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FORCAS STUDIO LIMITED (FORCAS)

Miscellaneous · figures to Nov '26

Passes these screensHigh Momentum

Share price

Closing priceAdjusted for splits and bonus issues.

₹199.9 latest close · +113.7% over the last 90 sessions

₹100₹150₹200₹250Jul 2Jul 28Aug 21Sep 17Oct 14Nov 9 ₹100₹150₹200₹250Jul 2Sep 3Nov 9

₹199.9 month-end · +58.5% over 12 months

₹100₹150₹200₹250Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹100₹150₹200₹250Nov '25May '26Nov '26

₹199.9 month-end · +69.9% since Aug '24

₹100₹200Aug '24Jan '25Jul '25Dec '25Jun '26Nov '26 ₹100₹200Aug '24Oct '25Nov '26

52-week range ₹91.50 to ₹249.95 · 1-year volatility 52.2%

Was the rally earned?

+59%share price, 1 yearEarnings-driven

Mostly yes.

  • Per-share earnings added 58 points to the rise, while the multiple moved less (P/E 25.7x to 25.8x).
  • The share count fell 4%.
Net profit growth: +53 pts. Points of the price return explained by net profit growing (or shrinking).+53 ptsNet profit growthP/E change: 0 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.0 ptsP/E changeShare count change: +5 pts. Points of the price return explained by the share count changing. More shares count against the price.+5 ptsShare count changeShare price: +59%+59%Share priceNet profit growth: +53 pts. Points of the price return explained by net profit growing (or shrinking).+53ProfitP/E change: 0 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.0P/EShare count change: +5 pts. Points of the price return explained by the share count changing. More shares count against the price.+5SharesShare price: +59%+59%Share price
Net profit growth+53 ptsNet profit rose about 52%, which lifts the price.
P/E change0 ptsThe P/E rose from 25.7x to 25.8x, which lifts the price.
Share count change+5 ptsShare count fell 4%, which lifts the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare with other companies

How rough has the ride been?

Maximum drawdown-50.9%recovered 2026-07
1-year volatility52.2%annualised

Drawdown from peak

0%−20%−40%20252026−50.0% 0%−20%−40%20252026−50.0%
Largest drawdowns

-50.9% (2024-08 peak to 2025-03 low, recovered 2026-07)

-23.5% (2026-10 peak to 2026-10 low, not yet recovered)

-15.6% (2026-09 peak to 2026-09 low, recovered 2026-09)

Is it expensive against its own past and its peers?

25.8xP/E todayWithin its usual range
Against its own history50th percentile
CheapestMedian 26.2xDearest

Usual range 20.7x to 63.7x since 2024-08.

12.2x31.7x51.3x70.9xAug '24Feb '25Aug '25Feb '26Aug '26Nov '2612.2x31.7x51.3x70.9xAug '24May '25Feb '26Nov '26
P/E (this company)10th to 90th percentile of its own historyIts median

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P/B (this company)10th to 90th percentile of its own historyIts median

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P/S (this company)10th to 90th percentile of its own historyIts median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median.

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Miscellaneous is valued

What is the price implying?

~30%annual earnings growth implied by the price

At a P/E of 66.8x, the price would imply about 30.0%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Below the ₹1,000 cr market-cap floor used for the lists.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹199.90
P/E
25.8x
ROCE
20.0%
Market Cap
₹352 cr
Revenue (TTM)
₹198 cr
P/S
1.8x
P/B
4.2x
ROE
16.3%
Debt / Equity
0.5x
Promoter Holding
60.3%
12M Momentum
58.5%

52-week range

₹91.50₹249.95
68% of the way from its 52-week low to its high

Price risk

1Y volatility
52.2%

Balance sheet & cash

Interest cover
operating profit ÷ interest
6.7x
Cash from profit, 3Y
operating cash flow ÷ net profit
-2.00x
low
Share count, 1Y
unchanged

Are profits backed by cash?

