The Board of Directors of Forbes & Company approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, at a meeting held on August 14, 2026.

Standalone net profit for the quarter fell 23% year-on-year (YoY) to ₹3.07 crore, down from ₹3.97 crore in Q1FY26. Revenue from operations declined 42% YoY to ₹12.76 crore, primarily due to lower revenue recognition from real estate development projects. In the prior quarter, real estate project revenue was ₹8.06 crore; it dropped to just ₹56 lakh in the current quarter under Ind AS 115 recognition norms.

On a consolidated basis, the group reported a net profit of ₹3.60 crore, marking a significant turnaround from the net loss of ₹1.97 crore recorded in Q1FY26. This improvement was largely attributable to a positive share of profit from associates and joint ventures, which contributed ₹29 lakh, compared to a loss of ₹3.86 crore in the same period last year.

Segment Performance

The company operates through two main segments: Coding and Industrial Automation, and Real Estate. The Coding segment posted a loss of ₹69 lakh in Q1FY27, widening from a loss of ₹6 lakh in Q1FY26. Conversely, the Real Estate segment remained profitable with a result of ₹4.01 crore, though this was down from ₹6.43 crore in the prior year quarter.

Total consolidated revenue from operations stood at ₹13.26 crore, a 41% decline from ₹22.45 crore in Q1FY26.

What the Numbers Show

While operational revenue contracted significantly, the group’s total comprehensive income rose sharply to ₹15.31 crore from ₹16.64 crore in Q1FY26. This divergence is driven by a substantial gain of ₹12.09 crore from fair value changes on equity instruments through other comprehensive income (OCI), offsetting the operational slowdown. In contrast, standalone OCI showed a gain of ₹1.71 crore.

Legal and Corporate Updates

In legal matters concerning Svadeshi Mills Company Limited, the Bombay High Court dismissed an interim application filed by Forbes and Grand View Estate Private Limited (GVEPL) seeking a permanent stay on winding up proceedings. An appeal against this order is listed for hearing on August 19, 2026.

Additionally, wholly-owned subsidiary EFL Mauritius Limited filed for removal from the Register of Companies in Mauritius. The subsidiary’s financials are being prepared on a realizable basis pending deregistration. Another subsidiary, Forbes Bradma Optimarks Private Limited, incurred a net loss of ₹0.62 lakh but maintains a positive net worth of ₹29.15 lakh.

Statutory auditors Sharp & Tannan Associates issued an unmodified limited review report on the financial statements.

Forbes & Company shareholders have approved the company’s audited financial statements for the fiscal year ended March 31, 2026, alongside the re-appointment of a key board member. The resolutions were passed at the 107th Annual General Meeting (AGM) held on July 31, 2026, via video conferencing, reflecting strong alignment between management and investors on governance and financial reporting matters.

The meeting saw robust participation, with 9,390,840 votes polled out of 12,898,616 outstanding shares, representing a 72.8% turnout. Vaibhav Dandawate of Makarand M. Joshi & Co., appointed as the independent scrutinizer under Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, certified that all resolutions were passed with the requisite majority.

Key Resolutions Passed

Shareholders voted on three ordinary resolutions. The promoter group, holding 9,525,691 shares, cast 100% of their votes in favor of all items. Public non-institutional shareholders also showed overwhelming support, with only two votes cast against any resolution across the entire agenda.

The first resolution concerned the adoption of both the standalone and consolidated audited financial statements for FY26, along with the reports of the Board of Directors and the Auditors. The second resolution involved the re-appointment of Mr. Jai Mavani (DIN: 05260191), who retires by rotation and was eligible for re-appointment. The third resolution ratified the remuneration payable to the Cost Auditor.

Voting Breakdown by Category

The voting pattern highlighted significant engagement from the promoter group, which accounted for 98.25% of the votes polled on outstanding shares within its category. Institutional public holders participated minimally, with only 0.20% of their shares polled, though all such votes were in favor. Non-institutional public shareholders contributed 1.33% of their holdings to the vote pool.

The remote e-voting period ran from July 28 to July 30, 2026, facilitated by National Securities Depository Limited (NSDL). No invalid votes were recorded, and voting rights on shares transferred to the Investor Education and Protection Fund remained frozen as per regulations.

What the Numbers Show

The near-unanimous approval across all resolutions underscores stable corporate governance at Forbes & Company. The high promoter participation rate of 98.25% indicates strong insider confidence in the FY26 financial performance and the continued leadership of Jai Mavani. With only two dissenting votes out of nearly 9.4 million polled, shareholder opposition is negligible, suggesting no immediate governance risks or contentious issues requiring further stakeholder engagement.