āagman

Not investment advice. Data and computed figures, for information only.

Force Motors Ltd

NSE: FORCEMOTF&O
₹17,700.00
+₹122.00 (+0.69%)
NSE · 16 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹22,268 Cr
CMP
₹17,700.00
52-wk High / Low
₹26,450 / 16,109
P/E
20.2
P/B
5.3
Book Value
₹3,183.0
Div Yield
0.30%
ROCE
36.0%
ROE
26.1%
Face Value
₹10
D/E
0.00

Price+9.7% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 13 quarters of filings. Not reported by the company.
As of 16 Oct 2026
How we compute these
Piotroski F-Score
7
/ 9
7 of 9 F-score tests passed
Graham Number
₹8,115
√(22.5 × EPS × book value per share)
ROIC
22.8%
vs 11.5% sector median
Cash flow to profit
1.07
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−62
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
24.5%
ROE × earnings retention ratio
ROE stability
12.6
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −1.42DII −0.29
Latest quarter vs the previous one
Cash-accrual divergence
−1.5%
of assets
Low = accruals track cash flow
Strengths
+Borrowings are down 100% since FY2016 (14 to 0)
+FII holding rose by 6.8pp over the last year
+Piotroski F-Score of 7/9 is in the strong band (≥7)
+PE of 20.2x is below the sector median of 35.7x
Watch-outs
−Price trades below its 200-day moving average (0.9x)
−Price is 33.1% below its 52-week high

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,4881,8021,6922,0111,8851,9411,8892,3562,2972,0812,1292,5502,440
Expenses1,3101,5811,4771,7331,6401,6641,6582,0271,9741,7191,7552,1362,112
Operating Profit177221215279245277232329323363374414328
OPM %11.9%12.3%12.7%13.9%13.0%14.3%12.3%14.0%14.1%17.4%17.6%16.2%13.4%
Other Income1194181592041825262413943
Interest18161414954700030
Depreciation63676868696971727071737277
Profit before tax107147137214182211177668278317543378293
Net Profit699485140116135115435176351406279217
EPS (₹)52.0671.2464.81106.4587.81102.4787.51329.92133.82266.14308.21211.38164.36

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,3643,0253,0693,4233,6523,0811,9883,2405,0296,9928,0729,0579,200
Expenses2,2172,7512,8013,1553,3782,8201,9643,1904,7166,0966,9737,5737,721
Operating Profit14727426826827526124503138971,0991,4841,479
OPM %6.2%9.1%8.7%7.8%7.5%8.5%1.2%1.5%6.2%12.8%13.6%16.4%16.1%
Other Income6671866982325226837446321349
Interest75671528284168622633
Depreciation8192113129151195174191241267280286293
Profit before tax12524923520119042−176−1302726051,2381,5161,531
Net Profit10217918014714350−124−911343888011,2121,252
EPS (₹)77.06135.77136.68111.66108.7838.08−93.83−69.12101.42294.54607.71919.55950.09

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital131313131313131313131313—
Reserves1,3061,4761,6541,7881,9201,9521,8251,7351,8622,2423,0204,181—
Borrowings111419902863106421,069955524170—
Other Liabilities6458017387226178237578441,1841,6352,0832,343—
Total Liabilities1,9752,3052,6042,5232,8363,0983,2383,6614,0134,4155,1346,538—
Fixed Assets6387869119481,2161,4001,2242,0332,0942,0311,9691,921—
CWIP240205220369372445725302154171287536—
Investments0149102378100111979110398—
Other Assets1,0971,3001,4631,1961,2251,1751,1891,2151,6682,1212,7753,981—
Total Assets1,9752,3052,6042,5232,8363,0983,2383,6614,0134,4155,1346,538—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity2262564712563144097185321,0141,5461,297
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

Ratios

As of 31 Mar 2026
12 periods
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %10.018.014.011.010.05.0−5.0−3.05.024.030.036.0
ROE %———————————26.1
EPS (₹)77.06135.77136.68111.66108.7838.08−93.83−69.12101.42294.54607.71919.55
Book Value (₹)———————————3,183.0
Face Value (₹)———————————10
P/E———————————20.2
Div Yield %———————————0.30
NPM %4.25.85.74.23.81.6−6.2−2.82.55.59.412.9
OPM %6.09.09.08.08.08.01.21.66.013.014.016.0
D/E0.010.010.120.000.150.160.350.610.510.230.010.00
P/B———————————5.3

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+12.0%
5 years+35.0%
3 years+22.0%
TTM+8.0%
Compounded profit growth
10 years+18.0%
5 years+62.0%
3 years+209.0%
TTM+82.0%
Stock price CAGR
10 years+15.0%
5 years+61.0%
3 years+62.0%
Last year+7.0%
Return on equity
10 years10.0%
5 years13.0%
3 years19.0%
Last year26.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters61.06%61.06%61.06%61.86%61.63%61.63%61.63%61.63%61.63%61.63%61.63%61.63%
FIIs5.77%5.77%5.41%4.25%3.55%3.08%2.60%2.72%6.34%8.36%10.93%9.51%
DIIs2.65%2.65%3.47%3.38%1.99%2.33%3.31%2.32%0.86%1.43%1.75%1.46%
Government————————————
Public30.53%30.53%30.06%30.51%32.83%32.96%32.46%33.33%31.16%28.58%25.69%27.39%
No. of shareholders46,16646,16660,99864,36362,38060,85761,03653,95847,74256,16478,75094,439
Change since Jun 2023 (pp)
Promoters +0.57FIIs +3.74DIIs −1.19Public −3.14

Documents

As of 11 Oct 2026
Announcements
Announcement under Regulation 30 (LODR)-Newspaper PublicationAnnouncement under Regulation 30 (LODR)-Newspaper PublicationShareholder Meeting-01/2026-27 EGM Of "A" Equity Shareholders Of The CompanyShareholders Meeting-02/2026-27 EGM Of "Second A" Equity Shareholders Of The Company.Intimation Of Date Of EGM And Related Information For Second A Equity Shareholders
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026PPTJun 2026PPTFeb 2026PPTNov 2025PPTSep 2025Transcript

Corporate actions

As of 9 Sep 2026
9 Sep 2026DIVIDENDDividend - Rs 50 Per Share—
10 Sep 2025DIVIDENDDividend - Rs 40 Per Share—
28 Aug 2024DIVIDENDDividend - Rs 20 Per Share—
21 Sep 2023DIVIDENDAnnual General Meeting/Dividend - Rs 10 Per Share—
20 Sep 2022DIVIDENDAnnual General Meeting/Dividend - Rs 10 Per Share—
20 Sep 2021DIVIDEND Annual General Meeting/Dividend - Rs 5 Per Share—
21 Sep 2020DIVIDEND Annual General Meeting/Dividend - Rs 10 Per Sh—
12 Sep 2019DIVIDEND Annual General Meeting/Dividend - Rs 10 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman