Forbes & Company Ltd.

•

forbes.co.inBSE: -NSE: FORBESGOK

Market Cap₹ 329 Cr.

Current Price

High / Low—

Stock P/E23.8

Book Value₹ 127

Price to Book2.54

Dividend Yield0.00 %

ROCE12.1 %

ROE9.3 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Real Estate: 51.1% • Coding and Industrial Automation: 48.9%

AI Sector View

AI GENERATED

Capital Goods

Buy

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.

Confidence

72%

View full sector analysis →

PROS

Company is almost debt free

CONS

Operating cash flow has been negative in recent years
Receivables are growing faster than sales - a possible quality concern
A large part of profit comes from other income (67.3% of PBT)
Recent results are weak - TTM profit is down 46.2% versus prior year
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.58x)
Company's sales have been declining over the last five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering - Industrial Equipments

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHEL	432.80	61.95	150703.70	0.32	376.71	182.70	7697.72	40.29	9.24	6.69
2.	INDOMIM	922.60	85.51	45620.81	0.64	2401.22	—	12187.42	—	24.48	33.36
3.	THERMAX	3729.70	74.90	44441.73	0.54	21.79	-85.61	2302.73	7.09	15.85	2.98
4.	KIRLOSENG	2267.40	60.41	32995.17	0.31	111.06	-20.05	1999.53	13.36	14.46	15.02
5.	JYOTICNC	1026.55	72.57	23346.12	0.00	571.40	700.06	5084.70	1139.66	23.88	21.40
6.	INOXINDIA	2180.15	77.65	19787.80	0.09	58.07	-4.98	370.79	9.18	33.54	20.46
7.	TRITURBINE	572.05	54.07	18185.38	0.74	51.10	-20.65	442.70	19.23	35.95	11.59
8.	AZAD	2765.75	128.52	17861.70	0.00	35.16	19.46	172.60	25.90	12.28	37.29
9.	LLOYDSENGG	84.88	58.86	13165.22	0.29	68.23	-77.28	527.15	142.92	17.99	15.04
10.	TEGA	1552.65	552.07	11664.70	0.13	-108.25	-406.36	1723.44	383.99	8.37	3.27
11.	KENNAMET	4534.30	85.10	9965.59	0.00	31.50	11.31	267.30	12.55	18.99	17.51
12.	FORBESGOK	254.80	27.05	328.66	0.00	3.60	-25.93	13.26	-40.94	8.99	10.63

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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	15	11	86	35	34	39	88	22	18	16	16	13
	10	16	11	79	31	30	36	74	21	15	14	14	13
Operating Profit	1	-1	0	7	5	4	3	14	1	3	3	3	0
OPM %	11.56%	-8.53%	3.49%	7.93%	13.32%	12.77%	6.69%	16.11%	6.45%	16.55%	16.18%	17.11%	1.25%
	17	2	2	-4	2	3	10	-1	4	6	1	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	18	0	2	2	6	7	12	13	5	8	3	3	3
Tax %	32.80%	18.52%	-71.94%	-103.70%	17.62%	15.36%	28.63%	41.59%	12.36%	24.50%	13.15%	31.25%	11.27%
Net Profit	12	0	3	4	5	6	8	7	4	6	3	2	3
	9.44	0.17	2.61	3.41	4.13	4.44	6.51	5.79	3.08	4.68	2.20	1.45	2.38

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	266	293	227	195	562	235	42	123	197	73	64
	228	235	204	199	424	204	54	116	171	64	55
Operating Profit	38	58	23	-4	138	31	-11	7	26	10	9
OPM %	14.29%	19.80%	10.16%	-2.17%	24.53%	13.09%	-26.81%	5.98%	13.17%	13.09%	13.54%
	25	8	9	2	-101	4,117	243	18	14	12	12
Interest	12	12	12	12	14	12	5	1	1	1	1
Depreciation	6	8	9	12	14	13	2	2	2	3	3
Profit before Tax	45	46	10	-26	9	4,122	224	23	38	19	17
Tax %	-11.24%	11.22%	1.12%	4.76%	440.76%	-0.26%	2.64%	9.64%	28.75%	20.51%	20.80%
Net Profit	50	41	10	-25	-31	4,133	219	20	27	15	14
EPS	74.90	31.71	7.96	-19.03	-24.05	3203.83	184.95	15.76	20.88	11.41	—
Dividend Payout %	6.49%	7.88%	62.79%	0.00%	0.00%	0.00%	38.36%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: -9%
5 Years:: -33%
3 Years:: 20%

