Force Motors Limited

BSE: FORCEMOT500033ISIN INE451A01017

Consumer Discretionary
Passenger Cars & Utility Vehicles
BSE 500

Share price

₹18,136.75+371.75 (+2.09%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹26,485.95
52W low: ₹16,195.50
Off 52W high: -31.52%
1M return: +9.26%
3M return: -1.96%
6M return: -10.09%
1Y return: -0.90%
20D avg volume: 3,991
50 DMA: ₹17,313.53
200 DMA: ₹19,359.17

Key ratios Consolidated

Market cap: ₹23,637 Cr
Current price: ₹18,136.75
52W high / low: ₹26,485.95 / ₹16,195.50
Face value: ₹10.00
P/E: 19.99
P/B: 5.15
EPS (TTM): ₹907.08
Book value / share: ₹3,518.84
ROE: —
ROCE: 33.80%
Operating margin: —
Net margin: —
Debt / equity: 0.00
Net debt: ₹-830.42 Cr
Interest cover: 465.91
Dividend yield: 0.28%
Dividend / share (TTM): ₹50.00
Payout: 5.51%
Cash conversion cycle: 16.5 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	2,925	2,440	2,550	2,129	2,081	2,297	2,356	1,889	1,941	1,885	2,011	1,692
	42.83	38.10	33.85	27.06	24.49	25.06	18.13	14.89	8.57	14.97	14.60	3.97
	2,967	2,478	2,584	2,156	2,106	2,322	2,374	1,904	1,950	1,900	2,026	1,696
	2,575	2,190	2,210	1,827	1,790	2,036	2,106	1,732	1,733	1,714	1,815	1,550
	2,176	1,749	1,677	1,491	1,553	1,707	1,631	1,506	1,399	1,424	1,460	1,274
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	199.25	195.12	181.49	167.45	170.92	166.45	191.50	131.49	129.76	139.14	160.31	129.39
	2.12	0.04	2.74	0.16	0.23	0.13	7.26	4.12	5.43	9.06	14.29	14.11
	81.73	77.40	72.03	72.72	70.95	70.29	71.88	70.51	68.56	69.29	68.05	68.28
	163.94	158.45	159.22	105.37	104.03	114.28	118.11	134.35	128.08	135.36	144.39	131.73
	392.60	288.45	373.42	328.19	316.08	286.67	268.23	171.96	217.20	185.78	210.90	146.07
	0.00	0.00	0.00	211.24	0.00	0.00	394.57	0.00	0.00	0.00	0.00	0.00
	392.60	288.45	373.42	539.43	316.08	286.67	662.80	171.96	217.20	185.78	210.90	146.07
	101.63	76.70	99.66	136.47	-33.52	101.35	233.07	61.81	76.43	66.09	74.09	51.23
	293.91	216.59	278.54	406.15	350.70	176.36	434.74	115.34	135.05	115.73	140.29	85.44
	223.03	164.36	211.37	308.22	266.14	133.82	329.92	87.52	102.46	87.81	106.45	64.82
Key metrics
	476.45	365.89	448.19	612.31	387.26	357.09	741.94	246.59	291.19	264.13	293.24	228.46
	16.30%	15.00%	17.60%	28.80%	18.60%	15.50%	31.50%	13.10%	15.00%	14.00%	14.60%	13.50%
	10.00%	8.90%	10.90%	19.10%	16.80%	7.70%	18.50%	6.10%	7.00%	6.10%	7.00%	5.10%
	8.00%	—	8.40%	—	8.30%	—	19.70%	—	—	—	—	—
	40.50%	6.20%	8.20%	12.70%	7.20%	21.90%	17.10%	11.70%	—	—	—	—
	-16.20%	22.80%	-35.90%	252.10%	159.70%	52.40%	209.90%	35.00%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	10,043	9,057	8,072	6,992	5,029	3,240	1,988	3,081	3,652	3,531
	141.84	110.46	56.56	39.10	62.03	51.88	24.89	42.77	81.62	61.13
	10,185	9,168	8,128	7,031	5,091	3,292	2,013	3,123	3,734	3,592
	8,802	7,863	7,285	6,412	5,008	3,405	2,177	3,034	3,540	3,392
	7,093	6,427	5,959	5,232	3,928	2,581	1,520	2,140	2,815	2,609
