FORCEMOT
Force Motors share price & financials
- Price
- ₹18,637
- Market cap
- ₹23.3k Cr
- Calls analysed
- 1
Force Motors Ltd Q1 FY26
What went well
- FY25 revenue grew by about 16%.
- FY25 EBITDA grew by almost 21%.
- FY25 Profit Before Tax (without exceptional item) grew by about 36%.
What to watch
- Shareholders raised concerns about the non-tradability of A Equity Shares, an issue stemming from 40 years ago due to government intervention, which management acknowledges is 'not easy to entangle' despite ongoing efforts.
- Management declined to share specific engine production numbers for Mercedes and BMW due citing confidentiality agreements.
What Force Motors Ltd does
Force Motors designs and manufactures commercial and utility vehicles under its own brands (Traveller vans/buses, Trax, Urbania, Gurkha) and also runs a high-tech aggregate business that builds engines and axles under contract for Mercedes-Benz India and engine assemblies for BMW India, plus MTU Series 1600 engines through a Rolls-Royce joint venture. It sells vehicles through a pan-India dealer and service network and exports to markets across Asia, the Middle East, Latin America and Africa. Group promoter entities include Jaya Hind Industries and LMG Manufacturing GmbH in Germany.
Segments
- Vehicle Business
- High-Tech Aggregate Business
- Manufacturing plants
- 5
- Employees across operations
- 10,000+
- R&D engineers (Pune centre)
- 1,000+
- Export countries
- 25+
- Dealerships
- 200+
- Service centres
- 70
Guidance record · Q1 FY26
what the last two calls moved 7 tracked 0 delivered 0 missed 7 open- Revenue Growth open said Q1 FY26 Promised: 14-15% for FY26 Q1 FY26: We expect this year to also be a strong year. We should be able to deliver... a revenue growth of about 14-15%.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 6.2%, net profit up 14.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,941 | 1,889 | 2,356 | 2,297 | 2,081 +7% | 2,128 +13% | 2,550 +8% | 2,440 +6% |
| EBITDA | 282 | 232 | 329 | 332 | 363 +29% | 374 +61% | 414 +26% | 328 −1% |
| Net profit | 141 | 110 | 430 | 185 | 350 +148% | 403 +266% | 274 −36% | 212 +15% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −3.6% 1Y
1Y: ₹18,362 on 10 Sept 2025 → ₹17,705. High ₹25,776 (17 Feb 2026), low ₹15,303 (9 Oct 2025).
How the price took the results
close before → close after
- Q1 FY26
- +0.6%
- 17 Sept
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 21.7% a year over 3 years, FY23 to FY26. Operating margin widened to 16.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹5.0k Cr | ₹7.0k Cr | ₹8.1k Cr | ₹9.1k Cr |
| Operating profit | ₹311 Cr | ₹908 Cr | ₹1.1k Cr | ₹1.5k Cr |
| Operating margin | 6.2% | 13.0% | 13.5% | 16.4% |
| Interest | ₹69 Cr | ₹62 Cr | ₹25 Cr | ₹3 Cr |
| Depreciation | ₹241 Cr | ₹266 Cr | ₹281 Cr | ₹286 Cr |
| Net profit | ₹133 Cr | ₹402 Cr | ₹801 Cr | ₹1.2k Cr |
| Net margin | 2.6% | 5.7% | 9.9% | 13.4% |
| Cash from operations | ₹531 Cr | ₹1.0k Cr | ₹1.5k Cr | ₹1.3k Cr |
| Free cash flow | ₹274 Cr | ₹806 Cr | ₹1.2k Cr | ₹760 Cr |
| ROCE | 5.0% | 24.0% | 29.0% | 35.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹1.8k Cr | ₹1.8k Cr | ₹1.9k Cr | ₹2.3k Cr | ₹3.5k Cr | ₹4.3k Cr |
| Borrowings | ₹642 Cr | ₹1.1k Cr | ₹955 Cr | ₹524 Cr | ₹0 Cr | ₹0 Cr |
| Other liabilities | ₹755 Cr | ₹842 Cr | ₹1.2k Cr | ₹1.6k Cr | ₹1.8k Cr | ₹2.3k Cr |
| Total liabilities | ₹3.3k Cr | ₹3.7k Cr | ₹4.1k Cr | ₹4.5k Cr | ₹5.3k Cr | ₹6.6k Cr |
| Fixed assets | ₹1.2k Cr | ₹2.0k Cr | ₹2.1k Cr | ₹2.0k Cr | ₹2.1k Cr | ₹1.9k Cr |
| Capital work in progress | ₹725 Cr | ₹302 Cr | ₹154 Cr | ₹171 Cr | ₹190 Cr | ₹536 Cr |
| Investments | ₹126 Cr | ₹154 Cr | ₹159 Cr | ₹166 Cr | ₹95 Cr | ₹173 Cr |
| Other assets | ₹1.2k Cr | ₹1.2k Cr | ₹1.7k Cr | ₹2.1k Cr | ₹2.9k Cr | ₹4.0k Cr |
| Total assets | ₹3.3k Cr | ₹3.7k Cr | ₹4.1k Cr | ₹4.5k Cr | ₹5.3k Cr | ₹6.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +0.45 pp while FIIs trimmed −0.26 pp. The shareholder count grew 59% to 94,439.
