Forbes & Company Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹73.72Overvalued by 77.59%vs CMP ₹329.00

P/E (34.9) × ROE (1.7%) × BV (₹155.00) × DY (2.00%)

₹639.55Undervalued by 94.39%vs CMP ₹329.00

MoS: +48.6% (Strong)Confidence: 48/100 (Moderate)Models: 5 Under, 4 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹201.57	24%	Over (-38.7%)
Graham Number	Earnings	₹565.36	14%	Under (+71.8%)
Earnings Power	Earnings	₹728.18	11%	Under (+121.3%)
DCF	Cash Flow	₹2,241.74	11%	Under (+581.4%)
Net Asset Value	Assets	₹154.41	8%	Over (-53.1%)
EV/EBITDA	Enterprise	₹212.61	9%	Over (-35.4%)
Earnings Yield	Earnings	₹916.50	8%	Under (+178.6%)
ROCE Capital	Returns	₹701.36	9%	Under (+113.2%)
Revenue Multiple	Revenue	₹154.41	6%	Over (-53.1%)
Consensus (9 models)		₹639.55	100%	Undervalued

Key Drivers: EPS CAGR 173.4% lifts DCF — verify sustainability. | ROE 1.7% is below cost of equity.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 173.4%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 24 September 2026, 5:06 am +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹199.00 Cr, versus ₹125.00 Cr in Mar 2024 (59.2% year on year). Net profit for Mar 2025 was ₹123.00 Cr, versus ₹-4.00 Cr in Mar 2024 (a return to profit). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹-11.00 Cr against net profit of ₹123.00 Cr. Cash flow covered -0.09 times reported profit. The gap warrants checking receivables, working capital and one-off items in the cash-flow statement.

Balance-sheet check

Reported borrowings were ₹6.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

Forbes & Company Ltd scores 52/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health62/100 · Moderate

ROCE 5.1% WeakROE 1.7% WeakD/E 0.00 Low debtInterest Coverage 83.5x StrongProfitable 3/5 available years Reported history

Smart Money50/100 · Moderate

FII holding stable No changePromoter holding at 73.9% Stable

Earnings Quality50/100 · Moderate

CFO/NP ratio: 0.08x Poor cash conversionOPM expanding (-27% → 9%) Improving

Quarterly Momentum65/100 · Strong

Revenue (4Q): -25% YoY DecliningProfit (4Q): +407% YoY StrongOPM: 17.0% (up 8.3% YoY) Margin expansion

Industry Rank20/100 · Weak

P/E 34.9 vs industry 42.0 In-lineROCE 5.1% vs industry 15.8% Below peersROE 1.7% vs industry 24.8% Below peers3Y sales CAGR: -27% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: September 24, 2026, 5:06 am

Market Cap	424 Cr.
Current Price	329
Intrinsic Value	₹639.55
High / Low	463/242
Stock P/E	34.9
Book Value	155
Dividend Yield	0.00 %
ROCE	5.11 %
ROE	1.67 %
Face Value	10.0
PEG Ratio	0.20

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Forbes & Company Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Forbes & Company Ltd	424 Cr.	329	463/242	34.9	155	0.00 %	5.11 %	1.67 %	10.0
Batliboi Ltd	398 Cr.	84.3	157/66.4	26.8	40.4	0.71 %	1.79 %	0.37 %	5.00
Birla Precision Technologies Ltd	388 Cr.	56.7	63.5/25.4	26.4	25.9	0.09 %	9.41 %	6.66 %	2.00
Hercules Hoists Ltd	366 Cr.	114	226/85.8	46.7	216	2.18 %	1.05 %	1.00 %	1.00
Fluidomat Ltd	366 Cr.	742	1,064/550	18.6	196	1.01 %	30.5 %	22.7 %	10.0
Industry Average	4,488.45 Cr	602.70		41.98	130.07	0.34%	15.80%	24.80%	6.04

All Competitor Stocks of Forbes & Company Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	60.75	11.26	11.37	15.54	11.89	87.08	35.79	34.66	40.23	88.68	22.45	18.70	17.80
Expenses	63.60	14.94	11.30	17.04	11.81	83.58	31.00	30.45	36.75	77.13	21.30	15.83	14.78
Operating Profit	-2.85	-3.68	0.07	-1.50	0.08	3.50	4.79	4.21	3.48	11.55	1.15	2.87	3.02
OPM %	-4.69%	-32.68%	0.62%	-9.65%	0.67%	4.02%	13.38%	12.15%	8.65%	13.02%	5.12%	15.35%	16.97%
Other Income	8.15	14.10	17.40	-20.24	2.96	-1.03	2.31	2.60	10.19	97.29	5.34	6.22	2.55
Interest	3.51	-0.90	0.24	0.39	0.17	0.80	0.23	0.20	0.21	0.13	0.16	0.15	0.16
Depreciation	4.49	1.36	0.41	0.46	0.35	0.43	0.38	0.37	0.42	0.41	0.57	0.56	0.52
Profit before tax	-2.70	9.96	16.82	-22.59	2.52	1.24	6.49	6.24	13.04	108.30	5.76	8.38	4.89
Tax %	51.11%	-2.71%	36.09%	0.53%	-55.95%	-173.39%	18.64%	17.63%	27.15%	5.04%	15.62%	24.46%	14.31%
Net Profit	-4.08	10.23	10.75	-22.71	3.93	3.39	5.28	5.14	9.50	102.84	4.86	6.33	4.19
EPS in Rs	-3.16	7.93	8.33	-17.60	3.05	2.63	4.09	3.98	7.36	79.72	3.77	4.91	3.25

