India's Most Valuable Companies 2021 edition · Source: Hurun India
Rank#425- Valuation
- ₹7,351 Cr
Market Cap
₹340 Cr
FORBESCO · BSE
Share Price
₹266.00
+0.85% today
Revenue
₹76.14 Cr
FY 2025-26 · -61.8% YoY
EBITDA
₹7.61 Cr
Margin 10.0%
Net Profit
₹3.51 Cr
FY 2025-26 · -96.8% YoY
P/E (TTM)
27.8x
P/B 1.7x
ROE
0.7%
ROCE 2.0%
Debt / Equity
0.03
Interest cover 13.8x
About Forbes & Company Limited
Data last updated:
Forbes & Company Limited is a public limited company based in Mumbai, Maharashtra, India, a subsidiary of Shapoorji Pallonji And Company Private Limited. It operates in the industrial tools and components segment of the machinery and industrial equipment sector. It was incorporated on 18 November 1919 and has been in existence for over 107 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN L17110MH1919PLC000628. Its GSTIN is 27AAACF1765A1Z3 (Maharashtra). The company holds 24 GST registrations, of which 6 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 502865.
The company has an authorised share capital of ₹43.05 Cr and a paid-up capital of ₹12.9 Cr. It was formerly known as The Gokak Mills Ltd and The Gokak Mills Limited. It is led by directors including Nirmal Chandmal Jagawat (Whole-Time Director) and Mahesh Chelaram Tahilyani.
Its last annual general meeting (AGM) was held on 27 June 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Forbes Building Charanjit Rai Marg Fort, Mumbai, Maharashtra, India – 400001.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹76.14 Cr, a decline of 61.8% compared to the previous year. For the same year it recorded a net profit of ₹3.51 Cr (net margin 4.6%) and EBITDA of ₹7.61 Cr (EBITDA margin 10%). The net worth stands at ₹199.36 Cr (down 9.2% YoY). Total assets are valued at ₹215.68 Cr (down 8.8% YoY).
The company has about 137 employees on its provident fund (EPFO) records. Its group structure includes 6 subsidiaries and 2 joint ventures.
The company is associated with 1 brand: Forbes. As per MCA filings, the company has open charges of ₹687.58 Cr and satisfied charges of ₹701.26 Cr on record. Court records list 630 cases involving the company, including 314 filed by the company and 318 filed against it; 92 cases are pending. The company has 16 deals on record (14 market trades, 2 acquisitions); the latest was in March 2025. The company has 24 MSME Form 1 returns on record between 2018 and 2024, listing 2,886 overdue payments to 181 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website forbes.co.in.
Company details
CIN L17110MH1919PLC000628
Registration Number 000628
Incorporation Date 18 November 1919
ROC Mumbai
Listing Status Listed - Listed on BSE (502865)
Company Status Active
Date of Last AGM 27 June 2025
Date of Balance Sheet 31 March 2026
Parent Company Shapoorji Pallonji And Company Private Limited
Compliance Status Active Compliant
Name history
Forbes & Company has undergone 4 name changes throughout its history. The current legal name is Forbes & Company Limited.
| Company Name | Status |
|---|---|
| Forbes & Company Limited | Current |
| The Gokak Mills Ltd | Previous |
| The Gokak Mills Limited | Previous |
| Forbes Gokak Limited | Previous |
| The Gokak Mills Private | Previous |
Key People
Nirmal Chandmal Jagawat Whole-Time Director Mahesh Chelaram Tahilyani Director Jai Laxmikant Mavani Director Recognitions & Rankings of Forbes & Company
Contact details
Forbes & Company Limited's registered office is in Mumbai, Maharashtra. Its website is forbes.co.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressForbes Building Charanjit Rai Marg Fort, Mumbai, Maharashtra, India – 400001
- IndustryMachinery and Equipment, Industrial Tools & Components
To see the full contact details of Forbes & Company Limited, buy the company report.
Comprehensive company report
Forbes & Company Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
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Brands
Forbes & Company operates one associated brand: Forbes. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Construction industries are operated in by the diversified conglomerate. | forbes.co.in |
Business activity
The main business activities of Forbes & Company are manufacturing and real estate. In detail, this covers metal and metal products and real estate activities with own or leased property. 2 activity segments are registered with the MCA.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C7 | Metal and metal products | |
| L | Real Estate | L1 | Real estate activities with own or leased property |
To see the full business activity and turnover split of Forbes & Company Limited, buy the company report.
