Slide 1: Covering letter to NSE for Investor Presentation H2 FY26
May 25, 2026 Listing Department, National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Bandra Kurla Complex, Mumbai-4000051 Scrip: FORCAS Sub: Investor Presentation for H2 FY26 performance. Dear Sir/Madam, Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requiremen
Slide 2: Forcas Studio Limited Investor Presentation H2 & FY26
Forcas Studio Limited Investor Presentation H2 & FY26 For The Fashion Aspirant Bharat Refer to Disclaimer
Slide 3: Disclaimer
Disclaimer This document has been prepared for information purposes only and is not an offer or invitation or recommendation to buy or sell any securities of Forcas Studio Ltd (“FORCAS”, "Company“), nor shall part, or all, of this document form the basis of, or be relied on in connection with, any c
Slide 4: Index
INDEX About Us FINANCIAL HIGHLIGHTS Business Overview Industry Overview WAY FORWARD INVESTOR PRESENTATION 3
Slide 5: About Us
ABOUT US 4
Slide 6: About Forcas Studio
ABOUT FORCAS STUDIO Forcas Studio Limited specializes in men's garments, covering all categories of men's wear, such as boxers, shorts, trackpants, cargos, denims, trousers, cord sets, tracksuits, vests, t-shirts, sportswear, 15+ Years Serving21,000+ 15+Online shirts, jackets, and sweatshirts. of Ex
Slide 7: Management Team
MANAGEMENT TEAM MANAGEMENT TEAM MANAGEMENT TEAM Sailesh Agarwal Sourav Agarwal Managing Director CFO & Whole-time Director Sailesh, a graduate from Kolkata, began his career in his family's fabric manufacturing Sourav, a B.Com graduate, joined his father’s plastic granules trading business in busine
Slide 8: Journey & Key Milestones
JOURNEY & KEY MILESTONES 2010 2015 2016 2021 2022 2024 2025 Established as a Recognized with the Merit Awarded the title of Achieved Gold Seller status Progressed to Platinum Established as Forcas “TRIBE” premium fashion partnership firm under the Award 2015 by HyperCITY Champion Sales Growth on Fli
Slide 9: Business Overview
Business Overview 8
Slide 10: Business Model
BUSINESS MODEL E-Commerce Products are available on leading e-commerce platforms, including Flipkart, Myntra, Meesho, Amazon, Ajio, Jio Mart, Limeroad, Identifying New Design Fabric Outsourced Quality Organised Sales through Solvd, and Shopsy. Trends Development Sourcing Manufacturing Control Wareho
Slide 11: Warehouse
WAREHOUSE ▪ Prime Location: Centrally located in Kolkata with direct highway access for efficient logistics. ▪ Spacious: 60,000 sq. ft. of carpet area, accommodating high inventory demands. ▪ Extensive Storage Capacity: Garments: Holding 20 Lac + Pcs ▪ Fabric & Materials: Capacity for 10,00,000+ met
Slide 12: Product Portfolio (1/2) - FTX
PRODUCT PORTFOLIO (1/2) Brand - FTX BOXERS SHORTS TRACKPANTS CARGOS DENIMS TROUSERS CORD SETS TRACK SUITS VESTS Product Category The flagship brand FTX has been a 'category creator' in the menswear segment in urban Bharat. Recently Entered Women’s Wear Category Under the FTX COMFORT CAUSAL FORMAL SP
Slide 13: Product Portfolio (2/2) - TRIBE
PRODUCT PORTFOLIO (2/2) Brand - TRIBE TRIBE is targeting Gen Z with quirky and the latest fashion. Brand Contribution to Revenue - TRIBE FY25 FY26 Rs. In Mn. % Rs. In Mn. % 67.0 6% 140.8 9% Latest Young Quirky Trends Audience Design Gen Z fashion thrives on latest trends, Fashion for the young focus
Slide 14: Revenue Breakup
REVENUE BREAKUP Platform (%) FY25 FY26 Revenue from Top FY25 FY26 Customers (% of Revenue) (% of Revenue) 22.2% 21.0% 41.2% 40.8% Top 5 Customers 51.9% 33.0% 36.6% 38.2% Top 10 Customers 69.8% 51.3% Online Own Brand Offline Own Brand White- label Manufacturing INVESTOR PRESENTATION 13
Slide 15: Business Strategy
Affordable Fashion for Urban Product Pricing Strategy: Increase Online Presence: To Bharat: The focus is on providing Products are priced strategically to drive growth, the company will expand stylish, quality menswear at affordable remain aspirational yet affordable, its presence on additional e- p
Slide 16: Strategic Product Rollout
Strategic Product Rollout Go Live on 8+ Analyze Sales Data & Initial Production into Marketplaces & available Shortlist the Winning Smaller Quantities to 10+ Crores Buyers Products Invest in Advertising & Scale Production of Promotion of New Products Winning Products INVESTOR PRESENTATION 15
Slide 17: Competitive Strengths
Innovative Product Offering Fashion to Brand Recall: Design: FTX leads the Bharat's Youth: Stylish, 1. Orders Served Online: menswear segment in urban affordable menswear is Ensuring fast and reliable Bharat with trend-driven provided, targeting Bharat's online service. designs. In-house team youth.
