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Force Motors Ltd (FORCEMOT)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500033 NSE: FORCEMOT Automobiles-Trucks/Lcv | Small Cap | Force Motors Share Price

₹17,635 -105.00 (-0.59%)

As on 02-Sep'26 16:59

Force Motors Ltd (FORCEMOT)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500033 NSE: FORCEMOT Automobiles-Trucks/Lcv | Small Cap | Force Motors Share Price

₹17,635 -105.00 (-0.59%)

As on 02-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹23,375 Cr.
Current Price
₹17,635
52-Week Low / High
₹14,911 / 26,486
TTM EPS
₹950.1
TTM Sales
₹9,200 Cr.
Book Value per Share
₹3,344
P/E Ratio
18.67
In line with its 5-year historical median
Industry PE
36.2
Price to Book (P/B)
5.31
Higher than its 5-year historical median
Price to Sales (P/S)
2.54
Higher than its 5-year historical median
EV/EBITDA
14.07
In line with its 5-year historical median
Dividend Yield
0.28%
Profitability Efficiency
Return on Equity (ROE)
33.53%
Outperforms industry median
Return on Capital Employed (ROCE)
41.93%
Outperforms industry median
Return on Assets (ROA)
20.76%
Operating Profit Margin
16.4%
Net Profit Margin
13.38%
Gross Profit Margin
17.6%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
12.21%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
35.73%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
51.31%
Asset Quality
Promoter Holding
61.63%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹4,393 Cr.
Equity
₹13.2 Cr.
Face Value
₹10
All Time Low / High
₹54.50 / 26485.95

Force Motors stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good
Check detailed performance

Valuation

Overvalued

Check Valuation charts

Price Trend

Semi Strong
Check Price chart
Q.1 Is Force Motors Ltd a good quality company?
Force Motors Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

View More

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

View More
How does Force Motors Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Force Motors Ltd vs industry peers?
Force Motors Ltd revenue CAGR is 35.43%, compared to the industry median CAGR of 36.86%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of Force Motors Ltd?
Promoters hold 61.63% of the Force Motors Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Force Motors Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 19.2% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Force Motors Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ14.3%11.3%10.2%3.1%-6.2%-3.4%12.1%23.8%43.4%41.9%-
Value Creation
Index ⓘ		0.1-0.2-0.3-0.8-1.4-1.2-0.10.82.22.7-

Growth Parameters ⓘ
Sales ⓘ3,0693,4233,6523,0811,9883,2405,0296,9928,0729,0579,200
Sales YoY Gr.-11.5%6.7%-15.7%-35.5%63%55.2%39%15.4%12.2%-
Adj EPS ⓘ127114.8102.757.5-83.5-80.1-55.9291.7397.7804.8950.1
YoY Gr.--9.6%-10.6%-44.1%-245.2%NANANA36.4%102.4%-
BVPS (₹) ⓘ1,265.21,366.61,466.81,491.21,394.41,326.21,422.61,7112,301.53,182.43,344
Adj Net
Profit ⓘ		16715113575.7-110-106-73.73845241,0601,252
Cash Flow from Ops. ⓘ4712563144097.318.45321,0141,5461,297-
Debt/CF from Ops. ⓘ0.400.90.887.5581.80.500-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ12.8%35.4%21.7%12.2%
Adj EPS ⓘ22.8%NANA102.4%
BVPSⓘ10.8%17.9%30.8%38.3%
Share Price 19.1% 67.2% 71.4% -9.5%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		10.68.77.33.9-5.8-5.9-4.118.619.829.329.1
Op. Profit
Mgn % ⓘ		8.78.17.68.71.82.16.81313.616.416.1
Net Profit
Mgn % ⓘ		5.54.43.72.5-5.5-3.3-1.55.56.511.713.6
Debt to
Equity ⓘ		0.100.20.20.40.60.50.200-
Working Cap
Days ⓘ		11512311913720112193838910964
Cash Conv.
Cycle ⓘ		79202244322014181429

