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Force Motors Ltd.
NSE: FORCEMOT · Automobile and Auto Components
₹18,968.00+3.19%06 Nov 2026
Ask the data
Instant answers about Force Motors Ltd. — computed from its filings, no language modelMarket cap₹25,000 cr
Current price₹18,968.00
High / Low₹25,776 / ₹16,400
P/E20.9
P/B5.39
Book value₹3,518.8
ROE25.8%
ROCE34.5%
Debt / equity0.00
Dividend yield0.21%
EPS (TTM)₹906.73
Face value₹10
Price & valuation
split & bonus adjusted · pick a metric and rangeAnnual performance
annual · ₹ crore · line = operating margin| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Revenue | 6,992 | 8,072 | 9,057 |
| EBITDA | 909 | 1,093 | 1,483 |
| Operating margin | 13.0% | 13.5% | 16.4% |
| Interest | 62 | 26 | 3 |
| Depreciation | 267 | 280 | 286 |
| Profit before tax | 619 | 1,238 | 1,516 |
| Tax | 217 | 437 | 304 |
| Net profit | 388 | 801 | 1,212 |
| EPS ₹ | 294.54 | 607.71 | 919.56 |
| Operating cash flow | 1,014 | 971 | 1,297 |
| Capex | 208 | 367 | 540 |
| Dividend paid | 13 | 26 | 53 |
| Total assets | 4,415 | 5,134 | 6,538 |
| Equity | 2,255 | 3,033 | 4,194 |
Quarterly performance
last 11 quarters · ₹ crore| MAR '24 | JUN '24 | SEP '24 | DEC '24 | MAR '25 | JUN '25 | SEP '25 | DEC '25 | MAR '26 | JUN '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,011 | 1,885 | 1,941 | 1,889 | 2,356 | 2,297 | 2,081 | 2,129 | 2,550 | 2,440 | 2,925 |
| Operating profit | 279 | 249 | 283 | 232 | 329 | 332 | 363 | 374 | 414 | 328 | 434 |
| Operating margin | 13.9% | 13.2% | 14.6% | 12.3% | 14.0% | 14.5% | 17.4% | 17.6% | 16.2% | 13.4% | 14.8% |
| Other income | 15 | 15 | 9 | 15 | 18 | 25 | 24 | 27 | 34 | 38 | 43 |
| Interest | 14 | 9 | 5 | 4 | 7 | 0 | 0 | 0 | 3 | 0 | 2 |
| Depreciation | 68 | 69 | 69 | 71 | 72 | 70 | 71 | 73 | 72 | 77 | 82 |
| Profit before tax | 211 | 186 | 217 | 172 | 663 | 287 | 316 | 539 | 373 | 288 | 393 |
| Tax | 74 | 66 | 76 | 62 | 233 | 101 | -34 | 136 | 100 | 77 | 102 |
| Net profit | 140 | 116 | 135 | 115 | 435 | 176 | 351 | 406 | 279 | 217 | 294 |
| EPS ₹ | 106.45 | 87.81 | 102.46 | 87.52 | 329.92 | 133.82 | 266.14 | 308.22 | 211.37 | 164.36 | 223.03 |
| Revenue YoY | — | — | — | — | 17.1% | 21.9% | 7.2% | 12.7% | 8.2% | 6.2% | 40.5% |
| Profit YoY | — | — | — | — | 209.9% | 52.4% | 159.7% | 252.2% | -35.9% | 22.8% | -16.2% |
Earlier results (standalone, Sep '07 – Dec '23)
₹ crore · from BSE, before the NSE XBRL filings beginForce Motors Ltd. reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.
