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Force Motors

FORCEMOT NSE
₹18,148.00

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P/E
19.10
View as Markdown
MCP
Close 4 Nov 2026 ₹18,148.00 +265.00 +1.48% 1Y
Start ₹17,883.00

Key Fundamentals

SmallcapAutomobilesConsumer Discretionary

Price-based figures at the close · EPS basis: Consolidated · TTM

ROCE
36.00%
Debt to Equity
0.00
EPS (TTM)
₹950.09
Book Value
₹3,519.83
Market Cap
—
P/E (TTM)
19.10
P/B
5.16
ROE
26.10%
Dividend Yield
0.28%
EBITDA
₹1,594 Cr
52W High
₹26,450.00
52W Low
₹16,184.00

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

54 Average

Data confidence 100/100

Category scores

Quality
63
Good
Returns, margins, earnings quality 22% weight
Valuation
78
Strong
Cheap vs sector & own history 24% weight
Growth
27
Poor
Sales & profit trajectory 9% weight
Financial Health
77
Strong
Solvency, leverage, coverage 9% weight
Momentum
21
Poor
Trend strength, vol-adjusted 12% weight
Ownership
44
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

3
  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 62.4% CAGR over last 5 years

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish4411
OscillatorsBearish342
Moving AveragesStrong Bullish109

Key readings

RSI (14)
61.54
Neutral
MACD (12,26,9)
99.00
Bullish
SMA (50)
17,311.24
Bullish
SMA (200)
19,352.60
Bearish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+11.59%
5Y+35.43%
3Y+21.67%
1Y+12.20%
TTM+8.45%

Net profit

Net profit growth by window
10Y+21.08%
5YTurned to profit
3Y+108.35%
1Y+51.31%
TTM+45.53%

Operating cash flow

Operating cash flow growth by window
10Y+17.62%
5Y+184.16%
3Y+34.59%
1Y−16.11%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+7.33 pp
5Y+15.18 pp
3Y+10.17 pp
1Y+2.78 pp
TTM+2.39 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹3,069 Cr
Mar 2018₹3,423 Cr
Mar 2019₹3,652 Cr
Mar 2020₹3,081 Cr
Mar 2021₹1,988 Cr
Mar 2022₹3,240 Cr
Mar 2023₹5,029 Cr
Mar 2024₹6,992 Cr
Mar 2025₹8,072 Cr
Mar 2026₹9,057 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹180 Cr
Mar 2018₹147 Cr
Mar 2019₹143 Cr
Mar 2020₹50.00 Cr
Mar 2021−₹124 Cr
Mar 2022−₹91.00 Cr
Mar 2023₹134 Cr
Mar 2024₹388 Cr
Mar 2025₹801 Cr
Mar 2026₹1,212 Cr

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk medium

Force Motors Ltd trades at ₹18,148 as of 2026-11-04 with a market cap of ₹23,063 Cr. The company is virtually debt-free with a debt-to-equity ratio of 0, and has delivered strong profit growth of 62% CAGR over five years, though the stock sits roughly 31% below its 52-week high of ₹26,450.

Bull Case 8
  • The company is essentially debt-free with a debt-to-equity ratio of 0, providing significant financial flexibility and resilience during economic downturns.
  • Return on equity stands at 28.87% and return on capital employed at 33.8%, indicating highly efficient capital allocation relative to most auto sector peers.
  • Compounded profit growth over 5 years is 62%, reflecting a sustained trajectory of earnings expansion well above the broader market average.
  • TTM profit growth of 82% shows the earnings momentum has actually accelerated beyond the longer-term trend.
  • Compounded sales growth of 35% over 5 years demonstrates robust top-line expansion, suggesting the company has been gaining market share or expanding into new segments.
  • The 10-year compounded profit growth of 18% and 10-year stock CAGR of 16% show the company has been a consistent long-term compounder.
  • ROE has improved from a 10-year average of 10% to 26% in the last year, indicating a structural improvement in profitability rather than a one-off event.
  • The PE ratio of 19.1x is moderate relative to the 82% TTM profit growth, suggesting earnings growth has outpaced the valuation multiple.
Bear Case 7
  • The stock is trading 31% below its 52-week high of ₹26,450, signalling that the market has meaningfully de-rated the stock from recent peaks.
  • TTM sales growth has decelerated to 8% compared to the 5-year CAGR of 35%, raising questions about whether revenue momentum is fading.
  • Dividend yield of just 0.28% offers negligible income return, meaning investors are almost entirely dependent on capital appreciation.
  • Market cap of ₹23,063 Cr makes this a mid-cap company, which can carry higher liquidity risk and greater volatility compared to large-cap auto names.
  • The 3-year compounded profit growth of 209% implies a very low base three years ago, and such extraordinary growth rates are unlikely to be sustained.
  • The gap between TTM profit growth of 82% and TTM sales growth of 8% suggests margin expansion is driving most of the earnings gain, which may not be sustainable if input costs rise.
  • EPS of ₹950.09 needs to continue scaling rapidly to justify the current PE of 19.1x if profit growth normalises from the recent 82% TTM pace.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Force Motors is delivering strong volume and revenue growth — October sales up 45% YoY and Q2 revenue up 41% — but profitability is under pressure with EBITDA margins contracting 260 bps due to input costs. The 16% profit decline is partly a base-effect issue from a one-time tax benefit in FY26. Export weakness is a minor concern. The trend is positive on the top line, but margin recovery and export stabilisation will be key to watch in coming quarters.

