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Force Motors Q2 FY27 results: net profit down 16.2% to ₹293.91 crore, revenue up 40.5%
Force Motors Limited reported consolidated revenue of ₹2,925 crore in Q2 FY27, up 40.5% from Q2 FY26. EBITDA rose 19.5% to ₹433.62 crore, while net profit fell 16.2% to ₹293.91 crore as tax expense increased to ₹101.63 crore from a credit of ₹33.52 crore.
Key points
- Consolidated revenue was ₹2,925 crore in Q2 FY27, up 40.5% from ₹2,081 crore in Q2 FY26.
- EBITDA was ₹433.62 crore, up 19.5% year on year, while EBITDA margin fell 2.6 percentage points to 14.8%.
- Profit before tax rose 24.2% to ₹392.60 crore, but net profit fell 16.2% to ₹293.91 crore.
- Basic EPS declined 16.2% to ₹223.03 from ₹266.14 in Q2 FY26.
- Against Q1 FY27, revenue rose 19.9%, EBITDA increased 32.3%, and net profit rose 35.7%.
How did Force Motors perform in Q2 FY27?
Consolidated revenue for Q2 FY27 was ₹2,925 crore, up ₹843.26 crore or 40.5% from ₹2,081 crore in Q2 FY26 and up ₹484.65 crore or 19.9% from ₹2,440 crore in Q1 FY27. Total income was ₹2,967.49 crore, compared with ₹2,105.89 crore a year earlier and ₹2,478.11 crore in the previous quarter.
EBITDA was ₹433.62 crore, up ₹70.85 crore or 19.5% from Q2 FY26 and ₹105.83 crore or 32.3% from Q1 FY27. The EBITDA margin fell 2.6 percentage points year on year to 14.8%, but rose 1.4 percentage points from 13.4% in Q1 FY27. Profit before tax was ₹392.60 crore, up 24.2% year on year and 36.1% sequentially.
Net profit was ₹293.91 crore, down ₹56.79 crore or 16.2% from ₹350.70 crore in Q2 FY26, while it rose ₹77.32 crore or 35.7% from ₹216.59 crore in Q1 FY27. Basic EPS was ₹223.03, against ₹266.14 a year earlier and ₹164.36 in the previous quarter. On the standalone basis, revenue was ₹2,924.54 crore and net profit was ₹291.44 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,925 | 2,440 | 2,081 | +40.5% | +19.9% |
| Other income | 42.83 | 38.10 | 24.49 | +74.9% | +12.4% |
| Total expenses | 2,575 | 2,190 | 1,790 | +43.9% | +17.6% |
| EBITDA | 433.62 | 327.79 | 362.77 | +19.5% | +32.3% |
| EBITDA margin | 14.8% | 13.4% | 17.4% | −2.6 pp | +1.4 pp |
| Profit before tax | 392.60 | 288.45 | 316.08 | +24.2% | +36.1% |
| Tax | 101.63 | 76.70 | −33.52 | +32.5% | |
| Net profit | 293.91 | 216.59 | 350.70 | −16.2% | +35.7% |
| EPS (₹) | 223.03 | 164.36 | 266.14 | −16.2% | +35.7% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Force Motors' costs and profit?
Total expenses rose ₹785.08 crore or 43.9% year on year to ₹2,575 crore. Cost of materials increased ₹623.45 crore or 40.1% to ₹2,176 crore, employee cost rose ₹28.33 crore or 16.6% to ₹199.25 crore, depreciation rose ₹10.78 crore or 15.2% to ₹81.73 crore, and other expenses increased ₹59.91 crore or 57.6% to ₹163.94 crore. Finance costs were ₹2.12 crore, against ₹0.23 crore in Q2 FY26.
Other income increased ₹18.34 crore or 74.9% to ₹42.83 crore, while there was no exceptional item in either quarter. Profit before tax rose ₹76.52 crore or 24.2% to ₹392.60 crore, but tax expense moved to ₹101.63 crore from a credit of ₹33.52 crore, a difference of ₹135.15 crore. As a result, net profit fell despite higher profit before tax.
The company said Q2 FY26 tax included a one-time benefit of ~85.46 Crores arising from deferred tax and MAT credit after it adopted the tax regime under section 115BAA of the Income-tax Act, 1961. It stated that Q2 FY26 tax expense, PAT and EPS are therefore not comparable with Q2 FY27. No exceptional item was reported in Q2 FY27.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 2,176 | 1,553 | +623.45 | +40.1% |
| Employee cost | 199.25 | 170.92 | +28.33 | +16.6% |
| Finance costs | 2.12 | 0.23 | +1.89 | +821.7% |
| Depreciation | 81.73 | 70.95 | +10.78 | +15.2% |
| Other expenses | 163.94 | 104.03 | +59.91 | +57.6% |
| Total expenses | 2,575 | 1,790 | +785.08 | +43.9% |
| Other income | 42.83 | 24.49 | +18.34 | +74.9% |
| Tax | 101.63 | −33.52 | +135.15 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹5,364.67 crore, up ₹986.02 crore or 22.5% from ₹4,378.65 crore in H1 FY26. Total income rose ₹1,017.4 crore or 23.0% to ₹5,445.6 crore, while profit before tax increased ₹78.3 crore or 13.0% to ₹681.05 crore.