Full years
| FY12† | FY13† | FY14† | FY15† | FY16† | FY17† | FY18† | FY19† | FY20† | FY21† | FY22† | FY23† | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,094 | 1,973 | 2,022 | 2,364 | 3,060 | 3,495 | 3,531 | 3,658 | 3,080 | 1,983 | 3,240 | 5,029 |
| Operating profit | 125 | 54 | 97 | 147 | 274 | 268 | 275 | 285 | 268 | 8 | 67 | 329 |
| Operating margin | 6.0% | 2.7% | 4.8% | 6.2% | 9.0% | 7.7% | 7.8% | 7.8% | 8.7% | 0.4% | 2.1% | 6.6% |
| Other income | 21 | 44 | 60 | 66 | 71 | 85 | 61 | 75 | 43 | 29 | 52 | 62 |
| Interest | 35 | 8 | 9 | 7 | 4 | 6 | 7 | 15 | 28 | 28 | 41 | 68 |
| Depreciation | 60 | 70 | 85 | 81 | 92 | 113 | 129 | 151 | 195 | 174 | 191 | 241 |
| Profit before tax | 1,011 | 19 | 63 | 125 | 249 | 235 | 200 | 194 | 50 | -164 | -113 | 291 |
| Tax | 187 | 5 | -15 | 24 | 70 | 55 | 53 | 47 | -8 | -52 | -39 | 139 |
| Net profit | 824 | 14 | 78 | 101 | 179 | 180 | 147 | 147 | 58 | -112 | -75 | 152 |
Quarters
| SEP '07† | DEC '07† | MAR '08† | JUN '08† | SEP '08† | DEC '08† | JUN '09† | SEP '09† | DEC '09† | JUN '10† | SEP '10† | DEC '10† | JUN '11† | SEP '11† | DEC '11† | MAR '12† | JUN '12† | SEP '12† | DEC '12† | MAR '13† | JUN '13† | SEP '13† | DEC '13† | MAR '14† | JUN '14† | SEP '14† | DEC '14† | MAR '15† | JUN '15† | SEP '15† | DEC '15† | MAR '16† | JUN '16† | SEP '16† | DEC '16† | MAR '17† | JUN '17† | SEP '17† | DEC '17† | MAR '18† | JUN '18† | SEP '18† | DEC '18† | MAR '19† | JUN '19† | SEP '19† | DEC '19† | MAR '20† | JUN '20† | SEP '20† | DEC '20† | MAR '21† | JUN '21† | SEP '21† | DEC '21† | MAR '22† | JUN '22† | SEP '22† | DEC '22† | MAR '23† | JUN '23† | SEP '23† | DEC '23† | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 212 | 238 | 275 | 220 | 238 | 148 | 201 | 241 | 232 | 314 | 374 | 384 | 431 | 529 | 522 | 611 | 505 | 504 | 436 | 527 | 504 | 472 | 479 | 566 | 545 | 599 | 517 | 703 | 640 | 763 | 746 | 911 | 854 | 966 | 716 | 959 | 845 | 893 | 750 | 1,043 | 890 | 881 | 826 | 1,061 | 802 | 755 | 869 | 654 | 185 | 694 | 491 | 612 | 643 | 938 | 778 | 881 | 971 | 1,264 | 1,304 | 1,490 | 1,487 | 1,802 | 1,692 |
| Operating profit | -17 | -22 | -23 | -16 | -7 | -4 | 8 | 21 | 19 | 34 | 30 | 32 | 43 | 28 | 28 | 27 | 17 | 31 | 19 | -13 | 33 | 20 | -2 | 47 | 37 | 36 | 15 | 60 | 55 | 65 | 47 | 108 | 72 | 75 | 29 | 92 | 37 | 80 | 45 | 112 | 80 | 74 | 58 | 73 | 70 | 38 | 87 | 74 | -50 | 66 | 29 | -36 | 34 | 45 | -11 | -1 | 45 | 99 | 65 | 121 | 180 | 225 | 224 |
| Operating margin | -8.0% | -9.1% | -8.5% | -7.5% | -2.9% | -2.9% | 3.8% | 8.6% | 8.1% | 10.9% | 8.1% | 8.4% | 9.9% | 5.2% | 5.3% | 4.4% | 3.4% | 6.1% | 4.4% | -2.5% | 6.5% | 4.2% | -0.4% | 8.2% | 6.7% | 6.0% | 2.9% | 8.5% | 8.6% | 8.5% | 6.3% | 11.8% | 8.4% | 7.8% | 4.0% | 9.6% | 4.4% | 8.9% | 6.1% | 10.8% | 9.0% | 8.4% | 7.0% | 6.9% | 8.7% | 5.0% | 10.0% | 11.3% | -27.2% | 9.5% | 5.8% | -5.9% | 5.3% | 4.7% | -1.5% | -0.1% | 4.6% | 7.8% | 5.0% | 8.1% | 12.1% | 12.5% | 13.3% |
