Force Motors Limited
NSE: FORCEMOT · Passenger Cars & Utility Vehicles · sector
₹16,588.00NSE close 2026-10-26
Key numbers
Market cap₹21,863 cr
Price₹16,588.00
52w high / low₹26,450 / ₹16,109
P/E17.5xSector median 27.6x
P/B5.2xSector median 4.3x
Book value₹3,182.4
Dividend yield0.24%Sector median 1.12%
ROE34.6%Sector median 21.7%
ROCE36.2%Sector median 17.3%
OPM18.4%Sector median 12.6%
Debt / equity0.00xSector median 0.05x
EV/EBITDA12.4xSector median 14.2x
Interest cover479.7x
Current ratio1.87x
Sales growth 3y–Sector median +22.2%
Profit growth 3y–Sector median +38.8%
PEG0.38x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 8 companies in Passenger Cars & Utility Vehicles (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹832 cr vs borrowings ₹0 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 479.7x in the last 12 months.
- Operating cash flow was below net profit in 0 of the last 3 years.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 10% of net profit in the last 12 months.
- Dividend paid in 3 of the last 3 financial years.
- Price ₹16,588.00 on 2026-10-26: -37.3% from the 52-week high, +3.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹24,475.00 · low ₹6,311.30
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,941 | 1,889 | 2,356 | 2,297 | 2,081 | 2,129 | 2,550 | 2,440 |
| EBITDA | 283 | 232 | 724 | 332 | 363 | 585 | 414 | 328 |
| OPM % | 14.6% | 12.3% | 30.7% | 14.5% | 17.4% | 27.5% | 16.2% | 13.4% |
| Other income | 9 | 15 | 18 | 25 | 24 | 27 | 34 | 38 |
| Net profit | 135 | 115 | 435 | 176 | 351 | 406 | 279 | 217 |
| EPS (₹) | 102.46 | 87.52 | 329.92 | 133.82 | 266.14 | 308.22 | 211.37 | 164.36 |
| Revenue YoY | +7.2% | +12.7% | +8.2% | +6.2% | ||||
| Profit YoY | +159.7% | +252.2% | -35.9% | +22.8% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|
| Revenue | 6,992 | 8,072 | 9,057 | 9,200 |
| EBITDA | 909 | 1,487 | 1,694 | 1,690 |
| Net profit | 388 | 801 | 1,212 | 1,252 |
| EPS (₹) | 294.54 | 607.71 | 919.56 | 950.09 |
| Revenue growth | +15.4% | +12.2% | +8.4% | |
| Profit growth | +106.3% | +51.3% | +45.3% | |
| Dividend / share (₹) | 10.00 | 20.00 | 40.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | – | – | +8.4% |
| Net profit | – | – | +45.3% |
| EPS | – | – | – |
| Share price | – | +58.0% (2y) | -3.9% |
Balance sheet
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shareholders' equity | 2,255 | 3,033 | 4,194 |
| Borrowings | 524 | 17 | 0 |
| Cash & equivalents | 449 | 507 | 832 |
| Total assets | 4,415 | 5,134 | 6,538 |
| Fixed assets | 1,571 | 1,524 | 1,473 |
| Capital work in progress | 26 | 93 | 236 |
| Investments | 91 | 103 | 98 |
| Receivables | 104 | 174 | 191 |
| Inventory | 1,163 | 1,184 | 1,258 |
| Payables | 854 | 784 | 1,040 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash from operations | 1,014 | 971 | 1,297 |
| Cash from investing | -198 | -351 | -900 |
| Cash from financing | -509 | -562 | -73 |
| Capex | 208 | 367 | 540 |
| Free cash flow | 806 | 605 | 757 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| ROE % | 17.2% | 26.4% | 28.9% |
| ROCE % | 24.5% | 41.4% | 36.2% |
| Debtor days | 5 | 8 | 8 |
| Inventory days | 83 | 73 | 72 |
