Force Motors Ltd logo

Force Motors Ltd

FORCEMOT NSE

Key Fundamentals

SmallcapCars & Utility VehiclesAutomobiles
Market Cap
₹24,013 Cr
Volatility
Moderate
P/E Ratio
19.2
EBITDA
₹1,483 Cr
Return on Equity
26.38%
Debt to Equity
0
Book Value
₹3,183.26
EPS
₹330.24
52W High
₹26,450
52W Low
₹14,911

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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32 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

3
  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 65.5% CAGR over last 5 years

Growth Rate

Revenue Growth
11.43% ↗
Net Income Growth
38.99% ↗
Cash Flow Change
-4.24% ↘
ROE
53.37% ↗
ROCE
54.44% ↗
EBITDA Margin (Avg.)
11.81% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
AI opinion · based on fundamentals
Risk medium

Force Motors Ltd is a debt-free, niche commercial vehicle and luxury engine manufacturer with a market cap of ~₹23,951 crore trading at a PE of 19.7x. The company delivered 65.5% profit CAGR over five years with FY25 PAT of ₹801 crore on revenue of ₹8,071 crore, though TTM revenue growth has moderated to 8% and the stock has declined 6% over the past year.

Bull Case 8
  • Virtually debt-free balance sheet with zero long-term borrowings, providing financial flexibility and resilience through economic cycles
  • Exceptional profit growth of 221% CAGR over 3 years and 65.5% CAGR over 5 years, demonstrating a structural improvement in earnings power
  • ROE improved sharply to 29% in the last year from a 5-year average of 16%, indicating significantly better capital efficiency
  • Dominant 70-75% market share in niche commercial vehicles (Traveller, Trax segments), providing pricing power and a defensible moat
  • Diversified revenue stream from long-standing engine manufacturing partnerships with BMW and Mercedes-Benz, with 200,000th Mercedes engine rolled out in June 2026
  • FY26 revenue reached a record ₹9,167 crore, a 13% YoY increase over FY25 revenue of ₹8,071 crore, with a 30% sales CAGR over the last four years
  • Price-to-book of 5.87x is supported by high ROE of 29%, and the trailing PE of 19.7x is reasonable relative to the profit growth trajectory
  • Compounded sales growth of 35% over 5 years and 22% over 3 years demonstrates sustained top-line momentum beyond a single cycle
Bear Case 8
  • TTM revenue growth has decelerated sharply to 8% from 22% (3-year CAGR) and 39% (FY24 YoY), signaling a slowing growth phase
  • Heavy revenue dependency on BMW and Mercedes-Benz engine contracts creates concentration risk; any shift to in-house or EV powertrains by these OEMs could impact earnings materially
  • Stock declined 6% over 1 year despite strong underlying fundamentals, suggesting the market may be pricing in slowing growth or peak margins
  • Dividend yield of just 0.22% offers minimal income return, limiting downside support from yield-seeking investors
  • Q4 FY26 net profit fell 36% QoQ despite record annual revenue, indicating potential margin pressure or lumpy quarterly earnings
  • EV transition poses a structural threat to ICE engine manufacturing contracts which form a significant revenue pillar for the company
  • Niche CV segment limits total addressable market compared to diversified peers like Tata Motors or Ashok Leyland, capping long-term growth potential
  • 10-year stock CAGR of 20% and 10-year sales CAGR of 12% suggest the recent surge (77% 3-year stock CAGR) may have front-loaded future returns

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 17h ago
Positives 3
  • Q1FY27 PAT up 15% YoY Jul 29

    Force Motors reported net profit of ₹212.07 crore for Q1FY27, up 14.5% YoY, with revenue growing 6.2%. Also completed acquisition of Veera Tanneries Private Limited.

  • July 2026 sales surge 37% Aug 3

    Total vehicle sales jumped 36.84% to 3,770 units in July 2026, driven by a 38.44% surge in domestic demand. Exports declined.

  • Q1FY26 profit rose 23% YoY Jul 30

    Consolidated net profit for Q1FY26 grew 22.8% YoY to ₹216.59 crore on revenue of ₹2,440.01 crore, up 6.2% YoY.

Neutral 3
  • 12 Senior Management Officials exit Jul 29

    Force Motors disclosed cessation of 12 SMOs effective July 29, 2026, following Board approval. Described as a structural change, not resignations.

