Arthneeti

Force Motors Q2 FY27 Share Price & Earnings Call Analysis

₹17,787.00+0.67% today
Market cap
₹23,437 Cr
P/E
22.47
ROE
29.21%
PEG
0.10
Price to sales
2.34
Debt to equity
0.00
52W high / low
₹25,776 / ₹16,400
Sales growth (5Y)
35.43%
EBITDA margin
15.43%
Net profit margin
11.66%
Promoter holding
61.63%
Sales (last year)
₹10,043 Cr

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]

Potential multibaggers · Q2 FY27

Potential multibaggers in Automobiles
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. M & MGood growth
    3
See all potential multibaggersWhere does Force Motors rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Automobiles companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹69,694 Cr—
240%+Flat₹2,199 Cr78.8
3M & M20–40%Flat₹3.53L Cr18.4
420–40%Flat₹1.99L Cr51.7
520–40%Flat₹1.98L Cr34.1
620–40%Flat₹16,586 Cr—

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Financials of Force Motors

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Force Motors

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +61.63%61.63%61.63%61.63%61.63%61.63%61.63%61.63%61.63%61.63%61.63%61.63%
FIIs +4.91%6.34%7.78%7.89%8.15%8.36%9.77%10.27%10.46%10.93%9.51%7.10%
DIIs +1.20%0.86%1.02%0.92%0.90%1.43%1.66%1.48%1.80%1.75%1.46%2.48%
Public +32.27%31.16%29.57%29.56%29.30%28.58%26.94%26.63%26.12%25.69%27.39%28.78%
No. of Shareholders47,55647,74251,90956,04459,20756,16459,41972,33471,87078,75094,4391,06,263

Financials of Force Motors

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +1,8021,6922,0111,8851,9411,8892,3562,2972,0812,1292,5502,4402,925
Expenses +1,5811,4771,7331,6401,6641,6582,0271,9741,7191,7552,1362,1122,491
Operating Profit221215279245277232329323363374414328434
OPM %12%13%14%13%14%12%14%14%17%18%16%13%15%
Other Income +9418159204182526241394346
Interest1614149547000302
Depreciation67686869697172707173727782
Profit before tax147137214182211177668278317543378293396
Tax %36%37%35%36%36%35%35%36%-11%25%26%26%26%
Net Profit +9485140116135115435176351406279217294
EPS in Rs71.2464.81106.4587.81102.4787.51329.92133.82266.14308.21211.38164.36223.04

Financials of Force Motors

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +2,3643,0253,0693,4233,6523,0811,9883,2405,0296,9928,0729,05710,043
Expenses +2,2172,7512,8013,1553,3782,8201,9643,1904,7166,0966,9737,5738,493
Operating Profit14727426826827526124503138971,0991,4841,550
OPM %6%9%9%8%8%8%1.2%1.6%6%13%14%16%15%
Other Income +6671866982325226837446321369
Interest75671528284168622635
Depreciation8192113129151195174191241267280286304
Profit before tax12524923520119042-176-1302726051,2381,5161,610
Tax %19%28%23%27%25%-20%-30%-30%51%36%35%20%
Net Profit +10217918014714350-124-911343888011,2121,195
EPS in Rs77.06135.77136.68111.66108.7838.08-93.83-69.12101.42294.54607.71919.55906.99
Dividend Payout %6%7%7%9%9%26%-5%-14%10%7%7%5%

Financials of Force Motors

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital13131313131313131313131313
Reserves1,3061,4761,6541,7881,9201,9521,8251,7351,8622,2423,0204,1814,625
Borrowings +111419902863106421,06995552417-0-0
Other Liabilities +6458017387226178237578441,1841,6352,0832,3432,648
Total Liabilities1,9752,3052,6042,5232,8363,0983,2383,6614,0134,4155,1346,5387,286
Fixed Assets +6387869119481,2161,4001,2242,0332,0942,0311,9691,9212,584
CWIP240205220369372445725302154171287536176
Investments0149102378100111979110398110
Other Assets +1,0971,3001,4631,1961,2251,1751,1891,2151,6682,1212,7753,9814,416
Total Assets1,9752,3052,6042,5232,8363,0983,2383,6614,0134,4155,1346,5387,286

Financials of Force Motors

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +2262564712563144097185321,0141,5461,297
Cash from Investing Activity +-96-210-621-81-606-327-333-356-256-198-926-900
Cash from Financing Activity +-45-37180-223256-20293375-207-509-562-73
Net Cash Flow85930-47-3562-32376830858324
Free Cash Flow10919236-62-183-49-445-3152748101,181761
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit176%107%198%106%131%163%41%32%171%130%161%116%

Financials of Force Motors

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days171814261720232114588
Inventory Days8792736866911368977837372
Days Payable8770808152951087269614859
Cash Conversion Cycle17406133115523822273220
Working Capital Days15233043436-5-37-6-21639
ROCE %10%18%14%11%10%5%-5%-3%5%24%30%36%
26out of 100

Momentum score · price trend

26 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+0.1%60%
Last 6 months−8.6%40%
Last 3 months−4.5%59%

The price is 31.5% below its all-time high of ₹25,776 (17 Feb 2026). Stocks more than 20% below their peak have their score halved, so 52 became 26.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Force Motors: 0.4 × 60 + 0.4 × 40 + 0.2 × 59 = 52, halved to 26 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Force Motors's management said in earlier quarters

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