| Payable days | 61 | 48 | 59 |
| Cash conversion cycle (days) | 27 | 33 | 21 |
| Working capital days | 21 | 39 | 72 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 61.63% |
| FIIs | 7.09% |
| DIIs | 2.49% |
| of which Mutual funds | 1.72% |
| of which Insurance | 0.09% |
| Government | 0.00% |
| Public (non-institutions) | 28.79% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 61.63% | 61.63% | 61.63% | 61.63% | 61.63% | 61.63% | 61.63% | 61.63% |
| Promoter group | % |
|---|---|
| Jaya Hind Industries Private Limited | 57.38% |
| Abhaykumar Navalmal Firodia | 2.01% |
| Prasan Abhaykumar Firodia | 1.68% |
| Indira Abhaykumar Firodia | 0.49% |
| Kamala Bansilal Bhandari | 0.06% |
| Shyamala Navalakha | 0.02% |
| Sunanda Sudhir Mehta | 0.01% |
| Harsha Jain | 0.00% |
| Shribala Chordia | 0.00% |
| Sejal Prasan Firodia | 0.00% |
| Ameya Prasan Firodia | 0.00% |
| Anant Prasan Firodia | 0.00% |
| Tempo Finance (West) Pvt. Ltd. | 0.00% |
| Force MTU Power Systems Pvt. Ltd. | 0.00% |
| Jaya Hind Montupet Pvt. Ltd. | 0.00% |
| Public holders above 1% | % |
|---|---|
| Manohar Devabhaktuni | 1.20% |
| Sundaram Mutual Fund - Sundaram Aggressive Hybrid Fund | 1.08% |
1,06,263 shareholders. Pledged: – of promoter shares.
Peers in Passenger Cars & Utility Vehicles
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| MARUTI | ₹3,52,757 cr | 24.6x | 3.3x | 14.1% | 17.3% | 10.7% | +16.0% | 1.21% |
| M&M | ₹3,18,948 cr | 17.3x | 3.4x | 21.7% | 15.7% | 18.5% | +32.7% | 1.06% |
| HYUNDAI | ₹1,51,783 cr | 30.6x | 7.6x | 27.3% | 31.9% | 11.2% | – | 1.12% |
| TMPV | ₹97,173 cr | – | 0.9x | 69.5% | -0.7% | 3.7% | -1.0% | 2.27% |
| FORCEMOT | ₹21,863 cr | 17.5x | 5.2x | 34.6% | 36.2% | 18.4% | – | 0.24% |
| OLECTRA | ₹7,893 cr | 44.5x | 6.4x | 15.8% | 19.7% | 14.0% | +28.5% | – |
| MERCURYEV | ₹593 cr | – | – | – | – | – | – | – |
| HINDMOTORS | ₹139 cr | 31.3x | 4.3x | -12.4% | -12.2% | – | – | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-09 | Dividend | Dividend - Rs 50 Per Share |
| 2025-09-10 | Dividend | Dividend - Rs 40 Per Share |
| 2024-08-28 | Dividend | Dividend - Rs 20 Per Share |
| 2024-08-28 | Other | Annual General Meeting |
| 2023-09-21 | Dividend | Annual General Meeting/Dividend - Rs 10 Per Share |
| 2022-09-20 | Dividend | Annual General Meeting/Dividend - Rs 10 Per Share |
| 2021-09-20 | Dividend | Annual General Meeting/Dividend - Rs 5 Per Share |
| 2020-09-21 | Dividend | Annual General Meeting/Dividend - Rs 10 Per Sh |
| 2019-09-12 | Dividend | Annual General Meeting/Dividend - Rs 10 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Automobile Manufacturing: Manufacturing of Light Commercial Vehicles, Utility Vehicles, Special Vehicles, Small Commercial Vehicles, spare parts and high technology automotive aggregates.
| Sector | Consumer Discretionary |
| Industry | Passenger Cars & Utility Vehicles |
| Sub-industry | Passenger Cars & Utility Vehicles |
| Symbol | FORCEMOT |
| BSE code | 500033 |
| ISIN | INE451A01017 |
| Face value | ₹10.0 |
| Incorporated | 1958-09-08 |
| Website | www.forcemotors.com |
| Plants (India / abroad) | 4 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.