Force Motors Ltd.
•₹ 17,770-0.64%
2026-08-21
PROS
- Company has delivered good profit growth of 74.0% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 26.4%
- Operating margins have improved to 13.5% from 3.7%
- Company has delivered good sales growth of 21.2% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.90x)
CONS
- Receivables are growing faster than sales - a possible quality concern
- Recurring exceptional / one-off items are inflating headline profit
- Though reporting repeated profits, the company pays out little dividend (6.6%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | TMCV | 477.55 | 41.96 | 175867.35 | 0.84 | 25560.00 | 1729.63 | 206670.00 | 1092.97 | 31.55 | 15.95 |
| 2. | ASHOKLEY | 173.10 | 29.25 | 101676.42 | 2.02 | 6677.70 | 915.28 | 130695.90 | 1021.21 | 14.10 | 18.49 |
| 3. | FORCEMOT | 17850.00 | 18.79 | 23519.63 | 0.28 | 216.59 | 22.81 | 2440.01 | 6.21 | 43.36 | 13.63 |
| 4. | OLECTRA | 1291.90 | 59.77 | 10604.01 | 0.05 | 26.66 | 2.44 | 575.51 | 65.75 | 20.45 | 12.29 |
| 5. | SMLMAH | 5165.10 | 0.00 | 7474.75 | 0.46 | 63.62 | -4.99 | 957.54 | 13.20 | 31.21 | 10.45 |
Detailed Comparison with:
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| 1,307 | 1,577 | 1,467 | 1,733 | 1,636 | 1,659 | 1,658 | 2,027 | 1,965 | 1,719 | 1,755 | 2,136 | 2,190 | |
| Operating Profit | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 11 | 9 | 4 | 15 | 15 | 9 | 15 | 18 | 25 | 24 | 27 | 34 | 38 |
| 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 |
| 111 | 151 | 146 | 211 | 186 | 217 | 172 | 663 | 287 | 316 | 539 | 373 | 293 | |
| 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 Profit | 0 | 0 | 0 | 0 | 116 | 135 | 115 | 435 | 176 | 351 | 406 | 279 | 217 |
| 52 | 71 | 65 | 106 | 88 | 102 | 88 | 330 | 134 | 266 | 308 | 211 | 16 | |
| Equity Capital | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Jun 2023
- 1,488
- 1,307
- Operating Profit
- —
- OPM %
- —
- Other Income
- 11
- Interest
- 18
- Depreciation
- 63
- 111
- Tax %
- 34.92%
- Net Profit
- 0
- 52
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 1,802
- 1,577
- Operating Profit
- —
- OPM %
- —
- Other Income
- 9
- Interest
- 16
- Depreciation
- 67
- 151
- Tax %
- 34.97%
- Net Profit
- 0
- 71
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 1,692
- 1,467
- Operating Profit
- —
- OPM %
- —
- Other Income
- 4
- Interest
- 14
- Depreciation
- 68
- 146
- Tax %
- 35.07%
- Net Profit
- 0
- 65
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 2,011
- 1,733
- Operating Profit
- —
- OPM %
- —
- Other Income
- 15
- Interest
- 14
- Depreciation
- 68
- 211
- Tax %
- 35.13%
- Net Profit
- 0
- 106
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 1,885
- 1,636
- Operating Profit
- —
- OPM %
- —
- Other Income
- 15
- Interest
- 9
- Depreciation
- 69
- 186
- Tax %
- 35.57%
- Net Profit
- 116
- 88
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 1,941
- 1,659
- Operating Profit
- —
- OPM %
- —
- Other Income
- 9
- Interest
- 5
- Depreciation
- 69
- 217
- Tax %
- 35.19%
- Net Profit
- 135
- 102
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 1,889
- 1,658
- Operating Profit
- —
- OPM %
- —
- Other Income
- 15
- Interest
- 4
- Depreciation
- 71
- 172
- Tax %
- 35.94%
- Net Profit
- 115
- 88
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 2,356
- 2,027
- Operating Profit
- —
- OPM %
