Force Motors logo

Force Motors share price

NSE: FORCEMOTBSE: 500033AutomobilesSmall Cap

FORCE MOTORS LTD · Formerly Bajaj Tempo · Face value ₹10 · Listed Apr 1964 on BSE, Aug 2019 on NSE
Last close ₹16,856.00down ₹238.00 (1.39%)BSE ₹16,859.00

Share price at the NSE close on 29 Oct 2026. Previous close ₹17,094.00.

29 Oct: open ₹16,860.00, high ₹17,390.00, low ₹16,779.00

52-week range of traded prices to 29 Oct 2026
₹16,184.00Low, 23 Oct 2026₹26,450.00High, 18 Feb 2026
Market cap
₹22,210 Cr292nd largest listed
P/E
18.58
P/E without one-offs
22.57
P/B
4.79
Dividend yield
0.30%
ROE
29.3%
ROE without one-offs
24.2%
ROCE
26.8%
Debt to equity
0.00
Volume, NSE
89,58623.8% delivered

Force Motors share price chart

Daily closes since Jan 2007, BSE closes Jan 2007 to Aug 2019 and Oct 2023 to Feb 2024, adjusted for splits and bonuses

+1.2%over a year · Nifty Smallcap 100 +1.8% · Nifty 500 −8.4%

Results20-session average 64,377 shares a day, 33.6% delivered

About Force Motors

Force Motors Limited is a Pune-based vehicle maker that designs, develops and manufactures light and small commercial vehicles, multi-utility vehicles and special vehicles, along with automotive components and aggregates.1 Its customers include government agencies, public transport, schools, health services, defence services and logistics firms.2

Its vehicle brands include Traveller, Urbania, Monobus, Trax and Gurkha, and the Traveller is also built as a school bus, ambulance, delivery van and troop carrier.345 Its high-tech aggregate business makes petrol and diesel engines, axles and radiator fan modules.6 Force MTU Power Systems, its joint venture with Rolls-Royce Power Systems AG, in which Force Motors holds 51% and Rolls-Royce 49%, runs a plant at Chakan that the company says is the only one in the world making Series 1600 engines for global markets.7

Force Motors was incorporated in 1958, and its founder, N. K. Firodia, had set up Jaya Hind Industries in 1948, the year he also introduced the 3-wheeler Tempo.89 Force Motors is a subsidiary of Jaya Hind Industries Private Limited, which holds 57.38% of its shares, and belongs to the Abhay Firodia Group of Companies.1011 Its chairman, Abhaykumar Navalmal Firodia, and its managing director, Prasan Abhaykumar Firodia, are its promoters.12

Force Motors key points

Results

  • In the year to Mar 2026, consolidated revenue rose to ₹9,05,705 lakh from ₹8,07,173 lakh, with an EBITDA margin (earnings before interest, tax, depreciation and amortisation as a share of revenue) of 17.74%, as the company states it.13
  • Consolidated profit after tax, which includes a one-off item, was ₹1,21,175 lakh in the year to Mar 2026, against ₹80,086 lakh a year earlier; profit before one-off items and tax was ₹1,30,447 lakh, against ₹84,369 lakh.14
  • On a standalone basis, net sales in the quarter to Jun 2026 were ₹2,417 crore against ₹2,279 crore a year earlier, and profit after tax ₹212 crore against ₹185 crore; the company moved to a new tax regime partway through the year to Mar 2026.1516

Vehicle sales

  • Force Motors sold 37,619 vehicles in the year to Mar 2026, against 32,068 a year earlier.17
  • The Traveller van held more than 70% market share in its core van segment in the year to Mar 2026.18
  • In the year to Mar 2026, Urbania volumes grew by more than 100% and the Trax platform by more than 70%, with Trax gaining in smaller cities and towns.19
  • Force Motors has added the new-generation Traveller N range and the Urbania DX to its vehicle range.20

Revenue mix

  • Share of standalone turnover, for the main products the company lists21
    Itemyear to Mar 2026
    Commercial vehicles63.64%
    Motor vehicle engines24.82%
    Parts and accessories for motor vehicles5.40%
  • Exports made up 2.11% of Force Motors' standalone turnover in the year to Mar 2026; it sells in 28 states and 8 union territories in India and in 30 countries through 33 distributors.22