  • Three Independent Directors re-appointed Jul 29

    Board approved re-appointment of Vallabh Bhanshali, Mukesh Patel, and Sonia Prashar for second five-year terms, subject to shareholder approval.

  • MoA altered for new businesses Jul 29

    Board approved altering Memorandum of Association to include power generation and new project activities. Shareholder approval pending.

TL;DR: Force Motors is delivering consistent profit growth (15-23% YoY) and strong volume momentum with July sales up 37%. The board is making structural governance changes and expanding the business scope into power generation. No material headwinds are visible, though export weakness and the mass SMO exit warrant monitoring. The near-term trend is clearly improving on both earnings and volume fronts.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,488
1,802
1,692
2,011
1,885
1,941
1,889
2,356
2,297
2,081
2,129
2,550
2,440
Expenses
1,310
1,581
1,477
1,733
1,640
1,664
1,658
2,027
1,974
1,719
1,755
2,136
2,112
Operating Profit
177
221
215
279
245
277
232
329
323
363
374
414
328
OPM %
12%
12%
13%
14%
13%
14%
12%
14%
14%
17%
18%
16%
13%
Other Income
11
9
4
18
15
9
20
418
25
26
241
39
43
Interest
18
16
14
14
9
5
4
7
0
0
0
3
0
Depreciation
63
67
68
68
69
69
71
72
70
71
73
72
77
PBT
107
147
137
214
182
211
177
668
278
317
543
378
293
Tax %
36%
36%
37%
35%
36%
36%
35%
35%
36%
-11%
25%
26%
26%
Net Profit
69
94
85
140
116
135
115
435
176
351
406
279
217
EPS in Rs
52.06
71.24
64.81
106
87.81
102
87.51
330
134
266
308
211
164
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,364
3,025
3,069
3,423
3,652
3,081
1,988
3,240
5,029
6,992
8,072
9,057
9,200
Expenses
2,217
2,751
2,801
3,155
3,378
2,820
1,964
3,190
4,716
6,096
6,973
7,574
7,721
Operating Profit
147
274
268
268
275
261
24
50
313
897
1,099
1,483
1,479
OPM %
6%
9%
9%
8%
8%
8%
1.2%
1.6%
6%
13%
14%
16%
16%
Other Income
66
71
86
69
82
3
2
52
268
37
446
322
349
Interest
7
5
6
7
15
28
28
41
68
62
26
3
3
Depreciation
81
92
113
129
151
195
174
191
241
267
280
286
293
PBT
125
249
235
201
190
42
-176
-130
272
605
1,238
1,516
1,531
Tax %
19%
28%
23%
27%
25%
-20%
-30%
-30%
51%
36%
35%
20%
—
Net Profit
102
179
180
147
143
50
-124
-91
134
388
801
1,212
1,252
EPS in Rs
77.06
136
137
112
109
38.08
-93.83
-69.12
101
295
608
920
950
Div. Payout %
6%
7%
7%
9%
9%
26%
-5%
-14%
10%
7%
7%
5%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
13
13
13
13
13
13
13
13
13
13
13
13
Reserves
1,306
1,476
1,654
1,788
1,920
1,952
1,825
1,735
1,862
2,242
3,020
4,181
Borrowings
11
14
199
0
286
310
642
1,069
955
524
17
0
Other Liabilities
645
801
738
722
617
823
757
844
1,184
1,635
2,083
2,343
Total Liabilities
1,975
2,305
2,604
2,523
2,836
3,098
3,238
3,661
4,013
4,415
5,134
6,538
Fixed Assets
638
786
911
948
1,216
1,400
1,224
2,033
2,094
2,031
1,969
2,222
CWIP
240
205
220
369
372
445
725
302
154
171
287
236
Investments
0
14
9
10
23
78
100
111
97
91
103
98
Other Assets
1,097
1,300
1,463
1,196
1,225
1,175
1,189
1,215
1,668
2,121
2,775
3,981
Total Assets
1,975
2,305
2,604
2,523
2,836
3,098
3,238
3,661
4,013
4,415
5,134
6,538
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
226
256
471
256
314
409
7
18
532
1,014
971
1,297
Investing
-96
-210
-621
-81
-606
-327
-333
-356
-256
-198
-351
-900
Financing
-45
-37
180
-223
256
-20
293
375
-207
-509
-562
-73
Net Cash Flow
85
9
30
-47
-35
62
-32
37
68
308
58
324
Free Cash Flow
109
19
236
-62
-183
-49
-445
-315
274
810
606
761
CFO/OP
176
107
198
106
131
163
41
32
171
130
108
116
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
17
18
14
26
17
20
23
21
14
5
8
8
Inventory Days
87
92
73
68
66
91
136
89
77
83
73
72
Days Payable
87
70
80
81
52
95
108
72
69
61
48
59
Cash Conversion Cycle
17
40
6
13
31
15
52
38
22
27
32
20
Working Capital Days
15
23
30
43
43
6
-5
-37
-6
-2
16
39
ROCE %
10%
18%
14%
11%
10%
5%
-5%
-3%
5%
24%
30%
36%

