Force Motors zooms 106% in 5 months. What's driving stock to hit new high?

Force Motors share price today
Shares of Force Motors hit a new high of ₹13,145.70, as they rallied 9 per cent on the BSE in Thursday's intra-day trade in an otherwise weak market owing to a healthy business outlook. The stock price of this smallcap automobile company surpassed its previous high of ₹12,902.95 touched on June 6, 2025.
At 01:17 PM; Force Motors quoted 8 per cent higher at ₹13,120.45, as compared to 0.4 per cent decline in the BSE Sensex. In the past five months, the market price of the company more-than-doubled or zoomed 106 per cent from a level of ₹6,384 on January 13, 2025.
What's driving Force Motors stock price?
Since March 27, 2025, the stock price of Force Motors has appreciated by nearly 50 per cent after the company in an exchange filing said it has to deliver 2,978 Force Gurkha light vehicles (GS 4X4 800 kg Soft Top) to the Indian Defence Forces.
These vehicles are tailored to meet the diverse operational requirements of both the Indian Army and the Indian Air Force, showcasing Force Motors' capability to deliver mission-ready vehicles designed to perform in demanding defence environments, Force Motors said.
Force Motors has been catering to the defence sector for many years through its Gurkha LSV (Light Strike Vehicle) , a vehicle renowned for its durability, off-road prowess, and adaptability.
Force Motors records exceptional income of ₹394.57 crore in Q4
In the January to March 2025 quarter (Q4FY25), Force Motors reported an exceptional income of ₹394.57 crore, being government Incentives, as per the Madhya Pradesh Industrial Investment Promotion Assistance Scheme, 2010, recognised on the basis of sanctioned orders dated February 21, 2025, and received in March, 2025, for FY 2022-23 and FY 2023-24. Out of the said sanctioned amount of ₹394.57 crore, Force Motors said the company received disbursement amounting to ₹294.57 crore.
Defence sector outlook
Defence Secretary Rajesh Kumar Singh has said that contracts worth around ₹2 trillion are expected to be signed in FY26, aiming to match FY25's record contract value of ₹2.09 trillion crore. Of the 193 contracts signed in FY25, 92 per cent were awarded to Indian firms, reaffirming self-reliance and its preference for domestic manufacturing. Singh emphasized that imports should be rare, with technology transfer and Indian production being the norm - even for foreign OEMs seeking Indian contracts.
ICICI Securities in note said that the brokerage firm also believes that total defence contracts during FY26 will easily touch ₹2 trillion or may surpass this value, considering that some large scale contracts are in advanced stages and likely to be placed this year.
About Force Motors
Founded in 1958, Force Motors began its journey with an aim to provide affordable, reliable, and efficient transportation to the masses. Today, it stands as a fully integrated automobile company, specialising in the engineering, development, and manufacture of vehicles, aggregates, and components.
Force Motors' formidable product range spans light commercial vehicles and multi-utility vehicles, and its export presence extends to the Middle East and Gulf region, Asia, Latin America, and Africa.
Mercedes-Benz and BMW assigned Force Motors the responsibility of producing and testing engines for all cars and SUVs manufactured in India. Every Mercedes-Benz vehicle made in India is powered by an engine produced at Force Motors in Chakan Pune.

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