Pune, February 4th 2026: 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.
Key Financial Highlights: (Standalone)
Q3 FY 26
9M FY26
Revenue
₹2,155 crore, up 13% YoY
₹6,583 crore, up 14% YoY
EBITDA
₹401 crore, up 63% YoY
₹1,145 crore, up 43% YoY
Profit Before Tax (PBT)
(Before Exceptional item)
₹328 crore, up 91% YoY
₹931 crore, up 62% YoY
Profit Before Tax (PBT)
(After Exceptional item)
₹539 crore, up 214% YoY
₹1,142 crore, up 99% YoY
Profit after Tax (PAT)
(After Exceptional item)
₹403 crore, up 266% YoY
₹938 crore, up 153% YoY
Total Debt
NIL
CAGR (Sales)
>35% over 3 years
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.
