Forbes & Company financials: balance sheet, profit and loss, cash flow

BSE: 502865Consumer DurablesSmall Cap

Forbes & Company Ltd · Face value ₹10 · Listed Jan 1958

₹286.05₹8.55 (3.08%)

Share price at the BSE close on 28 Oct 2026. Previous close ₹277.50.

28 Oct: open ₹297.85, high ₹297.85, low ₹276.10

52-week range of traded prices to 28 Oct 2026

₹242.20Low, 31 Jul 2026₹462.75High, 28 Jan 2026

Next results date: the board meets on 2 Nov 2026 to consider: quarterly results. Results calendar

Market cap: ₹369 Cr1,919th largest listed
P/E: 30.37
P/B: 1.85
Dividend yield: Nonein the last 12 months
ROE: 5.8%
ROCE: 3.6%
Debt to equity: 0.00
Volume, BSE: 1,191

Forbes & Company's financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them. It had no borrowings at 31 Mar 2026.

10 years at a glance

₹ crore, years to March.Forbes & Company annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 5 of the 10 years shown

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

The years either side of a change of basis do not compare. From the year to Mar 2022, the company's revenue for that year, ₹515 Cr, differs from its quarters added, ₹2,119 Cr; the company reports the part of the business demerged on 10 Feb 2022 as discontinued, and figures before the change include it. From the year to Mar 2024, the company's revenue for that year, ₹126 Cr, differs from its quarters added, ₹288 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue76
Materials and goods−24
Employee costs−17
Other expenses−25
Operating profit10
Depreciation−2.9
Other income+14
One-off items0.0
Finance costs−0.7
Profit before tax21
Tax−4.8
Joint ventures−2.5
Net profit13

What the company owns

Plant, investments and other assets₹176 Cr
Current investments₹40 Cr
Cash and bank₹21 Cr
Inventory₹10 Cr
Receivables₹8 Cr

What pays for it: net worth and liabilities

Net worth₹199 Cr
Other liabilities₹41 Cr
Owed to suppliers₹15 Cr

Forbes & Company business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Forbes & Company segment results by quarter

Revenue by segment

₹78 CrTotal

Real Estate₹39.3 Cr50.3% of total
Coding and Industrial Automation₹38.9 Cr49.7% of total

