Forward Financial Services Limited
About Forward Financial Services Limited
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Forward Financial Services Limited is a public limited company based in Mumbai, Maharashtra, India. It operates in the non-banking financial services (NBFC) segment of the financial services sector. It was incorporated on 03 April 1986 and has been in existence for over 40 years.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U65900MH1986PLC039445.
The company has an authorised share capital of ₹6 Cr and a paid-up capital of ₹2.43 Cr. It was formerly known as Forward Management Consultants Pvt Ltd. It is led by directors including Deepak Wagle and Jyoti Deepak Wagle.
Its last annual general meeting (AGM) was held on 27 September 2024, and its latest financial statements are for the year ended 31 March 2024. The registered office is at Mumbai, Maharashtra.
As per the financials filed for FY 2024, the company reported a revenue of ₹10.44 Lakh, a growth of 91% compared to the previous year. For the same year it recorded a net loss of ₹16.38 Lakh (net margin -157%) and EBITDA of -₹14.89 Lakh (EBITDA margin -142.7%). Revenue has declined at a compounded annual rate (CAGR) of 24% over three years and 6% over five years.
As per MCA filings, the company has open charges of ₹1 Cr on record. Court records list 5 cases involving the company, including 2 filed by the company and 3 filed against it.
The current compliance status is marked as compliant by the Registrar of Companies.
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- WebsiteLocked
- Social MediaLocked
- Registered AddressFlat No. 51 5th Floor Mamta 'D' 926 A.M. Marg Next To Andhra Bank Prabhade, VI, Mumbai, Maharashtra, India – 400025
- IndustryFinancial Services, NBFC, Investment & Credit NBFC
- 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
- One PDF report, delivered after checkout
Business Activity of Forward Financial Services Limited
The main business activity of Forward Financial Services is financial and insurance service. In detail, this covers other financial activities.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| K | Financial and insurance Service | K8 | Other financial activities | Locked |
Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Verified entity values are shown only after access is granted.
Financials of Forward Financial Services Limited FY 2024 filings available
Forward Financial Services Limited reported revenue of ₹10.44 Lakh (up 91% YoY) for FY 2024.
Compounded Annual Growth Rate (CAGR) of Forward Financial Services Limited
Revenue rose 91% in the latest year, though over five years it has declined at a compounded annual rate (CAGR) of 6%. EBITDA fell 28% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary of Forward Financial Services Limited
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | •••• | •••• | •••• | •••• | •••• |
| Other Income | •••• | •••• | •••• | •••• | •••• |
| Total Revenue | •••• | •••• | •••• | •••• | •••• |
| Cost of Materials Consumed | •••• | •••• | •••• | •••• | •••• |
| Employee Benefit Expense | •••• | •••• | •••• | •••• | •••• |
| Finance Costs | •••• | •••• | •••• | •••• | •••• |
| Depreciation and Amortisation | •••• | •••• | •••• | •••• | •••• |
| Other Expenses | •••• | •••• | •••• | •••• | •••• |
| Total Expenses | •••• | •••• | •••• | •••• | •••• |
| EBITDA | -₹14.89 Lakh | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | -₹16.38 Lakh | •••• | •••• | •••• | •••• |
| Balance Sheet | |||||
| Share Capital | •••• | •••• | •••• | •••• | •••• |
| Reserves and Surplus | •••• | •••• | •••• | •••• | •••• |
| Net Worth (Total Equity) | •••• | •••• | •••• | •••• | •••• |
| Long-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Short-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Trade Payables | •••• | •••• | •••• | •••• | •••• |
| Total Liabilities | •••• | •••• | •••• | •••• | •••• |
| Fixed Assets | •••• | •••• | •••• | •••• | •••• |
| Investments | •••• | •••• | •••• | •••• | •••• |
| Inventories | •••• | •••• | •••• | •••• | •••• |
| Trade Receivables | •••• | •••• | •••• | •••• | •••• |
| Cash and Bank Balance | •••• | •••• | •••• | •••• | •••• |
| Total Assets | •••• | •••• | •••• | •••• | •••• |
Financial Ratios of Forward Financial Services Limited
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | -142.7% | •••• | •••• | •••• | •••• |
| Net Profit Margin | -157% | •••• | •••• | •••• | •••• |
| Return on Equity (ROE) | •••• | •••• | •••• | •••• | •••• |
| Return on Capital Employed (ROCE) | •••• | •••• | •••• | •••• | •••• |
| Return on Assets (ROA) | •••• | •••• | •••• | •••• | •••• |
| Liquidity and Debt | |||||
| Current Ratio | •••• | •••• | •••• | •••• | •••• |
| Quick Ratio | •••• | •••• | •••• | •••• | •••• |
| Debt-to-Equity Ratio | •••• | •••• | •••• | •••• | •••• |
| Interest Coverage Ratio | •••• | •••• | •••• | •••• | •••• |
| Efficiency and Growth | |||||
| Asset Turnover | •••• | •••• | •••• | •••• | •••• |
| Receivable Days | •••• | •••• | •••• | •••• | •••• |
| Payable Days | •••• | •••• | •••• | •••• | •••• |
| Inventory Days | •••• | •••• | •••• | •••• | •••• |
| Revenue Growth | •••• | •••• | •••• | •••• | •••• |
| Net Profit Growth | •••• | •••• | •••• | •••• | •••• |
Paid data: the figures shown as dots are available after purchase of the company report. Figures as filed with the MCA in Form AOC-4. The full year-wise statements and ratios of Forward Financial Services are in the company report.
