Whalesbook
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]
ProductsCompany 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]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Maruti Suzuki | 15994.00 | 34.02 | 502855.48 | 0.84 | 3349.00 | 7.95 | 42344.20 | 13.07 | 21.70 | 160633.80 | 12.22 | 14779.40 | 3349.00 | 5.04 | 11.69 | 0.00 |
| 2. | M & M | 3671.60 | 32.08 | 456574.05 | 0.69 | 3963.75 | 15.85 | 46105.67 | 21.57 | 13.93 | 175704.22 | 18.95 | 14232.39 | 3673.32 | 5.51 | 5.51 | 1.53 |
| 3. | Hyundai Motor I | 2372.80 | 34.35 | 192799.75 | 0.89 | 1570.25 | 17.38 | 17061.03 | 1.10 | 54.25 | 66889.41 | 13.20 | 5612.65 | 1570.25 | 11.35 | 19.97 | 0.05 |
| 4. | Tata Motors PVeh | 356.45 | 9.72 | 131256.70 | 1.68 | 76248.00 | -214.83 | 72349.00 | -13.52 | 19.97 | 392137.00 | 9.18 | 13507.54 | -3412.33 | 1.19 | 7.65 | 0.61 |
| 5. | Force Motors | 17568.00 | 28.28 | 23148.06 | 0.23 | 349.51 | 148.44 | 2081.27 | 7.22 | 29.27 | 8623.64 | 14.56 | 818.62 | 349.51 | 6.46 | 11.35 | 0.00 |
| 6. | Olectra Greentec | 1239.40 | 71.19 | 10173.09 | 0.03 | 49.43 | 4.18 | 656.62 | 25.39 | 20.52 | 1968.13 | 13.68 | 142.91 | 49.55 | 9.06 | 7.46 | 0.33 |
| 7. | Mercury EV-Tech | 38.05 | 81.96 | 722.85 | 0.00 | 1.72 | 7.50 | 34.01 | 74.59 | 5.16 | 122.86 | 8.41 | 8.82 | 1.72 | 2.58 | 3.17 | 0.03 |
| – | Median: 8 Co. | 1806.1 | 34.19 | 77202.38 | 0.46 | 959.88 | 7.72 | 9571.15 | 10.14 | 20.24 | 37756.53 | 12.71 | 3215.63 | 199.53 | 5.98 | 7.55 | 0.04 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,264 | 1,304 | 1,490 | 1,487 | 1,802 | 1,692 | 2,011 | 1,885 | 1,941 | 1,889 | 2,356 | 2,297 | 2,081 |
Expenses | 1,165 | 1,239 | 1,370 | 1,307 | 1,577 | 1,467 | 1,733 | 1,636 | 1,659 | 1,658 | 2,027 | 1,965 | 1,719 |
Operating Profit | 99 | 65 | 121 | 180 | 225 | 224 | 279 | 249 | 282 | 232 | 329 | 332 | 363 |
Other Income | 12 | 5 | 246 | 11 | 9 | 4 | 15 | 15 | 9 | 15 | 413 | 25 | 24 |
Profit before tax | 31 | -7 | 286 | 111 | 151 | 146 | 211 | 186 | 217 | 172 | 663 | 287 | 316 |
Tax % | 35% | -36% | 48% | 35% | 35% | 35% | 35% | 36% | 35% | 36% | 35% | 35% | -11% |
Net Profit | 20 | -5 | 149 | 72 | 98 | 95 | 137 | 120 | 141 | 110 | 430 | 185 | 350 |
EPS in Rs | 15.16 | -3.45 | 113.20 | 54.62 | 74.57 | 71.90 | 103.75 | 90.76 | 106.77 | 83.53 | 326.07 | 140.57 | 265.26 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 2,022 | 2,364 | 3,025 | 3,069 | 3,423 | 3,652 | 3,080 | 1,988 | 3,240 | 5,029 | 6,992 | 8,071 | 8,624 |
Expenses | 1,925 | 2,217 | 2,751 | 2,801 | 3,155 | 3,374 | 2,811 | 1,952 | 3,173 | 4,697 | 6,082 | 6,973 | 7,368 |
Operating Profit | 97 | 147 | 274 | 268 | 267 | 278 | 269 | 36 | 67 | 331 | 910 | 1,098 | 1,255 |
Other Income | 60 | 66 | 71 | 86 | 69 | 82 | 3 | 2 | 52 | 268 | 37 | 445 | 477 |
Interest | 9 | 7 | 5 | 6 | 7 | 15 | 28 | 28 | 41 | 68 | 62 | 26 | 12 |
Depreciation | 85 | 81 | 92 | 113 | 129 | 151 | 195 | 174 | 191 | 241 | 267 | 280 | 284 |
Profit before tax | 63 | 125 | 248 | 235 | 200 | 194 | 50 | -164 | -113 | 291 | 618 | 1,237 | 1,437 |
Net Profit | 78 | 101 | 179 | 180 | 147 | 147 | 58 | -112 | -75 | 152 | 402 | 800 | 1,074 |
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 | 815.43 |
Dividend Payout % | 5% | 6% | 7% | 7% | 9% | 9% | 23% | -6% | -18% | 9% | 7% | 7% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 13 | 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 | 3,571 |
Borrowings | 53 | 21 | 14 | 200 | 0 | 286 | 310 | 642 | 1,069 | 955 | 524 | 17 | 0 |
Other Liabilities | 493 | 634 | 800 | 734 | 720 | 615 | 821 | 755 | 842 | 1,182 | 1,633 | 2,081 | 1,833 |
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 | 5,418 |
Fixed Assets | 643 | 638 | 786 | 911 | 948 | 1,216 | 1,400 | 1,224 | 2,033 | 2,094 | 2,031 | 1,969 | 2,115 |
Gross Block | 1,534 | 1,612 | 1,848 | 2,087 | 2,194 | 2,609 | 2,994 | 2,923 | 3,916 | 4,211 | 4,410 | 4,591 | – |
Accumulated Depreciation | 891 | 975 | 1,063 | 1,175 | 1,246 | 1,393 | 1,593 | 1,699 | 1,883 | 2,117 | 2,379 | 2,622 | – |
CWIP | 206 | 240 | 205 | 220 | 369 | 372 | 445 | 725 | 302 | 154 | 171 | 287 | 190 |
Investments | 1 | 1 | 15 | 10 | 11 | 28 | 92 | 126 | 154 | 159 | 166 | 178 | 178 |
Other Assets | 922 | 1,093 | 1,296 | 1,459 | 1,191 | 1,220 | 1,169 | 1,184 | 1,209 | 1,662 | 2,115 | 2,768 | 2,934 |
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 | 5,418 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 116 | 226 | 256 | 471 | 256 | 312 | 409 | 7 | 18 | 531 | 1,011 | 971 |
Cash from Investing Activity | -100 | -96 | -210 | -621 | -81 | -606 | -327 | -333 | -356 | -256 | -198 | -351 |
Cash from Financing Activity | -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 |
Standalone Figures in ₹ Crores / Yearly
| 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 | 143 | 72 | 69 | 61 | 48 |
Cash Conversion Cycle | 44 | 17 | 40 | 6 | 13 | 31 | 15 | 17 | 38 | 22 | 27 | 32 |
Working Capital Days | 24 | 15 | 22 | 30 | 42 | 43 | 5 | -6 | -38 | -6 | -2 | 16 |
ROCE % | 6% | 10% | 18% | 14% | 11% | 10% | 5% | -5% | -3% | 5% | 24% | 29% |
Direct from BSE filings, auto-summarised
External media mentions & references
Editorial & research coverage
Nov 2025
