Forbes & Company Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Real Estate: 51.5% • Coding and Industrial Automation: 48.5%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company is almost debt free
CONS
- Operating cash flow has been negative in recent years
- Recent results are weak - TTM profit is down 100.5% versus prior year
- A large part of profit comes from other income (80.0% of PBT)
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.61x)
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 430.60 | 61.64 | 149937.65 | 0.33 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| INDOMIM | 1018.90 | 94.43 | 50382.66 | 0.58 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| THERMAX | 3680.25 | 73.91 | 43852.50 | 0.54 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| HONAUT | 34514.05 | 55.37 | 30515.68 | 0.32 | 150.70 | 20.95 | 1204.40 | 1.80 | 17.04 | 14.32 |
| JYOTICNC | 987.95 | 69.84 | 22468.26 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 21.34 | 21.40 |
| INOXINDIA | 2245.75 | 80.12 | 20418.91 | 0.09 | 58.07 | -4.98 | 370.79 | 9.18 | 33.54 | 20.46 |
| AZAD | 2846.00 | 132.25 | 18379.96 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.04 | 37.29 |
| TRITURBINE | 569.10 | 53.80 | 18091.60 | 0.75 | 51.10 | -20.65 | 442.70 | 19.23 | 35.95 | 11.59 |
| TEGA | 1731.10 | 615.52 | 13005.36 | 0.12 | -108.25 | -406.36 | 1723.44 | 383.99 | 8.37 | 3.27 |
| LLOYDSENGG | 82.72 | 57.36 | 12830.19 | 0.30 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| KRN | 1595.75 | 107.75 | 10445.54 | 0.00 | 32.90 | 164.84 | 252.32 | 118.87 | 16.06 | 19.44 |
| FORBESGOK | 317.85 | 33.74 | 409.98 | 0.00 | 3.60 | -25.93 | 13.26 | -40.94 | 8.99 | 10.63 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 11 | 16 | 12 | 86 | 36 | 35 | 40 | 89 | 22 | 19 | 18 | 17 | 13 | |
| 11 | 17 | 12 | 80 | 31 | 30 | 36 | 74 | 21 | 16 | 15 | 14 | 13 | |
| Operating Profit | 0 | -1 | 0 | 7 | 5 | 5 | 4 | 14 | 1 | 3 | 3 | 3 | 0 |
| OPM % | 0.62% | -9.52% | 0.84% | 8.00% | 14.11% | 13.27% | 9.40% | 16.15% | 5.12% | 15.35% | 16.97% | 17.74% | 3.32% |
| 18 | 3 | 3 | -4 | 2 | 2 | 10 | 2 | 5 | 6 | 2 | 1 | 3 | |
| Interest | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 17 | 0 | 3 | 2 | 7 | 7 | 13 | 16 | 5 | 8 | 4 | 3 | 4 |
| Tax % | 35.48% | 42.86% | -55.51% | -123.56% | 18.01% | 16.67% | 27.70% | 34.47% | 16.85% | 25.95% | 15.84% | 37.21% | 12.20% |
| Net Profit | 0 | 0 | 0 | 0 | 5 | 5 | 10 | 1,028 | 5 | 6 | 4 | -20 | 4 |
| 8.87 | 0.11 | 3.09 | 1.23 | 4.15 | 4.59 | 7.46 | 5.98 | 3.82 | 4.97 | 3.29 | -1.55 | 2.83 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,999 | 2,823 | 2,853 | 2,731 | 932 | 515 | 47 | 125 | 199 | 76 | 67 | |
| 2,892 | 2,694 | 2,711 | 2,902 | 795 | 468 | 76 | 117 | 172 | 66 | 58 | |
| Operating Profit | 106 | 129 | 142 | -171 | 137 | 47 | -30 | 8 | 28 | 10 | 9 |
| OPM % | 3.55% | 4.57% | 4.99% | -6.26% | 14.74% | 9.14% | -63.16% | 6.29% | 13.88% | 12.72% | 14.01% |
| 134 | 30 | 28 | 27 | -52 | -310 | 228 | 19 | 16 | 15 | 13 | |
| Interest | 74 | 96 | 89 | 101 | 52 | 42 | 10 | 1 | 1 | 1 | 1 |
| Depreciation | 71 | 77 | 77 | 98 | 68 | 41 | 6 | 2 | 2 | 3 | 3 |
| Profit before Tax | 95 | -4 | 11 | -338 | -30 | -334 | 186 | 22 | 40 | 18 | 19 |
| Tax % | 25.70% | -682.09% | 125.96% | 0.74% | -201.22% | 3.08% | 3.46% | 11.02% | 28.12% | 26.24% | 22.49% |
| Net Profit | 71 | -32 | -3 | -335 | -90 | -324 | 179 | 19 | 29 | 13 | 15 |
| EPS | 70.17 | -15.27 | 5.47 | -254.95 | -61.00 | 3322.05 | 150.77 | -3.46 | 95.17 | 10.40 | — |
| Dividend Payout % | 3.82% | -16.59% | 92.61% | 0.00% | 0.00% | 0.00% | 43.68% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -31%
- 5 Years:
- -39%
- 3 Years:
- 18%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -59%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- -18%
- 5 Years:
- 37%
- 3 Years:
- 14%
- Last Year:
- 6%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| Minority Interest | 132 | 119 | 109 | 99 | 64 | -0 | 0 | 0 | 0 | 0 |
| 301 | 303 | 251 | -101 | -154 | 74 | 150 | 66 | 207 | 186 | |
| 1,283 | 1,305 | 1,192 | 1,199 | 423 | 271 | 73 | 71 | 9 | 8 | |
| Trade Payables | 366 | 399 | 410 | 406 | 347 | 81 | 39 | 30 | 24 | 15 |
| 591 | 597 | 838 | 1,054 | 1,326 | 322 | 409 | 227 | 49 | 29 | |
| Total Liabilities | 2,686 | 2,737 | 2,813 | 2,670 | 2,019 | 760 | 684 | 406 | 301 | 251 |
| 1,011 | 1,114 | 1,108 | 1,002 | 574 | 136 | 7 | 6 | 7 | 9 | |
| Capital Work in Progress | 2 | 1 | 4 | 1 | 2 | 1 | 0 | 0 | 0 | 0 |
| 73 | 80 | 81 | 123 | 60 | 117 | 145 | 171 | 200 | 164 | |
| 438 | 436 | 597 | 714 | 471 | 202 | 150 | 121 | 15 | 10 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 8 | 8 | |
| Cash & Bank | 223 | 141 | 75 | 65 | 98 | 22 | 56 | 34 | 28 | 21 |
| 939 | 964 | 949 | 765 | 814 | 283 | 326 | 67 | 44 | 40 | |
| Total Assets | 2,686 | 2,737 | 2,813 | 2,670 | 2,019 | 760 | 684 | 406 | 301 | 251 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 135 | 204 | 223 | 248 | 365 | 226 | 56 | -20 | -11 | -6 | |
| Cash from Investing | 6 | -129 | -45 | -143 | 77 | 32 | 216 | 8 | 7 | 0 |
| Cash from Financing | -20 | -94 | -230 | -122 | -382 | -275 | -243 | -6 | -1 | -1 |
| 53 | -53 | -67 | -36 | 61 | -42 | 28 | -19 | -5 | -7 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
No announcements filed.
News
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