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Force Motors Ltd.

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forcemotors.comBSE: 500033NSE: FORCEMOT
Market Cap₹ 23,329 Cr.
Current Price
High / Low₹ 26,450 / 14,911
Stock P/E18.6
Book Value₹ 3,344
Price to Book6.10
Dividend Yield0.28 %
ROCE41.9 %
ROE33.5 %
Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Automobile and Auto Components

Buy

Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.

Confidence
74%
View full sector analysis →

PROS

  • Company is almost debt free
  • Company has a healthy return on capital (ROCE) of 36.4%
  • Company has a good return on equity (ROE) track record: 3 Years ROE 27.5%
  • Company has delivered good sales growth of 35.4% CAGR over last 5 years
  • Operating margins have improved to 16.4% from 7.8%
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.61x)

CONS

  • Working capital days have increased from 39 to 72 days
  • Recurring exceptional / one-off items are inflating headline profit
  • Stock is trading at 6.1x its book value
  • Though reporting repeated profits, the company pays out little dividend (5.4%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Automobile and Auto ComponentsAutomobile & AncillariesAutomobiles-Trucks/Lcv
Part ofNIFTY TOTAL MKTNIFTY 500NIFTY SMLCAP 250NIFTY MULTI MQ 50
S.No.Name
1.TMCV434.3538.17159961.960.9225560.001729.63206670.001092.9731.5515.95
2.ASHOKLEY163.9527.7196301.852.13667.771.5313069.5912.1214.1018.49
3.FORCEMOT17705.0018.6423328.570.28216.5922.812440.016.2141.9313.63
4.OLECTRA1210.3055.999934.230.0526.662.44575.5165.7521.1212.29
5.SMLMAH6591.1060.989538.410.3663.62-4.99957.5413.2031.2110.45
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
1,4881,8021,6922,0111,8851,9411,8892,3562,2972,0812,1292,5502,440
1,3071,5771,4671,7331,6361,6591,6582,0271,9651,7191,7552,1362,190
Operating Profit181225224279249283232329332363374414250
OPM %12.14%12.49%13.27%13.85%13.22%14.56%12.26%13.97%14.45%17.43%17.57%16.25%10.26%
1194151591541325242383438
Interest18161414954700030
Depreciation63676868696971727071737277
Profit before Tax111151146211186217172663287316539373293
Tax %34.92%34.97%35.07%35.13%35.57%35.19%35.94%35.16%35.35%-10.60%25.30%26.69%26.15%
Net Profit0000116135115435176351406279217
52.0471.2364.82106.4587.81102.4687.52329.92133.82266.14308.22211.37164.36

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
3,0693,4233,6523,0811,9883,2405,0296,9928,0729,0579,200
2,8013,1553,3742,8121,9753,1734,6996,0836,9797,5747,798
Operating Profit26826827926913673309091,0931,4831,401
OPM %8.73%7.82%7.63%8.73%0.66%2.07%6.56%13.00%13.54%16.38%15.23%
8669824255227039451322335
Interest671528284168622633
Depreciation113129151195174191241267280286293
Profit before Tax23520119042-176-1302726051,2381,5161,522
Tax %23.45%26.61%24.57%-19.66%29.75%29.81%50.91%35.84%35.32%20.05%18.35%
Net Profit18014714350-124-911343888011,2121,243
EPS136.75111.72108.8538.08-93.83-69.13101.43294.45607.54919.29—
Dividend Payout %7.31%8.95%9.20%26.27%-5.33%-14.47%9.86%6.79%6.58%5.44%—

