Fortune India 500 2025 edition
Rank#302- Total income
- ₹8,535 Cr
- Profit
- ₹801 Cr
Last year #317
Force Motors Limited - automotive in Pune, Maharashtra, India. FY 2026 financials & compliance.
Active Listed - NSE: FORCEMOT · BSE: 500033 Public Limited Company automotive Fortune India 500 · #302 Nifty 500
Market Cap
₹22,094 Cr
FORCEMOT · NSE
Share Price
₹16,400.00
-2.19% today
Revenue
₹9,057 Cr
FY 2025-26 · +12.2% YoY
EBITDA
₹1,406 Cr
Margin 15.5%
Net Profit
₹943 Cr
FY 2025-26 · +245.6% YoY
P/E (TTM)
20.2x
P/B 5.3x
ROE
26.1%
ROCE 35.5%
Authorised capital
₹20 Cr
Registered with MCA
About Force Motors Limited
Data last updated:
Force Motors Limited is a public limited company based in Pune, Maharashtra, India, a subsidiary of Jaya Hind Industries Private Limited. It operates in the commercial vehicles and fleet segment of the automotive sector. It was incorporated on 08 September 1958 and has been in existence for over 68 years.
Force Motors is ranked #302 on the Fortune India 500 (2025). It is part of the Nifty 500 and BSE 500 indices. Its director Abhaykumar Firodia and family are #40 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Pune, under CIN L34102PN1958PLC011172. Its GSTIN is 23AAACB7066L1ZM (Madhya Pradesh). The company holds 22 GST registrations, of which 5 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 500033 and NSE: FORCEMOT.
The company has an authorised share capital of ₹20 Cr and a paid-up capital of ₹13.18 Cr. It was formerly known as Bajaj Tempo Pvt Ltd and Bajaj Tempo Ltd. It is led by directors including Abhaykumar Navalmal Firodia (Managing Director) and Prasan Abhaykumar Firodia (Managing Director).
Its last annual general meeting (AGM) was held on 17 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Mumbai Pune Road Akurdi, Maharashtra, India – 411035.
As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹9,057.05 Cr, a growth of 12.2% compared to the previous year. For the same year it recorded a net profit of ₹943 Cr (net margin 10.4%) and EBITDA of ₹1,405.76 Cr (EBITDA margin 15.5%). The net worth stands at ₹4,194.35 Cr (up 38.3% YoY). Total assets are valued at ₹4,265.71 Cr (up 37.6% YoY).
The company has about 2,952 employees on its provident fund (EPFO) records. Its group structure includes 2 subsidiaries.
The company is associated with 3 brands: Force Gurkha, Force Urbania and Force Motors. As per MCA filings, the company has open charges of ₹1,065 Cr and satisfied charges of ₹2,099.7 Cr on record. Court records list 566 cases involving the company, including 249 filed by the company and 318 filed against it; 71 cases are pending. The company has 44 deals on record (44 market trades); the latest was in January 2026. Its 8 peer companies in the Automobiles industry (Commercial Vehicles), with the same principal business activity (motor vehicles, trailers, semi trailers and other transport vehicles) are compared by revenue, 4 larger and 4 smaller; the largest is Mahindra and Mahindra Limited with revenue of ₹1,05,806 Cr. The company has 24 MSME Form 1 returns on record between 2007 and 2010, listing 276 overdue payments to 1 micro and small supplier.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website forcemotors.com.
Company details
CIN L34102PN1958PLC011172
Registration Number 011172
Incorporation Date 08 September 1958
ROC Pune
Listing Status Listed - Listed on NSE (FORCEMOT); Listed on BSE (500033)
Company Status Active
Date of Last AGM 17 September 2025
Date of Balance Sheet 31 March 2026
Parent Company Jaya Hind Industries Private Limited
Compliance Status Active Compliant
Name history
Force Motors has undergone 2 name changes throughout its history. The company was previously known as Bajaj Tempo Pvt Ltd, and Bajaj Tempo Ltd. The current legal name is Force Motors Limited.
| Company Name | Status |
|---|---|
| Force Motors Limited | Current |
| Bajaj Tempo Pvt Ltd | Previous |
| Bajaj Tempo Ltd | Previous |
CIN history
Force Motors has one previous CIN (Corporate Identification Number): L34102MH1958PLC011172. The current CIN is L34102PN1958PLC011172, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L34102PN1958PLC011172 | Current |
| L34102MH1958PLC011172 | Previous |
Key People
Abhaykumar Navalmal Firodia Managing Director Prasan Abhaykumar Firodia Managing Director Prashant Vijay Inamdar Whole-Time Director Recognitions & Rankings of Force Motors
India's Richest People 2026 edition · 1 director · Source: Hurun India
- #40 Abhaykumar Firodia & family ₹66,800 Cr
Stock market indices
Nifty 500 BSE 500
Contact details
Force Motors Limited's registered office is in Pune, Maharashtra. Its website is forcemotors.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressMumbai Pune Road Akurdi, Maharashtra, India – 411035
- IndustryAutomotive, Commercial Vehicles & Fleet
To see the full contact details of Force Motors Limited, buy the company report.
