Force Motors Ltd: Intrinsic Value & Share Price Analysis

Q: What is the intrinsic value of Force Motors Ltd and is it undervalued?

As of 27 April 2026, Force Motors Ltd's intrinsic value is 19522.69, which is 4.05% lower than the current market price of 20,347.00, suggesting the stock is overvalued. Calculated using the PE ratio method factoring in ROE (20.8 %), book value (2,661), dividend yield (0.20 %), and 5-year EPS CAGR.

Q: What is the current share price and 52-week range of Force Motors Ltd?

Force Motors Ltd is trading at 20,347.00 as of 27 April 2026, with a FY2026-2027 high of 26,486 and low of 8,745. The stock is currently in the middle of its 52-week range. Market cap stands at 26,810 Cr..

Q: Is Force Motors Ltd financially healthy?

Key indicators: ROCE of 30.0 % indicates efficient capital utilization. Dividend yield is 0.20 %.

Q: Is Force Motors Ltd profitable and how is the profit trend?

Force Motors Ltd reported a net profit of 801 Cr in Mar 2025 on revenue of 8,072 Cr. Compared to -91 Cr in Mar 2022, the net profit shows an improving trend.

Fair Value

₹12,422.93Overvalued by 38.94%vs CMP ₹20,347.00

P/E (28.0) × ROE (20.8%) × BV (₹2,661.00) × DY (0.20%)

₹19,522.69Fairly Valued by 4.05%vs CMP ₹20,347.00

MoS: -4.2% (Negative)Confidence: 54/100 (Moderate)Models: 2 Under, 6 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹46,084.85	26%	Under (+126.5%)
Graham Number	Earnings	₹7,883.72	16%	Over (-61.3%)
Earnings Power	Earnings	₹2,621.48	13%	Over (-87.1%)
DCF	Cash Flow	₹25,472.03	13%	Under (+25.2%)
Net Asset Value	Assets	₹2,660.82	8%	Over (-86.9%)
EV/EBITDA	Enterprise	₹12,558.83	10%	Over (-38.3%)
Earnings Yield	Earnings	₹10,380.90	8%	Over (-49%)
Revenue Multiple	Revenue	₹6,126.11	6%	Over (-69.9%)
Consensus (8 models)		₹19,522.69	100%	Fairly Valued

Key Drivers: EPS CAGR 271.0% lifts DCF — verify sustainability. | Wide model spread (₹2,621–₹46,085) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 271.0%

*Investments are subject to market risks

Analyst Summary

Force Motors Ltd operates in the Auto - LCVs/HCVs segment, NSE: FORCEMOT | BSE: 500033, current market price is ₹20,347.00, market cap is 26,810 Cr.. At a glance, stock P/E is 28.0, ROE is 20.8 %, ROCE is 30.0 %, book value is 2,661, dividend yield is 0.20 %. The latest intrinsic value estimate is ₹19,522.69, which is broadly in line with the current market price. On operating trend, latest reported sales are about ₹8,072 Cr versus the prior period change of 15.4%, while latest net profit is about ₹801 Cr with a prior-period change of 106.4%. The 52-week range shown on this page is 26,486/8,745, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisForce Motors Ltd. is a Public Limited Listed company incorporated on 08/09/1958 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L341…

This summary is generated from the stock page data available for Force Motors Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

Force Motors Ltd scores 77/100 (Strong)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health80/100 · Strong

ROCE 30.0% ExcellentROE 20.8% ExcellentD/E 0.28 Low debtInterest Coverage 0.0x RiskyProfitable 3/5 years Mixed

Smart Money70/100 · Strong

FII holding up 2.10% (6mo) AccumulatingPromoter holding at 61.6% Stable

Earnings Quality65/100 · Strong

OPM expanding (4% → 14%) Improving

Quarterly Momentum90/100 · Strong

Revenue (4Q): +15% YoY GrowingProfit (4Q): +170% YoY StrongOPM: 18.0% (up 6.0% YoY) Margin expansion

Industry Rank75/100 · Strong

P/E 28.0 vs industry 33.4 In-lineROCE 30.0% vs industry 23.1% Above peers3Y sales CAGR: 36% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 26, 2026, 1:30 am

Market Cap	26,810 Cr.
Current Price	20,347
Intrinsic Value	₹19,522.69
High / Low	26,486/8,745
Stock P/E	28.0
Book Value	2,661
Dividend Yield	0.20 %
ROCE	30.0 %
ROE	20.8 %
Face Value	10.0
PEG Ratio	0.10

