FML: SEC: F-43A (XIII) 28th October, 2026

Board Meeting Details

The Board of Directors meeting was held on Wednesday, 28th October 2026. It commenced at 02:52 p.m. and concluded at 04:20 p.m.

The Board considered and approved the following items:

1. Un-audited Financial Statements (Standalone and Consolidated) for the Quarter and half year ended on 30th September, 2026.

2. Limited Review Reports on Un-audited Financial Statements (Standalone and Consolidated) for the Quarter and half year ended on 30th September, 2026, issued by the Statutory Auditors, Kirtane & Pandit LLP.

Standalone Financial Performance (₹ in Crores)

Quarter Ended 30 September 2026 (Q2 FY27):

  • Revenue from Operations: ₹2,924.54
  • Other Income: ₹42.79
  • Total Income: ₹2,967.33
  • Profit Before Tax: ₹393.20
  • Total Tax Expense: ₹101.76 (Current Tax: ₹92.92, Deferred Tax: ₹8.84)
  • Net Profit for the period: ₹291.44
  • Basic and Diluted EPS (not annualised): ₹221.18

Half-Year Ended 30 September 2026 (H1 FY27):

  • Revenue from Operations: ₹5,364.43
  • Other Income: ₹80.85
  • Total Income: ₹5,445.28
  • Profit Before Tax: ₹682.05
  • Total Tax Expense: ₹178.54
  • Net Profit for the period: ₹503.51
  • Basic and Diluted EPS (not annualised): ₹382.13

YoY Comparison (Q2 FY27 vs Q2 FY26):

  • Revenue from Operations increased by 40.5% (from ₹2,081.27 Cr to ₹2,924.54 Cr).
  • Net Profit decreased by 16.6% (from ₹349.51 Cr to ₹291.44 Cr).
  • EPS decreased from ₹265.26 to ₹221.18.

Consolidated Financial Performance (₹ in Crores)

The consolidation includes Force Motors Limited, its subsidiaries (Tempo Finance (West) Pvt. Ltd., Veera Tanneries Private Limited), and its Joint Venture (Force MTU Power Systems Pvt. Ltd.).

Quarter Ended 30 September 2026 (Q2 FY27):

  • Revenue from Operations: ₹2,924.66
  • Net Profit for the period attributable to owners: ₹293.88
  • Basic and Diluted EPS (not annualised): ₹223.03

Half-Year Ended 30 September 2026 (H1 FY27):

  • Revenue from Operations: ₹5,364.67
  • Net Profit for the period attributable to owners: ₹510.44
  • Basic and Diluted EPS (not annualised): ₹387.39

Key Operational and Strategic Updates

1. Acquisition of Subsidiary: The Company completed the acquisition of the entire equity share capital of Veera Tanneries Private Limited (VTPL) vide a Share Purchase Agreement dated 23 April 2026. Pursuant to this, VTPL became a wholly-owned subsidiary. Its financial results have been consolidated from the acquisition date. The transaction was accounted for as an "asset acquisition."

2. Environmental Provision: The Ministry of Environment, Forest and Climate Change notified the Environment Protection (End-of-Life Vehicles) Rules, 2025 ("ELV Rules") effective 1st April 2025. These rules impose Extended Producer Responsibility (EPR) on vehicle manufacturers for scrapping old vehicles, to be fulfilled by purchasing EPR certificates. The Company has recognized a provision in the financial statements based on its best estimates. The financial impact of this provision is not quantified in the disclosure.

3. Tax Regime Change (Note on Comparability): The Company had opted for the new tax regime u/s 115BAA of the Income Tax Act, 1961 in Q2 of the previous financial year (2025-26). Consequently, it recognized a one-time benefit of ~₹85.46 Crores in the Tax Expense (from Deferred tax and MAT credit) in Q2 and H1 of FY26. Therefore, the Tax Expense, PAT, and EPS for Q2 and H1 FY26 are not comparable with the current period figures (Q2 and H1 FY27).

4. Segment Information: The Company operates in a single segment.

5. Share Capital: The paid-up equity share capital remained unchanged at ₹13.18 Crores (Face value ₹10 per share).

Standalone Balance Sheet Position (as of 30 Sept 2026, ₹ in Crores)

  • Total Assets: ₹7,346.24 (Non-current: ₹3,105.75; Current: ₹4,240.49)
  • Total Equity: ₹4,700.66 (Share Capital: ₹13.18; Other Equity: ₹4,687.48)
  • Total Liabilities: ₹2,645.58
  • Cash and Cash Equivalents: ₹726.43
  • Inventories: ₹1,418.95

Standalone Cash Flow (H1 FY27, ₹ in Crores)

  • Net Cash from Operating Activities: ₹759.44
  • Net Cash used in Investing Activities: ₹(788.23) (incl. Payments for PPE: ₹273.22, Deposits: ₹425.00, Investments: ₹162.29)
  • Net Cash used in Financing Activities: ₹(68.04) (Dividend paid: ₹65.88)
  • Net Decrease in Cash: ₹(96.83)

Auditor Review

The limited review of the standalone and consolidated financial results was carried out by the Statutory Auditors, Kirtane & Pandit LLP. Their review reports state that nothing has come to their attention that causes them to believe the statements contain any material misstatement.

Governance

The results were reviewed by the Audit Committee and approved by the Board of Directors. The disclosure was signed by Rohan Sampat, Company Secretary & Compliance Officer.