4 of 6checks within range1 beyond a threshold
Other income reliance0%Within range

Other income as a share of pre-tax profit (trailing twelve months): 0.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion-3.68xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -3.68x (cash from operations ₹-92 cr, net profit ₹25 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow2 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-67 daysWithin range

Debtor days are below the median of the previous three fiscal years by 67 days (121 vs 188). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-40 days / 2 yrsWithin range

Days payable changed by -40 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, FIIs trimmed 2.6 pts; DIIs trimmed 2.5 pts.
  • The number of shareholders fell from 887 to 569 (-36%) between Sep 2024 and Mar 2026.

Holdings, Mar '26

How each group changed

GroupSep '24Mar '26Change
Promoters60.3%60.3%0.0 pts
FIIs2.6%0.0%-2.6 pts
DIIs2.6%0.1%-2.5 pts
Public and others34.5%39.6%+5.1 pts

Number of shareholders

569shareholders-36% since Sep '24
569675781887 Sep '24Mar '25Sep '25Mar '26
Sep '24: 887
Mar '25: 701
Sep '25: 703
Mar '26: 569
 569675781887 Sep '24Mar '25Sep '25Mar '26
Sep '24: 887
Mar '25: 701
Sep '25: 703
Mar '26: 569

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−8.3%typical 12-month return vs the marketNot meaningfully different from the base rate
  • We found 50 past situations where a non-financial company looked like FORCAS STUDIO LIMITED today on valuation, return on capital, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −33% to +40% vs the market, against −4% for all non-financial companies in the same months.
  • The gap against the base rate (−4.5%, 80% range −14.2% to +13.7%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
DYNAMIC · Oct 2024: −63.0% vs market
EKC · Mar 2022: −58.1% vs market
ICEMAKE · Dec 2020: −49.3% vs market
VDEAL · Sep 2025: −44.7% vs market
ARIHANTCAP · Jul 2022: −43.5% vs market
TRANSTEEL · Aug 2025: −43.0% vs market
DHRUV · Mar 2024: −42.9% vs market
KHAICHEM · May 2022: −42.8% vs market
BIRLACABLE · Aug 2023: −38.7% vs market
TPLPLASTEH · Nov 2024: −38.2% vs market
DYCL · Jan 2025: −34.8% vs market
APOLLO · Nov 2020: −33.9% vs market
AARON · Sep 2025: −33.9% vs market
RBZJEWEL · Dec 2024: −31.7% vs market
ARHAM · Oct 2024: −30.2% vs market
CGRAPHICS · Oct 2025: −28.4% vs market
KAMATHOTEL · Oct 2025: −20.8% vs market
SOUTHWEST · Dec 2021: −20.7% vs market
PARACABLES · Dec 2023: −20.1% vs market
SHUBHSHREE · Oct 2025: −18.9% vs market
GPTINFRA · Mar 2025: −16.7% vs market
BBTCL · Oct 2022: −15.0% vs market
DMCC · Aug 2025: −13.5% vs market
MONTECARLO · Sep 2022: −9.7% vs market
TALBROAUTO · Jan 2022: −8.9% vs market
STEELCAS · May 2023: −7.8% vs market
NACLIND · Apr 2022: −2.7% vs market
SAKAR · Jul 2021: +2.4% vs market
SALASAR · Aug 2021: +4.2% vs market
LUMAXTECH · May 2023: +13.5% vs market
GOKEX · Jun 2022: +16.2% vs market
TIRUPATIFL · Sep 2024: +20.9% vs market
PREMIERPOL · Oct 2023: +29.7% vs market
THEMISMED · Mar 2022: +32.6% vs market
VADILALIND · Mar 2023: +33.1% vs market
KRISHANA · Jul 2022: +33.9% vs market
KAMDHENU · Mar 2021: +34.5% vs market
JASH · Apr 2021: +42.0% vs market
THANGAMAYL · Jan 2021: +42.0% vs market
RAMASTEEL · Sep 2022: +42.8% vs market
SRM · Apr 2025: +51.9% vs market
KDDL · Jun 2023: +61.1% vs market
GRAVITA · Nov 2021: +68.9% vs market
UNIVASTU · Aug 2025: +70.7% vs market
DYNPRO · Oct 2020: +72.6% vs market
KOPRAN · Aug 2020: +102.3% vs market
BETA · Aug 2021: +115.2% vs market
KRISHNADEF · Jul 2023: +182.6% vs market
GLOBUSSPR · Dec 2020: +194.5% vs market
MBAPL · Sep 2021: +354.8% vs market
Similar setups −8.3%All companies −3.8%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 5 beyond the range shown, drawn at the edge

