#SME #ForcasStudio #Forcas Forcas Studios H2 FY26 Concall Highlights 👉 FY27 & Future Outlook ▫️ Management remains optimistic and guided 25-30% revenue growth for FY27 💠Noted a historical practice of conservative guidance (previously communicated 25-35%) to understate and over-deliver ▫️ Multi-brand strategy as the core growth engine: 💠FTX (economy fast fashion, Gen Z focus, price point ₹199-599): Scale driver, targeting ~₹160-170 Cr in FY27; expanded into women’s wear (formal/casual trousers, comfort wear). 💠Tribe (premium bottoms – men & women, ₹599-1,499, avg. ASP ~₹899): Premiumization and margin lever; tested successfully (3.5x growth in FY26 over testing phase); aggressive expansion via distribution, marketplaces, and Quick Commerce. 💠Fitness Exchange (new separate brand – athleisure, activewear, sports-inspired, accessories; semi-premium affordable): Targeting rapidly growing health & fitness segment; 50-50 clothing accessories mix; expected to scale gradually in FY27 with product-market fit testing. 💠 Quick Commerce positioned as the “next large opportunity” and future of fashion retail in India (wide SKU, option-based buying, Gen Z smartphone preference). 💠Already live on Zepto and Myntra M-Now; Flipkart Minutes paperwork closed and expected live shortly. 💠FY26 Quick Comm revenue ~₹7.5 Cr; targeted mix 10-15% in FY27, scaling to 30-40% over the next couple of years. ▫️ Overall focus: 💠Scaling brands, Quick Commerce expansion, strengthening omnichannel distribution, margin improvement 💠 White labeling to be maintained at ~20% (±5%) of revenue for learning and clean margins without inventory risk. 💠Long-term (3-5 years): Digital/online to 50-60% of non-white-label revenue, distribution 30-40%. 💠Asset-light model, existing sourcing/warehousing/marketplace infrastructure, and omnichannel relationships in focus 👉 Current Order Book / Projects and Future Pipeline ▫️ White labeling (B2B) contributed ~20% of FY26 revenue (~₹39-40 Cr) with a order book of ₹178 Mn at year-end. 💠Strategy is to keep it steady (not exceed 20-25%) while leveraging it for design/forecasting insights and relationships with major retailers. 💠 Quick Commerce pipeline: Expansion from current platforms (Zepto ~120 stores, Myntra M-Now) to Flipkart Minutes and others. 💠Requires higher initial inventory for 10-15 min availability but drives faster rotation and superior margins as the channel matures. 💠 Brand pipeline: Tribe scaling in FY27 with men’s/women’s premium bottoms; Fitness Exchange launch and market testing in FY27 (athleisure accessories). 💠Continued hero product development and new launches under FTX (double-digit hero SKUs already driving growth). 💠Offline reach expanding from 8 to 10 states; retail network >18,000 retailers; serviceable pincodes >21,000; warehouse expanded to 60,000 sq. ft. in Kolkata 👉 Other Notable Points ▫️ Margins: 💠Gross margins expected to improve via (1) Quick Commerce logistics savings (2) Higher ASP/margin mix from Tribe & Fitness Exchange (3) Maturing FTX product portfolio with better acceptance and selective price hikes. 💠Digital gross margins currently highest (30-35%), distribution ~22-23%, white labeling 19-21%. 💠EBITDA margins already improved in FY26; further uplift targeted in FY27 through premiumization and operating leverage. 💠Ad & promotion spend ~3-4% (mainly marketplaces/Quick Comm visibility). ▫️ Balance sheet & cash flow: 💠Inventory rose sharply (to ~₹50 Cr) due to Quick Commerce stocking requirements, new brand launches (Tribe/Fitness Exchange), and ensuring availability for impatient Gen Z customers. 💠Cash conversion cycle lengthened but expected to normalize as brands strengthen, inventory turns faster, and higher-margin products scale. 💠Management expects gradual improvement in cash flows over the next couple of years with brand maturity. ▫️ Differentiation & resilience: 💠Purely asset-light (no own stores or factories for FTX; third-party MBOs marketplaces Quick Comm). 💠Omni-channel at economy price points with fast delivery (15 min to 24 hrs). 💠No direct national brand competition in core FTX range. 💠Repeat rates: ~29-30% online, 65-70% offline retailers reorder within 4-6 months. 💠Hypothetical competition from Zudio/Westside in Quick Comm addressed by their retail/franchise model constraints and massive market size (no single winner possible). ▫️Challenges/Bottlenecks: 💠Talent acquisition (hiring experienced people for scaling) and brand-building process (iterative learning curve). 💠No major manufacturing or distribution bottlenecks cited due to asset-light model and existing infrastructure.

