Force Motors share price
NSE: FORCEMOTBSE: 500033AutomobilesSmall Cap
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
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹22,210 Cr292nd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 18.58
- P/E without one-offsPrice to earnings without one-off items. Market cap divided by core profit: the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, less one-off items (exceptional items and the result of businesses sold or closed). Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹211 crore of one-off items, the largest of them in the quarter to Dec 2025.
- 22.57
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 4.79
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.30%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 29.3%
- ROE without one-offsReturn on equity without one-off items. Core profit, the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders less one-off items (exceptional items and the result of businesses sold or closed), as a percentage of the same net worth as the return on equity. Shown where the one-off items move that profit by more than a tenth. The last twelve months' profit includes ₹211 crore of one-off items, the largest of them in the quarter to Dec 2025.
- 24.2%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 26.8%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Sep 2026.
- 0.00
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 89,58623.8% 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
Item year to Mar 2026 Commercial vehicles 63.64% Motor vehicle engines 24.82% Parts and accessories for motor vehicles 5.40% - 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
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. Annual report, 25 Aug 2026, page 141
- 2. Annual report, 25 Aug 2026, page 91
- 3. Investor presentation, 7 Aug 2026, page 10
- 4. Annual report, 25 Aug 2026, page 63
- 5. Investor presentation, 7 Aug 2026, page 13
- 6. Investor presentation, 7 Aug 2026, page 11
- 7. Investor presentation, 7 Aug 2026, page 28
- 8. Annual report, 25 Aug 2026, page 91
- 9. Investor presentation, 7 Aug 2026, page 4
- 10. Annual report, 25 Aug 2026, page 74
- 11. Investor presentation, 7 Aug 2026, page 5
- 12. Annual report, 25 Aug 2026, page 76
- 13. Annual report, 25 Aug 2026, page 62
- 14. Annual report, 25 Aug 2026, page 56
- 15. Investor presentation, 7 Aug 2026, page 37
- 16. Investor presentation, 7 Aug 2026, page 39
- 17. Annual report, 25 Aug 2026, page 73
- 18. Annual report, 25 Aug 2026, page 62
- 19. Annual report, 25 Aug 2026, page 62
- 20. Annual report, 25 Aug 2026, page 62
- 21. Annual report, 25 Aug 2026, page 91
- 22. Annual report, 25 Aug 2026, page 91
- 23. Investor presentation, 7 Aug 2026, page 24
- 24. Annual report, 25 Aug 2026, page 124
- 25. Investor presentation, 7 Aug 2026, page 25
- 26. Investor presentation, 7 Aug 2026, page 27
- 27. Annual report, 25 Aug 2026, page 62
- 28. Investor presentation, 7 Aug 2026, page 26
- 29. Annual report, 25 Aug 2026, page 62
- 30. Annual report, 25 Aug 2026, page 62
- 31. Investor presentation, 7 Aug 2026, page 20
- 32. Annual report, 25 Aug 2026, page 64
- 33. Annual report, 25 Aug 2026, page 64
- 34. Annual report, 25 Aug 2026, page 64
- 35. Investor presentation, 7 Aug 2026, page 31
- 36. Annual report, 25 Aug 2026, page 64
- 37. Exchange filing, 19 Oct 2026, page 1
- 38. Exchange filing, 23 Apr 2026, page 1
- 39. Annual report, 25 Aug 2026, page 63
- 40. Exchange filing, 4 Feb 2026, page 2
Results
Consolidated; ₹ crore.Force Motors quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +16.5%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +11.0%
Quarter to Sep 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹2,925 Crup 19.86%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹294 Crup 35.70%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 10.0%
Revenue by quarter
Net profit by quarter, a loss in red
| ₹ crore | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,889 | 2,356 | 2,297 | 2,081 | 2,129 | 2,550 | 2,440 | 2,925 |
| Net profit | 115 | 435 | 176 | 351 | 406 | 279 | 217 | 294 |
| Net margin | 6.1% | 18.5% | 7.7% | 16.8% | 19.1% | 10.9% | 8.9% | 10.0% |
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹9,057 Crup 12.21%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹1,212 Crup 51.31%
- Net margin
- 13.4%
Revenue by year
Net profit by year, a loss in red
- Net profit
- Loss
The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,495what Revenue, Mar 2017, includes. This period's revenue includes excise duty of ₹426 crore, a tax on the goods the company makes that it collects and pays to the government. | 3,531 | 3,652 | 3,081 | 1,988 | 3,240 | 5,029 | 6,992 | 8,072 | 9,057 |
| Net profit | 180 | 147 | 143 | 50 | −124 | −91 | 134 | 388 | 801 | 1,212 |
| Net margin | 5.2% | 4.2% | 3.9% | 1.6% | −6.2% | −2.8% | 2.7% | 5.6% | 9.9% | 13.4% |
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
At or below today's level on 40% of 1,733 trading days over the last 10 years.
At or below today's level on 75% of 1,865 trading days since Oct 2018.
At or below today's level on 58% of 2,463 trading days over the last 10 years.
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend 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% |
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 timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 1
- AddedAdded. Funds that held more shares than at the end of the month before.
- 23
- CutCut. Funds that held fewer shares than at the end of the month before.