- —
- Other Income
- 18
- Interest
- 7
- Depreciation
- 72
- 663
- Tax %
- 35.16%
- Net Profit
- 435
- 330
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 2,297
- 1,965
- Operating Profit
- —
- OPM %
- —
- Other Income
- 25
- Interest
- 0
- Depreciation
- 70
- 287
- Tax %
- 35.35%
- Net Profit
- 176
- 134
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 2,081
- 1,719
- Operating Profit
- —
- OPM %
- —
- Other Income
- 24
- Interest
- 0
- Depreciation
- 71
- 316
- Tax %
- -10.60%
- Net Profit
- 351
- 266
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 2,129
- 1,755
- Operating Profit
- —
- OPM %
- —
- Other Income
- 27
- Interest
- 0
- Depreciation
- 73
- 539
- Tax %
- 25.30%
- Net Profit
- 406
- 308
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 2,550
- 2,136
- Operating Profit
- —
- OPM %
- —
- Other Income
- 34
- Interest
- 3
- Depreciation
- 72
- 373
- Tax %
- 26.69%
- Net Profit
- 279
- 211
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 2,440
- 2,190
- Operating Profit
- —
- OPM %
- —
- Other Income
- 38
- Interest
- 0
- Depreciation
- 77
- 293
- Tax %
- 26.15%
- Net Profit
- 217
- 16
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 13
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,025 | 3,069 | 3,423 | 3,652 | 3,081 | 1,988 | 3,240 | 5,029 | 6,992 | 8,072 | 9,200 | |
| 2,751 | 2,801 | 3,155 | 3,374 | 2,812 | 1,975 | 3,173 | 4,699 | 6,083 | 6,979 | 7,798 | |
| Operating Profit | 346 | 353 | 337 | 360 | 312 | 38 | 119 | 392 | 948 | 1,149 | — |
| OPM % | 11 | 12 | 10 | 10 | 10 | 2 | 4 | 8 | 14 | 14 | — |
| Other Income | 71 | 85 | 69 | 82 | 43 | 25 | 52 | 62 | 39 | 57 | 124 |
| Interest | 5 | 6 | 7 | 15 | 28 | 28 | 41 | 68 | 62 | 26 | 3 |
| Depreciation | 92 | 113 | 129 | 151 | 195 | 174 | 191 | 241 | 267 | 280 | 293 |
| 249 | 235 | 201 | 190 | 42 | -176 | -130 | 272 | 605 | 1,238 | 1,522 | |
| Tax % | 28 | 23 | 27 | 25 | -20 | 30 | 30 | 51 | 36 | 35 | 18 |
| Net Profit | 179 | 180 | 147 | 143 | 50 | -124 | -91 | 134 | 388 | 801 | 1,243 |
| EPS | 136 | 137 | 112 | 109 | 38 | -94 | -69 | 101 | 294 | 608 | — |
| Dividend Payout % | 7 | 7 | 9 | 9 | 26 | -5 | -14 | 10 | 7 | 7 | — |
| Minority Interest | 0 | 0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14 |
| Adjusted EPS | 136 | 137 | 112 | 109 | 38 | -94 | -69 | 101 | 294 | 608 | — |
| Minority Interest | 0 | 0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14 |
| Adjusted EPS | 136 | 137 | 112 | 109 | 38 | -94 | -69 | 101 | 294 | 608 | — |
Mar 2016
- 3,025
- 2,751
- Operating Profit
- 346
- OPM %
- 11
- Other Income
- 71
- Interest
- 5
- Depreciation
- 92
- 249
- Tax %
- 28
- Net Profit
- 179
- EPS
- 136
- Dividend Payout %
- 7
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 136
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 136
Mar 2017
- 3,069
- 2,801
- Operating Profit
- 353
- OPM %
- 12
- Other Income
- 85
- Interest
- 6
- Depreciation
- 113
- 235
- Tax %
- 23
- Net Profit
- 180
- EPS
- 137
- Dividend Payout %
- 7
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 137
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 137
Mar 2018
- 3,423
- 3,155
- Operating Profit
- 337
- OPM %
- 10
- Other Income
- 69
- Interest
- 7
- Depreciation
- 129
- 201
- Tax %
- 27
- Net Profit
- 147
- EPS
- 112
- Dividend Payout %
- 9
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 112
