16711.2500 -233.60 (-1.38%)
BSE Aug 01, 2025 15:31 PM
Volume: 12,132
 

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Force Motors Ltd.
09 Nov 2017
16711.25
-1.38%
HDFC Securities
We cut FY18/19/20E earnings in the range of 6-18%, factoring in weak OEM volumes. We value FML on 20x P/E on Sep-19EPS, with a TP of Rs 4876 (Rs 5186 earlier). Maintain BUY Force Motors 2QFY18 revenue came in at Rs 8.9bn (+5% YoY, 5% below estimates), impacted by lower volumes in the OEM segment (-8% YoY, 8.2k). This was offset by growth in sub-contracting. EBITDA margin came in at 8.9% (Rs 798mn, 6.3% YoY), expanded by 89bps YoY, owing to cost control measures. APAT fell 14% YoY to Rs 417mn, led by a fall in other income (-50% YoY to Rs 94mn) and an increase in depreciation (+21% YoY).
Number of FII/FPI investors increased from 177 to 218 in Jun 2025 qtr.
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