Summary:
Force Motors reported Q2FY27 net profit of ₹293.91 crore, down 16.2% year on year, while revenue from operations rose 40.5% to ₹2,924.66 crore. A prior-year one-off tax benefit affected the comparison, while higher expenses and lower EBITDA margins warrant attention.
Force Motors Limited (NSE: FORCEMOT, BSE: 500033) reported a consolidated net profit of ₹293.91 crore for Q2FY27, down 16.2% YoY from ₹350.70 crore in the same period last year. However, revenue from operations grew 40.5% to Rs 2,924.66 crore. The fall in profits was mainly due to a one-off tax benefit in the previous year, making the comparison less favorable.
Force Motors Q2FY27 Results: Revenue Rises 40.5%
Force Motors’ consolidated revenue from operations stood at ₹2,924.66 crore for the quarter ended September 30, 2026, compared to ₹2,081.40 crore in Q2FY26.
Total income rose 40.9% YoY to ₹2967.49 crore and profit before tax was up 24.7% at ₹395.54 crore against ₹317.18 crore.
| Financial metric | Q2FY27 | Q2FY26 | YoY change |
| Revenue from operations | ₹2,924.66 crore | ₹2,081.40 crore | +40.5% |
| Total income | ₹2,967.49 crore | ₹2,105.89 crore | +40.9% |
| Profit before tax | ₹395.54 crore | ₹317.18 crore | +24.7% |
| Consolidated net profit | ₹293.91 crore | ₹350.70 crore | -16.2% |
On a sequential basis, consolidated net profit grew about 35.7% to ₹293.88 crore in Q1FY27 from ₹216.56 crore, a sequential improvement even with the weak yearly comparison.
Why Revenue Went Up but Net Profit Went Down?
The main reason for the profit fall was a very high comparison base.
In Q2FY26, Force Motors chose to be governed by the concessional tax regime as per Section 115BAA of the Income Tax Act. It led to a one-time tax benefit of ₹85.46 crore on account of deferred tax adjustments and minimum alternate tax credits.
That benefit added to the earnings reported last year.
Excluding this accounting difference, the latest numbers show stronger underlying profitability with profit before tax up nearly 25% YoY.
Operating performance was better too. EBITDA increased by around 19.9% to ₹434 crore while EBITDA margin declined from 17.4% to 14.8%.
Total expenses grew 43.9% YoY to ₹2,574.89 crore, higher than revenue growth.
Sales Growth Driven by Commercial Vehicle Business
Force Motors makes commercial vehicles like the Traveler, Urbania, Trax, ambulances and the off-road SUV – Gurkha.
The company also supplies the automotive sector with engines and aggregates.
Domestic wholesale volumes were up 62% YoY in September 2026 helped by improved demand across its vehicle portfolio.
Recent product launches include the Traveler N range and the Urbania Deluxe for passenger transport and shared mobility applications.
Consolidated revenue from operations for H1FY27 increased to ₹5,364.67 crore, a 22.5% increase.
However, net profit fell 3.1% to ₹510.50 crore from ₹527.06 crore in H1FY26.
Why Are Force Motors Shares Down Ahead of Q2 Results?
Force Motors’ stock ended at ₹17,094 on NSE on 28 October 2026, down 1.62% from its previous close of ₹17,375.
The stock fell to a low of ₹16,825 intraday before recovering some of its losses.
Importantly, the company released quarterly financial results after the market closed. Thus, the earnings announcement cannot be directly blamed for the decline on October 28.
That will be a clue to how the market weighs the strong revenue growth against a weaker reported net profit and lower operating margins.
End of Chapter
Force Motors reported healthy revenue growth in Q2FY27 on the back of its commercial vehicles business.
Net profit reported was down 16.2%, but this was impacted by a one-time tax benefit in Q2FY26. As the company expands its vehicle portfolio, look out for increasing costs and shrinking EBITDA margins.