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 112
Mar 2019
- 3,652
- 3,374
- Operating Profit
- 360
- OPM %
- 10
- Other Income
- 82
- Interest
- 15
- Depreciation
- 151
- 190
- Tax %
- 25
- Net Profit
- 143
- EPS
- 109
- Dividend Payout %
- 9
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 109
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 109
Mar 2020
- 3,081
- 2,812
- Operating Profit
- 312
- OPM %
- 10
- Other Income
- 43
- Interest
- 28
- Depreciation
- 195
- 42
- Tax %
- -20
- Net Profit
- 50
- EPS
- 38
- Dividend Payout %
- 26
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 38
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 38
Mar 2021
- 1,988
- 1,975
- Operating Profit
- 38
- OPM %
- 2
- Other Income
- 25
- Interest
- 28
- Depreciation
- 174
- -176
- Tax %
- 30
- Net Profit
- -124
- EPS
- -94
- Dividend Payout %
- -5
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- -94
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- -94
Mar 2022
- 3,240
- 3,173
- Operating Profit
- 119
- OPM %
- 4
- Other Income
- 52
- Interest
- 41
- Depreciation
- 191
- -130
- Tax %
- 30
- Net Profit
- -91
- EPS
- -69
- Dividend Payout %
- -14
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- -69
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- -69
Mar 2023
- 5,029
- 4,699
- Operating Profit
- 392
- OPM %
- 8
- Other Income
- 62
- Interest
- 68
- Depreciation
- 241
- 272
- Tax %
- 51
- Net Profit
- 134
- EPS
- 101
- Dividend Payout %
- 10
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 101
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 101
Mar 2024
- 6,992
- 6,083
- Operating Profit
- 948
- OPM %
- 14
- Other Income
- 39
- Interest
- 62
- Depreciation
- 267
- 605
- Tax %
- 36
- Net Profit
- 388
- EPS
- 294
- Dividend Payout %
- 7
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 294
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 294
Mar 2025
- 8,072
- 6,979
- Operating Profit
- 1,149
- OPM %
- 14
- Other Income
- 57
- Interest
- 26
- Depreciation
- 280
- 1,238
- Tax %
- 35
- Net Profit
- 801
- EPS
- 608
- Dividend Payout %
- 7
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 608
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 608
TTM
- 9,200
- 7,798
- Operating Profit
- —
- OPM %
- —
- Other Income
- 124
- Interest
- 3
- Depreciation
- 293
- 1,522
- Tax %
- 18
- Net Profit
- 1,243
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- 0
- Share of Associates
- 14
- Adjusted EPS
- —
- Minority Interest
- 0
- Share of Associates
- 14
- Adjusted EPS
- —
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 21%
- 3 Years:
- 36%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 23%
- 5 Years:
- 74%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 68%
- 3 Years:
- 73%
- 1 Year:
- -19%
RETURN ON EQUITY
- 10 Years:
- 9%
- 5 Years:
- 9%
- 3 Years:
- 19%
- Last Year:
- 30%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| 1,476 | 1,654 | 1,788 | 1,920 | 1,952 | 1,825 | 1,735 | 1,862 | 2,242 | 3,020 | |
| 0 | 196 | 0 | 80 | 122 | 149 | 468 | 360 | 63 | 0 | |
| Trade Payables | 417 | 485 | 565 | 395 | 580 | 440 | 517 | 745 | 854 | 784 |
| 401 | 243 | 157 | 427 | 423 | 753 | 834 | 1,028 | 1,242 | 1,317 | |
| Total Liabilities | 2,308 | 2,592 | 2,523 | 2,836 | 3,091 | 3,180 | 3,567 | 4,008 | 4,415 | 5,134 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 786 | 905 | 942 | 1,210 | 1,395 | 1,218 | 2,028 | 2,087 | 2,025 | 1,962 | |
