Force Motors Ltd-$ financials and balance sheet

NSE: FORCEMOTBSE: 500033AutomobilesSmall Cap

Formerly Bajaj Tempo

₹16,400.00₹368.00 (2.19%)BSE ₹16,391.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹16,768.00.

52-week range of traded prices to 23 Oct 2026

₹16,109.00Low, 28 Oct 2025₹26,450.00High, 18 Feb 2026

Next results date: the board meets on 28 Oct 2026 to consider: financial results.

Market cap: ₹21,609 Cr292nd largest listed
P/E: 17.3
P/E without one-offs: 20.8
P/B: 5.2
Dividend yield: 0.30%
ROE: 34.6%
ROE without one-offs: 28.8%
ROCE: 28.3%
Debt to equity: 0.00
Volume, NSE: 68,73237.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Force Motors Ltd-$ annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 2 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue9,057
Materials and goods−6,405
Employee costs−686
Other expenses−483
Operating profit1,483
Depreciation−286
Other income+110
One-off items+211
Finance costs−3.3
Profit before tax1,516
Tax−304
Joint ventures+0.1
Net profit1,212

What the company owns

Plant, investments and other assets₹4,257 Cr
Inventory₹1,258 Cr
Cash and bank₹832 Cr
Receivables₹191 Cr

What pays for it: net worth and liabilities

Net worth₹4,197 Cr
Other liabilities₹1,300 Cr
Owed to suppliers₹1,040 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Force Motors Ltd-$ quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 30 Jun	Mar 2021Filed 28 May	Mar 2022Filed 14 Jun	Mar 2023Filed 29 May	Mar 2024Filed 27 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 29 Apr
Revenue from operations	3,495	3,531	3,652	3,081	1,988	3,240	5,029	6,992	8,072	9,057
	3,227	3,256	3,374	2,812	1,975	3,173	4,699	6,083	6,979	7,574
Materials and goods bought	2,202	2,558	2,780	2,223	1,494	2,619	3,920	5,124	5,947	6,405
Employee costs	–	387	418	407	351	368	422	533	592	686
Other expenses	–	312	175	182	130	186	357	426	440	483
Operating profit before depreciation	268	275	279	269	13	67	330	909	1,093	1,483
Operating margin	7.7%	7.8%	7.6%	8.7%	0.7%	2.1%	6.6%	13.0%	13.5%	16.4%
Materials, % of revenue	–	72.4%	76.1%	72.2%	75.1%	80.8%	78.0%	73.3%	73.7%	70.7%
Employee costs, % of revenue	–	10.9%	11.4%	13.2%	17.7%	11.4%	8.4%	7.6%	7.3%	7.6%
Other expenses, % of revenue	–	8.8%	4.8%	5.9%	6.6%	5.7%	7.1%	6.1%	5.5%	5.3%
Depreciation and amortisation	113	129	151	195	174	191	241	267	280	286
Operating profit after depreciation	155	146	128	74	−161	−124	89	642	812	1,197
Other income	85	61	82	43	25	52	62	39	57	110
Finance costs	6	7	15	28	28	41	68	62	26	3
Profit before one-off items and tax	234	201	194	89	−164	−113	83	619	843	1,304
One-off items	1	0	0	−39	0	0	208	0	395	211
Profit before tax	235	201	194	50	−164	−113	291	619	1,238	1,516
	55	53	47	−8	−52	−39	139	217	437	304
Current tax	–	–	42	9	0	0	52	115	441	403
Deferred tax	–	–	5	−17	−52	−39	86	102	−4	−99
Share of profit of joint ventures and associates	–	–	−4	−8	−12	−17	−19	−14	1	0
	180	147	143	50	−124	−91	134	388	801	1,212
Belonging to the company's shareholders	180	147	143	50	−124	−91	134	388	801	1,212
Belonging to outside owners of subsidiaries	–	–	0	0	0	0	0	0	0	0
Other comprehensive income	–	–	5	−1	10	8	7	5	4	2
Total comprehensive income	–	–	148	49	−114	−83	140	393	805	1,214
Net margin	5.2%	4.2%	3.9%	1.6%	−6.2%	−2.8%	2.7%	5.6%	9.9%	13.4%
Net margin without joint ventures and associates	–	–	4.0%	1.9%	−5.6%	−2.3%	3.0%	5.7%	9.9%	13.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2017 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 28 May	Mar 2020Filed 30 Jun	Mar 2021Filed 28 May	Mar 2022Filed 14 Jun	Mar 2023Filed 29 May	Mar 2024Filed 27 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 29 Apr
	1,935	1,967	1,840	1,750	1,877	2,257	3,036	4,197
	1,933	1,965	1,838	1,748	1,875	2,255	3,033	4,194
Share capital	13	13	13	13	13	13	13	13
Reserves	1,920	1,952	1,825	1,735	1,862	2,242	3,020	4,181
Belonging to outside owners of subsidiaries	2	2	2	2	2	2	2	2
	257	235	524	1,069	955	525	17	0
Repayable after a year	206	188	494	601	595	382	1	0
Repayable within a year	51	47	30	468	360	143	16	0
	653	911	874	1,283	1,509	1,636	1,725	2,044
Trade payables	395	580	584	517	745	854	784	1,040
Other financial liabilities	53	100	165	63	36	35	26	38
Other liabilities	132	166	85	107	195	413	669	654
Provisions	22	18	10	128	135	192	231	312
Tax owed	0	0	0	0	38	0	0	–
	248	220	524	628	627	521	373	297
Other financial liabilities	0	0	0	0	2	2	2	2
Other liabilities	2	2	1	1	2	2	4	5
Provisions	31	30	30	27	28	33	41	62
Deferred tax	10	0	0	0	0	103	325	228
Total assets	2,836	3,098	3,238	3,661	4,013	4,415	5,134	6,538
	1,745	2,071	2,356	2,634	2,448	2,369	2,554	2,706
Plant in use, after depreciation	1,081	1,161	1,013	1,569	1,604	1,571	1,524	1,473
Plant being built	133	175	369	156	39	26	93	236
Intangible assets	130	234	205	459	483	453	439	435
Goodwill	0	0	0	0	0	0	0	0
Intangible assets being developed	239	270	356	147	115	145	195	301
Property held to earn rent	6	6	5	5	7	7	7	13
Investments	23	78	100	111	97	91	103	98
Loans given	15	15	15	16	0	14	115	0
Other financial assets	0	0	0	0	19	0	0	14
Deferred tax	0	7	58	94	6	0	0	–
Other assets	119	125	235	78	78	62	80	136
	1,091	1,027	882	1,027	1,565	2,046	2,580	3,832
Inventories	504	552	558	637	827	1,163	1,184	1,258
Trade receivables	167	169	126	189	197	104	174	191
Cash and cash equivalents	4	66	35	72	140	448	507	830
Other bank balances	1	2	2	2	1	1	1	1
Loans given	2	2	1	1	0	0	0	1
Other financial assets	320	145	66	4	256	203	582	1,412
Tax paid in advance	3	10	13	11	0	6	10	34
Other assets	91	81	81	111	144	122	123	104
Net debt	251	166	487	995	813	76	−490	−832