Last Updated: February 1, 2026, 11:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 5:16 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	3,067	3,546	3,231	2,999	2,822	2,853	2,731	932	515	47	125	199	148
Expenses	2,914	3,417	3,194	2,892	2,693	2,710	2,701	821	465	76	119	173	129
Operating Profit	153	129	37	106	129	143	30	111	49	-29	6	26	19
OPM %	5%	4%	1%	4%	5%	5%	1%	12%	10%	-63%	5%	13%	13%
Other Income	52	65	135	134	39	35	-171	-48	4,252	243	-5	110	111
Interest	79	91	107	74	96	89	101	52	42	10	1	1	1
Depreciation	54	22	75	71	77	77	98	68	41	6	2	2	2
Profit before tax	72	81	-9	95	-4	11	-341	-56	4,218	198	-2	134	127
Tax %	30%	54%	423%	26%	682%	126%	-1%	107%	-0%	3%	116%	8%
Net Profit	50	37	-48	89	-32	-3	-338	-117	4,229	192	-4	123	118
EPS in Rs	31.05	25.17	-45.39	65.49	-15.07	5.40	-251.63	-60.21	3,278.84	148.80	-3.46	95.16	91.65
Dividend Payout %	0%	0%	0%	4%	-17%	93%	0%	0%	0%	44%	0%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	-26.00%	-229.73%	285.42%	-135.96%	90.62%	-11166.67%	65.38%	3714.53%	-95.46%	-102.08%	3175.00%
Change in YoY Net Profit Growth (%)	0.00%	-203.73%	515.15%	-421.37%	226.58%	-11257.29%	11232.05%	3649.15%	-3809.99%	-6.62%	3277.08%

Forbes & Company Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	-25%
5 Years:	-41%
3 Years:	-27%
TTM:	24%

Compounded Profit Growth
10 Years:	14%
5 Years:	23%
3 Years:	-71%
TTM:	76%

Stock Price CAGR
10 Years:	26%
5 Years:	68%
3 Years:	12%
1 Year:	-35%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	14%
Last Year:	62%

Last Updated: September 5, 2025, 3:30 pm

Balance Sheet

Last Updated: August 18, 2026, 1:30 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	13	13	13	13	13	13	13	13	13	13	13	13
Reserves	431	206	301	303	251	-101	-154	73	212	127	207	186
Borrowings	1,180	1,140	1,164	1,189	1,070	1,137	523	288	9	5	5	6
Other Liabilities	1,188	1,220	1,228	1,254	1,541	1,695	1,654	415	467	275	77	46
Total Liabilities	2,811	2,579	2,706	2,759	2,874	2,744	2,036	789	701	421	301	251
Fixed Assets	1,140	997	1,036	1,139	1,134	1,027	598	158	29	27	27	27
CWIP	51	72	74	94	87	29	4	1	0	0	0	0
Investments	26	92	73	80	81	123	60	117	145	171	200	164
Other Assets	1,594	1,418	1,524	1,445	1,573	1,565	1,374	513	527	223	74	60
Total Assets	2,811	2,579	2,706	2,759	2,874	2,744	2,036	789	701	421	301	251

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	98	120	67	170	207	229	366	201	55	-20	-11	-6
Cash from Investing Activity +	-51	-83	5	-130	-44	-143	65	9	216	1	7	0
Cash from Financing Activity +	-80	-36	-20	-94	-230	-122	-382	-275	-243	-6	-1	-1
Net Cash Flow	-34	2	52	-53	-66	-36	49	-65	27	-26	-5	-7
Free Cash Flow	37	35	-20	15	163	145	494	150	235	-2	-3	-2
CFO/OP	109%	435%	92%	158%	157%	823%	328%	458%	-191%	-358%	-50%	-28%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	37.00	35.00	-20.00	15.00	163.00	145.00	494.00	150.00	235.00	-2.00	-3.00	-2.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	66	60	59	56	54	60	54	47	62	61	20	15
Inventory Days	131	102	98	138	155	220	284	188	533		892	43
Days Payable	192	162	140	115	142	151	162	99	214		217	71
Cash Conversion Cycle	5	0	17	79	68	128	177	136	380	61	695	-13
Working Capital Days	-32	-17	-29	-27	-42	-71	-126	-273	-135	-175	-299	-49
ROCE %	14%	11%	3%	5%	5%	7%	-2%	14%	12%	-9%	5%	16%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%	73.85%
FIIs	11.51%	11.58%	11.56%	11.51%	11.30%	10.16%	8.24%	8.24%	8.24%	8.24%	8.24%	8.24%
DIIs	0.10%	0.10%	0.10%	0.10%	0.10%	0.10%	0.19%	0.19%	0.19%	0.19%	0.11%	0.36%
Government	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.86%	0.62%
Public	13.67%	13.61%	13.63%	13.68%	13.89%	15.04%	16.85%	16.87%	16.87%	16.85%	16.95%	16.92%
No. of Shareholders	13,067	12,619	13,302	13,128	12,852	12,836	13,061	12,946	12,743	12,391	12,184	12,090