- 36
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 20
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 2
| Fund | |||
|---|---|---|---|
| 55,904 | 1.08% | ₹95.3 Cr | |
| 37,046 | 0.60% | ₹63.2 Cr | |
| 21,500 | 2.00% | ₹36.7 Cr | |
| 19,735 | 2.77% | ₹33.7 Cr | |
| 19,199 | 1.02% | ₹32.7 Cr | |
| 14,000 | 1.97% | ₹23.9 Cr | |
| 8,864 | 0.95% | ₹15.1 Cr | |
| 7,449 | 0.37% | ₹12.7 Cr | |
| 5,841 | 0.37% | ₹9.96 Cr | |
| 5,425 | 0.02% | ₹9.25 Cr |
Promoter and insider buying and selling
Trades made since 30 Oct 2025.Force Motors insider trading
- Directors and key managers1 purchase, 0 sales₹0.27 CrNo saleNetNet. The value bought on the market less the value sold, over the trades whose filers stated a value.₹0.27 Cr
- Others: no market trade · 2 pledge filings of unclear kind
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
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1,56,170 | 34.14 | 7.66 | +8.0% | −20.0% | 24.1% | 24.9% | 1.09% | |
| 1,02,172 | 17.03 | 4.36 | +27.0% | +13.6% | 27.0% | 27.3% | 3.62% | |
| 97,968 | – | 0.87 | −18.6% | – | – | – | 1.13% | |
| 65,955 | – | 15.39 | – | – | −6.7% | −6.5% | 0.00% | |
| 17,575 | – | – | −49.2% | – | −41.0% | −26.9% | 0.00% | |
| 8,015 | 45.11 | 6.53 | +38.4% | +26.1% | 15.6% | 18.7% | 0.06% | |
| 2,244 | 79.04 | 20.12 | – | – | 25.5% | – | 0.00% | |
| 1,858 | 41.33 | 3.18 | +20.7% | +128.6% | 7.9% | 11.6% | 0.33% |
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
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossary| Ex-date | Type | Per share |
|---|---|---|
| 9 Sep 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹50.00 |
| 10 Sep 2025 | Final | ₹40.00 |
| 28 Aug 2024 | Final | ₹20.00 |
| 21 Sep 2023 | Final | ₹10.00 |
| 20 Sep 2022 | Final | ₹10.00 |
| 20 Sep 2021 | Final | ₹5.00 |
Latest announcements
Routine notices left out.Force Motors announcements
Oct 2026
28 Oct · Results
26 Oct · Meeting
21 Oct · Board meeting
Force Motors share price by year
Each calendar year to 2025.Force Motors share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 20,566.00 | +215.8% | 21,897.00 | 6,295.00 |
| 2024BSE close | 6,512.50 | +79.9% | 9,949.30 | 3,352.00 |
| 2023BSE close | 3,621.00 | +161.3% | 4,282.80 | 1,098.25 |
| 2022 | 1,386.00 | +10.8% | 1,567.60 | 927.90 |
| 2021 | 1,250.95 | −8.1% | 1,670.95 | 1,064.10 |
| 2020 | 1,361.45 | +25.5% | 1,511.35 | 621.75 |
| 2019BSE close | 1,084.65 | −32.7% | 1,816.35 | 964.10 |
| 2018BSE close | 1,612.50 | −56.3% | 3,699.35 | 1,602.35 |
| 2017BSE close | 3,691.50 | −1.3% | 4,716.05 | 2,993.25 |
| 2016BSE close | 3,741.85 | +20.8% | 4,672.40 | 2,242.50 |
Recent sessions
The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 28 Oct 2026 | 17,350.00 | 17,494.00 | 16,825.00 | 17,094.00 | 17,085.05 | 79,318 | 25.8% |
| 27 Oct 2026 | 16,688.00 | 17,375.00 | 16,569.00 | 17,375.00 | 17,014.28 | 1,06,798 | 31.8% |
| 26 Oct 2026 | 16,401.00 | 16,732.00 | 16,254.00 | 16,588.00 | 16,507.91 | 54,990 | 30.2% |
| 23 Oct 2026 | 16,770.00 | 16,890.00 | 16,184.00 | 16,400.00 | 16,435.38 | 68,732 | 37.1% |
| 22 Oct 2026 | 16,870.00 | 17,004.00 | 16,480.00 | 16,768.00 | 16,762.89 | 64,582 | 37.3% |
| 21 Oct 2026 | 17,563.00 | 17,645.00 | 16,768.00 | 16,885.00 | 17,022.02 | 54,594 | 38.0% |
| 19 Oct 2026 | 17,685.00 | 17,953.00 | 17,369.00 | 17,563.00 | 17,725.52 | 48,020 | 25.6% |
| 16 Oct 2026 | 17,578.00 | 17,840.00 | 17,458.00 | 17,700.00 | 17,739.60 | 49,088 | 33.9% |
| 15 Oct 2026 | 17,210.00 | 17,825.00 | 17,102.00 | 17,578.00 | 17,595.75 | 98,922 | 39.6% |
Company details
- NSE symbol
- FORCEMOT
- BSE code
- 500033
- ISIN
- INE451A01017
- Industry
- Automobiles
- Former symbols
- BAJAJTEMPO
- CIN
- L34102PN1958PLC011172
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1958
- Registered office
- Mumbai - Pune Road, Akurdi, 411035, Maharashtra
- Share registrar
- MUFG Intime India Pvt. Ltd
- Keeps the register of shareholders and handles transfers and dividend payments