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Forbes & Company Q2 FY27 results: net profit down 27.6% to ₹4.58 crore, revenue down 3.1%
Forbes & Company Limited reported consolidated revenue of ₹18.12 crore in Q2 FY27, down 3.1% from Q2 FY26, while EBITDA rose 28.6% to ₹3.69 crore. Profit after tax fell 27.6% to ₹4.58 crore and basic EPS declined to ₹3.60 from ₹4.97, although results improved from Q1 FY27. The board also approved ₹35 crores for the initial phase of its upcoming Wagale IT Park project and a capital expenditure budget of approximately ₹15 crores, plus GST, for a factory building in Chikalthana.
Key points
- Consolidated revenue was ₹18.12 crore, down 3.1% from ₹18.70 crore in Q2 FY26 but up 36.7% from ₹13.26 crore in Q1 FY27.
- EBITDA rose to ₹3.69 crore from ₹2.87 crore a year ago, while the EBITDA margin increased to 20.4% from 15.3%.
- Net profit was ₹4.58 crore, down 27.6% from ₹6.33 crore in Q2 FY26 but up 27.2% from ₹3.60 crore in Q1 FY27.
- Basic EPS fell to ₹3.60 from ₹4.97 a year ago and increased from ₹2.83 in the previous quarter.
- The board approved ₹35 crores for the initial development phase of the Wagale IT Park and approximately ₹15 crores, plus GST, for a factory building in Chikalthana.
How did Forbes & Company perform in Q2 FY27?
Forbes & Company reported consolidated revenue of ₹18.12 crore in Q2 FY27, down 3.1% from ₹18.70 crore in Q2 FY26 but up 36.7% from ₹13.26 crore in Q1 FY27. EBITDA rose 28.6% year on year to ₹3.69 crore, and the margin increased to 20.4% from 15.3%.
Profit before tax fell 32.5% to ₹5.33 crore from ₹7.90 crore a year ago, while net profit declined 27.6% to ₹4.58 crore from ₹6.33 crore. Basic EPS was ₹3.60 against ₹4.97. Sequentially, net profit rose 27.2% from ₹3.60 crore and EPS increased from ₹2.83.
On a standalone basis, Q2 FY27 revenue was ₹17.66 crore, down 2.6%, while profit after tax was ₹2.98 crore against ₹6.04 crore in the year-ago quarter. The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 on 2 November 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 18.12 | 13.26 | 18.70 | −3.1% | +36.7% |
| Other income | 2.35 | 3.37 | 5.74 | −59.1% | −30.3% |
| Total expenses | 15.14 | 12.82 | 16.54 | −8.5% | +18.1% |
| EBITDA | 3.69 | 1.12 | 2.87 | +28.6% | +229.5% |
| EBITDA margin | 20.4% | 8.4% | 15.3% | +5.1 pp | +12.0 pp |
| Profit before tax | 5.33 | 3.81 | 7.90 | −32.5% | +39.9% |
| Tax | 1 | 0.50 | 2.05 | −51.2% | +100.0% |
| Net profit | 4.58 | 3.60 | 6.33 | −27.6% | +27.2% |
| EPS (₹) | 3.60 | 2.83 | 4.97 | −27.6% | +27.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Forbes & Company's costs and profit?
Total expenses fell 8.5% to ₹15.14 crore from ₹16.54 crore in Q2 FY26. Cost of materials increased 42.2% by ₹1.77 crore to ₹5.96 crore, while other expenses rose 60.4% by ₹4.10 crore to ₹10.89 crore. Employee cost declined 6.3% by ₹0.26 crore to ₹3.87 crore, finance costs fell by ₹0.02 crore to ₹0.13 crore, and depreciation increased by ₹0.02 crore to ₹0.58 crore.
Other income declined 59.1% by ₹3.39 crore to ₹2.35 crore from ₹5.74 crore, while tax expense fell 51.2% by ₹1.05 crore to ₹1 crore from ₹2.05 crore. There was no exceptional item in either quarter. The filing does not state why other expenses or other income changed.
