Force Motors’ 3-year, 14x run: Is the commercial vehicle cycle turning, or has the stock run ahead?

Force Motors dominates niche CVs with a 70–75% market share while supplying luxury engines to BMW and Mercedes-Benz. A debt-free turnaround lifted FY25 profits to Rs 801 crore, with GST cuts now fuelling growth—though valuations remain premium. The question now is: can the next phase justify the valuation it commands?