1. At a Glance – The Corporate Version of “Shaadi Mein Sab Theek Hai… Bas Baraat Missing Hai”
If you walked into Forbes & Company thinking this is a simple consumer durables company, congratulations — you’ve just entered the most confusing business model since your CA uncle tried explaining crypto taxation after two pegs.
Here’s what we’ve got: A company with ₹148 Cr sales, ₹118 Cr profit, and a ridiculous 62% ROE… yet somehow, sales have been collapsing at -40% over 5 years, and promoters have pledged 98.2% of their stake like they’re mortgaging family jewellery for IPL betting.
Oh, and did I mention? ₹111 Cr of profits came from “other income”. Yes, actual business profits are basically playing hide and seek.
Now add this masala:
CFO resigns
Company Secretary resigns
Real estate project almost over
Subsidiaries going bankrupt in Switzerland
Random IT park announcement
And a balance sheet that shrank faster than your motivation after New Year resolutions
So what is this company really? A turnaround story? A real estate monetisation play? Or just a beautifully decorated financial jugaad?
Let’s investigate.
2. Introduction – Yeh Company Hai Ya Buffet?
Forbes & Company is one of those legacy firms that has done everything except maybe run a chai stall (give it time).
Started in 1919, now part of the Shapoorji Pallonji Group, it operates across:
Engineering
Real estate
Hygiene products
IT services
Logistics
Basically, if diversification was a sport, this company would win gold.
But here’s the twist: Instead of diversification creating stability, it looks like everything is shrinking except profits — and profits are not even real business profits.
From the data:
Sales fell from ₹3,000+ Cr in 2014 to just ₹148 Cr now
That’s not decline. That’s corporate weight loss surgery without consent
So the real question is: Is this company reinventing itself… or slowly selling pieces to survive?
And more importantly — Are we looking at a phoenix rising… or a company slowly liquidating assets like a desperate OLX seller?
3. Business Model – WTF Do They Even Do?
Let’s simplify this circus.
1. Real Estate (The Real Hero)
Project: Vicinia, Mumbai
Most units already sold
Only 5 flats left unsold
Translation: Big revenue spike already happened → future growth limited
Now they rely on:
Lease rentals
Not fresh project sales
So real estate is now: Passive income mode ON
2. Engineering (CIAB)
Fancy name for:
Coding
Industrial automation
Reality:
Revenue ~₹31 Cr annually
Was loss-making
Recently made tiny profit of ₹0.75 Cr
So basically: Startup vibes with 100-year-old company age
3. Health & Hygiene
Vacuum cleaners
Water purifiers
Appliances
Sounds promising? Except it contributes less than half revenue and doesn’t dominate anything.
4. Logistics + IT + Random Stuff
Includes:
Shipping
POS machines
Kiosks
Recharge services (now discontinued)
This segment feels like: “Beta, kuch toh karna hai” diversification
Reality Check
This is not a focused company. This is a collection of leftover businesses after years of selling core assets.
Question for you: Would you trust a company that:
Doesn’t know what it wants to be
Or one that is laser-focused?
4. Financials Overview – The “Other Income” Magic Show