	0.00	0.00	0.00	—	—	—	—	—	—	—
	743.31	686.31	591.89	533.34	422.44	368.08	351.15	406.58	418.13	386.55
	5.06	3.26	25.87	62.14	68.40	41.04	28.22	27.85	15.33	6.67
	303.88	285.99	280.24	266.75	240.74	190.94	173.67	194.52	150.92	—
	586.98	482.90	440.01	508.00	415.45	268.78	263.19	318.16	308.95	312.13
	1,383	1,304	843.17	618.90	82.70	-112.97	-163.90	89.28	194.15	200.58
	211.24	211.24	394.57	0.00	208.32	0.00	0.00	-39.06	0.00	0.00
	1,594	1,516	1,238	618.90	291.02	-112.97	-163.90	50.22	194.15	200.58
	414.46	303.96	437.40	216.86	138.68	38.65	52.31	8.26	46.72	53.37
	1,195	1,212	800.86	388.21	133.74	-90.99	-123.54	50.27	143.42	147.21
	906.98	919.56	607.71	294.54	101.43	-69.13	-93.83	38.08	108.85	—
Key metrics
	1,903	1,805	1,544	947.79	600.16	119.01	37.99	272.59	360.40	207.25
	18.95%	19.90%	19.10%	13.60%	11.90%	3.70%	1.90%	8.80%	9.90%	5.90%
	11.90%	13.40%	9.90%	5.60%	2.70%	-2.80%	-6.20%	1.60%	3.90%	4.20%
	—	33.80%	37.10%	—	—	—	—	—	—	—
	16.45%	12.20%	15.40%	39.00%	55.20%	63.00%	-35.50%	-15.70%	3.40%	—
	10.96%	51.30%	106.30%	190.30%	247.00%	26.30%	-345.80%	-64.90%	-2.60%	—
	—	757.47	604.57	—	—	—	—	—	—	—
	—	1.07	1.21	—	—	—	—	—	—	—
	—	0.00	0.01	—	—	—	—	—	—	—
	—	-830.42	-489.12	—	—	—	—	—	—	—
	—	16.5	26.0	—	—	—	—	—	—	—
Balance sheet
	—	6,538	5,134	—	—	—	—	—	—	—
	—	3,832	2,580	—	—	—	—	—	—	—
	—	830.42	506.55	—	—	—	—	—	—	—
	—	191.15	174.34	—	—	—	—	—	—	—
	—	1,258	1,184	—	—	—	—	—	—	—
	—	103.50	122.72	—	—	—	—	—	—	—
	—	1,473	1,524	—	—	—	—	—	—	—
	—	1,040	783.59	—	—	—	—	—	—	—
	—	2,044	1,725	—	—	—	—	—	—	—
	—	0.00	17.43	—	—	—	—	—	—	—
	—	0.00	16.09	—	—	—	—	—	—	—
	—	0.00	1.34	—	—	—	—	—	—	—
	—	4,197	3,036	—	—	—	—	—	—	—
Cash flow
	—	1,297	971.47	—	—	—	—	—	—	—
	—	-899.84	-351.23	—	—	—	—	—	—	—
	—	-73.40	-561.84	—	—	—	—	—	—	—
	—	539.62	366.90	—	—	—	—	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	2,925	2,440	2,550	2,128	2,081	2,297	2,356	1,889	1,941	1,885	2,011	1,692
	42.79	38.06	33.85	27.06	24.49	25.06	18.13	14.89	8.57	14.97	14.60	3.97
	2,967	2,478	2,584	2,155	2,106	2,322	2,374	1,904	1,950	1,900	2,026	1,696
	2,574	2,189	2,210	1,827	1,790	2,036	2,106	1,732	1,733	1,714	1,815	1,550
	2,176	1,749	1,677	1,491	1,553	1,707	1,631	1,506	1,399	1,424	1,460	1,274
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	199.25	195.12	181.49	167.45	170.92	166.45	191.50	131.49	129.76	139.14	160.32	129.39
	2.12	0.04	2.74	0.16	0.23	0.13	7.26	4.12	5.43	9.06	14.29	14.11
	81.01	76.85	72.03	72.72	70.95	70.29	71.88	70.51	68.56	69.29	68.05	68.28
	163.90	158.44	159.22	105.37	104.03	114.28	118.11	134.35	128.08	135.36	144.38	131.73
	393.20	288.85	373.30	328.06	315.95	286.54	268.11	171.83	217.07	185.66	210.77	145.94
	0.00	0.00	0.00	211.24	0.00	0.00	394.57	—	—	—	—	—
	393.20	288.85	373.30	539.30	315.95	286.54	662.68	171.83	217.07	185.66	210.77	145.94
	101.76	76.78	99.63	136.44	33.56	101.32	233.04	61.77	76.39	66.07	74.06	51.20
