Force Motors Limited FORCEMOT NIFTY_SMALLNSE

Consumer Cyclical · Auto Manufacturers · India

https://www.forcemotors.com

Force Motors Limited, an integrated automobile company, designs, develops, manufactures, and sells a range of automotive components, aggregates, and vehicles in India. The company provides passenger vehicles, ambulances, school buses, and delivery van; small commercial, light commercial, multi utility vehicles, special vehicles, and spare parts; special utility vehicles, which include off-roaders/recreation vehicles and military vehicles; and agricultural tractors. Its product portfolio consists of urbania, a ground-up modular monocoque van platform for shared urban mobility; traveller, a platform that caters to passenger transport, cargo delivery, ambulances, and school buses; monobus; trax, a rugged utility vehicle platform for rural and last mile transport; special application vehicles; gurkha off-road vehicle; and electric vehicles. In addition, the company offers shared mobility solutions, commercial fleets, specialized transport, and defense solutions. It exports its products to various countries in the Middle East, Asia, Latin America, and Africa. The company was incorporated in 1958 and is based in Pune, India. Force Motors Limited operates as a subsidiary of Jaya Hind Industries Pvt. Ltd.

Market & Price

Market Cap

₹25,658.14 Cr

Current Price

₹19,473.00

High / Low (52W)

₹25,776.00 / ₹11,607.37

Beta

0.59

Valuation

Stock P/E

18.76

Industry PE

26.67

Forward P/E

PEG Ratio

Book Value

₹3,127.62

Price to Book

6.23

P/S

2.83

EV/EBITDA

17.05

Dividend Yield

0.21%

Profitability & Returns

ROCE

37.08%

ROE

33.51%

ROA

12.82%

Profit Margin

13.38%

Op Margin

13.43%

EPS (Latest Qtr)

₹308.22

EPS (TTM)

₹1,037.91

Balance Sheet & Liquidity

Debt/Equity

Quick Ratio

0.50

Current Ratio

1.87

Debt

₹0

Total Assets

₹5,133.98 Cr

Current Assets

₹2,580.36 Cr

Working Capital

₹855.12 Cr

Ownership

Promoter Holding

63.25%

Chg in Prom Hold

FII / Inst Holding

5.38%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹25,285.50 Cr

Total Revenue (TTM)

₹9,057.05 Cr

EBITDA

₹1,483.15 Cr

Free Cash Flow

₹-98.59 Cr

Operating Cash Flow

₹1,297.09 Cr

Shares Outstanding

₹1.32 Cr

Gross Margin

30.89%

Payout Ratio

3.85%

Growth (CAGR)

Revenue 5Y

35.66%

Profit 5Y

326.39%

Revenue (YoY)

8.20%

Earnings (YoY)

-37.00%

PROS

Strong return on equity of 33.5%.
Healthy ROCE of 37.1%.
Compounding revenue at 35.7% over 5 years.
Profit CAGR of 326.4% over 5 years.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

No notable concerns flagged.

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Consumer Cyclical).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	FORCEMOT Force Motors Limited NIFTY_SMALLNSE	19,473.00	18.76	₹25,658.14 Cr	0.21%	37.08%	33.51%	35.66%	326.39%
2	MARUTI Maruti Suzuki India Limited NIFTY50NSEAI	13,127.00	28.09	₹4.13 L Cr	1.07%	17.22%	14.43%	16.60%	21.11%
3	M&M Mahindra & Mahindra Limited NIFTY50NSEAI	3,045.60	20.00	₹3.66 L Cr	1.08%	17.26%	18.75%	18.44%	18.48%
4	TITAN Titan Company Limited NIFTY50NSE	4,074.90	71.43	₹3.61 L Cr	0.27%	38.43%	37.13%	23.83%	16.00%
5	ETERNAL Eternal Limited NSEAITECH	250.58	626.45	₹2.30 L Cr	-	2.87%	1.19%	97.70%	45.90%
6	EICHERMOT Eicher Motors Limited NIFTY50NSEAI	7,177.00	35.71	₹1.97 L Cr	0.98%	26.43%	23.77%	17.47%	23.70%
7	TVSMOTOR TVS Motor Company Limited NSE	3,355.70	52.91	₹1.59 L Cr	0.36%	28.86%	31.62%	26.91%	31.46%
8	HYUNDAI HYUNDAI MOTOR INDIA LTD NSE	1,924.00	28.82	₹1.56 L Cr	1.09%	32.62%	29.92%	5.50%	4.87%
9	MOTHERSON Samvardhana Motherson International Limited NSEAI	145.74	39.82	₹1.53 L Cr	0.41%	11.82%	10.11%	17.10%	37.17%

Quarterly Results

Figures in INR.