Financials of Forbes & Company Limited
FY 2025-26 filings availableForbes & Company Limited reported revenue of ₹76.14 Cr (down 61.8% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹76.14 Cr
-61.8% YoY
EBITDA
₹7.61 Cr
-70.7% YoY
Profit After Tax
₹3.51 Cr
-96.8% YoY
Net Worth
₹199 Cr
-9.2% YoY
Total Assets
₹216 Cr
-8.8% YoY
Total Debt
₹6.00 Cr
+16.7% YoY
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 76.14 | 199 | 125 | 46.74 | 515 | 932 | 2,731 |
| Revenue growth | -61.8% | +59.6% | +167.0% | -90.9% | -44.8% | -65.9% | - |
| EBITDA | 7.61 | 25.97 | (23.68) | (47.17) | (310) | (14.78) | (192) |
| EBITDA margin | +10.0% | +13.0% | -19.0% | -100.9% | -60.3% | -1.6% | -7.0% |
| Profit before tax | 18.19 | 134 | (2.05) | 198 | 4,215 | (56.37) | (341) |
| Net profit | 3.51 | 110 | (16.49) | (24.50) | 4,572 | 98.34 | (121) |
| Net profit margin | +4.6% | +55.3% | -13.2% | -52.4% | +888.3% | +10.6% | -4.4% |
| EPS (₹) | 10.40 | 95.17 | (3.46) | 148.82 | 3,276.21 | (60.21) | (251.66) |
| Balance sheet | |||||||
| Total assets | 216 | 237 | 157 | 244 | 388 | 460 | 1,329 |
| Net worth | 199 | 219 | 140 | 225 | 86.47 | (103) | (54.60) |
| Total debt | 6.00 | 5.14 | 5.04 | 8.87 | 288 | 485 | 1,104 |
| Cash & bank | 20.78 | 27.75 | 34.04 | 55.72 | 21.79 | 67.50 | 64.55 |
| Net working capital | 7.09 | 1.15 | (68.10) | 37.10 | 44.18 | (288) | (108) |
| Cash flow | |||||||
| Cash from operations | (6.12) | (11.21) | (20.06) | 54.58 | 201 | 366 | 229 |
| Cash from investing | 0.26 | 6.59 | 0.65 | 216 | 9.03 | 64.87 | (143) |
| Cash from financing | (1.35) | (0.65) | (6.46) | (243) | (275) | (382) | (122) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13.26 | 17.19 | 17.80 | 18.70 | 22.45 | 88.68 | 40.23 | 34.66 |
| Revenue growth (YoY) | -40.9% | -80.6% | -55.8% | -46.1% | -37.3% | - | - | - |
| Other income | 3.66 | 1.40 | 2.55 | 6.22 | 5.34 | 97.31 | 10.19 | 2.84 |
| EBITDA | 1.12 | (0.81) | 3.02 | 2.87 | 1.15 | 11.53 | 3.48 | 3.97 |
| EBITDA margin | +8.4% | -4.7% | +17.0% | +15.3% | +5.1% | +13.0% | +8.7% | +11.5% |
| Depreciation | 0.54 | 1.26 | 0.52 | 0.56 | 0.57 | 0.41 | 0.42 | 0.37 |
| Interest | 0.14 | 0.18 | 0.16 | 0.15 | 0.16 | 0.13 | 0.21 | 0.20 |
| Profit before tax | 4.10 | (0.85) | 4.89 | 8.38 | 5.76 | 108 | 13.04 | 6.24 |
| Tax | 0.50 | 1.12 | 0.70 | 2.05 | 0.90 | 5.46 | 3.54 | 1.10 |
| Net profit | 3.60 | (1.97) | 4.19 | 6.33 | 4.86 | 103 | 9.50 | 5.14 |
| EPS (₹) | 2.83 | (1.55) | 3.29 | 4.97 | 3.82 | 80.77 | 7.46 | 4.04 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 73.14 | 197 | 123 | 42.43 | 235 | 562 | 195 |
| Revenue growth | -62.8% | +59.5% | +191.0% | -82.0% | -58.2% | +188.6% | - |
| EBITDA | 9.98 | 23.50 | 1.20 | (18.77) | (407) | 23.77 | (16.33) |
| EBITDA margin | +13.7% | +11.9% | +1.0% | -44.2% | -173.0% | +4.2% | -8.4% |
| Profit before tax | 18.52 | 37.80 | 22.50 | 245 | 4,122 | 9.09 | (25.76) |
| Net profit | 5.53 | 14.64 | 7.87 | 4.01 | 28.59 | (395) | (20.80) |
| Net profit margin | +7.6% | +7.4% | +6.4% | +9.5% | +12.2% | -70.3% | -10.7% |
| EPS (₹) | 11.41 | 20.88 | 15.76 | 184.97 | 3,204.18 | (24.06) | (19.03) |
| Balance sheet | |||||||
| Total assets | 177 | 174 | 139 | 222 | 148 | 331 | 398 |
| Net worth | 161 | 157 | 122 | 207 | 39.02 | 170 | 202 |
| Total debt | 5.98 | 5.01 | 5.03 | 5.09 | 102 | 153 | 189 |
| Cash & bank | 15.13 | 22.06 | 30.29 | 50.71 | 9.00 | 24.30 | 3.78 |
