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Swing Capital

Force Motors Ltd

NSE: FORCEMOT BSE: 500033

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]

₹19,610
52W: ₹10158 — ₹26486
PE 24.5 · Book ₹3236 · +506% vs book
Market Cap₹25,839 Cr
Stock P/E24.5Price to Earnings
ROCE35.4%Return on Capital
ROE28.7%Return on Equity
Div. Yield0.2%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 69.0% CAGR over last 5 years

Shareholding Pattern

Promoters61.63%
FIIs10.93%
DIIs1.75%
Public25.69%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters61.63%61.63%61.63%61.63%61.63%61.63%61.63%61.63%
FIIs7.78%7.89%▲0.18.15%▲0.38.36%▲0.29.77%▲1.410.27%▲0.510.46%▲0.210.93%▲0.5
DIIs1.02%0.92%▼0.10.9%▼0.01.43%▲0.51.66%▲0.21.48%▼0.21.8%▲0.31.75%▼0.1
Public29.57%29.56%▼0.029.3%▼0.328.58%▼0.726.94%▼1.626.63%▼0.326.12%▼0.525.69%▼0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,6922,0111,8851,9411,8892,3562,2972,0812,1282,550
Expenses1,4671,7331,6361,6591,6582,0271,9651,7191,7552,136
Operating Profit224279249282232329332363374414
OPM %13%14%13%15%12%14%14%17%18%16%
Net Profit95137120141110430185350403274
EPS ₹71.9103.7590.76106.7783.53326.07140.57265.26305.75207.7

AI Insights

Revenue Trend

Mar 2026 revenue at ₹9,057Cr, up 12.2% YoY. OPM at 16%.

Debt Position

Borrowings at ₹0Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹236Cr (11% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 1.75% (+0.27pp change). FIIs: 10.93% (+6.82pp change). Promoters hold 61.63%.

Margin & Efficiency

ROCE improving from 10% (Mar 2015) to 35% (Mar 2026). Working capital days: 39.

Valuation

PE 24.5x with 35.4% ROCE. Price is 506% above book value of ₹3,236. Dividend yield: 0.2%.

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