| Other income | 14 | 17 | 22 | 15 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 21 | 12 | 13 | 9 | 10 | 6 | 7 | 9 | 38 | 12 | 19 | 13 | 22 | 15 | 17 | 15 | 25 | 18 | 19 | 24 | 24 | 28 | 9 | 10 | 14 | 11 | 14 | 21 | 29 | 15 | 17 | 0 | 10 | 6 | 9 | 8 | 7 | 16 | 15 | 13 | 8 | 7 | 12 | 5 | 38 | 11 | 9 | 4 |
| Interest | 8 | 9 | 10 | 10 | 11 | 10 | 4 | 4 | 4 | 4 | 4 | 5 | 6 | 8 | 10 | 11 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 1 | 2 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 3 | 3 | 1 | 1 | 2 | 1 | 0 | 6 | 8 | 6 | 6 | 8 | 8 | 7 | 7 | 8 | 5 | 7 | 9 | 12 | 13 | 14 | 20 | 17 | 18 | 18 | 16 | 14 |
| Depreciation | 10 | 9 | 11 | 10 | 10 | 11 | 10 | 10 | 10 | 10 | 11 | 11 | 14 | 15 | 15 | 16 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 22 | 22 | 20 | 19 | 20 | 20 | 22 | 23 | 27 | 25 | 26 | 27 | 34 | 31 | 32 | 33 | 34 | 34 | 35 | 40 | 42 | 46 | 47 | 49 | 52 | 39 | 46 | 45 | 43 | 41 | 45 | 50 | 55 | 57 | 61 | 60 | 63 | 63 | 67 | 68 |
| Profit before tax | -21 | -22 | -23 | -22 | -17 | 270 | -7 | 7 | 4 | 20 | 16 | 17 | 23 | 5 | 3 | 981 | 11 | 24 | 9 | -25 | 17 | 4 | -17 | 59 | 25 | 33 | 8 | 59 | 49 | 59 | 38 | 103 | 63 | 68 | 25 | 79 | 31 | 56 | 22 | 91 | 56 | 52 | 32 | 52 | 34 | 2 | 10 | 4 | -91 | 21 | -17 | -78 | 3 | 6 | -61 | -61 | -19 | 31 | -7 | 286 | 111 | 151 | 146 |
| Tax | 2 | 0 | 1 | 0 | 0 | 69 | -1 | -1 | -3 | 9 | 2 | 3 | 4 | 1 | 0 | 182 | 1 | 5 | 0 | -1 | 2 | -23 | -8 | 14 | 6 | 7 | -2 | 13 | 14 | 17 | 11 | 29 | 12 | 18 | 1 | 24 | 1 | 15 | 7 | 30 | 16 | 13 | 5 | 13 | 7 | -6 | -5 | -4 | -28 | 5 | -2 | -28 | 1 | 2 | -21 | -21 | -7 | 11 | -3 | 137 | 39 | 53 | 51 |
| Net profit | -23 | -22 | -23 | -22 | -17 | 201 | -6 | 8 | 7 | 11 | 13 | 14 | 19 | 4 | 2 | 798 | 10 | 19 | 8 | -23 | 14 | 27 | -8 | 45 | 19 | 26 | 10 | 46 | 36 | 42 | 27 | 74 | 51 | 50 | 23 | 55 | 30 | 42 | 15 | 61 | 41 | 40 | 27 | 39 | 27 | 8 | 15 | 8 | -63 | 16 | -15 | -50 | 2 | 4 | -40 | -40 | -13 | 20 | -5 | 149 | 72 | 98 | 95 |
| EPS ₹ | -17.60 | -17.02 | -17.65 | -17.03 | -13.04 | 152.52 | -4.56 | 6.03 | 5.33 | 8.31 | 9.99 | 10.30 | 14.65 | 3.22 | 1.77 | 605.97 | 7.84 | 14.53 | 6.17 | -17.70 | 10.83 | 20.44 | -6.35 | 34.05 | 14.72 | 19.50 | 7.58 | 35.13 | 27.14 | 32.24 | 20.82 | 55.96 | 39.06 | 38.16 | 17.65 | 41.67 | 22.74 | 31.68 | 11.12 | 45.99 | 31.06 | 30.12 | 20.75 | 29.77 | 20.47 | 5.72 | 11.68 | 6.30 | -47.98 | 12.36 | -11.34 | -37.93 | 1.18 | 2.83 | -30.28 | -30.35 | -9.52 | 15.16 | -3.45 | 113.21 | 54.62 | 74.57 | 71.91 |
| Revenue YoY | — | — | — | — | 12.3% | -37.7% | -8.7% | 1.0% | 56.8% | 56.4% | 55.3% | 65.8% | 37.2% | 41.2% | 35.9% | — | 17.1% | -4.7% | -16.5% | -13.8% | -0.1% | -6.4% | 9.9% | 7.4% | 8.1% | 26.9% | 7.8% | 24.2% | 17.4% | 27.5% | 44.3% | 29.6% | 33.5% | 26.5% | -4.0% | 5.3% | -1.0% | -7.5% | 4.7% | 8.8% | 5.3% | -1.3% | 10.2% | 1.7% | -9.9% | -14.3% | 5.2% | -38.4% | -76.9% | -8.0% | -43.5% | -6.3% | 247.1% | 35.0% | 58.4% | 43.9% | 50.9% | 34.8% | 67.6% | 69.1% | 53.2% | 42.5% | 29.7% |