| Net working capital | 2.65 | (4.11) | (39.37) | 63.09 | (42.48) | 13.00 | (51.85) |
| Cash flow | |||||||
| Cash from operations | (6.05) | (12.78) | (16.84) | 63.65 | 62.50 | 98.69 | 59.50 |
| Cash from investing | (0.67) | 4.86 | 3.26 | 147 | (16.48) | (30.56) | (60.39) |
| Cash from financing | (1.29) | (0.61) | (1.14) | (181) | (61.62) | (48.33) | (5.45) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.76 | 16.48 | 16.50 | 18.13 | 22.03 | 88.22 | 39.04 | 34.22 |
| Revenue growth (YoY) | -42.1% | -81.3% | -57.7% | -47.0% | -37.7% | - | - | - |
| Other income | 3.30 | 1.30 | 1.25 | 5.68 | 3.82 | 1.61 | 9.81 | 2.87 |
| Total expenses | 11.93 | 13.66 | 13.83 | 15.13 | 20.61 | 76.53 | 36.53 | 29.85 |
| EBITDA | 0.83 | 2.82 | 2.67 | 3.00 | 1.42 | 11.69 | 2.51 | 4.37 |
| EBITDA margin | +6.5% | +17.1% | +16.2% | +16.5% | +6.4% | +13.3% | +6.4% | +12.8% |
| Depreciation | 0.53 | 1.25 | 0.51 | 0.53 | 0.55 | 0.39 | 0.41 | 0.36 |
| Interest | 0.14 | 0.15 | 0.14 | 0.15 | 0.16 | 0.12 | 0.14 | 0.11 |
| Profit before tax | 3.46 | 2.72 | 3.27 | 8.00 | 4.53 | 12.79 | 11.77 | 6.77 |
| Tax | 0.39 | 0.85 | 0.43 | 1.96 | 0.56 | 5.32 | 3.37 | 1.04 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 24 Oct 2026
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13.26 | 17.19 | 17.80 | 18.70 | 22.45 | 88.68 | 40.23 | 34.66 |
| Revenue growth (YoY) | -40.9% | -80.6% | -55.8% | -46.1% | -37.3% | - | - | - |
| Other income | 3.66 | 1.40 | 2.55 | 6.22 | 5.34 | 97.31 | 10.19 | 2.84 |
| EBITDA | 1.12 | (0.81) | 3.02 | 2.87 | 1.15 | 11.53 | 3.48 | 3.97 |
| EBITDA margin | +8.4% | -4.7% | +17.0% | +15.3% | +5.1% | +13.0% | +8.7% | +11.5% |
| Depreciation | 0.54 | 1.26 | 0.52 | 0.56 | 0.57 | 0.41 | 0.42 | 0.37 |
| Interest | 0.14 | 0.18 | 0.16 | 0.15 | 0.16 | 0.13 | 0.21 | 0.20 |
| Profit before tax | 4.10 | (0.85) | 4.89 | 8.38 | 5.76 | 108 | 13.04 | 6.24 |
| Tax | 0.50 | 1.12 | 0.70 | 2.05 | 0.90 | 5.46 | 3.54 | 1.10 |
| Net profit | 3.60 | (1.97) | 4.19 | 6.33 | 4.86 | 103 | 9.50 | 5.14 |
| EPS (₹) | 2.83 | (1.55) | 3.29 | 4.97 | 3.82 | 80.77 | 7.46 | 4.04 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 76.14 | 199 | 125 | 46.74 | 515 | 932 | 2,731 |
| Revenue growth | -61.8% | +59.6% | +167.0% | -90.9% | -44.8% | -65.9% | - |
| Other income | 14.14 | 110 | 24.34 | 261 | 4,608 | 78.13 | 50.24 |
| Total expenses | 68.53 | 173 | 148 | 93.91 | 825 | 947 | 2,922 |
| Employee cost | 16.72 | 14.26 | 14.38 | 14.91 | 173 | 214 | 694 |
| EBITDA | 7.61 | 25.97 | (23.68) | (47.17) | (310) | (14.78) | (192) |
| EBITDA margin | +10.0% | +13.0% | -19.0% | -100.9% | -60.3% | -1.6% | -7.0% |
| Depreciation | 2.91 | 1.58 | 1.62 | 5.91 | 41.44 | 68.13 | 98.11 |
| Interest | 0.65 | 0.53 | 1.09 | 9.83 | 42.03 | 51.59 | 101 |
| Profit before tax | 18.19 | 134 | (2.05) | 198 | 4,215 | (56.37) | (341) |
| Tax | 4.77 | 11.31 | 2.40 | 6.43 | (10.29) | 60.24 | (2.49) |
| Net profit | 3.51 | 110 | (16.49) | (24.50) | 4,572 | 98.34 | (121) |
| Net profit margin | +4.6% | +55.3% | -13.2% | -52.4% | +888.3% | +10.6% | -4.4% |
| EPS (₹) | 10.40 | 95.17 | (3.46) | 148.82 | 3,276.21 | (60.21) | (251.66) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 12.90 | 12.90 | 12.99 | 12.99 | 16.79 | 50.50 | 46.45 |
| Reserves & surplus | 187 | 207 | 65.87 | 150 | 70.01 | (154) | (101) |
| Shareholders' funds (net worth) | 199 | 219 | 140 | 225 | 86.47 | (103) | (54.60) |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | (0.20) | 64.43 | 98.50 |
