Force Motors Ltd

₹ 16,885 -3.86%

21 Oct - close price

forcemotors.com BSE: 500033 NSE: FORCEMOT F&O

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

Product Portfolio ^[1]
The company is a fully integrated automobile manufacturer with capabilities spanning the design, development, and manufacture of vehicles, automotive components, and aggregates. Its product portfolio includes:
i) Light Commercial Vehicles: ^[2] The company is a leading player in the LCV segment with 70%+ market share, with key brands including Traveller, Urbania and N-Range. The Traveller is offered across school bus, ambulance, delivery van and troop carrier applications, while Urbania caters to premium shared urban mobility. It is also a leading ambulance maker and one of the fastest-growing school bus manufacturers in India.

ii) Monobus: ^[3] The company’s Monobus platform is marketed as India's first monocoque bus, available in 31-seater and 44-seater variants.

Website BSE NSE F&O

Market Cap ₹ 22,248 Cr.
Current Price ₹ 16,885
High / Low ₹ 26,486 / 16,109
Stock P/E 20.5
Book Value ₹ 3,236
Dividend Yield 0.30 %
ROCE 35.4 %
ROE 28.6 %
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 69.0% CAGR over last 5 years

Cons

* 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

Consumer Discretionary Automobile and Auto Components Automobiles Passenger Cars & Utility Vehicles

Part of Nifty MidSmallcap 400 BSE 500 Nifty 500 Nifty Smallcap 100 BSE Consumer Discretionary BSE 250 SmallCap Index Nifty Total Market Nifty500 Multicap India Manufacturing 50:30:20 Nifty EV & New Age Automotive Nifty India New Age Consumption Nifty Midsmallcap400 Momentum Quality 100 Nifty Smallcap250 Momentum Quality 100 Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted Nifty500 Multicap Momentum Quality 50 Nifty500 Quality 50 BSE 1000 BSE 500 Momentum 50 BSE 500 Quality 50 Nifty Total Market Momentum Quality 50 Nifty500 Shariah Nifty Smallcap 500 BSE 400 MidSmallCap Index Nifty MidSmallcap400 50:50 Nifty Smallcap 250 Nifty 500 Multicap 50:25:25

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,487	1,802	1,692	2,011	1,885	1,941	1,889	2,356	2,297	2,081	2,128	2,550	2,440
	1,307	1,577	1,467	1,733	1,636	1,659	1,658	2,027	1,965	1,719	1,755	2,136	2,112
Operating Profit	180	225	224	279	249	282	232	329	332	363	374	414	328
OPM %	12%	12%	13%	14%	13%	15%	12%	14%	14%	17%	18%	16%	13%
	11	9	4	15	15	9	15	413	25	24	238	34	38
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
Profit before tax	111	151	146	211	186	217	172	663	287	316	539	373	289
Tax %	35%	35%	35%	35%	36%	35%	36%	35%	35%	-11%	25%	27%	27%
	72	98	95	137	120	141	110	430	185	350	403	274	212
EPS in Rs	54.62	74.57	71.90	103.75	90.76	106.77	83.53	326.07	140.57	265.26	305.75	207.70	160.95
Raw PDF

Upcoming result date: 28 October 2026

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,364	3,025	3,069	3,423	3,652	3,080	1,988	3,240	5,029	6,992	8,071	9,057	9,199
	2,217	2,751	2,801	3,155	3,374	2,811	1,952	3,173	4,697	6,082	6,973	7,573	7,721
Operating Profit	147	274	268	267	278	269	36	67	331	910	1,098	1,483	1,478
OPM %	6%	9%	9%	8%	8%	9%	1.8%	2.1%	7%	13%	14%	16%	16%
	66	71	86	69	82	3	2	52	268	37	445	321	335
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
Profit before tax	125	248	235	200	194	50	-164	-113	291	618	1,237	1,515	1,517
Tax %	19%	28%	23%	27%	24%	-17%	-32%	-34%	48%	35%	35%	20%
	101	179	180	147	147	58	-112	-75	152	402	800	1,211	1,238
EPS in Rs	76.93	135.65	136.55	111.53	111.70	44.16	-84.89	-56.62	115.40	304.86	607.13	919.27	939.66
Dividend Payout %	6%	7%	7%	9%	9%	23%	-6%	-18%	9%	7%	7%	5%