Plants and capacity

  • Force Motors' own plants are at Pithampur in Madhya Pradesh, at Akurdi and Chakan in Pune, and at Chennai.2324
  • The Pithampur plant, spread over more than 300 acres, carries out stamping, body welding, painting and final assembly, and makes its own engines, gearboxes and axles.25

Customers and partners

  • Force Motors makes engines and axles for all Mercedes-Benz cars and SUVs made in India at a dedicated Chakan plant commissioned in 2016, and has rolled out its 200,000th engine for Mercedes-Benz India, in a relationship spanning over 50 years.2627
  • Force Motors makes engines and cooling modules for all BMW cars and SUVs made in India at a dedicated Chennai plant commissioned in 2015, and made its 100,000th engine for BMW India in the year to Mar 2026.2829
  • Force Motors supplied its first lot of Gurkha vehicles to the Indian Army in the year to Mar 2026, and the Army's Light Strike Vehicles are built on the Gurkha platform.3031

Research and development

  • Spending on research and development (R&D), capital and revenue together, was ₹36,026 lakh in the year to Mar 2026, 3.98% of revenue from operations, against ₹29,677 lakh, or 3.68%, a year earlier.32
  • Force Motors invested ₹40 crore in upgrading its R&D-related development and testing infrastructure.33
  • Force Motors says it is the first manufacturer to develop and homologate (get regulatory approval for) an electric ambulance; the Traveller is also available in an electric version.34
  • The company stated in its annual report for the year to Mar 2026 that it plans to offer its electric ambulance for sale under the PM E-DRIVE scheme, a government programme supporting electric vehicles.34

Expansion and capital spending

  • In its presentation of 7 Aug 2026, the company said it has launched Project Digiforce, a ₹150 crore, 2-year programme to digitise its customer-facing and core operations across more than 200 dealerships and 70 service centres.35
  • The company stated in its annual report for the year to Mar 2026 that it has authorised ₹45 crore for electric-vehicle engineering infrastructure, assembly stations and a testing lab.36

Recent events

  • On 19 Oct 2026, CRISIL Ratings reaffirmed its AA+ long-term rating with a stable outlook and its A1+ short-term rating (grades of the ability to repay debt) on Force Motors' ₹765 crore of bank loan facilities.37
  • On 23 Apr 2026, Force Motors bought all the shares of Veera Tanneries Private Limited, a maker of chrome-free leather, for ₹16,196 lakh; its filing of 4 Feb 2026 gave the aim as acquiring the land bank to expand its current business.383940

Last updated

All 40 sources, each with its page
  1. 1. Annual report, 25 Aug 2026, page 141
  2. 2. Annual report, 25 Aug 2026, page 91
  3. 3. Investor presentation, 7 Aug 2026, page 10
  4. 4. Annual report, 25 Aug 2026, page 63
  5. 5. Investor presentation, 7 Aug 2026, page 13
  6. 6. Investor presentation, 7 Aug 2026, page 11
  7. 7. Investor presentation, 7 Aug 2026, page 28
  8. 8. Annual report, 25 Aug 2026, page 91
  9. 9. Investor presentation, 7 Aug 2026, page 4
  10. 10. Annual report, 25 Aug 2026, page 74
  11. 11. Investor presentation, 7 Aug 2026, page 5
  12. 12. Annual report, 25 Aug 2026, page 76
  13. 13. Annual report, 25 Aug 2026, page 62
  14. 14. Annual report, 25 Aug 2026, page 56
  15. 15. Investor presentation, 7 Aug 2026, page 37
  16. 16. Investor presentation, 7 Aug 2026, page 39
  17. 17. Annual report, 25 Aug 2026, page 73
  18. 18. Annual report, 25 Aug 2026, page 62
  19. 19. Annual report, 25 Aug 2026, page 62
  20. 20. Annual report, 25 Aug 2026, page 62
  21. 21. Annual report, 25 Aug 2026, page 91
  22. 22. Annual report, 25 Aug 2026, page 91
  23. 23. Investor presentation, 7 Aug 2026, page 24
  24. 24. Annual report, 25 Aug 2026, page 124
  25. 25. Investor presentation, 7 Aug 2026, page 25
  26. 26. Investor presentation, 7 Aug 2026, page 27
  27. 27. Annual report, 25 Aug 2026, page 62
  28. 28. Investor presentation, 7 Aug 2026, page 26
  29. 29. Annual report, 25 Aug 2026, page 62
  30. 30. Annual report, 25 Aug 2026, page 62
  31. 31. Investor presentation, 7 Aug 2026, page 20
  32. 32. Annual report, 25 Aug 2026, page 64
  33. 33. Annual report, 25 Aug 2026, page 64
  34. 34. Annual report, 25 Aug 2026, page 64
  35. 35. Investor presentation, 7 Aug 2026, page 31
  36. 36. Annual report, 25 Aug 2026, page 64
  37. 37. Exchange filing, 19 Oct 2026, page 1
  38. 38. Exchange filing, 23 Apr 2026, page 1
  39. 39. Annual report, 25 Aug 2026, page 63
  40. 40. Exchange filing, 4 Feb 2026, page 2

