Forbes & Company Ltd

₹ 324 3.03%

13 Nov - close price

About

Incorporated in 1919, Forbes & Company Ltd
is in the business of Health, Hygiene, Safety Products and its services, manufacturing &
sale of engineering products, real estate development project and leasing of
premises, IT Enabled Services and
Products and Shipping and Logistics
Services^[1]

Key Points

Business Overview:^[1]
FCL is a part of the Shapoorji Pallonji Group, which holds a 73.85% equity stake in FCL. Company's operations including:
a) Engineering business:
This comprises industrial automation and coding
b) Residential project development:
Company is developing real estate projects called Vicinia in Chandivali, Mumbai. In addition, FCL earns substantial income from its real estate holdings.
c) Others:
It has many subsidiaries, JVs, and associate companies. However, the company has undertaken various divestment and business discontinuations over the years

Website BSE

Market Cap ₹ 419 Cr.
Current Price ₹ 324
High / Low ₹ 463 / 242
Stock P/E 38.9
Book Value ₹ 123
Dividend Yield 0.00 %
ROCE 6.90 %
ROE 5.17 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.

Cons

Stock is trading at 2.64 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Company has a low return on equity of 7.83% over last 3 years.
Promoters have pledged 98.2% of their holding.
Earnings include an other income of Rs.7.07 Cr.
Debtor days have increased from 24.6 to 39.3 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	15.00	11.45	86.10	35.36	34.22	39.04	88.22	22.03	18.13	16.50	16.48	12.76	17.66
YoY Sales growth	-76.26%	-81.00%	+712.26%	-39.60%	+128.13%	+240.96%	+2.46%	-37.70%	-47.02%	-57.74%	-81.32%	-42.08%	-2.59%
	16.28	11.05	79.27	30.65	29.85	36.43	74.01	20.61	15.13	13.83	13.66	11.93	14.62
Operating Profit	-1.28	0.40	6.83	4.71	4.37	2.61	14.21	1.42	3.00	2.67	2.82	0.83	3.04
OPM %	-8.53%	3.49%	7.93%	13.32%	12.77%	6.69%	16.11%	6.45%	16.55%	16.18%	17.11%	6.50%	17.21%
	2.11	2.06	-3.63	2.27	2.87	9.71	-0.91	3.82	5.68	1.25	1.30	3.30	1.22
Interest	0.12	0.12	0.68	0.15	0.11	0.14	0.12	0.16	0.15	0.14	0.15	0.14	0.13
Depreciation	0.44	0.38	0.36	0.36	0.36	0.41	0.39	0.55	0.53	0.51	1.25	0.53	0.56
Profit before tax	0.27	1.96	2.16	6.47	6.77	11.77	12.79	4.53	8.00	3.27	2.72	3.46	3.57
Tax %	18.52%	-71.94%	-103.70%	17.62%	15.36%	28.63%	41.59%	12.36%	24.50%	13.15%	31.25%	11.27%	16.53%
	0.22	3.37	4.40	5.33	5.73	8.40	7.47	3.97	6.04	2.84	1.87	3.07	2.98
EPS in Rs	0.17	2.61	3.41	4.13	4.44	6.51	5.79	3.08	4.68	2.20	1.45	2.38	2.31
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	163	199	266	293	227	195	562	235	42	123	197	73	63
Sales growth	-43%	+22%	+34%	+10%	-23%	-14%	+189%	-58%	-82%	+191%	+59%	-63%	-62%
	160	212	228	235	204	199	424	202	54	116	171	63	54
Operating Profit	3	-13	38	58	23	-4	138	33	-11	7	26	10	9
OPM %	1.8%	-6%	14%	20%	10%	-2.1%	25%	14%	-27%	6%	13%	14%	15%
	19	40	72	7	8	2	-101	4,115	263	18	14	12	7
Interest	19	19	12	12	12	12	14	12	5	1	1	1	1
Depreciation	3	5	6	8	9	12	14	13	2	2	2	3	3
Profit before tax	-1	3	92	46	10	-26	9	4,122	245	23	38	19	13
Tax %	0%	0%	-5%	11%	1%	-5%	440%	-0%	2%	10%	29%	21%
	-1	3	97	41	10	-25	-31	4,133	239	20	27	15	11
EPS in Rs	-0.45	2.44	74.89	31.71	7.96	-19.03	-24.05	3,203.83	184.95	15.76	20.88	11.41	8.34
Dividend Payout %	0%	0%	3%	8%	63%	0%	0%	0%	35%	0%	0%	0%