Profit by segment

Real Estate₹22.2 Cr94.0% of total
Coding and Industrial Automation₹1.4 Cr6.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Real Estate
Revenue, ₹ crore
19
20
404
30
19
94
168
39
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
6
127
8
1
34
46
22
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Coding and Industrial Automation
Revenue, ₹ crore
31
31
39
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
−1
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	2,855	2,756	2,858	515	442	126	199	78
Company revenue, as in its results	2,853	2,755	2,857	515	442	126	199	76
Revenue	19	20	404	30	19	94	168	39
Revenue growth	–	–	–	–	−34.6%	–	79.2%	−76.6%
Profit	3	6	127	8	1	34	46	22
Profit growth	–	–	–	–	−83.5%	–	34.9%	−52.0%
Margin	17.4%	32.4%	31.4%	25.3%	6.4%	36.6%	27.5%	56.5%
Return on capital	–	–	–	–	–	–	5,853.2%	220.7%
Assets	–	373	151	163	193	161	49	38
Liabilities	–	469	172	188	265	202	48	28
Capital employed	–	−96	−22	−25	−72	−41	1	10
Revenue	–	–	–	–	–	31	31	39
Revenue growth	–	–	–	–	–	–	0.8%	24.0%
Profit	–	–	–	–	–	0	−1	1
Margin	–	–	–	–	–	−0.7%	−3.7%	3.7%
Return on capital	–	–	–	–	–	–	−32.2%	26.7%
Assets	–	–	–	–	–	14	14	16
Liabilities	–	–	–	–	–	15	11	11
Capital employed	–	–	–	–	–	−1	4	5
Revenue	124	75	28	11	3	1	–	–
Revenue growth	–	−39.1%	−62.5%	–	−70.7%	–	–	–
Profit	48	−42	−103	−26	−30	0	–	–
Margin	39.1%	−55.2%	−362.8%	−240.1%	−965.1%	10.9%	–	–
Assets	–	195	83	41	11	8	–	–
Liabilities	–	205	188	138	42	39	–	–
Capital employed	–	−10	−105	−97	−32	−32	–	–
Revenue	0	0	0	0	0	0	–	–
Profit	0	0	0	0	0	0	–	–
Margin	−93.9%	27.3%	−92.9%	−51.7%	0.0%	–	–	–
Return on capital	–	–	–	–	0.0%	–	–	–
Assets	–	0	0	0	0	0	–	–
Liabilities	–	10	11	35	0	0	–	–
Capital employed	–	−10	−11	−35	0	0	–	–
Revenue	2,388	2,370	2,151	224	190	–	–	–
Revenue growth	–	−0.8%	−9.2%	–	−15.3%	–	–	–
Profit	58	−201	34	−319	45	–	–	–
Margin	2.4%	−8.5%	1.6%	−142.6%	23.6%	–	–	–
Return on capital	–	–	–	−849.0%	2,803.8%	–	–	–
Assets	–	1,451	1,350	140	117	–	–	–
Liabilities	–	1,582	1,463	103	116	–	–	–
Capital employed	–	−131	−112	38	2	–	–	–
Revenue	209	176	159	206	230	–	–	–
Revenue growth	–	−15.6%	−9.7%	–	11.4%	–	–	–
Profit	27	−9	16	30	25	–	–	–
Profit growth	–	–	–	–	−16.6%	–	–	–
Margin	12.8%	−5.1%	9.9%	14.4%	10.8%	–	–	–
Return on capital	–	−15.2%	25.6%	35.9%	22.0%	–	–	–
Assets	–	159	153	166	156	–	–	–
Liabilities	–	100	92	83	43	–	–	–
Capital employed	–	59	61	83	112	–	–	–
Revenue	114	115	115	44	0	–	–	–
Revenue growth	–	0.5%	0.6%	–	−100.0%	–	–	–
Profit	2	1	−11	9	0	–	–	–
Profit growth	–	−42.5%	–	–	−100.0%	–	–	–
Margin	1.8%	1.0%	−9.8%	20.8%	–	–	–	–
Return on capital	–	1.1%	−13.4%	–	–	–	–	–
Assets	–	390	182	0	0	–	–	–
Liabilities	–	277	98	0	0	–	–	–
Capital employed	–	113	84	0	0	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Forbes & Company quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 14 May	Jun 2026Twelve monthsFiled 14 Aug
Revenue from operations	3,023	2,828	2,853	2,755	2,857	515	442	126	199	76	67
	2,919	2,699	2,711	2,723	2,668	465	461	121	172	66	57
Materials and goods bought	1,167	1,028	990	936	1,141	138	137	50	125	24	18
Employee costs	–	–	686	695	619	173	143	15	14	17	17
Other expenses	–	–	1,035	1,092	908	154	182	56	32	25	22
Operating profit before depreciation	105	129	143	31	189	49	−19	5	28	10	10
Operating margin	3.5%	4.6%	5.0%	1.1%	6.6%	9.6%	−4.3%	3.6%	13.9%	13.3%	15.0%
Materials, % of revenue	–	–	34.7%	34.0%	40.0%	26.8%	30.9%	39.8%	62.7%	31.6%	26.9%
Employee costs, % of revenue	–	–	24.1%	25.2%	21.7%	33.6%	32.3%	11.9%	7.2%	22.0%	25.1%
Other expenses, % of revenue	–	–	36.3%	39.7%	31.8%	30.0%	41.1%	44.7%	16.2%	33.2%	33.0%
Depreciation and amortisation	71	77	77	99	97	41	27	2	2	3	3
Operating profit after depreciation	34	52	66	−68	92	8	−46	3	26	7	7
Other income	53	30	38	37	80	34	268	25	16	14	13
Finance costs	74	96	89	101	87	42	18	2	1	1	1
Profit before one-off items and tax	13	−14	14	−132	85	0	204	27	42	21	19
One-off items	82	0	−10	−215	−121	−350	12	−3	0	0	0
Profit before tax	95	−14	4	−347	−36	−350	216	24	42	21	19
	24	28	14	−2	80	−10	28	2	11	5	4
Current tax	36	36	26	9	30	4	6	0	2	3	3
Deferred tax	−12	−8	−12	−11	50	−14	22	2	9	2	2
Share of profit of joint ventures and associates	19	–	7	6	8	12	3	−2	−2	−2	−3
Profit from discontinued businesses	–	–	–	–	−9	4,552	0	−23	94	–	–
	90	−32	−3	−338	−117	4,225	192	−4	123	13	12
Belonging to the company's shareholders	90	−32	7	−325	−78	4,226	192	−4	123	13	12
Belonging to outside owners of subsidiaries	–	–	−10	−14	−39	−1	0	0	0	0	0
Other comprehensive income	–	–	3	−16	22	65	−32	33	18	−34	−34
Total comprehensive income	–	–	0	−355	−94	4,290	160	28	141	−20	−21
Net margin	3.0%	−1.1%	−0.1%	−12.3%	−4.1%	–	43.4%	–	–	17.6%	18.1%
Net margin without joint ventures and associates	2.4%	–	−0.4%	−12.5%	−4.4%	–	42.7%	–	–	20.9%	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Net margin is left blank for the years to Mar 2022, Mar 2024 and Mar 2025: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 14 May
	373	10	−77	82	225	140	219	199
	264	−88	−141	83	225	140	219	199
Share capital	13	13	13	13	13	13	13	13
Reserves	251	−101	−154	70	212	127	207	186
Belonging to outside owners of subsidiaries	109	99	64	0	0	0	0	0
	867	789	629	275	51	4	0	0
Repayable after a year	579	344	245	67	19	0	0	0
Repayable within a year	289	445	384	208	32	4	0	0
	1,745	2,183	1,718	615	410	263	58	35
Trade payables	410	406	347	81	72	46	24	15
Other financial liabilities	384	500	362	33	38	40	11	11
Other liabilities	626	784	575	282	261	172	22	9
Provisions	31	43	38	10	5	0	1	1
Tax owed	5	5	12	2	2	0	0	0
	761	555	402	100	67	17	28	20
Other financial liabilities	47	69	23	14	23	9	9	–
Other liabilities	120	126	115	0	0	0	0	8
Provisions	10	13	11	11	11	8	8	7
Deferred tax	5	4	7	8	13	0	11	4
	2,879	2,748	2,043	797	701	421	305	255
Held for sale or for a demerger	0	0	0	105	0	0	–	–
	1,553	1,329	932	336	312	185	209	170
Plant in use, after depreciation	553	572	357	99	93	2	3	4
Plant being built	4	1	2	1	2	0	0	0
Intangible assets	57	149	59	37	29	5	4	5
Goodwill	498	281	305	0	0	0	0	0
Intangible assets being developed	83	28	2	0	0	0	0	0
Property held to earn rent	26	25	23	23	22	21	20	18
Investments	81	86	60	117	131	136	165	124
Loans given	33	24	22	0	0	0	7	9
Other financial assets	35	11	11	5	5	5	4	6
Deferred tax	67	78	34	38	19	15	3	3
Trade receivables	53	24	18	11	8	0	0	0
Other assets	64	51	38	7	4	2	2	1
	1,326	1,419	1,111	356	389	236	96	84
Inventories	597	714	471	202	211	121	15	10
Trade receivables	465	407	319	87	58	10	8	8
Cash and cash equivalents	71	35	84	17	46	20	14	7
Other bank balances	4	30	14	4	20	15	13	14
Current investments	0	37	86	0	14	34	34	40
Loans given	3	12	2	0	0	0	0	0
Other financial assets	11	14	11	2	3	7	1	2
Tax paid in advance	61	74	54	15	10	7	3	2
Other assets	114	97	70	29	26	21	7	2
Net debt	793	687	444	253	−28	−65	−62	−61

