Force Motors
- Market cap
- ₹ 21,362 Cr.
- P/E
- 20.4x
- P/B
- 5.27x
- 52-week range
- 16,109 – 26,450
- ROE
- 29%
- ROCE
- 36%
- Dividend yield
- 0.3%
- Debt / equity
- 0
- Sector
- Automobiles
- Industry
- Passenger Cars & Utility Vehicles
- Listed on
- NSE, BSE
About
Force Motors Limited is an India-based fully vertically integrated automobile company. It is engaged in the design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles. Its range of products includes light commercial vehicles, multi-utility vehicles, small commercial vehicles and special vehicles. Its commercial vehicles include Urbania, Traveler, Monobus, Trax and special applications. Its special vehicles include the Gurkha. It also offers an electric E-Traveller Smart Citibus EV. Its vehicle business provides a versatile range of solutions for passenger transport, cargo movement, emergency response, and specialized applications. It offers mission-specific solutions like Mobile Medical Units, Police Vans, Prison Vans, Troop Carriers, and Safari Vehicles, customized on the Traveler and Trax platforms for institutional and government use. Urbania is a premium, ground-up modular monocoque van platform designed for shared urban mobility.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Passenger Cars & Utility Vehicles: 8 companies →Force Motors against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)20.4 against a typical 28.9: cheaper than most peers (1st = cheapest).3rd of 8
- Sales growth+6.2% against a typical +27.8% from a year earlier.6th of 7
- Profit growth+23.3% against a typical −2.6% from a year earlier.3rd of 8
- Share price, 3 months−1.4% against a typical −11.5%.1st of 8
- Size₹ 21,362.2 Cr. market value against a typical ₹ 21,362.2 Cr. (1st = largest).3rd of 5
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
High safety
Rated AA+ by CRISIL- No warnings from the agency.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| CRISIL | Crisil AA+ | Stable | 19 Oct 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 19 Oct 2026 | Reaffirmed | Crisil AA+ | — | CRISIL | ₹ 765 Cr. |
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 28 Oct 2026Upcoming | Financial Results | To consider and approve the financial results for the period ended September 30, 2026 |
| 25 Sep 2026 | Other business matters | Board Meeting intimation to consider other business matter related to consideration and approval of the proposal of removal of restriction on transferability and other incidental conditions of 27,600 "A" Equity Shares and 1,15,748 Second A equity shares of Force Motors Limited. |
| 29 Jul 2026 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2026 |
| 29 Apr 2026 | Financial Results/Dividend | To consider and approve the financial results for the period ended March 31, 2026 and dividend |
| 4 Feb 2026 | Financial Results | To consider and approve the financial results for the period ended December 31, 2025 |
| 7 Nov 2025 | Financial Results | To consider and approve the financial results for the period ended September 30, 2025 |
| 23 Jul 2025 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2025 |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,802 | 1,692 | 2,011 | 1,885 | 1,941 | 1,889 | 2,356 | 2,297 | 2,081 | 2,129 | 2,550 | 2,440 |
| Expenses | 1,581 | 1,477 | 1,733 | 1,640 | 1,664 | 1,658 | 2,027 | 1,974 | 1,719 | 1,755 | 2,136 | 2,112 |
| Operating Profit | 221 | 215 | 279 | 245 | 277 | 232 | 329 | 323 | 363 | 374 | 414 | 328 |
| OPM % | 12% | 13% | 14% | 13% | 14% | 12% | 14% | 14% | 17% | 18% | 16% | 13% |
| Other Income | 9 | 4 | 18 | 15 | 9 | 20 | 418 | 25 | 26 | 241 | 39 | 43 |
| Interest | 16 | 14 | 14 | 9 | 5 | 4 | 7 | 0 | 0 | 0 | 3 | 0 |
| Depreciation | 67 | 68 | 68 | 69 | 69 | 71 | 72 | 70 | 71 | 73 | 72 | 77 |
| Profit before tax | 147 | 137 | 214 | 182 | 211 | 177 | 668 | 278 | 317 | 543 | 378 | 293 |
| Tax % | 36% | 37% | 35% | 36% | 36% | 35% | 35% | 36% | −11% | 25% | 26% | 26% |
| Net Profit | 94 | 85 | 140 | 116 | 135 | 115 | 435 | 176 | 351 | 406 | 279 | 217 |
| EPS in Rs | 71.24 | 64.81 | 106.45 | 87.81 | 102.47 | 87.51 | 329.92 | 133.82 | 266.14 | 308.21 | 211.38 | 164.36 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- 12%
- 5 Years
- 35%
- 3 Years
- 22%
- TTM
- 8%
- 10 Years
- 19%
- 5 Years
- 66%
- 3 Years
- 221%
- TTM
- 82%
- 10 Years
- 20%
- 5 Years
- 68%
- 3 Years
- 74%
- TTM
- —
- 10 Years
- 11%
- 5 Years
- 16%
- 3 Years
- 24%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Force Motors | ₹ 17,094.00 | ₹ 21,362 Cr. | 20.4x | 5.3x | 29% | — |
| Maruti Suzuki India | ₹ 11,258.95 | ₹ 3,53,984 Cr. | 29.6x | 4.1x | 14.4% | 8% |
| Eicher Motors | ₹ 7,050.00 | ₹ 1,93,538 Cr. | 37.4x | 8.3x | 23.8% | 23.6% |
| Hyundai Motor India | ₹ 1,850.00 | ₹ 1,50,320 Cr. | 29.8x | 8.1x | 29.9% | 7.7% |
| Tata Motors | ₹ 398.00 | ₹ 1,46,575 Cr. | 38.6x | 12x | — | 3.6% |
| Ashok Leyland | ₹ 145.95 | ₹ 85,729 Cr. | 19.7x | 6.4x | 26.2% | 6.6% |
Management
- Abhaykumar Navalmal Firodia
- Executive Chairman of the Board, Managing Director
- Rishi Luharuka
- President, Group Chief Financial Officer
- Rohan Sampat
- Compliance Officer, Company Secretary
- Prasan Abhaykumar Firodia
- Managing Director, Executive Director
- Prashant Vijay Inamdar
- Executive Director - Operations
Prices are delayed and for information only. Nothing on this page is investment advice.