Against Q1 FY27, total expenses increased 18.1% by ₹2.32 crore to ₹15.14 crore. Other expenses rose by ₹6.02 crore to ₹10.89 crore and cost of materials increased by ₹2 crore to ₹5.96 crore, while other income fell by ₹1.02 crore to ₹2.35 crore and tax rose by ₹0.50 crore to ₹1 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 5.96 | 4.19 | +1.77 | +42.2% |
| Employee cost | 3.87 | 4.13 | −0.26 | −6.3% |
| Finance costs | 0.13 | 0.15 | −0.02 | −13.3% |
| Depreciation | 0.58 | 0.56 | +0.02 | +3.6% |
| Other expenses | 10.89 | 6.79 | +4.10 | +60.4% |
| Total expenses | 15.14 | 16.54 | −1.40 | −8.5% |
| Other income | 2.35 | 5.74 | −3.39 | −59.1% |
| Tax | 1 | 2.05 | −1.05 | −51.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue fell 23.7% to ₹31.38 crore from ₹41.15 crore in H1 FY26. Total income declined 28.4% to ₹37.1 crore from ₹51.81 crore, and profit before tax fell 31.0% to ₹9.14 crore from ₹13.24 crore.
Net profit for the first half decreased 26.9% to ₹8.18 crore from ₹11.19 crore in H1 FY26. Basic EPS fell 27.0% to ₹6.42 from ₹8.79, with no exceptional item reported in either half.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 31.38 | 41.15 | −23.7% |
| Profit before tax | 9.14 | 13.24 | −31.0% |
| Net profit | 8.18 | 11.19 | −26.9% |
| EPS (₹) | 6.42 | 8.79 | −27.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹259.58 crore against ₹254.58 crore at 31 March 2026, while total equity rose to ₹203.72 crore from ₹199.36 crore. The company reported no borrowings at either balance-sheet date. Cash was ₹8.05 crore compared with ₹7.22 crore.
Inventories increased to ₹17.48 crore from ₹9.89 crore, trade receivables rose to ₹8.01 crore from ₹7.76 crore, and trade payables increased to ₹16.91 crore from ₹14.63 crore. These figures show the balance-sheet position at 30 September 2026 against 31 March 2026.
H1 FY27 operating cash flow was ₹0.32 crore, compared with ₹2.57 crore in H1 FY26. Investing cash flow was ₹1.1 crore against negative ₹0.58 crore, financing cash flow was negative ₹0.59 crore against negative ₹0.66 crore, and capital expenditure was ₹2.36 crore against ₹0.54 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 259.58 | 254.58 |
| Total equity | 203.72 | 199.36 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 8.05 | 7.22 |
| Inventories | 17.48 | 9.89 |
| Trade receivables | 8.01 | 7.76 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 0.32 | 2.57 |
| Cash from investing | 1.10 | −0.58 |
| Cash from financing | −0.59 | −0.66 |
| Capital expenditure | 2.36 | 0.54 |
Source: Company's results filing (XBRL).
How has Forbes & Company done over the last 8 quarters?
Revenue peaked at ₹88.68 crore in Q4 FY25 and reached its lowest level at ₹13.26 crore in Q1 FY27 before rising to ₹18.12 crore in Q2 FY27. The latest quarter was below ₹18.70 crore in Q2 FY26 but above ₹17.19 crore in Q4 FY26.
The EBITDA margin bottomed at 5.1% in Q1 FY26 and reached its highest level at 20.4% in Q2 FY27. Profit reached ₹4.58 crore in the latest quarter after a loss of ₹1.97 crore in Q4 FY26, while remaining below ₹6.33 crore in Q2 FY26. The available quarterly sequence does not provide a streak.
Which businesses drove the quarter?
