Forcas Studio LimitedQ2 FY27 Results & Financial Update
Forcas Studio Limited: Q2 FY27 standalone results and company financials – revenue ₹130.35 Cr, PAT ₹9.99 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore Forcas Studio Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Forcas Studio Limited reported total revenue from operations of INR 130.35 crore for the half-year ended September 30, 2026, alongside other income of INR 0.67 crore, bringing total income to INR 131.02 crore.
Profit before tax (PBT) for the period stood at INR 13.22 crore, while profit after tax (PAT) reached INR 9.99 crore, resulting in basic and diluted earnings per share (EPS) of INR 5.68.
Total expenses for the period aggregated to INR 117.80 crore, dominated by material consumption costs of INR 96.11 crore and other operating expenses of INR 17.32 crore.
Financial commitments included finance costs of INR 2.45 crore and depreciation and amortization charges of INR 0.31 crore, reflecting ongoing capital asset utilization.
Tax expenses for the period totaled INR 3.23 crore, comprised of current tax obligations of INR 3.33 crore offset partially by a deferred tax reversal of INR 0.10 crore.
The balance sheet experienced significant working capital absorption, with inventories expanding to INR 104.86 crore and trade receivables settling at INR 6.59 crore at the close of the half-year.
Short-term borrowings increased to INR 75.81 crore alongside trade payables of INR 20.21 crore, supporting the heightened inventory build-up and operational scale.
Forcas Studio Limited reported its standalone financial results for the second quarter of fiscal year 2027, posting a total revenue from operations of INR 130.35 crore alongside total income of INR 131.02 crore.
01 · Business model
What does Forcas Studio do?
Forcas Studio Limited operates as a garment manufacturing and apparel company, designing, producing, and marketing a diverse range of clothing products primarily catering to men's fashion.
The company's primary revenue engine is derived from the sale of manufactured garments, operating integrated production processes from raw material consumption to finished textile goods.
Forcas distributes its apparel products across domestic markets, managing comprehensive inventory networks and maintaining trade relationships with commercial vendors and retail partners.
The business model focuses on scaled production and direct market supply, balancing inventory holdings against trade debtor cycles while funding operations through a combination of internal accruals and short-term debt facilities.
02 · Historical context
What shaped the business before this quarter
The company operates under corporate identity CIN L14101WB2024PLC267500, having transitioned and evolved its operational structure over prior fiscal periods to support wider market access.
During the preceding financial year ended March 31, 2026, Forcas recorded annual revenue from operations of INR 197.65 crore and a net profit after tax of INR 13.64 crore.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Revenue from operations | ₹130.35 Cr |
| Total income | ₹131.02 Cr |
| Profit before tax | ₹13.22 Cr |
| Profit after tax | ₹9.99 Cr |
| EPS | ₹5.68 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue from operations of INR 130.35 crore was generated through direct sales of manufactured textile and apparel products during the half-year period.
Non-operating income contributed an additional INR 0.67 crore to the top-line, supporting overall financial inflows for the half-year.
Generated INR 130.35 crore from primary apparel and clothing sales during the quarter.
Contributed INR 0.67 crore via other income items, bringing total income to INR 131.02 crore.
What drove margins
Cost of materials consumed stood at INR 96.11 crore, representing the largest single expenditure category and heavily influencing gross margins.
Staff and personnel costs required an outlay of INR 2.93 crore during the half-year reporting period.
Finance costs of INR 2.45 crore and other expenses of INR 17.32 crore reflect operational overheads and debt servicing requirements.
Incurred a tax expense of INR 3.23 crore against a PBT of INR 13.22 crore, resulting in a PAT of INR 9.99 crore.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
All activities of the company revolve around its main apparel business, with no separate reportable operating segments under accounting standards.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Projects, capex and execution
Capital expenditure for the purchase of property, plant, and equipment amounted to INR 0.15 crore for the half-year ended September 30, 2026.
07 · Reported developments
What changed operationally
The company reported a positive net profit after tax of INR 9.99 crore for the half-year ended September 30, 2026.
Reported positive PAT of INR 9.99 crore and basic EPS of INR 5.68 for Q2 FY27.
08 · Items worth noticing
The line items that can distort a quick read
Recognised provisions amounting to INR 1.83 crore during the quarter.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash used in operating activities stood at an outflow of INR 28.34 crore, driven primarily by significant inventory accumulation and changes in working capital components.
Working capital changes included an increase in inventories of INR 21.83 crore and a trade payables reduction impact of INR 12.29 crore.
Net cash generated from financing activities reached INR 28.74 crore, largely bolstered by net short-term borrowing receipts of INR 31.22 crore, offset by interest payments of INR 2.45 crore.
Capital allocation & funding
Short-term borrowings stood at INR 75.81 crore as of September 30, 2026, up from INR 44.59 crore at the end of the previous financial year.
Long-term borrowings were maintained at a minimal level of INR 0.07 crore at the close of the period.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Statutory Auditor Review
The financial results for the half-year ended September 30, 2026, were subjected to a limited review by statutory auditors Agarwal Khetan & Co., who issued an unmodified review report.
Reported update
Standalone Filing Submission
The financial statements were submitted as an official standalone XBRL filing for Q2 FY27.
11 · Key Q&A
The quarter, answered directly
What does Forcas Studio do?
Forcas Studio Limited operates as a garment manufacturing and apparel company, designing, producing, and marketing a diverse range of clothing products primarily catering to men's fashion.
What is the clearest takeaway from Q2 FY27?
Forcas Studio Limited reported total revenue from operations of INR 130.35 crore for the half-year ended September 30, 2026, alongside other income of INR 0.67 crore, bringing total income to INR 131.02 crore.
What drove revenue or demand?
Revenue from operations of INR 130.35 crore was generated through direct sales of manufactured textile and apparel products during the half-year period.
What mattered most for margins or profitability?
Cost of materials consumed stood at INR 96.11 crore, representing the largest single expenditure category and heavily influencing gross margins.
What changed operationally beyond the headline numbers?
Capital expenditure for the purchase of property, plant, and equipment amounted to INR 0.15 crore for the half-year ended September 30, 2026.
What should the next disclosure help confirm?
Monitor future cash flow statements for stabilization in inventory levels and trade receivable collections relative to operating cash generation.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Working Capital Normalization: Monitor future cash flow statements for stabilization in inventory levels and trade receivable collections relative to operating cash generation.
- 02
Debt and Liquidity Trajectory: Track subsequent movements in short-term credit facilities and finance costs as business scale expands.
- 03
Subsequent Financial Disclosures: Tracking upcoming quarterly disclosures to establish sequential and annual comparability trends.
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