H1 FY27 net profit was ₹510.5 crore, down ₹16.56 crore or 3.1% from ₹527.06 crore in H1 FY26. Basic EPS declined ₹12.57 or 3.1% to ₹387.39 from ₹399.96. The company said H1 FY26 tax included the one-time benefit of ~85.46 Crores and that the prior-year PAT and EPS are not comparable with H1 FY27.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 5,365 | 4,379 | +22.5% |
| Profit before tax | 681.05 | 602.75 | +13.0% |
| Net profit | 510.50 | 527.06 | −3.1% |
| EPS (₹) | 387.39 | 399.96 | −3.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹7,286.02 crore, against ₹6,537.55 crore at 31 March 2026. Total equity rose to ₹4,640.33 crore from ₹4,196.81 crore, while borrowings remained nil at both dates. Cash and cash equivalents fell to ₹733.73 crore from ₹830.42 crore.
Inventories increased to ₹1,418.97 crore from ₹1,258.01 crore, trade receivables rose to ₹196.15 crore from ₹191.15 crore, and trade payables increased to ₹1,198.05 crore from ₹1,040.32 crore. In H1 FY27, operating cash flow was ₹759.52 crore, against ₹269.52 crore in H1 FY26, while investing cash flow was negative ₹788.23 crore, against negative ₹202.23 crore.
Financing cash flow was negative ₹68.04 crore in H1 FY27, compared with negative ₹170.51 crore a year earlier. Capital expenditure was ₹273.22 crore in H1 FY27 and ₹221.56 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 7,286 | 6,538 |
| Total equity | 4,640 | 4,197 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 733.73 | 830.42 |
| Inventories | 1,419 | 1,258 |
| Trade receivables | 196.15 | 191.15 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 759.52 | 269.52 |
| Cash from investing | −788.23 | −202.23 |
| Cash from financing | −68.04 | −170.51 |
| Capital expenditure | 273.22 | 221.56 |
Source: Company's results filing (XBRL).
How has Force Motors done over the last 8 quarters?
Revenue has risen year on year in each of the last eight quarters. It reached a period high of ₹2,924.66 crore in Q2 FY27 after falling from ₹2,549.84 crore in Q4 FY26 to ₹2,440.01 crore in Q1 FY27, while the earlier low was ₹1,889.49 crore in Q3 FY25.
Net profit was ₹293.91 crore in Q2 FY27, above ₹216.59 crore in Q1 FY27 but below ₹350.70 crore in Q2 FY26. It reached the period high of ₹434.74 crore in Q4 FY25 and the low of ₹115.34 crore in Q3 FY25. The EBITDA margin rose to 14.8% from 13.4% in Q1 FY27, after peaking at 17.6% in Q3 FY26.
How did Force Motors shares react?
The results were announced after market hours on 28 October 2026. From the price when the filing appeared, the stock was up 1.4% after five minutes, 1.3% after 15 minutes and 0.5% after 30 minutes. On the reaction day, it fell 1.4% from the previous close of ₹17,093 to the close of the first session that could trade on the news.
By the next day's close, the stock was up 1.5% from its pre-results close. The Passenger Cars & Utility Vehicles industry median was up 1.1% on the reaction day and fell 0.3% by the next close, leaving Force Motors trailing the industry median by 2.5 percentage points on the reaction day and ahead by 1.9 percentage points by the next close.
Earlier reaction-day moves were mixed: the stock rose 1.6% on 29 July 2026, fell 4.9% on 29 April 2026 and rose 4.4% on 4 February 2026. Its largest listed reaction-day move was a rise of 20.0% on 29 October 2024.
| After the filing | Stock | Passenger Cars & Utility Vehicles median |
|---|---|---|
| 5 minutes | +1.4% | |
| 15 minutes | +1.3% | |
| 30 minutes | +0.5% | |
| Reaction day | −1.4% | +1.1% |
| Next day | +1.5% | −0.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 29 July 2026 | +1.6% |
| 29 April 2026 | −4.9% |
| 4 February 2026 | +4.4% |
| 7 November 2025 | −0.3% |
| 23 July 2025 | +11.9% |
| 10 February 2025 | −0.3% |
| 29 October 2024 | +20.0% |
| 30 July 2024 | +8.1% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Force Motors' revenue in Q2 FY27?
Revenue from operations was ₹2,925 crore, up 40.5% from ₹2,081 crore in Q2 FY26 (consolidated).
Did Force Motors make a profit in Q2 FY27?
Yes. Net profit was ₹293.91 crore, against a net profit of ₹350.70 crore in Q2 FY26.
What was Force Motors' EPS in Q2 FY27?
Basic earnings per share were ₹223.03, against ₹266.14 in Q2 FY26.
How did Force Motors shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.4% from the previous close; the median Passenger Cars & Utility Vehicles stock moved +1.1%.
When did Force Motors announce its Q2 FY27 results?
On 28 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Considering Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended On 30Th September, 2026. (BSE, 21 October 2026) · PDF
- Closure of Trading Window (BSE, 21 October 2026) · PDF
- Results-Financial Results For The Quarter And Half Year Ended On 30.09.2026 (BSE, 28 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On 28.10.2026- Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended On 30.09.2026 (BSE, 28 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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