Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Oct - Copy of Newspaper Publication of Notice of 02/2026-27 EGM for ''Second A'' Equity shareholders of the Company.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result29 Jul, 10:36 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
44NeutralSMA20 -2.3% / mo · MACD +
Stock trend: 41
Sector RS: 49
Sector 3M: -6.3% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
FORCEMOTD candles · FIT view-13.7%Latest close ₹17563.00 on 2026-10-19
Bar
-0.7%
RSI
55
MACD hist
106.31
52W pos
14%
2026-10-19O ₹17685.00H ₹17953.00L ₹17369.00C ₹17563.00Vol 48,020 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
FORCEMOTNifty AutoNifty 500
- FORCEMOT
- -1.9%
- Nifty 500
- -5.6%
- Nifty Auto
- -5.4%
- Vs Nifty 500
- +3.6 pp
Chart stats
19 Oct 2026- From 52W high
- -33.6%
- 52W range position
- 23%
- ATR (14)
- 2.6%
- Volume vs 20D
- 0.81x
- Avg traded value
- ₹100 Cr
- 20D price channel
- ₹16,520 - ₹17,953
₹26,450
₹14,911 - ₹26,450
₹450.6
Latest completed session
20-session average
20.2% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE80
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average37
Revenue +6.2% · PAT +23.3% YoY
Technical
Neutral44
Price trend and sector-relative-strength timing.
Valuation
Legacy model+52.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence86
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 37/100margin compression · Rev +6% YoY · PAT +23% YoY · operating leverage
Filed 29 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 21.10
- P/B
- 5.55
- EV/EBITDA
- 13.15
- Market Cap
- 23297.00Cr
Profitability
- ROE
- 26.10%
- ROCE
- 36.00%
- ROA
- 19.15%
- Dividend Y
- 0.28%
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
- 9.24
- Book Value
- 3183.00
Cash Flow
- FCF Yield
- 1.70%
- FCF Positive Y
- 8/5
- OCF
- 1297.00 Cr
- EPS TTM
- 950.09
Shareholding
- Promoter Hold
- 61.63%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 15%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 9,200+1.6% vs prev
Net Profit
₹ CrLatest: 1,212+51.3% vs prev
Return on Equity
%Latest: 9,323+51.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 55. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~2.4% over last month) — short-term momentum negative.
- RSI(14) at 55 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 34% off 52W high · 9% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
60
RS percentile
Stage 4 Downtrend
1M return
+0.4%
3M return
-1.9%
6M return
-19.3%
1Y return
+6.9%
RS 1D
0
RS 20D
+25
Sector rank
#10
Industry rank
#14
Stage evidence
- Price is 6.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.7%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 104.18+0.25%
RS vs Nifty 500104
Valuation & peers
U-Score 80 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 80 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation13/30
Growth25/25
Quality20/20
Balance Sheet11/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
80
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
80/100 · legacy band DEEP VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 52.0%.
- 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.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
21.1
PB
5.5
EV/EBITDA
13.2
ROE
26.1%
ROCE
36.0%
FCF Yield
1.7%
Debt/Equity
0.0
MoS
+52.0%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
80
Previous: 80
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+52.0%
Previous: +52.0%
Score history
12 stored score snapshots. Latest stored move: +3 points.
20 Oct 2026
v4.3-runtime-valuation
81
81
81
81
80
80
80
80
77
77
77
80
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹8,248.82
-112.9% MoS
Growth-justified P/E
38.5
Growth-justified Value
₹36,625.97
+52.0% MoS
PEG
0.21
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HAPPYFORGE
Small
Happy Forgings Limited
Auto Components
match 139
43
58.0
15.0%
-40%
WATCHLIST
CRAFTSMAN
Small
Craftsman Automation Limited
Auto Components
match 137
28
61.4
12.5%
-53%
OVERVALUED
SUNDRMFAST
Small
Sundram Fasteners Limited
Auto Components
match 137
45
37.8
14.9%
+14%
WATCHLIST
TENNIND
Small
Tenneco Clean Air India Limited
Auto Components
match 136
64
29.3
44.4%
+33%
UNDERVALUED
ATULAUTO
Small
Atul Auto Limited
Auto Components
match 136
52
24.4
9.3%
+37%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-11T07:22:43.857Z
Management commentary snapshot
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.
Growth engines
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
86Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
20 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
99th percentile
overall median 67 · Auto: 96th pctile, median 74 · Small: 99th pctile, median 66
Evidence depth
Financial-only
20 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
72
acceptable · quarterly consistency
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.
Continue researching FORCE MOTORS LTD
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Oct - Copy of Newspaper Publication regarding Notice of 01/2026-27 EGM for ''A'' Equity shareholders
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 Aug - Copy of Newspaper Publication of Notice of 67th AGM
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Jul - Newspaper Publication of Un-audited Standalone and Consolidated financial results of the Company for the quarter ended on 30.06.2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.