Comprehensive company report
Force Motors Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Brands
Force Motors operates multiple associated brands including Force Gurkha, Force Urbania, and Force Motors. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Automotive components are designed and manufactured in Pune, India. | forcemotors.com | |
| Manufacturing and sales of 4x4 vehicles and related accessories in India. | forcegurkha.co.in | |
| Manufacturing and distribution of commercial vehicles like Urbania in India. | forceurbania.co.in |
Business activity
The main business activity of Force Motors is manufacturing. In detail, this covers motor vehicles, trailers, semi trailers and other transport vehicles.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| C | Manufacturing | C11 | Motor vehicles, trailers, semi trailers and other Transport Vehicles |
To see the full business activity and turnover split of Force Motors Limited, buy the company report.
Financials of Force Motors Limited
FY 2025-26 filings availableForce Motors Limited reported revenue of ₹9,057.05 Cr (up 12.2% YoY) for FY 2025-26.
Financial Highlights
FY 2025-26 · ConsolidatedRevenue
₹9,057 Cr
+12.2% YoY
EBITDA
₹1,406 Cr
+28.6% YoY
Profit After Tax
₹943 Cr
+245.5% YoY
Net Worth
₹4,194 Cr
+38.3% YoY
Total Assets
₹4,266 Cr
+37.6% YoY
Total Debt
Nil
Revenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 9,057 | 8,072 | 6,992 | 5,029 | 3,240 | 1,988 | 3,081 |
| Revenue growth | +12.2% | +15.4% | +39.0% | +55.2% | +63.0% | -35.5% | - |
| EBITDA | 1,406 | 1,093 | 895 | 211 | 50.46 | 1.15 | 222 |
| EBITDA margin | +15.5% | +13.5% | +12.8% | +4.2% | +1.6% | +0.1% | +7.2% |
| Profit before tax | 1,516 | 1,238 | 605 | 272 | (130) | (176) | 42.01 |
| Net profit | 943 | 273 | 389 | 31.75 | (91.80) | (101) | 80.73 |
| Net profit margin | +10.4% | +3.4% | +5.6% | +0.6% | -2.8% | -5.1% | +2.6% |
| EPS (₹) | 919.29 | 607.54 | 294.45 | 101.40 | (69.10) | (93.80) | 38.07 |
| Balance sheet | |||||||
| Total assets | 4,266 | 3,100 | 2,818 | 2,864 | 2,847 | 2,513 | 2,309 |
| Net worth | 4,194 | 3,033 | 2,255 | 1,875 | 1,748 | 1,838 | 1,965 |
| Total debt | 0.00 | 17.43 | 524 | 955 | 1,069 | 642 | 310 |
| Cash & bank | 832 | 507 | 449 | 141 | 74.81 | 36.98 | 68.60 |
| Net working capital | 1,787 | 871 | 553 | 416 | 213 | 157 | 238 |
| Cash flow | |||||||
| Cash from operations | 1,297 | 1,546 | 1,014 | 532 | 18.42 | 7.34 | 409 |
| Cash from investing | (900) | (926) | (198) | (256) | (356) | (333) | (327) |
| Cash from financing | (73.40) | (562) | (509) | (207) | 375 | 293 | (19.73) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,440 | 2,550 | 2,129 | 2,081 | 2,297 | 2,356 | 1,889 | 1,941 |
| Revenue growth (YoY) | +6.2% | +8.2% | +12.7% | +7.2% | +21.9% | - | - | - |
| Other income | 42.94 | 38.63 | 241 | 25.59 | 25.06 | 418 | 20.08 | 8.57 |
| EBITDA | 328 | 414 | 374 | 363 | 323 | 329 | 232 | 277 |
| EBITDA margin | +13.4% | +16.2% | +17.6% | +17.4% | +14.1% | +14.0% | +12.3% | +14.3% |
| Depreciation | 77.40 | 72.03 | 72.72 | 70.95 | 70.29 | 71.88 | 70.51 | 68.56 |
| Interest | 0.04 | 2.74 | 0.16 | 0.23 | 0.13 | 7.26 | 4.12 | 5.43 |
| Profit before tax | 293 | 378 | 543 | 317 | 278 | 668 | 177 | 211 |
| Tax | 76.70 | 99.66 | 136 | (33.52) | 101 | 233 | 61.81 | 76.43 |
| Net profit | 217 | 279 | 406 | 351 | 176 | 435 | 115 | 135 |
| EPS (₹) | 164.36 | 211.37 | 308.22 | 266.14 | 133.82 | 329.92 | 87.52 | 102.46 |
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 9,057 | 8,071 | 6,992 | 5,029 | 3,240 | 1,988 | 3,080 |
| Revenue growth | +12.2% | +15.4% | +39.0% | +55.2% | +63.0% | -35.5% | - |
| EBITDA | 1,405 | 1,092 | 908 | 229 | 66.75 | 12.73 | 229 |