Results

Consolidated; ₹ crore.Force Motors quarterly results

Revenue growth, 12 months
+16.5%
Net profit growth, 12 months
+11.0%

Quarter to Sep 2026, against the quarter before

Revenue
₹2,925 Crup 19.86%
Net profit
₹294 Crup 35.70%
Net margin
10.0%

Revenue by quarter

₹1,889 CrDec 24₹2,356 CrMar 25₹2,297 CrJun 25₹2,081 CrSep 25₹2,129 CrDec 25₹2,550 CrMar 26₹2,440 CrJun 26₹2,925 CrSep 26
Peak revenue ₹2,925 Cr, quarter to Sep 2026; lowest ₹1,889 Cr, quarter to Dec 2024

Net profit by quarter, a loss in red

₹115 CrDec 24₹435 CrMar 25₹176 CrJun 25₹351 CrSep 25₹406 CrDec 25₹279 CrMar 26₹217 CrJun 26₹294 CrSep 26
₹ croreDec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue1,8892,3562,2972,0812,1292,5502,4402,925
Net profit115435176351406279217294
Net margin6.1%18.5%7.7%16.8%19.1%10.9%8.9%10.0%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

Business segments

In the year to Mar 2026 the company reports one business segment, Automobile, which carries all its revenue.

Valuation

Today, against the company's own history. Its history crosses a change of basis in the accounts in the year to Mar 2018: days before it are of the company before the change.Force Motors PE ratio and valuation

Price to earnings

At or below today's level on 40% of 1,733 trading days over the last 10 years.

LowestHighest
Its median25.86Industry median20.64
Price to book

At or below today's level on 75% of 1,865 trading days since Oct 2018.

LowestHighest
Its median1.17Industry median3.24
Dividend yield

At or below today's level on 58% of 2,463 trading days over the last 10 years.

LowestHighest
Its median0.25%Industry median1.11%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend yield
1 year+114.8%+51.3%+41.8%0.3%
3 years+155.7%+108.5%+22.5%0.3%
5 years+75.9%––0.6%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth and the change in P/E are left empty where earnings per share at either end of the window was a loss or is not on record. Earnings growth over 1 and 3 years includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the years to Mar 2023, Mar 2025 and Mar 2026.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.Force Motors shareholding pattern

Shareholding by group

  • Promoters61.63%
  • Foreign institutions7.09%
  • Indian institutions2.49%
  • Individuals and others28.79%
Holder
Jaya Hind Industries Private LimitedPromoter57.38%
Abhaykumar Navalmal FirodiaPromoter2.01%
Prasan Abhaykumar FirodiaPromoter1.68%
Manohar DevabhaktuniNon-resident Indians1.20%
Indira Abhaykumar FirodiaPromoter0.49%
Kamala Bansilal BhandariPromoter0.06%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Jun 2026: promoters unchanged, foreign institutions −2.43 pts, Indian institutions +1.03 pts, mutual funds +0.93 pts.

The filing reports 1,43,348 of its 1,31,76,262 shares locked in.

