Forbes & Company shareholders approve FY26 results and board reshuffle

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.

Resolution Description	Votes Polled	Votes In Favor	Votes Against	% Support
Adoption of Audited Financial Statements (FY26)	9,390,840	9,390,838	2	100.00%
Re-appointment of Jai Mavani as Director	9,390,840	9,390,838	2	100.00%
Ratification of Cost Auditor Remuneration	9,390,840	9,390,838	2	100.00%

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.

Shareholder Category	Shares Held	Votes Polled	Turnout %
Promoter and Promoter Group	9,525,691	9,359,293	98.25%
Public - Institutions	1,178,201	2,374	0.20%
Public - Non Institutions	2,194,724	29,173	1.33%
Total	12,898,616	9,390,840	72.81%

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.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.53%	-6.19%	-18.84%	-33.41%	-39.97%	+164.07%

Forbes & Company Limited will hold its 107th Annual General Meeting (AGM) on Friday, July 31, 2026, at 1:30 p.m. IST through Video Conferencing (VC) and Other Audio Visual Means (OAVM). The meeting is being conducted in compliance with Ministry of Corporate Affairs (MCA) circulars and Securities and Exchange Board of India (SEBI) regulations. The company has released its Annual Report for FY 2025-26, which highlights a significant decline in financial performance primarily due to the near-completion of the Vicinia Real Estate project.

Financial Performance Overview

The company's standalone total income for FY 2025-26 stood at ₹8,519 lakhs, a sharp decrease from ₹21,280 lakhs in the previous year. Consolidated revenue followed a similar trend, falling to ₹9,028 lakhs from ₹21,557 lakhs. The decline was attributed to lower revenue recognition from the Vicinia Real Estate Project. Profit After Tax for continuing operations dropped to ₹1,472 lakhs on a standalone basis and ₹1,341 lakhs on a consolidated basis. The company recognised a notional loss on fair valuation of equity share investments under Other Comprehensive Income (OCI), recording an unrealised loss of ₹1,071 lakhs standalone and ₹3,353 lakhs consolidated. As at March 31, 2026, the fair value of quoted investments was ₹5,281.80 lakhs, representing 12,00,000 equity shares of Eureka Forbes Limited. The company remains debt-free as on March 31, 2026.

Particulars:	Standalone FY 25-26	Standalone FY 24-25	Consolidated FY 25-26	Consolidated FY 24-25
Total Income (₹ in Lakhs):	8,519	21,280	9,028	21,557
EBITDA (₹ in Lakhs):	2,196	4,186	2,423	4,407
Profit Before Tax (₹ in Lakhs):	1,852	3,780	1,818	4,022
Profit After Tax – Continuing Operations (₹ in Lakhs):	1,472	2,693	1,341	2,891
Total Comprehensive Income (₹ in Lakhs):	401	3,485	(2,012)	14,064
Basic & Diluted EPS – Continuing Operations (₹):	11.41	20.88	10.53	22.71

Segment-Wise Performance

The company operates across two main segments: Coding & Industrial Automation (CIAB) and Real Estate. The CIAB segment recorded revenue of ₹3,885 lakhs, a growth of 12% during the year, driven by Project Automation and Conventional Markings segments which grew 38% and 14% respectively, while the Laser business declined by 11%. The Real Estate segment revenue fell to ₹3,927 lakhs from ₹16,795 lakhs due to the Vicinia project's near-completion, with only five flats remaining unsold. The company is also developing a private IT Park at Wagle Estate, Thane, covering approximately 6.2 lakh square feet.

Segment:	Revenue FY 25-26 (₹ in Lakhs)	Revenue FY 24-25 (₹ in Lakhs)	Results FY 25-26 (₹ in Lakhs)	Results FY 24-25 (₹ in Lakhs)
Coding and Industrial Automation:	3,885	3,134	142	(116)
Real Estate:	3,927	16,795	2,218	4,624
Total (Net of Inter-Segment):	7,614	19,923	—	—

Key Financial Ratios

Selected standalone key financial ratios for FY 2025-26 versus FY 2024-25 show improved margins but lower returns on capital. The Current Ratio improved to 2.24 from 1.54, while the Operating Profit Margin rose to 30% from 20%. However, Return on Net Worth decreased to 9% from 18%, and Return on Capital Employed fell to 11% from 25%.

Ratio:	FY 25-26	FY 24-25
Current Ratio:	2.24	1.54
Debt-Equity Ratio:	0.04	0.03
Operating Profit Margin (%):	30%	20%
Net Profit Ratio (%):	17%	13%
Return on Net Worth (%):	9%	18%
Return on Capital Employed (%):	11%	25%
Trade Receivables Turnover Ratio:	9.30	26.71

Subsidiary and Joint Venture Performance

Forbes Bumi Armada Limited (FBAL), a joint venture, reported total revenue of ₹8,185 lakhs for FY 2025-26 compared to ₹7,485 lakhs in the previous year, with Profit after Tax rising to ₹441 lakhs from ₹381 lakhs. Forbes Campbell Finance Limited (FCFL), a wholly owned material subsidiary, reported total revenue of ₹119 lakhs and Profit after Tax of ₹80 lakhs. Forbes Bradma Optimark Private Limited, a wholly owned subsidiary, incurred a net loss of ₹51.09 lakhs with accumulated losses of ₹470.23 lakhs.

AGM Details and E-Voting

The remote e-voting period commences on Tuesday, July 28, 2026 (9:00 a.m. IST) and ends on Thursday, July 30, 2026 (5:00 p.m. IST). The cut-off date for voting eligibility is Friday, July 24, 2026. E-voting services are provided by National Securities Depository Limited (NSDL). The AGM agenda includes the adoption of audited financial statements for FY 2025-26, the re-appointment of Mr. Jai Mavani (DIN: 05260191) as a Director, and the ratification of remuneration for Cost Auditors. The Notice of the AGM and Annual Report are available on the company's website at www.forbes.co.in .