Financial statements from 2015
Earlier years and trend charts are in the company report.
- Income statements
- Balance sheets
- Cash-flow statements
- Ratios and benchmarks
Verified entity values are shown only after access is granted.
Peer Comparison of Forward Financial Services Limited
Forward Financial Services Limited is compared with the companies closest to it by revenue in the BFSI industry (NBFC Investment and Credit Companies, Small Non Deposit NBFC). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Kanoi Leasfin Ltd | ₹10.53 Lakh (FY 2021) | •••• | •••• | 9.0% | •••• | Kolkata, West Bengal, India |
| Pee-Dee Finvest Pvt. Ltd. | ₹10.51 Lakh (FY 2025) | •••• | •••• | -4.0% | •••• | Kolkata, West Bengal, India |
| Desai Investments Pvt Ltd | ₹10.48 Lakh (FY 2025) | •••• | •••• | -46.0% | •••• | Mumbai, Maharashtra, India |
| Primestar Exim Private Limited. | ₹10.47 Lakh (FY 2025) | •••• | •••• | 21.0% | •••• | Kolkata, West Bengal, India |
| Aad Finlease Private Limited | ₹10.47 Lakh (FY 2024) | •••• | •••• | 0.0% | •••• | Delhi, India |
| Forward Financial Services Limited this company | ₹10.44 Lakh (FY 2024) | •••• | •••• | 91.0% | •••• | Mumbai, Maharashtra, India |
| Baid Vyapaar P Ltd. | ₹10.43 Lakh (FY 2025) | •••• | •••• | 22.0% | •••• | Kolkata, West Bengal, India |
| Vee Vee Trade & Exports Pvt Ltd | ₹10.43 Lakh (FY 2024) | •••• | •••• | -8.0% | •••• | Kolkata, West Bengal, India |
| Rahee Viniyog Limited | ₹10.41 Lakh (FY 2021) | •••• | •••• | 0.0% | •••• | Howrah, West Bengal, India |
| Sr Securities Limited | ₹10.4 Lakh (FY 2024) | •••• | •••• | 16.0% | •••• | Telangana, India |
| Sahyadree Multicity Finance Private Limited | ₹10.4 Lakh (FY 2024) | •••• | •••• | -87.0% | •••• | Hooghly, West Bengal, India |
Peers are the five companies nearest above and the five nearest below Forward Financial Services by revenue in the BFSI industry (NBFC Investment and Credit Companies, Small Non Deposit NBFC), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Auditor Details of Forward Financial Services Limited
Forward Financial Services Limited is audited by N. MOHAN for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| N. MOHAN | Locked | Locked | Locked |
Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
- Appointment status
- Appointment dates
- Cessation dates
- Auditor changes
Verified entity values are shown only after access is granted.
Board of Directors of Forward Financial Services Limited
Forward Financial Services has 3 directors on record. No former directors are listed.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Deepak Wagle Also directs: Deepjyoti Electronics Private Limited, Forward Televisions Limited, Forward Securities Limited and 3 more | Director | 03 Apr 1986 | 40 Years 6 Months | Current |
| Jyoti Deepak Wagle Also directs: Deepjyoti Electronics Private Limited, Forward Televisions Limited, Forward Securities Limited and 3 more | Director | 03 Apr 1986 | 40 Years 6 Months | Current |
| Kavita Arijit Chakravorty Also directs: Forward Televisions Limited, Forward Securities Limited | Director | 29 Jan 1997 | 29 Years 8 Months | Current |
Ownership and Shareholding of Forward Financial Services Limited
Shareholding and ownership data
Promoter, institutional, public and beneficial ownership figures are in the company report.
- Ownership categories
- Historical changes
- Group structure
- FII and DII holdings
Verified entity values are shown only after access is granted.
Charges & Borrowings of Forward Financial Services Limited
| Date | Lender | Amount | Status |
|---|---|---|---|
| 28 Oct 2024 | Others | ₹1 Cr | Open |
| 15 Jan 1990 | The Saraswat Co-Operative Bank Ltd.; | ₹24,000 | Open |
Total charge records: 2 View all charges
Legal Cases of Forward Financial Services Limited
Forward Financial Services Limited has 5 court cases on record: 2 filed by Forward Financial Services, 3 filed against it. All cases are disposed. Status as checked between 28 Sep 2026 and 02 Oct 2026.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 3 | 1 | 0 |
| District courts | 2 | 2 | 0 |
Cases on record (4 of 5)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Bombay High Court | Interim or miscellaneous application | Filed by the company against Primus Chemicals Limited | Disposed |
| Bombay High Court | Court case (APP) | Filed against the company by Primus Chemical Ltd | Disposed |
| District court, Nagpur, Maharashtra | Civil suit | Filed against the company by an individual | Disposed |
| District court, Nagpur, Maharashtra | Civil suit | Filed against the company by Hind Finance Industries Invest. Ltd | Disposed |
Full case history
All 5 cases with case numbers, court, year-wise trend, opposite parties and decision dates are in the company report.
