3 Utility Vehicles, Electric Buses and Crankshaft Forgings Stocks With a Strong Future Roadmap: Force Motors, JBM Auto and Happy Forgings
- October 21, 2026
- Posted by: Kunal Singla
- Category: Best Stocks
Force Motors, JBM Auto and Happy Forgings: ROE of 14.2% to 25.2% and FY22 to FY26 revenue CAGR of 16.2% to 29.2%. Prices as of 20 Oct 2026.
Quick Answer
The three mobility manufacturing stocks to watch are Force Motors, JBM Auto and Happy Forgings. Their return on equity ranges from 14.2% to 25.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 16.2% to 29.2%. Force Motors leads on both return on equity at 25.2% and revenue growth at 29.2% a year. Prices are based on the 20 October 2026 close, and this article is educational, not investment advice.
Mobility manufacturing stocks cover companies that make vehicles and the heavy parts inside them. Force Motors, JBM Auto and Happy Forgings represent a maker of utility vehicles and light commercial vehicles, a bus and component maker with an electric mobility business and a producer of precision forgings such as crankshafts.
This list covers three mobility manufacturing stocks with complete current figures: Force Motors, JBM Auto and Happy Forgings. Every figure comes from the latest reported financials and the 20 October 2026 market close. Companies without complete current figures were left out.
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What Are Mobility Manufacturing Stocks?
Mobility manufacturing stocks are listed companies that build vehicles, buses or critical engine and chassis parts. Their earnings follow vehicle demand, government and fleet orders, and the share of exports.
Mobility Manufacturing Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Force Motors | 17,563 | 23,296 | 18.6 | 24.1 | 25.2 | 0.00 |
| JBM Auto | 529.2 | 12,533 | 51.5 | 36.9 | 14.2 | 1.97 |
| Happy Forgings | 1,866.8 | 17,630 | 53.9 | 50.7 | 14.2 | 0.15 |
On valuation, Force Motors trades at a P/E below the industry P/E, while JBM Auto and Happy Forgings trade above it, which reflects the growth the market already expects. Readers comparing mobility manufacturing stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Mobility Manufacturing Stocks Have a Strong Roadmap in India?
Mobility manufacturing stocks have a strong roadmap in India because demand for utility vehicles, public transport and cleaner buses is growing, and global makers are sourcing forged parts from Indian suppliers.
- Electric transport. City bus programmes are raising orders for electric buses.
- Utility and cargo vehicles. Demand for light commercial and people-moving vehicles remains broad-based.
- Export sourcing. Global vehicle makers buy forged parts from Indian plants.
Why Force Motors Features Among These Mobility Manufacturing Stocks
Among the mobility manufacturing stocks on this list, Force Motors, based in Pune, makes light commercial vehicles such as the Traveller and Gurkha, and supplies engines and axles to global carmakers.
In the June 2026 quarter, revenue grew 6.7% year on year to Rs 2,478 crore, while net profit rose 22.8% to Rs 217 crore. Revenue rose from Rs 3,292 crore in FY22 to Rs 9,168 crore in FY26, a compound annual growth rate of 29.2%.
Net profit grew from Rs 801 crore in FY25 to Rs 1,212 crore in FY26, a rise of 51.3%. The company has a return on equity of 25.2%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 23,296 crore. The stock trades at a P/E of 18.6, below the industry P/E of 24.1.
Roadmap: Its traveller and ambulance range, defence vehicle supply and contract manufacturing for international partners give it several growth routes. It has no debt on its books, which leaves room for investment in new models.
What to watch: Track order flow from state transport and defence customers.
Why JBM Auto Features Among These Mobility Manufacturing Stocks
Among the vehicle maker shares on this list, JBM Auto makes sheet metal components, tooling, and buses, and is a significant supplier of electric buses and sheet metal parts to leading vehicle makers.
The company has a return on equity of 14.2%, a debt to equity ratio of 1.97 and a market capitalisation of Rs 12,533 crore. The stock trades at a P/E of 51.5, above the industry P/E of 36.9.
Revenue rose from Rs 3,214 crore in FY22 to Rs 6,227 crore in FY26, a compound annual growth rate of 18.0%. Net profit grew from Rs 156 crore in FY22 to Rs 238 crore in FY26, which works out to a compound annual growth rate of 11.1%. In the June 2026 quarter, revenue grew 13.9% year on year to Rs 1,474 crore, while net profit rose 13.4% to Rs 44.3 crore.
Roadmap: The company has secured large orders for electric buses under city transport programmes and supplies body and chassis components to passenger vehicle and commercial vehicle makers. Its manufacturing scale supports growth in both businesses.
What to watch: Track electric bus deliveries and the progress of orders under city bus programmes.
Why Happy Forgings Features Among These Mobility Manufacturing Stocks
Among the three companies on this list, Happy Forgings is a Ludhiana-based maker of forged and machined components for engines, transmissions and axles, selling to commercial vehicle, off-highway, farm and industrial customers.