3️⃣Forcas Studio Ltd 🔖 💰Market Cap ~ 222 Cr 🔥ROE ~20.6 % 💥ROCE ~21.7 % 🪴OPM ~10% 👉Stock P/E ~19.6 🔮Revenue Guidance ~ 27%     🔸Company has guided FY26 revenue of 190–200 Cr, with 30–40% CAGR over the next 2 years. #forcasstudio #stockstobuy #StocksToWatch

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#SME #Forcas #ForcasStudio Forcas Studio H1 FY26 Concall Highlights: 👉FY 2026 & Future Outlook : ▫️Emphasized a core target of ~35% YoY revenue growth, but as actuals exceeded this, expectations are now revised to 30-40% YoY for FY26 💠Own-brand revenue: ~₹72 Cr, with FTX at ~49% and TRIBE at ~35% growth ▫️EBITDA margins are expected to sustain and improve 💠Supported by higher-margin categories like women's wear (20-30% better than men's) and kids' wear (10-15% better than men's) 💠Rising ASPs (from ₹350-370 to ₹450) due to increased bottom wear sales 💠Net profit margins are projected to expand further, with H1 nearly doubling YoY profits, aided by channel diversification and low return rates (<12% vs. industry 18-19%) 👉Projects and pipeline: ▫️Quick commerce expansion: Stocked on Zepto across 17-18 cities (dark stores), delivering to 50-60 towns; added 7 new categories (e.g., kurtas, jackets, sweatshirts, trousers) since July, with rapid traction (e.g., kurtas driving sales in Hyderabad, Lucknow, South India; winter wear via 10-min delivery) ▫️E-commerce: Live on Myntra FWD with ~2,000 options; generated initial orders for shirts and denims from quick commerce platforms ▫️New categories: Women's and kids' wear under FTX launched offline first (₹5.5 Cr revenue to date); Varanasi warehouse added for UP/North India coverage ▫️Inventory pipeline: 2M units holding capacity (up from 600K); 90% is "set" inventory for proven SKUs, with intentional build-up for Q3 winter (e.g., sweatshirts, kurtas) ▫️Pipeline: 💠 Q3 launches: Online rollout of women's/kids' wear; new women's sportswear line (₹299-599 price band) 💠Expansion: Add 1-2 more quick commerce/e-commerce sites; deepen women/kids' lines; summer product pipeline with new options/channels 💠Growth Strategy: Data-driven stocking (pincode-level insights from 15 years experience); omni-channel push (9 states for e-commerce, 15-16 cities for quick commerce); target 5-10% revenue mix from quick commerce by FY27 (rapid scaling expected post-3-month testing) 👉 Others : ▫️Customer acquisition: Added ~1mn customers in H1 via B2C platforms; strong repeat ratios and 4 /5 ratings on marketplaces 💠Asset-light (outsourcing manufacturing, no in-house production); lean omni-channel 💠No D2C for FTX due to high ad costs at low ASP ~₹400; prefer marketplace commissions of 30-33% only on sales) 💠Data / Algo optimization (views → clicks → conversions → low returns → availability) ensures visibility ▫️Working capital: Receivables down; inventory up 30-40 days due to 50% H1 growth/seasonality (Durga Puja shutdown, Punjab raw material crisis—strategic bulk buying in Aug-Sep) 💠Payables shortened (13 days) for supplier loyalty (earlier 124 days: FY24 / 47 days: FY25) ▫️Stake ownership: Promoter group subscribed 70-80% to warrants, increasing stake; no further dilution/debt planned ▫️Risk management: Low returns (tops <7%, bottoms 14-15%, avg. <12%) via quality focus and data (e.g., starting women's with low-return bottoms/athleisure); inventory write-offs <2% (test 100 new options/month at small depths, fail fast via discounts)

9️⃣Forcas Studio Ltd🔖 🔶Revenue Guidance ~ 27% 🔹Company has guided FY26 revenue of INR 190–200 Cr, with 30–40% CAGR over the next 2 years. #forcasstudio #StockMarket #StocksToWatch

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#Forcasstudio - Sells garments under brand FTX, TRIBE for men, women & kids - 50k sq ft warehousing & dark stores across 8 cities - FY25 = 153/9cr - FY26e = 200/13cr ; Q1 = 40cr - Online marketplace- 41% - White label mfg for landmark, V2 retail- 22% - 85-90% from Tier 2/3

Forcas Studio - #ForcasStudio

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Forcas Studio Ltd🔖 💰Market Cap~ ₹ 199 Cr. 💫PE Ratio~ 23.1 ⚡ROCE ~ 21.4 % 🔥ROE~20.6 % 🔥OPM~9% 🤵Promoter Holdings~ 60.3 % 🗽Revenue Guidence ~35% Target 🎯 over the next two years #forcasstudio #StocksToWatch #StockMarketIndia #earnings