| EBITDA margin | +15.5% | +13.5% | +13.0% | +4.6% | +2.1% | +0.6% | +7.5% |
| Profit before tax | 1,515 | 1,237 | 618 | 291 | (113) | (164) | 49.83 |
| Net profit | 943 | 272 | 403 | 43.49 | (75.32) | (89.61) | 90.14 |
| Net profit margin | +10.4% | +3.4% | +5.8% | +0.9% | -2.3% | -4.5% | +2.9% |
| EPS (₹) | 919.01 | 606.96 | 304.77 | 115.36 | (56.60) | (84.87) | 44.15 |
| Balance sheet | |||||||
| Total assets | 4,333 | 3,168 | 2,887 | 2,919 | 2,884 | 2,533 | 2,318 |
| Net worth | 4,264 | 3,104 | 2,326 | 1,932 | 1,787 | 1,860 | 1,976 |
| Total debt | 0.00 | 17.43 | 524 | 955 | 1,069 | 642 | 310 |
| Cash & bank | 824 | 501 | 442 | 138 | 71.96 | 34.38 | 66.27 |
| Net working capital | 1,780 | 864 | 546 | 409 | 207 | 151 | 233 |
| Cash flow | |||||||
| Cash from operations | 1,297 | 1,546 | 1,011 | 531 | 18.16 | 7.07 | 409 |
| Cash from investing | (900) | (926) | (198) | (256) | (356) | (333) | (327) |
| Cash from financing | (73.40) | (562) | (509) | (207) | 375 | 293 | (19.73) |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,440 | 2,550 | 2,128 | 2,081 | 2,297 | 2,356 | 1,889 | 1,941 |
| Revenue growth (YoY) | +6.2% | +8.2% | +12.7% | +7.2% | +21.9% | - | - | - |
| Other income | 38.06 | 33.85 | 238 | 24.49 | 25.06 | 413 | 14.89 | 8.57 |
| Total expenses | 2,112 | 2,136 | 1,755 | 1,719 | 1,965 | 2,027 | 1,658 | 1,659 |
| EBITDA | 328 | 414 | 374 | 363 | 332 | 329 | 232 | 282 |
| EBITDA margin | +13.4% | +16.2% | +17.6% | +17.4% | +14.4% | +14.0% | +12.3% | +14.6% |
| Depreciation | 76.85 | 72.03 | 72.72 | 70.95 | 70.29 | 71.88 | 70.51 | 68.56 |
| Interest | 0.04 | 2.74 | 0.16 | 0.23 | 0.13 | 7.26 | 4.12 | 5.43 |
| Profit before tax | 289 | 373 | 539 | 316 | 287 | 663 | 172 | 217 |
| Tax | 76.78 | 99.63 | 136 | (33.56) | 101 | 233 | 61.77 | 76.39 |
Financial Statements
Figures in ₹ Cr; negatives in brackets. Updated 24 Oct 2026
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,440 | 2,550 | 2,129 | 2,081 | 2,297 | 2,356 | 1,889 | 1,941 |
| Revenue growth (YoY) | +6.2% | +8.2% | +12.7% | +7.2% | +21.9% | - | - | - |
| Other income | 42.94 | 38.63 | 241 | 25.59 | 25.06 | 418 | 20.08 | 8.57 |
| EBITDA | 328 | 414 | 374 | 363 | 323 | 329 | 232 | 277 |
| EBITDA margin | +13.4% | +16.2% | +17.6% | +17.4% | +14.1% | +14.0% | +12.3% | +14.3% |
| Depreciation | 77.40 | 72.03 | 72.72 | 70.95 | 70.29 | 71.88 | 70.51 | 68.56 |
| Interest | 0.04 | 2.74 | 0.16 | 0.23 | 0.13 | 7.26 | 4.12 | 5.43 |
| Profit before tax | 293 | 378 | 543 | 317 | 278 | 668 | 177 | 211 |
| Tax | 76.70 | 99.66 | 136 | (33.52) | 101 | 233 | 61.81 | 76.43 |
| Net profit | 217 | 279 | 406 | 351 | 176 | 435 | 115 | 135 |
| EPS (₹) | 164.36 | 211.37 | 308.22 | 266.14 | 133.82 | 329.92 | 87.52 | 102.46 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 9,057 | 8,072 | 6,992 | 5,029 | 3,240 | 1,988 | 3,081 |
| Revenue growth | +12.2% | +15.4% | +39.0% | +55.2% | +63.0% | -35.5% | - |
| Other income | 399 | 452 | 39.10 | 370 | 51.88 | 24.89 | 42.77 |
| Total expenses | 7,651 | 6,979 | 6,097 | 4,818 | 3,190 | 1,987 | 2,859 |
| Employee cost | 686 | 592 | 533 | 422 | 368 | 351 | 407 |
| EBITDA | 1,406 | 1,093 | 895 | 211 | 50.46 | 1.15 | 222 |
| EBITDA margin | +15.5% | +13.5% | +12.8% | +4.2% | +1.6% | +0.1% | +7.2% |
| Depreciation | 286 | 280 | 267 | 241 | 191 | 174 | 195 |
| Interest | 3.26 | 25.87 | 62.14 | 68.40 | 41.04 | 28.22 | 27.85 |
| Profit before tax | 1,516 | 1,238 | 605 | 272 | (130) | (176) | 42.01 |
| Tax | 304 | 437 | 217 | 139 | (38.65) | (52.31) | (8.26) |
| Net profit | 943 | 273 | 389 | 31.75 | (91.80) | (101) | 80.73 |
| Net profit margin | +10.4% | +3.4% | +5.6% | +0.6% | -2.8% | -5.1% | +2.6% |