	291.44	212.07	273.67	402.86	349.51	185.22	429.64	110.06	140.68	119.59	136.71	94.74
	221.18	160.95	207.70	305.75	265.26	140.57	326.07	83.53	106.77	90.76	103.76	71.91
Key metrics
	476.33	365.74	448.07	612.18	387.13	356.96	741.82	246.46	291.06	264.01	293.11	228.33
	16.30%	15.00%	17.60%	28.80%	18.60%	15.50%	31.50%	13.00%	15.00%	14.00%	14.60%	13.50%
	10.00%	8.70%	10.70%	18.90%	16.80%	8.10%	18.20%	5.80%	7.20%	6.30%	6.80%	5.60%
	7.90%	—	8.20%	—	8.20%	—	19.30%	—	—	—	—	—
	40.50%	6.20%	8.20%	12.70%	7.20%	21.90%	17.10%	11.70%	—	—	—	—
	-16.60%	14.50%	-36.30%	266.00%	148.40%	54.90%	214.30%	16.20%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	10,043	9,057	8,071	6,992	5,029	3,240	1,988	3,080	3,652	3,531
	141.76	110.46	56.56	39.10	62.03	51.88	24.89	42.77	81.62	61.13
	10,184	9,167	8,128	7,031	5,091	3,292	2,013	3,123	3,734	3,592
	8,801	7,863	7,285	6,412	5,008	3,405	2,177	3,034	3,540	3,392
	7,093	6,427	5,959	5,232	3,928	2,581	1,520	2,140	2,815	2,609
	0.00	0.00	0.00	—	—	—	—	—	—	—
	743.31	686.31	591.89	533.35	422.44	368.08	351.15	406.58	418.13	386.55
	5.06	3.26	25.87	62.14	68.40	41.04	28.22	27.85	15.33	6.67
	302.61	285.99	280.24	266.75	240.74	190.94	173.67	194.52	150.92	129.26
	586.93	482.90	440.01	507.99	415.45	268.78	263.19	318.16	308.94	312.13
	1,383	1,304	842.67	618.42	82.31	-113.35	-164.27	88.89	193.81	200.23
	211.24	211.24	394.57	—	208.32	—	—	-39.06	—	—
	1,595	1,515	1,237	618.42	290.63	-113.35	-164.27	49.83	193.81	200.23
	414.61	303.83	437.27	216.74	138.58	38.75	52.41	8.36	46.63	53.28
	1,180	1,211	799.97	401.68	152.05	-74.60	-111.86	58.19	147.18	146.95
	895.58	919.28	607.13	304.86	115.40	-56.62	-84.90	—	111.70	0.00
Key metrics
	1,902	1,804	1,543	947.31	599.77	118.63	37.62	272.20	360.06	336.16
	18.94%	19.90%	19.10%	13.50%	11.90%	3.70%	1.90%	8.80%	9.90%	9.50%
	11.75%	13.40%	9.90%	5.70%	3.00%	-2.30%	-5.60%	1.90%	4.00%	4.20%
	—	33.30%	36.30%	—	—	—	—	—	—	—
	16.45%	12.20%	15.40%	39.00%	55.20%	63.00%	-35.50%	-15.70%	3.40%	—
	9.83%	51.40%	99.20%	164.20%	303.80%	33.30%	-292.20%	-60.50%	0.20%	—
	—	757.08	604.22	—	—	—	—	—	—	—
	—	1.07	1.21	—	—	—	—	—	—	—
	—	0.00	0.01	—	—	—	—	—	—	—
	—	-823.28	-482.37	—	—	—	—	—	—	—
	—	16.5	26.0	—	—	—	—	—	—	—
Balance sheet
	—	6,605	5,202	—	—	—	—	—	—	—
	—	3,824	2,573	—	—	—	—	—	—	—
	—	823.28	499.80	—	—	—	—	—	—	—
	—	191.15	174.34	—	—	—	—	—	—	—
	—	1,258	1,184	—	—	—	—	—	—	—
	—	103.50	122.72	—	—	—	—	—	—	—
	—	1,473	1,524	—	—	—	—	—	—	—
	—	1,040	783.59	—	—	—	—	—	—	—
	—	2,044	1,725	—	—	—	—	—	—	—
	—	0.00	17.43	—	—	—	—	—	—	—
	—	0.00	16.09	—	—	—	—	—	—	—
	—	0.00	1.34	—	—	—	—	—	—	—
	—	4,264	3,104	—	—	—	—	—	—	—
Cash flow
	—	1,297	971.12	—	—	—	—	—	—	—
	—	-899.84	-351.23	—	—	—	—	—	—	—
	—	-73.40	-561.84	—	—	—	—	—	—	—
	—	539.62	366.90	—	—	—	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +21.67%
Sales CAGR 5Y: +35.43%
Profit CAGR 3Y: +99.72%
Profit CAGR 5Y: —
Sales YoY (TTM): +16.45%
Profit YoY (TTM): +9.83%

