1. At a Glance – The “Looks Cheap Until You Read the Notes” Company
Forbes & Company Ltd is that 100-year-old uncle who still shows up at weddings wearing a three-piece suit, talks about legacy, and then casually drops that 98% of his assets are mortgaged. Market cap sits at ₹516 Cr, CMP at ₹400, and on paper the stock looks “reasonable” at 22× P/E. But zoom in and the picture changes fast.
Latest quarter (Q3 FY26) revenue collapsed 55.8% YoY to ₹17.8 Cr, PAT dropped 55.9% to ₹4.19 Cr, and yet trailing EPS is an eye-popping ₹91.65. Why? Because this company doesn’t earn money the normal way — it earns it via Other Income gymnastics.
Debt is barely ₹6.3 Cr, ROE magically shows 62%, and promoters still hold 73.85%… all while 98.2% of promoter shares are pledged.
So what are we dealing with here — a turnaround story, a real estate monetisation play, or a corporate restructuring museum? Let’s find out.
2. Introduction – A Century Old, Still Searching for a Core Identity
Incorporated in 1919, Forbes & Company Ltd has lived through world wars, license raj, liberalisation, multiple business births, and even more business funerals. Today, it exists as a multi-segment holding company under the Shapoorji Pallonji Group, which owns 73.85%.
Over the last decade, Forbes has aggressively sold, demerged, shut down, and exited businesses. What remains is a lighter, asset-reduced entity that earns money from:
- Engineering products
- Health & hygiene products
- Rental real estate
- And a generous dose of “non-operating income”
Revenue has collapsed from ₹3,000+ Cr (FY14) to ₹148 Cr (TTM). That’s not a typo — that’s
a slow-motion corporate shrinkage.
The stock still survives because profits did not collapse at the same speed, thanks to asset sales, restructuring gains, and accounting-friendly income lines.
So ask yourself: Is this a phoenix or just a well-dressed liquidation?
3. Business Model – WTF Do They Even Do?
Explaining Forbes & Co is like explaining Mumbai traffic patterns — technically possible, emotionally exhausting.
Engineering Business
Includes industrial automation, coding & marking systems, and earlier precision tools (now demerged). This is the only “real” operating business left with repeat customers.
Health, Hygiene & Safety
Selling, renting, and servicing:
- Vacuum cleaners
- Water purifiers
- Fire extinguishers
- Air cleaning systems
This segment still contributes meaningfully but lacks scale.
Real Estate
- Rental income from legacy properties
- Residential project “Vicinia” at Chandivali, Mumbai
This is where hidden value and lumpy income come from.
IT Enabled Services
Forbes Xpress (kiosks, recharge, bill payments) — DISCONTINUED in FY23. RIP.
Shipping & Logistics
Legacy business. Exists more on paper than in investor imagination.
In short: This is no longer a growth company. It is an asset management + cash extraction company.
4. Financials Overview – The Numbers That