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Force Motors Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Force Motors Ltd	26,810 Cr.	20,347	26,486/8,745	28.0	2,661	0.20 %	30.0 %	20.8 %	10.0
Olectra Greentech Ltd	9,873 Cr.	1,203	1,714/867	69.0	137	0.03 %	20.5 %	14.3 %	4.00
SML Mahindra Ltd (SML ISUZU Ltd)	5,626 Cr.	3,888	5,348/1,513	35.2	359	0.46 %	30.9 %	35.4 %	10.0
Ashok Leyland Ltd	99,797 Cr.	170	215/107	27.7	21.4	1.84 %	14.3 %	28.8 %	1.00
Tata Motors Ltd	1,47,974 Cr.	402	538/324	6.84	316	1.49 %	20.0 %	28.1 %	2.00
Industry Average	58,016.00 Cr	5,202.00		33.35	698.88	0.80%	23.14%	25.48%	5.40

All Competitor Stocks of Force Motors Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1,304	1,490	1,488	1,802	1,692	2,011	1,885	1,941	1,889	2,356	2,297	2,081	2,129
Expenses	1,250	1,372	1,310	1,581	1,477	1,733	1,640	1,664	1,658	2,027	1,974	1,719	1,755
Operating Profit	54	118	177	221	215	279	245	277	232	329	323	363	374
OPM %	4%	8%	12%	12%	13%	14%	13%	14%	12%	14%	14%	17%	18%
Other Income	5	246	11	9	4	18	15	9	20	418	25	26	241
Interest	17	18	18	16	14	14	9	5	4	7	0	0	0
Depreciation	60	63	63	67	68	68	69	69	71	72	70	71	73
Profit before tax	-18	284	107	147	137	214	182	211	177	668	278	317	543
Tax %	-14%	48%	36%	36%	37%	35%	36%	36%	35%	35%	36%	-11%	25%
Net Profit	-16	147	69	94	85	140	116	135	115	435	176	351	406
EPS in Rs	-11.83	111.25	52.06	71.24	64.81	106.45	87.81	102.47	87.51	329.92	133.82	266.14	308.21

Last Updated: March 3, 2026, 9:50 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 5:16 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,022	2,364	3,025	3,069	3,423	3,652	3,081	1,988	3,240	5,029	6,992	8,072	8,863
Expenses	1,925	2,217	2,751	2,801	3,155	3,378	2,820	1,964	3,190	4,716	6,096	6,973	7,474
Operating Profit	97	147	274	268	268	275	261	24	50	313	897	1,099	1,389
OPM %	5%	6%	9%	9%	8%	8%	8%	1%	2%	6%	13%	14%	16%
Other Income	60	66	71	86	69	82	3	2	52	268	37	446	710
Interest	9	7	5	6	7	15	28	28	41	68	62	26	8
Depreciation	85	81	92	113	129	151	195	174	191	241	267	280	286
Profit before tax	63	125	249	235	201	190	42	-176	-130	272	605	1,238	1,805
Tax %	-24%	19%	28%	23%	27%	25%	-20%	-30%	-30%	51%	36%	35%
Net Profit	78	102	179	180	147	143	50	-124	-91	134	388	801	1,368
EPS in Rs	59.08	77.06	135.77	136.68	111.66	108.78	38.08	-93.83	-69.12	101.42	294.54	607.71	1,038.09
Dividend Payout %	5%	6%	7%	7%	9%	9%	26%	-5%	-14%	10%	7%	7%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	30.77%	75.49%	0.56%	-18.33%	-2.72%	-65.03%	-348.00%	26.61%	247.25%	189.55%	106.44%
Change in YoY Net Profit Growth (%)	0.00%	44.72%	-74.93%	-18.89%	15.61%	-62.31%	-282.97%	374.61%	220.64%	-57.70%	-83.11%

Force Motors Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	13%
5 Years:	21%
3 Years:	36%
TTM:	15%

Compounded Profit Growth
10 Years:	18%
5 Years:	47%
3 Years:	100%
TTM:	39%

Stock Price CAGR
10 Years:	24%
5 Years:	74%
3 Years:	138%
1 Year:	126%

Return on Equity
10 Years:	8%
5 Years:	8%
3 Years:	15%
Last Year:	21%

Last Updated: September 5, 2025, 3:30 pm

Balance Sheet

Last Updated: February 1, 2026, 2:48 am

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	13	13	13	13	13	13	13	13	13	13	13	13	13
Reserves	1,215	1,306	1,476	1,654	1,788	1,920	1,952	1,825	1,735	1,862	2,242	3,020	3,493
Borrowings	20	11	14	199	0	286	310	642	1,069	955	524	17	0
Other Liabilities	527	645	801	738	722	617	823	757	844	1,184	1,635	2,083	1,836
Total Liabilities	1,775	1,975	2,305	2,604	2,523	2,836	3,098	3,238	3,661	4,013	4,415	5,134	5,342
Fixed Assets	643	638	786	911	948	1,216	1,400	1,224	2,033	2,094	2,031	1,969	2,115
CWIP	206	240	205	220	369	372	445	725	302	154	171	287	190
Investments	0	0	14	9	10	23	78	100	111	97	91	103	95
Other Assets	925	1,097	1,300	1,463	1,196	1,225	1,175	1,189	1,215	1,668	2,121	2,775	2,941
Total Assets	1,775	1,975	2,305	2,604	2,523	2,836	3,098	3,238	3,661	4,013	4,415	5,134	5,342

