Force Motors LimitedQ2 FY27 Results & Financial Update
Force Motors Limited: Q2 FY27 consolidated results and company financials – revenue ₹2,924.66 Cr, PAT ₹293.91 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Find an answer
Ask this result
Chart · Market context
Force Motors price & chart
Market priceLoading…
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Force Motors Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Force Motors demonstrated robust sequential top-line and bottom-line expansion during the quarter ended September 30, 2026, supported by strong revenue growth and disciplined operational delivery across its commercial vehicle lines.
Consolidated revenue from operations for Q2 FY27 reached ₹2,924.66 crore, marking a 19.86% increase compared to ₹2,440.01 crore reported in the preceding quarter (Q1 FY27).
Total consolidated income for the quarter stood at ₹2,967.49 crore, compared to ₹2,478.11 crore in Q1 FY27, reflecting consistent contributions from core operations and ancillary income streams.
Profit before tax (PBT) advanced to ₹392.60 crore in Q2 FY27 from ₹288.45 crore in the previous quarter, representing a sequential growth of 36.11%.
Consolidated net profit (PAT) attributable to owners reached ₹293.88 crore, while total net profit for the period stood at ₹293.91 crore, delivering basic and diluted earnings per share of ₹223.03 for the quarter compared to ₹164.36 in Q1 FY27.
Total expenses for the quarter aggregated to ₹2,574.89 crore, driven primarily by material consumption costs of ₹2,176.31 crore, employee benefits expense of ₹199.25 crore, and other operating expenses of ₹201.10 crore.
Tax expense for the quarter was recorded at ₹101.63 crore, reflecting current tax provisions of ₹92.95 crore and deferred tax charges of ₹8.68 crore.
01 · Business model
What does Force Motors do?
Force Motors Limited is an integrated automobile manufacturer headquartered in Pune, India, specializing in the design, development, and production of light commercial vehicles, multi-utility vehicles, special vehicles, and automotive engines and axles.
The company's operational portfolio includes iconic utility vehicles, travelers, tractors, and heavy engines, serving both commercial passenger transport and goods movement segments across domestic and select international markets.
Force Motors operates through manufacturing and assembly plants situated primarily in western India and manages its operations as a single primary business segment under Indian Accounting Standards.
The consolidated reporting structure includes the parent company alongside subsidiaries such as Tempo Finance (West) Private Limited and Veera Tanneries Private Limited, plus joint venture interests including Force MTU Power Systems Private Limited.
02 · Historical context
What shaped the business before this quarter
During the second quarter of the previous financial year (FY25-26), the company opted for the new tax regime under section 115BAA of the Income Tax Act, 1961, recognizing a one-time benefit of ₹85.46 crore.
The company completed the acquisition of the entire equity shares of Veera Tanneries Private Limited (VTPL) on April 23, 2026, making it a wholly owned subsidiary whose financials are consolidated under asset acquisition accounting rules.
Effective April 1, 2025, the Ministry of Environment, Forest and Climate Change notified the Environment Protection (End-of-Life Vehicles) Rules, 2025, imposing Extended Producer Responsibility obligations on vehicle manufacturers.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹2,924.66 Cr | ₹2,440.01 Cr |
| Total income | ₹2,967.49 Cr | ₹2,478.11 Cr |
| Profit before tax | ₹392.60 Cr | ₹288.45 Cr |
| Profit after tax | ₹293.91 Cr | ₹216.59 Cr |
| EPS | ₹223.03 | ₹164.36 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 10.0% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 13.4% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹42.83 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Consolidated revenue from operations rose by 19.86% quarter-on-quarter to ₹2,924.66 crore in Q2 FY27 from ₹2,440.01 crore in Q1 FY27.
What drove margins
Cost of materials consumed stood at ₹2,176.31 crore for the quarter, accompanied by inventory adjustments of negative ₹48.46 crore reflecting finished goods and work-in-progress inventory movements.
Employee benefit expenses were contained at ₹199.25 crore, while other operating expenses were recorded at ₹201.10 crore, alongside capitalized expenses of ₹37.16 crore.
05 · Strategy & new businesses
How the company is trying to change its growth mix
The acquisition of Veera Tanneries Private Limited (VTPL) was accounted for as an asset acquisition, integrating its financial results into the consolidated statements following the share purchase agreement dated April 23, 2026.
06 · Pressure points & risks
What is not going smoothly
In compliance with the Environment Protection (End-of-Life Vehicles) Rules, 2025, the company has recognized provisions in the financial statements for Extended Producer Responsibility obligations.
07 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
For the half-year ended September 30, 2026, net cash generated from operating activities stood at ₹759.44 crore.
Net cash used in investing activities for the half-year ended September 30, 2026, was ₹788.23 crore, including payments for property, plant, equipment, and intangible assets of ₹273.22 crore and bank deposits of ₹425.00 crore.
Capital allocation & funding
Net cash used in financing activities for the half-year ended September 30, 2026, was ₹68.04 crore, which included dividend payments of ₹65.88 crore and interest paid of ₹2.16 crore.
08 · Beyond the numbers
What changed beyond the numbers
Reported update
Statutory Auditor Review
The unaudited standalone and consolidated financial results for Q2 FY27 were reviewed by statutory auditors Kirtane & Pandit LLP and approved by the Board of Directors on October 28, 2026.
09 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations increased from ₹2,440.01 crore in Q1 FY27 to ₹2,924.66 crore in Q2 FY27.
10 · Key Q&A
The quarter, answered directly
What does Force Motors do?
Force Motors Limited is an integrated automobile manufacturer headquartered in Pune, India, specializing in the design, development, and production of light commercial vehicles, multi-utility vehicles, special vehicles, and automotive engines and axles.
What is the clearest takeaway from Q2 FY27?
Force Motors demonstrated robust sequential top-line and bottom-line expansion during the quarter ended September 30, 2026, supported by strong revenue growth and disciplined operational delivery across its commercial vehicle lines.
What drove revenue or demand?
Consolidated revenue from operations rose by 19.86% quarter-on-quarter to ₹2,924.66 crore in Q2 FY27 from ₹2,440.01 crore in Q1 FY27.
What mattered most for margins or profitability?
Cost of materials consumed stood at ₹2,176.31 crore for the quarter, accompanied by inventory adjustments of negative ₹48.46 crore reflecting finished goods and work-in-progress inventory movements.
What changed operationally beyond the headline numbers?
The acquisition of Veera Tanneries Private Limited (VTPL) was accounted for as an asset acquisition, integrating its financial results into the consolidated statements following the share purchase agreement dated April 23, 2026.
What are the main pressure points disclosed for the quarter?
In compliance with the Environment Protection (End-of-Life Vehicles) Rules, 2025, the company has recognized provisions in the financial statements for Extended Producer Responsibility obligations.
11 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
12 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Subsequent Quarterly Performance: Monitor subsequent financial disclosures and volume trends in commercial vehicle sales for upcoming quarters.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.