Market
BSE Prices delayed by 5 minutes... << Prices as on Sep 11, 2026 >>  ABB India  7269.1 [ -0.83% ] ACC  1246.15 [ -0.70% ] Ambuja Cements  391 [ -1.26% ] Asian Paints  2470 [ -0.40% ] Axis Bank  1247.5 [ -0.99% ] Bajaj Auto  11684 [ -1.07% ] Bank of Baroda  237.8 [ -0.08% ] Bharti Airtel  1832 [ -0.27% ] Bharat Heavy  430.6 [ -0.32% ] Bharat Petroleum  304.5 [ 0.50% ] Britannia Industries  4970 [ -0.82% ] Cipla  1365 [ -1.09% ] Coal India  425.6 [ -1.82% ] Colgate Palm  1797.6 [ -0.69% ] Dabur India  376.5 [ -0.26% ] DLF  643.6 [ -1.74% ] Dr. Reddy's Lab.  1161 [ 1.77% ] GAIL (India)  173.9 [ -0.63% ] Grasim Industries  3281.55 [ -1.13% ] HCL Technologies  1207 [ 0.85% ] HDFC Bank  708 [ 2.02% ] Hero MotoCorp  5225 [ -1.04% ] Hindustan Unilever  1934 [ -0.18% ] Hindalco Industries  981.9 [ -3.64% ] ICICI Bank  1379.15 [ -0.35% ] Indian Hotels Co.  717.75 [ -0.38% ] IndusInd Bank  977.8 [ -1.73% ] Infosys  1038.2 [ 0.64% ] ITC  260.25 [ 0.48% ] Jindal Steel  1118.3 [ -2.08% ] Kotak Mahindra Bank  418.7 [ 0.42% ] L&T  3915 [ -1.01% ] Lupin  2096 [ 1.01% ] Mahi. & Mahi  3120 [ -0.94% ] Maruti Suzuki India  12410 [ -0.96% ] MTNL  24.71 [ -1.71% ] Nestle India  1384 [ -0.86% ] NIIT  92.4 [ -1.60% ] NMDC  82.45 [ -2.77% ] NTPC  333.3 [ -1.10% ] ONGC  232.55 [ -1.88% ] Punj. NationlBak  116.65 [ -0.17% ] Power Grid Corpn.  269.1 [ -1.07% ] Reliance Industries  1258 [ -1.33% ] SBI  997 [ -0.75% ] Vedanta  264.35 [ -1.78% ] Shipping Corpn.  280.2 [ -1.72% ] Sun Pharmaceutical  1842 [ -1.18% ] Tata Chemicals  612.1 [ 0.29% ] Tata Consumer  991.55 [ -0.83% ] Tata Motors Passenge  302 [ 0.50% ] Tata Steel  182.85 [ -1.67% ] Tata Power Co.  365 [ -0.54% ] Tata Consult. Serv.  2202 [ -0.65% ] Tech Mahindra  1539.5 [ 1.38% ] UltraTech Cement  10996 [ -0.52% ] United Spirits  1397.2 [ -0.12% ] Wipro  167.5 [ 0.81% ] Zee Entertainment  79.43 [ -1.93% ] 
Force Motors Ltd. Directors Report
Search Company 
You can view full text of the latest Director's Report for the company.
Market Cap. (Rs.) 23328.57 Cr. P/BV 5.29 Book Value (Rs.) 3,343.97
52 Week High/Low (Rs.) 26450/14911 FV/ML 10/1 P/E(X) 19.25
Bookclosure 09/09/2026 EPS (Rs.) 919.56 Div Yield (%) 0.28
Year End :2026-03 

The Directors are pleased to present the 67th Annual Report, together with the audited standalone and consolidated Financial Statements for the Financial
Year ended on March 31,2026.

