Forbes & Company Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The certificate was filed with BSE Limited on April 07, 2026, confirming the company's adherence to dematerialisation and securities transfer regulations.

Regulatory Compliance Certificate

The company filed the mandatory certificate through its Registrar and Share Transfer Agent, MUFG Intime India Private Limited (formerly Link Intime India Private Limited). The certificate confirms proper handling of securities received for dematerialisation during Q4FY26.

Certificate Confirmation

MUFG Intime India Private Limited confirmed that securities received from depository participants for dematerialisation during the quarter were properly processed within prescribed timelines. The RTA verified that security certificates received for dematerialisation were confirmed or rejected appropriately, with physical certificates being mutilated and cancelled after due verification.

Key Compliance Points

The certificate confirms that securities comprised in the dematerialisation requests have been listed on stock exchanges where the company's earlier issued securities are traded. The depository names have been substituted in the register of members as registered owners following proper verification processes.

Company Details

The submission was signed by Nirmal Jagawat, Whole-time Director (DIN: 01854117), maintaining the company's commitment to regulatory compliance. Forbes & Company Limited operates under CIN L17110MH1919PLC000628 with its registered office at Forbes Building, Charanjit Rai Marg, Fort, Mumbai.

RTA Information

MUFG Intime India Private Limited, with CIN U67190MH1999PTC118368, serves as the company's Registrar and Share Transfer Agent. The certificate was issued by Deepak Tambe, Assistant Vice President, confirming proper dematerialisation processes and regulatory adherence for the reporting quarter.

Forbes & Company Limited reported a challenging third quarter for FY26, with significant declines in both revenue and profitability compared to the previous year. The company's financial performance reflected the impact of reduced real estate segment activity and ongoing market conditions.

Financial Performance Overview

The company's financial results for Q3FY26 showed substantial year-on-year declines across key metrics:

For the nine-month period ended December 31, 2025, the company reported revenue of ₹5,666 lakhs compared to ₹10,862 lakhs in the corresponding period of the previous year, representing a 48% decline. Net profit for the nine-month period stood at ₹1,285 lakhs, down 34% from ₹1,946 lakhs in the previous year.

Segment-wise Performance Analysis

The company operates through two primary segments: Coding and Industrial Automation, and Real Estate. The performance varied significantly between these segments:

Real Estate Segment

The real estate segment experienced a substantial decline, with revenue dropping to ₹729 lakhs in Q3FY26 from ₹3,165 lakhs in Q3FY25. For the nine-month period, real estate revenue decreased to ₹3,059 lakhs from ₹8,483 lakhs in the previous year. The segment results showed profit of ₹311 lakhs for Q3FY26 compared to ₹1,355 lakhs in Q3FY25.

Coding and Industrial Automation Segment

This segment showed resilience with revenue growth to ₹921 lakhs in Q3FY26 from ₹739 lakhs in Q3FY25, representing a 25% increase. For the nine-month period, the segment generated revenue of ₹2,607 lakhs compared to ₹2,379 lakhs in the previous year. The segment reported profit of ₹63 lakhs in Q3FY26, recovering from a loss of ₹113 lakhs in Q3FY25.

Leadership Changes and Corporate Developments

The company announced several significant leadership changes during the board meeting held on January 30, 2026:

Jagannath Govale, the newly appointed Chief Financial Officer, brings over 24 years of experience in finance, leadership, corporate strategy, and governance. His background includes extensive exposure to capital structuring, fund raising, budgeting, cash flow management, and financial planning.

Other Comprehensive Income and Total Performance

Despite the decline in operational performance, the company reported positive other comprehensive income of ₹484 lakhs in Q3FY26, primarily driven by fair value changes on equity instruments. This resulted in total comprehensive income of ₹768 lakhs for the quarter compared to ₹934 lakhs in Q3FY25.

Impact of New Labour Codes

The company recognized an incremental impact of ₹164 lakhs due to the implementation of four Labour Codes notified by the Government of India on November 21, 2025. These changes in employee benefit entitlements were recognized as employee benefit expenses in accordance with IND AS 19.

Outlook and Strategic Considerations

The company continues to navigate challenges in its real estate segment while maintaining growth momentum in its coding and industrial automation business. The leadership changes reflect the company's focus on strengthening its management team to drive future growth and operational efficiency.

Source: Forbes & Company Limited