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India
As of 18 Sept 2026, 03:30 pm
Between March 2019 and March 2020, Force Motors' total assets increased from ₹2,836 crore to ₹3,098 crore. This growth was accompanied by an increase in fixed assets from ₹1,216 crore to ₹1,400 crore, and investments rose from ₹23 crore to ₹78 crore. Borrowings also increased from ₹286 crore to ₹310 crore, while equity capital remained stable at ₹13 crore. Reserves grew slightly from ₹1,920 crore to ₹1,952 crore. Cash flow from operating activities increased to ₹409 crore in March 2020 from ₹314 crore in March 2019. However, cash from investing activities became a larger outflow, decreasing from -₹606 crore to -₹327 crore, and cash from financing activities shifted from a positive ₹256 crore to a negative ₹20 crore. Consequently, free cash flow improved from -₹183 crore to -₹49 crore, and net cash flow turned positive at ₹62 crore in March 2020, compared to -₹35 crore in March 2019.
Force Motors has shown a Compounded Sales Growth of 35% over the last 5 years and 8% on a Trailing Twelve Months (TTM) basis. Profit growth has been stronger, with a Compounded Profit Growth of 62% over 5 years and 82% on a TTM basis.
Force Motors held its 67th Annual General Meeting on September 16, 2026. At this meeting, the company adopted financial statements for the fiscal year ended March 31, 2026, and declared a dividend. Shareholder approval was sought for the re-appointment of directors and an amendment to the company's Memorandum of Association to expand business activities. The company also announced a final dividend of ₹50 per equity share for FY 2025-26, with a record date of September 9, 2026.
As of September 18, 2026, the daily trend for Force Motors shows a closing price of ₹17,488.0, which is below the 20-day Exponential Moving Average (EMA) of ₹17,654.7 and the 50-day EMA of ₹17,943.62. The Supertrend indicator is bullish at ₹17,141.86. However, the weekly trend is indicated as bearish, with the Supertrend at ₹21,315.4 and the closing price below both the 20-day and 50-day Simple Moving Averages (SMA).
As of 18 Sept 2026, 03:30 pm
Recent drawdown or price variability is materially high and may lead to larger short-term outcomes.
Primary driver: Price remains materially below a previous peak
The session opened materially below the previous close, indicating a sharp repricing at the open.
The price gap may increase short-term downside uncertainty and warrants review of the underlying context.
Trading activity was substantially higher than usual and the price closed higher.
This may reflect stronger-than-usual market participation; follow-through and relevant company or market news merit review.
The session traded across a materially wider price range than usual.
Larger price swings can increase short-term uncertainty, especially if they continue.
Trading activity was substantially higher than usual and the price closed higher.
This may reflect stronger-than-usual market participation; follow-through and relevant company or market news merit review.
Latest complete financial results for Q1 FY2027 and comparative quarterly trends.
| Metric | Q1 FY2026-27(Latest) | Q4 FY2025-26 | Q3 FY2025-26 | Q2 FY2025-26 | Q1 FY2025-26 |
|---|---|---|---|---|---|
| Revenue From Operations | ₹2,440.01 crore | PEAK₹2,549.84 crore | ₹2,128.56 crore | ₹2,081.40 crore | ₹2,297.25 crore |
| Expenses | ₹2,189.66 crore | PEAK₹2,210.27 crore | ₹1,827.43 crore | ₹1,789.81 crore | ₹2,035.64 crore |
| Profit Before Tax | ₹288.45 crore | ₹373.42 crore | PEAK₹539.43 crore | ₹316.08 crore | ₹286.67 crore |
| Profit Loss For Period | ₹216.59 crore | ₹278.54 crore | PEAK₹406.15 crore | ₹350.70 crore | ₹176.36 crore |
| Comprehensive Income For The Period | ₹222.01 crore | ₹280.85 crore | PEAK₹407.25 crore | ₹347.16 crore | ₹178.48 crore |
| Finance Costs | ₹4 lakh | PEAK₹2.74 crore | ₹16 lakh | ₹23 lakh | ₹13 lakh |
Comprehensive income for the period was ₹222.01 crore, slightly above the net profit of ₹216.59 crore due to other comprehensive income of ₹5.42 crore (net of tax).
Exchange disclosures and regulatory announcements for Force Motors.
Force Motors Limited held its 67th Annual General Meeting on September 16, 2026, via video conferencing. All nine resolutions put to vote, including the adoption of financial statements for the year ended March 31, 2026, declaration of a dividend, re-appointment of directors, and amendment of the Memorandum of Association, were passed with the requisite majority.
