Forbes & Company Limited, a diversified conglomerate with interests in Coding and Industrial Automation and Real Estate, has announced its financial results for the quarter and half-year ended September 30, 2025. The company's performance reflects a mixed picture, with the Real Estate segment emerging as a key revenue driver.

Revenue Highlights

For the quarter ended September 30, 2025, Forbes & Company reported a total revenue of Rs. 2,381.00 lakhs, compared to Rs. 2,585.00 lakhs in the previous quarter. The Real Estate segment contributed significantly to this revenue, generating Rs. 967.00 lakhs for the quarter.

Segment Performance

Real Estate Segment

The Real Estate division has shown robust performance:

• Quarterly revenue: Rs. 967.00 lakhs
• Half-yearly revenue: Rs. 2,330.00 lakhs

The company recognized revenue of Rs. 306.00 lakhs for the quarter and Rs. 1,112.00 lakhs for the half-year from its real estate project, following the completion of certain milestones as per Ind AS 115.

Coding and Industrial Automation Segment

This segment also contributed steadily:

• Quarterly revenue: Rs. 846.00 lakhs
• Half-yearly revenue: Rs. 1,686.00 lakhs

Financial Performance

The company's profit before tax for Q2 FY2026 stood at Rs. 800.00 lakhs, showing an improvement from Rs. 453.00 lakhs in the previous quarter. The profit after tax for Q2 FY2026 was Rs. 604.00 lakhs, up from Rs. 397.00 lakhs in Q1 FY2026.

Other Developments

• The Board of Directors approved the unaudited standalone and consolidated financial results in a meeting held on November 7, 2025.
• Forbes Bradma Optimark Private Limited became a wholly-owned subsidiary effective March 31, 2025, following the termination of a joint venture agreement with MACSA ID S.A.
• The company continues to face challenges with Forbes Technosys Limited, which underwent a corporate insolvency resolution process after the company lost control in March 2025.

Management Commentary

Nirmal Jagawat, Whole-time Director of Forbes & Company Limited, stated, "Our Real Estate segment has shown resilience and continues to be a significant contributor to our revenue. While we face challenges in certain areas, we are focused on strengthening our core businesses and exploring new opportunities for growth."

Forbes & Company Limited remains committed to navigating the current market conditions and leveraging its diverse portfolio to drive sustainable growth in the coming quarters.

Forbes & Company Limited, a prominent Indian conglomerate, has received an Income Tax penalty order of Rs 8.19 crore for the Assessment Year 2013-14. The company, however, is contesting the order, calling it "entirely erroneous" and arising from a misinterpretation of facts.

Penalty Details

The Income Tax Department's Assessment Unit issued an order on September 25, imposing a penalty of Rs 8,18,57,865 under Section 271(1)(c) of the Income Tax Act. The penalty was levied for allegedly providing inaccurate particulars of income for the Assessment Year 2013-14.

Company's Response

Forbes & Company has taken a firm stance against the penalty order. In a disclosure to the BSE Limited, the company stated:

• The order is "entirely erroneous and arose out of misinterpretation of the facts for levy of penalty."
• The company is in the process of filing a rectification application and initiating an appeal against the order.
• Forbes & Company believes it has a "strong case on merits" and is confident of succeeding in having the penalty quashed through rectification or appellate proceedings.

Financial Impact

Despite the substantial penalty amount, Forbes & Company does not anticipate any material impact on its financial, operational, or other activities. The company's confidence stems from its belief in the strength of its case and the expectation of a favorable outcome in the appeal process.

Regulatory Compliance

In compliance with SEBI regulations, Forbes & Company has promptly disclosed the details of the Income Tax order to the stock exchange. The disclosure includes all relevant information as required under Clause 20 of Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Investor Implications

While the penalty order represents a significant amount, Forbes & Company's strong assertion of its position and immediate action to contest the order may provide some reassurance to investors. However, stakeholders will likely keep a close watch on the developments of the appeal process and any potential impact on the company's financials in the coming months.

As the situation unfolds, Forbes & Company's ability to successfully navigate this regulatory challenge will be crucial in maintaining investor confidence and its market position.