In the dynamic landscape of the Indian stock market, identifying a multibagger stock that can exponentially grow an investment is a coveted goal. For shareholders of Force Motors, this aspiration has transformed into a remarkable reality, with the company's equity delivering extraordinary returns and establishing itself as a significant wealth creator in recent years.
A Decade-Long Wealth Creation Journey
The long-term performance of Force Motors shares is nothing short of spectacular. From a trading price of approximately ₹225 in 2013, the stock has witnessed a staggering growth of 8,000% to reach current levels around ₹18,289. This monumental rise underscores the power of long-term investing in fundamentally strong companies.
Zooming into recent performance, the stock has maintained an impressive winning streak. It has closed four out of the last five years with positive returns and is poised to conclude 2025 with substantial gains, having already rallied 181% this year. During this 2025 rally, the stock demonstrated resilience by climbing even amid broader market volatility and recently scaled a fresh all-time high of ₹21,999 per share, breaching the ₹21,000 mark for the first time.
The consistency is evident in its yearly returns, with the stock recording four multibagger years in this period. The best performance was in 2015 with a 188% rally, closely followed by 2014 (187%) and 2023 (161%). Over the last one-year and two-year periods, the returns stand at an impressive 164% and 340%, respectively.
Robust Business Model and Financial Performance
The sustained investor confidence on Dalal Street is firmly rooted in the company's robust operational and financial health. Force Motors is a fully vertically integrated automobile manufacturer, with in-house capabilities spanning design, development, and manufacturing of automotive components, aggregates, and complete vehicles.
Its diverse product portfolio includes:
- Light Commercial Vehicles (LCVs)
- Multi-Utility Vehicles (MUVs)
- Small Commercial Vehicles (SCVs)
- Sports Utility Vehicles (SUVs)
- Agricultural Tractors
This operational strength translates into solid quarterly numbers. For the September quarter (Q2 FY26), the company reported a massive 159% year-on-year jump in net profit to ₹350.6 crore, compared to ₹135 crore in the same quarter last fiscal. Revenue increased by 7.2% to ₹2,081 crore from ₹1,941 crore YoY.
Operating profitability also improved significantly. Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) rose 28.3% to ₹362.1 crore, with margins expanding to 17.4% from 14.5% in the previous year's comparable period.
Sustained Growth Momentum and Market Position
The growth momentum is further reflected in the company's monthly sales figures. For November 2025, the company sold 2,835 units to dealers, marking a 32.11% growth compared to October 2025. A breakdown shows domestic sales surged 35.36% to 2,710 units, while exports saw a decline of 13.19% to 125 units on a year-on-year basis.
This consistent improvement in sales and profitability has enhanced the company's valuation multiples and cemented its position as one of the standout performers within the Nifty 500 index. The stock's journey, though not without periods of stress, highlights its ability to attract buying interest at lower levels and stage strong comebacks.
The wealth multiplier effect is profound. An investment of ₹1 lakh in Force Motors back in 2013 would have fetched about 444 shares. Today, that holding would be valued at approximately ₹81.20 lakh, showcasing the transformative potential of identifying and holding a quality multibagger stock for the long term.
Disclaimer: Investors are advised to consult certified financial experts before making any investment decisions.
