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Consolidated Standalone

Force Motors

₹6779 385.1 | 6%

Market Cap ₹8932 Cr.

Stock P/E 23

P/B 3.6

Current Price ₹6779

Book Value ₹ 1883.4

Face Value 10

52W High ₹10272.7

Dividend Yield 0.3%

52W Low ₹ 3990.1

Edit Ratio

Force Motors Research see more...

Overview Inc. Year: 1958Industry: Automobiles-Trucks/Lcv

Force Motors Ltd is a holding enterprise. The Company is engaged in manufacturing light commercial and utility vehicles, and engines. It is an vehicle business enterprise, with a focus on design, improvement and manufacture of various automotive components, aggregates and vehicles. Its product variety includes Small Commercial Vehicles, Multi-Utility Vehicles (MUV), Light Commercial Vehicles (LCV), Sports Utility Vehicles (SUV) and Agricultural Tractors. Its private automobiles include Force Gurkha and Force One. Its Commercial automobiles comprises Passenger Carrier, inclusive of Trax GAMA, Trax Cruiser, Trax Toofan and Trax Cruiser, and Goods Carrier, inclusive of Trump 40, Trump 40 Hi-Deck, Trax Delivery Van, Traveller Delivery Van and Trax Kargo-King. Its Agricultural Vehicles consist of Balwan and Orchard. It also offer Traveller Super with approximately 1.8 meter width, and the Traveller Royale with over 2.2 meter width, with diverse configurations and seating capacities.

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Force Motors Share Price

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Peer Comparison

Force Motors Quarterly Results

#(Fig in Cr.) Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
Net Sales 971 1264 1304 1490 1488 1802 1692 2011 1885 1941
Other Income 7 12 5 38 11 9 4 15 15 9
Total Income 978 1276 1309 1528 1499 1811 1696 2026 1900 1950
Total Expenditure 926 1165 1239 1370 1307 1577 1467 1733 1636 1659
Operating Profit 52 111 70 159 192 234 228 293 264 291
Interest 14 20 17 18 18 16 14 14 9 5
Depreciation 57 61 60 63 63 67 68 68 69 69
Exceptional Income / Expenses 0 0 0 208 0 0 0 0 0 0
Profit Before Tax -19 31 -7 286 111 151 146 211 186 217
Provision for Tax -7 11 -2 137 39 53 51 74 66 76
Profit After Tax -12 20 -4 149 72 98 95 137 120 141
Adjustments -4 -1 -11 -3 -3 -4 -9 3 -4 -6
Profit After Adjustments -17 19 -16 147 69 94 85 140 116 135
Adjusted Earnings Per Share -12.6 14.6 -11.8 111.2 52 71.2 64.8 106.4 87.8 102.4

Force Motors Profit & Loss

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Net Sales 2022 2364 3025 3069 3423 3652 3081 1988 3240 5029 6992 7529
Other Income 60 66 71 85 69 82 43 25 52 62 39 43
Total Income 2082 2430 3096 3154 3492 3734 3123 2013 3292 5091 7031 7572
Total Expenditure 1925 2217 2751 2801 3155 3374 2812 1975 3173 4699 6083 6495
Operating Profit 157 213 346 353 337 360 312 38 119 392 948 1076
Interest 9 7 5 6 7 15 28 28 41 68 62 42
Depreciation 85 81 92 113 129 151 195 174 191 241 267 274
Exceptional Income / Expenses 0 0 0 1 0 0 -39 0 0 208 0 0
Profit Before Tax 63 125 249 235 201 190 42 -176 -130 272 605 760
Provision for Tax -15 24 70 55 53 47 -8 -52 -39 139 217 267
Profit After Tax 78 102 179 180 147 143 50 -124 -91 134 388 493
Adjustments 0 0 0 0 0 -0 -0 -0 -0 -0 -0 -16
Profit After Adjustments 78 102 179 180 147 143 50 -124 -91 134 388 476
Adjusted Earnings Per Share 59.2 77.2 135.8 136.8 111.8 108.7 38.1 -93.8 -69.1 101.4 294.5 361.4

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 39% 52% 14% 13%
Operating Profit CAGR 142% 192% 21% 20%
PAT CAGR 190% 0% 22% 17%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 67% 79% 38% 18%
ROE Average 19% 7% 3% 7%
ROCE Average 24% 11% 6% 9%

Force Motors Balance Sheet

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Shareholder's Funds 1228 1319 1490 1668 1801 1933 1965 1838 1748 1875 2255
Minority's Interest 1 1 1 2 2 2 2 2 2 2 2
Borrowings 20 11 3 2 0 206 188 494 601 595 382
Other Non-Current Liabilities 31 50 96 20 37 42 25 -27 -66 26 140
Total Current Liabilities 715 639 718 901 683 653 911 874 1283 1509 1636
Total Liabilities 1996 2020 2308 2592 2523 2836 3091 3180 3567 4008 4415
Fixed Assets 643 638 786 905 942 1210 1395 1218 2028 2087 2025
Other Non-Current Assets 283 340 298 299 454 535 669 1080 512 355 344
Total Current Assets 1070 1042 1224 1389 1127 1091 1027 882 1027 1565 2046
Total Assets 1996 2020 2308 2592 2523 2836 3091 3180 3567 4008 4415