Force Motors Limited held its 67th Annual General Meeting on September 16, 2026, at 3:00 PM via video conferencing. The meeting adopted the audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026, and declared a dividend. Resolutions included the re-appointment of Mr. Prasan Abhaykumar Firodia as a director, the re-appointment of three independent directors, and the amendment of the company's Memorandum of Association. Statutory and secretarial auditors reported no qualifications or adverse remarks.
Force Motors reported total sales of 3,802 units for August 2026, a 58.22% increase from 2,403 units in August 2025. Domestic sales rose 62.14% to 3,721 units, while export sales fell 25.00% to 81 units.
Force Motors Limited announced the publication of its 67th Annual General Meeting notice on August 26, 2026, scheduling the virtual meeting for September 16, 2026, with a record date of September 9, 2026, to determine dividend eligibility. Concurrently, Minolta Finance Limited finalized its rights issue allotment on August 24, 2026, issuing 40,31,27,410 equity shares at ₹1.20 per share to successful applicants following a subscription level of approximately 100.78%.
On August 25, 2026, Force Motors Limited notified stock exchanges that it is mandating physical shareholders to update PAN, address, mobile number, bank details, and specimen signatures with Registrar MUFG Intime India Private Limited. Under SEBI regulations effective April 1, 2024, failure to provide these details results in dividends being paid exclusively via electronic mode rather than through payable-at-par warrants or cheques. The company has issued Form ISR-1 and other specific forms to facilitate this updation, with compliance required to release any withheld dividends.
Force Motors Limited announced the 67th Annual General Meeting scheduled for September 16, 2026, to approve audited financial statements for FY 2025-26 and a final dividend of ₹50 per equity share with a record date of September 9, 2026. The meeting will seek shareholder approval for the re-appointment of directors Prasan Abhaykumar Firodia, Vallabh Roopchand Bhanshali, Mukesh Mangalbhai Patel, and Sonia Prashar, including remuneration terms for the latter three extending to 2032. Additionally, the company proposed amending its Memorandum of Association to expand business activities into real estate, contract manufacturing, securities trading, and power generation, alongside seeking consent for charitable contributions up to ₹50 crores annually.
Force Motors Ltd. announced on August 25, 2026, that its Annual General Meeting will be held on September 16, 2026, in Pune via video conference to transact nine agenda items. Key resolutions include the adoption of audited financial statements for the fiscal year ended March 31, 2026, and the declaration of a dividend for the same period. The meeting will also consider the re-appointment of Managing Director Mr. Prasan Abhaykumar Firodia and Independent Directors Mr. Vallabh Roopchand Bhanshali, Mr. Mukesh Mangalbhai Patel, and Ms. Sonia Prashar, alongside amendments to the company's Memorandum of Association.
Force Motors Limited published a fourth notice regarding a special window for transfer and dematerialization of physical shares, open from February 5, 2026, to February 4, 2027, as per SEBI circular dated January 30, 2026. The notice was published in Financial Express and Loksatta on August 24, 2026.
Recent market and company developments associated with Force Motors.
Apar Industries, Empire Industries, Force Motors, TVS Srichakra, Gujarat Narmada Valley Fertilizers & Chemicals, Transpek Industry, Naperol Investments, Jyoti Resins & Adhesives, Gujarat Energy, APL Apollo Tubes
Compared with Jefferies' estimates, August wholesales were broadly in line for Maruti Suzuki, Hero MotoCorp and Hyundai, while the rest of the automakers came in ahead of expectations.
Sensex gained 114 points while Nifty fell over 40 points on expiry day, reflecting divergent benchmark moves. Softer inflation supported sentiment, but elevated crude prices and geopolitical risks kept investors cautious, with Nifty remaining rangebound between key technical levels.
Indian stocks slid further, driven down by weak financial participation and high crude oil prices. The Nifty decreased by 0.34% and Sensex by 0.13%, with key sectors like metals and cement seeing significant losses amid ongoing geopolitical tensions.
Sensex Today | Stock Market LIVE Updates: We are in the second half of this Sensex weekly expiry session, and the markets are under pressure again, as the Nifty index falls close to 50 points, falling below 24,350. The Nifty bank index is taking a heavier blow, down over 300 points. Grasim, Ultratech and Hindalco are the top laggards.
Sensex Today | Stock Market Live Updates: The markets are moving on shaky ground. The Nifty contrary to indications, is trading flat, trading around 24,600. The Nifty Bank is also relatively flat with a negative bias and is below 57,900. Apollo Hospital, SBI Life and Nestle are the top laggards.
Sensex, Nifty, Stock Price Live Updates: The fresh week began on a positive note for Indian stocks, thanks to softer crude oil prices and stable global markets.
