Income Statement Forcas Studio Limited

Stocks

FORCAS

INE0U2501017

Apparel & Accessories

Market Closed - NSE India S.E. Other stock markets 07:05:08 2026-08-07 EDT			5-day change	1st Jan Change
187.10 ^INR	+1.49%		-10.48%	+54.63%

05-24	Forcas Studio Limited Reports Earnings Results for the Full Year Ended March 31, 2026	CI
11-13	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	2021	2022	2023	2024	2025
Revenues	505M	532M	696M	405M	1.42B
Total Revenues	505M	532M	696M	405M	1.42B
Cost of Goods Sold, Total	436M	456M	526M	299M	1.01B
Gross Profit	69.19M	76.15M	170M	106M	416M
Selling General & Admin Expenses, Total	18.29M	21.2M	25.59M	71.33M	280M
Depreciation & Amortization - (IS)	2.75M	2.66M	3.7M	688K	3.28M
Other Operating Expenses	19M	21.32M	101M	-14K	171K
Other Operating Expenses, Total	40.04M	45.17M	130M	72M	283M
Operating Income	29.15M	30.98M	40.1M	33.84M	133M
Interest Expense, Total	-25.33M	-24.54M	-29.14M	-7.88M	-21.47M
Interest And Investment Income	2.46M	1.98M	1.58M	2.54M	6.05M
Net Interest Expenses	-22.87M	-22.56M	-27.57M	-5.34M	-15.41M
Other Non Operating Income (Expenses)	-729K	-624K	-1.08M	-1.28M	-1M
EBT, Excl. Unusual Items	5.56M	7.8M	11.46M	27.22M	116M
Gain (Loss) On Sale Of Assets	-	-	-	-	69K
Insurance Settlements	-	48K	-	-	-
EBT, Incl. Unusual Items	5.56M	7.84M	11.46M	27.22M	116M
Income Tax Expense	-283K	-227K	-264K	5.83M	30.17M
Earnings From Continuing Operations	5.84M	8.07M	11.72M	21.39M	86.29M
Net Income to Company	5.84M	8.07M	11.72M	21.39M	86.29M
Net Income - (IS)	5.84M	8.07M	11.72M	21.39M	86.29M
Preferred Dividend and Other Adjustments	-	-	-	43.39M	-
Net Income to Common Incl Extra Items	5.84M	8.07M	11.72M	21.39M	86.29M
Net Income to Common Excl. Extra Items	5.84M	8.07M	11.72M	21.39M	86.29M
Per Share Items
Net EPS - Basic	0.82	0.97	1.36	2.14	5.5
Basic EPS - Continuing Operations	0.82	0.97	1.36	2.14	5.5
Basic Weighted Average Shares Outstanding	7.12M	8.31M	8.6M	10M	15.7M
Net EPS - Diluted	0.82	0.97	1.36	2.14	5.5
Diluted EPS - Continuing Operations	0.82	0.97	1.36	2.14	5.5
Diluted Weighted Average Shares Outstanding	7.12M	8.31M	8.6M	10M	15.7M
Normalized Basic EPS	0.49	0.59	0.83	6.8	4.63
Normalized Diluted EPS	0.49	0.59	0.83	6.8	4.63
Supplemental Items
EBITDA	31.9M	33.63M	43.8M	34.52M	136M
EBITA	29.15M	30.98M	40.1M	33.84M	133M
EBIT	29.15M	30.98M	40.1M	33.84M	133M
EBITDAR	37.2M	40.21M	54.41M	36.14M	148M
Total Revenues (As Reported)	511M	538M	716M	407M	1.43B
Effective Tax Rate - (Ratio)	-5.09	-2.89	-2.3	21.4	25.9
Total Current Taxes	-	-	-	6.98M	30.3M
Total Deferred Taxes	-283K	-227K	-264K	-1.16M	-134K
Normalized Net Income	3.47M	4.87M	7.16M	17.01M	72.74M
Interest on Long-Term Debt	-	-	256K	62K	-
Non-Cash Pension Expense	-	-	-	0	-
Supplemental Operating Expense Items
Advertising Expense	401K	273K	10K	807K	1.08M
Marketing Expenses	2K	81K	263K	1K	-
Selling and Marketing Expenses	403K	354K	273K	807K	1.08M
General and Administrative Expenses	-	-	-	64.54M	230M
Net Rental Expense, Total	5.3M	6.57M	10.6M	1.62M	11.62M
Imputed Operating Lease Interest Expense	-	5.31M	10.42M	-	8.63M
Imputed Operating Lease Depreciation	-	1.26M	184K	-	2.99M
Maintenance & Repair Expenses, Total	251K	205K	719K	405K	1.67M

