Income Statement Forcas Studio Limited

Stocks

FORCAS

INE0U2501017

Apparel & Accessories

Market Closed - NSE India S.E. 15:05:08 18/09/2026 +04			5-day change	1st Jan Change
213.95 ^INR	+2.22%		-4.57%	+76.82%

05-25	Forcas Studio Limited Reports Earnings Results for the Full Year Ended March 31, 2026	CI
11-14	Forcas Studio Limited Reports Earnings Results for the Half Year Ended September 30, 2025	CI

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Published financial data: FORCAS STUDIO LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2022 (INR)	2023 (INR)	2024 (INR)	2025 (INR)	2026 (INR)
Revenues	532M	696M	405M	1.42B	1.98B
Other Revenues, Total	-	-	-	-	1K
Total Revenues	532M	696M	405M	1.42B	1.98B
Cost of Goods Sold, Total	456M	526M	299M	1.01B	1.42B
Gross Profit	76.15M	170M	106M	416M	556M
Selling General & Admin Expenses, Total	21.2M	25.59M	71.33M	280M	346M
Depreciation & Amortization - (IS)	2.66M	3.7M	688K	3.28M	5.91M
Other Operating Expenses	21.32M	101M	-14K	171K	-
Other Operating Expenses, Total	45.17M	130M	72M	283M	352M
Operating Income	30.98M	40.1M	33.84M	133M	204M
Interest Expense, Total	-24.54M	-29.14M	-7.88M	-21.47M	-24.44M
Interest And Investment Income	1.98M	1.58M	2.54M	6.05M	2.62M
Net Interest Expenses	-22.56M	-27.57M	-5.34M	-15.41M	-21.82M
Other Non Operating Income (Expenses)	-624K	-1.08M	-1.28M	-1M	-603K
EBT, Excl. Unusual Items	7.8M	11.46M	27.22M	116M	182M
Gain (Loss) On Sale Of Assets	-	-	-	69K	-
Insurance Settlements	48K	-	-	-	-
EBT, Incl. Unusual Items	7.84M	11.46M	27.22M	116M	182M
Income Tax Expense	-227K	-264K	5.83M	30.17M	45.49M
Earnings From Continuing Operations	8.07M	11.72M	21.39M	86.29M	136M
Net Income to Company	8.07M	11.72M	21.39M	86.29M	136M
Net Income - (IS)	8.07M	11.72M	21.39M	86.29M	136M
Preferred Dividend and Other Adjustments	-	-	43.39M	-	-
Net Income to Common Incl Extra Items	8.07M	11.72M	21.39M	86.29M	136M
Net Income to Common Excl. Extra Items	8.07M	11.72M	21.39M	86.29M	136M
Per Share Items
Net EPS - Basic	0.97	1.36	2.14	5.5	7.76
Basic EPS - Continuing Operations	0.97	1.36	2.14	5.5	7.76
Basic Weighted Average Shares Outstanding	8.31M	8.6M	10M	15.7M	17.58M
Net EPS - Diluted	0.97	1.36	2.14	5.5	7.76
Diluted EPS - Continuing Operations	0.97	1.36	2.14	5.5	7.76
Diluted Weighted Average Shares Outstanding	8.31M	8.6M	10M	15.7M	17.58M
Normalized Basic EPS	0.59	0.83	6.8	4.63	6.47
Normalized Diluted EPS	0.59	0.83	6.8	4.63	6.47
Supplemental Items
EBITDA	33.63M	43.8M	34.52M	136M	210M
EBITA	30.98M	40.1M	33.84M	133M	204M
EBIT	30.98M	40.1M	33.84M	133M	204M
EBITDAR	40.21M	54.41M	36.14M	148M	226M
Total Revenues (As Reported)	538M	716M	407M	1.43B	1.98B
Effective Tax Rate - (Ratio)	-2.89	-2.3	21.4	25.9	25.01
Total Current Taxes	-	-	6.98M	30.3M	45.58M
Total Deferred Taxes	-227K	-264K	-1.16M	-134K	-988K
Normalized Net Income	4.87M	7.16M	17.01M	72.74M	114M
Interest on Long-Term Debt	-	256K	62K	-	20K
Non-Cash Pension Expense	-	-	0	0	-864K
Supplemental Operating Expense Items
Advertising Expense	273K	10K	807K	1.08M	1.35M
Marketing Expenses	81K	263K	1K	-	-
Selling and Marketing Expenses	354K	273K	807K	1.08M	1.35M
General and Administrative Expenses	-	-	64.54M	230M	287M
Net Rental Expense, Total	6.57M	10.6M	1.62M	11.62M	16.12M
Imputed Operating Lease Interest Expense	5.31M	10.42M	-	8.63M	10.86M
Imputed Operating Lease Depreciation	1.26M	184K	-	2.99M	5.26M
Maintenance & Repair Expenses, Total	205K	719K	405K	1.67M	2.86M