| EPS (₹) | 919.29 | 607.54 | 294.45 | 101.40 | (69.10) | (93.80) | 38.07 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 13.18 | 13.18 | 13.18 | 13.18 | 13.18 | 13.18 | 13.18 |
| Reserves & surplus | 4,181 | 3,020 | 2,242 | 1,862 | 1,735 | 1,825 | 1,952 |
| Shareholders' funds (net worth) | 4,194 | 3,033 | 2,255 | 1,875 | 1,748 | 1,838 | 1,965 |
| Minority interest | 2.46 | 2.33 | 2.21 | 2.09 | 1.99 | 1.90 | 1.81 |
| Secured loans | 0.00 | 17.43 | 374 | 805 | 919 | 642 | 310 |
| Unsecured loans | 0.00 | 0.00 | 150 | 150 | 150 | 0.00 | 0.00 |
| Total debt | 0.00 | 17.43 | 524 | 955 | 1,069 | 642 | 310 |
| Total liabilities | 4,266 | 3,100 | 2,818 | 2,864 | 2,847 | 2,513 | 2,309 |
| Assets | |||||||
| Gross block | 4,810 | 4,591 | 4,410 | 4,211 | 3,916 | 2,923 | 2,994 |
| Net block | 1,921 | 1,969 | 2,031 | 2,094 | 2,033 | 1,224 | 1,400 |
| Capital work in progress | 536 | 287 | 171 | 154 | 302 | 725 | 445 |
| Investments | 98.34 | 103 | 91.03 | 97.34 | 111 | 99.90 | 77.88 |
| Inventories | 1,258 | 1,184 | 1,163 | 827 | 637 | 558 | 552 |
| Sundry debtors | 191 | 174 | 104 | 197 | 189 | 126 | 169 |
| Cash & bank balances | 832 | 507 | 449 | 141 | 74.81 | 36.98 | 68.60 |
| Loans & advances | 1,551 | 715 | 330 | 400 | 126 | 161 | 238 |
| Total current assets | 3,832 | 2,580 | 2,046 | 1,565 | 1,027 | 882 | 1,027 |
| Total current liabilities | 2,044 | 1,709 | 1,493 | 1,150 | 814 | 725 | 789 |
| Net working capital | 1,787 | 871 | 553 | 416 | 213 | 157 | 238 |
| Total assets | 4,266 | 3,100 | 2,818 | 2,864 | 2,847 | 2,513 | 2,309 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 507 | 448 | 140 | 71.97 | 34.52 | 66.36 | 4.29 |
| Net cash from operating activities | 1,297 | 1,546 | 1,014 | 532 | 18.42 | 7.34 | 409 |
| Net cash from investing activities | (900) | (926) | (198) | (256) | (356) | (333) | (327) |
| Net cash from financing activities | (73.40) | (562) | (509) | (207) | 375 | 293 | (19.73) |
| Net change in cash | 324 | 58.40 | 308 | 68.42 | 37.45 | (31.84) | 62.07 |
| Closing cash | 832 | 507 | 449 | 141 | 74.81 | 36.98 | 68.60 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +12.2% | +15.4% | +39.0% | +55.2% | +63.0% | -35.5% | - |
| EBITDA growth | +28.7% | +22.1% | +323.7% | +318.6% | +4287.8% | -99.5% | - |
| PBT growth | +22.4% | +104.7% | +122.1% | +9998.0% | +26.3% | - | -77.9% |
| Net income growth | +245.6% | -29.8% | +1124.9% | +134.6% | +9.5% | -225.6% | - |
| Revenue CAGR (3Y) | +21.7% | +35.6% | +52.1% | +17.8% | -3.9% | -16.6% | +0.1% |
| EBITDA CAGR (3Y) | +88.1% | +178.7% | +819.8% | -1.6% | -43.2% | -83.8% | -6.2% |
| Profitability & leverage | |||||||
| Net income margin | +13.4% | +9.9% | +5.6% | +2.7% | -2.8% | -6.2% | +1.6% |
| Return on capital employed | +35.5% | +29.6% | +23.5% | +4.7% | -3.3% | -5.2% | +4.8% |
| Return on net worth | +26.1% | +10.3% | +18.8% | +1.8% | -5.1% | -5.3% | +4.2% |
| Debt / equity | 0.00 | 0.10 | 0.36 | 0.56 | 0.48 | 0.25 | 0.15 |
| Long-term debt / equity | 0.00 | 0.07 | 0.24 | 0.33 | 0.31 | 0.18 | 0.10 |
| Interest cover | 0.29 | 3.18 | 9.89 | -231.71 | -29.21 | -16.36 | 102.81 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 1.93 | 1.79 | 1.62 | 1.24 | 0.95 | 0.67 | 1.10 |
| Inventory turnover | 7.42 | 6.88 | 7.03 | 6.87 | 5.42 | 3.58 | 5.84 |
| Debtors turnover | 49.56 | 57.99 | 46.47 | 26.04 | 20.55 | 13.49 | 18.38 |
| EPS (₹) | 919.29 | 607.54 | 294.45 | 101.40 | (69.10) | (93.80) | 38.07 |
| Dividend per share (₹) | 50.00 | 40.00 | 20.00 | 10.00 | 10.00 | 5.00 | 10.00 |
| Book value per share (₹) | 3,182.36 | 2,301.54 | 1,711.03 | 1,422.63 | 1,326.15 | 1,394.41 | 1,491.15 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,440 | 2,550 | 2,128 | 2,081 | 2,297 | 2,356 | 1,889 | 1,941 |