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 14 May
	307	201	55	4	−103	−6
	306	226	56	4	−105	−2
	53	104	81	−24	−41	−14
Receivables	34	21	10	−5	−1	0
Inventories	250	−56	−11	38	107	5
Payables	−39	−37	−11	11	−4	−10
Other working capital	−193	176	92	−68	−143	−9
Tax paid	1	−26	−2	0	2	−4
Capital spending	26	59	15	1	2	2
Free cash flow	281	142	39	4	−105	−8
	119	32	216	8	7	0
Plant and property sold	0	0	195	19	10	6
Interest received	1	1	2	2	2	2
Dividends received	0	0	0	0	0	1
	−377	−298	−243	−6	−1	−1
Borrowings raised	84	20	62	0	0	0
Borrowings repaid	−365	−212	−128	0	0	0
Interest paid	−82	−61	−15	−4	0	0
Lease payments	0	0	−6	−2	−1	−1
Dividends paid	0	0	82	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	49	−65	28	6	−97	−7

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Forbes & Company dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 14 May
Earnings per share	₹70.58	−₹25.30	₹5.47	−₹254.95	−₹61.00	₹3,319.02	₹150.77	−₹3.50	₹96.42	₹10.53
Diluted earnings per share	₹70.58	−₹25.30	₹5.47	−₹254.95	−₹61.00	₹3,319.02	₹150.77	−₹3.50	₹96.42	₹10.53
Dividend per share	₹2.50	₹2.50	–	₹2.50	–	–	₹65.00	–	–	–
Book value per share	–	–	₹207.07	−₹68.33	−₹109.32	₹64.02	₹174.28	₹108.74	₹170.14	₹154.54
Dividend payout	3.6%	–	–	–	–	–	43.7%	–	–	–
Shareholder yield	–	–	–	–	0.0%	−0.1%	10.9%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	2,277	3,992	2,834	992	2,224	529	754	557	376	408

