Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Force Motors Ltd.
NSE: FORCEMOTConsumer CyclicalAuto Manufacturers
- Last close
- ₹16,400.00
- Day change
- −₹368.00 (−2.19%)vs
- Market cap
- ₹23,141 crIndian rupees
- Research updated
- 2 reports
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About Force Motors
Force Motors Ltd., a renowned player in the automobile manufacturing industry, primarily focuses on producing commercial vehicles, multi-utility vehicles (MUVs), and agricultural tractors. Known for its robust engineering capabilities, the company serves a diverse clientele ranging from transport companies to large agricultural ventures, thereby playing a pivotal role in facilitating industrial and agricultural operations across various sectors. Force Motors Ltd. operates multiple manufacturing plants equipped with cutting-edge technology to ensure the production of durable and reliable vehicles that meet a broad spectrum of industrial needs. Additionally, the company's commitment to research and development enables it to innovate and adapt to emerging trends in the automotive world. With its thorough understanding of the market and extensive distribution network, Force Motors Ltd. contributes significantly to the commercial vehicle market, impacting sectors such as transportation, agriculture, and logistics. As it continues to expand its product offerings and market reach, the company remains a vital part of the industry's evolution and growth.
- Sector
- Consumer Cyclical
- Industry
- Auto Manufacturers
- Listing
- NSE: FORCEMOT
- Next results
- Employees
- 4,832
- Headquarters
- Pune, India
- ISIN
- INE451A01017
- Website
- forcemotors.com
Public research · Report of
Business model & financial foundation
Force Motors (NSE: FORCEMOT), Light commercial and utility vehicles; engine assembly for luxury OEMs: revenue of ₹9,057 crore in FY26 (+12.2% on FY25), an EBITDA margin of 14.8%, net profit of ₹1,212 crore and net cash of ₹1,807 crore.
- Revenue, FY26 (₹ crore)
- 9,057
- consolidated
- Revenue growth, FY26
- +12.2%
- on FY25
- Net profit, FY26 (₹ crore)
- 1,212
- to owners
- Return on equity, FY26
- 33.5%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,807
- Issuer net debt/(net cash) including liquidity deposits
- Market capitalisation (₹ crore)
- 23,161
- at the close of 19 Oct 2026
Company profile
Force Motors makes Traveller vans, Urbania premium vans, Trax and Gurkha utility vehicles, and supplies engines and axles to Mercedes-Benz and BMW in India. Its standalone FY26 turnover mix was 63.64% commercial vehicles, 24.82% engines, 5.40% parts and 2.11% exports. The company is net cash after deleveraging and is investing in hybrid, export and digital programmes.
| Item | Value |
|---|---|
| Legal name | Force Motors Limited (formerly Bajaj Tempo Limited) |
| Exchange and ticker | NSE: FORCEMOT; BSE: 500033 |
| ISIN | INE451A01017 |
| CIN | L34102PN1958PLC011172 |
| Sector | Automobiles and auto components |
| Industry | Light commercial and utility vehicles; engine assembly for luxury OEMs |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Kirtane & Pandit LLP |
| Market capitalisation | ₹23,161 crore (19 Oct 2026) |
| Shares outstanding | 1.32 crore shares (FY26) |
| Price | ₹17,700 (close, 19 Oct 2026) |
| 52-week range | ₹16,109 - ₹26,450 (to 19 Oct 2026) |
| Website | https://www.forcemotors.com |
Corporate structure and shareholding
Parent: Jaya Hind Industries Private Limited (promoter, 57.38% as of 30 Sep 2026).