1. FINANCIAL RESULTS
Standalone

Particulars

2025-26

2024-25

Revenue from Operations

9,05,654

8,07,123

Other Income

11,046

5,656

Profit / (Loss) before Depreciation, Exceptional Items & Taxes

1,58,984

1,12,291

Depreciation

28,599

28,024

Profit / (Loss) before Exceptional Items and Tax

1,30,385

84,267

Exceptional Items

21,124

39,457

Profit / (Loss) Before Tax

1,51,509

1,23,724

Provision for Taxation

30,383

43,727

Profit / (Loss) After Tax

1,21,126

79,997

Other Comprehensive Income

195

387

Comprehensive Income for the year

1,21,321

80,384

Equity Dividend

5,270

2,635

Balance in Retained Earnings

3,80,810

2,64,345

Consolidated

Particulars

2025-26

2024-25

Revenue from Operations

9,05,705

8,07,173

Other Income

11,046

5,656

Profit / (Loss) before Depreciation, Exceptional Items & Taxes

1,59,035

1,12,341

Depreciation

28,599

28,024

Share of Profit / (Loss) of Joint Venture

11

52

Profit / (Loss) before Exceptional Items and Tax

1,30,447

84,369

Exceptional Items

21,124

39,457

Profit / (Loss) Before Tax

1,51,571

1,23,826

Provision for Taxation

30,396

43,740

Profit / (Loss) After Tax

1,21,175

80,086

Other Comprehensive Income

199

390

Comprehensive Income for the year

1,21,374

80,476

Attributable to:

(a) Equity holders of the Company

1,21,362

80,464

(b) Non-controlling Interest

12

12

Net Transfer to General Reserve

6

5

Equity Dividend

5,270

2,635

Balance in Retained Earnings

3,73,735

2,57,235

No transfer of any amount to general reserve is proposed.

2. STATE OF COMPANY'S AFFAIRS AND FUTURE
OUTLOOK

FY 2025-26 was the strongest year in the history of Force Motors
Limited. The Company achieved growth in turnover of 12.21%,
while profitability increased by 51.41% including exceptional item,
compared to the previous financial year. Improvement in topline on
a consolidated basis is from '8,07,173 lacs to '9,05,705 lacs, with
EBITDA achieved at 17.74%. The performance reflects the benefits
of sustained focus on strengthening capabilities, reinforcing core
businesses and pursuing growth with financial and operational
discipline.

The Company has, over the years, focused on building positions
of strength in its chosen segments, while continuing to invest in
technology, people and processes to strengthen its ability to respond
to evolving customer requirements and pursue future opportunities.

During the year, healthy growth in demand across Tour and Travel,
School Buses and buses for commuting professionals provided
opportunities across several key mobility applications. The
Company's growth during the year was supported by broad-based
performance across its key product platforms. Traveller maintained
its clear leadership in the core van segment, commanding over
70% market share. Urbania emerged as a significant growth
driver, recording over 100% growth in volumes and strengthening
its position in premium passenger mobility. The Trax platform
also recorded over 70% growth, supported by increasing traction
in Tier-2 and Tier-3 markets. The Special Vehicle Division further
strengthened the Company's institutional and defence presence
with the supply of the first lot of Gurkha vehicles to the Indian
Army. The Company also continued to strengthen its capabilities
for emerging mobility technologies, including electrification, while
pursuing an application-based approach to product and driveline
development.

Building on the progress made during the year, the Company has
further strengthened its product portfolio with the introduction of
the new-generation Traveller N range and Urbania DX. These new
offerings reflect the Company's continued emphasis on product
development and incorporating evolving customer and passenger
expectations into its mobility solutions. The Company also sees
continued opportunities in the defence and specialised mobility
sectors, where its engineering capabilities and experience in
developing purpose-built vehicles provide a strong foundation for
future growth.

The component business continued to demonstrate stability and
steady growth, with the manufacturing of engines and axles for
Mercedes-Benz India at our dedicated facility in Chakan, Pune,
and engines and CRFM modules for BMW India at our Chennai
facility. During the year, the Company achieved the significant
milestone of manufacturing its 100,000th engine for BMW India,
reflecting a decade of precision manufacturing and collaboration.
Subsequently, the rollout of the 200,000th engine for Mercedes-
Benz India marked another important milestone in the Company's
long-standing manufacturing relationship with the brand, spanning
over 50 years.

The stability in production, sharp customer focus and growing
acceptance of the Company's products in India is also enabling the
Company to pursue opportunities in a wider range of geographical
markets and place greater emphasis on exports. The increasing
ability of Indian manufacturers to develop competitive, modern and
attractive products, together with the continued growth of the Indian
economy despite geopolitical and economic upheavals, provides a
favourable environment for the automotive industry.