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 May	Mar 2022Filed 14 Jun	Mar 2023Filed 29 May	Mar 2024Filed 27 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 29 Apr
	7	18	532	1,014	971	1,297
	10	16	535	1,166	1,191	1,724
	−46	−100	−191	224	−348	−2
Receivables	43	−63	−7	93	−70	−16
Inventories	−9	−80	−197	−337	−33	−74
Payables	5	76	224	109	−71	256
Other working capital	−85	−33	−211	359	−174	−167
Tax paid	−3	2	−3	−152	−220	−427
Capital spending	453	407	260	208	367	540
Free cash flow	−446	−389	272	806	605	757
	−333	−364	−256	−198	−351	−900
Plant and property sold	1	66	2	4	2	3
Interest received	10	0	1	7	16	36
Dividends received	0	0	0	0	0	0
	293	383	−207	−509	−562	−73
Borrowings raised	335	429	0	0	0	0
Borrowings repaid	0	0	−121	−431	−508	−17
Interest paid	−28	−40	−72	−65	−28	−3
Dividends paid	13	7	13	13	26	53
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−32	37	68	308	58	324

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Force Motors Ltd-$ dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 30 Jun	Mar 2021Filed 28 May	Mar 2022Filed 14 Jun	Mar 2023Filed 29 May	Mar 2024Filed 27 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 29 Apr
Earnings per share	₹136.75	₹111.72	₹108.85	₹38.08	−₹93.83	−₹69.13	₹101.43	₹294.54	₹607.71	₹919.56
Diluted earnings per share	₹136.75	₹111.72	₹108.85	₹38.08	−₹93.83	−₹69.13	₹101.43	₹294.54	₹607.71	₹919.56
Dividend per share	–	–	₹10.00	₹10.00	₹5.00	₹10.00	₹10.00	₹20.00	₹40.00	₹50.00
Book value per share	–	–	₹1,466.78	₹1,491.15	₹1,394.41	₹1,326.15	₹1,422.63	₹1,711.03	₹2,301.54	₹3,182.36
Dividend payout	–	–	9.2%	26.3%	–	–	9.9%	6.8%	6.6%	5.4%
Shareholder yield	–	–	–	–	0.9%	0.5%	0.9%	0.1%	0.2%	0.2%
Market cap at the year end (₹ crore)	5,912	3,601	2,240	967	1,541	1,342	1,535	9,545	11,919	25,569

