Force Motors (500033) Q2 25/26 earnings summary

Executive summary

• H1 FY26 standalone revenue reached ₹4,37,839 lakh, up 14% YoY; PBT was ₹60,249 lakh, up 50%, and net profit was ₹53,473 lakh, up 105%.

• Q2 FY26 standalone revenue was ₹2,10,576 lakh and net profit was ₹34,951 lakh; profit included tax effects from the shift to the new tax regime.

Financial highlights

• Q2 revenue was ₹2,10,576 lakh vs ₹1,94,120 lakh in Q2 FY25; H1 revenue was ₹4,37,839 lakh vs ₹3,82,598 lakh.

• Q2 PBT before exceptional items was ₹31,595 lakh vs ₹21,707 lakh; H1 was ₹60,249 lakh vs ₹40,273 lakh.

• Standalone net profit was ₹34,951 lakh in Q2 vs ₹14,068 lakh; H1 was ₹53,473 lakh vs ₹26,027 lakh.

• Consolidated Q2 revenue was ₹2,10,589 lakh and net profit ₹35,070 lakh; H1 revenue was ₹4,37,865 lakh and net profit ₹52,706 lakh.

Segment performance

• Operations are reported as a single segment; consolidated H1 results included a ₹786 lakh share of joint-venture loss, vs ₹968 lakh in H1 FY25. The JV contributed ₹110 lakh profit in Q2, vs a ₹572 lakh loss in Q2 FY25.

• Traveller holds over 70% share in its segment and serves applications including school buses, ambulances, delivery vans and troop carriers.

• Urbania is a premium modular monocoque van platform for shared mobility; Monobus offers 31- and 44-seater factory-built monocoque buses with a vehicle warranty.