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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MARUTI SUZUKI INDIA LTD. | 3,89,856 | 27.2 | 3.64 | 15.1 | 13.7 | 16.8 | 21.1 | 11.8 |
| MAHINDRA & MAHINDRA LTD | 3,73,579 | 18.8 | 3.41 | 12.4 | 17.0 | 11.5 | 21.7 | 19.9 |
| HYUNDAI MOTOR INDIA LTD | 1,76,646 | 35.7 | 8.83 | 17.7 | 27.1 | 32.2 | — | 10.9 |
| TATA MOTORS PASS VEH LTD | 1,10,955 | — | 0.93 | 7.7 | 69.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 1 Sept 2026 · Force Motors August 2026 sales up 58 percent YoY to 3,802 units | business updates | medium | — | — |
| 26 Aug 2026 · Force Motors 67th AGM on Sept 16, 2026; Record Date Sept 9 | compliance | minimal | — | — |
| 25 Aug 2026 · Force Motors FY26 BRSR filed: 31% renewable energy, 9% women workforce | compliance | low | — | — |
| 25 Aug 2026 · Force Motors 67th AGM on Wednesday, 16 September 2026 | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · Force Motors files FY26 Annual Report; 67th AGM on Sept 16 | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · Force Motors sets 9 September 2026 record date for FY26 dividend | corporate actions | high | — | — |
| 25 Aug 2026 · Force Motors sets AGM date, dividend record date for FY26 | corporate actions | high | — | — |
| 25 Aug 2026 · Force Motors 67th AGM on 16 Sep 2026; book closure 10-16 Sep | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Record date for FY26 dividend set at 9 Sep 2026 | corporate actions | high | — | — |
| 25 Aug 2026 · Force Motors 67th AGM on 16 Sep 2026 via video conferencing | board shareholder meetings | low | — | — |
| 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 |
| (1.0) |
| 6.1 |
| 7.6 |
| FORCE MOTORS LIMITED ◆ | 23,335 | 18.6 | 5.56 | 12.5 | 28.9 | 33.7 | 35.4 | 15.0 |
| OLECTRA GREENTECH LIMITED | 9,905 | 55.9 | 8.03 | 29.2 | 14.6 | 16.8 | 52.4 | 12.2 |
| HINDUSTAN MOTORS LTD. | 289 | 23.1 | 9.02 | — | (0.1) | (0.2) | — | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.6 | 27.2 | 4 of 17 | 81% |
| P/B | 5.6 | 4.8 | 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 | 23335 | 17824 | 10 of 21 | 55% |
| 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 |
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