Force Motors Ltd

₹ 6,616 0.82%

13 Dec - close price

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 ₹ 8,717 Cr.
Current Price ₹ 6,616
High / Low ₹ 10,278 / 3,333
Stock P/E 18.3
Book Value ₹ 1,883
Dividend Yield 0.30 %
ROCE 23.8 %
ROE 18.8 %
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 22.1% CAGR over last 5 years

Cons

Stock is trading at 3.51 times its book value
Company has a low return on equity of 5.80% over last 3 years.

* 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

Part of Nifty Total Market BSE Allcap BSE Consumer Discretionary BSE SmallCap Nifty Microcap 250

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	938	778	881	971	1,264	1,304	1,490	1,488	1,802	1,692	2,011	1,885	1,941
	898	792	885	930	1,166	1,250	1,372	1,310	1,581	1,477	1,733	1,640	1,664
Operating Profit	40	-14	-3	41	98	54	118	177	221	215	279	245	277
OPM %	4%	-2%	-0%	4%	8%	4%	8%	12%	12%	13%	14%	13%	14%
	15	13	8	7	12	5	246	11	9	4	18	15	9
Interest	9	12	13	14	20	17	18	18	16	14	14	9	5
Depreciation	45	50	55	57	61	60	63	63	67	68	68	69	69
Profit before tax	1	-64	-63	-23	30	-18	284	107	147	137	214	182	211
Tax %	195%	-33%	-32%	-29%	36%	-14%	48%	36%	36%	37%	35%	36%	36%
	-1	-43	-43	-17	19	-16	147	69	94	85	140	116	135
EPS in Rs	-0.81	-32.51	-32.46	-12.61	14.61	-11.83	111.25	52.06	71.24	64.81	106.45	87.81	102.47
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	1,973	2,022	2,364	3,025	3,069	3,423	3,652	3,081	1,988	3,240	5,029	6,992	7,529
	1,919	1,925	2,217	2,751	2,801	3,155	3,378	2,820	1,964	3,190	4,716	6,096	6,513
Operating Profit	54	97	147	274	268	268	275	261	24	50	313	897	1,016
OPM %	3%	5%	6%	9%	9%	8%	8%	8%	1%	2%	6%	13%	13%
	44	60	66	71	86	69	82	3	2	52	268	37	46
Interest	8	9	7	5	6	7	15	28	28	41	68	62	43
Depreciation	70	85	81	92	113	129	151	195	174	191	241	267	274
Profit before tax	19	63	125	249	235	201	190	42	-176	-130	272	605	744
Tax %	25%	-24%	19%	28%	23%	27%	25%	-20%	-30%	-30%	51%	36%
	14	78	102	179	180	147	143	50	-124	-91	134	388	477
EPS in Rs	10.94	59.08	77.06	135.77	136.68	111.66	108.78	38.08	-93.83	-69.12	101.42	294.54	361.54
Dividend Payout %	27%	5%	6%	7%	7%	9%	9%	26%	-5%	-14%	10%	7%

Compounded Sales Growth
10 Years:	13%
5 Years:	14%
3 Years:	52%
TTM:	24%

Compounded Profit Growth
10 Years:	18%
5 Years:	22%
3 Years:	80%
TTM:	156%

Stock Price CAGR
10 Years:	21%
5 Years:	46%
3 Years:	72%
1 Year:	83%

Return on Equity
10 Years:	6%
5 Years:	3%
3 Years:	6%
Last Year:	19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	13	13	13	13	13	13	13	13	13	13	13	13	13
Reserves	1,141	1,215	1,306	1,476	1,654	1,788	1,920	1,952	1,825	1,735	1,862	2,242	2,468
	42	20	11	14	199	0	286	310	642	1,069	955	524	229
	514	527	645	801	738	722	617	823	757	844	1,184	1,635	1,511
Total Liabilities	1,711	1,775	1,975	2,305	2,604	2,523	2,836	3,098	3,238	3,661	4,013	4,415	4,222
	622	643	638	786	911	948	1,216	1,400	1,224	2,033	2,094	2,031	2,146
CWIP	189	206	240	205	220	369	372	445	725	302	154	171	59
Investments	0	0	0	14	9	10	23	78	100	111	97	91	90
	900	925	1,097	1,300	1,463	1,196	1,225	1,175	1,189	1,215	1,668	2,121	1,927
Total Assets	1,711	1,775	1,975	2,305	2,604	2,523	2,836	3,098	3,238	3,661	4,013	4,415	4,222

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	86	116	226	256	471	256	314	409	7	18	532	1,014
	-304	-100	-96	-210	-621	-81	-606	-327	-333	-356	-256	-198
	-16	-30	-45	-37	180	-223	256	-20	293	375	-207	-509
Net Cash Flow	-234	-14	85	9	30	-47	-35	62	-32	37	68	308

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	20	24	17	18	14	26	17	20	23	21	14	5
Inventory Days	99	97	87	92	73	68	66	91	136	89	77	83
Days Payable	65	77	87	70	80	81	52	95	108	72	69	61
Cash Conversion Cycle	54	44	17	40	6	13	31	15	52	38	22	27
Working Capital Days	25	24	15	23	53	43	48	11	22	16	20	5
ROCE %		6%	10%	18%	14%	11%	10%	5%	-5%	-3%	5%	24%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%
	2.46%	2.60%	2.49%	2.55%	2.71%	2.72%	4.11%	4.94%	4.91%	6.34%	7.78%	7.89%
	2.54%	3.31%	2.90%	2.20%	2.19%	2.32%	1.48%	1.59%	1.20%	0.86%	1.02%	0.92%
	33.37%	32.46%	32.98%	33.62%	33.47%	33.33%	32.77%	31.86%	32.27%	31.16%	29.57%	29.56%
No. of Shareholders	61,570	61,036	60,301	58,475	54,912	53,958	50,221	48,086	47,556	47,742	51,909	56,044

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	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%	7.89%
	2.65%	3.47%	3.38%	1.99%	2.33%	3.31%	2.32%	0.86%	0.92%
	30.53%	30.06%	30.51%	32.83%	32.96%	32.46%	33.33%	31.16%	29.56%
No. of Shareholders	46,166	60,998	64,363	62,380	60,857	61,036	53,958	47,742	56,044

* 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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