About
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 vehicles; and agricultural tractors. Its product portfolio consists of urbania, a ground-up modular monocoque van platform for shared urban mobility; traveller, a platform that caters to passenger transport, cargo delivery, ambulances, and school buses; monobus; trax, a rugged utility vehicle platform for rural and last mile transport; special application vehicles; gurkha off-road vehicle; and electric vehicles. In addition, the company offers shared mobility solutions, commercial fleets, specialized transport, and defense solutions. It exports its products to various countries in the Middle East, Asia, Latin America, and Africa. The company was incorporated in 1958 and is based in Pune, India. Force Motors Limited operates as a subsidiary of Jaya Hind Industries Pvt. Ltd.
Key Metrics
as of Sep 2026Market Cap23,026 Cr
P/E20.90
Div Yield0.29 %
Book Value₹3,183.00
52w High₹26,486.00
52w Low₹14,911.00
Face Value₹10.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,440.00 | 2,550.00 | 2,129.00 | 2,081.00 | 2,297.00 | 2,356.00 | 1,889.00 | 1,941.00 | 1,885.00 | 2,011.00 | 1,692.00 | 1,802.00 | 1,488.00 |
| Expenses | 2,112.00 | 2,136.00 | 1,755.00 | 1,719.00 | 1,974.00 | 2,027.00 | 1,658.00 | 1,664.00 | 1,640.00 | 1,733.00 | 1,477.00 | 1,581.00 | 1,310.00 |
| Operating Profit | 328.00 | 414.00 | 374.00 | 363.00 | 323.00 | 329.00 | 232.00 | 277.00 | 245.00 | 279.00 | 215.00 | 221.00 | 177.00 |
| OPM % | 13.00 | 16.00 | 18.00 | 17.00 | 14.00 | 14.00 | 12.00 | 14.00 | 13.00 | 14.00 | 13.00 | 12.00 | 12.00 |
| Other Income | 43.00 | 39.00 | 241.00 | 26.00 | 25.00 | 418.00 | 20.00 | 9.00 | 15.00 | 18.00 | 4.00 | 9.00 | 11.00 |
| Depreciation | 77.00 | 72.00 | 73.00 | 71.00 | 70.00 | 72.00 | 71.00 | 69.00 | 69.00 | 68.00 | 68.00 | 67.00 | 63.00 |
| Interest | 0.00 | 3.00 | 0.00 | 0.00 | 0.00 | 7.00 | 4.00 | 5.00 | 9.00 | 14.00 | 14.00 | 16.00 | 18.00 |
| Profit before tax | 293.00 | 378.00 | 543.00 | 317.00 | 278.00 | 668.00 | 177.00 | 211.00 | 182.00 | 214.00 | 137.00 | 147.00 | 107.00 |
| Tax % | 26.00 | 26.00 | 25.00 | -11.00 | 36.00 | 35.00 | 35.00 | 36.00 | 36.00 | 35.00 | 37.00 | 36.00 | 36.00 |
| Net Profit | 217.00 | 279.00 | 406.00 | 351.00 | 176.00 | 435.00 | 115.00 | 135.00 | 116.00 | 140.00 | 85.00 | 94.00 | 69.00 |
| EPS in Rs | 164.36 | 211.38 | 308.21 | 266.14 | 133.82 | 329.92 | 87.51 | 102.47 | 87.81 | 106.45 | 64.81 | 71.24 | 52.06 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 9,057.00 | 8,072.00 | 6,992.00 | 5,029.00 | 3,240.00 | 1,988.00 | 3,081.00 | 3,652.00 | 3,423.00 | 3,069.00 | 3,025.00 | 2,364.00 |
| Expenses | 7,573.00 | 6,973.00 | 6,096.00 | 4,716.00 | 3,190.00 | 1,964.00 | 2,820.00 | 3,378.00 | 3,155.00 | 2,801.00 | 2,751.00 | 2,217.00 |
