Is Force Motors Ltd (FORCEMOT) a good quality company?

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

Is Force Motors Ltd (FORCEMOT) undervalued or overvalued?

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

What is Force Motors Ltd (FORCEMOT) share price return in the past 10 years?

Force Motors Ltd share price has appreciated 20.3% annually (CAGR) over the past ten years.

Is Force Motors Ltd (FORCEMOT) a good buy now?

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.

What is the share price of Force Motors Ltd (FORCEMOT)?

Company share prices are keep on changing according to the market conditions. The current trading price of Force Motors Ltd (FORCEMOT) on 11-May-2026 16:59:59 at 16:59 is 20624.45.

What is the market cap of Force Motors Ltd (FORCEMOT)?

Market capitalization is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 11-May-2026 at 16:59, the market cap of Force Motors stood at Rs. 27509.40 Cr.

What is the P/E ratio of Force Motors?

The latest standalone P/E ratio of Force Motors as of 11-May-2026 is 22.71.

What is the P/B ratio of Force Motors Ltd (FORCEMOT)?

The latest standalone P/B ratio of Force Motors Ltd (FORCEMOT) as of 11-May-2026 is 6.45.

What is the 52-week high and low of Force Motors Ltd (FORCEMOT)?

The 52-week high of Force Motors Ltd (FORCEMOT) is Rs. 26485.95 and the 52-week low is Rs. 9384.50.

What is the TTM revenue of Force Motors Ltd (FORCEMOT)?

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Force Motors is Rs. 9056.54 (Cr.).

Force Motors Ltd (FORCEMOT) Share Analysis – Cycle Position, Quality & Valuation Zone & DeciZen Rating

Name: Force Motors Ltd (FORCEMOT)
Brand: Force Motors

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

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	17.9%	14.3%	11.3%	10.2%	3.1%	-6.2%	-3.4%	12.1%	23.8%	43.4%	-
Value Creation Index ⓘ	0.3	0.1	-0.2	-0.3	-0.8	-1.4	-1.2	-0.1	0.8	2.2	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	3,025	3,069	3,423	3,652	3,081	1,988	3,240	5,029	6,992	8,072	9,057
Sales YoY Gr.	-	1.5%	11.5%	6.7%	-15.7%	-35.5%	63%	55.2%	39%	15.4%	-
Adj EPS ⓘ	136.7	127	114.8	102.7	57.5	-83.5	-80.1	-55.9	291.7	397.7	919.6
YoY Gr.	-	-7.1%	-9.6%	-10.6%	-44.1%	-245.2%	NA	NA	NA	36.4%	-
BVPS (₹) ⓘ	1,130.2	1,265.2	1,366.6	1,466.8	1,491.2	1,394.4	1,326.2	1,422.6	1,711	2,301.5	3,183.3
Adj Net Profit ⓘ	180	167	151	135	75.7	-110	-106	-73.7	384	524	1,212
Cash Flow from Ops. ⓘ	256	471	256	314	409	7.3	18.4	532	1,014	971	-
Debt/CF from Ops. ⓘ	0.1	0.4	0	0.9	0.8	87.5	58	1.8	0.5	0	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	11.5%	21.3%	35.6%	15.4%
Adj EPS ⓘ	12.6%	47.3%	NA	36.4%
BVPSⓘ	8.2%	9.1%	20.2%	34.5%
Share Price	20.3%	76.3%	148.8%	112%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	12.8	10.6	8.7	7.3	3.9	-5.8	-5.9	-4.1	18.6	19.8	33.5
Op. Profit Mgn % ⓘ	9.1	8.7	8.1	7.6	8.7	1.8	2.1	6.8	13	13.6	16.4
Net Profit Mgn % ⓘ	6	5.5	4.4	3.7	2.5	-5.5	-3.3	-1.5	5.5	6.5	13.4
Debt to Equity ⓘ	0	0.1	0	0.2	0.2	0.4	0.6	0.5	0.2	0	0
Working Cap Days ⓘ	96	115	123	119	137	201	121	93	83	89	64
Cash Conv. Cycle ⓘ	12	7	9	20	22	44	32	20	14	18	29

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 33.50%

Sales growth is growing at healthy rate in last 3 years 35.56%

Sales growth is good in last 4 quarters at 12.50%

Net Profit has been subdued in last 3 years 0.00%

	Standalone	Consolidated
TTM EPS (₹)	919.3	919.6
TTM Sales (₹ Cr.)	9,057	9,057
BVPS (₹) ⓘ	3,236.2	3,183.3
Reserves (₹ Cr.) ⓘ	4,251	4,181
P/BV ⓘ	6.45	6.56
PE ⓘ	22.71	22.70

