Outcome of Board Meeting held on January 30, 2026
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Forbes & Company approved its unaudited standalone and consolidated financial results for Q3 FY26 (Dec 31, 2025) and the nine-month period. Standalone revenue from operations fell sharply to Rs 1,650 lakhs in Q3 from Rs 3,904 lakhs a year ago, while nine-month revenue dropped to Rs 5,666 lakhs from Rs 10,862 lakhs — a ~48% YoY decline. Standalone profit after tax for Q3 was Rs 284 lakhs and Rs 1,285 lakhs for 9M FY26. On a consolidated basis, Q3 PAT was Rs 419 lakhs and 9M FY26 PAT was Rs 1,538 lakhs. The drop in revenue is mainly from the Real Estate segment, where project-based recognition was only Rs 238 lakhs this quarter vs Rs 2,654 lakhs in Q3 FY25. Auditors Sharp & Tannan Associates issued an unmodified limited review report. The board also accepted the resignations of Company Secretary Pritesh Jhaveri (effective Feb 20, 2026) and Interim CFO Pavan Somani (effective Apr 7, 2026), and appointed Jagannath Govale as the new CFO from Apr 8, 2026. An exceptional item of Rs 164 lakhs was booked due to new Labour Codes.
Shareholders should note the steep YoY revenue decline is driven by the lumpy nature of real estate project recognition rather than an underlying business slowdown, but near-term top-line visibility remains weak. Senior management churn in compliance and finance roles in quick succession is a governance watchpoint, even though the new CFO appointment provides continuity.