| Secured loans | 0.00 | 0.04 | 0.00 | 0.00 | 132 | 261 | 722 |
| Unsecured loans | 6.00 | 5.10 | 5.04 | 8.87 | 157 | 224 | 382 |
| Total debt | 6.00 | 5.14 | 5.04 | 8.87 | 288 | 485 | 1,104 |
| Total liabilities | 216 | 237 | 157 | 244 | 388 | 460 | 1,329 |
| Assets | |||||||
| Gross block | 45.32 | 43.67 | 42.15 | 165 | 970 | 1,169 | 1,607 |
| Net block | 26.80 | 27.39 | 27.36 | 28.73 | 158 | 598 | 1,027 |
| Capital work in progress | 0.34 | 0.10 | 0.00 | 0.00 | 0.82 | 3.59 | 28.95 |
| Investments | 164 | 200 | 171 | 145 | 117 | 60.16 | 123 |
| Inventories | 9.89 | 14.56 | 121 | 150 | 202 | 186 | 714 |
| Sundry debtors | 7.76 | 8.36 | 6.77 | 7.84 | 86.98 | 121 | 407 |
| Cash & bank balances | 20.78 | 27.75 | 34.04 | 55.72 | 21.79 | 67.50 | 64.55 |
| Loans & advances | 3.45 | 7.92 | 32.96 | 281 | 136 | 913 | 122 |
| Total current assets | 41.88 | 58.59 | 195 | 494 | 446 | 1,287 | 1,307 |
| Total current liabilities | 34.79 | 57.44 | 263 | 457 | 402 | 1,576 | 1,415 |
| Net working capital | 7.09 | 1.15 | (68.10) | 37.10 | 44.18 | (288) | (108) |
| Total assets | 216 | 237 | 157 | 244 | 388 | 460 | 1,329 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 14.43 | 19.70 | 45.57 | 18.22 | 83.59 | 34.53 | 70.56 |
| Net cash from operating activities | (6.12) | (11.21) | (20.06) | 54.58 | 201 | 366 | 229 |
| Net cash from investing activities | 0.26 | 6.59 | 0.65 | 216 | 9.03 | 64.87 | (143) |
| Net cash from financing activities | (1.35) | (0.65) | (6.46) | (243) | (275) | (382) | (122) |
| Net change in cash | (7.21) | (5.27) | (25.88) | 27.35 | (65.37) | 49.06 | (36.03) |
| Closing cash | 20.78 | 27.75 | 34.04 | 55.72 | 21.79 | 67.50 | 64.55 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | -61.8% | +59.6% | +167.0% | -90.9% | -44.8% | -65.9% | - |
| EBITDA growth | -70.7% | +209.7% | +49.8% | +84.8% | -1999.8% | +92.3% | - |
| PBT growth | -86.4% | +9998.0% | - | -95.3% | +9998.0% | +83.5% | - |
| Net income growth | -96.8% | +768.4% | +32.7% | -100.5% | +4549.3% | +181.3% | - |
| Revenue CAGR (3Y) | +17.7% | -27.1% | -48.9% | -74.2% | -43.5% | -30.9% | -3.1% |
| EBITDA CAGR (3Y) | - | - | +17.0% | -37.3% | - | - | - |
| Profitability & leverage | |||||||
| Net income margin | +17.6% | +61.6% | -3.6% | +410.4% | +820.8% | -12.5% | -12.4% |
| Return on capital employed | +2.0% | +8.2% | 0.0% | -3.6% | +659.1% | 0.0% | 0.0% |
| Return on net worth | +0.7% | +32.5% | 0.0% | -4.1% | +1879.3% | 0.0% | 0.0% |
| Debt / equity | 0.03 | 0.03 | 0.04 | 0.95 | 0.00 | 0.00 | 8.97 |
| Long-term debt / equity | 0.02 | 0.03 | 0.03 | 0.25 | 0.00 | 0.00 | 3.69 |
| Interest cover | 13.83 | 2.17 | -4.31 | -18.52 | -11.95 | -62.22 | -35.00 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 1.71 | 4.64 | 1.21 | 0.17 | 0.48 | 0.67 | 1.80 |
| Inventory turnover | 6.23 | 2.93 | 0.92 | 0.27 | 2.65 | 2.07 | 4.17 |
| Debtors turnover | 9.45 | 26.34 | 17.08 | 0.99 | 4.95 | 3.53 | 6.26 |
| EPS (₹) | 10.40 | 95.17 | (3.46) | 148.82 | 3,276.21 | (60.21) | (251.66) |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 65.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 154.82 | 170.41 | 61.07 | 126.60 | 64.28 | (109.08) | (68.09) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.76 | 16.48 | 16.50 | 18.13 | 22.03 | 88.22 | 39.04 | 34.22 |
