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Indian maker of vans, tractors, SUVs and diesel engines, including engines supplied to Mercedes-Benz India.
Indian maker of vans, tractors, SUVs and diesel engines, including engines supplied to Mercedes-Benz India.
The Firodia family controls this Pune-based maker. Alongside vehicles sold under its own name through dealers, mainly to ambulance, school and tour operators, it earns by making engines to order for Mercedes-Benz India, a contract business with a single anchor customer.
In one line: A small Indian van/tractor maker plus a captive engine supplier.
Moat: narrow (customer qualification, installed base). Long-standing Mercedes-Benz engine supply contract and niche van/tractor franchise are hard to replicate.
Headquarters: Pune, India · Founded: 1958 · Employees: 8,698
Size Force Motors (FORCEMOT.NS) is an India Consumer Discretionary company (Motor Vehicles) with a market value of $2.64B, the 314th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹18,968 on 6 Nov 2026.
Performance Over six months the shares fell 8.4%, against -14.8% for the median peer and 0.0% for the India market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 16.4% over the last twelve months (peer median +6.1%); the operating margin is 12.4% (peer median 2.7%).
Valuation It trades at 2.4× enterprise value to sales against a peer median of 0.8× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +35%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.4 points above its cost of capital (16.1% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹100B | ₹90.6B | ₹80.7B | ₹69.9B | ₹50.3B |
| Revenue growth | — | +12% | +15% | +39% | — |
| Gross profit | ₹19.7B | ₹15.3B | ₹11.1B | ₹8.81B | ₹2.90B |
| EBITDA | ₹15.5B | ₹15.1B | ₹11.2B | ₹9.17B | ₹3.43B |
| Net income | ₹12.0B | ₹12.1B | ₹8.01B | ₹3.88B | ₹1.34B |
| Free cash flow | n/a | ₹7.91B | ₹11.7B | ₹7.48B | ₹2.01B |
| Capital expenditure | n/a | ₹5.40B | ₹3.67B | ₹2.08B | ₹2.60B |
| Total debt | ₹0 | ₹0 | ₹174M | ₹5.25B | ₹9.55B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Force Motors FORCEMOT.NS | $2.64B | -8% | +16% | 12% | 2.4× | 25.2% |
| Tata Motors TMCV.NS | $16.6B | -2% | n/a | 9% | 1.6× | 17.8% |
| Mahindra & Mahindra M&M.NS | $43.1B | -2% | +26% | 15% | 1.9× | 13.6% |
| Ashok Leyland ASHOKLEY.NS | $10.7B | +1% | +16% | 17% | 1.8× | n/a |
| Eicher Motors EICHERMOT.NS | $22.3B | +5% | +28% | 21% | 8.4× | 36.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FORCEMOT.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.9% | -2.3% | 3rd highest of 21 |
| 6-month return | -8.4% | -14.8% | 6th highest of 21 |
| Distance from 52-week high | -28.3% | -32.2% | 9th highest of 21 |
| Revenue growth (TTM) | +16.4% | +6.1% | 6th highest of 21 |
| Operating margin | 12.4% | 2.7% | 4th highest of 21 |
| EV / Sales | 2.4× | 0.8× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 25.2% | 1.3% | most demanding of 13 |
| Growth delivered (Del g) | +35.4% | +8.4% | highest of 13 |
| Hurdle (Req g minus delivered) | -10.3 pp | -6.2 pp | 6th least demanding of 13 |
| ROIC minus cost of capital | +9.4 pp | -0.5 pp | 4th highest of 20 |
| EV / EBITDA | 15.5× | 5.9× | most expensive of 7 |
| Net debt / EBITDA | -0.6× | 0.2× | 4th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Force Motors FORCEMOT.NS | India | $2.64B | -8% | +16% | 12% | 2.4× | 25.2% | +35.4% |
| Aima Technology 603529.SS | China | $2.67B | -11% | -11% | 5% | 0.8× | n/a | n/a |
| Beiqi Foton Motor 600166.SS | China | $2.88B | -31% | +13% | 1% | 0.4× | -1.2% | +1.3% |
| Thule THULE.ST | Sweden | $2.39B | -6% | +2% | 17% | 2.6× | 9.3% | +5.9% |
| Trigano TRI.PA | France | $2.93B | -16% | +2% | 9% | 0.6× | -6.0% | +10.9% |
| China Railway Materials 000927.SZ | China | $2.20B | -14% | +1% | 2% | 0.6× | 6.3% | -5.0% |
| Mitsubishi Motor 7211.T | Japan | $3.21B | +13% | +5% | 3% | 0.2× | n/a | n/a |
| Yadea 1585.HK | Hong Kong | $3.36B | -28% | +13% | 7% | 0.5× | -11.2% | +13.0% |
| Harley-Davidson HOG | United States | $3.40B | +28% | -15% | -4% | 0.9× | 0.4% | +2.0% |
| Minth 0425.HK | Hong Kong | $3.45B | -37% | +14% | 11% | 1.1× | 2.7% | +14.8% |
| Sinotruk Jinan Truck 000951.SZ | China | $3.46B | -10% | +36% | 4% | 0.4× | -5.8% | -0.8% |
| Volvo Car VOLCAR-B.ST | Sweden | $3.63B | -45% | -17% | 0% | 0.1× | n/a | n/a |
| Zhejiang Taotao Vehicles 301345.SZ | China | $1.91B | -54% | +53% | 25% | 2.3× | 2.2% | +23.3% |
| Blue Bird BLBD | United States | $1.82B | -18% | +13% | 12% | 1.1× | 3.7% | +11.0% |
| Ola Electric Mobility OLAELEC.NS | India | $1.81B | -3% | -49% | -83% | 9.1× | n/a | n/a |
| BAIC BluePark New Energy Technology 600733.SS | China | $4.02B | -41% | +54% | -19% | 1.3× | n/a | n/a |
| Jiangling Motors 000550.SZ | China | $1.70B | -12% | +7% | 1% | n/a | n/a | n/a |
| FAW Jiefang 000800.SZ | China | $4.11B | -17% | +22% | -1% | 0.4× | n/a | n/a |
| Xuzhou Handler Special Vehicle 300201.SZ | China | $1.64B | -9% | +18% | 22% | 5.4× | 22.0% | -3.3% |
| Mazda Motor 7261.T | Japan | $4.52B | +12% | +4% | 3% | 0.1× | -14.8% | +11.3% |
| Dongfeng Automobile 600006.SS | China | $1.53B | -24% | -5% | -13% | 1.3× | n/a | n/a |