Forcas Studio Limited · NSE:FORCAS
Forcas Studio — H1 FY27 Earnings Presentation
32 slides from Forcas Studio's earnings presentation, Oct 23, 2026
Slide 1: Intimation to NSE: Investor Presentation on H1 FY27 performance
October 23, 2026 Listing Department, National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Bandra Kurla Complex, Mumbai-4000051 Symbol: FORCAS Sub: Investor Presentation on H1 FY27 performance. Dear Sir/Madam, Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requir
Slide 2: Investor Presentation: Fast Fashion For Bharat
Investor Presentation Fast Fashion For Bharat
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the Presentation), which have been prepared by Forcas Studio Limited (Forcas, The Company) solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall no
Slide 4: About Forcas Studio Limited
About Forcas Studio Limited Forcas Studio Limited is an asset-light, technology-enabled fashion company focused on serving India’s mass-market apparel consumer. Established in 2010, the Company has evolved from a white-label apparel manufacturer into a multi-brand fashion platform, leveraging its ex
Slide 5: Key Facts & Figures
Key Facts & Figures 21,000+ 18,000+ 700+ 15+ <12% 30+ Pin Codes Servicing Retail Touchpoints Distributors / Online Blended Product Manufacturing Semi-wholesalers Marketplaces Return Rate Partners 3 Brands 10,000+ 4.3 / 5 12 60,000 2,000+ SKUs FTX, TRIBE, MBOs Average State Sq ft Warehouse 100+ New O
Slide 6: From Textile Expertise To A Scalable Fashion Platform
From Textile Expertise To A Scalable Fashion Platform Organised Own-Brand Pivot Listed Company Enters manufacturing and Launches FTX, Becomes Forcas trading, supplying leading targeting India’s Studio Limited retailers; launches India’s mass-market consumer and lists on the first ₹199 formal shirt a
Slide 7: The People Running It
The People Running It Sailesh Agarwal Sourav Agarwal Managing Director CFO & Whole-time Director • Twenty-two years across fabric manufacturing, corporate B2B supply, white- • Over 18 years of experience across business operations, supply chain, label manufacturing and owned-brand building procureme
Slide 8: Data-led, Fast-fashion Operating Model
Forcas Studio Applies A Data-led, Fast-fashion Operating Model Decisions Run On Data Availability Drives Sales Speed To Market • Design, launch, and stocking decisions are • The Company covers 21,000+ of India’s • Products can move from design to shelf in guided by pin-code-level marketplace data. ~
Slide 9: A Fast, Data-led Model Built Around Availability And Rapid Product Cycles
A Fast, Data-led Model Built Around Availability And Rapid Product Cycles Wide Reach, Fast Fulfilment Design To Shelf In ~2 Weeks Test Small, Scale Proven Winners • ~22,500 serviceable pin codes across India, • Marketplace data, search trends and global • Approximately 1 in 5 tested options achieve
Slide 10: Asset-light By Design
Asset-light By Design — Focused On Where The Company Creates Value In-house — Where The Core Value Is Created Outsourced — Keeping The Business Capital-light • Trend identification, product design and merchandising • Manufacturing is 100% outsourced to 30+ vetted manufacturing partners • Fabric sour
Slide 11: Two Brands, Two Distinct Growth Roles
Two Brands, Two Distinct Growth Roles FTX — The Scale Engine TRIBE — The Margin Engine ₹1,424 Mn +37% 91% ₹141 Mn 2.1x ~9% FY26 Revenue YoY Growth of own-brand revenue FY26 Revenue FY26 Growth of own-brand revenue • ₹199–599 price range focused on affordable fast fashion. • Premium men’s and women’s
Slide 12: Fitness Exchange & White Label Complementary Growth Channels