Going forward, every effort is being made to maintain and improve
upon the financial performance achieved during the year. The
Company remains focused on strengthening its core businesses,
enhancing its product portfolio and building on its engineering and
manufacturing capabilities to pursue sustainable and profitable
growth. Continued investment in technology, people, processes and
market development will remain important as the Company expands
its presence across new products, applications and geographies.

3. CHANGE IN NATURE OF BUSINESS, IF ANY

During the year under review, there is no change in the nature of
business of the Company.

4. DIVIDEND

The Board recommended a dividend of '50/- per share for the year
under review, at its Meeting held on April 29, 2026. The same will be
paid subject to the approval of the Members at the ensuing Annual
General Meeting (‘AGM') of the Company.

The dividend recommended is in accordance with the principles and
criteria as set out in the Dividend Distribution Policy of the Company
pursuant to the provisions of Regulation 43A of the Securities
and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (the ‘LODR Regulations'). The
Dividend Distribution Policy is available on the Company's website
at
https://www.forcemotors.com/wp-content/uploads/2025/02/
Dividend-Distribution-Policv.pdf

The total payout w.r.t. the dividend recommended for the Financial
Year 2025-26 will be '6,588 lacs as against '5,270 lacs for the
previous financial year.

The details of dividend and shares transferred to the Investor
Education and Protection Fund during the year under review are
covered in the Report on Corporate Governance.

5. SHARE CAPITAL

The paid-up equity share capital as on March 31,2026 was '1,318
lacs. The Company did not issue any shares by way of public issue,
rights issue, bonus issue or preferential issue or otherwise during
the year under review. The Company has not issued any shares
with differential voting rights or granted stock options or sweat
equity, during the year under review.

6. ANNUAL RETURN

The Annual Return as on March 31,2026, pursuant to the provisions
of Section 92 of the Act and the Rules made thereunder, is available
on the website of the Company at
https://www.forcemotors.com/
investor/

7. NUMBER OF MEETINGS OF THE BOARD OF
DIRECTORS

The Board met five times during the financial year. Details of these
meetings are provided in the Report on Corporate Governance that
forms part of this Annual Report.

Committees of the Board

Pursuant to the provisions of the Companies Act, 2013 (‘the Act')
and the LODR Regulations, the Board of Directors have constituted
the following Committees:

• Audit Committee;

• Nomination and Remuneration Committee;

• Corporate Social Responsibility Committee;

• Stakeholders' Relationship Committee; and

• Risk Management Committee.

Details of composition, terms of reference and number of meetings
held during the Financial Year 2025-26, for the aforementioned
Committees are given in the Report on Corporate Governance,
which forms a part of this Report. Further, during the year under
review, all recommendations made by the various Committees have
been considered and accepted by the Board.

8. PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS

The Company has not given any loans, guarantees under
Section 186 of the Act during the year under review. Particulars of
investments made by the Company up to the period under report
are provided in the Financial Statements attached to this Report.

Further, the Company after the closure of financial year acquired
100%> shareholding of Veera Tanneries Private Limited (‘VTPL') at a
total consideration of '16,196 lacs.

Further, the Company after the closure of financial year accorded
approval for granting Loan to one of its vendor namely PKN Motors
Private Limited up to '2,000 lacs pursuant to recommendation of
the Audit Committee and approval of the Board of Directors.

All investments made by the Company are held by the Company
in its own name except investment in shares covered by proviso to
Section 187 (1) of the Act.

9. PARTICULARS OF CONTRACTS OR
ARRANGEMENTS WITH RELATED PARTY

During the Financial Year 2025-26, pursuant to Section 177 of the
Act and Regulation 23 of the LODR Regulations, all Related Party
Transactions (‘RPTs') were placed before the Audit Committee for
its approval.

During the year under review, the Company has not entered into
RPTs in excess of the limits specified under Regulation 23 of the
LODR Regulations.

All RPTs entered during the year were entered in the ordinary course
of business and on arm's length basis. There were no transactions
requiring disclosure under Section 134(3)(h) of the Act. Hence, the
prescribed Form AOC-2 does not form a part of this report.

