Force Motors Ltd Q2 FY26 Share Price & Earnings Call Analysis

Financials of Force Motors Ltd

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

Financials of Force Motors Ltd

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +1,4901,4881,8021,6922,0111,8851,9411,8892,3562,2972,0812,1292,550
Expenses +1,3721,3101,5811,4771,7331,6401,6641,6582,0271,9741,7191,7552,136
Operating Profit118177221215279245277232329323363374414
OPM %8%12%12%13%14%13%14%12%14%14%17%18%16%
Other Income +24611941815920418252624139
Interest181816141495470003
Depreciation63636768686969717270717372
Profit before tax284107147137214182211177668278317543378
Tax %48%36%36%37%35%36%36%35%35%36%-11%25%26%
Net Profit +147699485140116135115435176351406279
EPS in Rs111.2552.0671.2464.81106.4587.81102.4787.51329.92133.82266.14308.21211.38

Financials of Force Motors Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +2,3643,0253,0693,4233,6523,0811,9883,2405,0296,9928,0729,057
Expenses +2,2172,7512,8013,1553,3782,8201,9643,1904,7166,0966,9737,574
Operating Profit14727426826827526124503138971,0991,483
OPM %6%9%9%8%8%8%1%2%6%13%14%16%
Other Income +6671866982325226837446322
Interest7567152828416862263
Depreciation8192113129151195174191241267280286
Profit before tax12524923520119042-176-1302726051,2381,516
Tax %19%28%23%27%25%-20%-30%-30%51%36%35%20%
Net Profit +10217918014714350-124-911343888011,212
EPS in Rs77.06135.77136.68111.66108.7838.08-93.83-69.12101.42294.54607.71919.55
Dividend Payout %6%7%7%9%9%26%-5%-14%10%7%7%5%

Financials of Force Motors Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital131313131313131313131313
Reserves1,3061,4761,6541,7881,9201,9521,8251,7351,8622,2423,0204,181
Borrowings +111419902863106421,069955524170
Other Liabilities +6458017387226178237578441,1841,6352,0832,343
Total Liabilities1,9752,3052,6042,5232,8363,0983,2383,6614,0134,4155,1346,538
Fixed Assets +6387869119481,2161,4001,2242,0332,0942,0311,9692,222
CWIP240205220369372445725302154171287236
Investments0149102378100111979110398
Other Assets +1,0971,3001,4631,1961,2251,1751,1891,2151,6682,1212,7753,981
Total Assets1,9752,3052,6042,5232,8363,0983,2383,6614,0134,4155,1346,538

Financials of Force Motors Ltd

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 +2262564712563144097185321,0149711,297
Cash from Investing Activity +-96-210-621-81-606-327-333-356-256-198-351-900
Cash from Financing Activity +-45-37180-223256-20293375-207-509-562-73
Net Cash Flow85930-47-3562-32376830858324
Free Cash Flow10919236-62-183-49-445-315274810606761
CFO/OP176%107%198%106%131%163%41%32%171%130%108%116%

Financials of Force Motors Ltd

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%