Headwinds 3
  • Q2 profit drops 16% YoY Oct 28

    Net profit fell 16.2% YoY to ₹294 crore in Q2 FY27 versus ₹351 crore a year ago, partly due to absence of a one-time ₹85.46 crore tax benefit from FY26.

  • EBITDA margin contracts 260 bps Oct 28

    EBITDA margin shrank to 14.8% in Q2 FY27 from 17.4% a year earlier, driven by rising input cost pressures despite 19.9% YoY EBITDA growth to ₹434 crore.

  • Export volumes decline 25.6% Nov 2

    Export sales fell 25.6% YoY to just 93 units in October 2026, representing only ~2.3% of total sales volume.

Positives 3
  • Revenue surges 41% in Q2 Oct 28

    Revenue from operations rose 40.6% YoY to ₹2,925 crore in Q2 FY27 from ₹2,081 crore, showing strong top-line momentum.

  • October sales jump 45% YoY Nov 2

    Total sales rose 44.76% YoY to 4,104 units in October 2026, with domestic sales surging 48% to 4,011 units.

  • EBITDA grows 20% YoY Oct 28

    EBITDA increased 19.9% YoY to ₹434 crore in Q2 FY27 from ₹362 crore, reflecting operational scale benefits despite margin pressure.

Neutral 2
  • Tax regime change skews comparisons Oct 28

    Force Motors adopted the new tax regime under Section 115BAA in Q2 FY26, creating a one-time ₹85.46 crore tax benefit that makes YoY profit and EPS comparisons non-comparable.

  • Share dips 1.6% pre-results Oct 28

    Shares fell 1.62% to ₹17,094 ahead of the Q2 FY27 earnings announcement on October 28, reflecting pre-results caution.

Quarterly Results

₹ Cr
FORCEMOT quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
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
2,925
Expenses
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
2,491
Operating Profit
177
221
215
279
245
277
232
329
323
363
374
414
328
434
OPM %
12%
12%
13%
14%
13%
14%
12%
14%
14%
17%
18%
16%
13%
15%
Other Income
11
9
4
18
15
9
20
418
25
24.49
241
39
43
46
Interest
18
16
14
14
9
5
4
7
0
0
0
3
0
2
Depreciation
63
67
68
68
69
69
71
72
70
71
73
72
77
82
PBT
107
147
137
214
182
211
177
668
278
316
543
378
293
396
Tax %
36%
36%
37%
35%
36%
36%
35%
35%
36%
−11%
25%
26%
26%
26%
Net Profit
69
94
85
140
116
135
115
435
176
351
406
279
217
294
EPS (₹)
52.06
71.24
64.81
106
87.81
102
87.51
330
134
266
308
211
164
—

Sep 2026: from the results filed on 28 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
FORCEMOT profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
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
Expenses
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%
Other Income
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
PBT
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%
—
Net Profit
102
179
180
147
143
50
−124
−91
134
388
801
1,212
1,252
EPS (₹)
77.06
136
137
112
109
38.08
−93.83
−69.12
101
295
608
920
950
Div. Payout %
6%
7%
7%
9%
9%
26%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
10%
7%
7%
5%
—

Balance Sheet

₹ Cr
FORCEMOT balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Borrowings
11
14
199
0
286
310
642
1,069
955
524
17
0
Other Liabilities
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
Fixed Assets
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
Other Assets
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 Flow

₹ Cr
FORCEMOT cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
226
256
471
256
314
409
7
18
532
1,014
1,546
1,297
Investing
−96
−210
−621
−81
−606
−327
−333
−356
−256
−198
−926
−900
Financing
−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

FORCEMOT financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Force Motors insights

63 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 61.63%
  • Public 22.43%
  • FIIs 7.09%
  • Others 6.36%
  • DIIs 2.49%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Q1 FY27 concall · Aug 2026
    PPT
  • Q4 FY26 concall · Jun 2026
    PPT
  • Q3 FY26 concall · Feb 2026
    PPT
  • Q2 FY26 concall · Nov 2025
    PPT
  • Concall · Sep 2025
    Transcript

Frequently Asked Questions about Force Motors

What does Force Motors Ltd do?
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…
Where is Force Motors Ltd (FORCEMOT) listed?
Force Motors Ltd trades as FORCEMOT on the NSE and under code 500033 on the BSE.
Which sector does Force Motors Ltd belong to?
Force Motors Ltd is classified under the Automobiles sector, in the Cars & Utility Vehicles industry.
What is the PE ratio of Force Motors Ltd?
Force Motors Ltd trades at a PE ratio of 19.10 as of 4 Nov 2026, on earnings per share of ₹950.09, against a book value of ₹3,519.83 per share.
What is the 52-week high and low of Force Motors Ltd?
Over the last 52 weeks Force Motors Ltd has traded between ₹16,184 and ₹26,450 as of 4 Nov 2026.
Does Force Motors Ltd pay dividends?
Force Motors Ltd has a dividend yield of 0.28%.
What is the Return on Equity (ROE) of Force Motors Ltd?
Force Motors Ltd reported a return on equity of 26.10%. Its debt-to-equity ratio is 0.00.

Company Information

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

Website forcemotors.com
CEO Dr. Abhaykumar Navalmal Firodia
Employees 4,640
Listed 14 Feb 2024
Face Value ₹10

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