Force Motors Limited (FORCEMOT) AI Stock Analysis

• Market Cap: ₹241.83B
• Dividend Yield: 0.22%
• Average Volume (3M): 8.16K
• Price to Earnings (P/E): 22.5
• Beta (1Y): 1.17
• Revenue Growth: 14.54%
• EPS Growth: 126.08%
• Country: IN
• Employees: 4,473
• Sector: Services
• Sector Strength: N/A
• Industry: Auto - Manufacturers
• EPS (TTM): 266.14
• Shares Outstanding: 13,176,262
• 10 Day Avg. Volume: 9,256
• 30 Day Avg. Volume: 8,163
• PEG Ratio: 0.14
• Price to Book (P/B): 3.85
• Price to Sales (P/S): 1.45
• P/FCF Ratio: 19.32
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: ₹18,730.00 ▲(2.05% Upside)

Force Motors Limited's strong financial performance is the primary driver of its stock score, supported by robust revenue growth and profitability. However, mixed technical indicators and a modest valuation score suggest potential volatility and limited income potential, balancing the overall assessment.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective sales strategies, enhancing long-term business sustainability.

Profitability Improvement

The turnaround in profitability reflects effective cost management and operational efficiency, strengthening financial health.

Cash Flow Dynamics

Strong cash flow growth enhances financial flexibility, allowing for reinvestment in growth opportunities and debt reduction.

Negative Factors

Dividend Yield

A low dividend yield may deter income-focused investors, potentially limiting the stock's appeal in the income investment segment.

Short-term Technical Weakness

Short-term technical weakness could indicate potential volatility, impacting investor sentiment and short-term stock performance.

Liability Management

Prudent liability management is crucial to sustain growth and avoid financial strain, impacting long-term stability if not addressed.

Force Motors Limited Business Overview & Revenue Model

Company Description

Force Motors Limited, an integrated automobile company, designs, develops, manufactures, and sells a range of automotive components, aggregates, and vehicles in India. It provides light commercial vehicles, including passenger carriers, school buses, ambulances, and goods carriers; multi-utility vehicles; small commercial vehicles; special vehicles; and agricultural tractors. The company sells its products under the Traveller Monobus, Traveller, TRAX, Gurkha, Balwan, and Kargo King brands. It also exports its products to various countries in the Middle East, Asia, Latin America, and Africa. The company was incorporated in 1958 and is based in Pune, India. Force Motors Limited is a subsidiary of Jaya Hind Industries Private Limited.

How the Company Makes Money

Force Motors generates revenue through multiple streams, primarily from the sale of its vehicles which include light commercial vehicles, multi-utility vehicles, and agricultural tractors. The company also earns income from spare parts and after-sales services for its vehicles. In addition, Force Motors has established partnerships with other automotive manufacturers, enabling it to collaborate on technology and expand its product offerings. The company's revenue model is supported by a combination of direct vehicle sales, service revenue, and the strategic alliances that enhance its market reach and operational efficiency.

Force Motors Limited Financial Statement Overview

Summary

Force Motors Limited exhibits strong financial performance with significant improvements in revenue and profitability, a solid balance sheet with low leverage, and healthy cash flow generation. The company has effectively turned around its operations, showing resilience and adaptability in a competitive industry.

Income Statement

Force Motors Limited has demonstrated a strong financial performance with substantial improvements in revenue and profitability over the years. The Gross Profit Margin is robust at 27.8% for the latest year, indicating effective cost management. The Net Profit Margin improved significantly to 9.9% from previous losses, showcasing a turnaround in profitability. Revenue Growth Rate stood at 15.4%, driven by increased sales volume and market demand. Both EBIT and EBITDA margins have improved to 20.4% and 14.2% respectively, reflecting operational efficiency and profitability.

Balance Sheet

The balance sheet of Force Motors Limited shows a stable financial position with a healthy Equity Ratio of 59.1%, indicating a strong equity base. The Debt-to-Equity Ratio is low at 0.01, reflecting prudent financial leverage. Return on Equity (ROE) has improved remarkably to 26.4%, driven by higher net income. However, the company needs to maintain careful management of its liabilities to sustain this growth trajectory.

