Force Motors Ltd

₹ 6,616 0.82%

13 Dec - close price

forcemotors.com BSE: 500033 NSE: FORCEMOT

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]

Website BSE NSE

Market Cap ₹ 8,717 Cr.
Current Price ₹ 6,616
High / Low ₹ 10,278 / 3,333
Stock P/E 17.7
Book Value ₹ 1,945
Dividend Yield 0.30 %
ROCE 23.8 %
ROE 18.9 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Company has delivered good profit growth of 22.3% CAGR over last 5 years

Cons

Stock is trading at 3.40 times its book value
Company has a low return on equity of 6.38% over last 3 years.

* 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.

Peer comparison

Sector: Automobile Industry: Automobiles - LCVs / HCVs

Part of Nifty Total Market BSE Allcap BSE Consumer Discretionary BSE SmallCap Nifty Microcap 250

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	938	778	881	971	1,264	1,304	1,490	1,487	1,802	1,692	2,011	1,885	1,941
	893	789	882	926	1,165	1,239	1,370	1,307	1,577	1,467	1,733	1,636	1,659
Operating Profit	45	-11	-1	45	99	65	121	180	225	224	279	249	282
OPM %	5%	-1%	-0%	5%	8%	5%	8%	12%	12%	13%	14%	13%	15%
	15	13	8	7	12	5	246	11	9	4	15	15	9
Interest	9	12	13	14	20	17	18	18	16	14	14	9	5
Depreciation	45	50	55	57	61	60	63	63	67	68	68	69	69
Profit before tax	6	-61	-61	-19	31	-7	286	111	151	146	211	186	217
Tax %	36%	-35%	-34%	-35%	35%	-36%	48%	35%	35%	35%	35%	36%	35%
	4	-40	-40	-13	20	-5	149	72	98	95	137	120	141
EPS in Rs	2.83	-30.28	-30.34	-9.52	15.16	-3.45	113.20	54.62	74.57	71.90	103.75	90.76	106.77
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	1,973	2,022	2,364	3,025	3,069	3,423	3,652	3,080	1,988	3,240	5,029	6,992	7,529
	1,919	1,925	2,217	2,751	2,801	3,155	3,374	2,811	1,952	3,173	4,697	6,082	6,494
Operating Profit	54	97	147	274	268	267	278	269	36	67	331	910	1,034
OPM %	3%	5%	6%	9%	9%	8%	8%	9%	2%	2%	7%	13%	14%
	44	60	66	71	86	69	82	3	2	52	268	37	42
Interest	8	9	7	5	6	7	15	28	28	41	68	62	43
Depreciation	70	85	81	92	113	129	151	195	174	191	241	267	274
Profit before tax	19	63	125	248	235	200	194	50	-164	-113	291	618	759
Tax %	25%	-24%	19%	28%	23%	27%	24%	-17%	-32%	-34%	48%	35%
	14	78	101	179	180	147	147	58	-112	-75	152	402	492
EPS in Rs	10.84	58.96	76.93	135.65	136.55	111.53	111.70	44.16	-84.89	-56.62	115.40	304.86	373.18
Dividend Payout %	28%	5%	6%	7%	7%	9%	9%	23%	-6%	-18%	9%	7%

Compounded Sales Growth
10 Years:	13%
5 Years:	14%
3 Years:	52%
TTM:	24%

Compounded Profit Growth
10 Years:	18%
5 Years:	22%
3 Years:	87%
TTM:	138%

Stock Price CAGR
10 Years:	21%
5 Years:	46%
3 Years:	72%
1 Year:	83%

Return on Equity
10 Years:	6%
5 Years:	4%
3 Years:	6%
Last Year:	19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	13	13	13	13	13	13	13	13	13	13	13	13	13
Reserves	1,140	1,213	1,304	1,474	1,652	1,786	1,922	1,963	1,847	1,774	1,919	2,313	2,549
	42	53	21	14	200	0	286	310	642	1,069	955	524	229
	513	493	634	800	734	720	615	821	755	842	1,182	1,633	1,509
Total Liabilities	1,708	1,772	1,972	2,301	2,600	2,519	2,836	3,107	3,258	3,698	4,069	4,483	4,300
	622	643	638	786	911	948	1,216	1,400	1,224	2,033	2,094	2,031	2,146
CWIP	189	206	240	205	220	369	372	445	725	302	154	171	59
Investments	1	1	1	15	10	11	28	92	126	154	159	166	175
	896	922	1,093	1,296	1,459	1,191	1,220	1,169	1,184	1,209	1,662	2,115	1,920
Total Assets	1,708	1,772	1,972	2,301	2,600	2,519	2,836	3,107	3,258	3,698	4,069	4,483	4,300

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	83	116	226	256	471	256	312	409	7	18	531	1,011
	-304	-100	-96	-210	-621	-81	-606	-327	-333	-356	-256	-198
	-16	-30	-45	-37	180	-223	256	-20	293	375	-207	-509
Net Cash Flow	-237	-14	85	9	30	-47	-37	62	-32	37	68	304

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	20	24	17	18	14	26	17	20	23	21	14	5
Inventory Days	99	97	87	92	73	68	66	91	136	89	77	83
Days Payable	65	77	87	70	80	81	52	95	108	72	69	61
Cash Conversion Cycle	54	44	17	40	6	13	31	15	52	38	22	27
Working Capital Days	25	24	15	22	53	42	48	11	21	15	20	5
ROCE %	2%	6%	10%	18%	14%	11%	10%	5%	-5%	-3%	5%	24%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%
	2.46%	2.60%	2.49%	2.55%	2.71%	2.72%	4.11%	4.94%	4.91%	6.34%	7.78%	7.89%
	2.54%	3.31%	2.90%	2.20%	2.19%	2.32%	1.48%	1.59%	1.20%	0.86%	1.02%	0.92%
	33.37%	32.46%	32.98%	33.62%	33.47%	33.33%	32.77%	31.86%	32.27%	31.16%	29.57%	29.56%
No. of Shareholders	61,570	61,036	60,301	58,475	54,912	53,958	50,221	48,086	47,556	47,742	51,909	56,044

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	61.06%	61.06%	61.86%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%
	5.77%	5.41%	4.25%	3.55%	3.08%	2.60%	2.72%	6.34%	7.89%
	2.65%	3.47%	3.38%	1.99%	2.33%	3.31%	2.32%	0.86%	0.92%
	30.53%	30.06%	30.51%	32.83%	32.96%	32.46%	33.33%	31.16%	29.56%
No. of Shareholders	46,166	60,998	64,363	62,380	60,857	61,036	53,958	47,742	56,044

* 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.

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Force Motors Ltd

Force Motors Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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