### **Overview** Forbes & Company Limited, part of the diversified Shapoorji Pallonji Group, is a multi-segment industrial enterprise with core operations in **Engineering, Real Estate, IT-Enabled Services & Products**, and specialized corporate investment activities. The company is undergoing a strategic transformation focused on **demerger, operational excellence, product innovation**, and **international expansion** across key verticals, particularly in precision tools, industrial automation, and emerging areas like medical devices. The company is led by a strong management team with deep functional and sectoral expertise, anchored by long-standing leadership within the Shapoorji Pallonji ecosystem. --- ### **Business Segments and Strategic Developments** #### **1. Engineering Segment** This segment encompasses the **Precision Tools Group (PTG)** and **Coding & Industrial Automation Business (CIAB)**. ##### **Precision Tools Group (PTG)** - Achieved **16% YoY revenue growth** in FY23 despite global disruptions (Russia-Ukraine conflict, weak U.S. demand). - **Product expansion**: Launched new HSS and solid carbide tools, long drills, TCRB/SCT cutting tools (Totem Express range), and torque wrenches. - Strengthened manufacturing capabilities with **vacuum heat treatment**, **drag finish edge preparation**, and a **new metallurgical laboratory**. - Expanded into high-margin, regulated sectors: - **Medical devices**: Received **CDSCO approval** and **ISO 13485:2016 certification**; first product under US FDA review for market entry. - **Aerospace & Defense**: Totem-branded tools accepted for implant machining and used in high-performance applications. - **International push**: Secured three major international accounts expected to deliver **50% of export revenues**; sales teams positioned in Southeast Asia, Middle East, and the Americas. - Participated in international exhibitions (IMTEX, IMTS USA), winning **"Best Metal Cutting Brand"** from *Economic Times* for the third consecutive year (2023). ##### **Coding & Industrial Automation Business (CIAB)** - Reported **27% YoY revenue growth (Aug 2024)** but faced margin pressures; improved to **flat growth with higher contribution margins by Jun 2025**. - Transitioning from a marking solutions provider to a **comprehensive automation and Industry 4.0 solutions business**, including: - **Special Purpose Machines** - **Robotic integration** - **Vision systems and traceability** - **Bradma** brand offers full-spectrum laser systems (Fiber, CO2, UV) for metals and non-metals, serving FMCG, pharma, food & beverage industries. - Signed contracts with **major automotive OEMs**; delivered 16 automation projects including VIN marking and race cone presses. - Reorganizing post-demerger into a **zonal sales model** to improve geographic coverage and channel management. --- ### **Demerger and Strategic Restructuring** - In **September 2023**, Forbes announced the **demerger of its Precision Tools business (PTG)** from the **Remaining Business (including CIAB, real estate, etc.)**. - **Objective**: Enhance strategic focus, attract targeted investors, enable talent growth, and optimize capital allocation. - The restructuring includes **reorganization of sales and distribution networks** and operational autonomy for each entity. --- ### **New Product Development and Innovation** - **In-house R&D focus**: Development of **dot peen marking machines** and **laser systems** for metal and non-metal applications. - **New product launches planned for Q1 FY26 (Apr-Jun 2025)** to expand industrial automation portfolio. - Innovation pipeline includes: - **Touch-free kiosks and facial recognition systems** (via Forbes Technosys) - **Advanced automation cells** for machine tending - **IoT and AI-integrated solutions** for smart infrastructure --- ### **Real Estate and Diversified Operations** - The **Real Estate segment** generates rental income and develops projects, including the **Vicinia project**, which is awaiting occupancy certification. - Mr. Jagawat, **CFO**, has overseen financial management and restructuring of the company’s real estate portfolio. - Eureka Forbes (formerly a key subsidiary) was **sold to Advent International (2021)**, marking the SP Group’s de-leveraging strategy and refocus on core engineering and industrial businesses. --- ### **Joint Ventures and Subsidiaries** - **Active JVs**: - **Forbes Bumi Armada Limited** - **Forbes Macsa Private Limited** – provides laser marking solutions under *Bradma Macsa id*. - **Discontinued JV**: Forbes Concept Hospitality Services Private Ltd (as of Aug 2023). - **Ownership structure**: - 100% owned subsidiaries in **Germany, Switzerland, Hungary, Austria, Poland, and Paraguay**. - 80% stake in **Lux de Paraguay SA** - 50% in **AMC Cookware Limited (South Africa)** - International growth supported by **Lux International AG**, which launched new home appliances (EcoLux NEO, Aeroguard360, Waterguard THIN) and plans a **robotic vacuum cleaner**. --- ### **Subsidiary: Forbes Technosys Limited (FTL)** - Focuses on **self-service kiosks, e-payments, and digital transaction platforms**. - Faced financial stress in 2021 (loss of ₹1,632 lakhs in H1), but pivoted during pandemic: - Launched **‘Covid-19 Compliance Kiosk’** with facial recognition. - Expanded SaaS offerings: **VASP** and **SMASH** (AI/ML for access control, security). - Innovated in **cheque truncation** and **fraud detection**. - Services deployed by leading banks and institutions; processes **>30% of India’s cheque volume**. --- ### **Leadership and Key Executives** #### **Mr. Jagawat – Chief Financial Officer** - Over **28 years of experience** in real estate, construction, finance, and regulatory compliance. - Key roles in **Shapoorji Pallonji Group** since 1997. - Oversees: **Finance, Taxation, Treasury, Risk, Legal, and IT**. - Led **corporate restructuring**, **capital reductions**, **mergers**, and resolution of legacy legal/tax issues. - Managed **Vicinia project** and domestic/international financial oversight. #### **Mr. Ravinder Chander Prem – Business Head** - Oversees **Cutting Tools, Industrial Automation, and Medical Devices**. - Implemented **Lean, TOC, and Strategic Sourcing** to drive efficiency and growth.