10. EXPLANATION / COMMENTS ON ANY
QUALIFICATION OF THE AUDITORS

There are no qualifications, reservations or adverse remarks made
either by the Statutory Auditors or by the Secretarial Auditors in their
respective audit reports.

11. MATERIAL CHANGES AND COMMITMENTS

There have been no material changes and commitments affecting
the financial position of the Company, which have occurred after the
end of the period under review.

12. CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Conservation of Energy

The Company's efforts towards conservation of energy and
the increased use of renewable sources have continued with
determination during the year. A significant development was the
commissioning of a rooftop solar power plant at Pithampur, further
increasing the share of green energy in the Company's energy mix.

The Company continues to work towards its objective of achieving
50% green energy by 2027, while remaining committed to its
longer-term goal of Net Zero emissions by 2050. We are pleased to
report that renewable sources accounted for 31% of the Company's
electricity consumption in the previous year, reflecting steady
progress towards this objective.

Along with energy conservation, considerable attention continues to
be given to water conservation, tree plantation, rainwater harvesting
and the preservation of the natural environment around our plants.
A significant example of this commitment is the 30-acre expanse
of forest and natural land within the Company's Pithampur Plant,
which supports a rich variety of flora and fauna. The preservation
and nurturing of this ecosystem reflects the Company's belief
that industrial development and environmental stewardship can
progress alongside each other.

At the same time, continued improvements in maintenance,
reduction of air leakages, use of intelligent devices to regulate
consumption of compressed air and electricity, and wider use of
energy-efficient equipment are helping improve resource efficiency.
These efforts, together with the increasing use of renewable
energy, remain an integral part of the Company's approach towards
responsible and sustainable manufacturing.

Technology Absorption & Development

Force Motors continues to focus on innovation, manufacturing
excellence and customer-centric product development.

For over half a century, the Company has focused on developing
products suited to the evolving needs of the Indian market, while
progressively preparing them for more sophisticated overseas
markets. Local research and development have resulted in
products such as the Urbania, Gurkha and Monobus, together with
our BS 6.2 drivelines, which are well suited to the product range we
manufacture and the markets we serve.

The Company's state-of-the-art Research & Development Centre in
Pune is central to these efforts, driving new product development,

engineering and technology solutions. Increasing emphasis is
being placed on understanding evolving customer requirements
and incorporating customer feedback into the development and
improvement of our products.

To further strengthen its product development and testing
capabilities, while enhancing its engineering expertise for advanced
electric mobility, the company invested INR 40 Cr. in upgrading
R&D related development and testing infrastructure. In order to
ensure next-generation electric vehicle development, company
has authorized a total investment of INR 45 Cr. in EV Engineering
Infrastructure, assembly stations and testing lab (mainly Powertrain
Dyno & Power electronics testing stations).

Force Motors has also become the first manufacturer to develop
and homologate an electric ambulance and will offer these vehicles
for sale under the PM E-DRIVE Scheme. The Traveller platform,
which enjoys a leading position in the passenger van segment,
is also available in an electric version, reflecting the Company's
preparedness to offer appropriate solutions as the market evolves.

The Company's continued work across conventional, electric and
alternative powertrain technologies enables it to remain prepared
for changing mobility requirements across different applications and
markets.

We have continued to maintain a consistent percentage of
expenditure on R&D. The details are as follows:

Particulars

2025-26
(' in lacs)

2024-25
(' in lacs)

Capital Expenditure on R&D

19,194

12,495

Revenue Expenditure on R&D

16,832

17,182

Total R&D Expenditure

36,026

29,677

Revenue from Operations

9,05,654

8,07,123

% of total R&D Expenditure to
Revenue from Operations

3.98%

3.68%

Foreign Exchange Earnings and Outgo

The foreign exchange earned by the Company during the year
under review was of '16,710 lacs as against '12,724 lacs during
the previous year.

Total foreign exchange outflow during the year under review was
'1,17,597 lacs as compared to '1,14,198 lacs during the previous
year.

13. SUBSIDIARIES

The Company has two subsidiaries, viz., Force MTU Power
Systems Private Limited (‘FMTU') and Tempo Finance (West)
Private Limited.