| Capital Work in Progress | 132 | 120 | 174 | 133 | 175 | 369 | 156 | 39 | 26 | 93 |
| 8 | 9 | 10 | 23 | 78 | 100 | 111 | 97 | 91 | 103 | |
| 548 | 438 | 477 | 504 | 552 | 558 | 637 | 827 | 1,163 | 1,184 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 104 | 174 | |
| Cash & Bank | 319 | 236 | 43 | 5 | 69 | 37 | 75 | 141 | 449 | 507 |
| 517 | 885 | 878 | 961 | 823 | 898 | 561 | 816 | 557 | 1,110 | |
| Total Assets | 2,308 | 2,592 | 2,523 | 2,836 | 3,091 | 3,180 | 3,567 | 4,008 | 4,415 | 5,134 |
| Total Debt | 14 | 200 | 0 | 286 | 310 | 642 | 1,069 | 955 | 524 | 17 |
| Net Working Capital | 506 | 487 | 444 | 438 | 116 | 8 | -256 | 56 | 410 | 855 |
| Contingent Liabilities | 96 | 92 | 69 | 65 | 113 | 113 | 118 | 111 | 107 | 118 |
| Book Value per Share | 1130.23 | 1265.24 | 1366.56 | 1466.78 | 1491.15 | 1394.41 | 1326.15 | 1422.63 | 1711.03 | 2301.54 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
| Total Debt | 14 | 200 | 0 | 286 | 310 | 642 | 1,069 | 955 | 524 | 17 |
| Net Working Capital | 506 | 487 | 444 | 438 | 116 | 8 | -256 | 56 | 410 | 855 |
| Contingent Liabilities | 96 | 92 | 69 | 65 | 113 | 113 | 118 | 111 | 107 | 118 |
| Book Value per Share | 1130.23 | 1265.24 | 1366.56 | 1466.78 | 1491.15 | 1394.41 | 1326.15 | 1422.63 | 1711.03 | 2301.54 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Mar 2016
- Equity Capital
- 13
- 1,476
- 0
- Trade Payables
- 417
- 401
- Total Liabilities
- 2,308
- 786
- Capital Work in Progress
- 132
- 8
- 548
- 0
- Cash & Bank
- 319
- 517
- Total Assets
- 2,308
- Total Debt
- 14
- Net Working Capital
- 506
- Contingent Liabilities
- 96
- Book Value per Share
- 1130.23
- Face Value
- 10.00
- Total Debt
- 14
- Net Working Capital
- 506
- Contingent Liabilities
- 96
- Book Value per Share
- 1130.23
- Face Value
- 10.00
Mar 2017
- Equity Capital
- 13
- 1,654
- 196
- Trade Payables
- 485
- 243
- Total Liabilities
- 2,592
- 905
- Capital Work in Progress
- 120
- 9
- 438
- 0
- Cash & Bank
- 236
- 885
- Total Assets
- 2,592
- Total Debt
- 200
- Net Working Capital
- 487
- Contingent Liabilities
- 92
- Book Value per Share
- 1265.24
- Face Value
- 10.00
- Total Debt
- 200
- Net Working Capital
- 487
- Contingent Liabilities
- 92
- Book Value per Share
- 1265.24
- Face Value
- 10.00
Mar 2018
- Equity Capital
- 13
- 1,788
- 0
- Trade Payables
- 565
- 157
- Total Liabilities
- 2,523
- 942
- Capital Work in Progress
- 174
- 10
- 477
- 0
- Cash & Bank
- 43
- 878
- Total Assets
- 2,523
- Total Debt
- 0
- Net Working Capital
- 444
- Contingent Liabilities
- 69
- Book Value per Share
- 1366.56
- Face Value
- 10.00
- Total Debt
- 0
- Net Working Capital
- 444
- Contingent Liabilities
- 69
- Book Value per Share
- 1366.56
- Face Value
- 10.00
Mar 2019
- Equity Capital
- 13
- 1,920
- 80
- Trade Payables
- 395
- 427
- Total Liabilities
- 2,836
- 1,210
- Capital Work in Progress
- 133
- 23
- 504
- 0
- Cash & Bank
- 5
- 961
- Total Assets
- 2,836
- Total Debt
- 286
- Net Working Capital
- 438
- Contingent Liabilities
- 65
- Book Value per Share
- 1466.78
- Face Value
- 10.00
- Total Debt
- 286
- Net Working Capital
- 438
- Contingent Liabilities
- 65
- Book Value per Share
- 1466.78
- Face Value
- 10.00
Mar 2020
- Equity Capital
- 13
- 1,952
- 122
