Force Motors's Q3FY17 numbers were below expectations led by demonetization. Revenue fell 14.2%, whereas EBITDA and PAT declined 39% and 14.8% respectively on YoY basis. Nevertheless, we remain positive on the business of the company and expect recovery to happen soon as the liquidity crunch situation normalizes. We are bullish on luxury cars segment (auto component segment) and Force's dominance in LCV space (traveller segment) and thus recommend a Buy on the stock.