Ratios

Consolidated, years to March.Force Motors Ltd-$ PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 30 Jun	Mar 2021Filed 28 May	Mar 2022Filed 14 Jun	Mar 2023Filed 29 May	Mar 2024Filed 27 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 29 Apr
Revenue growth	14.2%	–	–	−15.7%	−35.5%	63.0%	55.2%	39.0%	15.4%	12.2%
Operating profit growth	−2.3%	2.7%	1.2%	−3.6%	−95.1%	412.4%	391.3%	175.5%	20.3%	35.7%
Net profit growth	0.3%	−18.3%	−2.6%	−64.9%	–	–	–	190.3%	106.3%	51.3%
Earnings per share growth	–	−18.3%	−2.6%	−65.0%	–	–	–	190.4%	106.3%	51.3%
	–	–	7.4%	2.6%	−6.5%	−5.1%	7.4%	18.8%	30.3%	33.5%
	–	–	–	−4.8 pts	−9.1 pts	1.4 pts	12.5 pts	11.4 pts	11.5 pts	3.2 pts
From the net margin	–	–	–	−4.3 pts	−12.4 pts	3.6 pts	9.9 pts	8.0 pts	14.8 pts	10.6 pts
From asset turnover	–	–	–	−0.6 pts	3.9 pts	−1.5 pts	1.9 pts	4.1 pts	0.6 pts	−3.3 pts
From borrowing	–	–	–	0.1 pts	−0.6 pts	−0.7 pts	0.7 pts	−0.7 pts	−3.9 pts	−4.0 pts
Return on capital employed	–	–	5.8%	3.4%	−6.8%	−4.4%	3.1%	23.1%	26.6%	28.5%
Cash conversion	–	–	–	–	–	–	397.6%	261.3%	121.3%	107.0%
Interest cover	28.0	21.9	8.3	2.7	–	–	1.3	10.3	31.4	367.2
Debt to equity	–	–	0.13	0.12	0.28	0.61	0.51	0.23	0.01	0.00
Receivable days	–	–	17	20	23	21	14	5	8	8
Inventory days	–	–	66	91	136	89	77	83	73	72
Payable days	–	–	52	95	143	72	69	61	48	59
Cash conversion cycle, days	–	–	31	15	17	38	22	27	32	20
Working capital days	–	–	48	11	0	16	20	5	16	39
Asset turnover	–	–	1.29	1.04	0.63	0.94	1.31	1.66	1.69	1.55
Assets per rupee of net worth	–	–	1.47	1.52	1.67	1.92	2.12	2.04	1.81	1.61
Sales per rupee of plant	–	–	3.38	2.65	1.96	2.07	3.13	4.45	5.30	6.15
Capital spending to depreciation	–	–	–	–	2.61	2.13	1.08	0.78	1.31	1.89
Plant being built, % of plant in use	–	–	12.3%	15.1%	36.4%	9.9%	2.4%	1.6%	6.1%	16.0%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. Interest cover is left blank for the years to Mar 2021 and Mar 2022: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 20.8%
Cash from operations against operating profit: 87.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	11.5%	35.4%	21.7%
Profit growth, yearly rate	21.0%	–	108.5%
Return on equity, average	–	17.0%	27.5%
Return on capital employed, average	–	15.4%	26.1%
Operating margin, average	8.4%	10.3%	14.3%
Net margin, average	3.7%	5.7%	9.6%
Asset turnover, average	–	1.43	1.63
Cash conversion cycle, days, average	–	28	27
Interest cover, average	–	102.6	136.3
Debt to equity, average	–	0.27	0.08

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	3,833	3,283	1,297
Cash from investing	−2,069	−1,449	−900
Cash from financing	−969	−1,144	−73
Capital spending	1,782	1,115	540
Dividends paid	112	92	53
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	429	0	0
Borrowings repaid	1,077	956	17

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	3	5	9	9	8	8
Altman Z-scorePublished threshold 1.81	–	–	4.16	2.52	1.93	1.82	2.65	5.57	6.82	9.93
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.69	−2.15	−2.91	−3.43	−1.92	−2.50
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	6.37	7.38	−3.69	−10.17	3.78	13.96
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	3.63	1.90	1.37
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	16.98	10.13	−12.67	−51.26	−86.17	52.10	−2.56
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	29.58	33.94	−61.13	−19.94	10.01	−14.28	−1.42
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−5.77	−3.85	−1.06	5.46	−1.00	4.77	9.23
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.64	14.37	0.21	0.14	0.11	0.40	1.00
Effective tax ratePublished threshold 17.16 per cent	23.45	26.61	24.06	−16.45	–	–	47.65	35.04	35.34	20.06
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	46.47	10.50	17.57	−8.14

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
19 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesShort-term scale	Crisil A1+Rating Reaffirmed		250
19 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil AA+Rating Reaffirmed	Stable	390

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.