India’s largest van manufacturer Force Motors Ltd has reported its strongest-ever full-year financial performance for FY26, underpinned by disciplined execution and operating leverage gains. The company’s standalone profit after tax (PAT) surged 51% year-on-year to ₹1,211 crore, while revenue rose 13% to ₹9,167 crore. EBITDA grew sharply by 39% to ₹1,593 crore, reflecting improved cost efficiencies and a stronger product mix.
Broad-based growth drives operational strength
Operationally, Force Motors witnessed strong traction across its portfolio. Domestic wholesales grew 20% year-on-year, reinforcing its leadership in the van segment, where the Traveller platform continued to command over 70% market share.
The company also accelerated its presence in premium mobility, with Urbania recording over 100% growth during the year. Rural and semi-urban expansion remained a key growth lever, supported by robust demand for the Trax platform, which saw volumes surge by more than 70%.
Additionally, Force Motors strengthened its footprint in institutional and defence segments, executing key orders for specialised applications for the Indian armed forces.
Quality of earnings improves with operating discipline
Beyond scale, the company’s FY26 performance reflects a notable improvement in earnings quality. A targeted product mix, better absorption of fixed costs, and sustained operating discipline contributed to enhanced profitability.
Force Motors maintained its dominant position in the core van segment while expanding its presence in premium passenger mobility and emerging markets. The company also continued its zero-debt status, underscoring its commitment to financial prudence and disciplined capital allocation.
Leading the premium shared mobility segment
Force Motors Ltd MD Prasan Firodia said, “We have been a segment creator since our inception, and we are now pioneering and leading the premium shared mobility segment with Urbania’s strong presence, while platforms like Traveller and Trax continue to deliver scale and reach across markets. At the same time, our engagement with institutional and defence customers reflects the depth of our engineering capabilities and our ability to deliver in demanding and ever evolving environments.”
He said FY26 marks an unprecedented year in the company’s journey, where consistent execution across quarters has translated into its strongest-ever financial performance. “As we look ahead, we remain focused on building the business with consistency and discipline. Staying closely aligned to customer needs, while continuing to strengthen our product, technology and innovation capabilities, will remain central to how we approach the next phase of growth,” he added.
Strong manufacturing backbone and global partnerships
Force Motors operates five manufacturing facilities across India and employs over 10,000 people. Its advanced R&D centre in Pune, supported by a large design team, plays a pivotal role in product innovation.
The company has also built strong global partnerships, producing and testing engines for leading automotive brands such as BMW and Mercedes-Benz in India. Its joint venture with Rolls-Royce Power Systems focuses on high-performance engines catering to global power generation and rail applications.
Diverse product portfolio anchors growth
Force Motors continues to offer a wide range of solutions across passenger and goods transport. Its Traveller and Trax platforms remain segment leaders, while Urbania is shaping a new premium shared mobility category in both domestic and export markets.
The portfolio is further strengthened by the Traveller Monobus for efficient mid-size transportation and the Gurkha SUV, known for its rugged off-road capabilities.
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