FORCE MOTORS LTD (FORCEMOT)
Small CapAuto stocks · Small cap · NSE
Force Motors Ltd. is an Indian automotive manufacturer producing light commercial vehicles (LCVs), modular utility vehicles (MUVs), and monobuses. It also manufactures high-tech aggregates like engines and axles for Mercedes-Benz and BMW, and Series 1600 engines for Rolls-Royce Power Systems AG.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is supportive, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 37/100margin compression · Rev +6% YoY · PAT +23% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,440 Cr | +6.2% | -4.3% |
| EBITDA | ₹328 Cr | +1.5% | -20.8% |
| Operating margin | 13.0% | -100 bps | -300 bps |
| PAT | ₹217 Cr | +23.3% | -22.2% |
| PAT margin | 8.9% | +123 bps | -205 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4 FY26 Sales grew 12% YoY and 20% QoQ to INR 2,528 Cr. PBT increased 39% YoY and 14% QoQ to INR 373 Cr. PAT declined 36% YoY to INR 274 Cr, but grew 32% QoQ, impacted by a shift to a new tax regime.
Sales and PBT growth are robust, indicating strong operational performance and demand for the company's products. However, the significant YoY PAT decline due to the tax regime shift warrants close monitoring of future tax impacts and profitability. The company maintains market leadership in LCVs.
LCV Market Leadership
Force Motors is the market leader in the Light Commercial Vehicle segment with over 70% market share for its Traveller range.
Premium Shared Mobility Platform
The Urbania is a ground-up modular monocoque van platform for shared urban mobility, positioned as a segment creator in premium shared mobility.
High-Tech Aggregate Business
Manufactures engines and axles for Mercedes-Benz and BMW, and Series 1600 engines for Rolls-Royce Power Systems AG for global markets.
Defense Applications
The Gurkha platform is used for Light Strike Vehicles by the Indian Army, and Mercedes licensed OM 616 engines power Bofors Guns at borders.
Impact of New Tax Regime
The company shifted to a new tax regime during FY26, which significantly impacted the YoY PAT comparison for Q4 FY26.
Competition in New Segments
The Urbania is positioned as a 'segment creator' in premium shared mobility, which may attract new competition as the market develops.
Reliance on OEM Contracts
A significant portion of the high-tech aggregate business relies on manufacturing engines and axles for Mercedes-Benz, BMW, and Rolls-Royce Power Systems AG.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing the underlying business health and market share in a seasonal industry like auto. QoQ comparison provides insight into sequential momentum and the immediate impact of operational changes or market shifts.
LCV Market Share
Market leader in the segment with over 70% market share for the Traveller range.
School Bus Manufacturer Growth
Fastest growing School Bus Manufacturer.
Export Presence
Export presence in 25+ countries.
EV Exposure
Traveller is available for special applications, including EV.
Digital Transformation Initiative
Launched Project Digiforce, a ₹150 crore, two-year digital transformation initiative to digitize customer-facing and core operations for enhanced agility and efficiency.
HR Transformation for Growth
Launched Project Lakshya, a strategic HR transformation initiative to create a digitally empowered, agile, and leadership-driven organization aligned with long-term growth.
Sustainability Targets
Targeting 50% reduction in GHG emissions intensity by 2030 and 50% renewable electrical energy usage by 2027.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Sales Growth | Q4 FY26 YoY: 12%, QoQ: 20% | Sustained double-digit sales growth in subsequent quarters, indicating continued market demand and execution. |
| PBT Margin | Q4 FY26: 15% | Stability or improvement in PBT margins, reflecting effective cost management and pricing power. |
| PAT Impact from Tax Regime | Q4 FY26 YoY: -36% | Stabilization and recovery in PAT post-tax regime shift, and clarity on the long-term effective tax rate. |
| Project Digiforce Progress | ₹150 crore, two-year initiative | Achievement of key milestones and tangible improvements in operational efficiency and stakeholder experience from the digital transformation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
28Bearishfull bear SMA stack · MACD − · sector -3.3pp vs Nifty (3M)
Technical chart
FORCEMOTdaily · 1Y · AUTO-19.6%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 43. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 43 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 34% off 52W high · 17% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 12.1% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.4%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 79 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 79 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 53.7%.
- Growth contributes 25/25 to the score.
Main drags
- Valuation is weaker at 13/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +3 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 96th percentile within Auto. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 61.6%. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Auto: 96th pctile, median 74 · Small: 99th pctile, median 66
14 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 61.6%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.7%.
- ▸8 years of positive FCF.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 21.00
- P/B
- 5.50
- EV/EBITDA
- 13.01
- Market Cap
- 23058.00Cr
Profitability
- ROE
- 26.10%
- ROCE
- 36.00%
- ROA
- 19.15%
- Dividend Y
- 0.29%
Growth (CAGR)
- Revenue 5Y
- 35.00%
- EPS 5Y
- 62.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- 155.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 493.00×
- Altman Z
- 9.18
- Book Value
- 3183.00
Cash Flow
- FCF Yield
- 1.72%
- FCF Positive Y
- 8/5
- OCF
- 1297.00 Cr
- EPS TTM
- 950.09
Shareholding
- Promoter Hold
- 61.63%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 22%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Auto, ranked by similarity
Peers
Business-comparable names in Auto, ranked by similarity
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.