COMPOUNDED SALES GROWTH

10 Years:
12%
5 Years:
35%
3 Years:
22%

COMPOUNDED PROFIT GROWTH

10 Years:
21%
5 Years:
—
3 Years:
109%

STOCK PRICE CAGR

10 Years:
—
5 Years:
66%
3 Years:
69%
1 Year:
-2%

RETURN ON EQUITY

10 Years:
11%
5 Years:
17%
3 Years:
28%
Last Year:
34%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Sep 9

₹ 5

Rs.50.0000 per share(500%)Dividend

2025

Sep 10

₹ 4

Rs.40.0000 per share(400%)Dividend

2024

Aug 28

₹ 2

Rs.20.0000 per share(200%)Final Dividend

2023

Sep 21

₹ 1

Rs.10.0000 per share(100%)Dividend

2022

Sep 20

₹ 1

Rs.10.0000 per share(100%)Final Dividend

2021

Sep 20

₹ 0.50

Rs.5.0000 per share(50%)Final Dividend

2020

Mar 24

Interim Dividend

2018

Sep 3

₹ 1

Rs.10.0000 per share(100%)Dividend

2017

Sep 5

₹ 1

Rs.10.0000 per share(100%)Dividend

2016

Mar 17

₹ 1

Interim Dividend

2026

Aug 26

₹ 5

Rs.50.0000 per share(500%)Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital13131313131313131313
Minority Interest2222222222
1,6541,7881,9201,9521,8251,7351,8622,2423,0204,181
20562873116431,07095844977
Trade Payables4855653955804405177458547841,040
2331492182322572304278541,3071,293
Total Liabilities2,5922,5232,8363,0913,1803,5674,0084,4155,1346,538
9059421,2101,3951,2182,0282,0872,0251,9621,908
Capital Work in Progress120174133175369156392693236
9102378100111979110398
4384775045525586378271,1631,1841,258
0000000104174191
Cash & Bank236435693775141449507832
8858789618238985618165571,1102,015
Total Assets2,5922,5232,8363,0913,1803,5674,0084,4155,1346,538

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
53128436142610165351,0141,5461,297
Cash from Investing-621-81-606-327-333-356-256-198-926-900
Cash from Financing180-223256-20293375-207-509-562-73
30-47-3562-32376830858324

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
61.6361.6361.6361.6361.6361.6361.6361.6361.63
7.787.898.158.369.7710.2710.4610.939.51
1.020.920.901.431.661.481.801.751.46
Government0.000.000.000.000.000.000.000.000.00
29.5729.5629.3128.5926.9526.6226.1225.6827.39

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-01
Monthly Business Updates

2026-09-01 - FORCE MOTORS LTD has informed the Exchange regarding Monthly Business Updates for the month of August 2026

2026-08-26
Copy of Newspaper Publication

2026-08-26 - FORCE MOTORS LTD has informed the Exchange about Copy of Newspaper Publication of Notice of 67th AGM

2026-08-25
Shareholders meeting

2026-08-25 - FORCE MOTORS LTD has informed the Exchange regarding Notice of Annual General Meeting to be held on September 16, 2026

2026-08-25
Updates

2026-08-25 - FORCE MOTORS LTD has informed the Exchange regarding 'date of payment of Dividend'.

2026-08-25
Updates

2026-08-25 - FORCE MOTORS LTD has informed the Exchange regarding 'intimation of book closure'-10-09-2026 to 16-09-2026 (both days inclusive).

2026-08-25
Record Date

2026-08-25 - FORCE MOTORS LTD has informed the Exchange that Record date for the purpose of Dividend is 09-Sep-2026.

2026-08-25
General Updates

2026-08-25 - FORCE MOTORS LTD has informed the Exchange about General Updates-Date of AGM-16-09-2026

2026-08-25
General Updates

2026-08-25 - FORCE MOTORS LTD has informed the Exchange about Communication to Shareholders holding Shares in Physical Mode for furnishing of PAN and Other KYC details

2026-08-24
Copy of Newspaper Publication

2026-08-24 - FORCEMOT: FORCE MOTORS LTD has informed the Exchange about Copy of Newspaper Publication regarding the Notice of Special Window for Transfer and Dematerialisation of Physical Securities.

News

Recent coverage and analyst commentary for FORCEMOT

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