Valuation of Force Motors - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales3,0693,4233,6523,0811,9883,2405,0296,9928,0729,057
Operating Expenses ⓘ + 2,8013,1553,3742,8121,9753,1734,6996,0836,9797,574
Manufacturing Costs152163162151109135217271264302
Material Costs2,2022,5582,7802,2231,4942,6193,9205,1245,9476,405
Employee Cost 350387405407351368422533592686
Other Costs ⓘ 974826312151140155176181
Operating Profit ⓘ 26826827926913673309091,0931,483
Operating Profit Margin (%) 8.7%7.8%7.6%8.7%0.7%2.1%6.6%13.0%13.5%16.4%
Other Income ⓘ + 856982432552623957110
Exceptional Items ⓘ 100-39002080395211
Interest ⓘ 67152828416862263
Depreciation ⓘ 113129151195174191241267280286
Profit Before Tax ⓘ 23520119042-176-1302726051,2381,516
Tax ⓘ 555347-8-52-39139217437304
Profit After Tax 18014714350-124-911343888011,212
PAT Margin (%) 5.9%4.3%3.9%1.6%-6.2%-2.8%2.7%5.6%9.9%13.4%
Adjusted EPS (₹)136.8111.8108.838.1-93.8-69.1101.4294.5607.5919.3
Dividend Payout Ratio (%)7.30%9%9.20%26.30%-5.30%-14.50%9.90%6.80%6.60%5.40%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 1,6681,8011,9331,9651,8381,7481,8752,2553,0334,194
Share Capital ⓘ 13131313131313131313
Reserves ⓘ 1,6541,7881,9201,9521,8251,7351,8622,2423,0204,181
Debt +198025723552481169038210
Long Term Debt2020618849460159538210
Short Term Debt196051473021095000
Minority Interest2222222222
Trade Payables4855653955804405177458547841,040
Others Liabilities ⓘ 2401552493093764906969211,3131,300
Total Liabilities ⓘ 2,5922,5232,8363,0913,1803,5674,0084,4155,1346,538

Fixed Assets

Net Fixed Assets ⓘ +9059421,2101,3951,2182,0282,0872,0251,9621,908
Gross Block2,0792,1942,6092,9862,9153,9084,2014,4004,5814,791
Accumulated Depreciation1,1731,2521,3991,5911,6971,8802,1132,3752,6192,883
CWIP ⓘ 220369372445725302154171287536
Investments ⓘ 9102378100111979110398
Inventories4384775045525586378271,1631,1841,258
Trade Receivables115242167169126189197104174191
Cash Equivalents 236435693775141449507832
Others Assets ⓘ 6704405563854162255054129161,714
Total Assets ⓘ 2,5922,5232,8363,0913,1803,5674,0084,4155,1346,538
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 4712563144097185321,0141,5461,297
PBT ⓘ 23520119042-176-1302726051,2381,516
Adjustment ⓘ 96118151213231246454337301211
Changes in Working Capital ⓘ 200-3521171-46-100-191224227-2
Tax Paid ⓘ -60-28-47-16-32-3-152-220-427
Cash Flow From Investing Activity ⓘ + -621-81-606-327-333-356-256-198-926-900
Capex -234-318-497-458-452-334-258-205-365-536
Net Investments -400200-123109110-2200-578-400
Others ⓘ 14381522100171737
Cash Flow From Financing Activity ⓘ + 180-223256-20293375-207-509-562-73
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ 000000000-1
Interest Paid ⓘ -6-7-14-28-28-48-72-65-28-3
Dividend Paid ⓘ 0-13-13-13-13-7-13-13-26-53
Others ⓘ 187-20328321335429-121-431-508-16
Net Cash Flow ⓘ 30-47-3562-32376830858324
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)11.418.497.682.58-6.5-5.087.3818.830.2933.53
ROCE (%)14.2911.310.223.11-6.21-3.3512.0723.7943.3641.93
Asset Turnover Ratio1.431.381.361.040.630.961.331.661.691.55
PAT to CFO Conversion(x)2.621.742.28.18N/AN/A3.972.611.931.07
Working Capital Days
Receivable Days13.9018.5020.4019.9027.1017.80147.906.307.40
Inventory Days51.4047.404962.50101.8067.3053.1051.9053.1049.20
Payable Days74.8074.906380.10124.7066.7058.705750.3052

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Force Motors Ltd FAQs

The current trading price of Force Motors on 02-Sep-2026 16:59 is ₹17,635.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 01-Sep-2026 the market cap of Force Motors stood at ₹23,374.7 Cr

The latest P/E ratio of Force Motors as of 01-Sep-2026 is 18.88.

