Force Motors
Force Motors
Automobiles F&OKey Fundamentals
SmallcapCars & Utility VehiclesAutomobilesTapetide Score
Data-driven rating, 0–100. How it works →
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
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2h agoForce Motors Ltd is a mid-cap automobile company with a market cap of ₹23,133 crore, trading at a PE of 19.1x. The company swung from losses in FY22 to ₹801 crore net profit in FY25 on revenue of ₹8,072 crore, maintains zero debt, and commands over 70% market share in the van segment through its Traveller platform. TTM sales growth has moderated to 8% after a 22% three-year CAGR, while trailing profit growth remains elevated at 82% TTM.
- Debt-free balance sheet — the company maintains zero total debt, providing financial resilience and flexibility for future capex or acquisitions
- Dominant niche position with 70-75% market share in the light commercial vehicle van segment via the Traveller platform, creating a significant competitive moat
- Revenue scaled nearly 2.5x from ₹3,240 crore in FY22 to ₹8,072 crore in FY25, reflecting a compounded sales CAGR of 22% over three years
- Profit CAGR of 62.4% over 5 years and 209% over 3 years, demonstrating strong operating leverage as the product mix shifts toward premium offerings like the Urbania
- ROE improved sharply from a 10-year average of 10% to 26% in the last year, indicating significantly better capital efficiency
- BMW and Mercedes-Benz engine supply contracts provide a diversified, high-margin revenue stream beyond its own vehicle sales
- Stable promoter holding at 61.63% with FII interest at roughly 10%, suggesting institutional confidence without excessive dilution risk
- Q1 FY26 showed continued momentum with revenue up 22% YoY to ₹2,322 crore, EBITDA up 35% YoY to ₹357 crore, and domestic sales volume growth of 26%
- TTM sales growth has decelerated sharply to 8% from the 3-year CAGR of 22%, signaling a potential plateau in the growth cycle
- Stock has returned -4% over the past 1 year after a 68% three-year CAGR, suggesting the market may have already priced in the turnaround
- Price-to-book ratio of 5.7x is elevated for an auto company, leaving limited margin of safety if earnings growth slows
- Dividend yield of just 0.28% offers negligible income return, indicating most of the investment thesis depends on capital appreciation
- Heavy concentration risk — over 70% of commercial vehicle revenue depends on a single platform (Traveller), making the company vulnerable to segment-specific downturns
- Low DII holding at just 1.66% and limited institutional coverage suggest lower liquidity and potentially higher volatility during market stress
- The 209% three-year profit CAGR was partly a base-effect recovery from near-zero or loss-making years, making future growth rates difficult to sustain at this scale
- Cyclical exposure to the commercial vehicle segment means earnings are sensitive to economic slowdowns, fuel price spikes, and freight demand fluctuations
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Exports down 25% in August Sep 01
Export sales fell 25% YoY to just 81 units in August 2026 from 108 units, though exports remain a small share of total volumes.
- Stock down 27% in six months Sep 01
Despite strong August sales, Force Motors shares are down 13.69% YTD, 27.08% over six months, and trading at ₹17,660 — well below the 52-week high of ₹26,485.95 hit on Feb 18, 2026.
- Broader market weakness Sep 05
BSE Sensex was down ~0.4% and Nifty 50 opened below 23,700 on Sep 5, with banking and financial stocks under pressure, creating a soft backdrop for the stock.
- Domestic sales surge 62% YoY Sep 01
Domestic sales jumped 62.14% YoY to 3,721 units in August 2026, driving total sales up 58.22% to 3,802 units across SCV, LCV, UV and SUV categories.
- ₹50 per share final dividend Sep 05
Force Motors announced a final dividend of ₹50 per share (500% of face value) for FY26, with Sep 9 as the record date and payment within 30 days of the 67th AGM.
- Strong multi-year returns Sep 01
The stock has delivered 113% gains over two years, 408% over three years, and over 1,200% over five years, reflecting strong underlying business momentum.
- 67th AGM set for Sep 16 Aug 25
Force Motors scheduled its 67th AGM for September 16, 2026, with e-voting open from Sep 12-15 and dividend record date fixed at Sep 9.
- FY26 BRSR report filed Aug 25
Force Motors submitted its Business Responsibility and Sustainability Report for FY26 to BSE and NSE, covering ESG metrics, workforce data, and environmental disclosures.
TL;DR: Force Motors is delivering strong domestic volume growth with August sales up 58% YoY, led by a 62% surge in domestic volumes. The generous ₹50/share dividend signals board confidence in FY26 profitability. Key risks include declining exports, significant stock price correction from the Feb 2026 high of ₹26,485, and soft broader market conditions. If domestic momentum sustains into Q3 FY27 and exports stabilize, the stock could find a floor near current levels.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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% |
| Other Income | 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 |
| PBT | 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% |
| Net Profit | 69 | 94 | 85 | 140 | 116 | 135 | 115 | 435 | 176 | 351 | 406 | 279 | 217 |
| EPS in Rs | 52.06 | 71.24 | 64.81 | 106 | 87.81 | 102 | 87.51 | 330 | 134 | 266 | 308 | 211 | 164 |
Profit & Loss
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 in Rs | 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% | -5% | -14% | 10% | 7% | 7% | 5% | — |
Balance Sheet
| Particulars | 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 |
| 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY09–FY27.
Documents
Frequently Asked Questions about Force Motors
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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 [1]
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