FORCEMOT
FORCE MOTORS LTD
Commercial vehicles and SUVs manufacturer with contract manufacturing partnerships
Consumer Discretionary›Automobile and Auto Components›Automobiles›Passenger Cars & Utility Vehicles
forcemotors.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹17700.00
Market cap
23,321 Cr
Stock P/E
18.6
P/B
5.56
Dividend yield
0.2%
ROE (FY26)
28.9%
ROCE (FY26)
36.2%
Operating margin (FY26)
13.2%
OCF / EBITDA (FY26)
87.5%
OCF / EBITDA (3Y)
94.2%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
Loading price history…
Compare with peers
Loading peers…
What you need to know
Force Motors builds light commercial vehicles, monobuses and modular utility vehicles (brands include Traveller, Urbania, Trax and Gurkha), plus engines, axles and other aggregates, and states a goal of being among the world's most preferred providers of shared passenger mobility solutions.
Company snapshot
5thBy market cap
Ranked among 7 companies in Passenger Cars & Utility Vehicles.
What we see
Positives
- ✓94% of operating profit came in as cash over the last three years — profits are backed by real cash.
2 more signals from the filings.Sign in free to see them all
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,802 Cr | 1,692 Cr | 2,011 Cr | 1,885 Cr | 1,941 Cr | 1,889 Cr | 2,356 Cr | 2,297 Cr | 2,081 Cr | 2,129 Cr | 2,550 Cr | 2,440 Cr |
| Operating expenses (approx.) | 1,577 Cr | 1,467 Cr | 1,733 Cr | 1,636 Cr | 1,659 Cr | 1,658 Cr | 2,027 Cr | 1,965 Cr | 1,719 Cr | 1,755 Cr | 2,136 Cr | 2,112 Cr |
| EBITDA | 225 Cr | 224 Cr | 279 Cr | 249 Cr | 283 Cr | 232 Cr | 329 Cr | 332 Cr | 363 Cr | 374 Cr | 414 Cr | 328 Cr |
| OPM % | 12.5% | 13.3% | 13.9% | 13.2% | 14.6% | 12.3% | 14.0% | 14.5% | 17.4% | 17.6% | 16.2% | 13.4% |
| Other income | 9 Cr | 4 Cr | 15 Cr | 15 Cr | 9 Cr | 15 Cr | 18 Cr | 25 Cr | 24 Cr | 27 Cr | 34 Cr | 38 Cr |
| Interest | 16 Cr | 14 Cr | 14 Cr | 9 Cr | 5 Cr | 4 Cr | 7 Cr | 0.13 Cr | 0.23 Cr | 0.16 Cr | 3 Cr | 0.04 Cr |
| Depreciation | 67 Cr | 68 Cr | 68 Cr | 69 Cr | 69 Cr | 71 Cr | 72 Cr | 70 Cr | 71 Cr | 73 Cr | 72 Cr | 77 Cr |
| Profit before tax | 147 Cr | 137 Cr | 214 Cr | 182 Cr | 211 Cr | 177 Cr | 668 Cr | 278 Cr | 317 Cr | 543 Cr | 378 Cr | 293 Cr |
| Tax % | 36.0% | 37.5% | 34.6% | 36.3% | 36.1% | 34.9% | 34.9% | 36.5% | -10.6% | 25.2% | 26.4% | 26.2% |
| Net profit | 94 Cr | 85 Cr | 140 Cr | 116 Cr | 135 Cr | 115 Cr | 435 Cr | 176 Cr | 351 Cr | 406 Cr | 279 Cr | 217 Cr |
