Forcas Studio H1 FY27 Income Rises 56.4%, PAT Up 72%

Forcas Studio Limited reported strong financial growth for the half year ended September 30, 2026, with total income rising 56.4% year-on-year to ₹131.02 crore. Net profit increased 72.0% to ₹9.99 crore, supported by improved operating margins and higher sales across its apparel business. The Kolkata-based company operates the FTX and TRIBE brands and follows an asset-light, technology-enabled model aimed at India’s mass-market apparel consumer. Its H1 FY27 result was announced on October 23, following board approval of the unaudited financial results on October 22. The performance also reflected expansion in digital and quick-commerce distribution.

H1 FY27 income crosses ₹131 crore

Total income rose from ₹83.75 crore in H1 FY26 to ₹131.02 crore in H1 FY27. The company separately reported revenue from operations of about ₹130 crore, compared with ₹83.7 crore in the corresponding period a year earlier. This represents roughly 55% growth in revenue from operations, while total income growth stood at 56.4%. Management said volume growth contributed about 40% of the total income growth recorded in the first half. The higher income base indicates that growth was supported by product demand as well as wider channel availability.

EBITDA growth outpaces income growth

EBITDA increased 72.6% year-on-year to ₹15.31 crore in H1 FY27. The EBITDA margin improved to 11.74% from 10.60% in H1 FY26, an expansion of 115 basis points. The company also reported an operating margin of 10.1% in a separate financial summary, compared with 9.4% in H1 FY26. While these margin measures are presented differently, both point to an improvement in operating profitability over the year-ago period. Profit before tax rose 67% to ₹13.2 crore from ₹7.9 crore.

Net profit rises 72% and EPS improves

Profit after tax rose to ₹9.99 crore in H1 FY27 from about ₹5.81 crore in H1 FY26, a 72.0% increase. Net profit margin improved by 69 basis points to 7.63%. Diluted earnings per share increased 72.1% to ₹5.68, compared with ₹3.30 in the previous year. The close relationship between EPS and profit growth shows that earnings expansion was not diluted by a material rise in the share base during the reported comparison. The result places profitability growth ahead of the company’s income growth for the first half.

FTX expands to Flipkart Minutes

Forcas Studio said it launched FTX on Flipkart Minutes in July 2026. The launch took the brand’s presence to four quick-commerce platforms, according to Managing Director Sailesh Agarwal. Management said the move improved online product accessibility and supported its wider digital distribution strategy. Quick commerce accounted for about 10% of H1 FY27 revenue, based on comments in the company’s earnings call. The company has stated a medium-term objective of taking that share above 20%.

Distribution remains central to the strategy

The company said it continued to strengthen its distribution network and expand the reach of FTX and TRIBE during H1 FY27. Earlier FY26 disclosures showed its network had reached more than 18,000 retailers and over 21,000 serviceable pincodes. It had also expanded its warehouse facility to 60,000 square feet and established a presence across more than 15 marketplaces. Those FY26 operating developments provide context for the H1 FY27 income growth and digital channel expansion. However, the company did not provide updated retailer, pincode or warehouse figures with the H1 FY27 result.

FY27 revenue guidance revised lower

Despite the strong first-half performance, Forcas Studio revised its FY27 revenue growth guidance to 25% to 30%. Management had earlier communicated higher expectations for the second year of its growth plan, but the current range represents a reduction in that guidance. The company said it expects an EBITDA margin improvement of 5% to 10% for FY27. The revised revenue outlook means investors will compare the second-half run rate with the 56.4% income growth delivered in H1. The earnings call summary did not specify the factors behind the revision.

Earlier FY26 results show the operating base

For full-year FY26, Forcas Studio had reported revenue from operations of ₹197.65 crore, up 39.0% year-on-year. EBITDA was ₹21.02 crore, up 56.5%, with margin improving to 10.6%. FY26 net profit was ₹13.64 crore, up 58.0%, and the PAT margin was 6.9%. Its H2 FY26 revenue from operations stood at ₹113.97 crore, while EBITDA and PAT were ₹12.15 crore and ₹7.92 crore, respectively. These figures show that the H1 FY27 income of ₹131.02 crore exceeded the total income reported for H2 FY26.

Key financial figures

What the results mean for investors

The H1 numbers show that Forcas Studio expanded income while improving EBITDA and net profit margins. Its growth channels include traditional distribution, marketplaces and quick commerce, with FTX’s Flipkart Minutes launch adding another digital platform. At the same time, the lower FY27 revenue growth guidance is a key development because it establishes a more moderate full-year target after a strong first half. The company has scheduled and uploaded materials related to its H1 FY27 investor communication, including its investor presentation and earnings call audio. Future disclosures on H2 growth, quick-commerce contribution and margin progress will be important measures against the revised outlook.