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	3.03M	4.12M	1.99M	3.35M	84.36M
Total Cash And Short Term Investments	3.03M	4.12M	1.99M	3.35M	84.36M
Accounts Receivable, Total	187M	57.33M	117M	323M	383M
Total Receivables	187M	57.33M	117M	323M	383M
Inventory	227M	293M	181M	196M	335M
Prepaid Expenses	270K	175K	175K	175K	-
Other Current Assets, Total	24.52M	31.1M	29.29M	33.21M	53.86M
Total Current Assets	442M	386M	329M	556M	856M
Gross Property Plant And Equipment	14.35M	15.47M	22.88M	11.78M	20.95M
Accumulated Depreciation	-2.75M	-5.41M	-9.11M	-688K	-3.96M
Net Property Plant And Equipment	11.6M	10.06M	13.77M	11.09M	16.98M
Long-term Investments	33.35M	33.64M	46.06M	83.24M	-
Deferred Tax Assets Long-Term	283K	509K	774K	1.16M	1.29M
Other Long-Term Assets, Total	2.09M	3.02M	2.78M	91.53M	36.31M
Total Assets	489M	433M	392M	659M	910M
Liabilities
Accounts Payable, Total	171M	94.9M	58.29M	100M	128M
Accrued Expenses, Total	1.39M	1.61M	1.91M	21.5M	9.73M
Short-term Borrowings	147M	151M	171M	309M	119M
Current Portion of Long-Term Debt	5.78M	21.09M	11.04M	10.53M	-
Current Income Taxes Payable	22K	108K	-	15.62M	1.98M
Other Current Liabilities	1.19M	11.62M	13.63M	8.75M	106K
Total Current Liabilities	327M	281M	256M	440M	259M
Long-Term Debt	90.54M	69.69M	50.62M	19.81M	14.53M
Other Non Current Liabilities	-	-	1K	1K	455K
Total Liabilities	418M	350M	306M	459M	274M
Common Stock, Total	71.19M	83.08M	86.03M	129M	176M
Additional Paid In Capital	-	-	-	49.5M	377M
Retained Earnings	-	-	-	21.39M	83.65M
Total Common Equity	71.19M	83.08M	86.03M	200M	637M
Total Equity	71.19M	83.08M	86.03M	200M	637M
Total Liabilities And Equity	489M	433M	392M	659M	910M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	7.12M	8.31M	12.9M	10M	17.58M
ECS Total Common Shares Outstanding	7.12M	8.31M	12.9M	10M	17.58M
Book Value / Share	10	10	6.67	19.98	36.21
Tangible Book Value	71.19M	83.08M	86.03M	200M	637M
Tangible Book Value Per Share	10	10	6.67	19.98	36.21
Total Debt	244M	242M	233M	329M	134M
Net Debt	241M	238M	231M	326M	49.25M
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-	-	-	2.43M
Debt Equivalent Oper. Leases	42.41M	52.59M	84.81M	-	93M
Account Code - Inventory Valuation	-	-	6	6	5
Inventories - Raw Materials, Total	106M	94.21M	24.16M	56.92M	36.46M
Inventories - Work In Process, Total	45.28M	35.28M	24.36M	35.8M	41.44M
Inventories - Finished Goods, Total	75.79M	164M	132M	101M	244M
Inventories - Others	-	-	-	2.7M	12.66M
Buildings, Total	1.6M	1.64M	1.64M	1.13M	1.15M
Machinery, Total	6.94M	7.53M	14.42M	10.65M	19.8M
Full Time Employees	-	-	-	68	108

