Audited Standalone and Consolidated Financial Results for the Quarter and Year ended March 31, 2026, along with Audit Report
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Forbes & Company Limited reported standalone revenue of Rs. 7,314 Lakhs for FY26, down significantly from Rs. 19,684 Lakhs in FY25, primarily due to a sharp decline in real estate segment revenue (Rs. 3,738 Lakhs vs Rs. 16,550 Lakhs). Standalone PAT fell to Rs. 1,024 Lakhs from Rs. 2,693 Lakhs, while EPS declined from Rs. 20.88 to Rs. 11.41. The company received an unmodified (clean) audit opinion from Sharp & Tannan Associates. However, the consolidated auditor's report includes two Emphasis of Matter paragraphs: FBOPL (a subsidiary) has going concern uncertainty with accumulated losses of Rs. 47,023 thousand, and Forbes Technosys Limited is under liquidation proceedings after its CIRP failed. Coding and Industrial Automation segment showed modest growth to Rs. 3,576 Lakhs.
The significant revenue and profit decline, driven by reduced real estate activity, is concerning for shareholders. More worryingly, the auditor's emphasis on going concern issues at a subsidiary and ongoing liquidation of another entity adds risk. However, the clean audit opinion on the company's own financials provides some comfort.