Fiscal Period: March	2022 (INR)	2023 (INR)	2024 (INR)	2025 (INR)	2026 (INR)
Assets
Cash And Equivalents	4.12M	1.99M	3.35M	84.36M	4.59M
Total Cash And Short Term Investments	4.12M	1.99M	3.35M	84.36M	4.59M
Accounts Receivable, Total	57.33M	117M	323M	383M	655M
Total Receivables	57.33M	117M	323M	383M	655M
Inventory	293M	181M	196M	335M	830M
Prepaid Expenses	175K	175K	175K	-	539K
Other Current Assets, Total	31.1M	29.29M	33.21M	53.86M	76.22M
Total Current Assets	386M	329M	556M	856M	1.57B
Gross Property Plant And Equipment	15.47M	22.88M	11.78M	20.95M	31.57M
Accumulated Depreciation	-5.41M	-9.11M	-688K	-3.96M	-9.87M
Net Property Plant And Equipment	10.06M	13.77M	11.09M	16.98M	21.7M
Long-term Investments	33.64M	46.06M	83.24M	-	-
Deferred Tax Assets Long-Term	509K	774K	1.16M	1.29M	2.28M
Other Long-Term Assets, Total	3.02M	2.78M	91.53M	36.31M	40.03M
Total Assets	433M	392M	659M	910M	1.63B
Liabilities
Accounts Payable, Total	94.9M	58.29M	100M	128M	325M
Accrued Expenses, Total	1.61M	1.91M	21.5M	9.73M	7.51M
Short-term Borrowings	151M	171M	309M	119M	411M
Current Portion of Long-Term Debt	21.09M	11.04M	10.53M	-	34.46M
Current Income Taxes Payable	108K	-	15.62M	1.98M	10.68M
Other Current Liabilities	11.62M	13.63M	8.75M	106K	106K
Total Current Liabilities	281M	256M	440M	259M	789M
Long-Term Debt	69.69M	50.62M	19.81M	14.53M	1M
Pension & Other Post Retirement Benefits	-	-	-	-	2.01M
Other Non Current Liabilities	-	1K	1K	455K	176K
Total Liabilities	350M	306M	459M	274M	792M
Common Stock, Total	83.08M	86.03M	129M	176M	176M
Additional Paid In Capital	-	-	49.5M	377M	377M
Retained Earnings	-	-	21.39M	83.65M	220M
Comprehensive Income and Other	-	-	-	-	65.34M
Total Common Equity	83.08M	86.03M	200M	637M	838M
Total Equity	83.08M	86.03M	200M	637M	838M
Total Liabilities And Equity	433M	392M	659M	910M	1.63B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	8.31M	12.9M	10M	17.58M	17.58M
ECS Total Common Shares Outstanding	8.31M	12.9M	10M	17.58M	17.58M
Book Value / Share	10	6.67	19.98	36.21	47.66
Tangible Book Value	83.08M	86.03M	200M	637M	838M
Tangible Book Value Per Share	10	6.67	19.98	36.21	47.66
Total Debt	242M	233M	329M	134M	447M
Net Debt	238M	231M	326M	49.25M	442M
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-	-	2.43M	2.27M
Debt Equivalent Oper. Leases	52.59M	84.81M	-	93M	129M
Account Code - Inventory Valuation	-	6	6	5	5
Inventories - Raw Materials, Total	94.21M	24.16M	56.92M	36.46M	36.46M
Inventories - Work In Process, Total	35.28M	24.36M	35.8M	41.44M	41.44M
Inventories - Finished Goods, Total	164M	132M	101M	244M	740M
Inventories - Others	-	-	2.7M	12.66M	12.66M
Buildings, Total	1.64M	1.64M	1.13M	1.15M	1.15M
Machinery, Total	7.53M	14.42M	10.65M	19.8M	30.42M
Full Time Employees	-	-	68	108	104