| Profit YoY | — | — | — | — | — | — | — | — | -96.5% | — | 65.5% | 93.0% | 76.3% | -67.7% | -82.8% | — | -46.5% | 350.6% | 247.4% | -102.9% | 38.1% | 40.6% | -203.0% | — | 35.9% | -4.6% | — | 3.2% | 84.3% | 65.4% | 174.7% | 59.3% | 43.9% | 18.4% | -15.3% | -25.5% | -41.8% | -17.0% | -37.0% | 10.4% | 36.6% | -4.9% | 86.6% | -35.3% | -34.1% | -81.0% | -43.7% | -78.8% | -334.4% | 116.2% | -197.1% | -702.2% | — | -77.1% | — | — | -909.0% | 435.4% | — | — | — | 392.0% | — |
Returns & margins
trailing-twelve-month, per quarter| DEC '24 | MAR '25 | JUN '25 | SEP '25 | DEC '25 | MAR '26 | JUN '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|
| ROE | 20.4% | 26.4% | 28.4% | 30.7% | 39.0% | 28.9% | 29.8% | 25.8% |
| ROCE | 30.2% | 41.4% | 44.4% | 41.3% | 51.7% | 36.2% | 36.3% | 34.5% |
| Net margin | 6.6% | 9.9% | 10.2% | 12.5% | 15.4% | 13.4% | 13.6% | 11.9% |
| EBITDA margin | 13.5% | 13.5% | 13.9% | 14.6% | 15.8% | 16.4% | 16.1% | 15.4% |
| Debt / equity | 0.09 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest coverage | 24.89 | 48.84 | 80.02 | 123.45 | 233.00 | 465.91 | 479.67 | 316.00 |
| Asset turnover | 1.83 | 1.57 | 1.65 | 1.61 | 1.66 | 1.39 | 1.41 | 1.38 |
Balance sheet
equity vs borrowings over time · ₹ crore| MAR '19‡ | MAR '24 | SEP '24 | MAR '25 | SEP '25 | MAR '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|
| Share capital | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| Other equity / reserves | 1,920 | 2,242 | 2,468 | 3,020 | 3,493 | 4,181 | 4,625 |
| Total equity | 1,933 | 2,255 | 2,482 | 3,033 | 3,506 | 4,194 | 4,638 |
| Borrowings | — | 524 | 229 | 17 | 0 | 0 | 0 |
| Current liabilities | — | 1,636 | 1,357 | 1,725 | 1,544 | 2,044 | 2,348 |
| Non-current liabilities | — | 521 | 381 | 373 | 289 | 297 | 297 |
| Total assets | 2,836 | 4,415 | 4,222 | 5,134 | 5,342 | 6,538 | 7,286 |
| Property, plant & equipment | 1,081 | 1,571 | 1,530 | 1,524 | 1,450 | 1,473 | 1,795 |
| Capital work-in-progress | 133 | 26 | 59 | 93 | 190 | 236 | 176 |
| Investments | — | 91 | 90 | 103 | 95 | 98 | 110 |
| Inventories | 504 | 1,163 | 1,161 | 1,184 | 1,238 | 1,258 | 1,419 |
| Receivables | — | 104 | 122 | 174 | 258 | 191 | 196 |
| Cash & equivalents | 4 | 448 | 280 | 507 | 403 | 830 | 734 |
Cash flow
annual · ₹ crore · line = free cash flow| FY19‡ | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | 314 | 1,014 | 971 | 1,297 |
| Cash from investing | -606 | -198 | -351 | -900 |
| Cash from financing | 256 | -509 | -562 | -73 |
| Capex | 498 | 208 | 367 | 540 |
| Free cash flow | -184 | 806 | 605 | 757 |
| Dividends paid | 16 | 13 | 26 | 53 |
Where the assets sit
Sep '26 · ₹ croreFixed assets (PPE)₹1,795 cr25%
CWIP₹176 cr2%
Investments₹110 cr2%
Inventories₹1,419 cr19%
Receivables₹196 cr3%