Compounded Sales Growth
10 Years:	12%
5 Years:	35%
3 Years:	22%
TTM:	8%

Compounded Profit Growth
10 Years:	19%
5 Years:	69%
3 Years:	190%
TTM:	78%

Stock Price CAGR
10 Years:	14%
5 Years:	63%
3 Years:	69%
1 Year:	-4%

Return on Equity
10 Years:	12%
5 Years:	16%
3 Years:	24%
Last Year:	29%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	13	13	13	13	13	13	13	13	13	13	13	13
Reserves	1,304	1,474	1,652	1,786	1,922	1,963	1,847	1,774	1,919	2,313	3,090	4,251
	21	14	200	0	286	310	642	1,069	955	524	17	0
	634	800	734	720	615	821	755	842	1,182	1,633	2,081	2,341
Total Liabilities	1,972	2,301	2,600	2,519	2,836	3,107	3,258	3,698	4,069	4,483	5,202	6,605
	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	1	15	10	11	28	92	126	154	159	166	178	173
	1,093	1,296	1,459	1,191	1,220	1,169	1,184	1,209	1,662	2,115	2,768	3,974
Total Assets	1,972	2,301	2,600	2,519	2,836	3,107	3,258	3,698	4,069	4,483	5,202	6,605

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	226	256	471	256	312	409	7	18	531	1,011	1,546	1,297
	-96	-210	-621	-81	-606	-327	-333	-356	-256	-198	-926	-900
	-45	-37	180	-223	256	-20	293	375	-207	-509	-562	-73
Net Cash Flow	85	9	30	-47	-37	62	-32	37	68	304	58	323
Free Cash Flow	109	19	236	-62	-185	-49	-445	-315	274	806	1,181	760
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	176%	107%	198%	106%	129%	158%	27%	23%	161%	128%	161%	116%

Ratios

Standalone / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 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	22	30	42	43	5	-6	-38	-6	-2	16	39
ROCE %	10%	18%	14%	11%	10%	5%	-5%	-3%	5%	24%	29%	35%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Jan 2020

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Total vehicles sold
vehicles

xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
xx.xx				xx.xx	xx.xx	xxx.xx	xxx.xx	xxx.xx
xx.xx					xx.xx		xx.xx	xx.xx
			xx.xx	xx.xx	xx.xx		xx.xx
xx.xx					xx.xx		xx.xx	xx.xx
					xx		xx	xx
							xxx	xxx
x.xx	x.xx	x.xx		x.xx	x.xx		x.xx	x.xx

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Foreign exchange earned from exports
INR crore

Commercial Vehicles share of total turnover
%

Market share in passenger LCV segment
%

Motor vehicle engines share of total turnover
%

Number of countries exported to
count

Number of dealers / distributors (criteria modified in FY2025-26)
count

R&D Expenditure (Percentage of Turnover)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%
	4.91%	6.34%	7.78%	7.89%	8.15%	8.36%	9.77%	10.27%	10.46%	10.93%	9.51%	7.10%
	1.20%	0.86%	1.02%	0.92%	0.90%	1.43%	1.66%	1.48%	1.80%	1.75%	1.46%	2.48%
	32.27%	31.16%	29.57%	29.56%	29.30%	28.58%	26.94%	26.63%	26.12%	25.69%	27.39%	28.78%
No. of Shareholders	47,556	47,742	51,909	56,044	59,207	56,164	59,419	72,334	71,870	78,750	94,439	1,06,263

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	61.06%	61.06%	61.86%	61.63%	61.63%	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%	10.93%	7.10%
	2.65%	3.47%	3.38%	1.99%	2.33%	3.31%	2.32%	0.86%	1.43%	1.75%	2.48%
	30.53%	30.06%	30.51%	32.83%	32.96%	32.46%	33.33%	31.16%	28.58%	25.69%	28.78%
No. of Shareholders	46,166	60,998	64,363	62,380	60,857	61,036	53,958	47,742	56,164	78,750	1,06,263

* 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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