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	5.84M	8.07M	11.72M	21.39M	86.29M
Depreciation & Amortization - CF	2.75M	2.66M	3.7M	688K	3.28M
Depreciation & Amortization, Total	2.75M	2.66M	3.7M	688K	3.28M
Other Operating Activities, Total	25.59M	24.73M	29.6M	8M	5.97M
Change In Accounts Receivable	-24.15M	129M	-59.33M	-323M	-59.96M
Change In Inventories	-27.94M	-66.15M	112M	-196M	-138M
Change In Accounts Payable	52.5M	-76.59M	-36.6M	100M	27.38M
Change in Other Net Operating Assets	-9.18M	3.04M	-8.18M	-9.86M	-25.04M
Cash from Operations	25.42M	25.14M	53.39M	-398M	-100M
Capital Expenditure	-1.88M	-1.12M	-7.41M	-11.78M	-9.27M
Sale of Property, Plant, and Equipment	-	-	-	-	98K
Investment in Marketable and Equity Securities, Total	-	-	-	-84.63M	52.22M
Other Investing Activities, Total	-	-	-	-	5.79M
Cash from Investing	-1.88M	-1.12M	-7.41M	-96.41M	48.84M
Short Term Debt Issued, Total	30.81M	19.06M	9.6M	309M	-
Long-Term Debt Issued, Total	-	-	-	19.81M	14.53M
Total Debt Issued	30.81M	19.06M	9.6M	329M	14.53M
Short Term Debt Repaid, Total	-	-	-	-66.31M	-190M
Long-Term Debt Repaid, Total	-32.61M	-20.85M	-19.07M	-10.76M	-19.81M
Total Debt Repaid	-32.61M	-20.85M	-19.07M	-84.08M	-210M
Issuance of Common Stock	5.98M	3.82M	-	178M	350M
Repurchase of Common Stock	-	-	-8.78M	-20.21M	-
Other Financing Activities, Total	-25.88M	-24.96M	-29.86M	-9.15M	-22.49M
Cash from Financing	-21.7M	-22.93M	-48.11M	498M	133M
Miscellaneous Cash Flow Adjustments	-	1K	-	-	1K
Net Change in Cash	1.84M	1.09M	-2.13M	3.35M	81M
Supplemental Items
Cash Interest Paid	18.14M	18.32M	20.97M	9.15M	22.49M
Cash Income Tax Paid (Refund)	-	-	-	6.98M	43.34M
Levered Free Cash Flow	-	-3.53M	23.7M	-148M	-146M
Unlevered Free Cash Flow	-	11.8M	41.91M	-128M	-133M
Change In Net Working Capital	-	9.09M	-20.56M	168M	210M
Net Debt Issued / Repaid	-1.81M	-1.79M	-9.47M	329M	-195M