| EPS (₹) | ₹71.23 | ₹64.82 | ₹106.45 | ₹87.81 | ₹102.46 | ₹87.52 | ₹329.92 | ₹133.82 | ₹266.14 | ₹308.22 | ₹211.37 | ₹164.36 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,495 Cr | 3,531 Cr | 3,652 Cr | 3,081 Cr | 1,988 Cr | 3,240 Cr | 5,029 Cr | 6,992 Cr | 8,072 Cr | 9,057 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 3,227 Cr | 3,256 Cr | 3,374 Cr | 2,812 Cr | 1,975 Cr | 3,173 Cr | 4,699 Cr | 6,083 Cr | 6,979 Cr | 7,574 Cr | Sign in free for the trailing twelve months |
| EBITDA | 268 Cr | 275 Cr | 279 Cr | 269 Cr | 13 Cr | 67 Cr | 330 Cr | 909 Cr | 1,093 Cr | 1,483 Cr | Sign in free for the trailing twelve months |
| OPM % | 7.7% | 7.8% | 7.6% | 8.7% | 0.7% | 2.1% | 6.6% | 13.0% | 13.5% | 16.4% | Sign in free for the trailing twelve months |
| Other income | 85 Cr | 61 Cr | 82 Cr | 43 Cr | 25 Cr | 52 Cr | 62 Cr | 39 Cr | 57 Cr | 110 Cr | Sign in free for the trailing twelve months |
| Interest | 6 Cr | 7 Cr | 15 Cr | 28 Cr | 28 Cr | 41 Cr | 68 Cr | 62 Cr | 26 Cr | 3 Cr | Sign in free for the trailing twelve months |
| Depreciation | 113 Cr | 129 Cr | 151 Cr | 195 Cr | 174 Cr | 191 Cr | 241 Cr | 267 Cr | 280 Cr | 286 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 235 Cr | 201 Cr | 190 Cr | 42 Cr | -176 Cr | -130 Cr | 272 Cr | 605 Cr | 1,238 Cr | 1,516 Cr | Sign in free for the trailing twelve months |
| Tax % | 23.4% | 26.6% | 24.6% | -19.7% | 29.7% | 29.8% | 50.9% | 35.8% | 35.3% | 20.1% | Sign in free for the trailing twelve months |
| Net profit | 180 Cr | 147 Cr | 143 Cr | 50 Cr | -124 Cr | -91 Cr | 134 Cr | 388 Cr | 801 Cr | 1,212 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹136.75 | ₹111.72 | ₹108.85 | ₹38.08 | ₹-93.83 | ₹-69.13 | ₹101.43 | ₹294.54 | ₹607.71 | ₹919.56 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | — | — | 9.9% | 3.4% | 3.3% | 4.3% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 13 Cr | 13 Cr | 13 Cr | 13 Cr | 13 Cr | 13 Cr | 13 Cr | 13 Cr | 13 Cr | 13 Cr |
| Reserves | 1,654 Cr | 1,788 Cr | 1,920 Cr | 1,952 Cr | 1,825 Cr | 1,735 Cr | 1,862 Cr | 2,242 Cr | 3,020 Cr | 4,181 Cr |
| Borrowings | 198 Cr | — | 257 Cr | 235 Cr | 524 Cr | 1,069 Cr | 955 Cr | 525 Cr | 17 Cr | — |
| Other liabilities | 736 Cr | 720 Cr | 645 Cr | 896 Cr | 874 Cr | 842 Cr | 1,182 Cr | 1,633 Cr | 2,081 Cr | 2,341 Cr |
| Total liabilities | 2,604 Cr | 2,523 Cr | 2,836 Cr | 3,098 Cr | 3,238 Cr | 3,661 Cr | 4,013 Cr | 4,415 Cr | 5,134 Cr | 6,538 Cr |
| Fixed assets (net) | 856 Cr | 869 Cr | 1,081 Cr | 1,161 Cr | 1,013 Cr | 1,569 Cr | 1,604 Cr | 1,571 Cr | 1,524 Cr | 1,473 Cr |