Compounded Sales Growth
10 Years:	-10%
5 Years:	-34%
3 Years:	20%
TTM:	-62%

Compounded Profit Growth
10 Years:	11%
5 Years:	15%
3 Years:	27%
TTM:	-61%

Stock Price CAGR
10 Years:	18%
5 Years:	14%
3 Years:	6%
1 Year:	-12%

Return on Equity
10 Years:	-11%
5 Years:	10%
3 Years:	8%
Last Year:	5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	13	13	13	13	13	13	13	13	13	13	13	13	13
Reserves	122	132	229	266	221	189	157	26	194	109	144	148	146
	172	184	150	169	170	189	153	102	5	5	5	6	6
	94	112	108	92	342	473	205	316	316	235	67	44	45
Total Liabilities	401	441	499	539	746	864	528	457	528	362	229	210	209
	100	32	70	76	79	132	118	117	29	27	27	27	26
CWIP	0	6	3	2	4	1	2	1	0	0	0	0	0
Investments	163	200	193	206	243	242	167	37	105	128	136	130	116
	139	203	234	255	420	489	241	303	395	206	66	54	66
Total Assets	401	441	499	539	746	864	528	457	528	362	229	210	209

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-19	34	-30	27	61	60	99	62	64	-17	-13	-6
	10	-22	87	-25	-59	-60	-31	-16	147	3	5	-1
	6	-4	-54	4	-15	-5	-48	-62	-181	-1	-1	-1
Net Cash Flow	-3	8	3	5	-13	-6	20	-16	30	-15	-9	-8
Free Cash Flow	-22	24	47	12	45	11	99	35	244	1	-5	-2
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	-580%	-304%	-78%	68%	253%	-1,496%	69%	174%	-524%	-233%	-58%	-46%

Ratios

Standalone / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	105	77	54	48	66	47	22	49	59	20	15	39
Inventory Days	250	218	1,047	532			168	958		892	41	151
Days Payable	261	207	612	229			75	277		214	69	215
Cash Conversion Cycle	94	88	489	351	66	47	116	730	59	697	-14	-24
Working Capital Days	-157	-102	30	25	-173	-326	-68	-152	106	-206	-49	-66
ROCE %	3%	3%	26%	14%	7%	-3%	36%	13%	-6%	6%	20%	7%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Real Estate Leasing Income (Rent and Amenities)
₹ Lakhs (Standalone)

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	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx
	xx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx
			xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx

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Engineering / CIAB Segment Revenue
₹ Lakhs (Standalone)

Vicinia Project Flats Sold (Cumulative, FCL's 50% share)
flats

Fair Value of Investment Properties
₹ Lakhs (Consolidated)

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

4 Recently

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%
	11.58%	11.56%	11.51%	11.30%	10.16%	8.24%	8.24%	8.24%	8.24%	8.24%	8.24%	7.51%
	0.10%	0.10%	0.10%	0.10%	0.10%	0.19%	0.19%	0.19%	0.19%	0.11%	0.36%	0.37%
	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.62%	0.62%
	13.61%	13.63%	13.68%	13.89%	15.04%	16.85%	16.87%	16.87%	16.85%	16.95%	16.92%	17.65%
No. of Shareholders	12,619	13,302	13,128	12,852	12,836	13,061	12,946	12,743	12,391	12,184	12,090	12,057

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%
	11.59%	11.49%	11.50%	11.57%	11.48%	11.53%	11.52%	11.56%	8.24%	8.24%	7.51%
	0.16%	0.15%	0.16%	0.11%	0.10%	0.11%	0.10%	0.10%	0.19%	0.11%	0.37%
	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.62%
	13.55%	13.65%	13.64%	13.61%	13.71%	13.65%	13.68%	13.63%	16.85%	16.95%	17.65%
No. of Shareholders	11,586	14,401	15,050	13,116	12,136	12,373	13,830	13,302	13,061	12,184	12,057

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Forbes & Company Ltd

Forbes & Company Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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