Shares of Force Motors Ltd. gained as much as 7% on Friday, March 28, after the company received an order to supply 2,978 Force Gurkha light vehicles to the Indian Defence Forces.

The company has been declared as L1 vendor for the procurement of 2978 Force Gurkha light vehicles (GS 4X4 800 kg Soft Top) by Indian Defence Forces i.e. by Directorate General of Capb, Devp (CD-13/14) General Staff Branch, IHQ of MoD (Army) New Delhi.

Following a stellar rally, the stock pulled back 40% but has bounced back from recent lows.

The company has been ramping up its game—quarterly sales have jumped from ₹1,500 crore to ₹2,000 crore, margins have improved to the early teens, and from around ₹700 crore debt, it’s now a net cash.

Force Motors has three revenue streams, with the biggest chunk coming from LCVs and SUVs.

The Force Traveller is its flagship vehicle—widely used for shared mobility, school buses, delivery vans, and even ambulances. In fact, they recently bagged an order to supply 2,429 ambulances to the UP government.

But now, Force Motors is eyeing the premium segment with ‘Force Urbania’—a luxury van used for corporate commutes, elite tours, and hospitality. The interesting part? It costs half of a Mercedes Sprinter, but guess what? The Mercedes Sprinter engine is made by Force Motors. And let’s not forget the rugged Force Gurkha—an SUV built for serious off-road adventures.

On the valuation front, the stock trades at 21 times its FY25 estimated EPS.

What to track from here on?

Increased investor engagement, a potential EV variant, and export growth—currently a small part of their business but with big potential.

So, is Force Motors truly a force to reckon with? Time will tell!

Shares of Force Motors Ltd. settled 2.30% higher today at ₹8,990. The stock has jumped 35% in the last one month.