- Trade Payables
- 580
- 423
- Total Liabilities
- 3,091
- 1,395
- Capital Work in Progress
- 175
- 78
- 552
- 0
- Cash & Bank
- 69
- 823
- Total Assets
- 3,091
- Total Debt
- 310
- Net Working Capital
- 116
- Contingent Liabilities
- 113
- Book Value per Share
- 1491.15
- Face Value
- 10.00
- Total Debt
- 310
- Net Working Capital
- 116
- Contingent Liabilities
- 113
- Book Value per Share
- 1491.15
- Face Value
- 10.00
Mar 2021
- Equity Capital
- 13
- 1,825
- 149
- Trade Payables
- 440
- 753
- Total Liabilities
- 3,180
- 1,218
- Capital Work in Progress
- 369
- 100
- 558
- 0
- Cash & Bank
- 37
- 898
- Total Assets
- 3,180
- Total Debt
- 642
- Net Working Capital
- 8
- Contingent Liabilities
- 113
- Book Value per Share
- 1394.41
- Face Value
- 10.00
- Total Debt
- 642
- Net Working Capital
- 8
- Contingent Liabilities
- 113
- Book Value per Share
- 1394.41
- Face Value
- 10.00
Mar 2022
- Equity Capital
- 13
- 1,735
- 468
- Trade Payables
- 517
- 834
- Total Liabilities
- 3,567
- 2,028
- Capital Work in Progress
- 156
- 111
- 637
- 0
- Cash & Bank
- 75
- 561
- Total Assets
- 3,567
- Total Debt
- 1,069
- Net Working Capital
- -256
- Contingent Liabilities
- 118
- Book Value per Share
- 1326.15
- Face Value
- 10.00
- Total Debt
- 1,069
- Net Working Capital
- -256
- Contingent Liabilities
- 118
- Book Value per Share
- 1326.15
- Face Value
- 10.00
Mar 2023
- Equity Capital
- 13
- 1,862
- 360
- Trade Payables
- 745
- 1,028
- Total Liabilities
- 4,008
- 2,087
- Capital Work in Progress
- 39
- 97
- 827
- 0
- Cash & Bank
- 141
- 816
- Total Assets
- 4,008
- Total Debt
- 955
- Net Working Capital
- 56
- Contingent Liabilities
- 111
- Book Value per Share
- 1422.63
- Face Value
- 10.00
- Total Debt
- 955
- Net Working Capital
- 56
- Contingent Liabilities
- 111
- Book Value per Share
- 1422.63
- Face Value
- 10.00
Mar 2024
- Equity Capital
- 13
- 2,242
- 63
- Trade Payables
- 854
- 1,242
- Total Liabilities
- 4,415
- 2,025
- Capital Work in Progress
- 26
- 91
- 1,163
- 104
- Cash & Bank
- 449
- 557
- Total Assets
- 4,415
- Total Debt
- 524
- Net Working Capital
- 410
- Contingent Liabilities
- 107
- Book Value per Share
- 1711.03
- Face Value
- 10.00
- Total Debt
- 524
- Net Working Capital
- 410
- Contingent Liabilities
- 107
- Book Value per Share
- 1711.03
- Face Value
- 10.00
Mar 2025
- Equity Capital
- 13
- 3,020
- 0
- Trade Payables
- 784
- 1,317
- Total Liabilities
- 5,134
- 1,962
- Capital Work in Progress
- 93
- 103
- 1,184
- 174
- Cash & Bank
- 507
- 1,110
- Total Assets
- 5,134
- Total Debt
- 17
- Net Working Capital
- 855
- Contingent Liabilities
- 118
- Book Value per Share
- 2301.54
- Face Value
- 10.00
- Total Debt
- 17
- Net Working Capital
- 855
- Contingent Liabilities
- 118
- Book Value per Share
- 2301.54
- Face Value
- 10.00
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 256 | 471 | 256 | 314 | 409 | 7 | 18 | 532 | 1,014 | 971 | |
| Cash from Investing | -210 | -621 | -81 | -606 | -327 | -333 | -356 | -256 | -198 | -351 |
| Cash from Financing | -37 | 180 | -223 | 256 | -20 | 293 | 375 | -207 | -509 | -562 |
| 9 | 30 | -47 | -35 | 62 | -32 | 37 | 68 | 308 | 58 | |
| Free Cash Flow | 62 | 252 | 87 | -60 | -10 | -116 | -761 | 356 | 828 | 723 |
| OCF / Net Profit | 1.43 | 2.61 | 1.74 | 2.19 | 8.14 | -0.06 | -0.20 | 3.98 | 2.61 | 1.21 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 332 | 154 | -859 | -591 | 297 | 1,030 |