Coding and Industrial Automation reported revenue of ₹10.71 crore in Q2 FY27, up 16.7% from ₹9.18 crore in the year-ago quarter. Segment EBIT rose to ₹0.82 crore from ₹0.05 crore, and the reported EBIT margin was 7.7%.
Real Estate revenue declined 21.9% to ₹7.93 crore from ₹10.15 crore in Q2 FY26. EBIT fell to ₹4.98 crore from ₹7.56 crore, while the segment’s reported EBIT margin was 62.8%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Coding and Industrial Automation | 10.71 | +16.7% | 0.82 | 7.7% |
| Real Estate | 7.93 | −21.9% | 4.98 | 62.8% |
Source: Company's results filing (XBRL segment data).
How did Forbes & Company shares react?
After the filing appeared after market hours, the stock moved up 0.7% within 5 minutes, 3.2% within 15 minutes and 4.8% within 30 minutes. On the reaction day, it closed 7.5% above the previous close of ₹266.95. The Household Appliances industry median moved 0.4% over the same close.
By the next day’s close, the stock was up 6.8% from its pre-results close, against a 2.7% rise for the industry median; its move exceeded the sector by 4.1 percentage points. Earlier results-day moves included falls of 1.3% on 14 August 2026, 2.3% on 14 May 2026 and 7.1% on 30 January 2026.
| After the filing | Stock | Household Appliances median |
|---|---|---|
| 5 minutes | +0.7% | |
| 15 minutes | +3.2% | |
| 30 minutes | +4.8% | |
| Reaction day | +7.5% | +0.4% |
| Next day | +6.8% | +2.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 14 August 2026 | −1.3% |
| 14 May 2026 | −2.3% |
| 30 January 2026 | −7.1% |
| 7 November 2025 | −1.9% |
| 6 August 2025 | −1.7% |
| 30 April 2025 | +2.0% |
| 28 October 2024 | −6.0% |
| 2 August 2024 | −4.9% |
Source: MarketPing price-reaction measurement.
How did other Household Appliances companies do?
Eleven other Household Appliances companies had filed for the quarter by 4 November 2026. Their median revenue growth was 18.2%, while 10 peers grew faster than Forbes & Company and one peer grew slower than Forbes & Company.
Eight of the 11 peers reported higher profit. The peer set covered 11 companies for both revenue growth and profit comparisons, with Forbes & Company’s revenue declining 3.1% from the year-ago quarter.
| Forbes & Company revenue growth (YoY) | −3.1% |
|---|---|
| Median of 11 other Household Appliances companies | +18.2% |
| Companies with slower revenue growth than Forbes & Company | 1 of 11 |
| Companies with faster revenue growth than Forbes & Company | 10 of 11 |
| Companies whose net profit rose | 8 of 11 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Forbes & Company's revenue in Q2 FY27?
Revenue from operations was ₹18.12 crore, down 3.1% from ₹18.70 crore in Q2 FY26 (consolidated).
Did Forbes & Company make a profit in Q2 FY27?
Yes. Net profit was ₹4.58 crore, against a net profit of ₹6.33 crore in Q2 FY26.
What was Forbes & Company's EPS in Q2 FY27?
Basic earnings per share were ₹3.60, against ₹4.97 in Q2 FY26.
How did Forbes & Company shares react to the Q2 FY27 results?
On the reaction day the stock moved +7.5% from the previous close; the median Household Appliances stock moved +0.4%.
When did Forbes & Company announce its Q2 FY27 results?
On 2 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of Unaudited Standalone & Consolidated Financial Results For The Quarter And Half Year Ended September 30, 2026. (BSE, 26 October 2026) · PDF
- Un-Audited Standalone & Consolidated Financial Results For The Quarter/Half Year Ended 30Th September, 2026. (BSE, 2 November 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting. (BSE, 2 November 2026) · PDF
- Disclosure Under Regulation 30 Of SEBI LODR Regulations, 2015. (BSE, 2 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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