Force Motors released its Investor Presentation for the third quarter and nine months ended December 31, 2025 (FY26). The results showcase robust growth across key metrics, including Sales, PBT, and PAT, compared to the previous year. The presentation details the company’s operational successes, highlighting achievements in its Vehicle Business (Traveller, Urbania, Monobus), High-Tech Aggregate Business (BMW, Mercedes, MTU), and its ongoing sustainability and digital transformation initiatives like Project Digiforce and Project Lakshya.
Financial Highlights: Q3 and 9M FY26 Performance
Force Motors reported strong financial performance for the quarter ending December 31, 2025 (Q3 FY26) and the nine-month period (9M FY26). Key consolidated highlights include:
- Sales: Q3 Sales were ₹2,110 Cr. (14% Year-over-Year, Y-o-Y growth). 9M Sales reached ₹6,451 Cr., showing a 13.8% growth over 9M FY25.
- PBT (Before Exceptional Items): Q3 PBT was ₹328 Cr., translating to a 14% margin (up 62% Y-o-Y). 9M PBT stood at ₹931 Cr., a 62.0% growth YTD.
- PAT (Before Exceptional Items): Q3 PAT was ₹779 Cr. (margin of 12%, up 110% Y-o-Y). 9M PAT reached ₹779 Cr., marking a substantial 110.4% growth YTD. (Note: Q3 PAT includes the impact of the shift to the New Tax Regime).
Standalone Quarterly Performance Trends
The standalone quarterly figures demonstrate significant upward momentum across the fiscal year:
- Standalone Sales: Q3 FY26 sales were ₹2,110 Cr., a 13% increase Q-o-Q and 13% Y-o-Y. The 3-Year CAGR for sales stands at 35.7%.
- Standalone PBT: Q3 PBT reached ₹328 Cr., achieving a PBT margin of 16%, marking a 91% Y-o-Y increase. The 3-Year CAGR for PBT is an impressive 295.2%.
- Standalone PAT: Q3 PAT stood at ₹245 Cr. (12% margin), achieving a 123% Y-o-Y increase. The 3-Year CAGR for PAT is 294.0%.
Historical analysis shows a recovery and acceleration in standalone performance, with ROIC improving to 17.81% in FY25. Cash flow from operations remained strong, ending FY25 at ₹971 Cr. against a Capex of ₹367 Cr..
Vehicle Business Portfolio Strength
Force Motors continues to dominate segments with its diverse vehicle offerings:
- Traveller Platform: Remains the market leader in its segment with over 70% market share and is noted as India’s most preferred Ambulance maker.
- Urbania: Launched as an All New Next Gen Mobility Platform, offering premium shared mobility with 25 segment-first features and variants ranging up to 16+D.
- Monobus: India’s first 31 & 44-seater monocoque bus platform, boasting best-in-class power-to-weight ratios.
- TRAX & GURKHA: Modular Multi-Utility Vehicles known for ruggedness, off-road capability, and versatility across civilian, special, and defense applications (including Light Strike Vehicles for the Indian Army).
High-Tech Aggregate Business & Global Collaboration
The company maintains a strong presence in the High-Tech Aggregate business through significant Indo-German collaborations:
- Supplying 6 Cylinder and 4 Cylinder Engines (Petrol & Diesel) and Axles for BMW and Mercedes-Benz vehicles made in India.
- Through the Force MTU Power Systems Pvt. Ltd. (FMTU) joint venture (51% Force Motors), the company is the world’s only manufacturing plant for Series 1600 engines and Series 1600 Diesel Generators, supplying global markets.
Commitment to Transformation and Sustainability
Force Motors highlighted two major internal transformation programs:
- Project Digiforce: A ₹150 crore digital transformation initiative focusing on digitizing sales, service, and core operations, with deployments including Next-gen CRM-DMS and a Digital Control Tower. Key partners include Deloitte, EY, ZOHO, and HP.
- Project Lakshya: A strategic HR transformation focused on leadership development (partnering with SP Jain School of Global Management), digital capability building, and culture shift.
In ESG priorities for 2024-25, the company achieved notable progress:
- GHG Emissions Intensity: Reduced by 22% (Target: 50% reduction by 2030).
- Zero Waste to Landfill: 97% waste diverted.
- Renewable Energy: Reached 13.47% electricity usage (Target: 50% by 2027).
- The company has a sales and service network of over 300+ locations pan India and an export presence in over 25+ countries.
Source: BSE