| CWIP | 120 Cr | 174 Cr | 133 Cr | 175 Cr | 369 Cr | 156 Cr | 39 Cr | 26 Cr | 93 Cr | 236 Cr |
| Investments | 9 Cr | 10 Cr | 29 Cr | 83 Cr | 105 Cr | 116 Cr | 104 Cr | 98 Cr | 110 Cr | 112 Cr |
| Loans & advances | — | — | 2 Cr | 2 Cr | 1 Cr | 0.55 Cr | 0.38 Cr | 0.02 Cr | 0.24 Cr | 0.51 Cr |
| Inventories | 438 Cr | 477 Cr | 504 Cr | 552 Cr | 558 Cr | 637 Cr | 827 Cr | 1,163 Cr | 1,184 Cr | 1,258 Cr |
| Trade receivables | 115 Cr | 242 Cr | 167 Cr | 169 Cr | 126 Cr | 189 Cr | 197 Cr | 104 Cr | 174 Cr | 191 Cr |
| Cash & bank | 86 Cr | 40 Cr | 4 Cr | 66 Cr | 35 Cr | 72 Cr | 140 Cr | 448 Cr | 507 Cr | 830 Cr |
| Other assets | 979 Cr | 712 Cr | 918 Cr | 891 Cr | 1,031 Cr | 921 Cr | 1,102 Cr | 1,004 Cr | 1,543 Cr | 2,437 Cr |
| Total assets | 2,604 Cr | 2,523 Cr | 2,836 Cr | 3,098 Cr | 3,238 Cr | 3,661 Cr | 4,013 Cr | 4,415 Cr | 5,134 Cr | 6,538 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 471 Cr | 256 Cr | 314 Cr | 409 Cr | 7 Cr | 18 Cr | 532 Cr | 1,014 Cr | 971 Cr | 1,297 Cr |
| Cash from investing | -621 Cr | -81 Cr | -606 Cr | -327 Cr | -333 Cr | -364 Cr | -256 Cr | -197 Cr | -351 Cr | -900 Cr |
| Cash from financing | 180 Cr | -223 Cr | 256 Cr | -20 Cr | 293 Cr | 383 Cr | -207 Cr | -509 Cr | -562 Cr | -73 Cr |
| Net cash flow | 30 Cr | -47 Cr | -35 Cr | 62 Cr | -32 Cr | 38 Cr | 68 Cr | 308 Cr | 58 Cr | 324 Cr |
| Free cash flow (OCF − Capex) | 235 Cr | -68 Cr | -184 Cr | -49 Cr | -446 Cr | -389 Cr | 272 Cr | 806 Cr | 605 Cr | 757 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 12.9% | 11.5% | 9.4% | 3.2% | -6.2% | -3.1% | 12.0% | 24.0% | 41.4% | 36.2% |
| ROE % | 10.8% | 8.2% | 7.4% | 2.6% | -6.7% | -5.2% | 7.1% | 17.2% | 26.4% | 28.9% |
| Debtor days | 12 | 25 | 17 | 20 | 23 | 21 | 14 | 5 | 8 | 8 |
| Inventory days | 75 | 67 | 65 | 94 | 134 | 90 | 77 | 81 | 72 | 71 |
| Days payable | 83 | 79 | 51 | 99 | 140 | 73 | 69 | 60 | 48 | 59 |
| Cash conversion cycle | 4 | 13 | 31 | 15 | 17 | 38 | 22 | 27 | 32 | 20 |
| OCF / EBITDA % | 175.5% | 93.1% | 112.6% | 152.2% | n.m. | n.m. | 161.2% | 111.6% | 88.9% | 87.5% |
| OCF / EBITDA % (3 years) | — | — | 126.6% | 119.0% | 130.3% | 124.4% | 135.8% | 119.8% | 108.0% | 94.2% |
| Debt / equity | 0.12 | — | 0.13 | 0.12 | 0.28 | 0.61 | 0.51 | 0.23 | 0.0057 | — |
| Current ratio | 1.54 | 1.65 | 1.67 | 1.13 | 1.01 | 0.80 | 1.04 | 1.25 | 1.50 | 1.87 |
| Net debt / EBITDA | 0.42 | -0.14 | 0.90 | 0.63 | 37.33 | 14.85 | 2.47 | 0.08 | -0.45 | -0.56 |