Shareholding Pattern

As of Jun 2026
Promoters 61.63%
Public 21.13%
FIIs 9.52%
Others 6.27%
DIIs 1.46%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Feb 2024Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
61.63%
61.63%
61.63%
61.63%
61.63%
61.63%
61.63%
61.63%
61.63%
61.63%
61.63%
61.63%
61.63%
61.63%
61.63%
61.63%
61.63%
61.63%
61.63%
61.63%
61.63%
61.63%
61.63%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
4.94%
0.00%
0.00%
6.34%
7.78%
7.89%
8.15%
8.35%
9.77%
10.27%
10.46%
10.93%
9.52%
DIIs
2.33%
2.55%
2.67%
2.54%
3.30%
2.90%
2.21%
2.19%
2.32%
1.48%
1.59%
1.02%
1.02%
0.87%
1.03%
0.92%
0.91%
1.43%
1.66%
1.48%
1.80%
1.76%
1.46%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
28.30%
28.58%
28.50%
28.70%
28.04%
28.43%
28.85%
28.49%
28.76%
27.87%
26.65%
26.61%
26.34%
25.16%
24.12%
23.74%
23.34%
22.73%
21.42%
20.98%
20.53%
20.29%
21.13%
Others
7.74%
7.24%
7.19%
7.14%
7.04%
7.05%
7.32%
7.69%
7.30%
9.02%
5.20%
10.74%
11.01%
6.00%
5.45%
5.82%
5.97%
5.85%
5.53%
5.64%
5.59%
5.39%
6.27%
No. of Shareholders
0
58,157
60,444
61,503
61,570
61,036
60,301
58,475
53,958
50,221
48,086
47,556
46,685
47,742
51,909
56,044
59,207
56,164
59,419
72,334
71,870
78,750
94,439

Documents

Frequently Asked Questions about Force Motors Ltd

What does Force Motors Ltd do?
Force Motors Ltd was established in 1958, is the flagship company of the Abhay Firodia group. The company is in the business of manufacturing fully vertically integrated small and light CVs, multi-utility vehicles, and agricultural tractors, which it supplies to various countries in the Middle Ea...
Where is Force Motors Ltd (FORCEMOT) listed?
Force Motors Ltd is listed on the Indian stock exchanges. It is listed on NSE: FORCEMOT and BSE: 500033. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Force Motors Ltd belong to?
Force Motors Ltd operates in the Automobiles sector within the Cars & Utility Vehicles industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Force Motors Ltd?
Force Motors Ltd has a market capitalisation of approximately ₹24013.14 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Force Motors Ltd?
The Price-to-Earnings (PE) ratio of Force Motors Ltd is 19.20. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Force Motors Ltd?
Over the past 52 weeks, Force Motors Ltd has traded between a low of ₹14,911 and a high of ₹26,450. This range helps investors understand the stock's price volatility and recent trading levels.
Does Force Motors Ltd pay dividends?
Yes, Force Motors Ltd has a dividend yield of 0.21%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Force Motors Ltd?
Force Motors Ltd has a Return on Equity (ROE) of 26.38%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Force Motors Ltd on Tapetide?
On Tapetide, you can view Force Motors Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Force Motors Ltd was established in 1958, is the flagship company of the Abhay Firodia group. The company is in the business of manufacturing fully vertically integrated small and light CVs, multi-utility vehicles, and agricultural tractors, which it supplies to various countries in the Middle East, Asia, Latin America, and Africa. It was known as Bajaj Tempo till 2005 [1]

Website forcemotors.com
CEO Dr. Abhaykumar Navalmal Firodia
Employees 4,640
Listed 2024-02-14
Face Value ₹ 10
Issued Size 1,30,32,914

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