During the year under review, FMTU achieved a top line of '26,032
lacs as compared to top line of '27,357 lacs during the previous
financial year. It recorded net profit of '22 lacs during the current
financial year, as compared to the net profit of '101 lacs, during the
previous financial year.

During the year FMTU was mainly focussed on developing new
products for its target markets. FMTU developed a new 500 KVA
genset for Indian market, which is compliant with latest emission
norms i.e. CPCB IV . This new product has more than doubled up
the accessible market for FMTU in India. Now FMTU has generator
sets in various capacities from 500 KVA to1010 KVA, thus enabling
the JV to capture complete range in high powered generators, up to
1010 KVA. Also, FMTU successfully developed the DA Set (Diesel
Alternator set) for the Indian railways, which is used for powering
up the passenger coaches. This has provided FMTU access to an
entirely new market. These new products are expected to provide a
significant revenue boost in coming years.

Tempo Finance (West) Private Limited achieved a top line of '51
lacs during the current financial year as compared to top line of '50
lacs during the previous financial year. It recorded net profit of '37
lacs during the current financial year, as compared to the net profit
of '37 lacs, during the previous financial year.

A statement containing the salient features of the Financial
Statement of Subsidiaries, Associates and Joint Ventures in the
prescribed format AOC-1, forms part of the Audited Financial
Statements of the Company.

The Audited Financial Statements of the above-mentioned
subsidiaries are available on the website of the Company at
https://
www.forcemotors.com/investor/
for inspection by any Member of
the Company.

The policy for ‘Determining Material Subsidiaries & its Governance
Framework' is also available on the Company's website at
https://www.forcemotors.com/wp-content/uploads/2025/02/
Policy-for-determining-Material-Subsidiaries-its-Governance-
Framework-1.pdf

Further, after the closure of financial year the Company has
acquired 100% shareholding of VTPL, by virtue of which VTPL has
become a Wholly-Owned Subsidiary of the Company.

14. RISK MANAGEMENT

The Company has in place a comprehensive Risk Management
Framework, to identify, monitor, review and take all necessary
steps towards mitigation of any risk elements which can impact the
business health of the Company, on a periodic basis.

All the identified risks are managed through continuous review of
business parameters by the Management and the Risk Management
Committee. The Board of Directors is also informed of the risks and
concerns from time to time.

The details of composition and meetings of the Risk Management
Committee held during the financial year are covered in the Report
on Corporate Governance.

15. CHANGES IN THE DIRECTORS AND KEY
MANAGERIAL PERSONNEL

A. Appointment and Re-Appointment of Independent Director(s)

During the year under review, the Members of the Company vide
Special Resolutions approved the appointment of Mr. Gautam
Hemant Bambawale (DIN: 08365776) and Mr. Nitin Nandkishor
Kareer (DIN: 01624863) as Independent Directors of the Company

for a term of 5 years with effect from December 19, 2025 and Lt.
Gen. Vinod Gulabrao Khandare (Retd.) (DIN: 11363013), as an
Independent Director of the Company for a term of 5 years with
effect from January 29, 2026, by way of Postal Ballot process
completed on March 14, 2026.

In the opinion of the Board, the aforesaid Independent Directors
upholds the highest standards of integrity and possesses the
requisite experience, expertise and proficiency, which adds value to
the Board in the effective discharge of its functions.

Further, Mr. Vallabh Roopchand Bhanshali (DIN: 00184775) and
Mr. Mukesh Mangalbhai Patel (DIN: 00053892) who were
appointed as Independent Directors of the Company for a term of
5 years with effect from August 13, 2022 and Ms. Sonia Prashar
(DIN: 06477222), who was appointed as an Independent Director
of the Company for a term of 5 years with effect from September 28,
2022 are proposed to be re-appointed for a second term of 5 years
pursuant to the provisions of Sections 149 and 152 of the Act read
with Regulation 17, 17(1A) and 25 of the LODR Regulations and
other applicable provisions, if any of the Act/LODR Regulations.

The Board recommends aforesaid re-appointments.

B. Directors Retiring by Rotation

During the year under review, the Shareholders of the Company
approved re-appointment of Mr. Prashant Vijay Inamdar
(DIN: 07071502), as Director of the Company, who was liable to
retire by rotation.