Its consolidated revenue from operations rose 6.2 per cent YoY to ₹2,440.01 crore during the quarter, compared with ₹2,297.25 crore a year earlier.
Comprehensive Section Breakdown for Force Motors
Strategic Vision: Automotive manufacturer of vehicles, aggregates, and components.
• Fully integrated automobile manufacturing capabilities.
• Established global associations for engine production.
• Diverse product portfolio catering to various transport needs.
• Advanced research and development center.
In the first quarter of FY2026-27, ending 30 June 2026, Force Motors reported revenue of ₹2,440.01 crore, up 6.2% from the same quarter last year. However, total expenses grew faster at 7.6%, leaving pre-tax profit virtually unchanged. After-tax profit rose 22.8%, primarily due to a lower income tax expense. Compared to the preceding quarter, revenue fell 4.3% while expenses dropped only 0.9%, causing a sharp 22.8% decline in pre-tax profit. The quarter’s results show that when revenue changes, profitability moves disproportionately because costs do not shift at the same rate.
Year-over-year, revenue from operations increased from ₹2,297.25 crore to ₹2,440.01 crore, a gain of 6.2%. Total expenses rose from ₹2,035.64 crore to ₹2,189.66 crore, an increase of 7.6%. Because expense growth outpaced revenue growth, the company’s ability to convert additional sales into profit was limited.
Sequentially, revenue dropped from ₹2,549.84 crore in the previous quarter to ₹2,440.01 crore, a decline of 4.3%. Total expenses fell from ₹2,210.27 crore to ₹2,189.66 crore, a reduction of just 0.9%. Expenses fell by a much smaller percentage than revenue, which led to a sharper fall in profit.
Other income for the quarter was ₹38.10 crore, contributing to total income alongside revenue.
Pre-tax profit stood at ₹288.45 crore, nearly identical to the ₹286.67 crore recorded in Q1 of the previous year. The marginal increase reflects the 6.2% revenue gain being largely absorbed by the 7.6% rise in expenses. After tax, profit for the period rose from ₹176.36 crore to ₹216.59 crore, up 22.8%. This divergence is explained by a lower effective tax rate: tax expense represented 35.4% of pre-tax profit in Q1 FY2025-26, compared with 26.6% in Q1 FY2026-27.
Sequentially, pre-tax profit fell from ₹373.42 crore in Q4 FY2025-26 to ₹288.45 crore (down 22.8%), while net profit declined from ₹278.54 crore to ₹216.59 crore (down 22.2%). The sequential decline in profit was driven by the revenue drop, although a steep decrease in finance costs (from ₹2.74 crore to ₹4 lakh) softened the impact.
The largest component of total expenses in the quarter was cost of materials consumed at ₹1,749.03 crore, representing nearly 80% of total expenses. Employee benefit expense was ₹195.12 crore (8.9%), and depreciation and amortisation was ₹77.40 crore (3.5%). Finance costs were negligible at ₹4 lakh. The dominance of material costs means that even small changes in input costs or selling prices can significantly affect profitability. The year-over-year rise in total expenses (7.6%) outpaced revenue growth (6.2%), limiting the conversion of additional sales into profit.
Force Motors grew revenue compared to last year, but cost increases largely offset the gain in pre-tax profit. After-tax profit improved thanks to a lower tax expense. The sequential comparison to the preceding quarter reveals that when revenue declines, profitability falls by a much wider margin because expenses do not decline at the same rate. With material costs making up the vast majority of expenses, the company’s profit performance is closely tied to its ability to manage that cost line in relation to revenue.
Category: Manufacturing
Offers vehicles designed for various passenger transport needs, including the Traveller N range.
Key Products & Services: Traveller N
Category: Manufacturing
Provides versatile vehicles for passenger and school transportation, such as the Monobus.
Key Products & Services: Monobus
Category: Manufacturing
Includes specialized vehicles for critical operations and off-road capabilities, like cash vans and the Gurkha.
Key Products & Services: Trax • Special Applications • Gurkha
Category: Manufacturing
Features electric vans for last-mile and shared mobility solutions.
Key Products & Services: e-Traveller Smart Citibus
Category: Manufacturing
Develops and produces vehicle aggregates and components, including engines for global automotive partners.
Core Thesis: To be a preferred global provider of shared passenger mobility solutions and a leading van manufacturer worldwide.
• Integrated Automobile Enterprise: Operates as a fully integrated automobile enterprise with diverse product portfolios. • Advanced R&D and Manufacturing: Maintains an advanced R&D center and five manufacturing facilities across India. • Global Partnerships: Engages in significant global associations for engine production and joint ventures. • Extensive Sales and Service Network: Possesses a robust network of sales and service touchpoints throughout India and international distributors.