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Force Motors (FORCEMOT) had a P/E of 20.9× on 6 Nov 2026, below the industry P/E of 33.1×, and the shares are 28% below their 52-week high. Sales and net profit grew 22% and 108% a year over 3 years; its ROCE of 34% is the highest among the 7 largest Auto Manufacturers peers. Its dividend yield is 0.3%. It is a small-cap company with a market cap of ₹24,993 Cr, ranked 12th of 20 Auto Manufacturers companies by market cap; the shares rose 0.6% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹18,416.00
Day high
₹19,100.00
Day low
₹17,946.00
Prev. close
₹18,382.00
Volume
1.5 L

Health check

3 good · 2 fair · 1 to check
  • ReturnsIn line

    +0.6% over a year, better than 3 of 7 peers.

  • Price tagCheaper

    P/E 20.9 vs industry 33.1.

  • GrowthStrong

    Sales +21.7%, profit +108.5% a year over 3 years.

  • ProfitabilityStrong

    ROCE 33.8% vs peer median 26.1%.

  • Balance sheetFair

    Piotroski 7 of 9.

  • Red flags1 to check

    Quarterly profit down 16.2% on a year ago.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Auto Manufacturers

19 listed peers. Screen the industry

Small cap

₹24,993 Cr, #12 of 20 in its industry by size.

Defensive

Beta 0.64 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Sep 2026: sales ₹10,043 Cr · profit ₹1,195 Cr
Market cap
₹24,993 Cr
Small cap
P/E
20.9
Industry 33.1
Price to book
5.39
Peers 8.38
Dividend yield
0.26%
ROE
29.3%
Peers 24.1%
ROCE
33.8%
Peers 26.1%
Debt to equity
n/a
Debt ₹0.00 Cr
EPS (TTM)
₹906.97
Face value ₹10
OPM (TTM)
15.4%
Net margin 11.9%
Sales growth
+40.5%
Latest quarter vs a year ago
Profit growth
−16.2%
Latest quarter vs a year ago
Price to sales
2.49
EV/EBITDA 15.4

Strengths and risks

Strengths

  • Return on equity of 29.3%.
  • Return on capital employed of 33.8%.
  • Quarterly sales up 40.5% on a year ago.
  • P/E of 20.9 against an industry P/E of 33.1.
  • Positive operating cash flow in each of the last 4 years.

Risks to check

  • Quarterly profit down 16.2% on a year ago.

Derived automatically from reported figures. Not a recommendation.

About Force Motors

Force Motors Limited, an integrated automobile company, designs, develops, manufactures, and sells a range of automotive components, aggregates, and vehicles in India. The company provides passenger vehicles, ambulances, school buses, and delivery van; small commercial, light commercial, multi utility vehicles, special vehicles, and spare parts; special utility vehicles, such as mobile medical units, police vans, prison vans, troop carriers, and safari…

Headquarters
Pune
Employees
4,832
Sector
Consumer Cyclical
ISIN
INE451A01017
Website
forcemotors.com

Price range

52 weeks

₹16,184.00₹26,450.00

Today

₹17,946.00₹19,100.00
Avg volume (3M)
72.7K
1-year return
plus 0.6%
From 52-week high
minus 28.3%

Peers · Auto Manufacturers

Compare with peersScreen the whole industry
Company
MARUTIMaruti Suzuki India12,750.00plus 0.77%4,00,86329.83.6817.2%12.9%10.2%15.9%21.1%1.10%minus 17.7%
M&MMahindra & Mahindra3,287.20plus 5.11%3,94,71519.03.7517.1%20.1%18.2%17.5%18.5%1.00%minus 12.7%
BAJAJ-AUTOBajaj Auto10,900.00plus 1.32%2,99,53623.38.2126.1%35.6%21.0%19.5%21.0%1.38%plus 22.9%
TVSMOTORTVS Motor Company4,491.70plus 0.94%2,13,45755.818.8128.8%37.2%14.5%20.2%31.4%0.27%plus 28.1%
EICHERMOTEicher Motors7,669.50minus 0.56%2,10,54436.58.3826.4%23.8%25.2%17.5%23.7%1.07%plus 11.3%
HYUNDAIHyundai Motor India2,130.00plus 0.42%1,73,07137.88.5032.6%24.1%10.3%5.5%4.9%0.99%minus 11.4%
TMCVTata Motors425.50minus 0.83%1,56,70424.810.2625.5%26.0%10.4%––0.94%plus 29.2%
FORCEMOTForce Motors18,968.00plus 3.19%24,99320.95.3933.8%29.3%15.4%21.7%108.5%0.26%plus 0.6%
Median of 7 peers–0.77%2,13,45729.88.3826.1%24.1%14.5%17.5%21.1%1.00%11.3%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrSep 25Dec 25Mar 26Jun 26Sep 26
2,0812,1292,5502,4402,925
1,7191,7552,1362,1122,491
363374414328434
17.4%17.6%16.2%13.4%14.8%
25.630.338.642.945.8
0.20.22.702.1
7172.77277.481.7
–211–––
317543378293396
−10.6%25.2%26.4%26.2%25.7%
351406279217294
266.14308.22211.37164.36223.03

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+21.7%
Profit CAGR 3Y
+108.5%
EPS CAGR 3Y
+108.5%
ROE
29.3%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
4,9816,9328,0078,980
–+39.2%+15.5%+12.1%
4,5946,0226,9097,497
3879101,0981,483
7.8%13.1%13.7%16.5%
−12.424.357109
68.361.125.73.1
241267280286
207−1.3389212
2726051,2381,516
50.9%35.8%35.3%20.1%
1343888011,212
–+190.4%+106.3%+51.3%
101.43294.54607.71919.56

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
13.213.213.213.2
1,8622,2423,0204,181
95552517.4–
1,1841,6352,0832,343
4,0134,4155,1346,538
1,6991,6361,6741,823
94.865.2150350
30.53815044.6
3936501,0822,194
1,7962,0252,0792,126
4,0134,4155,1346,538

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
5321,0141,5461,297
−256−198−926−900
−207−509−562−73.4
68.430858.4324
−260−208−367−540
2728061,180757
−13.2−13.2−26.4−52.7

Shareholding pattern

Source: NSE filings
61.6%
promoters
  • Promoters61.63%
  • Public38.37%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202661.63%38.37%0.00
30 Jun 202661.63%38.37%0.00
31 Mar 202661.63%38.37%0.00
31 Dec 202561.63%38.37%0.00
30 Sep 202561.63%38.37%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you