Force Motors
Looked like good results - no concalls so below is my own guesstimate.
One-Time Government Incentive
Demand for Multi-Seater Vans —- school buses and ambulances. This surge in demand led to a 19.5% increase in total vehicle sales during the quarter.
benefited from its contract engine manufacturing segment
Seasonal Demand and School Bus Sales : onset of new school sessions in march/april could lead to increased demand of school buses.
Not sure if u rememer the Ambulance order by UP govt - this also +vely impacted Q4. (this was Jan so i am assuming that they did get revenues in this qtr only)
2,978 Gurkha vehicles for the Indian Defence Forces is one more order as of March27th. This is large order so rev recognition might be phased so Q1 FY26 can also be similar if not better.
Agree — the jump this quarter looks majorly due to the UP ambulance order, the strong engine business performance, and margin improvement. Regarding the Defence Gurkha order, since deliveries are spread over 3 years, we shouldn’t expect much contribution in Q1 FY26 from that. For momentum to sustain, April sales will be crucial — anything near 3,000 units would be excellent and set a strong base for Q1.
As per Vahan registration data as of today for April 2025 it is 3,675. Assuming same trend for full month it would be closer to 4,200. The trajectory is changing from 2500-3500 last year if this trend continues.
2,978 Gurkha vehicles for the Indian Defence Forces is one more order as of March27th. Sir this 2978 ( take 3000 in round figure) will be completed in 3 years and cost of 1 Gurkha 20-22 lac , so taking 20 lac as rough figure , it will only contribute 200cr in a year which does impact the P & L much.Correct me if i am wrong any where
Means they exported 120 Vehicles in that period, but the notification is saying they exported 180 vehicle, but vahan portal saying something else, i don’t know what i am missing here
Force Motors, a top Indian automaker, has partnered with UAE-based luxury sports car brand W Motors by signing a non-binding MoU at the “Make it in the Emirates” forum. The collaboration aims to jointly develop and potentially manufacture a new high-performance vehicle in the UAE, combining Force Motors’ engineering expertise with W Motors’ luxury design capabilities. The initiative supports UAE’s strategy to boost local manufacturing and export capacity, while also helping Force Motors expand globally.
Good move for Force Motors’ global growth and brand.
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