| Revenue growth (YoY) | -42.1% | -81.3% | -57.7% | -47.0% | -37.7% | - | - | - |
| Other income | 3.30 | 1.30 | 1.25 | 5.68 | 3.82 | 1.61 | 9.81 | 2.87 |
| Total expenses | 11.93 | 13.66 | 13.83 | 15.13 | 20.61 | 76.53 | 36.53 | 29.85 |
| EBITDA | 0.83 | 2.82 | 2.67 | 3.00 | 1.42 | 11.69 | 2.51 | 4.37 |
| EBITDA margin | +6.5% | +17.1% | +16.2% | +16.5% | +6.4% | +13.3% | +6.4% | +12.8% |
| Depreciation | 0.53 | 1.25 | 0.51 | 0.53 | 0.55 | 0.39 | 0.41 | 0.36 |
| Interest | 0.14 | 0.15 | 0.14 | 0.15 | 0.16 | 0.12 | 0.14 | 0.11 |
| Profit before tax | 3.46 | 2.72 | 3.27 | 8.00 | 4.53 | 12.79 | 11.77 | 6.77 |
| Tax | 0.39 | 0.85 | 0.43 | 1.96 | 0.56 | 5.32 | 3.37 | 1.04 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 73.14 | 197 | 123 | 42.43 | 235 | 562 | 195 |
| Revenue growth | -62.8% | +59.5% | +191.0% | -82.0% | -58.2% | +188.6% | - |
| Other income | 12.05 | 16.44 | 24.14 | 270 | 4,554 | 13.37 | 14.51 |
| Total expenses | 63.16 | 173 | 122 | 61.20 | 642 | 539 | 211 |
| Employee cost | 15.89 | 14.14 | 14.26 | 12.74 | 48.80 | 42.38 | 47.08 |
| EBITDA | 9.98 | 23.50 | 1.20 | (18.77) | (407) | 23.77 | (16.33) |
| EBITDA margin | +13.7% | +11.9% | +1.0% | -44.2% | -173.0% | +4.2% | -8.4% |
| Depreciation | 2.84 | 1.52 | 1.58 | 1.73 | 13.08 | 14.29 | 12.10 |
| Interest | 0.67 | 0.62 | 1.26 | 4.97 | 12.35 | 13.76 | 11.84 |
| Profit before tax | 18.52 | 37.80 | 22.50 | 245 | 4,122 | 9.09 | (25.76) |
| Tax | 3.80 | 10.87 | 2.17 | 5.93 | (10.59) | 40.13 | (1.23) |
| Net profit | 5.53 | 14.64 | 7.87 | 4.01 | 28.59 | (395) | (20.80) |
| Net profit margin | +7.6% | +7.4% | +6.4% | +9.5% | +12.2% | -70.3% | -10.7% |
| EPS (₹) | 11.41 | 20.88 | 15.76 | 184.97 | 3,204.18 | (24.06) | (19.03) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 12.90 | 12.90 | 12.90 | 12.90 | 12.90 | 12.90 | 12.90 |
| Reserves & surplus | 148 | 144 | 109 | 194 | 26.12 | 157 | 189 |
| Shareholders' funds (net worth) | 161 | 157 | 122 | 207 | 39.02 | 170 | 202 |
| Secured loans | 0.00 | 0.04 | 0.00 | 0.00 | 99.21 | 150 | 179 |
| Unsecured loans | 5.98 | 4.97 | 5.03 | 5.09 | 2.74 | 3.67 | 10.11 |
| Total debt | 5.98 | 5.01 | 5.03 | 5.09 | 102 | 153 | 189 |
| Total liabilities | 177 | 174 | 139 | 222 | 148 | 331 | 398 |
| Assets | |||||||
| Gross block | 40.64 | 39.71 | 38.76 | 39.86 | 174 | 170 | 171 |
| Net block | 26.60 | 26.99 | 27.08 | 28.58 | 117 | 118 | 132 |
| Capital work in progress | 0.34 | 0.10 | 0.00 | 0.00 | 0.82 | 1.98 | 1.29 |
| Investments | 130 | 136 | 128 | 105 | 36.61 | 167 | 242 |
| Inventories | 9.72 | 13.97 | 121 | 149 | 163 | 133 | 362 |
| Sundry debtors | 7.87 | 7.87 | 6.70 | 6.87 | 31.44 | 34.52 | 25.07 |
| Cash & bank balances | 15.13 | 22.06 | 30.29 | 50.71 | 9.00 | 24.30 | 3.78 |
| Loans & advances | 3.28 | 7.61 | 25.00 | 162 | 63.36 | 17.82 | 23.67 |
| Total current assets | 36.00 | 51.51 | 183 | 369 | 267 | 210 | 414 |
| Total current liabilities | 33.35 | 55.62 | 223 | 306 | 310 | 197 | 466 |
| Net working capital | 2.65 | (4.11) | (39.37) | 63.09 | (42.48) | 13.00 | (51.85) |
| Total assets | 177 | 174 | 139 | 222 | 148 | 331 | 398 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 9.68 | 18.20 | 32.93 | 6.11 | 21.71 | 1.91 | 8.24 |
| Net cash from operating activities | (6.05) | (12.78) | (16.84) | 63.65 | 62.50 | 98.69 | 59.50 |
| Net cash from investing activities | (0.67) | 4.86 | 3.26 | 147 | (16.48) | (30.56) | (60.39) |
