Force Motors Limited (FORCEMOT.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+43.5%

₹25,599.44

vs ₹17,835.00 price

Levered DCF

₹25,972.09

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

7.74

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	21.1×	14.59×	25.6×	11.49×	-14.74×	-12.47×	19.27×	11.98×
P/B	6.1×	3.85×	4.41×	0.82×	0.77×	0.84×	0.49×	0.89×
P/S	2.82×	1.45×	1.42×	0.31×	0.41×	0.77×	0.31×	0.47×
EV / EBITDA	13.7×	9.95×	10.73×	5.85×	24.27×	40.54×	4.25×	6.57×
Gross margin	20.2%	27.3%	27.4%	22.7%	21.0%	30.9%	31.6%	27.2%
Operating margin	13.2%	16.5%	15.8%	9.6%	5.9%	7.2%	14.7%	13.9%
Net margin	13.4%	9.9%	5.6%	2.7%	-2.8%	-6.2%	1.6%	3.9%
Current ratio	1.87×	1.5×	1.25×	1.04×	0.8×	1.01×	1.13×	1.67×
Debt / equity	0×	0.01×	0.23×	0.51×	0.61×	0.35×	0.16×	0.15×
Interest coverage	367.23×	51.5×	18.04×	7.09×	4.65×	5.12×	16.66×	35.08×
Dividend yield	0.2%	0.2%	0.1%	0.9%	0.5%	0.9%	1.6%	0.9%
Payout ratio	4.3%	3.3%	3.4%	9.9%	-7.2%	-10.7%	31.7%	11.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	28.9%	26.4%	17.2%	7.1%	-5.2%	-6.7%	2.6%	7.4%
Return on invested capital	21.3%	25.2%	24.2%	8.3%	4.7%	4.0%	21.6%	18.4%
Return on assets	18.5%	15.6%	8.8%	3.3%	-2.5%	-3.8%	1.6%	5.1%
Free cash flow yield	3.1%	5.2%	8.1%	17.7%	-29.0%	-28.9%	-5.1%	-10.7%
Earnings yield	4.7%	6.9%	3.9%	8.7%	-6.8%	-8.0%	5.2%	8.3%
Enterprise value	₹247.4B	₹111.9B	₹100.1B	₹23.5B	₹23.4B	₹21.5B	₹12.1B	₹20B
Net debt / EBITDA	-0.46×	-0.44×	0.08×	2.03×	10.34×	11.46×	0.86×	0.93×
Cash conversion cycle (days)	19	33	28	50	51	80	15	41