01 — At a Glance
The Van-Maker That Prints Money and Builds Army Vehicles
- 52-Week High / Low₹26,486 / ₹7,000
- Q3 FY26 Revenue₹2,129 Cr
- Q3 FY26 PAT₹406 Cr
- Q3 FY26 EPS₹308.21
- Annualised EPS (Avg Q1–Q3 × 4)₹ 2,960.68
- Book Value₹2,661
- Price to Book7.94x
- Dividend Yield0.18%
- Debt / Equity0.00x
- Interest Coverage155x
Opening Bell: Force Motors Q3 FY26 — Revenue ₹2,129 Cr (+12.6% YoY), PAT ₹406 Cr (+121% YoY). The stock is up 193% in one year, 157% in three years, and somehow still has only a 0.18% dividend yield because the Firodia family apparently finds joy in reinvesting everything. Zero debt. 30% ROCE. Defence orders for 2,978 vehicles. BMW and Mercedes engines rolling out of Chakan. Oh, and SEBI sent three queries on the same day about price movements around results. One big happy family.
02 — Introduction
Bajaj Tempo’s Secret Glow-Up Nobody Saw Coming
You might have heard of Bajaj Tempo. Old name, old reputation — the slightly unglamorous workhorse of Indian roads. Then in 2005, they quietly renamed themselves Force Motors, and spent the next two decades doing something unusual: getting dramatically better while staying radically under the radar.
Today, Force Motors makes Traveller vans (which have a stranglehold on the school bus and ambulance segment with ~63–67% market share), Urbania premium mobility vans, Gurkha off-roaders beloved by both weekend warriors and the Indian Army, and — here’s the part that makes analysts do a double take — engines and axles for BMW and Mercedes-Benz India. That’s right. Your ₹60 lakh BMW 3 Series is partially built at a plant in Chennai by Force Motors.
The stock went from ₹7,000 to ₹26,486 in a year, paused to catch its breath, and is currently at ₹20,934 — which is still up 193% over twelve months. The business itself has gone from zero PAT in FY22 to ₹959 crore TTM. That’s not a turnaround. That’s a resurrection. Complete with an undertaker’s certificate from the FY21 year when they posted a ₹124 crore loss.
Q3 FY26 results are in. The story continues — though now with three SEBI notices and a ₹175 crore acquisition of a tannery company thrown into the mix. Engine oil, army vehicles, BMW engines, and a leather tannery. Force Motors in a nutshell.
Investor Presentation Note (Feb 2026): Q3 FY26 Revenue ₹2,110 Cr (standalone, before exceptional items), PBT ₹328 Cr (+91% YoY), PAT ₹245 Cr (+123% YoY). 9-month PAT up 110% to ₹779 Cr. The momentum is real. The numbers are not photoshopped.
03 — Business Model: WTF Do They Even Do?
Vans, Tanks, BMW Engines, and Now a Tannery. Sure, Why Not.
Let’s break down what Force Motors actually does, because it genuinely requires explanation at family dinners. The company operates across two big pillars: Vehicle Business and High-Tech Aggregate Business.
The Vehicle Business covers Light Commercial Vehicles (Traveller — the van your kid takes to school), Monobus (31 and 44-seater fully factory-built bus — India’s first), and Multi-Utility Vehicles (Gurkha for off-roading, Trax for everything else). Add tractors to that — wait, no. They killed tractors in March 2024. Smart move, actually.
The High-Tech Aggregate Business is where things get genuinely interesting. Force Motors manufactures engines for BMW India (at their Chennai facility, commissioned 2015) and engines and axles for Mercedes-Benz India (at their Chakan facility, commissioned 2016). Force MTU Power Systems — a JV with Rolls-Royce Power Systems AG (49%) — produces Series 1600 engines at Chakan for global markets. The Chakan plant is the only facility in the world making these engines. That’s a moat with a moat inside it, wearing a hard hat.
LCV Market Share~63%School Bus/Ambulance
Revenue Split (CV)48%of total revenue
Engine Revenue36%of total revenue
R&D Spend5–6%of revenue, annually
Defence Note: All Bofors guns at India’s borders are powered by Force Motors’ Mercedes-licensed OM 616 engine. The Indian Army’s Light Strike Vehicles used in surgical strikes run on the Gurkha platform. The company supplies the army. The army doesn’t negotiate much on price. This is a feature, not a bug.
💬 Did you know Force Motors makes engines for BMW cars sold in India? Would you have guessed this from a company once called Bajaj Tempo? Drop a comment!
04 — Financials Overview
Q3 FY26: The Numbers That Made SEBI Curious
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