FORCE MOTORS LTD (FORCEMOT) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of FORCE MOTORS LTD ₹14,139, price ₹17,388, upside -18.7%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range ₹914.49 – ₹25,776 · fair‑value band ₹8,379 – ₹18,727 · the ₹17,388 price screens above the ₹14,139 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Force Motors Limited, an integrated automobile company, designs, develops, manufactures, and sells a range of automotive components, aggregates, and vehicles in India.
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Force Motors Limited, an integrated automobile company, designs, develops, manufactures, and sells a range of automotive components, aggregates, and vehicles in India. The company provides passenger vehicles, ambulances, school buses, and delivery van; small commercial, light commercial, multi utility vehicles, special vehicles, and spare parts; special utility vehicles, which include off-roaders/recreation vehicles and military vehicles; and agricultural tractors. Its product portfolio consists of urbania, a ground-up modular monocoque van platform for shared urban mobility; traveller, a platform that caters to passenger transport, cargo delivery, ambulances, and school buses; monobus; trax, a rugged utility vehicle platform for rural and last mile transport; special application vehicles; gurkha off-road vehicle; and electric vehicles. In addition, the company offers shared mobility solutions, commercial fleets, specialized transport, and defense solutions. It exports its products to various countries in the Middle East, Asia, Latin America, and Africa. The company was incorporated in 1958 and is based in Pune, India. Force Motors Limited operates as a subsidiary of Jaya Hind Industries Pvt. Ltd.
Stock analysis
FORCE MOTORS LTD (FORCEMOT) currently trades at ₹17,388, while our model-based Fair Value estimate is ₹14,139, implying the stock looks roughly 23.0% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹19,874 per share, and 7 of the 26 models we run sit above the ₹17,388 price.
Bear case: the Asset-Based group reads lowest at ₹2,133, and 19 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹8,379 (bear) to ₹18,727 (bull), the price of ₹17,388 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
FORCE MOTORS LTD reported revenue of ₹90.6B in FY2026 versus ₹32.4B in FY2022, a compound +29.3%/yr. Reported net income was ₹12.1B in FY2026.
Key figures
Market cap ₹229B (≈ $2.4B) · P/E ratio 18.9 · P/S ratio 2.53 · EPS (TTM) ₹919.55 · Dividend yield 0.3% · Net margin 13.4% · Return on equity 33.5% · Return on assets (EBIT) 17.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (medium confidence).
What moves the price
The share trades about 33% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −1% fair-value upside, at −19%, FORCEMOT screens richer than that median.
Fair Value models
Bear ₹8,379Fair Value ₹14,139Bull ₹18,727
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹428.82 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+12.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+35.3%
Start year 2021 (pandemic). Over 10 years: +11.5% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.9%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +44.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+44.4%
Dividend (yield on the price)0.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.89.1% vs 21.1%, picking up
Profit margin 2005 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.1% → 13%
Start year 2021 (pandemic)
⚠ Rate on operating basis: 2026 sits 212% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+18.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +14.1% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Auto Manufacturers · 110 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside−18.7% · Below median
Profitability
Return on equity (TTM)33.5% · Top 25%
Return on assets12.8% · Top 25%
Net margin (TTM)13.4% · Top 25%
Operating margin (TTM)13.4% · Top 25%
Growth and dividend
Revenue growth8.2% · Above median
Dividend yield (TTM)0.3% · Bottom 25%
Valuation Multiplesvs Auto Manufacturers median · lower = cheaper
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Is FORCE MOTORS LTD (FORCEMOT) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹14,139 versus a price of ₹17,388, about −19% upside (overvalued).
What is the fair value of FORCEMOT?
Our model-based fair value for FORCE MOTORS LTD is ₹14,139 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹17,388.
What is the quality score of FORCEMOT?
FORCE MOTORS LTD has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for FORCE MOTORS LTD (FORCEMOT)?
Our model-based price target is the fair value of ₹14,139 (as of Sep 27, 2026) from 26 valuation models. Cautious scenario ₹8,379, optimistic scenario ₹18,727. It is a calculation from audited fundamentals, not an analyst target.
What is the FORCE MOTORS LTD stock forecast for 2026?
Our models put fair value at ₹14,139, about −19% upside versus a price of ₹17,388 (overvalued). Cautious scenario ₹8,379, optimistic scenario ₹18,727. The calculation is refreshed regularly with new filings.
What is the revenue of FORCE MOTORS LTD (FORCEMOT)?
FORCE MOTORS LTD reported trailing-twelve-month revenue of about ₹90.6B (latest available figure, as of Sep 27, 2026).
Does FORCE MOTORS LTD pay a dividend?
FORCE MOTORS LTD currently shows a dividend yield of about 0.29% relative to its recent price (as of Sep 27, 2026).
What growth is priced into FORCE MOTORS LTD (FORCEMOT)?
For today's price to be fair in a discounted-cash-flow model, FORCE MOTORS LTD would have to grow free cash flow by +18.8 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +35.3 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of FORCEMOT use?
