Forbes & Company Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Forbes & Company Ltd trades at ₹319, in a downtrend and 27 weeks into that stage. That is −13.5% against its own 200-day average. It sits at 8% of a 52-week range of ₹307 to ₹461. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.

Today the stock is in a downtrend — week 27 of stage 4, confirmed. At ₹319 it trades −13.5% versus its 200-day average and sits at 8% of its 52-week range (₹307–₹461).

Against the market, two honest reads. Cumulative: over the last 10.0 years the stock moved +795% while the NIFTY 500 moved +228% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — the ribbon below is that same metric, week by week.

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

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Forbes & Company Ltd trades at 17.9× P/E, mid-range by its own standards (65th percentile). Its long-run median P/E is 10.8×, measured across 10.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 17.9× is mid-range by its own standards (65th percentile), against a long-run median of 10.8× measured over 10.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The price move, decomposed: over 10y, of the +24.5%/yr price move, ~−2.8%/yr came from earnings growth and ~+27.3 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 13 June 2026, Forbes & Company Ltd was priced for profit growth of about −9.7% a year. Profit itself has compounded 12.8% a year over the past 10 years. The market pays that at 17.9× P/E, the 65th percentile of its own 10-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is below what this company has actually delivered. Both readings sit on the same earnings, so they are one reading rather than two.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Forbes & Company Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Forbes & Company Ltd reported ₹17.8 Cr of revenue in the Dec 25 quarter, −55.8% year on year. Over 10 years it has compounded at −25.0% a year. The last full year, FY25, came in at ₹199 Cr. The last four reported quarters add to ₹148 Cr.

FY25 revenue came in at ₹199 Cr (+59.2% on the year), capping 10 years at −25.0% compound. The latest quarter (Dec 25) printed ₹17.8 Cr, −55.8% year on year.

Pace check: the last four quarters averaged −34.3% growth against the decade's −25.0% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −25.3% over the last 4 quarters against +71.7%/yr over the last 8 — rolling over; TTM profit +407.2% vs +633.1%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Forbes & Company Ltd's operating margin is 17.0% in the Dec 25 quarter, +8.3 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 12 fiscal years the operating margin has ranged −63.0% to 13.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 17.0%, +8.3 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −63.0%–13.0%, and FY25's 13.0% is the top of that band — a record year.

Why the margin moved: operating margin went +8.3 pp year on year while gross margin went +28.1 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Forbes & Company Ltd earned ₹4.2 Cr of net profit in the Dec 25 quarter, −55.9% year on year. Full-year FY25 profit was ₹123 Cr. The 10-year compound rate is 12.8%. That is 23.5% of the quarter's revenue. The same quarter a year earlier earned ₹9.5 Cr. 1 of the last 12 reported quarters were loss-making.

Dec 25 profit was ₹4.2 Cr, −55.9% year on year. On the full year, FY25 printed ₹123 Cr (null), and the 10-year compound rate is 12.8%.

🚨 Why profit moved: revenue contributed −55.8% and the margin +8.3 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +723.2% vs revenue −34.3%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 5% of Forbes & Company Ltd's reported profit arrived as operating cash — a gap worth watching. In FY25 that was ₹−11.0 Cr of operating cash against ₹123 Cr of profit. After ₹2.0 Cr of capital spending, ₹−13.0 Cr was left as free cash.

FY25: operating cash of ₹−11.0 Cr against reported profit of ₹123 Cr, leaving free cash of ₹−13.0 Cr after ₹2.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 5% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 5%: the cash cycle tightened 190 days between FY20 and FY25 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Forbes & Company Ltd's cash conversion cycle runs −13 days in FY25, down from 177 days in FY20. Capital spending ran ₹−122 Cr over the last 3 years. At FY25 sales of ₹199 Cr each day of that cycle holds about ₹0.5 Cr, so roughly ₹−7.0 Cr sits inside the business at any moment.

FY25: debtors at 15 days, inventory at 43 days — roughly 1.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −13 days, tighter than FY20's 177.

The full loop: cash goes out to suppliers and production on day 0; stock waits 43 days to sell; customers pay about 15 days after that; and suppliers themselves are paid at 71 days — netting out to the −13-day cycle.

In money terms: at FY25 sales of ₹199 Cr, each day of the cycle holds about ₹0.5 Cr — so the −13-day loop keeps roughly ₹−7.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹−122 Cr over the last 3 fiscal years against ₹10.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Forbes & Company Ltd earns a ROCE of 16% in FY25. That is up from a trough of −9% in FY23. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 61.8% net margin on 0.66× asset turns.

FY25 ROCE is 16%, recovered from a FY23 trough of −9% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): 61.8% net margin × 0.66× asset turns × 1.37× balance-sheet leverage ≈ 55.9% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Forbes & Company Ltd carries ₹5.0 Cr of borrowings against ₹220 Cr of equity in FY25, a debt-to-equity of 0.02. Operating profit covers the interest bill 26×. Over 5 years borrowings went from ₹1,137 Cr to ₹5.0 Cr. Capital spending ran ₹−122 Cr across the last 3 of those years.

FY25: borrowings of ₹5.0 Cr against equity of ₹220 Cr — a debt-to-equity of 0.02. Operating profit covers the interest bill 26×. Over 5 years borrowings went from ₹1,137 Cr to ₹5.0 Cr while capital spending ran ₹−122 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 3.3 points of Forbes & Company Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 8.2% of the company. Domestic institutions moved +0.1 points over the same window, to 0.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −3.3 points over 8 quarters to 8.2%; Domestic institutions: +0.1 points over 8 quarters to 0.2%; Promoters: +0.0 points over 8 quarters to 73.8%.

🚨 Why the register moved: foreign institutions drove it (−3.3 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Forbes & Company Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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