Cash Flow

Force Motors Limited has shown positive cash flow dynamics, with a Free Cash Flow growth of 63.9% indicating strong cash generation capabilities. The Operating Cash Flow to Net Income Ratio of 1.21 signifies efficient conversion of income into cash. The Free Cash Flow to Net Income Ratio is robust at 0.75, reflecting effective capital expenditure management.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	84.84B	80.72B	69.92B	50.29B	32.40B	20.01B
Gross Profit	23.25B	22.02B	19.16B	11.40B	6.80B	6.18B
EBITDA	12.11B	11.22B	9.30B	3.98B	963.80M	530.10M
Net Income	8.61B	8.01B	3.88B	1.34B	-910.80M	-1.24B
Balance Sheet
Total Assets	0.00	51.34B	44.15B	40.13B	36.61B	32.38B
Cash, Cash Equivalents and Short-Term Investments	5.07B	5.07B	4.48B	1.40B	721.00M	347.20M
Total Debt	0.00	174.30M	5.25B	9.55B	10.69B	6.42B
Total Liabilities	-30.36B	20.98B	21.57B	21.36B	19.11B	13.98B
Stockholders Equity	30.36B	30.33B	22.55B	18.75B	17.48B	18.38B
Cash Flow
Free Cash Flow	0.00	6.05B	8.06B	2.72B	-3.89B	-4.46B
Operating Cash Flow	0.00	9.71B	10.14B	5.32B	184.20M	73.40M
Investing Cash Flow	0.00	-3.51B	-1.98B	-2.56B	-3.56B	-3.33B
Financing Cash Flow	0.00	-5.62B	-5.09B	-2.07B	3.75B	2.93B

Force Motors Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 18353.30
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:FORCEMOT, the sentiment is Positive. The current price of 18353.3 is above the 20-day moving average (MA) of 17540.99, above the 50-day MA of 17371.12, and above the 200-day MA of 14762.18, indicating a bullish trend. The MACD of 196.04 indicates Negative momentum. The RSI at 61.76 is Neutral, neither overbought nor oversold. The STOCH value of 87.52 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:FORCEMOT.

Force Motors Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TCI	70 Outperform	₹81.87B	18.82	―	0.94%	9.97%	16.28%
WELENT	70 Outperform	₹71.37B	20.38	―	0.58%	9.11%	16.30%
FORCEMOT	69 Neutral	₹241.83B	22.45	―	0.22%	14.54%	126.08%
TCIEXP	63 Neutral	₹22.57B	27.53	―	1.37%	-2.79%	-26.28%
OLECTRA	58 Neutral	₹102.45B	71.69	―	0.03%	34.02%	27.30%
DELHIVERY	57 Neutral	₹303.47B	218.61	―	―	9.17%	1685.95%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%

Force Motors Limited Corporate Events

Force Motors Releases Unaudited Financial Results for September 2025

Force Motors Limited announced the publication of its unaudited financial results for the quarter and half-year ending September 30, 2025. The results, available in both standalone and consolidated formats, were published in prominent newspapers and are accessible on the company’s website. This disclosure aligns with regulatory requirements and provides stakeholders with insights into the company’s financial performance during the specified period.

Force Motors Announces Trading Window Closure Ahead of Financial Results

Force Motors Limited has announced the closure of its trading window in accordance with SEBI regulations, as the company prepares to release its unaudited financial results for the quarter and half-year ending September 30, 2025. The trading window will remain closed until November 9, 2025, to prevent insider trading as the Board of Directors meets to review and approve the financial results. This move ensures compliance with regulatory standards and maintains transparency for stakeholders.

Force Motors Reports Steady Sales Growth in September 2025

Force Motors Limited reported a modest increase in sales for September 2025, with domestic sales rising by 1.51% and export sales increasing by 7.83% compared to the previous year. The overall sales growth of 1.79% reflects steady demand for their range of commercial and utility vehicles, indicating a stable market position and potential for further expansion.

Force Motors’ 66th AGM: All Resolutions Passed with Majority

Force Motors Limited held its 66th Annual General Meeting on September 17, 2025, where shareholders participated through video conferencing. The company provided remote e-voting facilities, and all six resolutions presented during the meeting were passed with the requisite majority. This outcome reflects shareholder support for the company’s strategic decisions and operational plans.

Force Motors Opens Special Window for Physical Share Transfers

Force Motors Limited has announced the opening of a special window for the re-lodgement of transfer requests of physical shares, effective from July 7, 2025, to January 6, 2026. This initiative aims to assist shareholders who missed previous deadlines to submit necessary documents for share transfers, potentially impacting shareholder engagement and compliance with regulatory requirements.