| OCF / Net Profit | 1.43 | 2.61 | 1.74 | 2.19 | 8.14 | -0.06 | -0.20 | 3.98 | 2.61 | 1.21 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 332 | 154 | -859 | -591 | 297 | 1,030 |
Mar 2016
- 256
- Cash from Investing
- -210
- Cash from Financing
- -37
- 9
- Free Cash Flow
- 62
- OCF / Net Profit
- 1.43
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.43
- Cumulative 5-Year FCF
- 0
Mar 2017
- 471
- Cash from Investing
- -621
- Cash from Financing
- 180
- 30
- Free Cash Flow
- 252
- OCF / Net Profit
- 2.61
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 2.61
- Cumulative 5-Year FCF
- 0
Mar 2018
- 256
- Cash from Investing
- -81
- Cash from Financing
- -223
- -47
- Free Cash Flow
- 87
- OCF / Net Profit
- 1.74
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.74
- Cumulative 5-Year FCF
- 0
Mar 2019
- 314
- Cash from Investing
- -606
- Cash from Financing
- 256
- -35
- Free Cash Flow
- -60
- OCF / Net Profit
- 2.19
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 2.19
- Cumulative 5-Year FCF
- 0
Mar 2020
- 409
- Cash from Investing
- -327
- Cash from Financing
- -20
- 62
- Free Cash Flow
- -10
- OCF / Net Profit
- 8.14
- Cumulative 5-Year FCF
- 332
- OCF / Net Profit
- 8.14
- Cumulative 5-Year FCF
- 332
Mar 2021
- 7
- Cash from Investing
- -333
- Cash from Financing
- 293
- -32
- Free Cash Flow
- -116
- OCF / Net Profit
- -0.06
- Cumulative 5-Year FCF
- 154
- OCF / Net Profit
- -0.06
- Cumulative 5-Year FCF
- 154
Mar 2022
- 18
- Cash from Investing
- -356
- Cash from Financing
- 375
- 37
- Free Cash Flow
- -761
- OCF / Net Profit
- -0.20
- Cumulative 5-Year FCF
- -859
- OCF / Net Profit
- -0.20
- Cumulative 5-Year FCF
- -859
Mar 2023
- 532
- Cash from Investing
- -256
- Cash from Financing
- -207
- 68
- Free Cash Flow
- 356
- OCF / Net Profit
- 3.98
- Cumulative 5-Year FCF
- -591
- OCF / Net Profit
- 3.98
- Cumulative 5-Year FCF
- -591
Mar 2024
- 1,014
- Cash from Investing
- -198
- Cash from Financing
- -509
- 308
- Free Cash Flow
- 828
- OCF / Net Profit
- 2.61
- Cumulative 5-Year FCF
- 297
- OCF / Net Profit
- 2.61
- Cumulative 5-Year FCF
- 297
Mar 2025
- 971
- Cash from Investing
- -351
- Cash from Financing
- -562
- 58
- Free Cash Flow
- 723
- OCF / Net Profit
- 1.21
- Cumulative 5-Year FCF
- 1,030
- OCF / Net Profit
- 1.21
- Cumulative 5-Year FCF
- 1,030
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | 135.85 | 136.78 | 111.76 | 108.75 | 38.07 | -93.80 | -69.10 | 101.40 | 294.45 | 607.54 |
| Book Value (₹) | 1130.23 | 1265.24 | 1366.56 | 1466.78 | 1491.15 | 1394.41 | 1326.15 | 1422.63 | 1711.03 | 2301.54 |
| Dividend per Share (₹) | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 5.00 | 10.00 | 10.00 | 20.00 | 40.00 |
| Cash EPS (₹) | 205.51 | 222.50 | 209.76 | 223.32 | 185.73 | 38.03 | 75.83 | 284.13 | 496.93 | 820.26 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 10.02% | 10.10% | 9.55% | 9.87% | 10.12% | 1.91% | 3.67% | 7.79% | 13.00% | 13.54% |
| Net Margin % | 5.18% | 5.16% | 4.18% | 3.93% | 1.63% | -6.21% | -2.81% | 2.66% | 5.55% | 9.92% |
| ROE % | 12.75% | 11.41% | 8.49% | 7.68% | 2.58% | -6.50% | -5.08% | 7.38% | 18.80% | 30.29% |
| ROCE % | 17.86% | 14.29% | 11.30% | 10.22% | 3.11% | -6.21% | -3.35% | 12.07% | 23.79% | 43.36% |
