Forcas Studio Ltd(FORCAS)

NSE: FORCAS

₹ 208.95-1.42%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 367 crUpdated: 23 Oct 2026

About

Forcas Studio is a Kolkata-based apparel company that sells its products mainly under the FTX brand. It also sells the premium TRIBE brand and does white-label manufacturing. Its products are aimed at Indian youth below 30 years of age. Revenue from operations was about Rs. 198 crores in FY26, nearly 39% higher year-on-year.^[1][2]

Revenue by channel

Channel mix in FY26: online ~41%, distribution ~38%, white labelling ~20%.^[3]
Gross margin by channel as of FY26: digital 30-35%, distribution 22-23%, white label 19-21%.^[3]
Distributor-led revenue was Rs. 751 Mn in FY26, up 54% YoY. In H2FY26 it was Rs. 496 Mn, up 38% YoY.^[3]
White label B2B is deliberately capped at about 20% ± 2% of revenue; its closing order book was ₹17.8 Cr (as of Q2 FY27 call).^[4]
Quick commerce was ~4% of FY26 revenue (₹7.5 Cr).^[4]

Brands and products

FTX made up 95% of revenue in FY25, up from 74% in FY24.^[5]
Under FTX, more than 95% of products are priced between Rs 89 and Rs 500 (FY25 annual report).^[1]
TRIBE is a premium entry brand priced at Rs. 499-1499. It was 9% of branded revenue (Rs. 140.8 Mn) in FY26 vs 6% in FY25, and grew ~2.1x in FY26.^[3]
The company sold 14 categories of men's wear in FY25, up from four earlier, with 1,600+ SKUs.^[5]
Women and kids wear launched offline under FTX and had generated ₹5.5 crore in revenue by Q2 FY26.^[6]
Fitness Exchange, a new semi-premium activewear and accessories brand, opens with ~100 SKUs split ~50:50 apparel and accessories; FY27 is a test-and-learn year.^[4]

Operations

Warehouse holding capacity rose from 6 lakh pieces to 2 million units by H1FY26, including a new Varanasi warehouse serving UP and North India.^[6]
Inventories rose from Rs. 33.5 crores in FY25 to Rs. 83 crores in FY26. The cash conversion cycle lengthened from 174 to 251 days.^[3]
Gross margin was 28.3% in FY26, down 109 bps YoY.^[3]
Inventory write-offs are below 2% (Q2 FY27 call).^[4]

Key operating numbers

Blended product return rate was below 12% in FY26.^[4]
Online repeat purchase rate was 29-30% and offline retailer reorder rate 65-70% in FY26.^[4]
Advertising and promotion spend runs at 3-4% of revenue.^[4]

Customers and distribution

Offline reach: 700+ distributors and 18,000+ retailers across 8 states (Q2 FY27 call).^[4]
Top-5 customer share fell from 51.9% to 33.0%, and top-10 share from 69.8% to 51.3% (Q2 FY27 call).^[4]
Quick commerce reached 138 stores by the end of FY26, up from 10 at the Zepto launch.^[3]
The company sells through 10+ online marketplaces (as of FY25) and listed ~2,000 options on Myntra FWD (as of H1FY26).^[5]
It had served 4 Million+ online customers cumulatively by H1FY26.^[6]
It targets the fashion-conscious middle class in Tier 2 and Tier 3 towns, aged below 30, earning Rs 20,000-50,000 per month.^[1]

Expansion plans

FY27 revenue growth is guided at 25-30%, with further EBITDA margin improvement.^[4]
The company targets 800 distributors and 25,000+ retailers by March 2027, and plans to grow its offline presence from 8 to 10 states in FY27.^[3]
TRIBE is targeted at ₹300 - 350 Mn revenue in FY27, led by women's premium bottoms.^[4]
Digital channels are targeted at 50-60% of the branded business over the medium term.^[4]
Plan to raise FTX average selling price by ₹100-200 from ~₹400 in about two years.^[4]
Quick commerce is targeted at 10-15% of revenue in the near term and 30-40% in about two years.^[3]
Women and kids wear are planned to go live on e-commerce platforms from the summer season of FY27.^[3]

Recent developments

FTX went live on Flipkart Minutes on 29 July 2026, adding to Zepto, Myntra M-Now and Booon.^[4]
H1 FY27 total income was ₹1,310.17 Mn, up 56.4% YoY.^[4]
CSR spending provisions apply to the company from FY2025-26.^[1]

Market Cap

₹367 Cr

High / Low

₹250 / 92

Stock P/E

28.9

Price / Book

5.7

Book Value

₹48

EPS

₹7.8

No. of Shares

1.76 Cr

ROCE

20.2%

ROE

18.5%

OPM

10.5%

Debt / Equity

0.53

Sales

₹198 Cr

Net Profit

₹14 Cr

Promoter holding

60.3%

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