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Force Motors Limited
(FORCEMOT)
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Rating:70Outperform
Price Target:
₹19,667.00
▼(-5.85% Downside)
Action:Reiterated
Date:05/03/26
The score is primarily supported by strong financial performance (profitability turnaround and a materially de-risked balance sheet). This is tempered by weak technical momentum (below key moving averages with a negative MACD) and only moderate valuation support given a low dividend yield.
Positive Factors
Deleveraged balance sheet
Near-zero leverage and a materially enlarged equity base give Force Motors durable financial flexibility: lower interest burden, capacity to fund capex or weather downturns, and strong ROE (~28.9%) signals efficient capital use—supporting durable investment and strategic optionality.
Negative Factors
Gross‑margin compression
A material drop in gross margin (≈27% to ≈20.2%) signals underlying cost, mix, or pricing pressures that can erode operating leverage. If sustained, lower gross margins will constrain durable profitability and limit the upside from revenue growth absent efficiency or pricing fixes.
Read all positive and negative factors
Positive Factors
Negative Factors
Deleveraged balance sheet
Near-zero leverage and a materially enlarged equity base give Force Motors durable financial flexibility: lower interest burden, capacity to fund capex or weather downturns, and strong ROE (~28.9%) signals efficient capital use—supporting durable investment and strategic optionality.
Read all positive factors
Force Motors Limited (FORCEMOT) vs. iShares MSCI India ETF (INDA)
Market Cap
₹239.17B
Dividend Yield0.22%
Average Volume (3M)8.16K
Price to Earnings (P/E)19.8
Beta (1Y)1.50
Revenue Growth12.21%
EPS Growth51.31%
CountryIN
Employees4,473
SectorGeneral
Sector StrengthN/A
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)919.54
Shares Outstanding13,176,262
10 Day Avg. Volume9,256
30 Day Avg. Volume8,163
Financial Highlights & Ratios
PEG Ratio0.41
Price to Book (P/B)6.10
Price to Sales (P/S)2.82
P/FCF Ratio32.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Force Motors Limited Business Overview & Revenue Model
Company Description
Force Motors Limited is an integrated Indian automotive enterprise involved in the entire process of conceiving, engineering, manufacturing, and distributing a wide spectrum of vehicle components, sub-assemblies, and complete automobiles. Its prod...
How the Company Makes Money
Force Motors primarily makes money by selling vehicles and related offerings across its business lines. Key revenue streams include: (1) Commercial and utility vehicle sales: revenue from the manufacture and sale of SCVs/LCVs and multi-utility veh...
Force Motors Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
90
Very Positive
Cash Flow
74
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 90.57B | 80.72B | 69.92B | 50.29B | 32.40B |
| Gross Profit | 18.25B | 22.02B | 19.16B | 11.40B | 6.80B |
| EBITDA | 18.05B | 11.22B | 9.30B | 3.98B | 963.80M |
| Net Income | 12.12B | 8.01B | 3.88B | 1.34B | -910.80M |
Balance Sheet | |||||
| Total Assets | 65.38B | 51.34B | 44.15B | 40.13B | 36.61B |
| Cash, Cash Equivalents and Short-Term Investments | 8.32B | 5.07B | 4.48B | 1.40B | 721.00M |
| Total Debt | 0.00 | 174.30M | 5.25B | 9.55B | 10.69B |
| Total Liabilities | 23.41B | 20.98B | 21.57B | 21.36B | 19.11B |
| Stockholders Equity | 41.94B | 30.33B | 22.55B | 18.75B | 17.48B |
Cash Flow | |||||
| Free Cash Flow | 7.91B | 6.05B | 8.06B | 2.72B | -3.89B |
| Operating Cash Flow | 13.30B | 9.71B | 10.14B | 5.32B | 184.20M |
| Investing Cash Flow | -9.36B | -3.51B | -1.98B | -2.56B | -3.56B |
| Financing Cash Flow | -701.30M | -5.62B | -5.09B | -2.07B | 3.75B |
Force Motors Limited Technical Analysis
Negative
20889.75
Price Trends
18942.63
Negative
20581.87
Negative
19416.45
Negative
Market Momentum
-147.78
Negative
46.17
Neutral
16.53
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:FORCEMOT, the sentiment is Negative. The current price of 20889.75 is above the 20-day moving average (MA) of 18417.40, above the 50-day MA of 18942.63, and above the 200-day MA of 19416.45, indicating a bearish trend. The MACD of -147.78 indicates Negative momentum. The RSI at 46.17 is Neutral, neither overbought nor oversold. The STOCH value of 16.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:FORCEMOT.
Force Motors Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹239.17B | 19.76 | ― | 0.22% | 12.21% | 51.31% | |
63 Neutral | ₹389.59B | 253.80 | ― | ― | 17.65% | -6.32% | |
63 Neutral | ₹21.49B | 25.61 | ― | 1.37% | 2.41% | -2.48% | |
62 Neutral | ₹116.84B | 65.85 | ― | 0.03% | 28.32% | 27.77% | |
62 Neutral | ₹71.89B | 15.72 | ― | 0.94% | 9.46% | 11.57% | |
60 Neutral | ₹84.94B | 23.79 | ― | 0.58% | 0.87% | 9.05% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:FORCEMOT
Force Motors Limited
18,151.40
1,503.79
9.03%
IN:DELHIVERY
Delhivery Limited
520.25
113.70
27.97%
IN:OLECTRA
Olectra Greentech Limited
1,423.50
211.74
17.47%
IN:TCI
Transport Corporation of India Limited
936.75
-285.36
-23.35%
IN:TCIEXP
TCI Express Ltd.
559.40
-166.02
-22.89%
IN:WELENT
Welspun Enterprises Ltd.
613.70
96.00
18.54%
Force Motors Limited Corporate Events
Force Motors Unveils New Traveller N Range, Overhauls Core LCV Portfolio
May 5, 2026
Force Motors Limited has announced the launch of its New Force Traveller N Range, a light commercial vehicle line introduced on 5 May 2026 for both domestic and international markets. With this rollout, the company will fully transition its existi...
Force Motors Unveils New Traveller N Range for Shared Mobility
May 5, 2026
Force Motors has launched its new Force Traveller N Range, a light commercial vehicle line designed for shared passenger mobility, and will fully transition its existing Traveller portfolio to this new range from May 2026. The move signals a strat...
Force Motors Sets Board Meet for FY26 Results and Dividend Consideration
Apr 22, 2026
Force Motors Limited has scheduled a board meeting on 29 April 2026 to review and approve its audited standalone and consolidated financial results for the quarter and full year ended 31 March 2026. The board will also consider recommending a divi...
Force Motors files SEBI-compliant dematerialisation certificate for March 2026 quarter
Apr 14, 2026
Force Motors Limited has submitted to Indian stock exchanges a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 March 2026, as provided by its registrar and share ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.