Force Motors reported a year-on-year decline in total sales for April 2026, with combined domestic and export volumes falling to 3,113 units from 3,255 units in the same month of the previous year, a decrease of 4.36%. The company attributed the shortfall to supply chain constraints and labour shortages across supply channels, which disrupted production rhythm and limited unit dispatches during the month.

April 2026 Sales Performance

The sales data, submitted under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, covers Small Commercial Vehicles (SCV), Light Commercial Vehicles (LCV), Utility Vehicles (UV), and Sports Utility Vehicles (SUV) across domestic and export segments. The following table presents the detailed breakdown:

While domestic volumes bore the brunt of operational headwinds, the export segment delivered a notable uptick, rising 33.33% year-on-year to 60 units from 45 units in April 2025.

Operational Headwinds

Force Motors indicated that supply chain disruptions affected the availability of key components required for vehicle assembly, while labour shortages further constrained manufacturing capacity during the month. These twin challenges collectively limited the company's ability to meet potential demand, resulting in the observed year-on-year volume contraction in the domestic segment.

• Supply chain constraints impacted component availability across supply channels.
• Labour shortages restricted manufacturing output during April 2026.
• Ramp-up phase for the newly launched product range temporarily weighed on monthly volumes.

New Force Traveller N Range Launch

In a significant product development, Force Motors launched its New Force Traveller N Range on 5th May 2026, with production having commenced in April 2026. The company noted that the ramp-up phase associated with this new range contributed to the temporary volume impact in April. Force Motors has indicated that it will transition entirely to the new range effective May 2026, marking a strategic shift in its product portfolio.

Force Motors delivered exceptional financial performance in FY26, demonstrating strong growth across key metrics. The automotive manufacturer's annual results showcase robust operational efficiency and significant profitability improvements. The company published its audited financial results in newspaper advertisements on April 30, 2026, as required under Regulation 30 of SEBI (LODR) 2015.

Financial Performance Overview

The company's FY26 consolidated results revealed impressive growth momentum across revenue and profitability parameters:

Quarterly Performance Highlights

Q4 FY26 results demonstrated continued strength with revenue from operations reaching ₹25.50 billion compared to ₹23.56 billion in Q4 FY25. The quarter's net profit stood at ₹2.78 billion versus ₹4.35 billion in the previous year's corresponding quarter.

Exceptional Items Impact

The company benefited from significant exceptional income during FY26, totaling ₹2.11 billion net. This included government incentives of ₹2.89 billion under the Madhya Pradesh Industrial Investment Promotion Assistance Scheme, partially offset by ₹774 million in expenses related to new labor code implementations.

Operational Efficiency Improvements

Force Motors demonstrated enhanced operational leverage with substantial EBITDA growth of 54.50% year-on-year. The company's profit before tax increased significantly to ₹15.16 billion from ₹12.38 billion in the previous year, reflecting improved cost management and operational efficiency.

Strategic Developments

The company completed the acquisition of Veera Tanneries Private Limited for ₹1.62 billion on April 23, 2026, making it a wholly-owned subsidiary. Additionally, Force Motors transitioned to the new tax regime under Section 115BAA, resulting in deferred tax benefits.

Shareholder Returns and Regulatory Compliance

The board recommended a dividend of ₹50 per equity share (500% on face value of ₹10), demonstrating strong commitment to shareholder returns despite the substantial growth investments.

The company's robust cash generation capabilities supported this dividend recommendation, with cash and cash equivalents increasing to ₹8.30 billion from ₹5.07 billion in the previous year. The audited results were published in Financial Express (English-All India Edition) and Loksatta (Marathi-Pune & Mumbai Edition) on April 30, 2026, fulfilling regulatory requirements under SEBI (LODR) 2015.