53 | 67 | 24 | 41 | 153 | 198 |
| Expenses | 47 | 50 | 65 | 22 | 38 | 140 | 177 |
| Operating Profit | 3 | 3 | 3 | 2 | 3 | 14 | 21 |
| OPM % | 6 | 6 | 3.8 | 9 | 8 | 9 | 11 |
| Other Income | 1 | 1 | 2 | 0 | 0 | 1 | 0 |
| Interest | 3 | 3 | 3 | 1 | 1 | 2 | 3 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Profit before tax | 1 | 1 | 1 | 2 | 3 | 12 | 18 |
| Tax % | -5 | -3 | -3 | 26 | 21 | 26 | 25 |
| Net Profit | 1 | 1 | 1 | 1 | 2 | 9 | 14 |
| EPS in Rs | 0.61 | 0.85 | 1.23 | 0.91 | 1.66 | 4.91 | 7.76 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Feb 2024 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 7 | 8 | 9 | 13 | 13 | 18 | 18 |
| Reserves | 0 | 0 | 0 | 6 | 7 | 46 | 66 |
| Borrowings | 24 | 24 | 23 | 29 | 33 | 13 | 45 |
| Other Liabilities | 17 | 11 | 7 | 11 | 13 | 14 | 35 |
| Total Liabilities | 49 | 43 | 39 | 59 | 66 | 91 | 163 |
| Fixed Assets | 1 | 1 | 1 | 1 | 1 | 2 | 2 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 48 | 42 | 38 | 58 | 65 | 89 | 161 |
| Total Assets | 49 | 43 | 39 | 59 | 66 | 91 | 163 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Feb 2024 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 3 | 3 | 5 | 1 | -40 | -10 | -42 |
| Cash from Investing Activity | 0 | 0 | -1 | 0 | -10 | 5 | -1 |
| Cash from Financing Activity | -2 | -2 | -5 | -2 | 50 | 13 | 35 |
| Net Cash Flow | 0 | 0 | 0 | 0 | 0 | 8 | -8 |
| Free Cash Flow | 2 | 2 | 5 | 1 | -41 | -11 | -43 |
| CFO/OP | 90 | 85 | 211 | 65 | -1135 | -42 | -180 |

### Ratios

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Feb 2024 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 136 | 40 | 63 | 360 | 284 | 91 | 121 |
| Inventory Days | 224 | 285 | 156 | 544 | 244 | 124 | 214 |
| Days Payable | 169 | 92 | 50 | 199 | 124 | 47 | 84 |
| Cash Conversion Cycle | 191 | 232 | 169 | 705 | 403 | 168 | 251 |
| Working Capital Days | 81 | 70 | 39 | 189 | 99 | 122 | 143 |
| ROCE % | — | 10 | 13 | 5 | 9 | 22 | 20 |

## Shareholding Pattern

### Quarterly

| Category | Jun 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- |
| Promoters | 82.17% | 60.3% | 60.3% | 60.3% | 60.3% |
| FIIs | 0% | 2.61% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0.09% |
| Government | 0% | 0% | 0% | 0% | 0% |
| Public | 0% | 27.5% | 31.05% | 30.2% | 27.3% |
| Others | 17.83% | 9.59% | 8.66% | 9.5% | 12.31% |
| No. of Shareholders | 40 | 887 | 701 | 703 | 569 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Buy
- **Buy / Neutral / Sell:** 9 / 5 / 5

