Force Motors Ltd

Force Motors Ltd

₹ 8,983 -0.34%
29 Apr 1:35 p.m.
About

Force Motors Ltd was established in 1958, is the flagship company of the Abhay Firodia group. The company is in the business of manufacturing fully vertically integrated small and light CVs, multi-utility vehicles, and agricultural tractors, which it supplies to various countries in the Middle East, Asia, Latin America, and Africa. It was known as Bajaj Tempo till 2005 [1]

Key Points

Products
Company is into development and manufacturing of automotive components and vehicles. Its range of products includes Light Commercial Vehicles (LCV), Multi-Utility Vehicles (MUV), Small Commercial Vehicles (SCV), Special Vehicles (SV) and Agricultural Tractors. Through its subsidiary Tempo Finance (West) it is engaged in providing financial services and through its JV company Force MTU Power Systems it manufactures Engines & Generator sets. [1]

  • Market Cap 11,837 Cr.
  • Current Price 8,983
  • High / Low 9,885 / 6,125
  • Stock P/E 21.7
  • Book Value 2,355
  • Dividend Yield 0.23 %
  • ROCE 29.1 %
  • ROE 20.1 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 43.4% CAGR over last 5 years

Cons

  • Earnings include an other income of Rs.451 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
881 971 1,264 1,304 1,490 1,487 1,802 1,692 2,011 1,885 1,941 1,889 2,356
882 926 1,165 1,239 1,370 1,307 1,577 1,467 1,733 1,636 1,659 1,658 2,027
Operating Profit -1 45 99 65 121 180 225 224 279 249 282 232 329
OPM % -0% 5% 8% 5% 8% 12% 12% 13% 14% 13% 15% 12% 14%
8 7 12 5 246 11 9 4 15 15 9 15 413
Interest 13 14 20 17 18 18 16 14 14 9 5 4 7
Depreciation 55 57 61 60 63 63 67 68 68 69 69 71 72
Profit before tax -61 -19 31 -7 286 111 151 146 211 186 217 172 663
Tax % -34% -35% 35% -36% 48% 35% 35% 35% 35% 36% 35% 36% 35%
-40 -13 20 -5 149 72 98 95 137 120 141 110 430
EPS in Rs -30.34 -9.52 15.16 -3.45 113.20 54.62 74.57 71.90 103.75 90.76 106.77 83.53 326.07
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
2,022 2,364 3,025 3,069 3,423 3,652 3,080 1,988 3,240 5,029 6,992 8,071
1,925 2,217 2,751 2,801 3,155 3,374 2,811 1,952 3,173 4,697 6,082 6,979
Operating Profit 97 147 274 268 267 278 269 36 67 331 910 1,092
OPM % 5% 6% 9% 9% 8% 8% 9% 2% 2% 7% 13% 14%
60 66 71 86 69 82 3 2 52 268 37 451
Interest 9 7 5 6 7 15 28 28 41 68 62 26
Depreciation 85 81 92 113 129 151 195 174 191 241 267 280
Profit before tax 63 125 248 235 200 194 50 -164 -113 291 618 1,237
Tax % -24% 19% 28% 23% 27% 24% -17% -32% -34% 48% 35% 35%
78 101 179 180 147 147 58 -112 -75 152 402 800
EPS in Rs 58.96 76.93 135.65 136.55 111.53 111.70 44.16 -84.89 -56.62 115.40 304.86 607.13
Dividend Payout % 5% 6% 7% 7% 9% 9% 23% -6% -18% 9% 7% 7%
Compounded Sales Growth
10 Years: 13%
5 Years: 21%
3 Years: 36%
TTM: 15%
Compounded Profit Growth
10 Years: 18%
5 Years: 43%
3 Years: 110%
TTM: 36%
Stock Price CAGR
10 Years: 19%
5 Years: 60%
3 Years: 96%
1 Year: -5%
Return on Equity
10 Years: 8%
5 Years: 8%
3 Years: 15%
Last Year: 20%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 13 13 13 13 13 13 13 13 13 13 13 13
Reserves 1,213 1,304 1,474 1,652 1,786 1,922 1,963 1,847 1,774 1,919 2,313 3,090
53 21 14 200 0 286 310 642 1,069 955 524 17
493 634 800 734 720 615 821 755 842 1,182 1,633 2,081
Total Liabilities 1,772 1,972 2,301 2,600 2,519 2,836 3,107 3,258 3,698 4,069 4,483 5,202
643 638 786 911 948 1,216 1,400 1,224 2,033 2,094 2,031 2,164
CWIP 206 240 205 220 369 372 445 725 302 154 171 93
Investments 1 1 15 10 11 28 92 126 154 159 166 178
922 1,093 1,296 1,459 1,191 1,220 1,169 1,184 1,209 1,662 2,115 2,768
Total Assets 1,772 1,972 2,301 2,600 2,519 2,836 3,107 3,258 3,698 4,069 4,483 5,202

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
116 226 256 471 256 312 409 7 18 531 1,011 971
-100 -96 -210 -621 -81 -606 -327 -333 -356 -256 -198 -351
-30 -45 -37 180 -223 256 -20 293 375 -207 -509 -562
Net Cash Flow -14 85 9 30 -47 -37 62 -32 37 68 304 58

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 24 17 18 14 26 17 20 23 21 14 5 8
Inventory Days 97 87 92 73 68 66 91 136 89 77 83 73
Days Payable 77 87 70 80 81 52 95 108 72 69 61 48
Cash Conversion Cycle 44 17 40 6 13 31 15 52 38 22 27 32
Working Capital Days 24 15 22 53 42 48 11 21 15 20 5 16
ROCE % 6% 10% 18% 14% 11% 10% 5% -5% -3% 5% 24% 29%

Shareholding Pattern

Numbers in percentages

Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
61.63% 61.63% 61.63% 61.63% 61.63% 61.63% 61.63% 61.63% 61.63% 61.63% 61.63% 61.63%
2.49% 2.55% 2.71% 2.72% 4.11% 4.94% 4.91% 6.34% 7.78% 7.89% 8.15% 8.36%
2.90% 2.20% 2.19% 2.32% 1.48% 1.59% 1.20% 0.86% 1.02% 0.92% 0.90% 1.43%
32.98% 33.62% 33.47% 33.33% 32.77% 31.86% 32.27% 31.16% 29.57% 29.56% 29.30% 28.58%
No. of Shareholders 60,30158,47554,91253,95850,22148,08647,55647,74251,90956,04459,20756,164

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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