Pursuant to the provisions of Section 152 of the Act, read with
Articles of Association (‘AoA') of the Company, Mr. Prasan
Abhaykumar Firodia (DIN:00029664), Managing Director of the
Company, is liable to retire by rotation at the ensuing AGM of the
Company and being eligible, offers himself for re-appointment.

The Board recommends his re-appointment.

C. Cessation and appointment of Key Managerial Personnel’s

Mr. Sanjay Kumar Bohra, ceased to be Chief Financial Officer (CFO)
and Key Managerial Personnel (KMP) of the Company, with effect
from June 09, 2025. The Board placed on record its appreciation for
professional contribution made by Mr. Sanjay Kumar Bohra during
his association with the Company.

Further, based on the recommendations of the Nomination and
Remuneration Committee and Audit Committee, the Board of
Directors in its meeting held on June 09, 2025, appointed Mr. Rishi
Luharuka as the CFO and KMP of the Company, designated as
‘President-Group CFO' with effect from June 10, 2025.

Apart from above, there was no other change in the Directors and
Key Managerial Personnel during the period under review.

16. DECLARATION OF INDEPENDENT DIRECTORS

The Independent Directors have submitted their declarations to the
Board that they fulfill all the criteria of independence as stipulated
in Section 149(6) of the Act and in Regulation 16(1)(b) of the LODR
Regulations. The Board after assessing its veracity has taken the
same on record.

17. DETAILS OF SIGNIFICANT AND MATERIAL
ORDERS PASSED BY THE REGULATORS OR
COURT OR TRIBUNAL

There was no significant and material order passed by any
regulator or court or tribunal impacting the going concern status of
the Company's operations in future, during the year under report.
As reported earlier, petition challenging the decision of the Hon'ble
High Court of Judicature at Bombay, in respect of change in the
name of the Company is still under consideration of the Hon'ble
Supreme Court of India.

18. ADEQUACY OF INTERNAL FINANCIAL
CONTROLS

M/s. Capri Assurance & Advisory Services, Chennai and M/s. Jugal
S. Rathi, Chartered Accountants, Pune, are the Internal Auditors
of the Company. The internal financial controls are adequate
with reference to the financial status, size and operations of the
Company.

19. FIXED DEPOSITS

The Company currently has no Fixed Deposit Scheme in place. The
details of earlier deposits are furnished hereunder:

Sr.

No.

Particulars

Nos.

Amount
('in lacs)

a)

Accepted or renewed during the
year

0

0

b)

Remained unpaid or unclaimed
as at the end of the year (March
31,2026)*

05

0.60

c)

Whether there has been any default

in repayment of

deposits or payment of interest thereon during the year and
if so, number of such cases and the total amount involved.

(i) at the beginning of the year

0

0

(ii) maximum during the year

0

0

(iii) at the end of the year

0

0

* The deposits are matured, claimed but have been withheld
on the instructions of the Statutory Authorities (CBI) and will
be repaid upon their approval.

20. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Annual Report on the CSR activities of the Company, pursuant
to Rule 8 of the Companies (Corporate Social Responsibility Policy)
Rules, 2014, is annexed to this Report.

21. VIGIL MECHANISM & WHISTLE BLOWER POLICY

The Company has established a vigil mechanism, formulated
a Whistleblower Policy and the Audit Committee oversees the
genuine concerns expressed by the employees and other Directors.
The Company has also provided adequate safeguards against
victimization of employees and/or Directors who express their
concerns. The mechanism provides direct access to the Chairman
of the Audit Committee in exceptional cases. The details of the
mechanism / policy are disclosed on the website of the Company at

https://www.forcemotors.com/wp-content/uploads/2025/02/Whistle-

Blower-Policv.pdf

22. POLICY ON DIRECTORS APPOINTMENT AND
REMUNERATION

The Remuneration Policy of the Company and other related matters
as provided under Section 178(3) and 178(4) of the Act are available
on the website of the Company at
https://www.forcemotors.com/wp-
content/uploads/2025/02/Remuneration-Policv-New.pdf The Policy
covers criteria for recommending and approving the remuneration
of Non-Executive and Executive Directors, Key Managerial Persons
as well as Senior Management Employees of the Company.