| 8.27% | 7.35% | 5.76% | 5.35% | 1.70% | -3.94% | -2.70% | 3.53% | 9.22% | 16.77% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 14 | 14 | 18 | 20 | 20 | 27 | 18 | 14 | 8 | 6 |
| Inventory Days | 50 | 51 | 47 | 49 | 63 | 102 | 67 | 53 | 52 | 53 |
| Payable Days | 68 | 75 | 75 | 63 | 80 | 125 | 67 | 59 | 57 | 50 |
| -5 | -9 | -9 | 6 | 2 | 4 | 18 | 8 | 3 | 9 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 0.01x | 0.12x | 0.00x | 0.15x | 0.16x | 0.35x | 0.61x | 0.51x | 0.23x | 0.01x |
| Interest Coverage (x) | 47.90x | 43.49x | 31.07x | 13.40x | 2.51x | -5.23x | -2.16x | 4.98x | 10.74x | 48.86x |
| 1.70x | 1.54x | 1.65x | 1.67x | 1.13x | 1.01x | 0.80x | 1.04x | 1.25x | 1.50x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 27.96% | 1.47% | 11.52% | 6.70% | -15.66% | -35.46% | 62.98% | 55.20% | 39.04% | 15.44% |
| Operating Profit Growth % | 62.21% | 2.10% | -4.68% | 7.10% | -13.53% | -87.81% | 213.27% | 229.25% | 141.88% | 21.26% |
| Net Profit Growth % | 76.11% | 0.68% | -18.30% | -2.57% | -64.95% | -345.75% | 26.35% | 246.98% | 190.27% | 106.30% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 190.40% | 106.33% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 24.60x | 14.89x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 4.23x | 3.93x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.28% | 0.44% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 10.15x | 9.95x |
Mar 2016
- EPS (₹)
- 135.85
- Book Value (₹)
- 1130.23
- Dividend per Share (₹)
- 10.00
- Cash EPS (₹)
- 205.51
- Operating Margin %
- 10.02%
- Net Margin %
- 5.18%
- ROE %
- 12.75%
- ROCE %
- 17.86%
- 8.27%
- Debtor Days
- 14
- Inventory Days
- 50
- Payable Days
- 68
- -5
- Debt to Equity (x)
- 0.01x
- Interest Coverage (x)
- 47.90x
- 1.70x
- Revenue Growth %
- 27.96%
- Operating Profit Growth %
- 62.21%
- Net Profit Growth %
- 76.11%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2017
- EPS (₹)
- 136.78
- Book Value (₹)
- 1265.24
- Dividend per Share (₹)
- 10.00
- Cash EPS (₹)
- 222.50
- Operating Margin %
- 10.10%
- Net Margin %
- 5.16%
- ROE %
- 11.41%
- ROCE %
- 14.29%
- 7.35%
- Debtor Days
- 14
- Inventory Days
- 51
- Payable Days
- 75
- -9
- Debt to Equity (x)
- 0.12x
- Interest Coverage (x)
- 43.49x
- 1.54x
- Revenue Growth %
- 1.47%
- Operating Profit Growth %
- 2.10%
- Net Profit Growth %
- 0.68%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- 111.76
- Book Value (₹)
- 1366.56
- Dividend per Share (₹)
- 10.00
- Cash EPS (₹)
- 209.76
- Operating Margin %
- 9.55%
- Net Margin %
- 4.18%
- ROE %
- 8.49%
- ROCE %
- 11.30%
- 5.76%
- Debtor Days
- 18
- Inventory Days
- 47
- Payable Days
- 75
- -9
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 31.07x
- 1.65x
- Revenue Growth %
- 11.52%
- Operating Profit Growth %
- -4.68%
- Net Profit Growth %
- -18.30%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- 108.75
- Book Value (₹)
- 1466.78
- Dividend per Share (₹)
- 10.00
- Cash EPS (₹)
- 223.32
- Operating Margin %
- 9.87%
- Net Margin %
- 3.93%
- ROE %
- 7.68%
- ROCE %
- 10.22%
- 5.35%
- Debtor Days
- 20
- Inventory Days
- 49
- Payable Days
- 63
- 6
- Debt to Equity (x)
- 0.15x
- Interest Coverage (x)
- 13.40x
- 1.67x
- Revenue Growth %
- 6.70%
- Operating Profit Growth %
- 7.10%
- Net Profit Growth %
- -2.57%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- 38.07
- Book Value (₹)
- 1491.15
- Dividend per Share (₹)
- 10.00
- Cash EPS (₹)
