Force Motors Limited (IN:FORCEMOT)
:FORCEMOT
Want to see IN:FORCEMOT full AI Analyst Report?
Top Page
Force Motors Limited
(FORCEMOT)
Select Model
Select Model
Rating:70Outperform
Price Target:
₹21,890.00
▲(4.79% Upside)
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
Revenue and profit turnaround
The company achieved a multi-year revenue scale-up and moved from losses to sustained profitability by 2024–2026. This structural uplift in top line and net margin supports durable cash generation, broader product reach, and reinvestment capacity across commercial, tractor, and components businesses.
Negative Factors
Gross-margin compression
A material drop in gross margin suggests emerging pricing pressure, cost inflation, or adverse product mix. If lower gross margins persist, they will constrain operating profitability and free cash flow, weakening the company’s ability to fund growth or sustain returns despite higher revenues.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and profit turnaround
The company achieved a multi-year revenue scale-up and moved from losses to sustained profitability by 2024–2026. This structural uplift in top line and net margin supports durable cash generation, broader product reach, and reinvestment capacity across commercial, tractor, and components businesses.
Read all positive factors
Force Motors Limited (FORCEMOT) vs. iShares MSCI India ETF (INDA)
Market Cap
₹257.66B
Dividend Yield0.22%
Average Volume (3M)8.16K
Price to Earnings (P/E)23.0
Beta (1Y)1.28
Revenue Growth12.21%
EPS Growth51.31%
CountryIN
Employees4,473
SectorServices
Sector StrengthN/A
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)817.40
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, 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 bus...
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 | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 86.24B | 90.57B | 80.72B | 69.92B | 50.29B | 32.40B |
| Gross Profit | 24.59B | 18.25B | 22.02B | 19.16B | 11.40B | 6.80B |
| EBITDA | 13.08B | 14.83B | 11.22B | 9.30B | 3.98B | 963.80M |
| Net Income | 10.77B | 12.12B | 8.01B | 3.88B | 1.34B | -910.80M |
Balance Sheet | ||||||
| Total Assets | 53.42B | 65.38B | 51.34B | 44.15B | 40.13B | 36.61B |
| Cash, Cash Equivalents and Short-Term Investments | 12.04B | 8.32B | 5.07B | 4.48B | 1.40B | 721.00M |
| Total Debt | 0.00 | 0.00 | 174.30M | 5.25B | 9.55B | 10.69B |
| Total Liabilities | 18.33B | 23.41B | 20.98B | 21.57B | 21.36B | 19.11B |
| Stockholders Equity | 35.06B | 41.94B | 30.33B | 22.55B | 18.75B | 17.48B |
Cash Flow | ||||||
| Free Cash Flow | 479.60M | 7.91B | 6.05B | 8.06B | 2.72B | -3.89B |
| Operating Cash Flow | 2.70B | 13.30B | 9.71B | 10.14B | 5.32B | 184.20M |
| Investing Cash Flow | -2.02B | -9.36B | -3.51B | -1.98B | -2.56B | -3.56B |
| Financing Cash Flow | -1.71B | -701.30M | -5.62B | -5.09B | -2.07B | 3.75B |
Force Motors Limited Technical Analysis
Negative
20889.75
Price Trends
20939.58
Negative
21092.48
Negative
19457.00
Negative
Market Momentum
-428.32
Positive
40.10
Neutral
27.79
Neutral
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 20306.60, below the 50-day MA of 20939.58, and above the 200-day MA of 19457.00, indicating a bearish trend. The MACD of -428.32 indicates Positive momentum. The RSI at 40.10 is Neutral, neither overbought nor oversold. The STOCH value of 27.79 is Neutral, 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 | ₹67.68B | 18.01 | ― | 0.94% | 8.65% | 13.08% | |
70 Outperform | ₹257.66B | 22.95 | ― | 0.22% | 12.21% | 51.31% | |
66 Neutral | ₹341.19B | 204.26 | ― | ― | 17.65% | -6.32% | |
65 Neutral | ₹98.73B | 53.03 | ― | 0.03% | 28.91% | 8.65% | |
63 Neutral | ₹19.58B | 25.07 | ― | 1.37% | -0.12% | -13.61% | |
60 Neutral | ₹67.80B | 16.11 | ― | 0.58% | 0.87% | 9.05% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% |
* Services Sector Average
IN:FORCEMOT
Force Motors Limited
19,077.30
8,496.80
80.31%
IN:DELHIVERY
Delhivery Limited
456.80
108.60
31.19%
IN:OLECTRA
Olectra Greentech Limited
1,220.15
-48.89
-3.85%
IN:TCI
Transport Corporation of India Limited
885.10
-245.21
-21.69%
IN:TCIEXP
TCI Express Ltd.
514.00
-226.05
-30.55%
IN:WELENT
Welspun Enterprises Ltd.
486.10
4.67
0.97%
Force Motors Limited Corporate Events
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 ...
Force Motors eyes Veera Tanneries acquisition for expansion land bank
Feb 4, 2026
Force Motors’ board has approved exploring a full acquisition of Veera Tanneries Private Limited, a chrome-free organic leather maker with minimal turnover, to secure its land bank for future expansion, with completion targeted by 31 March 2...
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.