The latest P/B ratio of Force Motors as of 01-Sep-2026 is 5.22.

The 52-week high of Force Motors is ₹26,486 and the 52-week low is ₹14,911.5.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Force Motors is ₹9,199 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Force Motors Ltd is a average quality company.

The key valuation ratios of Force Motors Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Force Motors Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Force Motors Ltd

Force Motors (FML), established in 1958 by visionary industrialist Navalmal Kundanmal Firodia, is the flagship company of the Abhay Firodia Group of Companies, one of India’s pioneering industrial houses in the automotive domain. The company offers a comprehensive range of mobility and engineering solutions. The company, through its products, combines decades of automotive expertise with a forward-looking approach to product development, manufacturing, and partnerships. Focussed on creating value across the transportation ecosystem, the company designs solutions that are closely aligned with evolving market needs and benchmarked to global standards.

The company designs, builds and delivers vehicles that move people and goods- reliably, efficiently and timely. The company’s portfolio spans shared mobility solutions, commercial fleets, specialized transport and defense solutions. Whether it’s passenger vehicles, delivery vans, ambulances or buses - its vehicles are designed to deliver comfort, convenience, performance and safety across a variety of terrains.

The company is also a trusted partner to some of the world’s most respected automotive brands. It manufactures and supplies engines to BMW Group India, produces engines and axles for Mercedes-Benz India and operates a joint venture with Rolls-Royce Power Systems AG to build V12-1000 horsepower engines, underscoring its advanced manufacturing capabilities and global relevance.

Business area of the company

The company is a fully, vertically integrated automobile company, with expertise in design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles. Its range of products includes Light Commercial Vehicles (LCV), Multi-Utility Vehicles (MUV), Small Commercial Vehicles (SCV) and Special Vehicles (SV).

The company's commercial vehicles

  • Urbania DX
  • Traveller N
  • Monobus
  • Trax

The company's special vehicles

  • Gurkha
  • Electric Vehicle

Milestones

  • 1958: Started production of Tempo 3-wheeler Hanseat in Mumbai
  • 1969: Launched Matador, India’s first diesel Light Commercial Vehicle
  • 1975: Collaboration with Daimler-Benz AG
  • 1987: Tempo Traveller Production commences at Pithampur
  • 1996: Minidor 6-seater autorikshaw introduced
  • 1997: Tempo enters the field of agricultural tractors with Balwan
  • 2003: Entered into an alliance with MAN Nutzfahrzeuge AG
  • 2005: Tempo renamed as FORCE
  • 2015: Inaugurated state-of-the-art engine manufacturing plant in Chennai dedicated to BMW India
  • 2016: Inaugurated state-of-the-art engine and axle manufacturing plant in Chakan dedicated to Mercedes-Benz India
  • 2018: Formed a JV with RollsRoyce Power Systems AG to manufacture Series 1600 MTU engines in India for the global market
  • 2019: Introduced Monobus
  • 2020: Launched all New Gurkha
  • 2022: Introduced Urbania- a ground-up monocoque platform designed for shared mobility applications in both Indian and global markets.
  • 2024: Exited tractors and connected activity business.
  • 2024: Partnered with strategy consultancy firm EY Parthenon India for its digital transformation programme to boost innovation and productivity across its value chain, among others.
  • 2025: Received an order for manufacturing and supply of 2429 units of BSVI Diesel Ambulance to Medical Health and Family Welfare Department Uttar Pradesh.
  • 2025: Won landmark order of 2,978 Force Gurkha vehicles from the Indian Defence Forces.
  • 2025: Launched new connected vehicle platform for AI-driven fleet intelligence and predictive analytics.
  • 2026: Launched the New Force Traveller N Range comprising of ambulance, delivery van, and school bus applications.

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