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 229.83 | Sell |
| EMA (10) | 225.53 | Sell |
| SMA (20) | 218.12 | Sell |
| EMA (20) | 217.29 | Sell |
| SMA (50) | 186.38 | Buy |
| EMA (50) | 189.37 | Buy |
| SMA (100) | 143.7 | Buy |
| EMA (100) | 161.41 | Buy |
| SMA (200) | 128.26 | Buy |
| EMA (200) | 138.59 | Buy |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 54.49 | Neutral |
| MACD (12,26,9) | 12.77 | Sell |
| Stochastic (14,3,3) | 55.39 | Neutral |
| ADX (14) | 31.86 | Buy |
| Williams %R (14) | -63.3 | Neutral |
| ATR (14) | 10.32 | High Volatility |
| ROC (12) | 5.71 | Buy |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 36.86 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 Jul - Forcas Studio clarifies recent share price movement is market-driven and no undisclosed information exists. | [General Updates 9 Jul - Forcas Studio clarifies recent share price movement is market-driven and no undisclosed information exists.](https://nsearchives.nseindia.com/corporate/FORCAS_09072026164055_Clarification_Price_Movement.pdf) |
| 8 July 2026 - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written … | [Price movement 8 July 2026 - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written …](https://www.nseindia.com/companies-listing/corporate-filings-announcements?symbol=FORCAS&tabIndex=sme) |
| 8 April 2026 - Regulation 74(5) certificate filed for quarter ended March 31, 2026. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 8 April 2026 - Regulation 74(5) certificate filed for quarter ended March 31, 2026.](https://nsearchives.nseindia.com/corporate/FORCAS_08042026165239_Intimation_Regulation74_5__Forcas.pdf) |
| 8 April 2026 - Promoters filed annual SEBI disclosures for FY2026; no encumbrance created on company shares. | [General Updates 8 April 2026 - Promoters filed annual SEBI disclosures for FY2026; no encumbrance created on company shares.](https://nsearchives.nseindia.com/corporate/FORCAS_08042026163744_Reg_31_4__SAST_Forcas.pdf) |
| 8 April 2026 - Corporate governance provisions not applicable for quarter ended March 31, 2026. | [Quarterly Compliance Report on Corporate governance - within 21 days from the end of the quarter 8 April 2026 - Corporate governance provisions not applicable for quarter ended March 31, 2026.](https://nsearchives.nseindia.com/corporate/FORCAS_08042026164906_Non-CorporateGovernace_FORCAS.pdf) |
| 6 May 2026 - Submitted compliance certificate for Structural Digital Database for FY ended March 31, 2026. | [Structural Digital Database 6 May 2026 - Submitted compliance certificate for Structural Digital Database for FY ended March 31, 2026.](https://nsearchives.nseindia.com/corporate/FORCAS_06052026174724_Covering_Letter_SDD_merged.pdf) |
| 6 January 2026 - Corporate governance provisions not applicable for quarter ended Dec 31, 2025 due to SME Exchange listing. | [General Updates 6 January 2026 - Corporate governance provisions not applicable for quarter ended Dec 31, 2025 due to SME Exchange listing.](https://nsearchives.nseindia.com/corporate/FORCAS_06012026184635_Non-Applicability_CG_Dec25.pdf) |
| 6 January 2026 - Certificate confirming dematerialisation compliance for quarter ended Dec 31, 2025; confirmations within 15 days. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 6 January 2026 - Certificate confirming dematerialisation compliance for quarter ended Dec 31, 2025; confirmations within 15 days.](https://nsearchives.nseindia.com/corporate/FORCAS_06012026160611_Intimation_74_5_FORCAS_DECEMBER25.pdf) |
| 31 Jul - FTX launches on Flipkart Minutes from 29 July 2026, enabling 20-minute delivery. | [Press Release 31 Jul - FTX launches on Flipkart Minutes from 29 July 2026, enabling 20-minute delivery.](https://nsearchives.nseindia.com/corporate/FORCAS_31072026174217_Prease_Release_FSL_31072026.pdf) |
| 3 July 2026 - Submitted Regulation 74(5) certificate for quarter ended June 30, 2026. | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 3 July 2026 - Submitted Regulation 74(5) certificate for quarter ended June 30, 2026.](https://nsearchives.nseindia.com/corporate/FORCAS_03072026191943_Regulation_74_5__FSL.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_30788_FORCAS_2025_2026_A_9422616_28082026173923.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_27963_FORCAS_2024_2025_A_9515597_30082025174047.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2025 | [Concall - Nov 2025](https://nsearchives.nseindia.com/corporate/FORCAS_17112025174629_TRANSCRIPT-CONFERENCE_CALL.pdf) |
| Jun 2025 | [Concall - Jun 2025](https://nsearchives.nseindia.com/corporate/FORCAS_16062025183429_Transcript_Investor_meet.pdf) |
| Jan 2025 | [Concall - Jan 2025](https://nsearchives.nseindia.com/corporate/FORCAS_29012025152822_Intimation_Investor_Meet_Forcas.pdf) |
| Feb 2025 | [Concall - Feb 2025](https://nsearchives.nseindia.com/corporate/FORCAS_06022025162234_Intimation_FSL_IP.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T20:14:29.707Z.