Force Motors Ltd

₹ 20,061 -0.85%

26 May 11:11 a.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 ₹ 26,433 Cr.
Current Price ₹ 20,061
High / Low ₹ 26,486 / 10,618
Stock P/E 25.0
Book Value ₹ 3,236
Dividend Yield 0.20 %
ROCE 35.4 %
ROE 28.7 %
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 BSE 500 Nifty 500 Nifty500 Shariah Nifty Smallcap 100 BSE Consumer Discretionary BSE 250 SmallCap Index BSE 400 MidSmallCap Index Nifty MidSmallcap 400 Nifty Smallcap 250 Nifty 500 Multicap 50:25:25 Nifty Total Market Nifty500 Momentum 50 Nifty Midsmallcap400 Momentum Quality 100 Nifty Smallcap250 Momentum Quality 100 Nifty India New Age Consumption Nifty500 Equal Weight Nifty500 Multicap Momentum Quality 50 Nifty EV & New Age Automotive Nifty500 LargeMidSmall Equal-Cap Weighted Nifty500 Quality 50 BSE 1000 BSE 500 Quality 50 BSE 500 Momentum 50 Nifty Total Market Momentum Quality 50 Nifty Smallcap 500

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	1,490	1,487	1,802	1,692	2,011	1,885	1,941	1,889	2,356	2,297	2,081	2,128	2,550
	1,370	1,307	1,577	1,467	1,733	1,636	1,659	1,658	2,027	1,965	1,719	1,755	2,136
Operating Profit	121	180	225	224	279	249	282	232	329	332	363	374	414
OPM %	8%	12%	12%	13%	14%	13%	15%	12%	14%	14%	17%	18%	16%
	246	11	9	4	15	15	9	15	413	25	24	238	34
Interest	18	18	16	14	14	9	5	4	7	0	0	0	3
Depreciation	63	63	67	68	68	69	69	71	72	70	71	73	72
Profit before tax	286	111	151	146	211	186	217	172	663	287	316	539	373
Tax %	48%	35%	35%	35%	35%	36%	35%	36%	35%	35%	-11%	25%	27%
	149	72	98	95	137	120	141	110	430	185	350	403	274
EPS in Rs	113.20	54.62	74.57	71.90	103.75	90.76	106.77	83.53	326.07	140.57	265.26	305.75	207.70
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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
	2,364	3,025	3,069	3,423	3,652	3,080	1,988	3,240	5,029	6,992	8,071	9,057
	2,217	2,751	2,801	3,155	3,374	2,811	1,952	3,173	4,697	6,082	6,973	7,574
Operating Profit	147	274	268	267	278	269	36	67	331	910	1,098	1,483
OPM %	6%	9%	9%	8%	8%	9%	2%	2%	7%	13%	14%	16%
	66	71	86	69	82	3	2	52	268	37	445	322
Interest	7	5	6	7	15	28	28	41	68	62	26	3
Depreciation	81	92	113	129	151	195	174	191	241	267	280	286
Profit before tax	125	248	235	200	194	50	-164	-113	291	618	1,237	1,515
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
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
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:	12%

Compounded Profit Growth
10 Years:	19%
5 Years:	69%
3 Years:	190%
TTM:	92%

Stock Price CAGR
10 Years:	21%
5 Years:	74%
3 Years:	143%
1 Year:	91%

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	2,222
CWIP	240	205	220	369	372	445	725	302	154	171	287	236
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	971	1,297
	-96	-210	-621	-81	-606	-327	-333	-356	-256	-198	-351	-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	606	760
CFO/OP	176%	107%	198%	106%	129%	158%	27%	23%	161%	128%	108%	116%

Ratios

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
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 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Total Vehicle Sales Volume
Units

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

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Domestic Vehicle Sales Volume
Units

Export Vehicle Sales Volume
Units

Renewable Energy Usage
%

Average Training Hours per Employee
Hours

Market Share in LCV Passenger Segment (Traveller)
%

Mercedes-Benz Engines Produced (Cumulative Milestone)
Units

R&D Expenditure (Percentage of Turnover)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

1 Recently

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 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%
	4.11%	4.94%	4.91%	6.34%	7.78%	7.89%	8.15%	8.36%	9.77%	10.27%	10.46%	10.93%
	1.48%	1.59%	1.20%	0.86%	1.02%	0.92%	0.90%	1.43%	1.66%	1.48%	1.80%	1.75%
	32.77%	31.86%	32.27%	31.16%	29.57%	29.56%	29.30%	28.58%	26.94%	26.63%	26.12%	25.69%
No. of Shareholders	50,221	48,086	47,556	47,742	51,909	56,044	59,207	56,164	59,419	72,334	71,870	78,750

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

* 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

Insights

Shareholding Pattern

Documents

Announcements

Annual reports

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