NSE: FORCEMOT · BSE: 500033
FORCE MOTORS LIMITED
Manufactures and sells motor vehicles across four domestic categories — small commercial vehicles (SCV), light commercial vehicles (LCV), utility vehicles (UV) and sport utility vehicles (SUV). In June 2026 it sold 3,568 units in total, of which 3,547 were domestic (up 26.6% year-on-year) and 21 were exports (down 76.1% year-on-year). Standalone revenue for the quarter ended 30 June 2026 was Rs 2,439.89 cr, against Rs 2,297.12 cr a year earlier, with standalone net profit of Rs 212.07 cr. For FY26 the company reported revenue of Rs 9,057.05 cr and net profit of Rs 1,211.75 cr, with an EBITDA margin of about 19.93%. Materials are the dominant cost item at 71.0% of revenue, followed by employees at 7.6% and depreciation at 3.2%, with capex running at 6.0% of revenue. In April 2026 the board completed the acquisition of Veera Tanneries as a wholly owned subsidiary, and the same board meeting widened the Object Clause of the Memorandum of Association to add power generation for captive use or sale to outside customers. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Automotive vehicles (SCV, LCV, UV, SUV), Power generation. Cyclical, asset-heavy vehicle manufacturer spanning commercial and passenger segments.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,240 | 5,029 | 6,992 | 8,072 | 9,057 |
| EBITDA (ex other income) | 67 | 538 | 909 | 1,487 | 1,694 |
| margin % | 2.1 | 10.7 | 13.0 | 18.4 | 18.7 |
| Owners' profit | (91) | 134 | 388 | 801 | 1,212 |
| EPS, as reported (₹) | (69.13) | 101.43 | 294.54 | 607.71 | 919.56 |
| ROE % · ROCE % | (5.2) · (3.0) | 7.1 · 14.4 | 17.2 · 24.5 | 26.4 · 37.1 | 28.9 · 33.8 |
| Debt / equity (x) | 0.61 | 0.51 | 0.23 | 0.01 | 0.00 |
| Cash from operations | 18 | 532 | 1,014 | 971 | 1,297 |
| Capex | (407) | (260) | (208) | (367) | (540) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,941 | 1,889 | 2,356 | 2,297 | 2,081 | 2,129 | 2,550 | 2,440 |
| Profit before tax | 217 | 172 | 663 | 287 | 316 | 539 | 373 | 288 |
| 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MARUTI SUZUKI INDIA LTD. | 3,62,943 | 25.3 | 3.39 | 14.1 | 13.7 | 16.8 | 21.1 | 11.8 |
| MAHINDRA & MAHINDRA LTD | 3,45,071 | 17.4 | 3.15 | 11.7 | 17.0 | 11.5 | 21.7 | 19.9 |
| HYUNDAI MOTOR INDIA LTD | 1,51,693 | 30.6 | 7.58 | 15.1 | 27.1 | 32.2 | — | 10.9 |
| TATA MOTORS PASS VEH LTD | 97,137 | — | 0.82 | 7.0 | 69.5 | (1.0) | 6.1 | 7.6 |
| FORCE MOTORS LIMITED ◆ | 22,529 | 18.0 | 5.37 | 12.0 | 28.9 | 33.7 | 35.4 | 15.0 |
| OLECTRA GREENTECH LIMITED | 8,073 | 45.6 | 6.55 | 24.0 | 14.6 | 16.8 | 52.4 | 12.2 |
| HINDUSTAN MOTORS LTD. | 285 | 68.3 | 8.91 | — | (0.1) | (0.2) | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.0 | 28.0 | 5 of 16 | 73% |
| P/B | 5.4 | 4.9 | 11 of 17 | 38% |
| ROCE | 33.7 | 10.9 | 1 of 20 | 100% |
| ROE | 28.9 | 14.6 | 3 of 17 | 88% |
| Debt / Equity | 0.0 | 0.6 | 1 of 17 | 81% |
| EBITDA margin | 15.0 | 10.9 | 6 of 17 | 69% |
| Revenue growth | 6.2 | 29.7 | 13 of 16 | 20% |
| Profit growth | 22.8 | 16.9 | 6 of 17 | 69% |
| Market cap | 22529 | 16718 | 10 of 21 | 55% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Second A EGM approves removal of share transfer restrictions | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Removal of transfer restrictions on 27,600 A shares approved | compliance | minimal | — | — |
| 28 Oct 2026 · Q2 revenue rises 40.5%, but net profit falls on tax comparison | results | high | — | — |
| 28 Oct 2026 · Q2 revenue rises 40%, but profit and margins fall | results | high | — | — |
| 26 Oct 2026 · Force Motors shareholders approve lifting transfer limits on 115,748 shares | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Force Motors addresses transfer restrictions on 27,600 shares | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Fifth notice on physical share transfer and electronic conversion | compliance | minimal | — | — |
| 21 Oct 2026 · Trading window closed ahead of Q2 FY27 results Board meet on 28 Oct | results | low | — | — |
| 21 Oct 2026 · Board meeting on 28 Oct 2026 to approve Q2 and H1 FY27 results | results | low | — | — |
| 19 Oct 2026 · CRISIL reaffirms Force Motors ratings AA+/Stable and A1+ | credit debt | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.