Force Motors Limited has strengthened its Board of Directors with the appointment of Lt. Gen. Vinod Gulabrao Khandare (Retd.) as an Independent Director, effective January 29, 2026. The appointment was approved by the Board following the recommendation of the Nomination and Remuneration Committee, as disclosed under Regulation 30 of SEBI Listing Regulations.

Appointment Details

The key details of Lt. Gen. Khandare's appointment are outlined below:

The company has confirmed that Lt. Gen. Khandare is not debarred from holding the office of Director by virtue of any SEBI order or any other authority.

Professional Background

Lt. Gen. Vinod Gulabrao Khandare brings extensive military experience to the Force Motors Board. His distinguished career spans nearly four decades of service in the Indian Army, where he handled critical military affairs and advised at the apex level on decision-making impacting national interest.

Key Positions Held

During his tenure in the Department of Ministry of Defence, Lt. Gen. Khandare held several crucial positions:

• Principal Adviser
• Military Adviser at NSCS (National Security Council Secretariat)
• Director General Defence Intelligence Agency
• Deputy Chief of Integrated Defence Staff

Recognition and Awards

Lt. Gen. Khandare's distinguished service has been recognized through prestigious awards from the President of India:

Board Independence

The company has disclosed that Lt. Gen. Khandare is not related to any existing Director of Force Motors Limited, ensuring his independence as per regulatory requirements. This appointment aligns with corporate governance best practices and strengthens the Board's oversight capabilities.

Regulatory Compliance

The appointment has been made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure follows the requirements under Schedule III – Para A (7) of Part A of the Listing Regulations, read with SEBI Master Circular dated November 11, 2024.

Force Motors shares surged 5% to ₹21,916 on Friday following the company's announcement of robust December sales performance, capping off a remarkable year that saw the stock deliver 216% returns in 2025.

Strong December Sales Performance

The commercial vehicle manufacturer reported impressive sales growth across all segments in December, demonstrating strong market demand and operational efficiency.

The export business posted the highest growth rate, with sales jumping nearly 90% to 96 units compared to 51 units in the corresponding month of the previous fiscal year. This strong export performance highlights the company's expanding international presence and product competitiveness.

Robust Q2 Financial Performance

The December sales surge builds upon Force Motors' exceptional Q2 performance, where the company demonstrated significant improvement across key financial metrics.

The company's operating performance improved sharply, with EBITDA climbing 28.3% year-on-year. The operating margin expansion to 17.4% from 14.5% reflects higher realisations and improved cost efficiency across operations.

First Half Performance Highlights

For the first half of the fiscal year, Force Motors maintained its strong momentum with consolidated results showing substantial growth across key parameters.

The more than doubling of consolidated net profit to ₹527.06 crores, supported by a 14.43% rise in revenue from operations, demonstrates the company's ability to leverage operational efficiencies and market opportunities effectively.

Company Overview and Market Position

Pune-based Force Motors operates as a diversified automotive manufacturer with expertise spanning multiple vehicle categories and components. The company's operations include:

• Light commercial vehicles manufacturing
• Utility vehicles production
• Engine manufacturing and supply
• Design and development of automotive components
• Production of automotive aggregates

The company's comprehensive approach to automotive manufacturing, covering design, development, and production across various segments, positions it well to capitalize on the growing demand in the commercial vehicle sector.