Forbes & Company Ltd (FORBESGOK) — share price & stock analysis

Market cap

₹412 Cr

P/E

17.9×

ROE

62.4%

Book value / share

₹178

Revenue (FY25)

₹199 Cr

Profit after tax (FY25)

₹123 Cr

Weinstein stage

Stage 4 (27 weeks)

Data as of

27 March 2026

2 of the 5 things we track are currently moving the right way — most of the dashboard is red.

Where the levels actually stand: ROCE 16% — decent; effectively no debt; margins at an all-time high. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.

The price is in a downtrend — fighting it is expensive

Every stock cycles through the same four seasons — a flat base (stage 1), an advance (2), a top (3), a decline (4). Right now this one is in Stage 4: declining, 27 weeks in, confirmed.stage

The price is below its falling 200-day average — history says most of the damage in stocks happens here. Cheap can get cheaper in Stage 4.dma_200

Trailing NIFTY 500 for 7 weeks — relative strength is the market’s live opinion, and right now it is against it.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

Out of the loss years — profitable again, still below its best

Over 11 years, sales went from ₹3,067 Cr to ₹199 Cr (about −22% a year), and profit from ₹50.0 Cr to ₹123 Cr.revenuenet_profit

The books show real losses in FY16 and FY18 and FY19 and FY20 and FY21 and FY24 (worst: ₹−338 Cr). Everything about today’s cheap-looking numbers must be read against that history — the recovery is what you are buying.net_profit

Sales collapsed 56% last quarter

Dec 25 sales were ₹17.8 Cr, down 56% on the same quarter last year.revenue

A shrinking topline puts the burden of the story on margins and one-offs — watch whether this is a pause or a slide.

Margins are widening — 9% → 17% in a year

Of every ₹100 of sales, the company keeps ₹17.0 as operating profit (a year ago it kept ₹8.7).opm_pct

Zoom out and this is the page's quiet hero: annual operating margin bottomed at −61.7% in FY23 and has been rebuilt to 13.1% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit

The gross margin moved the same way (32% → 60%), so this is about input costs and pricing power — the raw-material equation improved.gpm_pctopm_pct

Profit collapsed 56% — mostly from income from outside the core business

Dec 25 profit after tax was ₹4.2 Cr, down 56% year on year.net_profit

A caution: a meaningful slice of this jump came from income outside the core business — that is lower-quality profit and may not repeat.other_income

Profits on paper, cash lagging behind

Over the last 3 profitable years, the business reported ₹4,544 Cr of profit and collected ₹245 Cr of operating cash — about 5% conversion (2 loss years excluded — a negative denominator would flatter the ratio).operating_cash_flownet_profit

The wrinkle is the latest year: FY25 collected ₹−11.0 Cr against ₹123 Cr of reported profit — about -9%. One year isn’t a trend, but it is the line to watch.operating_cash_flownet_profit

The cash cycle is tightening — money comes home faster

One rupee now takes about -13 days to go out the door as materials and come back as collected cash — down from 695 days the year before.cash_conversion_cycle

The biggest mover: inventory moving faster off the shelf (892 → 43 days).inventory_days

No big build-out underway — growth must come from what already exists

The productive asset base has gone from ₹878 Cr (FY14) to ₹27.0 Cr.fixed_assetscwip

The build is self-funded: the last 3 years' investing outflow (₹−224 Cr) fits inside the operating cash the business generated (₹24.0 Cr).investing_cash_flowoperating_cash_flow

Almost no debt — this company cannot be killed by a bad year

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹2 — total borrowings have shrunk from ₹918 Cr to ₹5.0 Cr over the window.borrowings

Every ₹100 kept in the business earns ₹16 — decent, not special

Return on capital employed is 16.0% (a year ago: 5.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct

Institutions have been lightening up

Promoters hold 73.8%, essentially unchanged. Foreign funds own 8.2%, domestic funds 0.2%.promoters_pctfiis_pctdiis_pct

Meanwhile foreign funds have been the sellers — from 11.5% to 8.2% over the window. Someone on the other side of the table disagrees; both sides count.fiis_pct

A turnaround that stuck — the question is what’s left to re-rate

The numbers are genuinely mixed, and the price is roughly fair to the delivery so far.

Best thing in the data: returns on capital rising (5.0% → 16.0%).roce_pct

Biggest worry: profit falling (₹9.5 Cr → ₹4.2 Cr).net_profit

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data