| Entity | Holding | Business |
|---|---|---|
| Tempo Finance (West) Private Limited | 66.43% | Consolidated non-operating finance subsidiary |
| Force MTU Power Systems Private Limited | 51% | Rolls-Royce Power Systems engine joint venture; equity accounted |
| Veera Tanneries Private Limited | 100% | Acquired 23 Apr 2026 for INR 161.96 cr; not in FY26 consolidation |
FY27 consolidation scope changes with Veera Tanneries; Force MTU remains equity accounted.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 61.63% | 61.63% | 61.63% | 61.63% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 10.46% | 10.93% | 9.52% | 7.09% |
| Domestic institutions | 1.80% | 1.76% | 1.46% | 2.49% |
| of which mutual funds | 0.95% | 0.98% | 0.79% | 1.72% |
| Retail | 20.53% | 20.30% | 21.13% | 22.42% |
| Other | 5.59% | 5.38% | 6.26% | 6.37% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Force Motors (NSE: FORCEMOT; BSE: 500033) makes Traveller vans and buses, the Urbania premium van, and Trax and Gurkha utility vehicles. It also assembles engines and axles for Mercedes-Benz and BMW in India. Standalone FY26 turnover was 63.64% commercial vehicles, 24.82% engines, 5.40% parts and 2.11% exports. FY26 consolidated revenue from operations was INR9,057 crore and PAT to owners INR1,212 crore. The group had nil consolidated interest-bearing borrowings at 31 March 2026 and issuer-defined net cash of INR1,807 crore.
The 19 Oct 2026 credit-rating event corroborates the balance-sheet premise rather than changing it: secondary coverage says CRISIL reaffirmed the rating and debt-free status; the contemporaneous exchange attachment is registered but its schedule was not text-extractable. The last readable primary CRISIL schedule remains AA+/Stable and A1+ on INR765 crore facilities. Force MTU, the 51%-held Rolls-Royce Power Systems joint venture, is equity accounted. Veera Tanneries was bought for INR162 crore on 23 April 2026.
| Segment | revenue, FY26 (₹ crore) | Share | total assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Automotive single reportable segment (vehicles, engines, aggregates, parts) | 9,057 | 100.0% | 6,538 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Ashok Leyland (ASHOKLEY) | Bus and LCV commercial vehicle exposure |
| SML Mahindra (SMLMAH) | Small bus and light truck competitor; controlled by M&M |
| Tata Motors CV (TMCV) | Largest Indian commercial vehicle maker, including vans and buses |
| Mahindra & Mahindra (M&M) | LCV and utility vehicle overlap, but conglomerate |
| Eicher Motors (EICHERMOT) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations excluding other income | 3,240 | 4,981 | 6,992 | 8,072 | 9,057 |
| Cost of revenue (vendor classification) * | 2,619 | 4,012 | 5,259 | 5,948 | 6,260 |
| Other operating costs (vendor classification) * | 290.4 | 302.0 | 355.4 | 385.7 | 671.2 |
| EBITDA (vendor classification) * | 102.3 | 374.3 | 934.2 | 1,155 | 1,594 |
| EBIT before separate capitalisation credit | -88.6 | 340.7 | 559.6 | 695.3 | 1,052 |
| Finance costs | 41.0 | 68.3 | 62.1 | 25.9 | 3.26 |
| Profit before tax including JV share | -129.6 | 272.4 | 605.1 | 1,238 | 1,516 |
| Total tax expense | -38.7 | 138.7 | 216.9 | 437.4 | 304.0 |
| Consolidated profit after tax including NCI | -91.0 | 133.7 | 388.2 | 800.9 | 1,212 |
| Diluted EPS (₹) | -69.13 | 101.4 | 294.5 | 607.7 | 919.6 |
| Materials consumed | 5,232 | 5,959 | 6,427 | ||
| Signed inventory changes | -107.0 | -11.5 | -22.5 | ||
| Employee benefits expense, gross | 533.3 | 591.9 | 686.3 | ||