Mutual fund holdings

80 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 55 of the 59 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.All 80 funds holding Force Motors

Bought for the first time
1
Added
23
Cut
36
Held unchanged
20
Sold out
2
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Promoter and insider buying and selling

Trades made since 30 Oct 2025.Force Motors insider trading

Bought on the market Sold on the market
  • Directors and key managers1 purchase, 0 sales₹0.27 CrNo saleNet₹0.27 Cr
  • Others: no market trade · 2 pledge filings of unclear kind
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

Force Motors competitors and peers

Automobiles, 27 listed companies, priced on 29 Oct 2026. The table lists the 8 companies closest to Force Motors in market cap.Automobile companies

Where the company sits among the companies nearest its size

Return on equity across, P/E up, size is market cap
Company
Hyundai Motor India logoHyundai Motor IndiaHYUNDAI1,56,17034.147.66+8.0%−20.0%24.1%24.9%1.09%
Hero MotoCorp logoHero MotoCorpHEROMOTOCO1,02,17217.034.36+27.0%+13.6%27.0%27.3%3.62%
Tata Motors Passenger Vehicles logoTata Motors Passenger VehiclesTMPV97,968–0.87−18.6%–––1.13%
Ather Energy logoAther EnergyATHERENERG65,955–15.39––−6.7%−6.5%0.00%
Ola Electric Mobility logoOla Electric MobilityOLAELEC17,575––−49.2%–−41.0%−26.9%0.00%
Olectra Greentech logoOlectra GreentechOLECTRA8,01545.116.53+38.4%+26.1%15.6%18.7%0.06%
Zelio E Mobility logoZelio E MobilityZELIO2,24479.0420.12––25.5%–0.00%
Landmark Cars logoLandmark CarsLANDMARK1,85841.333.18+20.7%+128.6%7.9%11.6%0.33%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

Dividends

Per share, by the year it was paid for, and the latest payments.Force Motors dividend history

Dividend per share, ₹, restated for later splits and bonuses

Mar 17Mar 1810Mar 1910Mar 205Mar 2110Mar 2210Mar 2320Mar 2440Mar 2550Mar 26
Highest ₹50.00 a share, year to Mar 2026.
Ex-dateTypePer share
9 Sep 2026Final₹50.00
10 Sep 2025Final₹40.00
28 Aug 2024Final₹20.00
21 Sep 2023Final₹10.00
20 Sep 2022Final₹10.00
20 Sep 2021Final₹5.00
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.Force Motors announcements

Force Motors share price by year

Each calendar year to 2025.Force Motors share price history

YearClose at year endChangeHighest closeLowest close
202520,566.00+215.8%21,897.006,295.00
2024BSE close6,512.50+79.9%9,949.303,352.00
2023BSE close3,621.00+161.3%4,282.801,098.25
20221,386.00+10.8%1,567.60927.90
20211,250.95−8.1%1,670.951,064.10
20201,361.45+25.5%1,511.35621.75
2019BSE close1,084.65−32.7%1,816.35964.10
2018BSE close1,612.50−56.3%3,699.351,602.35
2017BSE close3,691.50−1.3%4,716.052,993.25
2016BSE close3,741.85+20.8%4,672.402,242.50
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
28 Oct 202617,350.0017,494.0016,825.0017,094.0017,085.0579,31825.8%
27 Oct 202616,688.0017,375.0016,569.0017,375.0017,014.281,06,79831.8%
26 Oct 202616,401.0016,732.0016,254.0016,588.0016,507.9154,99030.2%
23 Oct 202616,770.0016,890.0016,184.0016,400.0016,435.3868,73237.1%
22 Oct 202616,870.0017,004.0016,480.0016,768.0016,762.8964,58237.3%
21 Oct 202617,563.0017,645.0016,768.0016,885.0017,022.0254,59438.0%
19 Oct 202617,685.0017,953.0017,369.0017,563.0017,725.5248,02025.6%
16 Oct 202617,578.0017,840.0017,458.0017,700.0017,739.6049,08833.9%
15 Oct 202617,210.0017,825.0017,102.0017,578.0017,595.7598,92239.6%
Prices in ₹ per share as traded, not adjusted.

Company details