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	-	4.2	6.07	16.09	10.58
Return on Total Capital	-	6.05	7.79	19.97	12.78
Return On Equity %	-	10.46	13.86	59.86	20.63
Return on Common Equity	-	10.46	13.86	59.86	20.63
Margin Analysis
Gross Profit Margin %	13.7	14.31	24.43	26.15	29.26
SG&A Margin	3.62	3.99	3.68	17.62	19.68
EBITDA Margin %	6.32	6.32	6.29	8.53	9.57
EBITA Margin %	5.77	5.82	5.76	8.36	9.34
EBIT Margin %	5.77	5.82	5.76	8.36	9.34
Income From Continuing Operations Margin %	1.16	1.52	1.68	5.28	6.07
Net Income Margin %	1.16	1.52	1.68	5.28	6.07
Net Avail. For Common Margin %	1.16	1.52	1.68	5.28	6.07
Normalized Net Income Margin	0.69	0.92	1.03	4.2	5.11
Levered Free Cash Flow Margin	-	-0.66	3.4	-9.14	-10.3
Unlevered Free Cash Flow Margin	-	2.22	6.02	-7.92	-9.35
Asset Turnover
Asset Turnover	-	1.15	1.69	3.08	1.81
Fixed Assets Turnover	-	49.12	58.4	130.24	101.33
Receivables Turnover (Average Receivables)	-	4.36	8	7.37	4.03
Inventory Turnover (Average Inventory)	-	1.75	2.22	6.34	3.79
Short Term Liquidity
Current Ratio	1.35	1.38	1.29	1.26	3.31
Quick Ratio	0.58	0.22	0.46	0.74	1.81
Operating Cash Flow to Current Liabilities	0.08	0.09	0.21	-3.63	-0.39
Days Sales Outstanding (Average Receivables)	-	83.72	45.62	49.65	90.48
Days Outstanding Inventory (Average Inventory)	-	208.42	164.55	57.73	96.32
Average Days Payable Outstanding	-	93.13	67.61	23.96	36.36
Cash Conversion Cycle (Average Days)	-	199.01	142.56	83.42	150.45
Long Term Solvency
Total Debt/Equity	342.43	291.27	270.3	164.52	20.99
Total Debt / Total Capital	77.4	74.44	72.99	62.2	17.35
LT Debt/Equity	127.18	83.88	58.84	9.91	2.28
Long-Term Debt / Total Capital	28.75	21.44	15.89	3.75	1.89
Total Liabilities / Total Assets	85.44	80.83	78.08	69.68	30.06
EBIT / Interest Expense	1.15	1.26	1.38	4.29	6.19
EBITDA / Interest Expense	1.26	1.37	1.5	4.38	6.34
(EBITDA - Capex) / Interest Expense	1.19	1.32	1.25	2.89	5.91
Total Debt / EBITDA	7.64	7.2	5.31	2.38	0.98
Net Debt / EBITDA	7.55	7.07	5.26	2.36	0.36
Total Debt / (EBITDA - Capex)	8.12	7.44	6.39	3.61	1.05
Net Debt / (EBITDA - Capex)	8.02	7.32	6.33	3.58	0.39
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	5.33	30.84	132.62	-12.15
Gross Profit, 1 Yr. Growth %	-	10.06	123.32	148.96	-1.69
EBITDA, 1 Yr. Growth %	-	5.42	30.25	215.25	-1.46
EBITA, 1 Yr. Growth %	-	6.27	29.46	237.48	-1.87
EBIT, 1 Yr. Growth %	-	6.27	29.46	237.48	-1.87
Earnings From Cont. Operations, 1 Yr. Growth %	-	38.25	45.2	630.2	0.84
Net Income, 1 Yr. Growth %	-	38.25	45.2	630.2	0.84
Normalized Net Income, 1 Yr. Growth %	-	40.34	46.93	850.47	6.9
Diluted EPS Before Extra, 1 Yr. Growth %	-	18.29	40.21	529.03	-35.73
Accounts Receivable, 1 Yr. Growth %	-	-69.3	103.48	176.56	18.59
Inventory, 1 Yr. Growth %	-	29.11	-38.34	8.56	70.47
Net Property, Plant and Equip., 1 Yr. Growth %	-	-13.21	36.86	-19.49	53.16
Total Assets, 1 Yr. Growth %	-	-11.4	-9.45	68.03	38.04
Tangible Book Value, 1 Yr. Growth %	-	16.7	3.54	132.36	218.45
Common Equity, 1 Yr. Growth %	-	16.7	3.54	132.36	218.45
Cash From Operations, 1 Yr. Growth %	-	-1.08	112.34	-3.09K	-93.7
Capital Expenditures, 1 Yr. Growth %	-	-40.14	559.93	535.7	-80.33
Levered Free Cash Flow, 1 Yr. Growth %	-	-	-770.51	-724.23	-1
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-	255.04	-405.94	3.75
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	-	17.39	74.46	42.95
Gross Profit, 2 Yr. CAGR %	-	-	56.77	135.79	56.44
EBITDA, 2 Yr. CAGR %	-	-	17.18	102.63	76.25
EBITA, 2 Yr. CAGR %	-	-	17.29	109.03	81.98
EBIT, 2 Yr. CAGR %	-	-	17.29	109.03	81.98
Earnings From Cont. Operations, 2 Yr. CAGR %	-	-	41.68	225.61	171.36
Net Income, 2 Yr. CAGR %	-	-	41.68	225.61	171.36
Normalized Net Income, 2 Yr. CAGR %	-	-	43.6	273.71	218.76
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	28.78	196.97	101.06
Accounts Receivable, 2 Yr. CAGR %	-	-	-20.96	137.23	81.1
Inventory, 2 Yr. CAGR %	-	-	-10.78	-18.19	36.03
Net Property, Plant and Equip., 2 Yr. CAGR %	-	-	8.99	4.97	11.05
Total Assets, 2 Yr. CAGR %	-	-	-10.43	23.35	52.3
Tangible Book Value, 2 Yr. CAGR %	-	-	9.92	55.11	172.02
Common Equity, 2 Yr. CAGR %	-	-	9.92	55.11	172.02
Cash From Operations, 2 Yr. CAGR %	-	-	44.93	696.16	37.17
Capital Expenditures, 2 Yr. CAGR %	-	-	98.76	547.7	11.84
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	-	546.96	148.6
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	-	229.58	78.16
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	-	47.45	38.8
Gross Profit, 3 Yr. CAGR %	-	-	-	82.9	76.15
EBITDA, 3 Yr. CAGR %	-	-	-	62.97	59.35
EBITA, 3 Yr. CAGR %	-	-	-	66.83	62.45
EBIT, 3 Yr. CAGR %	-	-	-	66.83	62.45
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	-	144.73	120.3
Net Income, 3 Yr. CAGR %	-	-	-	144.73	120.3
Normalized Net Income, 3 Yr. CAGR %	-	-	-	169.62	146.23
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-	118.51	78.3
Accounts Receivable, 3 Yr. CAGR %	-	-	-	20	88.27
Inventory, 3 Yr. CAGR %	-	-	-	-4.75	4.49
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	-	-1.48	19.06
Total Assets, 3 Yr. CAGR %	-	-	-	10.47	28.07
Tangible Book Value, 3 Yr. CAGR %	-	-	-	41.08	97.14
Common Equity, 3 Yr. CAGR %	-	-	-	41.08	97.14
Cash From Operations, 3 Yr. CAGR %	-	-	-	297.28	58.67
Capital Expenditures, 3 Yr. CAGR %	-	-	-	192.84	102.09
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-	246.04
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-	124.2