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	116	226	256	471	256	314	409	7	18	532	1,014	971
Cash from Investing Activity +	-100	-96	-210	-621	-81	-606	-327	-333	-356	-256	-198	-351
Cash from Financing Activity +	-30	-45	-37	180	-223	256	-20	293	375	-207	-509	-562
Net Cash Flow	-14	85	9	30	-47	-35	62	-32	37	68	308	58
Free Cash Flow	2	109	19	236	-62	-183	-49	-445	-315	274	810	606
CFO/OP	122%	176%	107%	198%	106%	131%	163%	41%	32%	171%	130%	108%

Free Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Free Cash Flow	77.00	136.00	260.00	69.00	268.00	-11.00	-49.00	-618.00	49.00	-642.00	373.00	-16.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	24	17	18	14	26	17	20	23	21	14	5	8
Inventory Days	97	87	92	73	68	66	91	136	89	77	83	73
Days Payable	77	87	70	80	81	52	95	108	72	69	61	48
Cash Conversion Cycle	44	17	40	6	13	31	15	52	38	22	27	32
Working Capital Days	24	15	23	30	43	43	6	-5	-37	-6	-2	16
ROCE %	6%	10%	18%	14%	11%	10%	5%	-5%	-3%	5%	24%	30%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%	61.63%
FIIs	2.72%	4.11%	4.94%	4.91%	6.34%	7.78%	7.89%	8.15%	8.36%	9.77%	10.27%	10.46%
DIIs	2.32%	1.48%	1.59%	1.20%	0.86%	1.02%	0.92%	0.90%	1.43%	1.66%	1.48%	1.80%
Public	33.33%	32.77%	31.86%	32.27%	31.16%	29.57%	29.56%	29.30%	28.58%	26.94%	26.63%	26.12%
No. of Shareholders	53,958	50,221	48,086	47,556	47,742	51,909	56,044	59,207	56,164	59,419	72,334	71,870

Shareholding Pattern Chart

No. of Shareholders

Force Motors Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Sundaram Flexicap Fund	21,000	2.48	51.12	N/A	N/A	N/A
Sundaram Value Fund	19,735	3.45	48.04	N/A	N/A	N/A
Sundaram ELSS Tax Saver Fund	14,000	2.53	34.08	39,000	2025-10-30 05:55:10	-64.1%
WhiteOak Capital Flexi Cap Fund	12,140	0.41	29.55	11,075	2026-02-23 00:03:26	9.62%
Taurus Flexi Cap Fund	1,400	0.98	3.41	900	2026-03-11 02:58:55	55.56%
Shriram Flexi Cap Fund	430	0.8	1.05	N/A	N/A	N/A
Shriram ELSS Tax Saver Fund	150	0.77	0.37	N/A	N/A	N/A