From the Market
52 Week Low / High (₹)	9384.50 / 26485.95
All Time Low / High (₹)	54.50 / 26485.95
Market Cap (₹ Cr.)	27,509
Equity (₹ Cr.)	13.2
Face Value (₹)	10
Industry PE ⓘ	29.1

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	3,025	3,069	3,423	3,652	3,081	1,988	3,240	5,029	6,992	8,072
Operating Expenses ⓘ +	2,751	2,801	3,155	3,374	2,812	1,975	3,173	4,699	6,083	6,979
Manufacturing Costs	152	152	163	162	151	109	135	217	271	264
Material Costs	2,172	2,202	2,558	2,780	2,223	1,494	2,619	3,920	5,124	5,947
Employee Cost	304	350	387	405	407	351	368	422	533	592
Other Costs ⓘ	122	97	48	26	31	21	51	140	155	176
Operating Profit ⓘ	274	268	268	279	269	13	67	330	909	1,093
Operating Profit Margin (%)	9.1%	8.7%	7.8%	7.6%	8.7%	0.7%	2.1%	6.6%	13.0%	13.5%
Other Income ⓘ +	71	85	69	82	43	25	52	62	39	57
Exceptional Items ⓘ	0	1	0	0	-39	0	0	208	0	395
Interest ⓘ	5	6	7	15	28	28	41	68	62	26
Depreciation ⓘ	92	113	129	151	195	174	191	241	267	280
Profit Before Tax ⓘ	249	235	201	190	42	-176	-130	272	605	1,238
Tax ⓘ	70	55	53	47	-8	-52	-39	139	217	437
Profit After Tax	179	180	147	143	50	-124	-91	134	388	801
PAT Margin (%)	5.9%	5.9%	4.3%	3.9%	1.6%	-6.2%	-2.8%	2.7%	5.6%	9.9%
Adjusted EPS (₹)	135.9	136.8	111.8	108.8	38.1	-93.8	-69.1	101.4	294.5	607.5
Dividend Payout Ratio (%)	7.40%	7.30%	9%	9.20%	26.30%	-5.30%	-14.50%	9.90%	6.80%	6.60%

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Equity and Liabilities
Shareholders Fund +	1,490	1,668	1,801	1,933	1,965	1,838	1,748	1,875	2,255	3,033
Share Capital ⓘ	13	13	13	13	13	13	13	13	13	13
Reserves ⓘ	1,476	1,654	1,788	1,920	1,952	1,825	1,735	1,862	2,242	3,020
Debt +	3	198	0	257	235	524	811	690	382	1
Long Term Debt	3	2	0	206	188	494	601	595	382	1
Short Term Debt	0	196	0	51	47	30	210	95	0	0
Minority Interest	1	2	2	2	2	2	2	2	2	2
Trade Payables	417	485	565	395	580	440	517	745	854	784
Others Liabilities ⓘ	397	240	155	249	309	376	490	696	921	1,313
Total Liabilities ⓘ	2,308	2,592	2,523	2,836	3,091	3,180	3,567	4,008	4,415	5,134
Fixed Assets
Net Fixed Assets ⓘ +	786	905	942	1,210	1,395	1,218	2,028	2,087	2,025	1,962
Gross Block	1,848	2,079	2,194	2,609	2,986	2,915	3,908	4,201	4,400	4,581
Accumulated Depreciation	1,063	1,173	1,252	1,399	1,591	1,697	1,880	2,113	2,375	2,619
CWIP ⓘ	205	220	369	372	445	725	302	154	171	287
Investments ⓘ	8	9	10	23	78	100	111	97	91	103
Inventories	548	438	477	504	552	558	637	827	1,163	1,184
Trade Receivables	150	115	242	167	169	126	189	197	104	174
Cash Equivalents	319	236	43	5	69	37	75	141	449	507
Others Assets ⓘ	293	670	440	556	385	416	225	505	412	916
Total Assets ⓘ	2,308	2,592	2,523	2,836	3,091	3,180	3,567	4,008	4,415	5,134