COMPOUNDED PROFIT GROWTH

10 Years:: 3%
5 Years:: —
3 Years:: -59%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 419%
5 Years:: 834%
3 Years:: 14%
Last Year:: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	229	266	221	189	157	26	194	109	144	148
	154	174	172	189	155	103	8	9	9	8
Trade Payables	43	38	46	52	59	47	20	29	24	14
	44	27	244	370	133	246	277	187	37	24
Total Liabilities	483	518	696	813	517	436	511	347	226	207
	44	51	53	107	95	95	7	6	7	9
Capital Work in Progress	2	1	4	1	2	1	0	0	0	0
	193	206	243	242	167	37	105	128	136	130
	74	88	283	362	133	163	149	121	14	10
	0	0	0	0	0	0	0	7	8	8
Cash & Bank	17	23	10	4	24	9	51	30	22	15
	152	149	103	97	96	131	200	54	39	36
Total Assets	483	518	696	813	517	436	511	347	226	207

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-30	40	59	63	96	58	59	-17	-13	-6
Cash from Investing	87	-25	-59	-60	-31	-16	147	3	5	-1
Cash from Financing	-54	4	-15	-5	-48	-62	-181	-1	-1	-1
	3	5	-13	-6	20	-16	30	-15	-9	-8

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	38.50	31.71	7.96	-19.03	-24.06	3204.18	169.44	15.76	20.88	11.41
Book Value (₹)	187.24	215.96	181.51	156.34	132.02	30.25	160.37	94.54	121.56	124.67
Dividend per Share (₹)	2.50	2.50	5.00	0.00	0.00	0.00	65.00	0.00	0.00	0.00
Cash EPS (₹)	43.13	37.88	15.31	-9.65	-12.98	3214.32	170.78	16.99	22.06	13.61
PROFITABILITY
Operating Margin %	18.26%	22.11%	18.31%	1.72%	26.95%	19.94%	476.44%	5.98%	13.17%	13.09%
Net Margin %	17.52%	13.75%	4.52%	-12.60%	-5.52%	1758.36%	515.13%	16.47%	13.68%	20.12%
ROE %	25.67%	15.73%	4.01%	-11.27%	-16.68%	3949.00%	177.78%	12.37%	19.33%	9.27%
ROCE %	15.82%	13.78%	5.26%	-3.52%	6.45%	1789.39%	132.04%	14.45%	27.56%	12.08%
	10.74%	8.17%	1.69%	-3.25%	-4.67%	867.47%	46.16%	4.74%	9.40%	6.79%
EFFICIENCY
Debtor Days	52	48	64	62	19	51	165	20	14	39
Inventory Days	72	99	298	604	161	230	1346	400	126	59
Payable Days	565	251	4918	-8601	70	312	-1107	179	77	291
	-440	-104	-4556	9267	110	-31	2617	241	62	-193
FINANCIAL HEALTH
Debt to Equity (x)	0.62x	0.61x	0.73x	0.92x	0.89x	2.61x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	4.61x	4.93x	1.86x	-1.18x	1.66x	334.89x	46.16x	18.88x	62.36x	28.54x
	1.28x	1.27x	0.78x	0.71x	0.72x	0.61x	0.88x	0.98x	1.54x	2.24x
GROWTH
Revenue Growth %	47.41%	10.14%	-22.57%	-14.19%	188.57%	-58.20%	-81.95%	190.97%	59.45%	-62.84%
Operating Profit Growth %	172.00%	27.04%	-36.77%	-91.94%	4423.21%	-69.07%	331.29%	-85.06%	38.93%	-47.50%
Net Profit Growth %	372.91%	-17.64%	-74.89%	-339.02%	-26.38%	0.00%	-94.71%	-90.70%	32.48%	-45.35%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-90.70%	32.48%	-45.35%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	27.42x	13.97x	27.74x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	4.57x	2.40x	2.54x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	17.46x	8.45x	17.85x

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
73.85	73.85	73.85	73.85	73.85	73.85	73.85	73.85	73.85
11.51	11.30	10.16	8.24	8.24	8.24	8.24	8.24	8.24
0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.34
0.86	0.86	0.86	0.86	0.86	0.86	0.86	0.86	0.62
13.68	13.89	15.03	16.95	16.95	16.96	16.96	16.96	16.96

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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