Forbes & Company reported a significant drop in FY26 revenue to ₹85.19 crore, down from ₹212.80 crore, due to the completion of its Vicinia Real Estate project. The company remains debt-free, but PAT also fell sharply.
Forbes & Company Reports FY26 Revenue Decline Amidst Project Completion
Forbes & Company's standalone revenue for FY 2025-26 stood at ₹85.19 crore, a sharp decrease from ₹212.80 crore in the previous fiscal year. Consolidated profit after tax (PAT) also saw a substantial reduction, falling to ₹13.41 crore from ₹122.76 crore.
Reader Takeaway: Revenue and profit decline due to real estate project completion; company remains debt-free.
What just happened
Forbes & Company announced its financial results for the fiscal year ending March 31, 2026. Standalone revenue was reported at ₹85.19 crore (₹8,519 lakh) and consolidated revenue at ₹90.28 crore (₹9,028 lakh). The standalone profit after tax (PAT) was ₹14.72 crore (₹1,472 lakh), while consolidated PAT was ₹13.41 crore (₹1,341 lakh). The company recommended no dividend for the fiscal year.
Why this matters
The significant decline in revenue and profitability is primarily attributed to the absence of revenue recognition from the completed Vicinia Real Estate project. This marks a transition for the company as it completes a major revenue-generating project. The debt-free status, however, provides financial stability.
The backstory
The Vicinia Real Estate project in Chandivali is nearing its final stages, with only a few flats remaining unsold. The company expects the final Occupation Certificate (OC) by December 2026. In parallel, the Coding & Industrial Automation Business (CIAB) segment showed resilience, growing by 12% during the year, with notable successes in deploying high-speed marking solutions.
What changes now
Investors will need to focus on the company's ability to sustain and grow its industrial automation business as the primary driver of future revenue and profit. The winding down of real estate operations means this segment will no longer contribute significantly to financial results.
Risks to watch
A key watch point is the ongoing litigation concerning the winding up of Svadeshi Mills, which could pose potential legal and financial impacts. The revenue decline itself, compared to the prior year, also presents a challenge for year-on-year financial comparability.
Peer comparison
While specific peer data is not provided in the filing, companies with significant real estate exposure often see fluctuating revenues tied to project completion cycles. Industrial automation players typically aim for steadier, recurring revenue streams.
Context metrics (time-bound)
- Standalone Revenue (FY 25-26): ₹85.19 crore
- Consolidated Revenue (FY 25-26): ₹90.28 crore
- Standalone PAT (FY 25-26): ₹14.72 crore
- Consolidated PAT (FY 25-26): ₹13.41 crore
- Debt Status: Debt Free (₹Nil)
What to track next
Investors should monitor the progress of the remaining flat sales and the receipt of the Occupation Certificate for the Vicinia project. Performance updates from the Coding & Industrial Automation Business (CIAB) segment and any developments in the Svadeshi Mills litigation will be crucial.