- Every case with its case number
- Year-wise trend
- Opposite parties
- Decision dates and orders
Verified entity values are shown only after access is granted.
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.
Employees and EPFO Compliance at Forward Financial Services Limited
Employment history and EPFO contributions of people linked to Forward Financial Services.
Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
- Monthly headcount
- PF contributions
- ECR filing status
- Establishment history
Verified entity values are shown only after access is granted.
CIN History of Forward Financial Services Limited
Forward Financial Services has one previous CIN (Corporate Identification Number): U99999MH1986PTC039445. The current CIN is U65900MH1986PLC039445, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U65900MH1986PLC039445 | Current |
| U99999MH1986PTC039445 | Previous |
Recent Activity on Forward Financial Services Limited
Forward Financial Services Limited has 3 board changes on record since 1986: 3 appointments. The latest: Kavita Arijit Chakravorty was appointed as Director on 29 Jan 1997.
Credit Ratings, Litigation & Regulatory Alerts for Forward Financial Services Limited
Credit ratings, litigation, and regulatory alerts
Credit ratings, court records and regulatory alerts are in the company report.
- Rating history
- Court and tribunal cases
- Regulatory alerts
- Director-linked violations
Verified entity values are shown only after access is granted.
MSME Payment Delays by Forward Financial Services Limited
MSME payment history
Amounts due to small suppliers, the reasons given and MSME-1 filings are in the company report.
- Outstanding amounts
- Delay periods and reasons
- MSME-1 filing history
- Vendor payment signals
Verified entity values are shown only after access is granted.
Subsidiaries & Group Companies of Forward Financial Services Limited
Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
- Parent company
- Subsidiaries and ownership
- Associates and joint ventures
- Entity investments
Verified entity values are shown only after access is granted.
GST Compliance of Forward Financial Services Limited
GST registrations and filing compliance
State-wise GST registrations, return filing status and HSN or SAC codes are in the company report.
- GSTIN registrations
- State-wise filing status
- HSN and SAC details
- Tax jurisdiction records
Verified entity values are shown only after access is granted.
MCA Filings & Documents of Forward Financial Services Limited
MCA filings and documents
Filed forms, annual returns, financial statements and charge filings with their dates are in the company report.
- Incorporation documents
- Annual returns and statements
- Charge filings
- Complete filing index
Verified entity values are shown only after access is granted.
Frequently Asked Questions about Forward Financial Services Limited
Forward Financial Services is an active public limited company based in Mumbai, Maharashtra, India. The company works in nbfc, within the financial services industry. It was incorporated on 03 April 1986 (40+ years old) and is registered under CIN U65900MH1986PLC039445.
Forward Financial Services reported revenue of ₹10.44 Lakh for FY 2024 (up 91% YoY).
Forward Financial Services has 3 current directors:
- Deepak Wagle - Director
- Jyoti Deepak Wagle - Director
- Kavita Arijit Chakravorty - Director
Forward Financial Services reported a net loss of ₹16.38 Lakh (net margin -157%) and EBITDA of -₹14.89 Lakh (EBITDA margin -142.7%) for FY 2024, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Forward Financial Services is 24% over three years and -6% over five years. In the latest year (FY 2024) revenue rose 91%. CAGR is the steady yearly rate that links the first and the last year.
The CIN (Corporate Identification Number) of Forward Financial Services is U65900MH1986PLC039445. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Forward Financial Services has 5 court cases on record: 2 filed by the company and 3 filed against it. Most are in the high courts.
Forward Financial Services was incorporated on 03 April 1986, making it 40+ years old. It is registered with the Registrar of Companies, Mumbai.
The peers of Forward Financial Services by revenue are Kanoi Leasfin Ltd, Pee-Dee Finvest Pvt. Ltd, Desai Investments Pvt Ltd, Primestar Exim Private Limited, Aad Finlease Private Limited and 5 more, all in the BFSI industry (NBFC Investment and Credit Companies, Small Non Deposit NBFC).
Kavita Arijit Chakravorty was appointed as Director on 29 Jan 1997. Deepak Wagle was appointed as Director on 03 Apr 1986. Jyoti Deepak Wagle was appointed as Director on 03 Apr 1986.
The registered office of Forward Financial Services is at Flat No. 51 5th Floor Mamta D 926 A.M. Marg Next To Andhra Bank Prabhade, VI, Mumbai, Maharashtra, India – 400025.