Force Motors Ltd
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]
- Market Cap ₹ 21,983 Cr.
- Current Price ₹ 16,683
- High / Low ₹ 17,049 / 6,125
- Stock P/E 40.2
- Book Value ₹ 2,302
- Dividend Yield 0.12 %
- ROCE 29.8 %
- ROE 20.7 %
- Face Value ₹ 10.0
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
- Stock is trading at 7.25 times its book value
- 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.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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: | 27% |
5 Years: | 78% |
3 Years: | 156% |
1 Year: | 100% |
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% |
Documents
Announcements
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 10m
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Announcement under Regulation 30 (LODR)-Newspaper Publication
6h - Force Motors Limited has informed the Stock Exchange about Copy of Newspaper Publication for opening of a Special Window for re-lodgement of transfer requests for …
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Update Of Litigation
11 Jul - Bombay High Court sets aside tax reassessment notices for FY 2017-18 and FY 2019-20 for Force Motors.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
8 Jul - Reminder letter for transfer of Shares to IEPF and publication of advertisement in Newspaper
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Announcement under Regulation 30 (LODR)-Monthly Business Updates
3 Jul - June 2025 sales up 13.16% YoY; domestic sales rose 13.63%, exports stable at 88 units.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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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]