FORCE MOTORS LTD Earnings Summary — Q4 FY2026
Force Motors Hits Record Quarterly Revenue to Close FY2026
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 4.3% sequentially in Q1 FY2027.
- Revenue of ₹2,440 Cr is 6.2% higher year-on-year.
- Revenue has compounded at 9.0% annualised over the last 10 quarters.
- Net profit of ₹217 Cr is 22.8% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 21.3% annualised across the period.
- Operating margin stands at 13.4% in Q1 FY2027.
- Operating margin compressed by 63 bps year-on-year.
- Over the last two years operating margin has expanded by 42 bps.
- PBT margin is 12.0%.
- Expenses grew 7.0% against revenue growth of 6.2%.
- Operating profit of ₹328 Cr is 1.5% higher year-on-year.
- Operating leverage has been under pressure recently.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 62/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Stable | 2,440 | 2,550 | 2,129 | 2,081 | 2,297 | 2,356 | 1,889 | 1,941 | 1,885 | 2,011 |
| Expenses | Stable | 2,112 | 2,136 | 1,755 | 1,719 | 1,974 | 2,027 | 1,658 | 1,664 | 1,640 | 1,733 |
| Operating Profit | Improving | 328 | 414 | 374 | 363 | 323 | 329 | 232 | 277 | 245 | 279 |
| Operating Margin | Stable | 13.4% | 16.3% | 17.6% | 17.4% | 14.1% | 14.0% | 12.3% | 14.3% | 13.0% | 13.8% |
| Other Income | Volatile | 43 | 39 | 241 | 26 | 25 | 418 | 20 | 9 | 15 | 18 |
| Interest | Volatile | 0 | 3 | 0 | 0 | 0 | 7 | 4 | 5 | 9 | 14 |
| Depreciation | Stable | 77 | 72 | 73 | 71 | 70 | 72 | 71 | 69 | 69 | 68 |
| Profit Before Tax | Volatile | 293 | 378 | 543 | 317 | 278 | 668 | 177 | 211 | 182 | 214 |
| Tax | Volatile | 77 | 100 | 136 | -34 | 101 | 233 | 62 | 76 | 66 | 74 |
| Net Profit | Volatile | 217 | 279 | 406 | 351 | 176 | 435 | 115 | 135 | 116 | 140 |
| Net Margin | Volatile | 8.9% | 10.9% | 19.1% | 16.9% | 7.7% | 18.4% | 6.1% | 7.0% | 6.1% | 7.0% |
Key Takeaways
- Quarterly revenue reached a record high of Rs. 2,550 Crores, demonstrating strong seasonal demand in the finish of the fiscal year.
- Operating profit grew to Rs. 414 Crores, the highest in the provided quarterly history, indicating strong operational efficiency.
- Net profit saw a YoY decline from Rs. 435 Cr to Rs. 279 Cr, primarily due to an exceptionally high 'Other Income' base in Mar 2025.
- The balance sheet is now significantly de-leveraged with total borrowings reduced to zero as of March 2026.
- The company has successfully transitioned from a low-margin manufacturer to a high-value engineering partner for global luxury brands.
- Raw material price sensitivity remains an underlying factor influencing expense growth, which reached Rs. 2,136 Crores this quarter.
Management Guidance
Management focus remains on technical depth and conservative financial management while expanding their role as a Tier-1 engine supplier.
Sentiment Shift
Stable
While net profit figures appear lower YoY due to one-off other income in the base year, core operational performance (Revenue and Operating Profit) is at record levels.
Outlook
The outlook remains strong as the company benefits from its dominant position in the Traveller LCV segment and its high-growth engine supply verticals for Mercedes and BMW.
From the Annual Report (Key Quotes)
“Transitioned from a cyclical low-margin manufacturer to a high-value engineering partner.”
“The 3-year profit growth highlights extreme operating leverage inherent in the business model.”
“Maintaining a dominant market share in the Traveller LCV segment provides a defensive cash flow stream.”
Official Quarterly Documents
This summary is AI-generated from FORCE MOTORS LTD's latest quarterly filing and earnings call. For informational purposes only — not investment advice.