#SME #ForcasStudio #Forcas Forcas Studio FY25 Concall Highlights: 👉FY 2026 & Future Outlook : ▫️ Targets 30-40% YoY revenue growth for next two years 💠Expansion in quick commerce (expected to contribute 5-10% of revenues) 💠Launch of women’s bottom wear and kids’ sports/nightwear in Q2 FY26 💠Scaling offline distribution in high-demand regions (e.g., Tamil Nadu) and deepening e-commerce presence (50-60% of revenue) ▫️EBITDA Margins: Improve beyond FY25’s 10% 💠Higher margins in quick commerce (lower return costs, premium pricing) 💠Better inventory optimization reducing dead stock (only 1-1.5% inventory liquidated at discounts) 💠Maturing product lines (men’s wear now spans 14 categories, reducing experimentation costs) ▫️Women’s Wear Margins: Expected to be slightly better than men’s wear due to less frequent fashion rotation in bottom wear, though top wear (planned later) may see lower margins due to higher experimentation ▫️Margin pressure possible during initial launches of women’s and kids’ wear due to small-batch testing, but mitigated by low quantities (200-300 units per style) 👉Current product outlook and pipeline: ▫️E-commerce (50-60% of Revenue): 💠Present on 10 marketplaces (e.g., Myntra, Flipkart, Amazon, Snapdeal, JioMart) 💠FTX brand dominates (95% of FY25 revenue), with 1,600 SKUs in men’s wear 💠Strong performance with 4 ratings, 4-5 lakh positive reviews on Amazon/Flipkart, and low return rates (9-10% vs. industry ~20%) 💠Serving 19,000 pin codes, delivering within 24-72 hours ▫️Quick Commerce (Recently Launched): 💠Launched on Zepto in 76 cities, delivering within 20 minutes 💠Initial success with one design (7-8 colors), showing good numbers in first month 💠Focus on basic apparel (e.g., swimwear, gym wear) tailored for quick commerce customers (metro, convenience-driven) ▫️Offline Distribution (Balance of Revenue): 💠Supplies 15,000 retailers across 8-9 states, primarily North India (Delhi, Punjab, Rajasthan, Madhya Pradesh, Bengal, Assam) 💠Present in 500 large-format stores (DMart, Reliance, Vishal Mega Mart) 💠Data-driven allocation of inventory to high-demand regions ▫️White-Label Manufacturing (~20% of Capacity): Continues for large-format stores, providing stable cash flows but not a growth focus ▫️Current Product Lines: 💠Men’s wear (13-14 categories: boxers, shorts, cargos, denims, trousers) 💠Tribe brand (5% of revenue, targeting metro customers at ₹599-₹1499) 💠Winter wear: 70-80 options in FY25 ▫️Pipeline: ▫️New Product Launches (Q2 FY26): 💠Women’s Bottom Wear: 70 styles (denims, trousers), small quantities (200-300 units per style) to test demand. Focus on stable products to minimize margin hits 💠Kids’ Sports/Nightwear: Targeting swimwear, gym wear, and nightwear with cartoon/trendy designs, avoiding core fashion to reduce risk ▫️Quick Commerce Expansion: 💠Plans to launch 50 new options in 30-60 days on Zepto 💠In talks with two additional quick commerce platforms to scale to 100 cities ▫️Winter Wear Push: 💠Scaling to 300 options in FY26 (200 with high quantities), backed by data from experimentation 💠Targeting unbranded segments like windcheaters and light jackets under ₹500-600 ▫️Hiring sales teams in eight states to scale retailer network 👉 Others : ▫️ Gross Margin Volatility: Management attributed this to experimentation with new men’s wear categories (from 4 to 14) and use of COVID-era inventory which inflated prior margins. No expense reclassification occurred; manufacturing costs are in “other expenses.” 💠For FY25 intra-year variability (H1 35% to H2 25.8%), cited new product launches in H2 as the driver, with no clear explanation for why other expenses remained flat despite outsourcing 💠Management promised to share detailed schedules to help in other expense analysis ▫️Inventory Management: 💠Lean model with weekly procurement based on real-time data (daily run rate available per SKU across ~9,000 unique SKUs); ensuring no single SKU ties up excessive capital or warehouse space (30,000 sq ft in Kolkata, plus 8 third-party warehouses) 💠Quick commerce inventory limited to 30-40 days, replenished weekly, minimizing working capital strain ▫️Competitive Positioning: 💠Targets the unbranded sub-₹599 market (80-95% of 20-25 lakh crore apparel market), where no national brand exists 💠Differentiates from HRX by offering casual wear (vs. HRX’s sports focus) and targeting mass customers (90-95% of FTX products below ₹599 vs. HRX’s 10-15%) 💠Social media and travel have reduced regional taste differences (from 50% to 10-15%), enabling standardized designs with minor regional tweaks ▫️Capital Requirements: 💠Asset-light model (outsourced manufacturing, no owned stores) minimizes capex needs 💠No plans for in-house manufacturing, preferring outsourcing to stay asset-light and focus on brand-building 💠Working capital manageable due to low inventory for new launches and quick commerce. Bank financing available if needed ▫️Sustainability: 💠Limited focus on eco-friendly fabrics as mass-market customers prioritize affordability. Some recycled yarn used for cost benefits, but not a core brand proposition

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🧵 Forcas Studio Ltd | FY25 Earnings Call Breakdown 👕💼 | 12th June 2025 A detailed session covering revenue growth, margin trends, Q-commerce, and new category launches (women's & kidswear). Let’s dive into the full thread 👇 #ForcasStudio #TRIBE #StockMarketIndia #EarningsThread

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