Force Motors Ltd

₹ 16,703 0.62%

06 Oct 9:17 a.m.

forcemotors.com BSE: 500033 NSE: FORCEMOT F&O

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

Product Portfolio ^[1]
The company is a fully integrated automobile manufacturer with capabilities spanning the design, development, and manufacture of vehicles, automotive components, and aggregates. Its product portfolio includes:
i) Light Commercial Vehicles: ^[2] The company is a leading player in the LCV segment with 70%+ market share, with key brands including Traveller, Urbania and N-Range. The Traveller is offered across school bus, ambulance, delivery van and troop carrier applications, while Urbania caters to premium shared urban mobility. It is also a leading ambulance maker and one of the fastest-growing school bus manufacturers in India.

ii) Monobus: ^[3] The company’s Monobus platform is marketed as India's first monocoque bus, available in 31-seater and 44-seater variants.

Website BSE NSE F&O

Market Cap ₹ 22,009 Cr.
Current Price ₹ 16,703
High / Low ₹ 26,486 / 14,911
Stock P/E 20.0
Book Value ₹ 3,183
Dividend Yield 0.30 %
ROCE 36.0 %
ROE 26.1 %
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 62.4% CAGR over last 5 years

Cons

* 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 Nifty 500 BSE 1000 BSE 250 SmallCap Index Nifty Smallcap 250 Nifty 500 Multicap 50:25:25 Nifty Total Market Nifty500 Multicap India Manufacturing 50:30:20 Nifty EV & New Age Automotive Nifty India New Age Consumption Nifty Midsmallcap400 Momentum Quality 100 Nifty Smallcap250 Momentum Quality 100 Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted Nifty500 Multicap Momentum Quality 50 Nifty500 Quality 50 BSE 500 Momentum 50 BSE 500 Quality 50 Nifty Total Market Momentum Quality 50 Nifty500 Shariah Nifty Smallcap 500 Nifty MidSmallcap400 50:50 BSE 400 MidSmallCap Index BSE 500 Nifty MidSmallcap 400 BSE Consumer Discretionary Nifty Smallcap 100

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,488	1,802	1,692	2,011	1,885	1,941	1,889	2,356	2,297	2,081	2,129	2,550	2,440
	1,310	1,581	1,477	1,733	1,640	1,664	1,658	2,027	1,974	1,719	1,755	2,136	2,112
Operating Profit	177	221	215	279	245	277	232	329	323	363	374	414	328
OPM %	12%	12%	13%	14%	13%	14%	12%	14%	14%	17%	18%	16%	13%
	11	9	4	18	15	9	20	418	25	26	241	39	43
Interest	18	16	14	14	9	5	4	7	0	0	0	3	0
Depreciation	63	67	68	68	69	69	71	72	70	71	73	72	77
Profit before tax	107	147	137	214	182	211	177	668	278	317	543	378	293
Tax %	36%	36%	37%	35%	36%	36%	35%	35%	36%	-11%	25%	26%	26%
	69	94	85	140	116	135	115	435	176	351	406	279	217
EPS in Rs	52.06	71.24	64.81	106.45	87.81	102.47	87.51	329.92	133.82	266.14	308.21	211.38	164.36
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,364	3,025	3,069	3,423	3,652	3,081	1,988	3,240	5,029	6,992	8,072	9,057	9,200
	2,217	2,751	2,801	3,155	3,378	2,820	1,964	3,190	4,716	6,096	6,973	7,573	7,721
Operating Profit	147	274	268	268	275	261	24	50	313	897	1,099	1,484	1,479
OPM %	6%	9%	9%	8%	8%	8%	1.2%	1.6%	6%	13%	14%	16%	16%
	66	71	86	69	82	3	2	52	268	37	446	321	349
Interest	7	5	6	7	15	28	28	41	68	62	26	3	3
Depreciation	81	92	113	129	151	195	174	191	241	267	280	286	293
Profit before tax	125	249	235	201	190	42	-176	-130	272	605	1,238	1,516	1,531
Tax %	19%	28%	23%	27%	25%	-20%	-30%	-30%	51%	36%	35%	20%
	102	179	180	147	143	50	-124	-91	134	388	801	1,212	1,252
EPS in Rs	77.06	135.77	136.68	111.66	108.78	38.08	-93.83	-69.12	101.42	294.54	607.71	919.55	950.09
Dividend Payout %	6%	7%	7%	9%	9%	26%	-5%	-14%	10%	7%	7%	5%