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	607.71	294.54	101.43	-69.13	-93.83
Diluted EPS (Rs.)	607.71	294.54	101.43	-69.13	-93.83
Cash EPS (Rs.)	819.86	507.43	298.24	88.48	47.10
Book Value[Excl.RevalReserv]/Share (Rs.)	2301.54	1712.71	1424.22	1327.66	1395.85
Book Value[Incl.RevalReserv]/Share (Rs.)	2301.54	1712.71	1424.22	1327.66	1395.85
Revenue From Operations / Share (Rs.)	6124.23	5305.11	3815.61	2458.59	1508.49
PBDIT / Share (Rs.)	871.99	719.11	297.30	90.30	28.82
PBIT / Share (Rs.)	659.36	516.72	114.64	-54.58	-102.94
PBT / Share (Rs.)	939.10	469.57	220.80	-85.71	-124.36
Net Profit / Share (Rs.)	607.24	305.04	115.58	-56.39	-84.67
NP After MI And SOA / Share (Rs.)	607.54	294.45	101.40	-69.10	-93.80
PBDIT Margin (%)	14.23	13.55	7.79	3.67	1.91
PBIT Margin (%)	10.76	9.74	3.00	-2.21	-6.82
PBT Margin (%)	15.33	8.85	5.78	-3.48	-8.24
Net Profit Margin (%)	9.91	5.74	3.02	-2.29	-5.61
NP After MI And SOA Margin (%)	9.92	5.55	2.65	-2.81	-6.21
Return on Networth / Equity (%)	26.39	17.20	7.12	-5.21	-6.72
Return on Capital Employeed (%)	25.49	24.50	6.03	-3.02	-5.73
Return On Assets (%)	15.59	8.79	3.32	-2.48	-3.81
Long Term Debt / Equity (X)	0.00	0.16	0.31	0.34	0.26
Total Debt / Equity (X)	0.01	0.23	0.50	0.61	0.28
Asset Turnover Ratio (%)	1.69	1.66	1.30	0.93	0.62
Current Ratio (X)	1.50	1.25	1.04	0.80	1.01
Quick Ratio (X)	0.80	0.53	0.48	0.30	0.37
Inventory Turnover Ratio (X)	6.88	5.26	5.37	4.32	2.74
Dividend Payout Ratio (NP) (%)	3.29	3.39	9.86	-7.23	-10.66
Dividend Payout Ratio (CP) (%)	2.43	2.01	3.52	6.59	26.33
Earning Retention Ratio (%)	96.71	96.61	90.14	107.23	110.66
Cash Earning Retention Ratio (%)	97.57	97.99	96.48	93.41	73.67
Interest Coverage Ratio (X)	44.43	15.25	5.73	2.90	1.35
Interest Coverage Ratio (Post Tax) (X)	16.68	7.47	0.18	-0.81	-2.95
Enterprise Value (Cr.)	11434.78	9625.28	2352.96	2346.33	2030.17
EV / Net Operating Revenue (X)	1.42	1.38	0.46	0.72	1.02
EV / EBITDA (X)	9.95	10.16	6.00	19.72	53.44
MarketCap / Net Operating Revenue (X)	1.48	1.37	0.30	0.41	0.77
Retention Ratios (%)	96.70	96.60	90.13	107.23	110.66
Price / BV (X)	3.93	4.23	0.81	0.77	0.83
Price / Net Operating Revenue (X)	1.48	1.37	0.30	0.41	0.77
EarningsYield	0.06	0.04	0.08	-0.06	-0.08

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Force Motors Ltd. is a Public Limited Listed company incorporated on 08/09/1958 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L34102PN1958PLC011172 and registration number is 011172. Currently Company is involved in the business activities of Manufacture of commercial vehicles such as vans, lorries, over-the-road tractors for semi-trailers etc.. Company's Total Operating Revenue is Rs. 8071.23 Cr. and Equity Capital is Rs. 13.18 Cr. for the Year ended 31/03/2025.

INDUSTRY	ADDRESS	CONTACT
Auto - LCVs/HCVs	Mumbai-Pune Road, Akurdi, Pune Maharashtra 411035	Contact not found

Management
Name	Position Held
Mr. Abhaykumar Navalmal Firodia	Chairman
Mr. Prasan Abhaykumar Firodia	Managing Director
Mr. Prashant V Inamdar	Executive Director - Operations
Ms. Sonia Prashar	Independent Director
Mr. Vallabh Roopchand Bhanshali	Independent Director
Mr. Mukesh Mangalbhai Patel	Independent Director

FAQ

What is the intrinsic value of Force Motors Ltd and is it undervalued?

As of 27 April 2026, Force Motors Ltd's intrinsic value is ₹19522.69, which is 4.05% lower than the current market price of ₹20,347.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (20.8 %), book value (₹2,661), dividend yield (0.20 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Force Motors Ltd?

Force Motors Ltd is trading at ₹20,347.00 as of 27 April 2026, with a FY2026-2027 high of ₹26,486 and low of ₹8,745. The stock is currently in the middle of its 52-week range. Market cap stands at ₹26,810 Cr..

How does Force Motors Ltd's P/E ratio compare to its industry?

Force Motors Ltd has a P/E ratio of 28.0, which is below the industry average of 33.35. This is broadly in line with or below the industry average.

Is Force Motors Ltd financially healthy?

Key indicators for Force Motors Ltd: ROCE of 30.0 % indicates efficient capital utilization; ROE of 20.8 % shows strong shareholder returns. Dividend yield is 0.20 %.

Is Force Motors Ltd profitable and how is the profit trend?

Force Motors Ltd reported a net profit of ₹801 Cr in Mar 2025 on revenue of ₹8,072 Cr. Compared to ₹-91 Cr in Mar 2022, the net profit shows an improving trend.

Does Force Motors Ltd pay dividends?

Force Motors Ltd has a dividend yield of 0.20 % at the current price of ₹20,347.00. The company pays dividends, though the yield is modest.