Force Motors posts best-ever Q3 with record EBITDA and profits

Force Motors Delivers Its Strongest Third Quarter Yet

Force Motors Limited has reported its best-ever third-quarter performance for FY26, marking a significant milestone in its financial and operational trajectory. The company’s robust results for the quarter ended December 31, 2025, reflect sustained demand across its key product portfolio, improved operating efficiency, and strong execution capabilities. The performance builds on the momentum generated in the first half of the fiscal year, reinforcing the stability of its business model and market positioning.

Record Revenue, EBITDA, And Profit Growth

In Q3 FY26, Force Motors recorded a revenue of Rs 2,155 crore, registering a year-on-year growth of 13%. The company achieved an impressive EBITDA of Rs 401 crore, reflecting a substantial 63% YoY increase, highlighting strong profitability and cost management.

Before exceptional items, Profit Before Tax (PBT) stood at Rs 328 crore, up 91% compared to the same period last year. After accounting for exceptional items, PBT surged to Rs 539 crore, marking a 214% YoY rise. Profit After Tax (PAT) also saw a remarkable increase, reaching Rs 403 crore, up 266% YoY. Over the past three years, Force Motors has maintained a strong sales Compound Annual Growth Rate (CAGR) of over 35%, demonstrating consistent business expansion.

Strong Operational Performance In 9M FY26

For the first nine months of FY26, Force Motors reported revenue of Rs 6,583 crore, up 14% YoY, while EBITDA reached Rs 1,145 crore, reflecting a 43% YoY growth. After exceptional items, PBT stood at Rs 1,142 crore, up 99%, and PAT increased to Rs 938 crore, marking a 153% YoY rise.

Domestic sales volumes grew by 25% during this period, driven by sustained demand for key models such as Urbania, Traveller, Gurkha (defence variants), Monobus, and Trax. Exports also performed strongly, with a 30% YoY increase in Light Commercial Vehicles (LCVs), Special Vehicles Division, and Utility Vehicles. The company continued to operate as a debt-free entity, reflecting prudent financial management.

Force Motors’ Traveller platform maintained its leadership in the segment, consistently holding over 70% market share.

Management’s Outlook On Growth

Prasan Firodia, Managing Director of Force Motors, attributed the strong performance to steady demand across core product segments and improved operating leverage as volumes scaled up. He highlighted growth in shared mobility, defence-related applications, and export markets as key contributors.

Firodia expressed confidence in sustained demand, particularly in intra-city and inter-city passenger mobility, along with strong interest from institutional and fleet customers. He also indicated that the company’s order pipeline and dealer enquiries provide good visibility as it moves into the final quarter of the fiscal year.

He further noted that the proposed Union Budget’s focus on manufacturing, infrastructure, and supply chain resilience supports Force Motors’ long-term growth prospects.

Strengthening Leadership With New Board Members

During the quarter, Force Motors appointed three independent directors to its Board, strengthening its governance framework. These include former Indian Ambassador Gautam Bambawale, former Maharashtra Chief Secretary Nitin Kareer, and retired Indian Army Lt. Gen. Vinod Gulabrao Khandare. Their collective expertise in diplomacy, governance, and defence is expected to guide the company’s strategic direction.

Company Background And Global Presence

Founded in 1958 by N. K. Firodia, Force Motors Limited is a fully integrated automotive manufacturer specialising in the design, development, and production of vehicles, aggregates, and components. The company offers a diverse portfolio of light commercial and multi-utility vehicles and exports to markets across the Middle East, Gulf, Asia, Latin America, and Africa.

With record financial performance, strong demand momentum, and strategic leadership enhancements, Force Motors appears well-positioned for sustained growth in FY26 and beyond.