| Net cash from financing activities | (1.29) | (0.61) | (1.14) | (181) | (61.62) | (48.33) | (5.45) |
| Net change in cash | (8.02) | (8.52) | (14.72) | 30.15 | (15.59) | 19.80 | (6.34) |
| Closing cash | 15.13 | 22.06 | 30.29 | 50.71 | 9.00 | 24.30 | 3.78 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | -62.8% | +59.5% | +191.0% | -82.0% | -58.2% | +188.6% | - |
| EBITDA growth | -57.5% | +1858.3% | +106.4% | +95.4% | -1810.9% | +245.6% | - |
| PBT growth | -51.0% | +68.0% | -90.8% | -94.1% | - | +9998.0% | - |
| Net income growth | -62.2% | +86.0% | +96.3% | -86.0% | +107.2% | -1799.4% | - |
| Revenue CAGR (3Y) | +19.9% | -5.7% | -39.7% | -39.8% | +1.2% | +24.2% | -9.9% |
| EBITDA CAGR (3Y) | - | - | -63.0% | +4.8% | - | -25.8% | - |
| Profitability & leverage | |||||||
| Net income margin | +20.1% | +13.7% | +16.5% | +562.4% | +1758.3% | -5.5% | -12.6% |
| Return on capital employed | +6.5% | +18.5% | +5.6% | -5.7% | +12.7% | 0.0% | -2.5% |
| Return on net worth | +3.5% | +10.5% | +4.8% | +3.3% | +27.3% | 0.0% | -9.6% |
| Debt / equity | 0.03 | 0.04 | 0.03 | 0.44 | 1.22 | 0.92 | 0.82 |
| Long-term debt / equity | 0.03 | 0.04 | 0.03 | 0.25 | 0.55 | 0.35 | 0.30 |
| Interest cover | 9.38 | 2.82 | -331.58 | -24.24 | -2.94 | 145.15 | -41.65 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 1.82 | 5.02 | 3.14 | 0.40 | 1.37 | 3.30 | 1.39 |
| Inventory turnover | 6.17 | 2.91 | 0.91 | 0.27 | 1.58 | 2.27 | 0.60 |
| Debtors turnover | 9.29 | 27.02 | 18.19 | 2.22 | 7.13 | 18.87 | 5.89 |
| EPS (₹) | 11.41 | 20.88 | 15.76 | 184.97 | 3,204.18 | (24.06) | (19.03) |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 65.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 124.67 | 121.56 | 94.54 | 160.37 | 30.25 | 132.02 | 156.34 |
To see the full year-wise statements and ratios of Forbes & Company Limited, buy the company report.
Board of directors of Forbes & Company Limited
Forbes & Company has 6 current directors and 27 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Mahesh Chelaram Tahilyani Also directs: Forbes Precision Tools and Machine Parts Limited, Forbes Bumi Armada Limited, Forbes Campbell Finance Limited and 2 more | Director | 01 Apr 2024 | 2 Years 6 Months | Current |
| Nirmal Chandmal Jagawat Also directs: Forbes Campbell Finance Limited, Forbes Bradma Optimark Private Limited, Volkart Fleming Shipping and Services Limited and 5 more | Whole-Time Director | 30 Apr 2025 | 1 Years 5 Months | Current |
| Jai Laxmikant Mavani Also directs: Forbes Precision Tools and Machine Parts Limited, Superbon Advisors LLP, Shapoorji Pallonji Energy Private Limited and 4 more | Director | 22 May 2012 | 14 Years 5 Months | Current |
| Nikhil Jaysinh Bhatia Also directs: Gokak Textiles Limited, Aarti Industries Ltd, Forbes Precision Tools and Machine Parts Limited and 3 more | Director | 16 May 2019 | 7 Years 5 Months | Current |
| Bapsy Faroukh Dastur | Director | 01 Sep 2024 | 2 Years 1 Months | Current |
| Paras Khimji Savla | Director | 05 Aug 2024 | 2 Years 2 Months | Current |
Auditor
Forbes & Company Limited is audited by SHARP & TANNAN ASSOCIATES for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| SHARP & TANNAN ASSOCIATES | FY 2023 | 0109983W |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 73.80%, foreign institutional investors hold 8.20%, domestic institutional investors hold 1.00% and retail and other public shareholders hold 17.00%.
