Forcas Studio H1 Results: Net Profit Surges 72.4% to ₹10 Crore as Revenue Hits ₹130 Crore

Key numbers

Market Cap	₹395.29 CrTextiles Sector
P/E TTM	28.99Industry PE 30.14
1-Year Return	109.16%Price performance
Promoter Holding	60.3%No pledge

Key highlights

• Net profit increased 72.4% year-on-year to ₹10.0 crore from ₹5.8 crore in H1-26
• Revenue from operations grew 55% to ₹130 crore compared to ₹83.7 crore in the year-ago period
• Operating margins expanded to 10.1% in H1-27, up from 9.4% in H1-26
• Profit Before Tax rose 67% year-on-year to reach ₹13.2 crore for the half-year
• Sequential net profit increased by 26.6% from the ₹7.9 crore reported in H2-26

Scale Expansion Drives 55% Revenue Growth

Forcas Studio Limited, operating in the Textile Apparels and Accessories sector, achieved a robust 55% year-on-year growth in revenue from operations for the first half of FY27. This performance, reaching ₹130 crore, places the company on a strong trajectory relative to its management guidance issued in May 2026, which targeted 25% to 35% annual revenue growth for the full fiscal year. The growth is particularly notable as it surpasses the ₹114 crore revenue recorded in the preceding half-year (H2-26), indicating sustained sequential momentum in its core apparel distribution and manufacturing operations.

Operational Efficiency and Margin Expansion

• Operating margins climbed to 10.1% in H1-27 from 9.4% in the same period last year.
• Total income reached ₹131 crore, including ₹0.7 crore from other income sources.
• Net Profit Margin reached 7.7%, reflecting improved cost management on a larger revenue base.
• The company reported a 25% QoQ increase in adjusted profit over the H2-26 period.
• Tax expenses for the half-year stood at ₹3.2 crore, including a ₹0.1 crore deferred tax credit.

Market Valuation and Sector Context

Despite a Piotroski score of 2, the market has responded positively to Forcas Studio's growth trajectory, with the stock delivering 109.16% returns over the past year. Trading at a P/E ratio of 28.99, the stock is currently priced just below the industry average of 30.14 and significantly lower than the broader sector PE of 50.47. The company's market capitalization stands at ₹395.29 crore, with promoters maintaining a steady 60.3% stake.

This half-year result demonstrates the firm's ability to capitalize on sectoral revenue growth trends, which were reported at 57.89% for the broader industry.

Board Approval and Transparency

The Board of Directors of the Company at its meeting held today i.e. Thursday, October 22, 2026, inter-alia, considered and approved the Unaudited Financial Results of the Company for the half year ended September 30, 2026.

What to watch next

• Post-earnings investor conference call scheduled for October 26, 2026, at 12:00 PM IST
• Execution of the ₹17.80 crore white-label order book reported as of March 31, 2026
• Full-year FY27 performance check against the 25%-35% revenue growth guidance

“The meeting commenced at 3.00 P.M and concluded at 5.20 P.M.”

Forcas Studio · financial snapshot

Share price	₹224.85
Market capitalisation	₹395.29 Cr
Revenue (annual)	₹197.65 Cr
Net profit (annual)	₹13.64 Cr
P/E (TTM)	28.99×Sector 50.47×
Promoter holding	60.3%
FII holding	0%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.