Fiscal Period: March	2022 (INR)	2023 (INR)	2024 (INR)	2025 (INR)	2026 (INR)
Net Income	8.07M	11.72M	21.39M	86.29M	136M
Depreciation & Amortization - CF	2.66M	3.7M	688K	3.28M	5.91M
Depreciation & Amortization, Total	2.66M	3.7M	688K	3.28M	5.91M
Other Operating Activities, Total	24.73M	29.6M	8M	5.97M	27.39M
Change In Accounts Receivable	129M	-59.33M	-323M	-59.96M	-272M
Change In Inventories	-66.15M	112M	-196M	-138M	-496M
Change In Accounts Payable	-76.59M	-36.6M	100M	27.38M	197M
Change in Other Net Operating Assets	3.04M	-8.18M	-9.86M	-25.04M	-19.52M
Cash from Operations	25.14M	53.39M	-398M	-100M	-420M
Capital Expenditure	-1.12M	-7.41M	-11.78M	-9.27M	-10.62M
Sale of Property, Plant, and Equipment	-	-	-	98K	-
Investment in Marketable and Equity Securities, Total	-	-	-84.63M	52.22M	-3.96M
Other Investing Activities, Total	-	-	-	5.79M	2.62M
Cash from Investing	-1.12M	-7.41M	-96.41M	48.84M	-11.96M
Short Term Debt Issued, Total	19.06M	9.6M	309M	-	327M
Long-Term Debt Issued, Total	-	-	19.81M	14.53M	-
Total Debt Issued	19.06M	9.6M	329M	14.53M	327M
Short Term Debt Repaid, Total	-	-	-66.31M	-190M	-
Long-Term Debt Repaid, Total	-20.85M	-19.07M	-10.76M	-19.81M	-13.53M
Total Debt Repaid	-20.85M	-19.07M	-84.08M	-210M	-13.53M
Issuance of Common Stock	3.82M	-	178M	350M	65.34M
Repurchase of Common Stock	-	-8.78M	-20.21M	-	-
Other Financing Activities, Total	-24.96M	-29.86M	-9.15M	-22.49M	-26.3M
Cash from Financing	-22.93M	-48.11M	498M	133M	352M
Miscellaneous Cash Flow Adjustments	1K	-	-	1K	-1K
Net Change in Cash	1.09M	-2.13M	3.35M	81M	-79.76M
Supplemental Items
Cash Interest Paid	18.32M	20.97M	9.15M	22.49M	25.94M
Cash Income Tax Paid (Refund)	-	-	6.98M	43.34M	41.25M
Levered Free Cash Flow	-3.53M	23.7M	-148M	-146M	-477M
Unlevered Free Cash Flow	11.8M	41.91M	-128M	-133M	-462M
Change In Net Working Capital	9.09M	-20.56M	168M	210M	585M
Net Debt Issued / Repaid	-1.79M	-9.47M	329M	-195M	313M