| Other expenses, gross | 508.0 | 557.2 | 627.9 | ||
| Capitalised expenditure credit | 82.4 | 117.2 | 145.0 | ||
| Other income | 39.1 | 56.6 | 110.5 | ||
| Depreciation and amortisation | 266.8 | 280.2 | 286.0 | ||
| Signed exceptional income/(expense) | 0.00 | 394.6 | 211.2 | ||
| Current tax | 115.2 | 441.6 | 402.5 | ||
| Deferred tax charge/(credit) | 101.6 | -4.07 | -98.5 | ||
| Prior-year tax charge/(credit) | 0.07 | -0.14 | 0.03 | ||
| Profit attributable to non-controlling interests | 0.12 | 0.12 | 0.12 | ||
| Signed equity-accounted joint-venture profit/(loss) | -13.8 | 0.52 | 0.11 | ||
| Profit attributable to owners | 388.1 | 800.7 | 1,212 | ||
| Materials consumed plus signed inventory changes | 5,124 | 5,947 | 6,405 | ||
| EBITDA before separate capitalisation credit | 826.3 | 975.5 | 1,338 | ||
| Purchases of traded goods, not separately disclosed | n.d. | n.d. | n.d. |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 1,750 | 1,877 | 2,257 | 3,036 | 4,197 |
| Gross borrowings as disclosed in capital management | 1,069 | 954.8 | 524.5 | 17.4 | 0.00 |
| Cash and cash equivalents excluding other bank balances | 72.1 | 140.4 | 448.2 | 506.6 | 830.4 |
| Trade receivables | 189.4 | 196.8 | 104.1 | 174.3 | 191.2 |
| Inventories | 637.1 | 826.6 | 1,163 | 1,184 | 1,258 |
| Total trade payables | 516.9 | 745.0 | 854.3 | 783.6 | 1,040 |
| Net property, plant and equipment excluding intangibles | 1,569 | 1,604 | 1,571 | 1,524 | 1,473 |
| Capital work in progress excluding intangible development | 234.1 | 94.8 | 25.8 | 92.5 | 235.7 |
| Total assets | 3,661 | 4,013 | 4,415 | 5,134 | 6,538 |
| Equity attributable to owners | 2,255 | 3,033 | 4,194 | ||
| Other bank balances, unpaid dividend and security deposits | 0.60 | 0.86 | 1.17 | ||
| Current financial-institution fixed deposits | 0.00 | 475.0 | 975.0 | ||
| Non-current financial-institution fixed deposits | 0.00 | 100.0 | 0.00 | ||
| Non-current borrowings | 381.8 | 1.34 | 0.00 | ||
| Current borrowings including current maturities | 142.7 | 16.1 | 0.00 | ||
| Issuer net debt/(net cash) including liquidity deposits | 75.7 | -1,065 | -1,807 | ||
| Net other intangible assets | 453.5 | 438.8 | 434.7 | ||
| Intangible assets under development | 145.1 | 194.7 | 300.7 | ||
| Lease liabilities, not separately disclosed | n.d. | n.d. | n.d. |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | -241.5 | -86.9 | 1,014 | 1,546 | 1,297 |
| Free cash flow (vendor definition) * | -381.0 | 272.2 | 806.1 | 604.6 | 757.5 |
| Cash dividends paid, negative outflow | -6.59 | -13.2 | -13.2 | -26.4 | -52.7 |
| Gross PPE and intangible cash purchases, negative outflow | -333.6 | -257.5 | -208.4 | -366.9 | -539.6 |
| Cash proceeds from PPE and intangible disposals | 3.51 | 1.85 | 3.28 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Closing shares outstanding | 1.32 | 1.32 | 1.32 | 1.32 | 1.32 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,941 | 1,889 | 2,356 | 2,297 | 2,081 | 2,129 | 2,550 | 2,440 |
| Cost of revenue (vendor classification) * | 1,401 | 1,392 | 1,794 | 1,651 | 1,407 | 1,447 | 1,755 | 1,730 |
| Other operating costs (vendor classification) * | 128.1 | 134.4 | -12.1 | 148.2 | 140.3 | 140.6 | 198.9 | 187.0 |
| EBITDA (vendor classification) * | 285.5 | 251.8 | 357.7 | 348.1 | 388.4 | 404.3 | 453.0 | 370.7 |
| EBIT * | 216.9 | 181.3 | 674.9 | 277.8 | 317.4 | 542.8 | 380.9 | 293.3 |
| Finance costs | 5.43 | 4.12 | 7.26 | 0.13 | 0.23 | 0.16 | 2.74 | 0.04 |
