Force Motors shares extended their winning run to a fourth straight day on Thursday, February 5, surging another 11% to hit the day’s high of ₹22,200 even as the broader Indian stock market traded with deeper cuts.

The auto stock crossed the ₹22,000 mark for the first time today, triggered by the company’s December-quarter performance released on Wednesday, which showed a robust 253% jump in consolidated net profit to ₹406 crore. In the same period last year, the company had posted a net profit of ₹115 crore. On a sequential basis as well, net profit improved by 16%.

This marked the third straight quarter of growth in net profit and the second-best quarterly net profit after the ₹435 crore reported in Q4FY25. However, the growth was largely led by a sharp rise in other income, which jumped to ₹241 crore in Q3 from ₹20 crore in the year-ago quarter.

On the operational front, EBITDA grew 61.2% year-on-year to ₹374 crore in Q3, while margins expanded sharply by 600 basis points to 18%. The company reported consolidated revenue of ₹2,129 crore during the quarter under review, up from ₹1,889 crore, marking a 12.7% YoY improvement.

Force Motors among top 10 highest-priced stocks

Force Motors, in recent months, has entered the list of the top 10 most-valued stocks on the Indian stock market, surpassing Hitachi Energy India, and is now the third-highest-priced stock in the auto sector, according to Trendlyne data.

The shares have maintained a consistent winning streak in recent years, emerging as one of the biggest wealth creators. Although the stock remained under prolonged stress along the way, it later showed remarkable growth, recouping all those losses and showcasing its ability to attract bulls at lower levels.

The stock has maintained a one-way run since February 2025, closing nine of the following 11 months in the green, resulting in a bumper rally of 204%.

Delivered multibagger returns in five of last 12 years

Zooming out, the stock has surged nearly 9,760% from its 2013 trading price of ₹225 to trade at the current price of ₹22,200 apiece.

During this period, it delivered multibagger returns in five years, with 2025 marking the best performance with a rally of 216%, followed by 2015, 2014 and 2023, which saw gains of 188%, 187% and 161%, respectively.

The consistent demand for the shares on Dalal Street can be attributed to the company’s improving performance with each passing quarter, driven by steady growth in sales, which has supported higher valuation multiples.

The rally has not only boosted the company’s market capitalisation but has also multiplied the wealth of retail investors, who cumulatively owned a 26.1% stake in the company at the end of the December quarter, Trendlyne data showed.

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