Force Motors Ltd

₹ 12,085 -1.27%

11 Jun 11:58 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 ₹ 15,924 Cr.
Current Price ₹ 12,085
High / Low ₹ 12,903 / 6,125
Stock P/E 29.1
Book Value ₹ 2,302
Dividend Yield 0.16 %
ROCE 29.8 %
ROE 20.7 %
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 46.6% CAGR over last 5 years

Cons

Earnings include an other income of Rs.452 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 SmallCap BSE Allcap BSE Consumer Discretionary Nifty Microcap 250 Nifty Total Market

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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	1,488	1,802	1,692	2,011	1,885	1,941	1,889	2,356
	885	930	1,166	1,250	1,372	1,310	1,581	1,477	1,733	1,640	1,664	1,658	2,027
Operating Profit	-3	41	98	54	118	177	221	215	279	245	277	232	329
OPM %	-0%	4%	8%	4%	8%	12%	12%	13%	14%	13%	14%	12%	14%
	8	7	12	5	246	11	9	4	18	15	9	20	418
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	-63	-23	30	-18	284	107	147	137	214	182	211	177	668
Tax %	-32%	-29%	36%	-14%	48%	36%	36%	37%	35%	36%	36%	35%	35%
	-43	-17	19	-16	147	69	94	85	140	116	135	115	435
EPS in Rs	-32.46	-12.61	14.61	-11.83	111.25	52.06	71.24	64.81	106.45	87.81	102.47	87.51	329.92
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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
	2,022	2,364	3,025	3,069	3,423	3,652	3,081	1,988	3,240	5,029	6,992	8,072
	1,925	2,217	2,751	2,801	3,155	3,378	2,820	1,964	3,190	4,716	6,096	6,979
Operating Profit	97	147	274	268	268	275	261	24	50	313	897	1,093
OPM %	5%	6%	9%	9%	8%	8%	8%	1%	2%	6%	13%	14%
	60	66	71	86	69	82	3	2	52	268	37	452
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	249	235	201	190	42	-176	-130	272	605	1,238
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
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
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:	41%

Stock Price CAGR
10 Years:	24%
5 Years:	68%
3 Years:	128%
1 Year:	36%

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
Equity Capital	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
	20	11	14	199	0	286	310	642	1,069	955	524	17
	527	645	801	738	722	617	823	757	844	1,184	1,635	2,083
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
	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	0	0	14	9	10	23	78	100	111	97	91	103
	925	1,097	1,300	1,463	1,196	1,225	1,175	1,189	1,215	1,668	2,121	2,775
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

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	53	43	48	11	22	16	20	5	16
ROCE %	6%	10%	18%	14%	11%	10%	5%	-5%	-3%	5%	24%	30%

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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