| Profit before tax including JV and exceptional | 211.5 | 177.2 | 667.8 | 277.7 | 317.2 | 542.6 | 378.2 | 293.3 |
| Total current, deferred and prior-year tax | 76.4 | 61.8 | 233.1 | 101.4 | -33.5 | 136.5 | 99.7 | 76.7 |
| Net profit after tax including NCI and JV | 135.1 | 115.3 | 434.7 | 176.4 | 350.7 | 406.2 | 278.5 | 216.6 |
| Basic and diluted EPS, quarter not annualised (₹) | 102.5 | 87.52 | 329.9 | 133.8 | 266.1 | 308.2 | 211.4 | 164.4 |
| Materials plus inventory movement | 1,427 | 1,418 | 1,717 | 1,684 | 1,444 | 1,482 | 1,795 | 1,759 |
| Employee benefits expense | 129.8 | 131.5 | 191.5 | 166.5 | 170.9 | 167.5 | 181.5 | 195.1 |
| Other expenses before expenditure capitalized | 128.1 | 134.4 | 159.5 | 148.2 | 140.3 | 140.6 | 198.9 | 187.0 |
| EBITDA: revenue less materials, employee and other expense | 257.0 | 206.1 | 287.9 | 298.1 | 326.6 | 338.8 | 374.7 | 299.2 |
| Other income | 8.57 | 14.9 | 18.1 | 25.1 | 24.5 | 27.1 | 33.9 | 38.1 |
| Depreciation and amortization | 68.6 | 70.5 | 71.9 | 70.3 | 71.0 | 72.7 | 72.0 | 77.4 |
| Exceptional items net (signed income positive) | 0.00 | 0.00 | 394.6 | 0.00 | 0.00 | 211.2 | 0.00 | 0.00 |
| Share of joint venture profit/(loss), signed | -5.72 | 5.19 | 5.01 | -8.96 | 1.10 | 3.19 | 4.78 | 4.84 |
| Profit attributable to non-controlling interest | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.02 | 0.03 |
| Profit attributable to owners of parent | 135.0 | 115.3 | 434.7 | 176.3 | 350.7 | 406.1 | 278.5 | 216.6 |
| Expenditure capitalised (positive PBT credit) | 25.6 | 25.6 | 41.3 | 33.9 | 36.2 | 35.2 | 39.7 | 28.6 |
| Cost of materials consumed | 1,399 | 1,506 | 1,631 | 1,707 | 1,553 | 1,491 | 1,677 | 1,749 |
| Changes in finished goods and work in progress | 28.0 | -88.2 | 86.4 | -22.1 | -109.2 | -8.81 | 117.6 | 9.62 |
| Purchases of traded goods (not separately disclosed) | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 66.0% | 53.7% | 40.4% | 15.4% | 12.2% |
| EBITDA margin | 11.8% | 12.1% | 14.8% | ||
| Net margin | 5.6% | 9.9% | 13.4% | ||
| Return on equity | 18.8% | 30.3% | 33.5% | ||
| Return on capital employed | -3.3% | 12.1% | 19.9% | 23.8% | 29.0% |
| Return on assets | 9.2% | 16.8% | 20.8% | ||
| Net debt (₹ crore) | 75.7 | -1,065 | -1,807 | ||
| Net debt / EBITDA | 0.09x | -1.09x | -1.35x | ||
| Interest cover | -2.16x | 4.99x | 9.00x | 26.9x | 322.8x |
| Asset turnover | 0.94x | 1.30x | 1.66x | 1.69x | 1.55x |
| Receivable days | 21 | 14 | 5 | 8 | 8 |
| Inventory days (on revenue) | 72 | 61 | 61 | 54 | 51 |
| Payable days (on revenue) | 58 | 55 | 45 | 35 | 42 |
| Cash conversion | 2.61x | 1.93x | 1.07x | ||
| Capex intensity | 10.3% | 5.2% | 3.0% | 4.5% | 6.0% |
| Free cash flow (₹ crore) | -575.0 | -344.4 | 806.1 | 1,180 | 757.5 |
| Dividend payout | 3.4% | 3.3% | 4.3% | ||
| EPS, diluted (₹) | -69.13 | 101.4 | 294.5 | 607.7 | 919.6 |
| Book value per share (₹) | 1,328 | 1,425 | 1,713 | 2,304 | 3,185 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA before separate capitalisation credit / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Issuer net debt/(net cash) including liquidity deposits.
- Net debt / EBITDA: net debt / EBITDA before separate capitalisation credit.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 19 Oct 2026); market data at the close of 19 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Force Motors includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Force Motors
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 19 Oct 2026; page updated 25 Oct 2026.
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