Foce India (NSE:FOCE) Operating Income: ₹175 Mil (TTM As of Sep. 2025)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

NSE:FOCE Foce India Ltd NSE:FOCE
78 GF Score
Price ₹555.00
GF Value ₹759.03
Valuation Modestly Undervalued
! 4 Warning Signs
View Full Analysis

What is Foce India Operating Income?

Foce India NSE:FOCE 78 Operating Income is ₹175 Mil as of Sep. 2025. GuruFocus rates NSE:FOCE with a GF Score™ of 78/100 and a GF Value™ of ₹759.03 (Modestly Undervalued). The stock has 4 warning signs investors should review.

Foce India's Operating Income for the six months ended in Sep. 2025 was ₹78 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Sep. 2025 was ₹175 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Foce India's Operating Income for the six months ended in Sep. 2025 was ₹78 Mil. Foce India's Revenue for the six months ended in Sep. 2025 was ₹586 Mil. Therefore, Foce India's Operating Margin % for the quarter that ended in Sep. 2025 was 13.26%.

Good Sign:

Foce India Ltd operating margin is expanding. Margin expansion is usually a good sign.

Foce India's 5-Year average Growth Rate for Operating Margin % was 50.90% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Foce India's annualized ROC % for the quarter that ended in Sep. 2025 was 8.02%. Foce India's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2025 was 39.02%.


Foce India  (NSE:FOCE) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Foce India's annualized ROC % for the quarter that ended in Sep. 2025 is calculated as:

ROC % (Q: Sep. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Mar. 2025 ) + Invested Capital (Q: Sep. 2025 ))/ count )
=155.426 * ( 1 - 23.51% )/( (1267.211 + 1698.876)/ 2 )
=118.8853474/1483.0435
=8.02 %

where

Invested Capital(Q: Mar. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=1492.988 - 182.947 - ( 42.83 - max(0, 704.859 - 766.031+42.83))
=1267.211

Invested Capital(Q: Sep. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=1919.99 - 206.171 - ( 14.943 - max(0, 1073.771 - 1161.227+14.943))
=1698.876

Note: The Operating Income data used here is two times the semi-annual (Sep. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

Foce India's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Sep. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Mar. 2025  Q: Sep. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=159.522/( ( (7.821 + max(319.19, 0)) + (6.341 + max(484.24, 0)) )/ 2 )
=159.522/( ( 327.011 + 490.581 )/ 2 )
=159.522/408.796
=39.02 %

where Working Capital is:

Working Capital(Q: Mar. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(576.581 + 31.426 + 115.194) - (182.947 + 0 + 221.064)
=319.19

Working Capital(Q: Sep. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(675.153 + 385.153 + 71.888) - (206.171 + 0 + 441.783)
=484.24

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Sep. 2025) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Foce India's Operating Margin % for the quarter that ended in Sep. 2025 is calculated as:

Operating Margin %=Operating Income (Q: Sep. 2025 )/Revenue (Q: Sep. 2025 )
=77.713/586.154
=13.26 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Foce India Operating Income Related Terms


Foce India Operating Income Historical Data

* Premium members only.

The historical data trend for Foce India's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Foce India Operating Income Chart

Foce India Annual Data
Trend Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25
Operating Income
Get a 7-Day Free Trial 26.74 113.26 109.26 198.43 183.13

Foce India Semi-Annual Data
Mar19 Mar20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only 69.43 129.00 85.84 97.29 77.71
NSE:FOCE
78GF Score
Foce India Ltd NSE:FOCE
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Foce India Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Sep. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was ₹175 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of ₹175 Mil mean?
Foce India (NSE:FOCE) has a Operating Income of ₹175 Mil as of Sep. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Foce India and its competitors.
Is Foce India's Operating Income too high?
Foce India's current Operating Income is ₹175 Mil. Overall, Foce India has a GF Score™ of 78/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Foce India's Operating Income compare to TPR?
Foce India's Operating Income of ₹175 Mil can be compared against companies in the Retail - Cyclical industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Retail - Cyclical company?
A good Operating Income depends on the Retail - Cyclical industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Foce India and its competitors. Foce India's current Operating Income is ₹175 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Foce India stock overvalued right now?
Based on GuruFocus' analysis, Foce India (NSE:FOCE) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹759.03, compared to a current price of ₹555.00 — trading 26.9% below its estimated fair value. The current Operating Income is ₹175 Mil. Foce India's overall GF Score™ is 78/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Foce India (NSE:FOCE), the current Operating Income is ₹175 Mil as of Sep. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Foce India (NSE:FOCE) Overvalued in 2026?

Based on GuruFocus' analysis, Foce India stock appears to be undervalued. The current stock price of ₹555.00 is trading 26.9% below its estimated GF Value™ of ₹759.03. GuruFocus considers Foce India to be Modestly Undervalued.

Key valuation signals for NSE:FOCE:

  • Operating Income: ₹175 Mil
  • GF Value™: ₹759.03 vs. price of ₹555.00 (26.9% below fair value)
  • GF Score™: 78/100 with 4 warning signs

No single metric tells the full story. See the NSE:FOCE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Foce India Business Description

Address Shastri Nagar, 4, Kingston, Lokhandwala Complex, Andheri West, Mumbai, MH, IND, 400053
Foce India Ltd manufactures and imports wrist watches under various brand names. It mainly focuses on offering watches in the mid-range segment with distribution of many retail stores across the country, with an imposing list of clientele in the corporate segment. The company's product portfolio comprises analog watches, automatic watches, multifunction watches, and sunglasses across metal, silicon, and leather categories. The group's operating business segments are: Trading Activities and Renting of Immovable Property. Geographically, it operates only in India.
78GF Score

Get the complete analysis for NSE:FOCE

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹555.00
Price
₹759.03
GF Value