Force Motors Ltd

₹ 10,165 1.76%

07 May 2:31 p.m.

forcemotors.com BSE: 500033 NSE: FORCEMOT

About

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]

Key Points

Products
Company is into development and manufacturing of automotive components and vehicles. Its range of products includes Light Commercial Vehicles (LCV), Multi-Utility Vehicles (MUV), Small Commercial Vehicles (SCV), Special Vehicles (SV) and Agricultural Tractors. Through its subsidiary Tempo Finance (West) it is engaged in providing financial services and through its JV company Force MTU Power Systems it manufactures Engines & Generator sets. ^[1]

Website BSE NSE

Market Cap ₹ 13,394 Cr.
Current Price ₹ 10,165
High / Low ₹ 10,598 / 6,125
Stock P/E 24.6
Book Value ₹ 2,355
Dividend Yield 0.21 %
ROCE 29.1 %
ROE 20.1 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Company has delivered good profit growth of 43.4% CAGR over last 5 years

Cons

Earnings include an other income of Rs.451 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Automobile Industry: Automobiles - LCVs / HCVs

Part of BSE SmallCap BSE Consumer Discretionary BSE Allcap Nifty Total Market Nifty Microcap 250

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	881	971	1,264	1,304	1,490	1,487	1,802	1,692	2,011	1,885	1,941	1,889	2,356
	882	926	1,165	1,239	1,370	1,307	1,577	1,467	1,733	1,636	1,659	1,658	2,027
Operating Profit	-1	45	99	65	121	180	225	224	279	249	282	232	329
OPM %	-0%	5%	8%	5%	8%	12%	12%	13%	14%	13%	15%	12%	14%
	8	7	12	5	246	11	9	4	15	15	9	15	413
Interest	13	14	20	17	18	18	16	14	14	9	5	4	7
Depreciation	55	57	61	60	63	63	67	68	68	69	69	71	72
Profit before tax	-61	-19	31	-7	286	111	151	146	211	186	217	172	663
Tax %	-34%	-35%	35%	-36%	48%	35%	35%	35%	35%	36%	35%	36%	35%
	-40	-13	20	-5	149	72	98	95	137	120	141	110	430
EPS in Rs	-30.34	-9.52	15.16	-3.45	113.20	54.62	74.57	71.90	103.75	90.76	106.77	83.53	326.07
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	2,022	2,364	3,025	3,069	3,423	3,652	3,080	1,988	3,240	5,029	6,992	8,071
	1,925	2,217	2,751	2,801	3,155	3,374	2,811	1,952	3,173	4,697	6,082	6,979
Operating Profit	97	147	274	268	267	278	269	36	67	331	910	1,092
OPM %	5%	6%	9%	9%	8%	8%	9%	2%	2%	7%	13%	14%
	60	66	71	86	69	82	3	2	52	268	37	451
Interest	9	7	5	6	7	15	28	28	41	68	62	26
Depreciation	85	81	92	113	129	151	195	174	191	241	267	280
Profit before tax	63	125	248	235	200	194	50	-164	-113	291	618	1,237
Tax %	-24%	19%	28%	23%	27%	24%	-17%	-32%	-34%	48%	35%	35%
	78	101	179	180	147	147	58	-112	-75	152	402	800
EPS in Rs	58.96	76.93	135.65	136.55	111.53	111.70	44.16	-84.89	-56.62	115.40	304.86	607.13
Dividend Payout %	5%	6%	7%	7%	9%	9%	23%	-6%	-18%	9%	7%	7%

Compounded Sales Growth
10 Years:	13%
5 Years:	21%
3 Years:	36%
TTM:	15%

Compounded Profit Growth
10 Years:	18%
5 Years:	43%
3 Years:	110%
TTM:	36%

Stock Price CAGR
10 Years:	20%
5 Years:	66%
3 Years:	111%
1 Year:	8%

Return on Equity
10 Years:	8%
5 Years:	8%
3 Years:	15%
Last Year:	20%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	13	13	13	13	13	13	13	13	13	13	13	13
Reserves	1,213	1,304	1,474	1,652	1,786	1,922	1,963	1,847	1,774	1,919	2,313	3,090
	53	21	14	200	0	286	310	642	1,069	955	524	17
	493	634	800	734	720	615	821	755	842	1,182	1,633	2,081
Total Liabilities	1,772	1,972	2,301	2,600	2,519	2,836	3,107	3,258	3,698	4,069	4,483	5,202
	643	638	786	911	948	1,216	1,400	1,224	2,033	2,094	2,031	2,164
CWIP	206	240	205	220	369	372	445	725	302	154	171	93
Investments	1	1	15	10	11	28	92	126	154	159	166	178
	922	1,093	1,296	1,459	1,191	1,220	1,169	1,184	1,209	1,662	2,115	2,768
Total Assets	1,772	1,972	2,301	2,600	2,519	2,836	3,107	3,258	3,698	4,069	4,483	5,202

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	116	226	256	471	256	312	409	7	18	531	1,011	971
	-100	-96	-210	-621	-81	-606	-327	-333	-356	-256	-198	-351
	-30	-45	-37	180	-223	256	-20	293	375	-207	-509	-562
Net Cash Flow	-14	85	9	30	-47	-37	62	-32	37	68	304	58

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	24	17	18	14	26	17	20	23	21	14	5	8
Inventory Days	97	87	92	73	68	66	91	136	89	77	83	73
Days Payable	77	87	70	80	81	52	95	108	72	69	61	48
Cash Conversion Cycle	44	17	40	6	13	31	15	52	38	22	27	32
Working Capital Days	24	15	22	53	42	48	11	21	15	20	5	16
ROCE %	6%	10%	18%	14%	11%	10%	5%	-5%	-3%	5%	24%	29%

Shareholding Pattern

Numbers in percentages

2 Recently

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%
	2.49%	2.55%	2.71%	2.72%	4.11%	4.94%	4.91%	6.34%	7.78%	7.89%	8.15%	8.36%
	2.90%	2.20%	2.19%	2.32%	1.48%	1.59%	1.20%	0.86%	1.02%	0.92%	0.90%	1.43%
	32.98%	33.62%	33.47%	33.33%	32.77%	31.86%	32.27%	31.16%	29.57%	29.56%	29.30%	28.58%
No. of Shareholders	60,301	58,475	54,912	53,958	50,221	48,086	47,556	47,742	51,909	56,044	59,207	56,164

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	61.06%	61.06%	61.86%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%
	5.77%	5.41%	4.25%	3.55%	3.08%	2.60%	2.72%	6.34%	8.36%
	2.65%	3.47%	3.38%	1.99%	2.33%	3.31%	2.32%	0.86%	1.43%
	30.53%	30.06%	30.51%	32.83%	32.96%	32.46%	33.33%	31.16%	28.58%
No. of Shareholders	46,166	60,998	64,363	62,380	60,857	61,036	53,958	47,742	56,164

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Force Motors Ltd

Force Motors Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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