Compounded Sales Growth
10 Years:	12%
5 Years:	35%
3 Years:	22%
TTM:	8%

Compounded Profit Growth
10 Years:	18%
5 Years:	62%
3 Years:	209%
TTM:	82%

Stock Price CAGR
10 Years:	16%
5 Years:	61%
3 Years:	60%
1 Year:	2%

Return on Equity
10 Years:	10%
5 Years:	13%
3 Years:	19%
Last Year:	26%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	13	13	13	13	13	13	13	13	13	13	13	13
Reserves	1,306	1,476	1,654	1,788	1,920	1,952	1,825	1,735	1,862	2,242	3,020	4,181
	11	14	199	0	286	310	642	1,069	955	524	17	-0
	645	801	738	722	617	823	757	844	1,184	1,635	2,083	2,343
Total Liabilities	1,975	2,305	2,604	2,523	2,836	3,098	3,238	3,661	4,013	4,415	5,134	6,538
	638	786	911	948	1,216	1,400	1,224	2,033	2,094	2,031	1,969	1,921
CWIP	240	205	220	369	372	445	725	302	154	171	287	536
Investments	0	14	9	10	23	78	100	111	97	91	103	98
	1,097	1,300	1,463	1,196	1,225	1,175	1,189	1,215	1,668	2,121	2,775	3,981
Total Assets	1,975	2,305	2,604	2,523	2,836	3,098	3,238	3,661	4,013	4,415	5,134	6,538

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	226	256	471	256	314	409	7	18	532	1,014	1,546	1,297
	-96	-210	-621	-81	-606	-327	-333	-356	-256	-198	-926	-900
	-45	-37	180	-223	256	-20	293	375	-207	-509	-562	-73
Net Cash Flow	85	9	30	-47	-35	62	-32	37	68	308	58	324
Free Cash Flow	109	19	236	-62	-183	-49	-445	-315	274	810	1,181	761
CFO/OP	176%	107%	198%	106%	131%	163%	41%	32%	171%	130%	161%	116%

Ratios

Consolidated / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	17	18	14	26	17	20	23	21	14	5	8	8
Inventory Days	87	92	73	68	66	91	136	89	77	83	73	72
Days Payable	87	70	80	81	52	95	108	72	69	61	48	59
Cash Conversion Cycle	17	40	6	13	31	15	52	38	22	27	32	20
Working Capital Days	15	23	30	43	43	6	-5	-37	-6	-2	16	39
ROCE %	10%	18%	14%	11%	10%	5%	-5%	-3%	5%	24%	30%	36%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Jan 2020

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Total vehicles sold
vehicles

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x.xx	x.xx	x.xx		x.xx	x.xx	x.xx	x.xx

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Foreign exchange earned from exports
INR crore ・Standalone data

Market share in passenger LCV segment
% ・Standalone data

Commercial Vehicles share of total turnover
% ・Standalone data

Motor vehicle engines share of total turnover
% ・Standalone data

Number of countries exported to
count ・Standalone data

Number of dealers / distributors
count ・Standalone data

R&D Expenditure (Percentage of Turnover)
% ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%
	4.94%	4.91%	6.34%	7.78%	7.89%	8.15%	8.36%	9.77%	10.27%	10.46%	10.93%	9.51%
	1.59%	1.20%	0.86%	1.02%	0.92%	0.90%	1.43%	1.66%	1.48%	1.80%	1.75%	1.46%
	31.86%	32.27%	31.16%	29.57%	29.56%	29.30%	28.58%	26.94%	26.63%	26.12%	25.69%	27.39%
No. of Shareholders	48,086	47,556	47,742	51,909	56,044	59,207	56,164	59,419	72,334	71,870	78,750	94,439

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	61.06%	61.06%	61.86%	61.63%	61.63%	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%	10.93%	9.51%
	2.65%	3.47%	3.38%	1.99%	2.33%	3.31%	2.32%	0.86%	1.43%	1.75%	1.46%
	30.53%	30.06%	30.51%	32.83%	32.96%	32.46%	33.33%	31.16%	28.58%	25.69%	27.39%
No. of Shareholders	46,166	60,998	64,363	62,380	60,857	61,036	53,958	47,742	56,164	78,750	94,439

* 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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