23. FORMAL ANNUAL EVALUATION OF THE
PERFORMANCE OF BOARD/ COMMITTEES AND
DIRECTORS

Information on the manner in which formal annual evaluation is
made by the Board, of its own performance, that of its Committees
and the Individual Director's, is given in the Report on Corporate
Governance.

24. CORPORATE GOVERNANCE

The Company has taken all necessary steps to implement the
provisions of the LODR Regulations, and a detailed report on the
various matters, including the Auditors' Certificate on Corporate
Governance, is annexed to this Report.

25. BUSINESS RESPONSIBILITY ANDSUSTAINABILITY REPORT

In terms of the Regulation 34(2) of the LODR Regulations, the
Business Responsibility and Sustainability Report (‘BRSR') forms
part of the Annual Report.

26. DETAILS OF DIRECTORS AND EMPLOYEES'
REMUNERATION

Details as required under the provisions of Section 197(12) of
the Act, read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, as amended;
are annexed to this Report.

Details as required under the provisions of Section 197(12) of the
Act, read with Rule 5(2) and 5(3) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, as
amended; which form part of this Report, will be made available
to any Member on request, as per the provisions of Rule 5(3) of
the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.

27. DISCLOSURE ON SEXUAL HARASSMENT
OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION & REDRESSAL) ACT, 2013

The Company has adopted Anti-Sexual Harassment Policy, in
line with the requirements of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.

Internal Complaints Committee has been set up to redress
complaints, if any, received regarding sexual harassment. All
employees, as defined under the said Act, are covered under
this policy. Awareness programs were carried out against sexual

harassment. There was one complaint received and disposed off
during the year under review. Further, there are no complaints
pending as on March 31,2026.

28. DETAILS OF FRAUDS REPORTED BY AUDITORS

There are no frauds against the Company reported by the Auditors
for the period under Report.

29. SECRETARIAL STANDARDS OF THE ICSI

The Company has complied with the Secretarial Standards on the
Meetings of Board of Directors (SS-1) and General Meetings (SS-
2), as issued and amended, by the Institute of Company Secretaries
of India ('the ICSI').

30. STATUTORY AUDITOR

The Members, at the 63rd AGM held on September 28, 2022, have
appointed M/s. Kirtane & Pandit LLP, Chartered Accountants (Firm
Registration No. 105215W / W100057), Pune, as the Statutory
Auditors of the Company for the second term of period of five years,
i.e. up to the conclusion of the 68th AGM to be held in the year 2027,
with an authority to the Board to decide/ revise remuneration of the
Statutory Auditors from time to time during their term.

31. COST ACCOUNTANT

The Board of Directors of the Company had appointed M/s. Joshi
Apte & Associates, Cost Accountants, Pune, for verification and
review of the Cost Records of the Company, for the Financial Year
2025-26. M/s. Joshi Apte & Associates, Cost Accountants, Pune,
have verified and reviewed the said records for the Financial Year
2025-26.

Further, the provisions of Section 148(1) of the Act relating to
maintenance of cost records are applicable to the Company.

32. SECRETARIAL AUDITOR AND AUDIT REPORT

The Members, at the 66th AGM held on September 17, 2025, have
appointed SIUT & Co LLP, Practicing Firm of Company Secretaries
having Registration No. LLPIN: ABA-6960, as the Secretarial
Auditors of the Company for a term of five consecutive years,
commencing from Financial Year 2025-26 till Financial Year 2029¬
30, to conduct the Secretarial Audit of the Company and to furnish
Secretarial Audit Report.

The Secretarial Audit Report, in Form MR-3, for the Financial Year
2025-26, is annexed to this Report.

33. INDUSTRIAL RELATIONS

The industrial relations at all the Plants of the Company have been
cordial during the year.

34. OTHER DISCLOSURES

No disclosure or reporting is required in respect of the following
matters as there were no transactions on these items during the
year under review:

• There was no instance of one-time settlement with any Bank
or Financial Institution.

• There is no proceedings pending under the Insolvency and
Bankruptcy Code, 2016.

• The Company is in compliance with the applicable provisions
relating to maternity benefits as prescribed under the
Maternity Benefit Act, 1961/ the Code on Social Security,
2020.