- Promoters
- 61.6%
- FIIs
- 9.5%
- DIIs
- 1.5%
- Public
- 27.4%
Since Jun 2025
- Public +0.45 pp
- FIIs −0.26 pp
- DIIs −0.20 pp
How it drifted, 12 quarters
Over this window FIIs went from 4.9% to 9.5% — +4.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 61.6%, FIIs 4.9%, DIIs 1.6%, Public 31.9%.Dec '23: Promoters 61.6%, FIIs 4.9%, DIIs 1.2%, Public 32.3%.Mar '24: Promoters 61.6%, FIIs 6.3%, DIIs 0.9%, Public 31.2%.Jun '24: Promoters 61.6%, FIIs 7.8%, DIIs 1.0%, Public 29.6%.Sep '24: Promoters 61.6%, FIIs 7.9%, DIIs 0.9%, Public 29.6%.Dec '24: Promoters 61.6%, FIIs 8.2%, DIIs 0.9%, Public 29.3%.Mar '25: Promoters 61.6%, FIIs 8.4%, DIIs 1.4%, Public 28.6%.Jun '25: Promoters 61.6%, FIIs 9.8%, DIIs 1.7%, Public 26.9%.Sep '25: Promoters 61.6%, FIIs 10.3%, DIIs 1.5%, Public 26.6%.Dec '25: Promoters 61.6%, FIIs 10.5%, DIIs 1.8%, Public 26.1%.Mar '26: Promoters 61.6%, FIIs 10.9%, DIIs 1.8%, Public 25.7%.Jun '26: Promoters 61.6%, FIIs 9.5%, DIIs 1.5%, Public 27.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Jaya Hind Industries Automotive Pvt. Ltd. newly disclosed 0.00% held
- Veera Tanneries Private Limited newly disclosed 0.00% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Force Motors Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Jaya Hind Industries Private Limited | 57.38% | unchanged |
| Abhaykumar Navalmal Firodia | 2.01% | unchanged |
| Prasan Abhaykumar Firodia | 1.68% | unchanged |
| Manohar Devabhaktuni | 1.20% | unchanged |
| Indira Abhaykumar Firodia | 0.49% | unchanged |
| Kamala Bansilal Bhandari | 0.06% | unchanged |
| Shyamala Navalakha | 0.02% | unchanged |
| Sunanda Sudhir Mehta | 0.01% | unchanged |
| Shribala Chordia | 0.00% | unchanged |
| Sejal Prasan Firodia | 0.00% | unchanged |
| Ameya Prasan Firodia | 0.00% | unchanged |
| Anant Prasan Firodia | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in FORCEMOT
Filings to Aug 2026
0 new, 3 added, 2 trimmed, 0 sold out — net +0.06 L shares (+41.3%).
- Held by funds
- ₹38 Cr
- 7 schemes
- Biggest holder
- SBI Arbitrage Fund
- ₹16 Cr · 0.0% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Arbitrage Fund SBI Mutual Fund | ₹16 Cr | +0.06 L | Jul '26 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹13 Cr | +0.00 L | Sep '25 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹7 Cr | +0.00 L | Oct '25 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | held | Sep '25 |
| Nippon India Nifty 500 Quality 50 Index Fund Nippon India Mutual Fund | ₹0 Cr | −0.00 L | Dec '25 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Oct '25 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | held | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
3 added, 2 trimmed — net +6,307 shares (+41.3%)
- Funds are sitting on
- +6%
- vs est. average cost
- Held by funds
- ₹38 Cr
- 7 schemes · ≈ 0.17% of the company
- Biggest holder
- SBI Arbitrage Fund
- ₹16 Cr · 0.0% of that fund
- Longest holder
- Nippon India Nifty Smallcap 250 Index Fund
- 1y · since Sep '25
Shares held by these funds +128%
Sep '25 15,258 shares Jul '26
Learn to analyse Force Motors Ltd
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