BSE: 500033

Mid-range Performer

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8720.90 258.55 (3.06%)

42.30% Gain from 52W Low

36,969 NSE+BSE Volume

BSE 11 Apr, 2025 3:31 PM (IST)

11,490.9

Market Cap

Below industry Median

1.3

Beta 1Year

Very High Volatility

Force Motors Ltd. share price target and research reports

Name: Latest research reports of Force Motors Ltd. authored by Religare and published by - Trendlyne research reports.
Item: Force Motors Ltd.
Rating: 5
Author: Religare

Latest analyst research reports with target prices and PDF download for FORCEMOT, BSE:500033 Force Motors Ltd.

Search Inside the pdf :

Force Motors Ltd.

25 Jan 2018

8720.90

3.06%

Result Update Q3FY18 Force Motors

Buy: Force Motors Ltd.

Target

Religare

Force Motors reported weak Q3FY18 result as volumes in OEM segments continued to disappoint. Net revenue increased 19.1% yoy, while Net profit declined 37% yoy due to fall in other income and higher tax cost. The company has witnessed pressure on its OEM volumes; however, rising sales from auto component segment supported revenue growth.

Number of FII/FPI investors increased from 169 to 176 in Dec 2024 qtr.

Force Motors Ltd.

13 Nov 2017, 12:15PM

8720.90

3.06%

Result Update Q2FY18 Force Motors

Buy: Force Motors Ltd.

Target

Religare

Force Motors reported subdued Q2FY18 result led by slowdown in OEM segment due to GST implementation from July 1, 2017; however, revenue decline from OEM was offset by growth in component business. Total revenue and EBITDA increased by 5.2% and 6.3% respectively, whereas PAT declined 17% on YoY basis.

Force Motors Ltd. has gained 36.61% in the last 3 Months

Force Motors Ltd.

09 Nov 2017

8720.90

3.06%

Force Motors (2QFY18): Long-term thesis intact. Maintain BUY

Buy: Force Motors Ltd.

Target

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 169 to 176 in Dec 2024 qtr.

Force Motors Ltd.

27 Jul 2017

8720.90

3.06%

Result Update Q1FY18 Force Motors

Buy: Force Motors Ltd.

Target

Religare

Force Motors reported poor set of Q1FY18 result led by de-stocking in OEM segment due to GST implementation from July 1, 2017. Total revenue declined 1.2%, whereas EBITDA and PAT declined 48.1% and 41.8% respectively on YoY basis.

Force Motors Ltd. has gained 20.27% in the last 1 Month

Force Motors Ltd.

21 Jul 2017

8720.90

3.06%

Force Motors (1QFY18): Short-term blip, long-term thesis intact. Maintain BUY

Buy: Force Motors Ltd.

Target

HDFC Securities

We cut FY18/19E earnings est by 10/5%, factoring in weak 1QFY18 numbers. We value FML on 20x P/E on Jun-19EPS, hence our TP is Rs 5186 (Rs 5350 earlier). Maintain BUY Force Motors 1QFY18 was adversely impacted by lower volumes in the OEM segment, owing to de-stocking undertaken by dealers ahead of GST implementation. Net revenue at Rs 7.5bn was dragged down by a 8% decline in the automotive business. This was offset by 9% growth in sub-contracting (auto comp). EBITDA margin at 5% (Rs 373mn) was hit by a fall in OEM revenue and higher input cost (as seen in higher RM expenses - +393bps YoY). APAT fell 42% YoY to Rs 300mn.

Force Motors Ltd. has gained 22.82% in the last 6 Months

Force Motors Ltd.

17 May 2017

8720.90

3.06%

Result Update Q4FY17 Force Motors

Buy: Force Motors Ltd.

Religare

Force Motors' Q4FY17 numbers were marginally below our expectations. Revenue fell 6.8%, whereas EBITDA and PAT declined 14.3% and 25.3% respectively on YoY basis. We remain positive on the business of the company and expect strong growth from auto component segment. We are bullish on luxury cars segment (auto component segment) and Force's dominance in LCV space (traveller segment).

Force Motors Ltd. has gained 22.82% in the last 6 Months

Force Motors Ltd.

16 May 2017

8720.90

3.06%

Force Motors Ltd: Exports to Drive Revenue (May 16, 2017)

Hold: Force Motors Ltd.

Karvy

Exports to Drive Revenue: Q4FY17 revenue stood at Rs. 8376Mn as against Rs. 6291Mn in Q3FY17 recording a growth of 33.1% QoQ driven by volume growth of 38.5% at 9512 vehicles. However, on YoY terms revenue declined by 6.8% on account of volume de-growthby 5.6% mainly led by BS-III ban.

Force Motors Ltd. has gained 20.27% in the last 1 Month

Force Motors Ltd.

12 May 2017

8720.90

3.06%

Force Motors (4QFY17): Healthly margin traction. Maintain BUY

Buy: Force Motors Ltd.

HDFC Securities

Force Motors (FML) 4Q numbers were marked by better operational performance (despite revenue being below estimates from the sub-contracting business). The trajectory of margin recovery (at 11% vs exp of 8.4% QoQ) was encouraging. EBITDA at Rs 919mn (-14% YoY, 218% QoQ), benefitted from lower `other operating expenses (-102bps YoY).

Force Motors Ltd. has gained 20.27% in the last 1 Month

Force Motors Ltd.

20 Apr 2017

8720.90

3.06%

Force Motors (Update): The luxury advantage. Maintain BUY

Buy: Force Motors Ltd.

Target

HDFC Securities

Recent interactions with dealers across the country have convinced us that the luxury car market in India has great scope for growth. Sales of luxury cars account for less than 1.3% of the Indian car market, reflecting a huge untapped space. Aspirational demand from India?s middle class has led to proliferation of dealerships of luxury car brands (like Audi, BMW, Mercedes, Bentley, Bugatti, Rolls Royce and Porsche) into Tier II cities.

Force Motors Ltd. is trading above all available SMAs

Force Motors Ltd.

25 Jan 2017

8720.90

3.06%

Result Update Q3FY17- Force Motors

Buy: Force Motors Ltd.

Religare

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.

Force Motors Ltd. is trading above all available SMAs

Is Force Motors Ltd. worth buying?

299 Votes:

Buy 76.92%

Sell 11.37%

Hold 11.71%