Net profit for the quarter fell 40% year-on-year to ₹278.5 crore from ₹434.7 crore in the year-ago period. The decline comes despite a steady improvement in topline and margins, indicating the impact of a higher base or one-off factors in the previous year.
Revenue rose 8.2% to ₹2,550 crore compared with ₹2,356 crore a year ago. Operating performance showed stronger momentum, with EBITDA increasing 25.8% to ₹414.3 crore from ₹329.2 crore. Margins expanded to 16.3% from 14%, reflecting better cost efficiencies and operating leverage.
The board recommended a dividend of ₹50 per equity share for FY26, subject to shareholder approval at the upcoming annual general meeting.
Operationally, the company has been seeing traction in domestic demand, which continues to underpin its performance. In March, total sales rose 14.4% year-on-year to 4,126 units, driven largely by growth across small commercial vehicles, light commercial vehicles and utility vehicles.
Exports, however, remained under pressure, declining over 22% during the month amid ongoing geopolitical disruptions, particularly in West Asia.
Including exports, total sales stood at 4,199 units in March, marking a 13.5% increase from a year ago. The company had also reported an 8% rise in February sales, indicating a steady demand environment.
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Force Motors had delivered a strong December quarter performance as well, supported by improved operating metrics and one-off gains. The latest quarter, however, reflects a more normalised earnings trajectory, even as core operating trends remain stable.
Shares of Force Motors ended at ₹21,000 on the NSE ahead of the earnings announcement.