Cash & equivalents₹734 cr10%
Other assets₹2,856 cr39%
Peer comparison
largest in Automobile and Auto Components · this company in bold| Company | Market cap ₹cr | Price | P/E | P/B | ROE |
|---|---|---|---|---|---|
| Maruti Suzuki India Ltd. | 4,00,860 | 12,750.00 | 29.8 | 3.68 | 12.3% |
| Mahindra & Mahindra Ltd. | 3,67,588 | 3,287.20 | 19.0 | 3.75 | 19.8% |
| Bajaj Auto Ltd. | 2,99,543 | 10,900.00 | 22.9 | 8.18 | 35.7% |
| TVS Motor Company Ltd. | 2,13,401 | 4,491.70 | 55.8 | 18.81 | 33.7% |
| Eicher Motors Ltd. | 2,10,528 | 7,669.50 | 36.5 | 8.39 | 23.0% |
| Hyundai Motor India Ltd. | 1,73,071 | 2,130.00 | 51.8 | 8.49 | 16.4% |
| Samvardhana Motherson International Ltd. | 1,67,340 | 158.55 | 35.4 | 3.69 | 10.4% |
| Bosch Ltd. | 1,49,565 | 50,700.00 | 56.5 | 19.51 | 34.6% |
| Hero MotoCorp Ltd. | 1,10,343 | 5,513.00 | 18.4 | 4.71 | 25.6% |
| Tata Motors Passenger Vehicles Ltd. | 1,07,602 | 292.00 | 1.4 | 0.96 | 70.7% |
| Force Motors Ltd. | 25,000 | 18,968.00 | 20.9 | 5.39 | 25.8% |
StoxGud checklist: Bullish setup · 8/10
- Price above 50-day average
- Price above 200-day average
- 50-day average above 200-day (uptrend)
- RSI in healthy 40–70 zone
- Positive 1-year return
- Return on equity above 15%
- Debt to equity below 1
- Revenue growing year on year
- Net profit margin above 10%
- P/E below industry median
A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.
Returns & technicals
1 month+11.9%
6 months-8.4%
1 year+13.9%
3Y CAGR—
5Y CAGR+65.8%
10Y CAGR—
50-day avg₹17,357.62
200-day avg₹19,344.97
RSI (14)63
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FAQs
What is the share price of Force Motors Ltd.?
Force Motors Ltd. (FORCEMOT) closed at ₹18,968.00 on NSE on 06 Nov 2026.
What is the market cap of Force Motors Ltd.?
₹25,000 crore at the latest close.
What is the P/E ratio of Force Motors Ltd.?
20.9, on trailing-twelve-month earnings from its filings.
How fast is Force Motors Ltd. growing?
Force Motors Ltd.: Latest-quarter revenue is up 40.5% year on year, profit down 16.2%.
How profitable is Force Motors Ltd.?
On a trailing-twelve-month basis return on equity is 25.8%, return on capital employed 34.5%, operating margin 15.4%, net margin 11.9%.
How much debt does Force Motors Ltd. have?
Force Motors Ltd. is debt-free: debt to equity is 0.00 with borrowings of ₹0 cr against cash of ₹734 cr (balance sheet of 2026-09-30). Operating profit covers interest 316.0 times.
Financials parsed from Force Motors Ltd.'s own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from MAR '24, annual from FY24, balance sheet from Mar '19. * = derived (full year or half year minus earlier quarters). ‡ = balance sheet / cash flow read from the company's published annual report (same basis), for years before the NSE filings carry them; each one checked to add up. Information only, not investment advice.
Force Motors Ltd. · advanced chart