Updating wise as long as Forge itself is the only thing that needs updating and everything the new version of Forge needs is the same as the old version the installer should work fine offline.
Installing Forge new or updating Forge where the new version has to update libraries, it's doable but isn't 100% offline, i.e. you'd need to run the installer on a PC with an internet connection before bringing the installed files over to a PC without an internet connection.