Force Motors (500033) Q4 25/26 earnings summary

Executive summary

• FY26 sales rose 12% YoY to ₹8,980 crore; PBT before exceptional items increased 55% to ₹1,304 crore and PAT after exceptional items rose 51% to ₹1,211 crore.

• Annualized ROIC improved to 23.72% from 17.81% in FY25; Q4 PAT after exceptional items fell 36% YoY to ₹274 crore.

• Statutory auditors issued unmodified opinions on the standalone and consolidated annual results.

Financial highlights

• FY26 consolidated revenue from operations was ₹9,05,705 lakh vs ₹8,07,173 lakh in FY25; consolidated net profit was ₹1,21,175 lakh vs ₹80,086 lakh.

• FY26 PBT before exceptional items was ₹1,304 crore, with a 15% margin vs 11% in FY25; consolidated PBT was ₹1,51,571 lakh vs ₹1,23,826 lakh.

• FY26 PAT after exceptional items was ₹1,211 crore, with a 13% margin vs 10% in FY25.

• Q4 FY26 sales were ₹2,528 crore, up 12% YoY and 8% QoQ; consolidated revenue was ₹2,54,984 lakh vs ₹2,35,601 lakh YoY.

• Q4 PBT before exceptional items was ₹373 crore, up 39% YoY and 20% QoQ; PAT after exceptional items was ₹274 crore, down 36% YoY. Consolidated net profit was ₹27,854 lakh vs ₹43,474 lakh YoY.

Key financial ratios and metrics

• Annualized ROIC was 23.72% in FY26, compared with 17.81% in FY25 and 14.02% in FY24.

• Consolidated basic and diluted EPS for FY26 was ₹919.56 vs ₹607.71 in FY25; Q4 EPS was ₹211.37 vs ₹329.92 YoY.

• Consolidated operating cash flow was ₹1,29,709 lakh vs ₹1,54,647 lakh in FY25; closing cash and equivalents were ₹83,042 lakh vs ₹50,655 lakh. Total assets were ₹6,53,755 lakh and total equity ₹4,19,681 lakh at 31 March 2026.