Sep 2026
QUARTER
73.80% Promoters
1.00% DII (Domestic Institutional)
8.20% FII (Foreign Institutional)
17.00% Retail & Others
Promoter holding - history
Now 73.80% · Sep 2026High 73.80% · Dec 2025Low 73.80% · Dec 2025
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 73.80% | 73.80% | 73.80% | 73.80% |
| Public | 26.20% | 26.20% | 26.20% | 26.20% |
Charges & borrowings
Open charges
₹687.58 Cr
Satisfied charges
₹701.26 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 01 Aug 2025 | 101143984 | Idbi Bank Limited | ₹4.9 Cr | Open | |
| 25 Nov 2024 | 101018091 | Standard Chartered Bank | ₹29 Lakh | Open | |
| 02 Sep 2024 | 100972895 | Idbi Trusteeship Services Limited | ₹380 Cr | Open | |
| 19 Aug 2024 | 100974954 | Others | ₹4 Cr | Open | |
| 18 Aug 2023 | 100777571 | Others | ₹1.2 Cr | Open |
To see the full charge records of Forbes & Company Limited, buy the company report.
Total charge records: 91 View all charges
Deals & funding
Forbes & Company Limited has 16 deals on record (14 market trades, 2 acquisitions); the latest was in March 2025.
Total deals
16
Market trades
14
Acquisitions
2
Deals on record (5 of 16)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Feb 2022 | Market trade | ₹8.3 Cr | Buyer: SPS Share Brokers Private Limited |
| Jan 2016 | Acquisition | Undisclosed | Buyer: TG Terminals Private Limited Seller: Forbes & Company Limited |
| Jul 2009 | Market trade | ₹36.94 Cr | Buyer: India Discovery Fund Limited Seller: Ghevar Investments and Trading Company Pvt Ltd |
| Jul 2007 | Market trade | ₹23.35 Cr | Buyer: Ghevar Investments and Trading Company Pvt Ltd Seller: Benhill Finance Limited, Holborn Finance Limited |
| Oct 2001 | Acquisition | ₹19.88 Cr | Buyer: Sterling Investment Corporation Private Limited , Shapoorji Pallonji and Company Private Limited |
To see the full deal history of Forbes & Company Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Forbes & Company Limited has 630 court cases on record: 314 filed by Forbes & Company, 318 filed against it. 92 cases are pending and 538 are disposed.
Total cases
630
Filed by the company
314
Filed against the company
318
Pending
92
Disposed
538
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 340 | 166 | 30 |
| District courts | 263 | 141 | 61 |
| Supreme Court | 24 | 11 | 1 |
| NCLT | 3 | 0 | 0 |
Cases on record (5 of 630)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, MAHARASHTRA | Court case (OLR) | Filed against the company by Official Liquidator of Swadeshi Mills Company Ltd. (in Liquidation) | Pending |
| High Court, MAHARASHTRA | Interim or miscellaneous application | Filed by the company against Raj Land Consultants and Developers Pvt. Ltd and 5 others | Pending |
| District court, Mumbai CMM Courts, Maharashtra | Interim or miscellaneous application | Filed by the company against Jakhubhai Lalji Dal Mills Pvt Ltd and 1 other | Pending |
| District court, Mumbai City Civil Court, Maharashtra | Commercial suit | Filed by the company against Sulzer Pumps India Ltd. | Pending |
| District court, Mumbai Small Causes Court, Maharashtra | Court case (Exe.Appln.) | Filed by the company against Messrs Aparna Properties Pvt Ltd and 1 other | Pending |
To see the full case history of Forbes & Company Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Forbes & Company Limited was last rated by Care on 17 Feb 2026.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 17 Feb 2026 |
To see the full credit ratings and regulatory alerts of Forbes & Company Limited, buy the company report.
MSME payment delays
Forbes & Company Limited has 24 MSME Form 1 returns on record between 2018 and 2024, listing 2,886 overdue payments to 181 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 181)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier |
To see the full MSME payment records of Forbes & Company Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Forbes & Company has 6 subsidiary companies, 2 joint ventures, and 2 associated companies. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.
