1. At a Glance
Foce India Ltd (FOCE) is in the wristwatch & men’s accessories game, competing in India’s horology industry’s mid-range segment. Sounds fancy, but let’s simplify — they make and sell watches, belts, wallets, perfumes, and jewelry. Basically, your entire “gift pack for shaadi season” comes from them.
With amarket cap of ₹832 Cr, Foce sells across 1,700 retail stores, corporate clients, and now wants to expand digitally. Latest stats:FY25 revenue ₹104 Cr, PAT ₹14.4 Cr, return ratios in the ~20% zone, and a P/E of 58x. That’s Titan-level optimism for a company still in SME club.
2. Introduction
If Titan is Rolex, Foce India is that stylish cousin wearing a shiny watch at a wedding — looks good, but when you ask the price, you realize it’s nowhere near Swiss.
Incorporated in 2001, the company has steadily built presence in mid-segment watches and accessories. They distributeFoce Watchesin India, import parts, assemble, and also manufacture in subsidiaries. They even launched aPickleball Edition Watch(yes, you read that right). Either they’re visionary, or just desperate to slap “edition” on anything.
But the company also has its own Netflix crime-drama subplot: in Jan 2023, authorities raided offices underPMLA Actand froze 4 bank accounts. No formal charges yet, but let’s say corporate governance here has more spice than a masala dosa.
3. Business Model (WTF Do They Even Do?)
Segments:
- Watches– Analog, automatic, chronograph, multifunction, ceramic, leather, metal.
- Men’s Accessories– Wallets, belts, perfumes, jewelry.
- Subsidiaries:
- FO Industries Pvt Ltd → manufacturing.
- Foce Realty Solutions Pvt Ltd → real estate dabbling.
- Foce Digital Solutions Pvt Ltd (2025) → e-commerce push.
Revenue FY23: 97% from product sales, 3% from rent.
So yes, this is a pure retail + lifestyle accessories play, not a tech company pretending to be one.
4. Financials Overview
Q4 FY25 vs Q3 FY25 vs Q4 FY24
| Metric | Mar ’25 | Dec ’24 | Mar ’24 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹70.1 Cr | ₹34 Cr | ₹54 Cr | +29% | +106% |
| EBITDA | ₹12.3 Cr | ₹6.5 Cr | ₹11.7 Cr | +5% | +89% |
| PAT | ₹7.5 Cr | ₹3.5 Cr | ₹10.7 Cr | -30% | +114% |
| EPS (₹) | 15.4 | 7.0 | 21.9 | -30% | +120% |
Annualised EPS ~ ₹29.4At CMP ₹1,700 → P/E ~58x
Roast: Revenue doubled QoQ, but profits dropped YoY. Basically, selling more but earning less = discounts + thinner margins.
5. Valuation (Fair Value Range Only)
Method 1: P/E
- EPS = ₹29.4
- Assign fair multiple = 20–30x (consumer discretionary peers, ex-Titan).
- FV = ₹588 – ₹882
Method 2: EV/EBITDA
- EBITDA (TTM) ~₹18 Cr
- EV = ₹861 Cr → EV/EBITDA = 46x
- Fair range = 15–20x → FV = ₹270 – ₹360 Cr → ₹550 – ₹720/share
Method 3: DCF
- Assume FCF = ₹15 Cr, growth 10%, discount 12%
- FV ~ ₹600 – ₹800 Cr → ₹1,200 – ₹1,600/share
👉Consolidated FV Range = ₹550 – ₹1,600/share(Current CMP ₹1,700 is above fair value band.)(Educational purpose only, not investment advice.)
6. What’s Cooking – News, Triggers, Drama
- Digital Push: New subsidiary Foce Digital Solutions Pvt Ltd (Aug ’25) → e-commerce & online sales channel. Will it rival Titan Eye+ online or just be another Shopify store? TBD.
- Pickleball Watch: Because India clearly needed wristwear to count points in an elite gymkhana sport.
- Corporate Governance: Raids