Fitness Exchange & White Label Complementary Growth Channels Fitness Exchange — FY27 Category Launch A New Semi-premium Activewear And Accessories Opportunity • Positioned in the semi-premium affordable segment, covering activewear, athleisure, sports-inspired fashion and accessories. • Planned port
Slide 13: Product Engine — Tested In Small Batches
Product Engine — Tested In Small Batches, Built For Everyday Use ~100 ~1 In 5 80% 4.3/5 <2% New Options Per Month Hero Conversion Inventory In Proven Products Average Market rating Write-offs Test Small. Scale Inventory Follows Customer Fabric Engineered For The Value Designed Beyond What Works. Val
Slide 14: The Supply Chain And The Partners Behind The Brands
The Supply Chain And The Partners Behind The Brands Mother Warehouse — Kolkata Manufacturing And Sourcing • 30+ vetted manufacturing partners; • Centrally located with direct highway no owned factories access for efficient logistics • Fabric sourced from local markets • 60,000 sq ft of carpet area,
Slide 15: Multi-channel Reach With Strong Sales Quality
Multi-channel Reach With Strong Sales Quality Channel FY26 Revenue Share YoY Growth Distribution (MBO / ₹75.1 Cr ~38% +54% 700+ 18,000+ 8 Wholesale) distributors Retailers States Online Marketplaces ₹80.1 Cr ~41% +37% 15+ 4.3/5 8 Mn+ White Label ~₹41 Cr ~21% Steady Platforms Rating Customers Quick C
Slide 16: Quick Commerce — The Next Leg
Quick Commerce — The Next Leg ZEPTO MYNTRA M-NOW Flipkart Minutes BOOON Live since Q2 FY26 Onboarded March Live 29 July 2026 Live in FY26 2026 • Launched with a single SKU across • Launched with 100+ SKUs; sales • FTX went live on Flipkart Minutes • Third quick-commerce platform 10 stores growing ra
Slide 17: Future Direction – Scale The Core, Build New Growth Engines
Future Direction – Scale The Core, Build New Growth Engines FTX White Label TRIBE Fitness Exchange ₹160–170 Cr ₹50–60 Cr ₹30–35 Cr Test-and-learn launch Core scale engine, Maintained at ~20% of Scaling after a full year of New category with supported by availability, revenue, supported by testing, l
Slide 18: Why the Sub-₹500 Market Stayed Unbranded — and What Changed
Why the Sub-₹500 Market Stayed Unbranded — and What Changed Before 2020 — Structurally Unbrandable After 2020 — The Economics Inverted • Brand building meant television, print • COVID-era digitalisation made fashion and outdoor advertising aspirational for the mass buyer • That cost base is only via
Slide 19: India’s Apparel Market Offers a Large, Underpenetrated Opportunity
India’s Apparel Market Offers a Large, Underpenetrated Opportunity ₹10 lakh Cr ₹16 lakh Cr ~9% CAGR 10–13% India Apparel Retail Projected Apparel Apparel retail sector Expected Organised Market, FY26 Retail Market by FY30 revenue growth in FY26 Retail Growth CareEdge estimates the Indian apparel ret
Slide 20: Digitalisation is Expanding the Reach of Affordable Fashion
Digitalisation is Expanding the Reach of Affordable Fashion Digital Commerce Is Expanding Fashion Reach, From Marketplaces To Quick Commerce US$65–66 Bn 19–21% 290–300 Mn US$170–180 Bn US$10–11 Bn US$65–70 Bn India E-retail Active online Projected India quick Projected quick e-retail GMV, GMV growth
Slide 21: A Young, Aspirational Consumer Is Expanding The Branded Value-fashion Opportunity
A Young, Aspirational Consumer Is Expanding The Branded Value-fashion Opportunity India’s Young Consumer Is Making Fashion More Aspirational, Frequent And Accessible 29.2 years 68% ₹2.51 lakh +7.0% 61.4% 31% → 47% India’s Population Per-capita Per-capita Private Projected median age, aged income, in