| Revenue growth (YoY) | +6.2% | +8.2% | +12.7% | +7.2% | +21.9% | - | - | - |
| Other income | 38.06 | 33.85 | 238 | 24.49 | 25.06 | 413 | 14.89 | 8.57 |
| Total expenses | 2,112 | 2,136 | 1,755 | 1,719 | 1,965 | 2,027 | 1,658 | 1,659 |
| EBITDA | 328 | 414 | 374 | 363 | 332 | 329 | 232 | 282 |
| EBITDA margin | +13.4% | +16.2% | +17.6% | +17.4% | +14.4% | +14.0% | +12.3% | +14.6% |
| Depreciation | 76.85 | 72.03 | 72.72 | 70.95 | 70.29 | 71.88 | 70.51 | 68.56 |
| Interest | 0.04 | 2.74 | 0.16 | 0.23 | 0.13 | 7.26 | 4.12 | 5.43 |
| Profit before tax | 289 | 373 | 539 | 316 | 287 | 663 | 172 | 217 |
| Tax | 76.78 | 99.63 | 136 | (33.56) | 101 | 233 | 61.77 | 76.39 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 9,057 | 8,071 | 6,992 | 5,029 | 3,240 | 1,988 | 3,080 |
| Revenue growth | +12.2% | +15.4% | +39.0% | +55.2% | +63.0% | -35.5% | - |
| Other income | 399 | 451 | 39.10 | 370 | 51.88 | 24.89 | 42.77 |
| Total expenses | 7,651 | 6,979 | 6,083 | 4,799 | 3,173 | 1,975 | 2,851 |
| Employee cost | 686 | 592 | 533 | 422 | 368 | 351 | 407 |
| EBITDA | 1,405 | 1,092 | 908 | 229 | 66.75 | 12.73 | 229 |
| EBITDA margin | +15.5% | +13.5% | +13.0% | +4.6% | +2.1% | +0.6% | +7.5% |
| Depreciation | 286 | 280 | 267 | 241 | 191 | 174 | 195 |
| Interest | 3.26 | 25.87 | 62.14 | 68.40 | 41.04 | 28.22 | 27.85 |
| Profit before tax | 1,515 | 1,237 | 618 | 291 | (113) | (164) | 49.83 |
| Tax | 304 | 437 | 217 | 139 | (38.75) | (52.41) | (8.36) |
| Net profit | 943 | 272 | 403 | 43.49 | (75.32) | (89.61) | 90.14 |
| Net profit margin | +10.4% | +3.4% | +5.8% | +0.9% | -2.3% | -4.5% | +2.9% |
| EPS (₹) | 919.01 | 606.96 | 304.77 | 115.36 | (56.60) | (84.87) | 44.15 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 13.18 | 13.18 | 13.18 | 13.18 | 13.18 | 13.18 | 13.18 |
| Reserves & surplus | 4,251 | 3,090 | 2,313 | 1,919 | 1,774 | 1,847 | 1,963 |
| Shareholders' funds (net worth) | 4,264 | 3,104 | 2,326 | 1,932 | 1,787 | 1,860 | 1,976 |
| Secured loans | 0.00 | 17.43 | 374 | 805 | 919 | 642 | 310 |
| Unsecured loans | 0.00 | 0.00 | 150 | 150 | 150 | 0.00 | 0.00 |
| Total debt | 0.00 | 17.43 | 524 | 955 | 1,069 | 642 | 310 |
| Total liabilities | 4,333 | 3,168 | 2,887 | 2,919 | 2,884 | 2,533 | 2,318 |
| Assets | |||||||
| Gross block | 4,810 | 4,591 | 4,410 | 4,211 | 3,916 | 2,923 | 2,994 |
| Net block | 1,921 | 1,969 | 2,031 | 2,094 | 2,033 | 1,224 | 1,400 |
| Capital work in progress | 536 | 287 | 171 | 154 | 302 | 725 | 445 |
| Investments | 173 | 178 | 166 | 159 | 154 | 126 | 91.84 |
| Inventories | 1,258 | 1,184 | 1,163 | 827 | 637 | 558 | 552 |
| Sundry debtors | 191 | 174 | 104 | 197 | 189 | 126 | 169 |
| Cash & bank balances | 824 | 501 | 442 | 138 | 71.96 | 34.38 | 66.27 |
| Loans & advances | 1,551 | 715 | 330 | 397 | 122 | 158 | 235 |
| Total current assets | 3,824 | 2,573 | 2,039 | 1,559 | 1,021 | 876 | 1,022 |
| Total current liabilities | 2,044 | 1,709 | 1,493 | 1,150 | 814 | 725 | 789 |
| Net working capital | 1,780 | 864 | 546 | 409 | 207 | 151 | 233 |
| Total assets | 4,333 | 3,168 | 2,887 | 2,919 | 2,884 | 2,533 | 2,318 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 500 | 442 | 137 | 69.11 | 31.92 | 64.03 | 2.28 |
| Net cash from operating activities | 1,297 | 1,546 | 1,011 | 531 | 18.16 | 7.07 | 409 |
| Net cash from investing activities | (900) | (926) | (198) | (256) | (356) | (333) | (327) |
| Net cash from financing activities | (73.40) | (562) | (509) | (207) | 375 | 293 | (19.73) |
| Net change in cash | 323 | 58.05 | 304 | 68.14 | 37.19 | (32.11) | 61.75 |
| Closing cash | 824 | 501 | 442 | 138 | 71.96 | 34.38 | 66.27 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | +12.2% | +15.4% | +39.0% | +55.2% | +63.0% | -35.5% | - |