| Operating Profit | 1,484.00 | 1,099.00 | 897.00 | 313.00 | 50.00 | 24.00 | 261.00 | 275.00 | 268.00 | 268.00 | 274.00 | 147.00 |
| OPM % | 16.00 | 14.00 | 13.00 | 6.00 | 1.60 | 1.20 | 8.00 | 8.00 | 8.00 | 9.00 | 9.00 | 6.00 |
| Other Income | 321.00 | 446.00 | 37.00 | 268.00 | 52.00 | 2.00 | 3.00 | 82.00 | 69.00 | 86.00 | 71.00 | 66.00 |
| Interest | 3.00 | 26.00 | 62.00 | 68.00 | 41.00 | 28.00 | 28.00 | 15.00 | 7.00 | 6.00 | 5.00 | 7.00 |
| Depreciation | 286.00 | 280.00 | 267.00 | 241.00 | 191.00 | 174.00 | 195.00 | 151.00 | 129.00 | 113.00 | 92.00 | 81.00 |
| Profit before tax | 1,516.00 | 1,238.00 | 605.00 | 272.00 | -130.00 | -176.00 | 42.00 | 190.00 | 201.00 | 235.00 | 249.00 | 125.00 |
| Tax % | 20.00 | 35.00 | 36.00 | 51.00 | -30.00 | -30.00 | -20.00 | 25.00 | 27.00 | 23.00 | 28.00 | 19.00 |
| Net Profit | 1,212.00 | 801.00 | 388.00 | 134.00 | -91.00 | -124.00 | 50.00 | 143.00 | 147.00 | 180.00 | 179.00 | 102.00 |
| EPS in Rs | 919.55 | 607.71 | 294.54 | 101.42 | -69.12 | -93.83 | 38.08 | 108.78 | 111.66 | 136.68 | 135.77 | 77.06 |
| Dividend Payout % | 5.00 | 7.00 | 7.00 | 10.00 | -14.00 | -5.00 | 26.00 | 9.00 | 9.00 | 7.00 | 7.00 | 6.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 13.00 | 13.00 | 13.00 | 13.00 | 13.00 | 13.00 | 13.00 | 13.00 | 13.00 | 13.00 | 13.00 | 13.00 |
| Reserves | 4,181.00 | 3,020.00 | 2,242.00 | 1,862.00 | 1,735.00 | 1,825.00 | 1,952.00 | 1,920.00 | 1,788.00 | 1,654.00 | 1,476.00 | 1,306.00 |
| Borrowings | 0.00 | 17.00 | 524.00 | 955.00 | 1,069.00 | 642.00 | 310.00 | 286.00 | 0.00 | 199.00 | 14.00 | 11.00 |
| Other Liabilities | 2,343.00 | 2,083.00 | 1,635.00 | 1,184.00 | 844.00 | 757.00 | 823.00 | 617.00 | 722.00 | 738.00 | 801.00 | 645.00 |
| Total Liabilities | 6,538.00 | 5,134.00 | 4,415.00 | 4,013.00 | 3,661.00 | 3,238.00 | 3,098.00 | 2,836.00 | 2,523.00 | 2,604.00 | 2,305.00 | 1,975.00 |
| Fixed Assets | 1,921.00 | 1,969.00 | 2,031.00 | 2,094.00 | 2,033.00 | 1,224.00 | 1,400.00 | 1,216.00 | 948.00 | 911.00 | 786.00 | 638.00 |
| CWIP | 536.00 | 287.00 | 171.00 | 154.00 | 302.00 | 725.00 | 445.00 | 372.00 | 369.00 | 220.00 | 205.00 | 240.00 |
| Investments | 98.00 | 103.00 | 91.00 | 97.00 | 111.00 | 100.00 | 78.00 | 23.00 | 10.00 | 9.00 | 14.00 | 0.00 |
| Other Assets | 3,981.00 | 2,775.00 | 2,121.00 | 1,668.00 | 1,215.00 | 1,189.00 | 1,175.00 | 1,225.00 | 1,196.00 | 1,463.00 | 1,300.00 | 1,097.00 |
| Total Assets | 6,538.00 | 5,134.00 | 4,415.00 | 4,013.00 | 3,661.00 | 3,238.00 | 3,098.00 | 2,836.00 | 2,523.00 | 2,604.00 | 2,305.00 | 1,975.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 1,297.00 | 1,546.00 | 1,014.00 | 532.00 | 18.00 | 7.00 | 409.00 | 314.00 | 256.00 | 471.00 | 256.00 | 226.00 |
| Cash from Investing Activity | -900.00 | -926.00 | -198.00 | -256.00 | -356.00 | -333.00 | -327.00 | -606.00 | -81.00 | -621.00 | -210.00 | -96.00 |
