Force Motors Ltd-$ (FORCEMOT) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published October 24, 2026 4 min read

Force Motors manufactures light commercial vehicles, utility vehicles and engines for OEMs like BMW, Mercedes-Benz and MTU/Rolls-Royce, and holds over 70% share in its core van segment. The Q2 print will speak to whether a 50.27% YoY jump in quarterly volumes converts into revenue, and whether operating margins recover toward the guided 15-16% band after Q1 came in at 13.4%.

Quick Details

Results date	October 28, 2026
Quarter	Q2 FY 2026-2027
Previous quarter revenue	Rs. 2,439.89 Cr
Previous quarter PAT	Rs. 212.07 Cr
Market cap	Rs. 21,609.07 Cr
CMP	Rs. 16,400.0

Force Motors Ltd-$ Q2 Results Date and Time

Force Motors' board meets on Wednesday, 28 October 2026 to approve the unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026, with limited review. The trading window for designated persons was closed from 1 October 2026 and reopens on 30 October 2026.

Key Things To Watch

Performance vs guidance tracking: CRISIL's 19 Oct 2026 rationale frames the numeric targets; Q1 FY27 evidence is mixed against them.

Revenue growth 6-8% annually — Q1 FY27 printed +6.21% YoY, at the bottom of the band; Q2 volumes grew +50.27% YoY and the question is how much converts to revenue given mix/ASP/export drag
Operating margin 15-16% annually — Q1 FY27 was 13.4%, below the band; watch Q2 margin direction and management's explanation (mix, exports, costs)
RoCE 25-30% annually — FY26 adjusted RoCE was 40.7%; track whether elevated capex of Rs. 600-700 Cr/yr pulls returns toward the band
Capex Rs. 600-700 Cr annually over the next 2-3 years — ask for H1 FY27 capex actuals and EV/capacity project milestones; FY25 capex was Rs. 971 Cr vs Rs. 367 Cr operating cash flow

Exports and demand quality

Three consecutive months of YoY export declines (-41.82% Jul, -25.00% Aug, -40.32% Sep) against industry CV exports +72.5% YoY — ask for the driver, destination mix and outlook
Q2 monthly domestic growth of 38-62% (Sep: 4,027 units, +61.99%) against Q1 revenue growth of just +6.21% — the mix/ASP conversion question

Strategic execution and corporate actions

Project DigiForce — Rs. 150 Cr, two-year program: progress update on CRM-DMS, Digital Control Tower and integration across 200+ dealerships and 70 service centers
VTPL integration — 100% acquisition for Rs. 16,196 lakhs (Rs. 161.96 Cr), consolidated from Q1 FY27; ask for the consolidation impact on revenue/profit
Outcome of the 26 Oct 2026 EGMs on freeing 27,600 'A' and 1,15,748 'Second A' unlisted shares, plus any updates on the JHIAPL demerger and new ventures under the broadened MoA (power generation, real estate, contract manufacturing, securities)

One-offs, provisions and organization

Exceptional items — FY26 carried net exceptionals of Rs. 211.24 Cr (Rs. 288.63 Cr government incentives less Rs. 77.39 Cr labour-code charge); check for new one-offs in Q2/H1 FY27 and the 115BAA tax-rate effect on comparability
EPR provisions under the End-of-Life Vehicles Rules, 2025 recognized from 1 Apr 2025 'based on best estimates' — watch for revisions
Rationale and replacement plan for the 11 Senior Management Officials who ceased w.e.f. 29 Jul 2026, including three former leadership-slide members

Frequently Asked Questions

Is Force Motors on track with its margin guidance?

Q1 FY27 operating margin came in at 13.4%, below the 15-16% band framed in CRISIL's 19 October 2026 rationale, with no management explanation disclosed so far. Q2 FY27's +50.27% YoY volume growth offers volume leverage, but the margin bridge (mix, exports, costs) is the key item to hear from management.

Why did Force Motors' exports fall in Q2 FY27?

Exports declined YoY in all three months — down 41.82% in July, 25.00% in August and 40.32% in September 2026. This ran against industry CV exports which grew 72.5% YoY in the quarter, pointing to a company-specific or destination-mix factor rather than a broad demand collapse.

Is Force Motors' revenue growing?

Q1 FY27 standalone revenue of Rs. 2,439.89 Cr grew 6.21% YoY but fell 4.31% QoQ, sitting at the bottom of the 6-8% annual growth band. Q2 FY27 wholesale volumes jumped 50.27% YoY to 11,673 units, so the upcoming print will show how much of that volume momentum converts into revenue.

How much capex is Force Motors planning?

Per CRISIL's rating rationale, the group plans capex of Rs. 600-700 Cr annually over the next 2-3 years for EV capabilities, capacity expansion and new products. FY26 actual capex extracted from filings was Rs. 539.62 Cr against CFO of Rs. 1,297.09 Cr.

Why did 11 senior management officials leave Force Motors?

Eleven Senior Management Officials ceased with effect from 29 July 2026, disclosed alongside Q1 FY27 results, with the National Remuneration Committee recommendation as the stated basis. The retrieved disclosures give no further rationale, making it a natural question for the earnings call.