| EBITDA growth | +28.7% | +20.3% | +295.9% | +243.7% | +424.4% | -94.5% | - |
| PBT growth | +22.5% | +100.1% | +112.8% | +9998.0% | +31.0% | - | -74.3% |
| Net income growth | +246.5% | -32.4% | +825.6% | +157.7% | +16.0% | -199.4% | - |
| Revenue CAGR (3Y) | +21.7% | +35.6% | +52.1% | +17.8% | -3.9% | -16.6% | +0.1% |
| EBITDA CAGR (3Y) | +83.0% | +153.9% | +314.8% | 0.0% | -37.9% | -63.8% | -5.0% |
| Profitability & leverage | |||||||
| Net income margin | +13.4% | +9.9% | +5.8% | +3.0% | -2.3% | -5.6% | +1.9% |
| Return on capital employed | +34.8% | +28.9% | +23.4% | +5.2% | -2.7% | -4.7% | +5.1% |
| Return on net worth | +25.6% | +10.0% | +18.9% | +2.3% | -4.1% | -4.7% | +4.6% |
| Debt / equity | 0.00 | 0.10 | 0.35 | 0.54 | 0.47 | 0.25 | 0.15 |
| Long-term debt / equity | 0.00 | 0.07 | 0.23 | 0.32 | 0.30 | 0.18 | 0.10 |
| Interest cover | 0.29 | 3.19 | 9.69 | -604.77 | -33.05 | -17.53 | 79.78 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 1.93 | 1.79 | 1.62 | 1.24 | 0.95 | 0.67 | 1.10 |
| Inventory turnover | 7.42 | 6.88 | 7.03 | 6.87 | 5.42 | 3.58 | 5.84 |
| Debtors turnover | 49.56 | 57.98 | 46.47 | 26.04 | 20.55 | 13.49 | 18.38 |
| EPS (₹) | 919.01 | 606.96 | 304.77 | 115.36 | (56.60) | (84.87) | 44.15 |
| Dividend per share (₹) | 50.00 | 40.00 | 20.00 | 10.00 | 10.00 | 5.00 | 10.00 |
| Book value per share (₹) | 3,235.30 | 2,354.80 | 1,764.89 | 1,466.20 | 1,355.80 | 1,411.59 | 1,499.02 |
To see the full year-wise statements and ratios of Force Motors Limited, buy the company report.
Board of directors of Force Motors Limited
Force Motors has 9 current directors and 29 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Sonia Prashar | Director | 28 Sep 2022 | 4 Years 0 Months | Current |
| Abhaykumar Navalmal Firodia | Managing Director | 01 Jul 2002 | 24 Years 3 Months | Current |
| Prasan Abhaykumar Firodia | Managing Director | 30 Sep 2006 | 20 Years 0 Months | Current |
| Prashant Vijay Inamdar Also directs: Force Mtu Power Systems Private Limited | Whole-Time Director | 16 Jan 2015 | 11 Years 9 Months | Current |
| Mukesh Mangalbhai Patel | Director | 13 Aug 2022 | 4 Years 2 Months | Current |
| Vallabh Roopchand Bhanshali Also directs: Everfresh Enterprises LLP, Suroop Fresh Private Limited, Indore Composite P Ltd and 5 more | Director | 13 Aug 2022 | 4 Years 2 Months | Current |
Showing 6 of 9 current directors. View all directors
Peer comparison
Force Motors Limited is compared with the 8 companies closest to it by revenue in the Automobiles industry (Commercial Vehicles), with the same principal business activity (motor vehicles, trailers, semi trailers and other transport vehicles), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Mahindra and Mahindra Limited | ₹1,05,806 Cr (FY 2019) | 13.0% | Mumbai, Maharashtra, India | |||
| Ashok Leyland Limited | ₹48,894 Cr (FY 2025) | 6.0% | Chennai, Tamil Nadu, India | |||
| Ve Commercial Vehicles Limited | ₹23,762 Cr (FY 2025) | 8.0% | New Delhi, Delhi, India | |||
| Daimler India Commercial Vehicles Private Limited | ₹10,586 Cr (FY 2025) | -12.0% | Kundrathur, Tamil Nadu, India | |||
| Force Motors Limitedthis company | ₹9,057.05 Cr (FY 2026) | ₹943 Cr | 10.4% | 12.2% | 2,952 | Pune, Maharashtra, India |
| Volvo Group India Private Limited | ₹5,487.9 Cr (FY 2025) | 13.0% | Bangalore, Karnataka, India | |||
| Jupiter Wagons Limited | ₹4,007.64 Cr (FY 2025) | 9.0% | Jabalpur, Madhya Pradesh, India | |||
| SML Mahindra Limited | ₹2,405.05 Cr (FY 2025) | 9.0% | Nawanshahr, Punjab, India | |||
| Ashok Leyland Vehicles Limited | ₹1,674.54 Cr (FY 2018) | 48.0% | Chennai, Tamil Nadu, India |
To see the full peer comparison of Force Motors Limited, buy the company report.
