Force Motors Ltd
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]
- Market Cap ₹ 11,919 Cr.
- Current Price ₹ 9,046
- High / Low ₹ 10,278 / 6,125
- Stock P/E 23.5
- Book Value ₹ 1,945
- Dividend Yield 0.22 %
- ROCE 23.8 %
- ROE 18.9 %
- Face Value ₹ 10.0
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 4.65 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 BSE Consumer Discretionary Nifty Microcap 250 Nifty Total Market BSE Allcap BSE SmallCap
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
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 | 7,726 | |
1,919 | 1,925 | 2,217 | 2,751 | 2,801 | 3,155 | 3,374 | 2,811 | 1,952 | 3,173 | 4,697 | 6,082 | 6,685 | |
Operating Profit | 54 | 97 | 147 | 274 | 268 | 267 | 278 | 269 | 36 | 67 | 331 | 910 | 1,042 |
OPM % | 3% | 5% | 6% | 9% | 9% | 8% | 8% | 9% | 2% | 2% | 7% | 13% | 13% |
44 | 60 | 66 | 71 | 86 | 69 | 82 | 3 | 2 | 52 | 268 | 37 | 53 | |
Interest | 8 | 9 | 7 | 5 | 6 | 7 | 15 | 28 | 28 | 41 | 68 | 62 | 33 |
Depreciation | 70 | 85 | 81 | 92 | 113 | 129 | 151 | 195 | 174 | 191 | 241 | 267 | 276 |
Profit before tax | 19 | 63 | 125 | 248 | 235 | 200 | 194 | 50 | -164 | -113 | 291 | 618 | 785 |
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 | 507 | |
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 | 384.81 |
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: | 19% |
Compounded Profit Growth | |
---|---|
10 Years: | 18% |
5 Years: | 22% |
3 Years: | 87% |
TTM: | 66% |
Stock Price CAGR | |
---|---|
10 Years: | 20% |
5 Years: | 66% |
3 Years: | 102% |
1 Year: | 25% |
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% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
27 Mar - Force Motors secures order for 2978 vehicles from Defence.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
27 Mar - Force Motors secures order for 2,978 vehicles from Indian Defence.
- Closure of Trading Window 25 Mar
-
Announcement under Regulation 30 (LODR)-Monthly Business Updates
4 Mar - Sales data for domestic and export vehicles in February 2025.
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Intimation Of Redemption Of Unlisted Secured Redeemable Non-Convertible Debentures (Ncds).
15 Feb - Redemption of 190 Unlisted Secured Redeemable NCDs.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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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]