Slide 18: Clientele
Clientele E-Commerce Commerce AND MORE Quick Commerce INVESTOR PRESENTATION 17
Slide 19: Quick Commerce Expansion
Quick Commerce Expansion The brand initially launched with a single After successfully serving 20k+ pin codes Products such as Tracksuit, Sweat style and received an fantastic response. through ecommerce platforms the brand has earned a loyal customer base across India. Shirts, Trousers, Kurtas, Win
Slide 20: Way Forward
Way Forward 19
Slide 21: Way Forward
Way Forward Strengthening National Presence Enhancing Brand Visibility Kids & Women Wear Launch The company plans to expand domestically by Aiming to enhance brand visibility via hiring a FTX has launched Kids wear in the Winter Wear Category targeting untapped segments, strengthening sales National
Slide 22: Financial Highlights
Financial Highlights 21
Slide 23: Business Highlights H2 & FY26
Business Highlights H2 & FY26 Own Brand Revenue (FTX + TRIBE) delivered strong growth of 45% YoY in H2FY26 and 41% YoY in FY26, reflecting continued strength in the White labelling business contributed nearly company’s branded business portfolio. ~20% of FY26 Revenue, while the order book stood stro
Slide 24: Half Yearly Performance Highlights
Half yearly Performance Highlights Revenue (INR Mn.) EBITDA (Rs. Mn) & Profit After Tax (Rs. Mn) & EBITDA Margin (%) Profit After Tax Margin (%) YoY 31.5% YoY 46.8% +111 bps YoY 38.4% +35 bps HoH 36.2% HoH 37.1% +7 bps HoH 36.4% +1 bps 10.6% 10.7% 9.6% 6.9% 6.9% 6.6% 1,139.7 866.6 121.5 79.2 836.8 8
Slide 25: Half Yearly Income Statement
Half Yearly Income Statement Particulars (INR Mn.) H2FY26 H1FY26 H2FY25 YoY% HoH% FY26 FY25 YoY% Net Sales 1,139.7 836.8 866.6 31.5 36.2 1,976.5 1,422.4 39.0 Cost of Goods Sold 845.6 571.8 643.0 31.5 47.9 1,417.4 1,004.6 41.1 Gross Profit 294.1 265.1 223.6 31.5 10.9 559.1 417.9 33.8 Gross Margin (%)
Slide 26: Annual Performance Highlights
Annual Performance Highlights Revenue (INR Mn.) EBITDA (Rs. Mn) & EBITDA Margin (%) 10.6% 9.4% 9.1% 5.5% 1,976.5 3.6% 1,422.4 210.2 1,123.7 134.3 696.0 29.4 24.8 102.1 532.0 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 Profit After Tax (Rs. Mn) & Profit After Tax Margin (%) Net Debt to Equity (
Slide 27: Annual Income Statement
Annual Income Statement Particulars (INR Mn.) FY22 FY23 FY24 FY25 FY26 Net Sales 532.0 696.0 1,123.7 1,422.4 1,976.5 Cost of Goods Sold 455.6 525.3 747.6 1,004.6 1,417.4 39% REVENUE CAGR Gross Profit 76.4 170.8 376.1 417.9 559.1 (FY22 - 26) Gross Margin (%) 14.4% 24.5% 33.5% 29.4% 28.3% Employee Exp
Slide 28: Balance Sheet
Balance Sheet Equity & Liabilities (INR Mn.) FY24 FY25 FY26 Assets (INR Mn.) FY24 FY25 FY26 Equity Non-Current Assets Equity Share Capital 129.0 175.8 175.8 Property, Plant and Equipment's 11.1 17.0 21.7 Reserves & Surplus 70.9 460.8 596.8 Deferred Tax Assets 1.2 1.3 2.3 Money Received against share
Slide 29: Industry Overview
Forcas Studio INDUSTRY | OVERVIEW
Slide 30: Indian Apparel Industry
Indian Apparel Industry Revenue in Billion USD (US$) 124.5 3.11% ▪ The Indian apparel industry presents a high-growth opportunity, with Women’s Apparel leading the 115.0 CAGR market at a value of US$ 56.18 billion in 2026. (2026-2029) 49% 49% ▪ The per capita revenue of US$ 77.77 reflects a strong c
Slide 31: Fashion Industry
Fast Fashion Produces 50+ Collections/year, and the January Summer Cycle is longer with more Collections ▪ In FY25, India's fast fashion segment is projected to grow rapidly at Summer / Spring Cycle 30–40%, significantly outpacing the overall apparel industry's 8–10% growth, highlighting a major shi
Slide 32: Growth Drivers
Rising Disposable Income: The growing Shifting Consumer Preferences: middle class in India is driving increased Consumers are increasingly drawn to spending on clothing, with a shift toward branded, stylish clothing and sustainable Growth higher-quality and premium products, options, reshaping the m
Slide 33: Thank You
THANK YOU Forcas Studio Limited E-mail: info@focasstudio.in Website: www.focasstudio.in Linkedin - Free social media icons KAPTIFY® Consulting Strategy & Investor Relations | Consulting E: info@kaptify.in M: +91-845 288 6099 www.kaptify.in INVESTOR PRESENTATION 32