Auditor
Force Motors Limited is audited by Kirtane & Pandit LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Kirtane & Pandit LLP | FY 2023 | 105215W |
Shareholding
Shareholding for the quarter ended Sep 2026: promoters hold 61.60%, foreign institutional investors hold 9.50%, domestic institutional investors hold 1.50% and retail and other public shareholders hold 27.40%.
Sep 2026
QUARTER
61.60% Promoters
1.50% DII (Domestic Institutional)
9.50% FII (Foreign Institutional)
27.40% Retail & Others
Promoter holding - history
Now 61.60% · Sep 2026High 61.60% · Dec 2025Low 61.60% · Dec 2025
Shareholding trend - last 6 quarters
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | |
|---|---|---|---|---|
| Promoters | 61.60% | 61.60% | 61.60% | 61.60% |
| Public | 38.40% | 38.40% | 38.40% | 38.40% |
Charges & borrowings
Open charges
₹1,065 Cr
Satisfied charges
₹2,099.7 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 29 Jan 2024 | 100868019 | Hdfc Bank Limited | ₹300 Cr | Open | |
| 15 Sep 2023 | 100783033 | State Bank of India | ₹155 Cr | Open | |
| 21 Jun 2023 | 100735978 | Others | ₹125 Cr | Open | |
| 17 Mar 2020 | 100334374 | Hdfc Bank Limited | ₹210 Cr | Open | |
| 17 Mar 2020 | 100334422 | The Hongkong and Shanghai Banking Corporation Limited | ₹115 Cr | Open |
To see the full charge records of Force Motors Limited, buy the company report.
Total charge records: 42 View all charges
Deals & funding
Force Motors Limited has 44 deals on record (44 market trades); the latest was in January 2026.
Total deals
44
Market trades
44
Deals on record (5 of 44)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Jan 2026 | Market trade | ₹76.67 Cr | Buyer: Poonawalla Aviation Private Limited Seller: Serum Institute of India Private Limited |
| Jul 2025 | Market trade | ₹126.54 Cr | Buyer: Hrti Private Limited Seller: Hrti Private Limited |
| Jul 2025 | Market trade | ₹171.82 Cr | Buyer: Hrti Private Limited Seller: Hrti Private Limited |
| May 2025 | Market trade | ₹91.57 Cr | Buyer: Graviton Research Capital LLP Seller: Graviton Research Capital LLP |
| May 2023 | Market trade | ₹36.11 Cr | Buyer: Graviton Research Capital LLP , NK Securities Research Private Limited Seller: Graviton Research Capital LLP , NK Securities Research Private Limited |
To see the full deal history of Force Motors Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Force Motors Limited has 566 court cases on record: 249 filed by Force Motors, 318 filed against it. 71 cases are pending and 495 are disposed.
Total cases
566
Filed by the company
249
Filed against the company
318
Pending
71
Disposed
495
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 299 | 164 | 32 |
| High courts | 226 | 136 | 33 |
| Supreme Court | 41 | 18 | 6 |
Cases on record (5 of 566)
| Court | Type of case | Party | Status |
|---|---|---|---|
| District court, Pune, Maharashtra | Court case (Spl.Sum.Suit) | Filed by the company against Shaktee Utility Automobiles Pvt.Ltd. | Pending |
| District court, Pune, Maharashtra | Execution petition | Filed against the company by Kaygee Engineering Pvt.Ltd | Disposed |
| High Court of Delhi | Commercial suit | Filed by the company against Houstan Innovations LLP | Disposed |
| District court, Pune, Maharashtra | Court case (Spl.Sum.Suit) | Filed by the company against Shaktee Utility Automobiles Pvt.Ltd. and 1 other | Disposed |
| District court, Tiruppur, Tamil Nadu | Motor accident claim | Filed against the company | Pending |
To see the full case history of Force Motors Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Force Motors Limited was last rated by Crisil on 31 Mar 2020.
| Rating agency | Rated on | Rating |
|---|---|---|
| Crisil | 31 Mar 2020 |
To see the full credit ratings and regulatory alerts of Force Motors Limited, buy the company report.
MSME payment delays
Force Motors Limited has 24 MSME Form 1 returns on record between 2007 and 2010, listing 276 overdue payments to 1 micro and small supplier. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (1 of 1)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier |
To see the full MSME payment records of Force Motors Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Force Motors has 2 subsidiary companies. This group structure data is as of FY 2022. The table lists each entity with its relationship and holding.