Ratios

Consolidated, years to March.Forbes & Company PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026Filed 14 May
Revenue growth	−20.5%	−6.5%	0.9%	−3.5%	3.7%	–	−14.1%	–	58.2%	−61.8%
Operating profit growth	–	23.6%	10.3%	−78.1%	505.9%	–	–	–	513.5%	−63.6%
Net profit growth	–	–	–	–	–	–	−95.5%	–	–	−89.1%
Earnings per share growth	–	–	–	–	–	–	−95.5%	–	–	−89.1%
	–	–	2.6%	−369.9%	67.8%	–	–	−2.4%	68.3%	6.4%
	–	–	–	−372.6 pts	437.7 pts	–	–	–	70.7 pts	−61.8 pts
From the net margin	–	–	–	−130.2 pts	284.6 pts	–	–	–	–	–
From asset turnover	–	–	–	1.5 pts	−18.6 pts	–	–	–	–	–
From borrowing	–	–	–	−243.9 pts	171.8 pts	–	–	–	–	–
Return on capital employed	–	–	5.3%	−8.5%	16.6%	–	−16.8%	2.0%	11.9%	3.6%
Cash conversion	–	–	–	–	–	4.8%	28.5%	–	−84.2%	−45.6%
Interest cover	0.5	0.5	0.7	–	1.1	0.2	–	1.8	49.3	11.0
Debt to equity	–	–	2.33	76.20	–	–	0.23	0.03	0.00	0.00
Receivable days	–	–	59	54	41	–	48	29	15	37
Inventory days	–	–	220	278	151	–	565	884	43	150
Payable days	–	–	151	158	111	–	191	338	71	222
Cash conversion cycle, days	–	–	128	174	80	–	422	574	−13	−35
Working capital days	–	–	−26	−56	−52	–	−56	−268	−43	−58
Asset turnover	–	–	0.99	0.98	1.19	–	–	0.22	0.55	0.27
Assets per rupee of net worth	–	–	10.92	32.06	−20.90	–	–	3.07	2.02	1.34
Sales per rupee of plant	–	–	5.16	4.82	8.00	5.21	4.76	79.18	72.45	20.80
Capital spending to depreciation	–	–	–	–	0.26	1.43	0.56	0.33	1.25	0.73
Plant being built, % of plant in use	–	–	0.7%	0.2%	0.6%	0.8%	2.0%	0.0%	3.6%	9.3%

Interest cover is left blank for the years to Mar 2020 and Mar 2023: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the year to Mar 2021: net worth is below zero, so there is no shareholders' money to set the borrowings against. Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2022 and Mar 2023: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2022, Mar 2023 and Mar 2024: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the year to Mar 2022: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Revenue growth and operating profit growth are left blank for the year to Mar 2022: between the two periods the company restated its earlier figures and the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Revenue growth is left blank for the year to Mar 2024: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2025 and Mar 2026: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.8%
Cash from operations against operating profit: −60.6%

Measure	10 years	5 years	3 years
Return on equity, average	–	–	24.1%
Return on capital employed, average	–	0.2%	5.8%
Operating margin, average	5.7%	7.2%	10.3%
Asset turnover, average	–	–	0.35
Cash conversion cycle, days, average	–	237	175
Interest cover, average	–	15.6	20.7
Debt to equity, average	–	0.06	0.01

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	150	−105	−6
Cash from investing	263	15	0
Cash from financing	−549	−8	−1
Capital spending	79	5	2
Dividends paid	83	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	82	0	0
Borrowings repaid	340	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	6	6	4	6	4
Altman Z-scorePublished threshold 1.81	–	–	1.72	0.54	1.65	−0.45	3.07	2.03	4.86	6.27
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.60	−6.01	−1.97	−3.28	0.45	−1.62
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−22.68	281.12	−10.51	−2.93	60.55	6.89
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.13	0.06	−0.14	−0.80
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−9.03	−25.31	9.24	−19.07	−11.53	−73.37	54.61
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	25.07	−55.92	30.67	5.99	20.75	−237.14	48.73
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.05	−1.76	−17.30	−1.35	−3.26	−12.27	−7.03
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.01	–	–	0.09	–	0.04	0.09
Effective tax ratePublished threshold 17.16 per cent	25.14	–	338.32	–	–	–	12.86	10.43	26.94	23.08
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	12.14	8.38	22.41	3.92

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
17 Feb 2026	CARE Ratings Limited	Fund-based - LT-Cash CreditLong-term scale	CARE BBB-Review, Re-affirm	Stable	42.58
17 Feb 2026	CARE Ratings Limited	Non-fund-based - ST-BG/LCShort-term scale	CARE A3Review, Re-affirm		7.50
30 Dec 2025	CRISIL Ratings Limited	Corporate Credit RatingLong-term scale	Crisil BBB-Rating Assigned	Stable

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.