Fiscal Period: March	2022 (INR)	2023 (INR)	2024 (INR)	2025 (INR)	2026 (INR)
Profitability
Return on Assets	4.2	6.07	16.09	10.58	10.05
Return on Total Capital	6.05	7.79	19.97	12.78	12.43
Return On Equity %	10.46	13.86	59.86	20.63	18.5
Return on Common Equity	10.46	13.86	59.86	20.63	18.5
Margin Analysis
Gross Profit Margin %	14.31	24.43	26.15	29.26	28.14
SG&A Margin	3.99	3.68	17.62	19.68	17.51
EBITDA Margin %	6.32	6.29	8.53	9.57	10.63
EBITA Margin %	5.82	5.76	8.36	9.34	10.34
EBIT Margin %	5.82	5.76	8.36	9.34	10.34
Income From Continuing Operations Margin %	1.52	1.68	5.28	6.07	6.9
Net Income Margin %	1.52	1.68	5.28	6.07	6.9
Net Avail. For Common Margin %	1.52	1.68	5.28	6.07	6.9
Normalized Net Income Margin	0.92	1.03	4.2	5.11	5.75
Levered Free Cash Flow Margin	-0.66	3.4	-9.14	-10.3	-24.14
Unlevered Free Cash Flow Margin	2.22	6.02	-7.92	-9.35	-23.37
Asset Turnover
Asset Turnover	1.15	1.69	3.08	1.81	1.56
Fixed Assets Turnover	49.12	58.4	130.24	101.33	102.2
Receivables Turnover (Average Receivables)	4.36	8	7.37	4.03	3.81
Inventory Turnover (Average Inventory)	1.75	2.22	6.34	3.79	2.44
Short Term Liquidity
Current Ratio	1.38	1.29	1.26	3.31	1.98
Quick Ratio	0.22	0.46	0.74	1.81	0.84
Operating Cash Flow to Current Liabilities	0.09	0.21	-3.63	-0.39	-0.53
Days Sales Outstanding (Average Receivables)	83.72	45.62	49.65	90.48	95.78
Days Outstanding Inventory (Average Inventory)	208.42	164.55	57.73	96.32	149.71
Average Days Payable Outstanding	93.13	67.61	23.96	36.36	43.13
Cash Conversion Cycle (Average Days)	199.01	142.56	83.42	150.45	202.36
Long Term Solvency
Total Debt/Equity	291.27	270.3	164.52	20.99	53.34
Total Debt / Total Capital	74.44	72.99	62.2	17.35	34.79
LT Debt/Equity	83.88	58.84	9.91	2.28	0.12
Long-Term Debt / Total Capital	21.44	15.89	3.75	1.89	0.08
Total Liabilities / Total Assets	80.83	78.08	69.68	30.06	48.61
EBIT / Interest Expense	1.26	1.38	4.29	6.19	8.36
EBITDA / Interest Expense	1.37	1.5	4.38	6.34	8.6
(EBITDA - Capex) / Interest Expense	1.32	1.25	2.89	5.91	8.17
Total Debt / EBITDA	7.2	5.31	2.38	0.98	2.13
Net Debt / EBITDA	7.07	5.26	2.36	0.36	2.1
Total Debt / (EBITDA - Capex)	7.44	6.39	3.61	1.05	2.24
Net Debt / (EBITDA - Capex)	7.32	6.33	3.58	0.39	2.22
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.33	30.84	132.62	-12.15	38.95
Gross Profit, 1 Yr. Growth %	10.06	123.32	148.96	-1.69	33.65
EBITDA, 1 Yr. Growth %	5.42	30.25	215.25	-1.46	56.42
EBITA, 1 Yr. Growth %	6.27	29.46	237.48	-1.87	55.82
EBIT, 1 Yr. Growth %	6.27	29.46	237.48	-1.87	55.82
Earnings From Cont. Operations, 1 Yr. Growth %	38.25	45.2	630.2	0.84	58.03
Net Income, 1 Yr. Growth %	38.25	45.2	630.2	0.84	58.03
Normalized Net Income, 1 Yr. Growth %	40.34	46.93	850.47	6.9	56.25
Diluted EPS Before Extra, 1 Yr. Growth %	18.29	40.21	529.03	-35.73	41.09
Accounts Receivable, 1 Yr. Growth %	-69.3	103.48	176.56	18.59	71.11
Inventory, 1 Yr. Growth %	29.11	-38.34	8.56	70.47	148.05
Net Property, Plant and Equip., 1 Yr. Growth %	-13.21	36.86	-19.49	53.16	27.73
Total Assets, 1 Yr. Growth %	-11.4	-9.45	68.03	38.04	79.13
Tangible Book Value, 1 Yr. Growth %	16.7	3.54	132.36	218.45	31.63
Common Equity, 1 Yr. Growth %	16.7	3.54	132.36	218.45	31.63
Cash From Operations, 1 Yr. Growth %	-1.08	112.34	-3.09K	-93.7	318.3
