Resignation of Mr. Pavan Somani from the position of Interim Chief Financial Officer of the company w.e.f. closure of business hours of April 07, 2026
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Forbes & Company announced multiple board changes and Q3 FY26 results following its January 30, 2026 board meeting. Mr. Pavan Somani resigned as Interim Chief Financial Officer effective April 7, 2026, and Mr. Pritesh Jhaveri resigned as Company Secretary effective February 20, 2026. Mr. Jagannath Govale was appointed as the new CFO effective April 8, 2026. Standalone Q3 FY26 revenue dropped sharply to Rs 1,650 lakhs from Rs 3,904 lakhs a year ago, with profit after tax falling to Rs 284 lakhs (vs Rs 840 lakhs). The Real Estate segment saw particularly weak revenue of Rs 729 lakhs versus Rs 3,165 lakhs in Q3 FY25. For the nine-month period, standalone revenue nearly halved to Rs 5,666 lakhs from Rs 10,862 lakhs, though profit after tax held up at Rs 1,285 lakhs versus Rs 1,946 lakhs.
Sharp year-on-year revenue decline mainly due to weaker real estate project recognition will likely weigh on the stock, though CFO transition appears orderly with a successor already named. Investors should watch real estate segment performance closely in coming quarters.