Slide 22: H1 FY27 Financial Highlights
H1 FY27 Financial Highlights All Figures In ₹ Mn & Margin In % Total Income EBITDA EBITDA Margin PAT PAT Margin 210.00 20.00% 200.00 209.00 199.00 208.00 198.00 207.00 197.00 206.00 196.00 205.00 195.00 204.00 194.00 203.00 193.00 202.00 192.00 201.00 191.00 200.00 190.00 199.00 189.00 198.00 188.00
Slide 23: H1 FY27 Profit & Loss Statement
H1 FY27 Profit & Loss Statement In ₹ Mn Particulars H1 FY27 H1 FY26 YoY Net Sales 1,303.46 836.84 Other Income 6.72 0.67 Total Income 1,310.17 837.51 56.4% Raw Material Costs 947.93 571.79 Employee Costs 29.32 20.62 Other Expenses 173.15 155.77 Total Expenditure 1,150.40 748.18 EBITDA 153.06 88.67 7
Slide 24: Financial Highlights
Financial Highlights All Figures In ₹ Mn & Margin In % Total Income EBITDA EBITDA Margin PAT PAT Margin 200.0 15.00 15.00 1,980.0 10.63 180.0 250.00 9.09 9.44 10.00 10.00 160.0 6.89 210.19 6.03 4.46 200.00 5.00 140.0 136.4 5.00 1,430.4 120.0 0.00 0.00 150.00 1,129.8 134.30 100.0 86.3 -5.00 -5.00 102
Slide 25: FY26 Profit & Loss Statement And Cashflow Highlights
FY26 Profit & Loss Statement And Cashflow Highlights In ₹ Mn Particulars FY24 FY25 FY26 Revenues 1,123.7 1,422.4 1,976.5 Other Income 6.1 8.0 3.5 Total Income 1,129.8 1,430.4 1,980.0 Raw Material Costs 747.7 1,004.6 1,417.4 Employee Costs 15.7 37.5 41.4 Other Expenses 258.2 246.1 307.5 Total Expendi
Slide 26: FY26 Balance Sheet
FY26 Balance Sheet In ₹ Mn Equities & Liabilities FY24 FY25 FY26 Assets FY24 FY25 FY26 Equity 129.0 175.8 175.8 Non Current Assets Reserves 70.9 460.8 662.1 Fixed Assets 11.1 17.0 21.7 Net Worth 199.9 636.6 837.9 Other Non Current Financial Assets 6.9 3.9 3.7 Non Current Liabilities 19.8 14.5 1.0 De
Slide 27: Key Ratios
Key Ratios (In %) (In %) ROE ROCE 30.00% 25.21% 25.00% 20.00% 16.28% 18.82% 17.01% 15.00% 13.56% 15.90% 10.00% 5.00% - FY24 FY25 FY26 FY24 FY25 FY26 (In Times) (In Times) Debt to Equity Interest Coverage 1.65 7.88 5.82 0.53 2.63 0.21 FY24 FY25 FY26 FY24 FY25 FY26 Investor Presentation 26
Slide 28: Key Ratios
Key Ratios (In Times) (In Times) Current Ratio Inventory Turnover Ratio 3.81 3.33 3.00 1.98 1.71 1.26 FY24 FY25 FY26 FY24 FY25 FY26 (In ₹) (In ₹ Mn) Earnings Per Share Net Worth 837.9 7.76 636.6 5.50 2.26 199.9 FY24 FY25 FY26 FY24 FY25 FY26 Investor Presentation 27
Slide 29: Stock Data
Stock Data As on 22-10-2026 As on 31-03-2026 NSE: FORCAS | INE0U2501017 Share Holding Pattern Share Price (₹) 211.95 Market Capitalization (₹ Cr) 372.61 39.69% Promoter & Promoter Group No. of Shares Outstanding 1,75,80,000 DII Public Face Value (₹) 10.0 0.01% 60.30% 52 Week High-Low (₹) 249.95/91.5
Slide 30: Listed Peer Comparison
Listed Peer Comparison Company FY26 revenue (₹ Cr) FY26 PAT margin FY26 ROE P/E Market cap (₹ Cr) Forcas Studio Limited 198 6.9% 18.5% 26.7x 365 Cantabil Retail India 853 11.3% 22.0% 20.4x 1,976 V2 Retail 3,060 5.3% 23.7% 44.2x 7,891 V-Mart Retail 3,789 3.3% 14.2% 46.7x 6,303 Indian Terrain Fashions
Slide 31: Why Forcas Studio Limited
Why Forcas Studio Limited Large, Underserved Market • India’s apparel retail market stood at ₹10 lakh Cr in FY26. • 71.6% of the market is at mass-price points, with limited national brands at ₹199–599. Asset-Light Business Model • No factories, stores or D2C website. • Manufacturing outsourced to 3
Slide 32: Thank You
THANK YOU Forcas Studio Limited B-3 71C/161, Tara Maa Tower, Budge Budge Trunk Road, Khalpole, South 24 Parganas, PIN – 700141, West Bengal, India. Tel: +91-8240693484 Email: [email protected] Website: https://forcasstudio.com/ Kirin Advisors Private Limited 713-B, Lodha Supremus II, Wagle Est