Similar setups' median
−8.3%
All companies' median
−3.8%
Beat the market
46% vs 46%

50 past situations · 50 companies · 38 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
UNIVASTU
Industrial Services		 Aug 2025 28x27% +34%−22% +71%
BBTCL
Process Industries		 Oct 2022 22x— +175%−21% −15%
JASH
Producer Manufacturing		 Apr 2021 22x19% +253%−8% +42%
THEMISMED
Health Technology		 Mar 2022 24x18% +233%−18% +33%
KRISHANA
Process Industries		 Jul 2022 28x20% +94%−23% +34%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
DYCL
Producer Manufacturing		 Jan 2025 42x24% +85%−20% −35%
TIRUPATIFL
Producer Manufacturing		 Sep 2024 39x18% +195%−15% +21%
KDDL
Consumer Durables		 Jun 2023 32x18% +109%−5% +61%
How reliable is this?

Matched on P/E, P/S, ROCE, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, interest cover and 12-month momentum. Not used (unavailable for this company): operating margin. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to FORCAS STUDIO LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What changed?

8 events since Mar '25

  1. JulPriceRegained the 2024-08 peak, 16 months after the low.
  2. JunResultsRevenue (TTM) reached a new high of ₹198 cr.
  3. MarDebtDebt / equity halved over 12 months to 0.20x.
  4. AugDebtDebt / equity halved over 12 months to 0.20x.
  5. AugSharesShare count is up 38.5% over 12 months.
  6. JunInstitutionsFII + DII holding fell 4.0 pts over 1 quarter to 1.1%.
  7. JunDebtDebt / equity fell below 1.0x (0.20x).
  8. MarPriceFell 51% from the Aug 2024 peak to the Mar 2025 low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history28 months · 2024-08 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1125.8x₹198 cr16.3%20.0%0.5x
2026-1024.9x₹198 cr16.7%20.0%0.5x
2026-0931.4x₹198 cr16.7%20.0%0.5x
2026-0828.9x₹198 cr16.7%20.0%0.5x
2026-0726.8x₹198 cr16.7%20.0%0.5x
2026-0612.2x₹198 cr16.7%20.0%0.5x
2026-0521.0x₹153 cr14.1%22.0%0.2x
2026-0420.8x₹153 cr14.1%22.0%0.2x
2026-0319.3x₹153 cr14.1%22.0%0.2x
2026-0221.4x₹153 cr14.1%22.0%0.2x
2026-0122.9x₹153 cr14.1%22.0%0.2x
2025-1224.6x₹153 cr14.1%22.0%0.2x
2025-1125.7x₹153 cr14.1%22.0%0.2x
2025-1026.6x₹153 cr14.1%22.0%0.2x
2025-0921.6x₹153 cr14.1%22.0%0.2x
2025-0820.6x₹153 cr14.1%22.0%0.2x
2025-0722.0x₹153 cr14.1%22.0%0.2x
2025-0623.8x₹153 cr14.1%22.0%0.2x
2025-0563.3x₹41 cr10.6%9.0%1.6x
2025-0459.2x₹41 cr10.6%9.0%1.6x
2025-0343.5x₹41 cr10.6%9.0%1.6x
2025-0248.4x₹41 cr10.6%9.0%1.6x
2025-0164.8x₹41 cr10.6%9.0%1.6x
2024-1264.8x₹41 cr10.6%9.0%1.6x
2024-1150.7x₹41 cr10.6%9.0%1.6x
2024-1063.3x₹41 cr10.6%9.0%1.6x
2024-0954.7x₹41 cr10.6%9.0%1.6x
2024-0870.9x₹41 cr10.6%9.0%1.6x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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