2
Subsidiary companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Force Mtu Power Systems Private Limited | U29309PN2018PTC178041 | |
| Tempo Finance (West) Pvt Ltd | U65910PN1991PTC062179 |
To see the full group structure of Force Motors Limited, buy the company report.
Employees & EPFO
Force Motors Limited has a workforce of 2,952 employees on its EPFO records as of Apr 05, 2024, across 1 active EPFO establishment.
Employee count
2,952
Active EPFO establishments
1
Employee growth
29.08%
GST
Force Motors has 22 GST registrations: 5 active and 17 cancelled or inactive. The first 4 active GSTINs are listed below.
Total GSTINs
22
Active
5
Cancelled / inactive
17
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 23AAACB7066L1ZM | Madhya Pradesh | Active | 01 Jul 2017 |
| 23AAACB7066L2ZL | Madhya Pradesh | Active | 01 Jul 2017 |
| 33AAACB7066L1ZL | Tamil Nadu | Active | 01 Jul 2017 |
| 27AAACB7066L2ZD | Maharashtra | Active | 04 Oct 2017 |
To see the full GST registrations and return filing status of Force Motors Limited, buy the company report.
Recent activity
Force Motors Limited has 56 board changes on record since 2002: 33 appointments and 23 cessations. The latest: Vinod Gulabrao Khandare was appointed as Director on 29 Jan 2026.
Filing
Force Motors Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Pune.
Appointed
Vinod Gulabrao Khandare was appointed as Director.
Appointed
Gautam Hemant Bambawale was appointed as Director.
Appointed
Nitin Nandkishor Kareer was appointed as Director.
AGM
Force Motors Limited last Annual general meeting of members was held on 17 Sep 2025 as per latest MCA records.
Appointed
Rishi Luharuka was appointed as CFO.
Charges
A charge registered on 16 Apr 2021 via Charge ID 100438191 with Hdfc Bank Limited was fully satisfied on 11 Jun 2025.
Ceased
Sanjay Kumar Bohra ceased to be CFO.
Charges
A charge registered on 21 Jun 2023 via Charge ID 100736527 with Others was fully satisfied on 13 Mar 2025.
Charges
A charge registered on 12 Feb 2021 via Charge ID 100443852 with Idbi Trusteeship Services Limited was fully satisfied on 17 Feb 2025.
Ceased
Dattatray Balajirao Shekatkar ceased to be Director.
Charges
A charge registered on 10 Feb 2021 via Charge ID 100414220 with Hdfc Bank Limited was fully satisfied on 18 Oct 2024.
137 earlier events are in the company report.
News
Frequently asked questions
Force Motors is an active public limited company based in Pune, Maharashtra, India. The company works in commercial vehicles and fleet, within the automotive industry. It was incorporated on 08 September 1958 (68+ years old) and is registered under CIN L34102PN1958PLC011172. Listed on BSE: 500033 and NSE: FORCEMOT.
Force Motors reported revenue of ₹9,057.05 Cr for FY 2025-26 (up 12.2% YoY) based on consolidated financials.
Force Motors has 9 current directors:
- Abhaykumar Navalmal Firodia - Managing Director
- Prasan Abhaykumar Firodia - Managing Director
- Prashant Vijay Inamdar - Whole-Time Director
- Sonia Prashar - Director
- Mukesh Mangalbhai Patel - Director
- Vallabh Roopchand Bhanshali - Director
- Vinod Gulabrao Khandare - Director
- Gautam Hemant Bambawale - Director
- Nitin Nandkishor Kareer - Director
The latest financial statements of Force Motors on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 17 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Force Motors is 23AAACB7066L1ZM, registered in Madhya Pradesh. The company has 22 GST registrations in all, of which 5 are active and 17 are cancelled or inactive. Other active GSTINs include 23AAACB7066L2ZL (Madhya Pradesh), 33AAACB7066L1ZL (Tamil Nadu), 27AAACB7066L2ZD (Maharashtra).
The CIN (Corporate Identification Number) of Force Motors is L34102PN1958PLC011172. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Yes. Force Motors is a listed company as per MCA records. Its shares are listed on both BSE (code: 500033) and NSE (symbol: FORCEMOT).
Force Motors has 566 court cases on record: 249 filed by the company and 318 filed against it. 71 are pending. Most are in the district courts.
Force Motors was incorporated on 08 September 1958, making it 68+ years old. It is registered with the Registrar of Companies, Pune.
Force Motors has 44 deals on record (44 market trades); the latest was in January 2026.
The peers of Force Motors by revenue are Mahindra and Mahindra Limited, Ashok Leyland Limited, Ve Commercial Vehicles Limited, Daimler India Commercial Vehicles Private Limited, Volvo Group India Private Limited and 3 more, all in the Automobiles industry (Commercial Vehicles), with the same principal business activity (motor vehicles, trailers, semi trailers and other transport vehicles).
Vinod Gulabrao Khandare was appointed as Director on 29 Jan 2026. Gautam Hemant Bambawale was appointed as Director on 19 Dec 2025. Nitin Nandkishor Kareer was appointed as Director on 19 Dec 2025. Force Motors has 56 board changes on record in total.