Shareholding Pattern Chart

No. of Shareholders

Forbes & Company Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	96.42	-3.50	150.77	3319.02	-61.00
Diluted EPS (Rs.)	96.42	-3.50	150.77	3319.02	-64.00
Cash EPS (Rs.)	97.73	-0.53	167.51	3298.18	-21.47
Book Value[Excl.RevalReserv]/Share (Rs.)	170.16	60.88	126.35	63.87	-66.31
Book Value[Incl.RevalReserv]/Share (Rs.)	170.16	60.88	126.35	63.87	-66.31
Revenue From Operations / Share (Rs.)	154.46	97.60	342.65	399.06	2214.80
PBDIT / Share (Rs.)	34.16	23.06	193.00	65.03	208.82
PBIT / Share (Rs.)	32.94	21.79	171.91	32.91	133.43
PBT / Share (Rs.)	32.51	18.22	167.59	-271.19	-28.06
Net Profit / Share (Rs.)	96.51	-1.81	146.42	3266.05	-96.86
NP After MI And SOA / Share (Rs.)	95.17	-3.46	148.82	3276.21	-60.21
PBDIT Margin (%)	22.11	23.62	56.32	16.29	9.42
PBIT Margin (%)	21.32	22.32	50.16	8.24	6.02
PBT Margin (%)	21.04	18.66	48.90	-67.95	-1.26
Net Profit Margin (%)	62.48	-1.85	42.73	818.44	-4.37
NP After MI And SOA Margin (%)	61.61	-3.54	43.43	820.99	-2.71
Return on Networth / Equity (%)	55.93	-5.67	117.78	5116.97	0.00
Return on Capital Employeed (%)	17.19	17.86	76.07	23.27	52.91
Return On Assets (%)	40.27	-1.05	27.37	530.11	-3.80
Long Term Debt / Equity (X)	0.00	0.00	0.11	0.81	-1.63
Total Debt / Equity (X)	0.00	0.05	0.31	3.33	-4.19
Asset Turnover Ratio (%)	0.54	0.22	0.37	0.18	0.34
Current Ratio (X)	1.61	0.86	0.92	0.72	0.61
Quick Ratio (X)	1.36	0.40	0.40	0.39	0.34
Inventory Turnover Ratio (X)	2.93	0.11	0.48	0.25	0.13
Dividend Payout Ratio (NP) (%)	0.00	0.00	43.11	96.21	0.00
Dividend Payout Ratio (CP) (%)	0.00	0.00	37.76	95.28	0.00
Earning Retention Ratio (%)	0.00	0.00	56.89	3.79	0.00
Cash Earning Retention Ratio (%)	0.00	0.00	62.24	4.72	0.00
Interest Coverage Ratio (X)	83.50	18.55	14.15	2.00	3.10
Interest Coverage Ratio (Post Tax) (X)	59.08	15.99	11.02	1.25	1.06
Enterprise Value (Cr.)	348.67	527.07	739.90	782.54	2819.46
EV / Net Operating Revenue (X)	1.75	4.19	1.67	1.52	0.98
EV / EBITDA (X)	7.91	17.72	2.97	9.33	10.47
MarketCap / Net Operating Revenue (X)	1.89	4.43	1.71	1.03	0.77
Retention Ratios (%)	0.00	0.00	56.88	3.78	0.00
Price / BV (X)	1.71	7.10	4.63	6.41	-14.83
Price / Net Operating Revenue (X)	1.89	4.43	1.71	1.03	0.77
EarningsYield	0.32	-0.01	0.25	7.98	-0.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of Forbes & Company Ltd and is it undervalued?

Forbes & Company Ltd: the stored intrinsic value estimate is ₹639.55, compared with a stored share price of ₹329.00. The model value is 94.4% above that quote. The model classifies this as undervalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for Forbes & Company Ltd?

The stored share price is ₹329.00. Price-data record updated: 24 September 2026, 5:06 am +05:30. This is not a live quote. The stored 52-week high / low is 463/242; this is a rolling range, not a financial-year range.

How have Forbes & Company Ltd's revenue and profit changed?

Does Forbes & Company Ltd's profit convert into cash?

What should I check in Forbes & Company Ltd's balance sheet?

Reported borrowings were ₹6.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare Forbes & Company Ltd's P/E with other stocks?

The stored P/E is 34.90. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change Forbes & Company Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.