Consolidated

Sales CAGR 3Y: +21.67%
Sales CAGR 5Y: +35.43%
Profit CAGR 3Y: +108.47%
Profit CAGR 5Y: —
Sales YoY (TTM): +16.45%
Profit YoY (TTM): +10.96%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 61.65%

Quarter	September 2026	June 2026
Promoter %	61.65%	61.65%

Holder	Type	Holding	Previous	Change
Jaya Hind Industries Private Limited	Promoter	57.38%	57.38%	0.00%
Abhaykumar Navalmal Firodia	Promoter	2.01%	2.01%	0.00%
Prasan Abhaykumar Firodia	Promoter	1.68%	1.68%	0.00%
Manohar Devabhaktuni	Public	1.20%	1.20%	0.00%
Sundaram Mutual Fund - Sundaram Aggressive Hybrid Fund	Public	1.08%	—	—
Indira Abhaykumar Firodia	Promoter Group	0.49%	0.49%	0.00%
Kamala Bansilal Bhandari	Promoter Group	0.06%	0.06%	0.00%
Shyamala Navalakha	Promoter Group	0.02%	0.02%	0.00%
Sunanda Sudhir Mehta	Promoter Group	0.01%	0.01%	0.00%
Anant Prasan Firodia	Promoter Group	0.00%	0.00%	0.00%
Harsha Jain	Promoter Group	0.00%	0.00%	0.00%
Ameya Prasan Firodia	Promoter Group	0.00%	0.00%	0.00%
Indaux India Pvt. Ltd.	Promoter Group	0.00%	0.00%	0.00%
Instor (India) Pvt. Ltd. (earlier Kider (India) Pvt. Ltd.)	Promoter Group	0.00%	0.00%	0.00%
Pinnacle Mobility Solutions Private Limited	Promoter Group	0.00%	0.00%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Maruti Suzuki India Ltd.	3,76,316	11,969.25	27.98	17.00%	+29.61% TTM	-8.99% TTM	-22.13%
Mahindra & Mahindra Ltd.	3,67,090	2,952.00	18.13	16.30%	+26.18% TTM	+35.82% TTM	-17.58%
HYUNDAI MOTOR INDIA LIMITED	1,67,148	2,057.10	36.54	32.60%	+7.97% TTM	-19.97% TTM	-14.05%
TATA MOTORS PASSENGER VEHICLES LIMITED	1,02,498	278.30	1.29	0.30%	-21.70% TTM	+268.29% TTM	-31.54%
Force Motors Limited	23,637	18,136.75	19.99	33.80%	+16.45% TTM	+10.96% TTM	-0.90%
OLECTRA GREENTECH LIMITED	8,684	1,058.00	48.20	21.00%	+38.43% TTM	+27.78% TTM	-30.25%
MERCURY EV-TECH LIMITED	604	31.77	163.39	2.40%	-11.31% TTM	-59.25% TTM	-25.98%
Hindustan Motors Ltd. S	288	13.79	-72.58	-0.10%	-100.00% TTM	-133.99% TTM	-27.80%

