Force Motors Ltd

Force Motors Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Force Motors Ltd

₹ 20,410 -1.62%
17 Mar 9:24 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 ₹ 26,893 Cr.
  • Current Price ₹ 20,410
  • High / Low ₹ 26,486 / 7,100
  • Stock P/E 28.0
  • Book Value ₹ 2,661
  • Dividend Yield 0.19 %
  • ROCE 30.0 %
  • ROE 20.8 %
  • 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 46.8% CAGR over last 5 years

Cons

  • Stock is trading at 7.79 times its book value
  • Earnings include an other income of Rs.710 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

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

Part of BSE 500 Nifty 500 BSE Allcap BSE Consumer Discretionary BSE 250 SmallCap Index

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
1,304 1,490 1,488 1,802 1,692 2,011 1,885 1,941 1,889 2,356 2,297 2,081 2,129
1,250 1,372 1,310 1,581 1,477 1,733 1,640 1,664 1,658 2,027 1,974 1,719 1,755
Operating Profit 54 118 177 221 215 279 245 277 232 329 323 363 374
OPM % 4% 8% 12% 12% 13% 14% 13% 14% 12% 14% 14% 17% 18%
5 246 11 9 4 18 15 9 20 418 25 26 241
Interest 17 18 18 16 14 14 9 5 4 7 0 0 0
Depreciation 60 63 63 67 68 68 69 69 71 72 70 71 73
Profit before tax -18 284 107 147 137 214 182 211 177 668 278 317 543
Tax % -14% 48% 36% 36% 37% 35% 36% 36% 35% 35% 36% -11% 25%
-16 147 69 94 85 140 116 135 115 435 176 351 406
EPS in Rs -11.83 111.25 52.06 71.24 64.81 106.45 87.81 102.47 87.51 329.92 133.82 266.14 308.21
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
2,022 2,364 3,025 3,069 3,423 3,652 3,081 1,988 3,240 5,029 6,992 8,072 8,863
1,925 2,217 2,751 2,801 3,155 3,378 2,820 1,964 3,190 4,716 6,096 6,973 7,474
Operating Profit 97 147 274 268 268 275 261 24 50 313 897 1,099 1,389
OPM % 5% 6% 9% 9% 8% 8% 8% 1% 2% 6% 13% 14% 16%
60 66 71 86 69 82 3 2 52 268 37 446 710
Interest 9 7 5 6 7 15 28 28 41 68 62 26 8
Depreciation 85 81 92 113 129 151 195 174 191 241 267 280 286
Profit before tax 63 125 249 235 201 190 42 -176 -130 272 605 1,238 1,805
Tax % -24% 19% 28% 23% 27% 25% -20% -30% -30% 51% 36% 35%
78 102 179 180 147 143 50 -124 -91 134 388 801 1,368
EPS in Rs 59.08 77.06 135.77 136.68 111.66 108.78 38.08 -93.83 -69.12 101.42 294.54 607.71 1,038.09
Dividend Payout % 5% 6% 7% 7% 9% 9% 26% -5% -14% 10% 7% 7%
Compounded Sales Growth
10 Years: 13%
5 Years: 21%
3 Years: 36%
TTM: 15%
Compounded Profit Growth
10 Years: 18%
5 Years: 47%
3 Years: 100%
TTM: 89%
Stock Price CAGR
10 Years: 23%
5 Years: 76%
3 Years: 158%
1 Year: 192%
Return on Equity
10 Years: 8%
5 Years: 8%
3 Years: 15%
Last Year: 21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 13 13 13 13 13 13 13 13 13 13 13 13 13
Reserves 1,215 1,306 1,476 1,654 1,788 1,920 1,952 1,825 1,735 1,862 2,242 3,020 3,493
20 11 14 199 0 286 310 642 1,069 955 524 17 0
527 645 801 738 722 617 823 757 844 1,184 1,635 2,083 1,836
Total Liabilities 1,775 1,975 2,305 2,604 2,523 2,836 3,098 3,238 3,661 4,013 4,415 5,134 5,342
643 638 786 911 948 1,216 1,400 1,224 2,033 2,094 2,031 1,969 2,115
CWIP 206 240 205 220 369 372 445 725 302 154 171 287 190
Investments 0 0 14 9 10 23 78 100 111 97 91 103 95
925 1,097 1,300 1,463 1,196 1,225 1,175 1,189 1,215 1,668 2,121 2,775 2,941
Total Assets 1,775 1,975 2,305 2,604 2,523 2,836 3,098 3,238 3,661 4,013 4,415 5,134 5,342

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
116 226 256 471 256 314 409 7 18 532 1,014 971
-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 -35 62 -32 37 68 308 58

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 23 30 43 43 6 -5 -37 -6 -2 16
ROCE % 6% 10% 18% 14% 11% 10% 5% -5% -3% 5% 24% 30%

Insights

In beta
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Total Vehicle Sales Volume
Units ・Includes some standalone data

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Domestic Vehicle Sales Volume
Units ・Standalone data
Export Vehicle Sales Volume
Units ・Standalone data
Renewable Energy Usage
% ・Standalone data
Average Training Hours per Employee
Hours ・Standalone data
Market Share in LCV Passenger Segment (Traveller)
% ・Standalone data
Mercedes-Benz Engines Produced (Cumulative Milestone)
Units ・Standalone data
R&D Expenditure (Percentage of Turnover)
% ・Standalone data

Shareholding Pattern

Numbers in percentages

4 Recently
Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 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%
2.72% 4.11% 4.94% 4.91% 6.34% 7.78% 7.89% 8.15% 8.36% 9.77% 10.27% 10.46%
2.32% 1.48% 1.59% 1.20% 0.86% 1.02% 0.92% 0.90% 1.43% 1.66% 1.48% 1.80%
33.33% 32.77% 31.86% 32.27% 31.16% 29.57% 29.56% 29.30% 28.58% 26.94% 26.63% 26.12%
No. of Shareholders 53,95850,22148,08647,55647,74251,90956,04459,20756,16459,41972,33471,870

* 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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Documents

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