Force Motors Cash Flow

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Opening Cash & Cash Equivalents 228 214 48 57 87 40 4 66 35 72 140
Cash Flow from Operating Activities 116 226 256 471 256 314 409 7 18 532 1014
Cash Flow from Investing Activities -100 -96 -210 -621 -81 -606 -327 -333 -356 -256 -198
Cash Flow from Financing Activities -30 -45 -37 180 -223 256 -20 293 375 -207 -509
Net Cash Inflow / Outflow -14 85 9 30 -47 -35 62 -32 37 68 308
Closing Cash & Cash Equivalent 214 300 57 87 40 4 66 35 72 140 448

Force Motors Ratios

# Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Earnings Per Share (Rs) 59.2 77.19 135.85 136.78 111.76 108.75 38.07 -93.8 -69.1 101.4 294.45
CEPS(Rs) 123.53 138.82 205.51 222.5 209.76 223.32 185.73 38.03 75.83 284.13 496.93
DPS(Rs) 3 5 10 10 10 10 10 5 10 10 20
Book NAV/Share(Rs) 931.74 1000.83 1130.23 1265.24 1366.56 1466.78 1491.15 1394.41 1326.15 1422.63 1711.03
Core EBITDA Margin(%) 4.22 5.58 7.95 7.67 7.6 7.63 8.73 0.66 2.07 6.56 13
EBIT Margin(%) 3.13 5 7.35 6.89 5.88 5.63 2.27 -7.43 -2.73 6.78 9.54
Pre Tax Margin(%) 2.74 4.75 7.2 6.73 5.69 5.21 1.36 -8.84 -4 5.42 8.65
PAT Margin (%) 3.39 3.85 5.18 5.16 4.18 3.93 1.63 -6.21 -2.81 2.66 5.55
Cash Profit Margin (%) 7.07 6.93 7.85 8.39 7.85 8.06 7.95 2.52 3.08 7.45 9.37
ROA(%) 3.96 5.06 8.27 7.35 5.76 5.35 1.7 -3.94 -2.7 3.53 9.22
ROE(%) 6.54 7.98 12.75 11.41 8.49 7.68 2.58 -6.5 -5.08 7.38 18.8
ROCE(%) 5.76 10.07 17.86 14.29 11.3 10.22 3.11 -6.21 -3.35 12.07 23.79
Receivable days 19.34 16.86 13.7 13.86 18.49 20.41 19.86 27.05 17.76 14.02 7.85
Inventory Days 60.18 53.23 49.69 51.44 47.38 49 62.51 101.83 67.3 53.12 51.93
Payable days 71.21 77.05 68.05 74.79 74.93 63.02 80.1 124.67 66.68 58.74 56.95
PER(x) 5.83 18.11 21.02 32.81 24.45 15.63 19.32 0 0 11.5 24.6
Price/Book(x) 0.37 1.4 2.53 3.55 2 1.16 0.49 0.84 0.77 0.82 4.23
Dividend Yield(%) 0.87 0.36 0.35 0.22 0.37 0.59 1.36 0.43 0.98 0.86 0.28
EV/Net Sales(x) 0.14 0.66 1.14 1.92 1.04 0.69 0.39 1.08 0.72 0.47 1.38
EV/Core EBITDA(x) 1.83 7.3 10 16.65 10.58 7 3.88 56.51 19.69 6 10.15
Net Sales Growth(%) 2.48 16.92 27.96 1.47 11.52 6.7 -15.66 -35.46 62.98 55.2 39.04
EBIT Growth(%) 160.53 82.79 92.52 -5.11 -13.97 -0.86 -66 -311.32 39.99 484.67 95.77
PAT Growth(%) 437.62 30.41 76.11 0.68 -18.3 -2.57 -64.95 -345.75 26.35 246.98 190.27
EPS Growth(%) 435.49 30.39 75.99 0.68 -18.29 -2.7 -65 -346.42 26.33 246.73 190.4
Debt/Equity(x) 0.04 0.02 0.01 0.12 0 0.15 0.16 0.35 0.61 0.51 0.23
Current Ratio(x) 1.5 1.63 1.7 1.54 1.65 1.67 1.13 1.01 0.8 1.04 1.25
Quick Ratio(x) 0.97 1.02 0.94 1.06 0.95 0.9 0.52 0.37 0.3 0.49 0.54
Interest Cover(x) 7.86 20.12 47.9 43.49 31.07 13.4 2.51 -5.23 -2.16 4.98 10.74
Total Debt/Mcap(x) 0.12 0.01 0 0.03 0 0.13 0.32 0.42 0.79 0.62 0.06

Force Motors Shareholding Pattern

# Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024
Promoter 61.63 61.63 61.63 61.63 61.63 61.63 61.63 61.63 61.63 61.63
FII 2.55 2.71 2.72 4.11 4.94 4.91 6.34 7.78 7.89 8.15
DII 2.21 2.19 2.32 1.48 1.59 1.21 0.87 1.03 0.92 0.91
Public 33.61 33.47 33.34 32.78 31.85 32.25 31.16 29.57 29.56 29.31
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has delivered good profit growth of 22% CAGR over last 5 years
  • Debtor days have improved from 58.74 to 56.95days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 7% over the last 3 years.
  • Stock is trading at 3.6 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Force Motors News

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