Force Motors Limited, India’s leading van manufacturer and a prominent automotive player, has announced its financial results for the quarter and full year ending March 31, 2026 (Q4 & FY2025–26), delivering its strongest-ever annual performance.
The company achieved record revenue and profitability, driven by consistent execution across all quarters, improved operating leverage, and broad-based growth across key product segments. This milestone underscores Force Motors’ focused strategy, operational resilience, and disciplined business approach.
Key Financial Highlights: (Standalone)
Force Motors reported strong financial performance for both Q4 FY2026 and the full year FY2026. In Q4, the company recorded revenue of ₹2,584 crore, reflecting a 9% year-on-year growth. EBITDA stood at ₹448 crore, up 29%, while Profit Before Tax (PBT), before exceptional items, rose 39% to ₹373 crore. Profit After Tax (PAT) for the quarter came in at ₹274 crore, showing a decline of 36% due to the impact of a high base from an exceptional income of ₹395 crore in Q4 of the previous year.
For the full year FY2026, revenue reached ₹9,167 crore, marking a 13% increase year-on-year. EBITDA grew significantly by 39% to ₹1,593 crore, while PBT surged 55% to ₹1,304 crore. PAT also saw robust growth of 51%, reaching ₹1,211 crore. The company maintained a zero-debt position during the year and achieved a strong sales CAGR of 30% over the past four years.
Operational Performance – FY2025–26:
- Robust domestic growth, with overall wholesales rising by 20% year-on-year
- Continued dominance in the van segment, with the Traveller platform maintaining over 70% market share
- Significant momentum in premium mobility, as Urbania recorded over 100% annual growth
- Expanded footprint in rural and semi-urban markets, led by strong demand for the Trax platform, which saw volume growth exceeding 70%
- Strengthened position in institutional and defence segments, including execution of key orders for specialized applications for the Indian armed forces
The company’s performance reflects not only higher scale but also improved earnings quality, supported by a strategic product mix, operational efficiency, and better absorption of fixed costs through enhanced operating leverage.
Growth remained well-distributed across major platforms, with Force Motors retaining its leadership in the core van segment while simultaneously expanding its presence in premium passenger mobility and emerging markets.
Additionally, the company maintained its zero-debt status, highlighting its continued focus on financial discipline and prudent capital allocation.
Commenting on the exceptional performance, Mr. Prasan Firodia, Managing Director, Force Motors Limited, said, “We have been a segment creator since our inception, and we are now pioneering and leading the premium shared mobility segment with Urbania’s strong presence, while platforms like Traveller and Trax continue to deliver scale and reach across markets. At the same time, our engagement with institutional and defence customers reflects the depth of our engineering capabilities and our ability to deliver in demanding and ever‑evolving environments.
FY2025–26 marks an unprecedented year in our journey, where consistent execution across quarters has translated into our strongest-ever financial performance. This has been driven by a clear focus on the segments where we believe we can lead and also create new segments, supported by improved operating leverage and a more balanced product mix.
As we look ahead, we remain focused on building the business with consistency and discipline. Staying closely aligned to customer needs, while continuing to strengthen our product, technology and innovation capabilities, will remain central to how we approach the next phase of growth.”
