Force Motors Ltd

₹ 3,783 -0.19%

29 Sep 10:22 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

Collaboration
It has entered into a joint venture with MTU Friedrichshafen GmbH (a company of the Rolls Royce Group) in FY 18 to form Force MTU Power Systems Private Limited (FMTU) for engaging in the business of development, manufacture, and marketing of engines, engines for power generation, complete power generators and engines for various applications like Rail. It holds a 51% stake in FMTU, thus becoming a subsidiary of the Company. ^[1] ^[2]
In 2015, BMW assigned Force Motors to produce and test the engines for all cars and SUVs to be made in India ^[3]

Website BSE NSE

Market Cap ₹ 4,986 Cr.
Current Price ₹ 3,783
High / Low ₹ 4,006 / 1,085
Stock P/E 44.8
Book Value ₹ 1,423
Dividend Yield 0.26 %
ROCE 4.73 %
ROE 1.76 %
Face Value ₹ 10.0

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Pros

Company is expected to give good quarter

Cons

Stock is trading at 2.66 times its book value
Company has a low return on equity of -2.93% over last 3 years.
Company might be capitalizing the interest cost
Earnings include an other income of Rs.275 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

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
	185	695	496	613	643	938	778	881	971	1,264	1,304	1,490	1,488
	238	631	467	652	615	898	792	885	930	1,166	1,250	1,372	1,310
Operating Profit	-52	64	29	-40	28	40	-14	-3	41	98	54	118	177
OPM %	-28%	9%	6%	-7%	4%	4%	-2%	-0%	4%	8%	4%	8%	12%
	6	9	3	7	16	15	13	8	7	12	5	246	11
Interest	7	7	8	5	7	9	12	13	14	20	17	18	18
Depreciation	39	46	45	43	41	45	50	55	57	61	60	63	63
Profit before tax	-93	19	-21	-82	-3	1	-64	-63	-23	30	-18	284	107
Tax %	30%	27%	8%	34%	-35%	195%	33%	32%	29%	36%	14%	48%	36%
	-65	14	-19	-54	-4	-1	-43	-43	-17	19	-16	147	69
EPS in Rs	-49.34	10.65	-14.40	-40.73	-3.32	-0.81	-32.51	-32.46	-12.61	14.61	-11.83	111.25	52.06
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2009	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	891	1,973	2,022	2,364	3,025	3,069	3,423	3,652	3,081	1,988	3,240	5,029	5,546
	1,371	1,919	1,925	2,217	2,751	2,801	3,155	3,378	2,820	1,964	3,190	4,716	5,098
Operating Profit	-480	54	97	147	274	268	268	275	261	24	50	313	448
OPM %	-54%	3%	5%	6%	9%	9%	8%	8%	8%	1%	2%	6%	8%
	655	44	60	66	71	86	69	82	3	2	52	268	275
Interest	54	8	9	7	5	6	7	15	28	28	41	68	72
Depreciation	55	70	85	81	92	113	129	151	195	174	191	241	247
Profit before tax	65	19	63	125	249	235	201	190	42	-176	-130	272	403
Tax %	101%	25%	-24%	19%	28%	23%	27%	25%	-20%	30%	30%	51%
	-1	14	78	102	179	180	147	143	50	-124	-91	134	219
EPS in Rs	-0.56	10.94	59.08	77.06	135.77	136.68	111.66	108.78	38.08	-93.83	-69.12	101.42	166.09
Dividend Payout %	0%	27%	5%	6%	7%	7%	9%	9%	26%	-5%	-14%	10%

Compounded Sales Growth
10 Years:	10%
5 Years:	8%
3 Years:	18%
TTM:	55%

Compounded Profit Growth
10 Years:	8%
5 Years:	-26%
3 Years:	-27%
TTM:	208%

Stock Price CAGR
10 Years:	29%
5 Years:	16%
3 Years:	52%
1 Year:	209%

Return on Equity
10 Years:	5%
5 Years:	1%
3 Years:	-3%
Last Year:	2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2009	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	13	13	13	13	13	13	13	13	13	13	13	13
Reserves	332	1,141	1,215	1,306	1,476	1,654	1,788	1,920	1,952	1,825	1,735	1,862
	304	42	20	11	14	199	0	286	310	642	1,069	955
	581	514	527	645	801	738	722	617	823	757	844	1,184
Total Liabilities	1,230	1,711	1,775	1,975	2,305	2,604	2,523	2,836	3,098	3,238	3,661	4,013
	445	622	643	638	786	911	948	1,216	1,400	1,224	2,033	2,094
CWIP	79	189	206	240	205	220	369	372	445	725	302	154
Investments	0	0	0	0	14	9	10	23	78	100	111	97
	705	900	925	1,097	1,300	1,463	1,196	1,225	1,175	1,189	1,215	1,668
Total Assets	1,230	1,711	1,775	1,975	2,305	2,604	2,523	2,836	3,098	3,238	3,661	4,013

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2009	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	-254	86	116	226	256	471	256	314	409	7	18	532
	471	-304	-100	-96	-210	-621	-81	-606	-327	-333	-356	-256
	-232	-16	-30	-45	-37	180	-223	256	-20	293	375	-207
Net Cash Flow	-15	-234	-14	85	9	30	-47	-35	62	-32	37	68

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2009	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	27	20	24	17	18	14	26	17	20	23	21	14
Inventory Days	225	99	97	87	92	73	68	66	91	136	89	77
Days Payable	214	65	77	87	70	80	81	52	95	108	72	69
Cash Conversion Cycle	38	54	44	17	40	6	13	31	15	52	38	22
Working Capital Days	30	25	24	15	23	53	43	48	11	22	16	20
ROCE %	-34%		6%	10%	18%	14%	11%	10%	5%	-5%	-3%	5%

Shareholding Pattern

Numbers in percentages

	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%
	3.31%	3.07%	3.08%	2.67%	2.39%	2.46%	2.60%	2.49%	2.55%	2.71%	2.72%	4.11%
	1.51%	2.05%	2.33%	2.54%	2.67%	2.54%	3.31%	2.90%	2.20%	2.19%	2.32%	1.48%
	33.55%	33.25%	32.96%	33.16%	33.31%	33.37%	32.46%	32.98%	33.62%	33.47%	33.33%	32.77%
No. of Shareholders	63,126	63,282	60,857	60,444	61,503	61,570	61,036	60,301	58,475	54,912	53,958	50,221

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Jun 2023
	61.06%	61.06%	61.86%	61.63%	61.63%	61.63%	61.63%	61.63%
	5.77%	5.41%	4.25%	3.55%	3.08%	2.60%	2.72%	4.11%
	2.65%	3.47%	3.38%	1.99%	2.33%	3.31%	2.32%	1.48%
	30.53%	30.06%	30.51%	32.83%	32.96%	32.46%	33.33%	32.77%
No. of Shareholders	46,166	60,998	64,363	62,380	60,857	61,036	53,958	50,221

* 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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