- 185.73
- Operating Margin %
- 10.12%
- Net Margin %
- 1.63%
- ROE %
- 2.58%
- ROCE %
- 3.11%
- 1.70%
- Debtor Days
- 20
- Inventory Days
- 63
- Payable Days
- 80
- 2
- Debt to Equity (x)
- 0.16x
- Interest Coverage (x)
- 2.51x
- 1.13x
- Revenue Growth %
- -15.66%
- Operating Profit Growth %
- -13.53%
- Net Profit Growth %
- -64.95%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- -93.80
- Book Value (₹)
- 1394.41
- Dividend per Share (₹)
- 5.00
- Cash EPS (₹)
- 38.03
- Operating Margin %
- 1.91%
- Net Margin %
- -6.21%
- ROE %
- -6.50%
- ROCE %
- -6.21%
- -3.94%
- Debtor Days
- 27
- Inventory Days
- 102
- Payable Days
- 125
- 4
- Debt to Equity (x)
- 0.35x
- Interest Coverage (x)
- -5.23x
- 1.01x
- Revenue Growth %
- -35.46%
- Operating Profit Growth %
- -87.81%
- Net Profit Growth %
- -345.75%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- -69.10
- Book Value (₹)
- 1326.15
- Dividend per Share (₹)
- 10.00
- Cash EPS (₹)
- 75.83
- Operating Margin %
- 3.67%
- Net Margin %
- -2.81%
- ROE %
- -5.08%
- ROCE %
- -3.35%
- -2.70%
- Debtor Days
- 18
- Inventory Days
- 67
- Payable Days
- 67
- 18
- Debt to Equity (x)
- 0.61x
- Interest Coverage (x)
- -2.16x
- 0.80x
- Revenue Growth %
- 62.98%
- Operating Profit Growth %
- 213.27%
- Net Profit Growth %
- 26.35%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 101.40
- Book Value (₹)
- 1422.63
- Dividend per Share (₹)
- 10.00
- Cash EPS (₹)
- 284.13
- Operating Margin %
- 7.79%
- Net Margin %
- 2.66%
- ROE %
- 7.38%
- ROCE %
- 12.07%
- 3.53%
- Debtor Days
- 14
- Inventory Days
- 53
- Payable Days
- 59
- 8
- Debt to Equity (x)
- 0.51x
- Interest Coverage (x)
- 4.98x
- 1.04x
- Revenue Growth %
- 55.20%
- Operating Profit Growth %
- 229.25%
- Net Profit Growth %
- 246.98%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 294.45
- Book Value (₹)
- 1711.03
- Dividend per Share (₹)
- 20.00
- Cash EPS (₹)
- 496.93
- Operating Margin %
- 13.00%
- Net Margin %
- 5.55%
- ROE %
- 18.80%
- ROCE %
- 23.79%
- 9.22%
- Debtor Days
- 8
- Inventory Days
- 52
- Payable Days
- 57
- 3
- Debt to Equity (x)
- 0.23x
- Interest Coverage (x)
- 10.74x
- 1.25x
- Revenue Growth %
- 39.04%
- Operating Profit Growth %
- 141.88%
- Net Profit Growth %
- 190.27%
- 190.40%
- P/E (x)
- 24.60x
- P/B (x)
- 4.23x
- Dividend Yield %
- 0.28%
- 10.15x
Mar 2025
- EPS (₹)
- 607.54
- Book Value (₹)
- 2301.54
- Dividend per Share (₹)
- 40.00
- Cash EPS (₹)
- 820.26
- Operating Margin %
- 13.54%
- Net Margin %
- 9.92%
- ROE %
- 30.29%
- ROCE %
- 43.36%
- 16.77%
- Debtor Days
- 6
- Inventory Days
- 53
- Payable Days
- 50
- 9
- Debt to Equity (x)
- 0.01x
- Interest Coverage (x)
- 48.86x
- 1.50x
- Revenue Growth %
- 15.44%
- Operating Profit Growth %
- 21.26%
- Net Profit Growth %
- 106.30%
- 106.33%
- P/E (x)
- 14.89x
- P/B (x)
- 3.93x
- Dividend Yield %
- 0.44%
- 9.95x
Documents
Announcements
- General Updates
2026-08-07 - FORCE MOTORS LTD has informed the Exchange about General Updates- Investor Presentation on the Standalone and Consolidated financial performance of the Company for the quarter ended on 30th June, 2026.
- Monthly Business Updates
2026-08-03 - FORCE MOTORS LTD has informed the Exchange regarding Monthly Business Updates for the month of July 2026
Annual Reports
Credit Ratings
- Credit Rating
2025-07-26 - FORCE MOTORS LTD has informed the Exchange about Credit Rating