Forbes & Company FY26 revenue falls, AGM on July 31
Forbes & Company Limited will hold its 107th Annual General Meeting on July 31, 2026, via video conferencing. The company's FY 2025-26 Annual Report reveals a significant decline in revenue to ₹8,519 lakhs, driven by the near-completion of the Vicinia Real Estate project, despite growth in the Coding & Industrial Automation segment. The firm remains debt-free with improved operating margins, though returns on capital have decreased.
*this image is generated using AI for illustrative purposes only.
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 .
Historical Stock Returns for Forbes & Company
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.13% | -5.20% | -11.14% | -22.01% | -38.43% | +224.05% |
What are the projected revenue timelines for the new Wagle Estate IT Park to offset the completion of the Vicinia project?
How does the company plan to reverse the 11% decline in the Laser business segment?
What is the strategy for deploying the company's debt-free capital given the drop in Return on Net Worth?
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