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash Flow From Operating Activity ⓘ +	256	471	256	314	409	7	18	532	1,014	971
PBT ⓘ	249	235	201	190	42	-176	-130	272	605	1,238
Adjustment ⓘ	73	96	118	151	213	231	246	454	337	301
Changes in Working Capital ⓘ	-28	200	-35	21	171	-46	-100	-191	224	-348
Tax Paid ⓘ	-38	-60	-28	-47	-16	-3	2	-3	-152	-220
Cash Flow From Investing Activity ⓘ +	-210	-621	-81	-606	-327	-333	-356	-256	-198	-351
Capex	-237	-234	-318	-497	-458	-452	-334	-258	-205	-365
Net Investments	0	-400	200	-123	109	110	-22	0	0	-3
Others ⓘ	27	14	38	15	22	10	0	1	7	17
Cash Flow From Financing Activity ⓘ +	-37	180	-223	256	-20	293	375	-207	-509	-562
Net Proceeds from Shares ⓘ	0	0	0	0	0	0	0	0	0	0
Net Proceeds from Borrowing ⓘ	0	0	0	0	0	0	0	0	0	0
Interest Paid ⓘ	-6	-6	-7	-14	-28	-28	-48	-72	-65	-28
Dividend Paid ⓘ	-24	0	-13	-13	-13	-13	-7	-13	-13	-26
Others ⓘ	-8	187	-203	283	21	335	429	-121	-431	-508
Net Cash Flow ⓘ	9	30	-47	-35	62	-32	37	68	308	58

PARTICULARS	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Ratios
ROE (%)	12.75	11.41	8.49	7.68	2.58	-6.5	-5.08	7.38	18.8	30.29
ROCE (%)	17.86	14.29	11.3	10.22	3.11	-6.21	-3.35	12.07	23.79	43.36
Asset Turnover Ratio	1.6	1.43	1.38	1.36	1.04	0.63	0.96	1.33	1.66	1.69
PAT to CFO Conversion(x)	1.43	2.62	1.74	2.2	8.18	N/A	N/A	3.97	2.61	1.21
Working Capital Days
Receivable Days	13.70	13.90	18.50	20.40	19.90	27.10	17.80	14	7.90	6.30
Inventory Days	49.70	51.40	47.40	49	62.50	101.80	67.30	53.10	51.90	53.10
Payable Days	68.10	74.80	74.90	63	80.10	124.70	66.70	58.70	57	50.30

About Force Motors Ltd

Force Motors was established in 1958 by N. K. Firodia, with the vision to provide affordable commercial transport for the masses by harnessing the best available technology and offering economical, reliable and efficient products. Currently, its range includes Small Commercial Vehicles (SCV), Multi-Utility Vehicles (MUV), Light Commercial Vehicles (LCV), Special Utility Vehicles (SUV) and Agricultural Tractors.

Force Motors is fully vertically integrated, making its own engines, chassis, gear boxes, axles, bodies etc. for the entire product range. It provides appropriate solutions for transport - both goods, as well as passenger - rugged, reliable and efficient transport solutions for every need - rural or urban, long distance or local, over good roads or bad tracks. The company continues in the founder's vision of providing efficient, utilitarian vehicles that empower the individual entrepreneur to meet his and the country's ever changing needs.

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. The company's product range includes Tractors, Three wheelers, Light commercial vehicles, Multi Utility Vehicles and Heavy commercial vehicles.

Company’s brands

Traveller Monobus
Traveller
Trax
Gurkha
Balwan
Kargo King

Milestones

1958: Production of Tempo 3 Wheeler ‘Hanseat’
1964: Production of Viking Petrol LCV
1972: Production of Metador Diesel LCV
1987: Production of Tempo Traveller
1997: production of Engines for MBIL & Technical Collaboration with ZF for tractor transmission
2003: Collaboration for production of trucks and busses
2004: Technical collaboration for manufacturing of heavy gear boxes
2015: Production of BMW Engines
2016: Production of Mercedes Engines
2018: Joint Venture with Rolls Royce Power system for the production of series 1600 engines
2019: Force Motors launched Gurkha Xtreme
2019: Force Traveller Citibuses Inducted Into BEST Fleet
2020: Force Motors invests Rs 1,000 crore on 11-18 seater LCV platform
2020: Force Motors invests Rs 1,000 crore on next gen platform

Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
Logo:
Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
Brand Logo:
SEBI Registration Number:	INA000013323 Validity – May 16, 2019 – Perpetual
Registration:	Non-Individual
BSE Enlistment No:	1187
Address:	B-101, Signet Corner Building, Balewadi Phata, Baner, Pune, Maharashtra 411045
Compliance officer Details:	Name: Shrikant Jagtap Email: shrikant.jagtap@moneyworks4me.com Telephone: +919860359463 Address: Same as IA
Grievance Officer Details:	Name: Mukta Vaze Email: mukta.vaze@moneyworks4me.com Telephone: +91 98609 19463 Address: Same as IA
Principal Officer Details:	Name: Atharva Bhide Email: atharva.bhide@moneyworks4me.com Telephone: +91 91758 99463 Address: Same as IA
Standard Warning:	Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Disclaimer:	Registration granted by SEBI, enlistment with exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Force Motors Ltd (FORCEMOT) Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating

Force Motors Share Price