Filings & corporate actions

Recent announcements

Monthly Sales Data for the Month of October, 20261 Nov 2026 · Company Update / Monthly Business Updates
Newspaper publication of Unaudited Financial Results for the quarter and half year ended on 30.09.2026.29 Oct 2026 · Company Update / Newspaper Publication
Scrutinizer Report-Voting Results-02/2026-27 EGM28 Oct 2026 · AGM/EGM / EGM
Scrutinizer report-Voting Results of 01/2026-27 EGM.28 Oct 2026 · AGM/EGM / EGM
Outcome of Board Meeting held on 28.10.2026- Unaudited standalone and Consolidated Financial Results for the quarter and half year ended on 30.09.2026.28 Oct 2026 · Board Meeting / Outcome of Board Meeting
Results-Financial Results for the quarter and half year ended on 30.09.202628 Oct 2026 · Result / Financial Results
Proceedings of 02/2026-27 EGM of "Second A" Equity Shareholders of the Company held on 26.10.2026.26 Oct 2026 · AGM/EGM / EGM
Proceedings of 01/2026-27 EGM of "A" Equity Shareholders of the Company held on 26/10/2026.26 Oct 2026 · AGM/EGM / EGM
Publication of Newspaper advertisements regarding the Notice of Special Window for Transfer and Dematerialisation of Physical Securities.23 Oct 2026 · Company Update / Newspaper Publication
Update on Closure of Trading Window.21 Oct 2026 · Insider Trading / SAST / Closure of Trading Window
Force Motors Ltd-has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 28/10/2026 ,inter alia, to consider and approve Unaudited Standalone and Consolidated ....21 Oct 2026 · Board Meeting / Board Meeting
Intimation of Credit Rating19 Oct 2026 · Company Update / Credit Rating
Certificate under Reg 74 (5) of SEBI (DP) Regulations, 201814 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Copy of Newspaper Publication of Notice of 02/2026-27 EGM for ''Second A'' Equity shareholders of the Company.2 Oct 2026 · Company Update / Newspaper Publication
Copy of Newspaper Publication regarding Notice of 01/2026-27 EGM for ''A'' Equity shareholders2 Oct 2026 · Company Update / Newspaper Publication
02/2026-27 EGM of "Second A" Equity Shareholders of the Company.1 Oct 2026 · AGM/EGM / EGM
Notice of 01/2026-27 EGM of "A" Equity Shareholders of the Company.1 Oct 2026 · AGM/EGM / EGM
Intimation of date of EGM and related information for Second A Equity Shareholders1 Oct 2026 · AGM/EGM / EGM
EGM for "A" Equity Shareholders of Force Motors Limited1 Oct 2026 · AGM/EGM / EGM
Monthly Business Updates for the month of September, 2026 by Force Motors Limited.30 Sep 2026 · Company Update / Monthly Business Updates
Closure of Trading Window.28 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Removal of restrictions of transferability and other incidental conditions of 27,600 "A" Equity Shares (held by shareholders in physical mode) and 1,15,748 'Second A' Equity Shares (held ....25 Sep 2026 · Board Meeting / Outcome of Board Meeting
Force Motors Ltd-has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 25/09/2026 ,inter alia, to consider and approve proposal of removal of restriction ....21 Sep 2026 · Board Meeting / Board Meeting
ESG Rating18 Sep 2026 · Company Update / General
67th AGM- Scrutinizer Report along with voting results as per Regulation 44 of SEBI (LODR) 201518 Sep 2026 · AGM/EGM / AGM
Summary of the proceedings of the 67th AGM of Force Motors Limited held today i.e. Wednesday, 16th September, 2026.16 Sep 2026 · AGM/EGM / AGM
Sakes volume for the Month of August 2026.1 Sep 2026 · Company Update / Monthly Business Updates
Copy of Newspaper Publication of Notice of 67th AGM26 Aug 2026 · Company Update / Newspaper Publication
BRSR 2025-2625 Aug 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
AGM Intimation25 Aug 2026 · AGM/EGM / AGM
Annual Report for FY 2025-2625 Aug 2026 · Others / Reg. 34 (1) Annual Report
Dividend Updates.25 Aug 2026 · Corp Action / Dividend Updates
Date of payment of Dividend for FY 2025-26.25 Aug 2026 · Corp Action / Date of payment of Dividend
Book Closure - 10-09-2026 to 16-09-2026 (both days inclusive)25 Aug 2026 · Corp. Action / Book Closure
Record Date-Dividend FY 2025-26-09-09-202625 Aug 2026 · Corp. Action / Record Date
Shareholder Meeting - AGM on 16-09-202625 Aug 2026 · AGM/EGM / AGM
Communication to Shareholders holding shares in Physical mode - Furnishing of PAN and other KYC details25 Aug 2026 · Company Update / General
Newspaper advertisement regarding the Notice of Special Window for Transfer and Dematerialisation of Physical Securities.24 Aug 2026 · Company Update / Newspaper Publication
Investor Presentation on the Standalone and Consolidated financial performance of the Company for the quarter ended on 30th June, 2026.7 Aug 2026 · Company Update / Investor Presentation
Monthly Sales data for July, 20263 Aug 2026 · Company Update / Monthly Business Updates

Corporate actions

Purpose	Ex date	Record date	Payment date
Dividend - Rs. - 50.0000	9 Sep 2026	9 Sep 2026	—
Dividend - Rs. - 40.0000	10 Sep 2025	10 Sep 2025	—
Final Dividend - Rs. - 20.0000	28 Aug 2024	28 Aug 2024	—

Board meetings

28 Oct 2026 Board Meeting - Financial Results
29 Jul 2026 Board Meeting - Financial Results