FORCEMOT
Small CapFORCE MOTORS LTD
Auto
Founded in 1958, Force Motors manufactures light commercial vehicles (LCVs), modular utility vehicles (MUVs), and monocoque buses. It is a market leader in the LCV segment with over 70% share and produces high-tech aggregates like engines and axles for Mercedes-Benz and BMW, and Series 1600 engines for Rolls-Royce Power Systems AG.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 15/100PAT -36% YoY · Rev +8% YoY · margin expansion · +20% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,550 Cr | +8.2% | +19.8% |
| EBITDA | ₹414 Cr | +25.8% | +10.7% |
| Operating margin | 16.0% | +200 bps | -200 bps |
| PAT | ₹279 Cr | -35.9% | -31.3% |
| PAT margin | 10.9% | -752 bps | -813 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Force Motors reported strong Q3 FY26 results with Sales up 14% YoY and 2% QoQ. PBT surged 91% YoY, and PAT increased 123% YoY, driven by improved margins. 9M FY26 performance also showed significant growth across all key metrics.
The company delivered robust Q3 FY26 performance, with significant YoY growth in sales and profitability, indicating strong operational leverage. Strategic investments in digital transformation (Project Digiforce) and HR (Project Lakshya) aim to enhance efficiency and future readiness. The market leadership in LCVs and high-tech aggregate business provide a stable base, but sustained margin improvement and execution of digital initiatives are key.
LCV Market Leadership
Market leader in the LCV segment with over 70% market share, including Traveller for special applications like ambulances and school buses.
Next-Gen Urban Mobility Platform
Urbania, a premium ground-up modular monocoque van platform, is a segment creator in premium shared mobility.
High-Tech Aggregate Business
Production of engines and axles for Mercedes-Benz and BMW, and Series 1600 engines for Rolls-Royce Power Systems AG for global markets.
Monocoque Bus Platform
India’s first 31 & 44-seater monocoque bus, fully factory-built with best-in-class power-to-weight ratio and fuel efficiency.
Force MTU Power Systems
Established in 2018, the Chakan facility is the only plant globally producing Series 1600 engines for Rolls-Royce Power Systems AG, supplying to global markets.
Dedicated Engine Facilities
Dedicated engine assembly facilities in Chennai for BMW India (commissioned 2015) and Chakan for Mercedes-Benz (commissioned 2016) for engines and axles.
Digital Transformation
Project Digiforce, a ₹150 crore digital transformation initiative, aims to build a tech-driven, future-ready enterprise, digitizing operations and enhancing efficiency.
HR Transformation
Project Lakshya, a strategic HR transformation, focuses on creating a digitally empowered, agile, and leadership-driven organization aligned with long-term growth.
ESG Progress
Notable progress in ESG priorities in 2024-25, including 22% GHG emission reduction intensity and 13.47% renewable electrical energy usage.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The auto sector often experiences seasonality, making year-over-year comparisons more indicative of underlying business growth and market share changes. Q3 FY26 results show strong YoY growth across key financial metrics.
Volume Growth (Sales)
Q3 FY26 Sales at ₹2,110 Cr, up 14% YoY and 2% QoQ. 9M FY26 Sales at ₹6,451 Cr, up 13.8% YoY.
PBT Margin
Q3 FY26 PBT Margin at 16%, up from 9% in Q3 FY25. 9M FY26 PBT Margin at 14%, up from 10% in 9M FY25.
PAT Margin
Q3 FY26 PAT Margin at 12%, up from 6% in Q3 FY25. 9M FY26 PAT Margin at 12%, up from 7% in 9M FY25.
LCV Market Share
Market leader in the LCV segment with over 70% market share.
Vision for Shared Passenger Mobility
To be one of the world’s most preferred providers of shared passenger mobility solutions and rank among the top ten van manufacturers globally.
Mission for Sustainable Solutions
To provide safe, sustainable and reliable shared passenger mobility solutions that delight customers worldwide.
Digital Transformation Investment
Project Digiforce is a ₹150 crore digital transformation initiative over two years to build a tech-driven, future-ready enterprise.
Leadership Development
Partnered with SP Jain School of Global Management to launch Executive and Advanced Leadership Programmes for high-potential employees.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| PBT Margin | 16% (Q3 FY26) | Sustained improvement in PBT margin, indicating effective cost management and pricing power. |
| Sales Growth | 14% YoY (Q3 FY26) | Continued double-digit YoY sales growth, especially from new platforms like Urbania and Monobus. |
| Digital Transformation Progress | ₹150 crore Project Digiforce underway | Milestones and benefits realization from the digital transformation initiatives. |
| Renewable Energy Usage | 13.47% (2024-25) | Progress towards the 50% target by 2027, indicating commitment to sustainability goals. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -11.8% / mo · near 52W low
Technical chart
FORCEMOTweekly · 6M+1.3%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 39. Wait for confirmation.
- SMA20 falling (~13.4% over last month) — short-term momentum negative.
- RSI(14) at 39 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 33% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 41.4%.
- Growth contributes 25/25 to the score.
Main drags
- Valuation is weaker at 10/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +3 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 99th percentile within Auto. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 61.6%. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Auto: 99th pctile, median 71 · Small: 100th pctile, median 65
13 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 61.6%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.7%.
- ▸8 years of positive FCF.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 21.60
- P/B
- 5.43
- EV/EBITDA
- 12.88
- Market Cap
- 22776.00Cr
Profitability
- ROE
- 29.20%
- ROCE
- 36.10%
- ROA
- 18.54%
- Dividend Y
- 0.23%
Growth (CAGR)
- Revenue 5Y
- 35.00%
- EPS 5Y
- 66.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- 165.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 494.33×
- Altman Z
- 9.09
- Book Value
- 3183.00
Cash Flow
- FCF Yield
- 1.74%
- FCF Positive Y
- 8/5
- OCF
- 1297.00 Cr
- EPS TTM
- 919.55
Shareholding
- Promoter Hold
- 61.63%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 36%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.