| Cash from Financing Activity | -73.00 | -562.00 | -509.00 | -207.00 | 375.00 | 293.00 | -20.00 | 256.00 | -223.00 | 180.00 | -37.00 | -45.00 |
| Net Cash Flow | 324.00 | 58.00 | 308.00 | 68.00 | 37.00 | -32.00 | 62.00 | -35.00 | -47.00 | 30.00 | 9.00 | 85.00 |
| Free Cash Flow | 761.00 | 1,181.00 | 810.00 | 274.00 | -315.00 | -445.00 | -49.00 | -183.00 | -62.00 | 236.00 | 19.00 | 109.00 |
| CFO/OP % | 116.00 | 161.00 | 130.00 | 171.00 | 32.00 | 41.00 | 163.00 | 131.00 | 106.00 | 198.00 | 107.00 | 176.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 8.00 | 8.00 | 5.00 | 14.00 | 21.00 | 23.00 | 20.00 | 17.00 | 26.00 | 14.00 | 18.00 | 17.00 |
| Inventory Days | 72.00 | 73.00 | 83.00 | 77.00 | 89.00 | 136.00 | 91.00 | 66.00 | 68.00 | 73.00 | 92.00 | 87.00 |
| Days Payable | 59.00 | 48.00 | 61.00 | 69.00 | 72.00 | 108.00 | 95.00 | 52.00 | 81.00 | 80.00 | 70.00 | 87.00 |
| Cash Conversion Cycle | 20.00 | 32.00 | 27.00 | 22.00 | 38.00 | 52.00 | 15.00 | 31.00 | 13.00 | 6.00 | 40.00 | 17.00 |
| Working Capital Days | 39.00 | 16.00 | -2.00 | -6.00 | -37.00 | -5.00 | 6.00 | 43.00 | 43.00 | 30.00 | 23.00 | 15.00 |
| ROCE % | 36.00 | 30.00 | 24.00 | 5.00 | -3.00 | -5.00 | 5.00 | 10.00 | 11.00 | 14.00 | 18.00 | 10.00 |
Corporate Actions
20 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Dividend | 10 Sep 2025 | 10 Sep 2025 | — | 40.00 | |
| Dividend | 28 Aug 2024 | 28 Aug 2024 | — | 20.00 | |
| Other | 28 Aug 2024 | — | — | — | Annual General Meeting |
| Dividend | 21 Sep 2023 | — | — | 10.00 | |
| Dividend | 20 Sep 2022 | — | — | 10.00 | |
| Dividend | 20 Sep 2021 | — | — | 5.00 | |
| Dividend | 21 Sep 2020 | — | — | 10.00 | |
| Dividend | 12 Sep 2019 | — | — | 10.00 | |
| Dividend | 03 Sep 2018 | — | — | 10.00 | |
| Dividend | 05 Sep 2017 | — | — | 10.00 | |
| Dividend | 17 Mar 2016 | 19 Mar 2016 | — | 10.00 | |
| Dividend | 16 Sep 2015 | — | — | 5.00 | |
| Dividend | 04 Sep 2014 | — | — | 3.00 | |
| Dividend | 17 Sep 2013 | — | — | 3.00 | |
| Dividend | 17 Sep 2012 | — | — | 10.00 | |
| Dividend | 20 Sep 2011 | — | — | 5.00 | |
| Dividend | 21 Sep 2010 | — | — | 3.00 | |
| Other | 22 Sep 2009 | — | — | — | General |
| Other | 23 Sep 2008 | — | — | — | General |
| Other | 25 Sep 2007 | — | — | — | General |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update25 Jul 2025 from crisil
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Rating update26 Jul 2024 from crisil
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Rating update22 Dec 2023 from crisil
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Rating update6 Feb 2023 from crisil
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Rating update24 Jan 2023 from crisil
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Rating update7 Feb 2022 from crisil