6
Subsidiary companies
2
Joint ventures
2
Associated companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Forbes Precision Tools and Machine Parts Limited | U29256MH2022PLC389649 | |
| Forbes Technosys Limited | U29290MH1991PLC062425 | |
| Forbes Bumi Armada Limited | U35100MH2006PLC159958 | |
| Forbes Campbell Finance Limited | U51103MH1977PLC259702 | |
| Volkart Fleming Shipping and Services Limited | U63090MH1920PLC000808 | |
| Campbell Properties & Hospitality Services Limited | U70102MH2014PLC260490 |
To see the full group structure of Forbes & Company Limited, buy the company report.
Employees & EPFO
Forbes & Company Limited has a workforce of 137 employees on its EPFO records as of Apr 01, 2024, across 1 active EPFO establishment.
Employee count
137
Active EPFO establishments
1
Employee growth
-6.16%
GST
Forbes & Company has 24 GST registrations: 6 active and 18 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
24
Active
6
Cancelled / inactive
18
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACF1765A1Z3 | Maharashtra | Active | 01 Jul 2017 |
| 19AAACF1765A1Z0 | West Bengal | Active | 01 Jul 2017 |
| 24AAACF1765A8Z2 | Gujarat | Active | 01 Jul 2017 |
| 29AAACF1765A8ZS | Karnataka | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Forbes & Company Limited, buy the company report.
Recent activity
Forbes & Company Limited has 57 board changes on record since 1992: 32 appointments and 25 cessations. The latest: Nirmal Chandmal Jagawat was appointed as Whole-Time Director on 30 Apr 2025.
Filing
Forbes & Company Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Mumbai I.
Charges
A charge with Others of Rs. 4.00 Cr registered on 19 Aug 2024 with Charge ID 100974954 was modified on 03 Dec 2025.
Charges
A charge registered on 12 Jul 2019 via Charge ID 100278417 with Others was fully satisfied on 13 Nov 2025.
Charges
A charge with Idbi Bank Limited amounted to Rs. 4.90 Cr with Charge ID 101143984 was registered on 01 Aug 2025.
AGM
Forbes & Company Limited last Annual general meeting of members was held on 27 Jun 2025 as per latest MCA records.
Appointed
Nirmal Chandmal Jagawat was appointed as Whole-Time Director.
Ceased
Sudhir Bhimrao Wakure ceased to be Whole-Time Director.
Appointed
Sudhir Bhimrao Wakure was appointed as Whole-Time Director.
Ceased
Ravinder Chander Prem ceased to be Whole-Time Director.
Charges
A charge with Standard Chartered Bank amounted to Rs. 0.29 Cr with Charge ID 101018091 was registered on 25 Nov 2024.
Charges
A charge with Idbi Trusteeship Services Limited of Rs. 380.00 Cr registered on 02 Sep 2024 with Charge ID 100972895 was modified on 26 Sep 2024.
Charges
A charge with Idbi Trusteeship Services Limited amounted to Rs. 380.00 Cr with Charge ID 100972895 was registered on 02 Sep 2024.
207 earlier events are in the company report.
News
Frequently asked questions
Forbes & Company is an active public limited company based in Mumbai, Maharashtra, India. The company works in industrial tools and components, within the machinery and equipment industry. It was incorporated on 18 November 1919 (107+ years old) and is registered under CIN L17110MH1919PLC000628. Listed on BSE: 502865.
Forbes & Company reported revenue of ₹76.14 Cr for FY 2025-26 (down 61.8% YoY) based on consolidated financials.
Forbes & Company has 6 current directors:
- Nirmal Chandmal Jagawat - Whole-Time Director
- Mahesh Chelaram Tahilyani - Director
- Jai Laxmikant Mavani - Director
- Nikhil Jaysinh Bhatia - Director
- Bapsy Faroukh Dastur - Director
- Paras Khimji Savla - Director
The latest financial statements of Forbes & Company on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 27 June 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Forbes & Company is 27AAACF1765A1Z3, registered in Maharashtra. The company has 24 GST registrations in all, of which 6 are active and 18 are cancelled or inactive. Other active GSTINs include 19AAACF1765A1Z0 (West Bengal), 24AAACF1765A8Z2 (Gujarat), 29AAACF1765A8ZS (Karnataka).
The CIN (Corporate Identification Number) of Forbes & Company is L17110MH1919PLC000628. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Forbes & Company is a listed company as per MCA records. Its shares are listed on BSE (code: 502865).
Forbes & Company has 630 court cases on record: 314 filed by the company and 318 filed against it. 92 are pending. Most are in the high courts.
Forbes & Company was incorporated on 18 November 1919, making it 107+ years old. It is registered with the Registrar of Companies, Mumbai.
Forbes & Company has 16 deals on record (14 market trades, 2 acquisitions); the latest was in March 2025.
Nirmal Chandmal Jagawat was appointed as Whole-Time Director on 30 Apr 2025. Sudhir Bhimrao Wakure ceased to be Whole-Time Director on 30 Apr 2025. Sudhir Bhimrao Wakure was appointed as Whole-Time Director on 05 Apr 2025. Forbes & Company has 57 board changes on record in total.