• The securities of the Company were not suspended from
trading during the year under review on account of corporate
actions or otherwise.

35. DIRECTORS' RESPONSIBILITY STATEMENT

The Directors of your Company to the best of their knowledge and

belief and according to the information and explanations obtained

by them, make the following statements in terms of Section 134 (3)

(c) of the Act:

(a) i n the preparation of the Annual Financial Statements for
the year ended March 31, 2026, the applicable accounting
standards have been followed along with proper explanation
relating to material departures;

(b) for the Financial Year ended March 31,2026, such accounting
policies as mentioned in the Notes to the Financial Statements
have been applied consistently and judgments and estimates
that are reasonable and prudent have been made so as to
give a true and fair view of the state of affairs of the Company
and of the profit of the Company for the year ended March 31,
2026;

(c) that proper and sufficient care has been taken for the
maintenance of adequate accounting records in accordance
with the provisions of the Act, for safeguarding the assets

of the Company and for preventing and detecting fraud and
other irregularities;

(d) t he Annual Financial Statements have been prepared on a
going concern basis;

(e) that proper internal financial controls were followed by
the Company and that such internal financial controls are
adequate and were operating effectively;

(f) that proper systems to ensure compliance with the provisions
of all applicable laws were in place and that such systems are
adequate and operating effectively.

36. APPRECIATION

The Directors express their gratitude to the Dealers, Suppliers and
Banks for their support, and express their warm appreciation for the
sincere co-operation and dedicated work by the employees of the
Company.

For and on behalf of the Board of Directors
Force Motors Limited

Abhaykumar Navalmal Firodia

Chairman

Pune, July 29, 2026 DIN: 00025179

Registered Office:

Mumbai - Pune Road, Akurdi, Pune - 411 035.

CIN: L34102PN1958PLC011172
Website:
www.forcemotors.com
Phone: (Board) 91 20 2747 6381
E-mail:
compliance-officer@forcemotors.com


 
KYC IS ONE TIME EXERCISE WHILE DEALING IN SECURITIES MARKETS - ONCE KYC IS DONE THROUGH A SEBI REGISTERED INTERMEDIARY (BROKER, DP, MUTUAL FUND ETC.), YOU NEED NOT UNDERGO THE SAME PROCESS AGAIN WHEN YOU APPROACH ANOTHER INTERMEDIARY. | PREVENT UNAUTHORISED TRANSACTIONS IN YOUR ACCOUNT --> UPDATE YOUR MOBILE NUMBERS/EMAIL IDS WITH YOUR STOCK BROKER/DEPOSITORY PARTICIPANT. RECEIVE INFORMATION/ALERT OF YOUR TRANSACTIONS DIRECTLY FROM EXCHANGE/NSDL ON YOUR MOBILE/EMAIL AT THE END OF THE DAY .......... ISSUED IN THE INTEREST OF INVESTORS
Disclaimer Clause | Privacy | Terms of Use | Rules and regulations | Feedback| IG Redressal Mechanism | Investor Charter | Client Bank Accounts
Stocks A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others
MUTUAL FUND A B C D E F G H I J K L M N O P Q R S T U V W X Y Z OTHERS
Right and Obligation, RDD, Guidance Note in Vernacular Language
Attention Investors : "KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary."
  "No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."
  "Prevent Unauthorized Transactions in your demat account --> Update your Mobile Number with your Depository Participants. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from NSDL on the same day.Issued in the interest of Investors."
Regd. Office: 76-77, Scindia House, 1st Floor, Janpath, Connaught Place, New Delhi – 110001
NSE CASH , NSE F&O,NSE CDS| BSE CASH ,BSE CDS |DP NSDL | MCX-SX SEBI NO: INZ000155732

Compliance Officer: Mukesh Rustagi, Company Secretary, Tel: 011-46890000, Email: mukesh_rustagi80@hotmail.com
For grievances please e-mail at: kkslig@hotmail.com

Important Links : NSE | BSE | MCX | SEBI | NSDL | Speed-e | CDSL | SCORES | NSDL E-voting | CDSL E-voting | SMART ODR | ODR CIRCULAR
 
Charts are powered by TradingView.
Copyrights @ 2014 © KK Securities Limited. All Right Reserved
Designed, developed and content provided by