Neel AcharyPune, Feb 05: Force Motors Limited, India’s largest van manufacturer and a key player in shared and specialised mobility solutions, today announced its financial results for the quarter ended December 31, 2025 (Q3 FY2025–26).
Building on the strong momentum of the first half, the company reported record EBITDA and profit margins, surpassing the levels achieved in the previous quarters and reinforcing the robustness of its operating model, product portfolio, and execution capabilities.
During Q3 FY26 and the nine-month period ended FY26, the company delivered a strong standalone performance marked by robust growth across key financial indicators. Revenue grew by 13% year-on-year in Q3 and 14% over the nine-month period, supported by improved operating efficiencies and scale. EBITDA recorded a sharp increase of 63% in Q3 and 43% for the nine months, reflecting enhanced margins and cost discipline. Profit before tax, before exceptional items, rose significantly by 91% in Q3 and 62% over nine months, while profit before tax after exceptional items surged by 214% and 99% respectively. Profit after tax, after exceptional items, witnessed exceptional growth of 266% in Q3 and 153% during the nine-month period. The company remains debt-free, with a strong sales CAGR of over 35% achieved over the past three years, underscoring sustained growth momentum and financial strength.
Operational Highlights (9M FY26):
- Domestic volumes grew 25%, supported by continued demand across Urbania, Traveller, Gurkha (defence variants), Monobus and Trax
- Exports volumes registered a 30% growth compared to the corresponding period last year across Light Commercial Vehicles, Special Vehicles Division and Utility Vehicles
- The company maintained its zero-debt status, underscoring financial discipline & prudence
- The Traveller platform retained clear segment leadership, with market share consistently above 70%
Commenting on the performance, Mr. Prasan Firodia, Managing Director, Force Motors Limited, said:
“The performance in the third quarter reflects steady demand across our core product segments and improved operating leverage as volumes have scaled through the year. Growth has been broad-based, supported by continued traction in shared mobility, defence-related applications, and export markets.”
“Demand visibility remains healthy, particularly in intra-city and inter-city passenger mobility, while institutional and fleet customers continue to prioritise reliable, purpose-built platforms. Our order pipeline and dealer-level enquiries provide reasonable visibility as we enter the final quarter of the year.”
“Given the momentum we have gained and with Q4 underway, we are confident of closing the year on a strong note and delivering our best financial performance to date. This confidence is supported by the proposed Union Budget, which underscores the continued focus on strengthening India’s long-term economic fundamentals, including manufacturing, infrastructure and supply-chain resilience”, he added.
Key Update:
During the quarter, the Board of Directors of Force Motors was strengthened with the appointment of three Independent Directors. Gautam Bambawale, a former Indian diplomat, brings a strong global perspective shaped by decades of experience in international relations, strategic policy and geopolitics. Nitin Kareer, former Chief Secretary to the Government of Maharashtra, adds deep insight into public administration, urban governance and fiscal management, built over a distinguished career in public service. Lt. Gen. Vinod Gulabrao Khandare (Retd.), a former Indian Army officer with nearly four decades of service, brings valuable experience in defence strategy, national security and institutional leadership.
Together, their diverse backgrounds and experience will support the Board in its oversight role and contribute to the company’s long-term direction.
