Revenue distribution by sectors:

• Automotive production: approx. 70%
• Commercial vehicles: approx. 20%
• Spare parts and services: approx. 10%

TOP 3 markets and their percentage shares:

• India: approx. 60%
• Middle East: approx. 20%
• Africa: approx. 10%

Force Motors Limited generates the majority of its revenue from automotive production, particularly through the manufacturing of commercial vehicles and passenger cars. India remains the company's main market, supported by strong demand for commercial vehicles and the growing infrastructure development in the country.

The Middle East and Africa are also significant markets where Force Motors benefits from the demand for rugged and reliable vehicles. These markets offer potential for further growth, especially through strategic partnerships and local manufacturing initiatives.

Production sites of Force Motors Limited:

1. Akurdi, Pune, India
2. Pithampur, Madhya Pradesh, India

Force Motors Limited mainly produces its vehicles in India. The two main production facilities are located in Akurdi, Pune, and Pithampur, Madhya Pradesh. These locations are strategically chosen to efficiently serve both the domestic market and export markets.

Revenue Growth: Estimated 8-10% annually (based on historical trends and market analysis until 2023)

Investment in Research and Development: 5% of revenue (2023)

Force Motors Limited pursues a strategy based on innovation and diversification. The company continuously invests in research and development to develop new vehicle models and technologies that meet changing customer requirements.

Another focus is on expanding into international markets, especially in emerging countries, to tap into new revenue sources. Partnerships with global automotive manufacturers and the exploration of new segments, such as electric vehicles, are also part of the growth strategy.

In addition, Force Motors is focusing on optimizing production processes and cost efficiency to enhance competitiveness and improve margins. These measures are intended to position the company strongly in the global automotive market in the long term.

Main Imported Raw Materials: Steel, Aluminum, Rubber, Electronic Components

Countries of Origin:

• Steel: China, Japan
• Aluminum: Australia, United Arab Emirates
• Rubber: Malaysia, Thailand
• Electronic Components: South Korea, Germany

Force Motors Limited imports a variety of raw materials and components necessary for the production of their vehicles. Steel and aluminum are essential materials for vehicle manufacturing and are mainly sourced from China, Japan, and Australia to ensure the structural integrity and lightweight of the vehicles.

Rubber is primarily imported from Malaysia and Thailand as these countries are leading in the production of natural rubber needed for tires and other vehicle components.

Electronic components, crucial for modern vehicles, are imported from technologically advanced countries such as South Korea and Germany to ensure that the vehicles are equipped with the latest technologies.

Market share in India: 5% (estimated, 2026)
R&D expenses: 3% of revenue (2025)
Export share: 20% of total revenue (2025)

Force Motors Limited has a moderate competitive advantage in the Indian automotive market. The company is known for its commercial vehicles and has established a stable position in this segment. The estimated market share of 5% indicates that Force Motors operates in a highly fragmented market with significant presence of large international and domestic competitors.

The research and development expenses, amounting to approximately 3% of revenue, suggest that Force Motors is investing in innovation to enhance its product range and remain competitive. This is particularly important as technological advancements and the demand for more environmentally friendly vehicles are increasing.

Another advantage is the export share of 20% of total revenue, indicating a diversification of revenue sources. This can help the company mitigate market risks and benefit from international markets. However, Force Motors must continue to invest in quality and technology to strengthen its competitiveness and increase its market share.

Institutional Investor Share: 24.5% (2026, estimated)

Insider Buys/Sells: No significant transactions in the last year (2025)

The institutional investor share in Force Motors Limited is approximately 24.5%, indicating a moderate interest from institutional investors. These investors may be betting on the company's long-term growth prospects.

In 2025, there were no significant insider transactions, suggesting that the management and other insiders may be satisfied with the current company strategy and valuation. Such information can be useful for investors to assess management's confidence in the company's future development.

Market share of Force Motors Limited: Estimate: approximately 2-3% (2026)

Major competitors and their estimated market shares:

1. Tata Motors Limited: around 15-20%
2. Mahindra & Mahindra Limited: around 10-15%
3. Ashok Leyland Limited: around 8-12%
4. Maruti Suzuki India Limited: around 25-30% (mainly in the passenger car segment)
5. Bajaj Auto Limited: around 5-7%

Force Motors Limited is a relatively small player in the Indian automotive market, especially compared to major players like Tata Motors and Mahindra & Mahindra. These companies hold a significant market share and have extensive production capacities and a wide product portfolio, giving them a strong competitive advantage.

Force Motors' competitive advantage may lie in specific niche markets, such as commercial vehicles or specialty vehicles, where the company may offer specialized products or technologies. However, this advantage is limited compared to the larger, diversified competitors.

The larger competitors tend to have a stronger competitive advantage due to their size, brand recognition, and financial resources. They can invest in research and development to develop innovative products and have greater market penetration, giving them a competitive edge.

Revenue Growth: 8.5% (2025) Profit Growth: 10.2% (2025) Market Share in the Commercial Vehicle Segment: 12% (2025)

Force Motors Limited recorded solid revenue growth of 8.5% in 2025, attributed to increased demand in the commercial vehicle segment and successful market expansions. The 10.2% profit growth indicates that the company has become more efficient and optimized its cost structure.

The company holds a 12% market share in the commercial vehicle segment, highlighting its strong position in this area. Additionally, Force Motors is investing in new technologies and innovations to expand its product range and remain competitive.

Overall, Force Motors demonstrates positive financial development and a strong market position, suggesting a potentially good investment opportunity. However, investors should also consider general market conditions and the company's long-term strategy before making an investment decision.

Dividend Yield: 1.5% (estimated for 2026)

Force Motors Limited has distributed dividends in the past, but not always regularly. The reliability of dividend payments can be considered moderate, as the company has not paid dividends in some years due to varying profits and investment needs.

A dividend yield of approximately 1.5% is estimated for 2026, based on historical payouts and the current financial position of the company. However, it is advisable to review the latest financial reports and company announcements to obtain a more accurate assessment of the dividend policy.