Force Motors logo

Force Motors

FORCEMOT NSE

Key Fundamentals

SmallcapCars & Utility VehiclesAutomobiles
Market Cap
₹22,091 Cr
Volatility
Moderate
P/E Ratio
17.68
EBITDA
₹1,594 Cr
Return on Equity
28.87%
Debt to Equity
0
Book Value
₹3,183.26
EPS
₹330.24
52W High
₹26,450
52W Low
₹14,911

Tapetide Score

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

Key Insights

Strengths

3
  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 62.4% CAGR over last 5 years

Growth Rate

Revenue Growth
12.78% lower than 3Y
Net Income Growth
51.29% lower than 3Y
Cash Flow Change
-16.13% lower than 3Y
ROE
9.44% lower than 3Y
ROCE
-8.85% lower than 3Y
EBITDA Margin (Avg.)
22.91% lower than 3Y

AI Analysis — Bull vs Bear

4d ago
AI opinion · based on fundamentals
Risk medium

Force Motors has a market capitalisation of about ₹22,418 crore and trades at a P/E of 18.3x and a P/B of 5.45x. Over the last 3 years, profit compounded at 209%, sales grew at a 22% CAGR, and ROE rose to 26% last year from a 10-year average of 10%. The company is described as almost debt free. Its stock returned 0% over the past year after a 66% CAGR over 3 years, and TTM sales growth has slowed to 8%.

Bull Case 7
  • Profit growth has been strong: 209% CAGR over 3 years, 62% over 5 years and 82% on a TTM basis. The earnings base has grown much larger from a low starting point.
  • ROE rose to 26% last year, compared with a 3-year average of 19%, a 5-year average of 13% and a 10-year average of 10%. This suggests capital efficiency has improved in structural ways.
  • The company has reduced its debt and is almost debt free. This strengthens the balance sheet and lowers financial risk in a capital-heavy, cyclical sector.
  • Sales grew at a 35% CAGR over 5 years and 22% over 3 years. This compares with 12% over 10 years, showing faster top-line growth in the recent cycle.
  • The P/E of 18.3x looks modest next to 3-year profit growth of 209% and TTM profit growth of 82%. Earnings growth has run well ahead of the earnings multiple.
  • Shareholders have seen strong long-term compounding, with stock returns of 64% CAGR over 5 years and 66% over 3 years.
  • TTM profit growth of 82% came on sales growth of only 8%. This points to operating leverage and better margins rather than growth driven purely by volume.
Bear Case 7
  • TTM sales growth has slowed to 8%, from a 22% CAGR over 3 years and 35% over 5 years. Top-line momentum may be fading.
  • The stock returned 0% over the past year after a 66% CAGR over 3 years. Much of the earnings recovery may already be reflected in the share price.
  • A P/B of 5.45x is a large premium to book value. The valuation depends on ROE staying near last year's 26% rather than falling back toward the 10-year average of 10%.
  • The long-term record is uneven, with only 12% sales CAGR and 18% profit CAGR over 10 years. The business has historically been cyclical, and recent peak growth rates may not last.
  • The 5-year average ROE of 13% is half of last year's 26%. Earnings quality and consistency over a full cycle are still unproven.
  • A dividend yield of 0.29% offers very little income support. Shareholder returns depend almost entirely on further earnings growth and valuation holding up.
  • TTM profit growth of 82% on sales growth of only 8% relied heavily on margin expansion. That is harder to repeat if input costs rise or demand for commercial and utility vehicles slows.

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

AI News Digest

1d ago
Headwinds 2
  • Export volumes slump 40% Sep 30

    September 2026 exports fell 40.32% YoY to just 74 units. Domestic sales now make up over 98% of total volumes, so the company leans heavily on one market.

  • Stock 33% below 52-week high Sep 5

    Shares traded at about ₹17,660 on BSE, roughly 33% below the 52-week high of ₹26,485.95 hit on February 18, 2026. They were also trading on a weak day, with the Sensex down about 0.4% and the Nifty 50 opening below 23,700.

Positives 2
  • September sales jump 57% YoY Sep 30

    Total sales rose 57.13% YoY to 4,101 units in September 2026. Domestic sales grew 61.99% to 4,027 units.

  • ₹50 final dividend (500%) Sep 5

    The company declared a final dividend of ₹50 per share for FY26, which is 500% of the ₹10 face value. The record date was September 9, 2026, and payment is due within 30 days of the AGM. Market cap stands at about ₹22,885.77 crore.

Neutral 3
  • EGMs to lift transfer restrictions Oct 1

    EGMs on October 26, 2026 will vote on removing transfer restrictions for 27,600 'A' and 1,15,748 'Second A' unlisted physical shares. E-voting runs October 22–25, with an October 19 cut-off date.

  • 67th AGM approves all resolutions Sep 16

    At the AGM on September 16, 2026, shareholders approved the FY26 financials, confirmed the dividend and reappointed key independent directors.

  • Unsolicited ESG rating clarified Sep 18

    Force Motors said it did not engage Niche Ninety Nine for the ESG score of 66 assigned on September 17, 2026. The company said the rating was built only from public information.

TL;DR: Force Motors' business momentum is strong: September 2026 volumes rose 57% YoY on 62% domestic growth, and it is paying shareholders a ₹50 per share dividend. The risks are a 40% drop in exports and heavy reliance on the domestic market. The stock also trades about 33% below its February high, so sentiment has lagged the business. If domestic demand holds through the festive season, the improving sales trend could help the stock narrow that gap, while a slow export recovery remains the main thing to watch.

Quarterly Results

Particulars 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

Particulars 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
7,573
7,721
Operating Profit
147
274
268
268
275
261
24
50
313
897
1,099
1,484
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
321
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

Particulars 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
1,921
CWIP
240
205
220
369
372
445
725
302
154
171
287
536
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

Particulars 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
1,546
1,297
Investing
-96
-210
-621
-81
-606
-327
-333
-356
-256
-198
-926
-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
1,181
761
CFO/OP
176
107
198
106
131
163
41
32
171
130
161
116
Figures in ₹ Crores

Ratios

Particulars 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%

Insights

Beta

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

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Shareholding Pattern

DIIs1.46%Promot.61.63%Others6.27%FIIs9.52%Public21.13%As ofJun 2026

Documents

Frequently Asked Questions about Force Motors

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 trades as FORCEMOT on the NSE and under code 500033 on the BSE.
Which sector does Force Motors Ltd belong to?
Force Motors Ltd is classified under the Automobiles sector, in the Cars & Utility Vehicles industry.
What is the market capitalisation of Force Motors Ltd?
Force Motors Ltd has a market capitalisation of ₹22,091 Cr, which places it in the Large Cap band.
What is the PE ratio of Force Motors Ltd?
Force Motors Ltd trades at a PE ratio of 17.68, on earnings per share of ₹330.24, against a book value of ₹3,183.26 per share.
What is the 52-week high and low of Force Motors Ltd?
Over the last 52 weeks Force Motors Ltd has traded between ₹14,911 and ₹26,450.
Does Force Motors Ltd pay dividends?
Force Motors Ltd has a dividend yield of 0.29%.
What is the Return on Equity (ROE) of Force Motors Ltd?
Force Motors Ltd reported a return on equity of 28.87%. Its debt-to-equity ratio is 0.00.

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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