Capital Expenditures, 1 Yr. Growth %	-40.14	559.93	535.7	-80.33	14.54
Levered Free Cash Flow, 1 Yr. Growth %	-	-770.51	-724.23	-1	219.44
Unlevered Free Cash Flow, 1 Yr. Growth %	-	255.04	-405.94	3.75	239.73
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	17.39	74.46	42.95	10.48
Gross Profit, 2 Yr. CAGR %	-	56.77	135.79	56.44	14.63
EBITDA, 2 Yr. CAGR %	-	17.18	102.63	76.25	23.37
EBITA, 2 Yr. CAGR %	-	17.29	109.03	81.98	22.86
EBIT, 2 Yr. CAGR %	-	17.29	109.03	81.98	22.86
Earnings From Cont. Operations, 2 Yr. CAGR %	-	41.68	225.61	171.36	26.24
Net Income, 2 Yr. CAGR %	-	41.68	225.61	171.36	26.24
Normalized Net Income, 2 Yr. CAGR %	-	43.6	273.71	218.76	29.24
Diluted EPS Before Extra, 2 Yr. CAGR %	-	28.78	196.97	101.06	-4.78
Accounts Receivable, 2 Yr. CAGR %	-	-20.96	137.23	81.1	42.45
Inventory, 2 Yr. CAGR %	-	-10.78	-18.19	36.03	105.63
Net Property, Plant and Equip., 2 Yr. CAGR %	-	8.99	4.97	11.05	39.87
Total Assets, 2 Yr. CAGR %	-	-10.43	23.35	52.3	57.25
Tangible Book Value, 2 Yr. CAGR %	-	9.92	55.11	172.02	104.74
Common Equity, 2 Yr. CAGR %	-	9.92	55.11	172.02	104.74
Cash From Operations, 2 Yr. CAGR %	-	44.93	696.16	37.17	-48.65
Capital Expenditures, 2 Yr. CAGR %	-	98.76	547.7	11.84	-52.53
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	546.96	148.6	79.61
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	229.58	78.16	89.8
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	47.45	38.8	41.61
Gross Profit, 3 Yr. CAGR %	-	-	82.9	76.15	48.45
EBITDA, 3 Yr. CAGR %	-	-	62.97	59.35	68.67
EBITA, 3 Yr. CAGR %	-	-	66.83	62.45	72.06
EBIT, 3 Yr. CAGR %	-	-	66.83	62.45	72.06
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	144.73	120.3	126.61
Net Income, 3 Yr. CAGR %	-	-	144.73	120.3	126.61
Normalized Net Income, 3 Yr. CAGR %	-	-	169.62	146.23	151.33
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	118.51	78.3	78.67
Accounts Receivable, 3 Yr. CAGR %	-	-	20	88.27	77.71
Inventory, 3 Yr. CAGR %	-	-	-4.75	4.49	66.19
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	-1.48	19.06	16.35
Total Assets, 3 Yr. CAGR %	-	-	10.47	28.07	60.76
Tangible Book Value, 3 Yr. CAGR %	-	-	41.08	97.14	113.56
Common Equity, 3 Yr. CAGR %	-	-	41.08	97.14	113.56
Cash From Operations, 3 Yr. CAGR %	-	-	297.28	58.67	98.91
Capital Expenditures, 3 Yr. CAGR %	-	-	192.84	102.09	12.73
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-	246.04	172.06
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-	124.2	122.54
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	-	31.37
Gross Profit, 5 Yr. CAGR %	-	-	-	-	51.72
EBITDA, 5 Yr. CAGR %	-	-	-	-	45.8
EBITA, 5 Yr. CAGR %	-	-	-	-	47.61
EBIT, 5 Yr. CAGR %	-	-	-	-	47.61
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	-	87.8
Net Income, 5 Yr. CAGR %	-	-	-	-	87.8
Normalized Net Income, 5 Yr. CAGR %	-	-	-	-	100.91
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	-	56.74
Accounts Receivable, 5 Yr. CAGR %	-	-	-	-	28.52
Inventory, 5 Yr. CAGR %	-	-	-	-	29.59
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	-	13.35
Total Assets, 5 Yr. CAGR %	-	-	-	-	27.23
Tangible Book Value, 5 Yr. CAGR %	-	-	-	-	63.74
Common Equity, 5 Yr. CAGR %	-	-	-	-	63.74
Cash From Operations, 5 Yr. CAGR %	-	-	-	-	75.25
Capital Expenditures, 5 Yr. CAGR %	-	-	-	-	41.43