Metric	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	-	1,889.49 Cr	2,291.20 Cr	2,297.25 Cr	2,081.40 Cr	2,128.56 Cr
Cost of Revenue	-	1,391.95 Cr	1,793.57 Cr	1,650.60 Cr	1,407.46 Cr	1,446.54 Cr
Gross Profit	-	497.54 Cr	497.63 Cr	646.65 Cr	673.94 Cr	682.02 Cr
Operating Expenses	-	336.35 Cr	234.86 Cr	384.91 Cr	382.12 Cr	380.73 Cr
Operating Income	-	161.19 Cr	262.77 Cr	261.74 Cr	291.82 Cr	301.29 Cr
EBITDA	-	251.78 Cr	746.77 Cr	348.13 Cr	388.36 Cr	615.50 Cr
Interest Expense	-	4.12 Cr	7.08 Cr	13.00 L	23.00 L	16.00 L
Pretax Income	-	177.15 Cr	667.81 Cr	277.71 Cr	317.18 Cr	542.62 Cr
Tax Provision	-	61.81 Cr	233.07 Cr	101.35 Cr	-33.52 Cr	136.47 Cr
Net Income	-	115.31 Cr	434.71 Cr	176.33 Cr	350.67 Cr	406.11 Cr
Diluted EPS	102.46	87.52	-	133.82	266.14	308.22

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Revenue	3,207.26 Cr	4,980.96 Cr	6,932.29 Cr	8,006.92 Cr
Cost of Revenue	2,596.90 Cr	3,953.44 Cr	5,176.32 Cr	5,947.63 Cr
Gross Profit	610.36 Cr	1,027.52 Cr	1,755.97 Cr	2,059.29 Cr
Operating Expenses	734.55 Cr	881.64 Cr	1,112.78 Cr	1,241.40 Cr
Operating Income	-124.19 Cr	145.88 Cr	643.19 Cr	817.89 Cr
EBITDA	102.04 Cr	581.47 Cr	932.95 Cr	1,544.19 Cr
Interest Expense	40.74 Cr	68.31 Cr	61.13 Cr	25.69 Cr
Pretax Income	-129.64 Cr	272.42 Cr	605.07 Cr	1,238.26 Cr
Tax Provision	-38.65 Cr	138.68 Cr	216.86 Cr	437.40 Cr
Net Income	-91.08 Cr	133.64 Cr	388.09 Cr	800.74 Cr
Diluted EPS	-69.13	101.43	294.54	607.71

Compounded Sales Growth

5 Years:	35.66%
1 Year:	8.20%

Compounded Profit Growth

5 Years:	326.39%
1 Year:	-37.00%

Stock Price Performance

1 Year:	+58.08%
6 Months:	+16.39%
3 Months:	-20.36%
1 Month:	-7.21%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Assets	3,660.95 Cr	4,013.40 Cr	4,414.69 Cr	5,133.98 Cr
Current Assets	1,026.89 Cr	1,565.17 Cr	2,045.97 Cr	2,580.36 Cr
Cash & Equivalents	72.60 Cr	140.37 Cr	448.16 Cr	506.55 Cr
Inventory	637.13 Cr	826.55 Cr	1,163.19 Cr	1,183.76 Cr
Receivables	189.38 Cr	196.84 Cr	104.06 Cr	174.34 Cr
Total Liabilities	1,911.09 Cr	2,136.28 Cr	2,157.34 Cr	2,098.22 Cr
Current Liabilities	1,282.61 Cr	1,509.40 Cr	1,635.95 Cr	1,725.24 Cr
Long Term Debt	600.55 Cr	594.97 Cr	381.77 Cr	1.34 Cr
Total Debt	1,068.82 Cr	954.76 Cr	524.50 Cr	17.43 Cr
Total Equity	1,747.87 Cr	1,875.03 Cr	2,255.14 Cr	3,033.43 Cr
Shares Outstanding	1.32 Cr	1.32 Cr	1.32 Cr	1.32 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Operating Cash Flow	18.42 Cr	531.74 Cr	1,014.45 Cr	971.47 Cr
Investing Cash Flow	-355.74 Cr	-256.47 Cr	-197.50 Cr	-351.23 Cr
Financing Cash Flow	374.77 Cr	-206.85 Cr	-509.19 Cr	-561.84 Cr
Capital Expenditure	-399.39 Cr	-259.52 Cr	-208.38 Cr	-366.90 Cr
Free Cash Flow	-380.97 Cr	272.22 Cr	806.07 Cr	604.57 Cr
Net Change in Cash	37.45 Cr	68.42 Cr	307.76 Cr	58.40 Cr

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Gross Margin %	19.0%	20.6%	25.3%	25.7%
Operating Margin %	-3.9%	2.9%	9.3%	10.2%
Net Margin %	-2.8%	2.7%	5.6%	10.0%
ROE %	-5.2%	7.1%	17.2%	26.4%
ROCE %	-5.2%	5.8%	23.1%	24.0%

Shareholding Pattern

Insiders

63.25%

Institutions

5.38%

Public Float

14.63%

Analyst View

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FORCEMOT · Consumer Cyclical