Our models discount FORCE MOTORS LTD at 10.9 %: a base by market capitalisation (mid), damped by beta 0.52, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For FORCE MOTORS LTD that is +18.8 % per year a year over ten years, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has FORCE MOTORS LTD (FORCEMOT) delivered so far?
Over the past 5 years revenue at FORCE MOTORS LTD grew +35.3 % a year. The price currently implies +18.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of FORCE MOTORS LTD (FORCEMOT) growing?
The median revenue growth in the sector is +2.3 % a year. That is the yardstick for the growth priced into FORCE MOTORS LTD (+18.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of FORCE MOTORS LTD (FORCEMOT)?
The free-cash-flow yield on the price is 3.45 %: that much free cash flow FORCE MOTORS LTD produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of FORCE MOTORS LTD (FORCEMOT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For FORCE MOTORS LTD it is ₹14,139 per share (as of Sep 27, 2026), against a price of ₹17,388. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is FORCE MOTORS LTD stock overvalued or undervalued in 2026?
As of Sep 27, 2026, FORCEMOT trades above its calculated fair value: price ₹17,388, fair value ₹14,139, a gap of about −19% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FORCEMOT?
No. The price is what the market pays today (₹17,388); the fair value is what the company's own numbers justify (₹14,139). For FORCE MOTORS LTD the two are ₹3,249 per share apart. That gap is exactly why we show both numbers side by side.
How much is FORCE MOTORS LTD worth?
The market values FORCE MOTORS LTD at about ₹229B (market capitalisation, as of Sep 27, 2026). Per share that is ₹17,388; our models calculate a fair value of ₹14,139 per share.
What do the bullish and bearish scenarios say about FORCEMOT?
Our models span a range for FORCE MOTORS LTD: cautious scenario ₹8,379, base ₹14,139, optimistic ₹18,727 per share (as of Sep 27, 2026, price ₹17,388). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FORCEMOT?
FORCE MOTORS LTD trades at a price-to-earnings ratio of 18.9 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹14,139 is built from several models across several years. Other multiples: P/B 5.5, P/S 2.5, EV/EBITDA 14.9.
How solid is the balance sheet of FORCE MOTORS LTD (FORCEMOT)?
Balance-sheet figures for FORCE MOTORS LTD (as of Sep 27, 2026): return on equity 33.5%. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is FORCEMOT from its 52-week high?
FORCE MOTORS LTD trades at ₹17,388, about 33% below its 52-week high of ₹25,776 and 14% above the low of ₹15,303 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of ₹14,139 is for.
Which stocks are comparable to FORCE MOTORS LTD?
From the same area (Consumer Cyclical) we also value Tesla, Inc, Toyota Motor Corporation, BYD Company, General Motors Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is FORCE MOTORS LTD stock attractive at the current price?
The data as of Sep 27, 2026: price ₹17,388, calculated fair value ₹14,139 (−19%), Quality Score 65/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FORCEMOT calculated?
We run FORCE MOTORS LTD through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹14,139, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.9 % above its aggregate fair value. FORCE MOTORS LTD itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of FORCE MOTORS LTD (FORCEMOT)?
The closing price on Sep 25, 2026 was ₹17,388. Our model-based fair value is ₹14,139, about −19% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with FORCE MOTORS LTD right now?
Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (₹8,379 to ₹18,727) leaves room in how you read the outcome.
Where does the earnings growth of FORCE MOTORS LTD (FORCEMOT) come from?
Earnings per share at FORCE MOTORS LTD grew +20.1 % a year from 2015 to 2026. Broken into its drivers: revenue per share +12.2 %, EBIT margin −0.6 %, tax rate −0.6 %, residual (interest, one-offs) +8.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of FORCE MOTORS LTD
How large is the market capitalisation of FORCE MOTORS LTD (FORCEMOT)?
The market capitalisation of FORCE MOTORS LTD is ₹229B (≈ $2.4B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of FORCE MOTORS LTD (FORCEMOT)?
The price-to-sales ratio of FORCE MOTORS LTD is 2.53 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of FORCE MOTORS LTD (FORCEMOT)?
Earnings per share at FORCE MOTORS LTD are ₹919.55 (price ÷ EPS = P/E 18.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of FORCE MOTORS LTD (FORCEMOT)?
The dividend yield of FORCE MOTORS LTD is 0.3% (payout 5.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of FORCE MOTORS LTD (FORCEMOT)?
The net margin of FORCE MOTORS LTD is 13.4% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of FORCE MOTORS LTD (FORCEMOT)?
The return on equity (ROE) of FORCE MOTORS LTD is 33.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of FORCE MOTORS LTD (FORCEMOT)?
On an EBIT basis the return on assets of FORCE MOTORS LTD is 17.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of FORCE MOTORS LTD (FORCEMOT)?
The operating margin of FORCE MOTORS LTD is 13.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at FORCE MOTORS LTD (FORCEMOT)?
Revenue at FORCE MOTORS LTD is growing +8.2% versus a year earlier (3y avg +21.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at FORCE MOTORS LTD (FORCEMOT)?
Earnings per share at FORCE MOTORS LTD are growing −37.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does FORCE MOTORS LTD (FORCEMOT) hold?
FORCE MOTORS LTD holds more cash than debt, ₹8.3B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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