Revenue rose from Rs 866 crore in FY22 to Rs 1,577 crore in FY26, a compound annual growth rate of 16.2%. Net profit grew from Rs 142 crore in FY22 to Rs 302 crore in FY26, which works out to a compound annual growth rate of 20.7%.
In the June 2026 quarter, revenue grew 26.5% year on year to Rs 460 crore, while net profit rose 39.2% to Rs 91.5 crore. The company has a return on equity of 14.2%, a debt to equity ratio of 0.15 and a market capitalisation of Rs 17,630 crore. The stock trades at a P/E of 53.9, above the industry P/E of 50.7.
Roadmap: The company is adding machining capacity and widening its range to serve passenger vehicles, railways and aerospace, which reduces reliance on a single segment. Its focus on precision components supports long-term relationships with global customers.
What to watch: Monitor the pace of new capacity and the shift towards higher-value, fully machined parts.
Force Motors vs JBM Auto vs Happy Forgings on Key Financials
The table below sets the three mobility manufacturing stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| Force Motors | 3,292 | 9,168 | 29.2% | 1,212 | 13.2% |
| JBM Auto | 3,214 | 6,227 | 18.0% | 238 | 3.8% |
| Happy Forgings | 866 | 1,577 | 16.2% | 302 | 19.1% |
Force Motors posts the highest return on equity in this group at 25.2%. Force Motors combines the largest FY26 revenue at Rs 9,168 crore with the fastest revenue growth, a 29.2% compound annual rate. A useful habit with mobility manufacturing stocks is to check each new quarterly result against the capacity plans the company described earlier.
The June 2026 quarter, the latest reported, gives a fresh read on momentum:
| Company | Q1 FY26 Revenue (Rs Cr) | Q1 FY27 Revenue (Rs Cr) | Year-on-Year Growth |
|---|---|---|---|
| Force Motors | 2,322 | 2,478 | 6.7% |
| JBM Auto | 1,294 | 1,474 | 13.9% |
| Happy Forgings | 364 | 460 | 26.5% |
Key Risks to Check Before Investing in Mobility Manufacturing Stocks
Every theme carries risks that deserve a check before any decision. For these mobility manufacturing stocks, the main points are: Long-term vehicle maker shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Tender timing. Government bus orders may be awarded unevenly across quarters.
- Steel prices. Forging and vehicle costs follow steel prices.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter mobility manufacturing stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Mobility Manufacturing Stocks
Mobility manufacturing stocks reward investors who follow order books, vehicle demand and export growth. Force Motors, JBM Auto and Happy Forgings each tie their growth to a different part of the mobility chain. Based on the 20 October 2026 close, Force Motors trades at Rs 17,563, JBM Auto at Rs 529.2 and Happy Forgings at Rs 1,866.8.
Download the Univest iOS App or Univest Android App to track mobility manufacturing stocks, set price alerts and get research-backed stock ideas.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
What are mobility manufacturing stocks?
Ans. Mobility manufacturing stocks are listed companies that build vehicles, buses or critical engine and chassis parts. Their earnings follow vehicle demand, government and fleet orders, and the share of exports. This list looks at three of them, Force Motors, JBM Auto and Happy Forgings, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.
Which mobility manufacturing stocks are covered in this list?
Ans. This list covers Force Motors, JBM Auto and Happy Forgings. Based on the 20 October 2026 close, Force Motors traded at Rs 17,563, JBM Auto at Rs 529.2 and Happy Forgings at Rs 1,866.8. Their return on equity ranges from 14.2% to 25.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 16.2% to 29.2%.
Why do mobility manufacturing stocks have a strong future roadmap in India?
Ans. Mobility manufacturing stocks have a strong roadmap in India because demand for utility vehicles, public transport and cleaner buses is growing, and global makers are sourcing forged parts from Indian suppliers. The main drivers are as follows. Electric transport. City bus programmes are raising orders for electric buses. Utility and cargo vehicles. Demand for light commercial and people-moving vehicles remains broad-based. Export sourcing. Global vehicle makers buy forged parts from Indian plants. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Force Motors performed financially?
Ans. Revenue rose from Rs 3,292 crore in FY22 to Rs 9,168 crore in FY26, a compound annual growth rate of 29.2%. Net profit grew from Rs 801 crore in FY25 to Rs 1,212 crore in FY26, a rise of 51.3%. In the June 2026 quarter, revenue grew 6.7% year on year to Rs 2,478 crore, while net profit rose 22.8% to Rs 217 crore. The company has a return on equity of 25.2%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 23,296 crore. The stock trades at a P/E of 18.6, below the industry P/E of 24.1. Looking ahead, its traveller and ambulance range, defence vehicle supply and contract manufacturing for international partners give it several growth routes. It has no debt on its books, which leaves room for investment in new models.
How has JBM Auto performed financially?
Ans. Revenue rose from Rs 3,214 crore in FY22 to Rs 6,227 crore in FY26, a compound annual growth rate of 18.0%. Net profit grew from Rs 156 crore in FY22 to Rs 238 crore in FY26, which works out to a compound annual growth rate of 11.1%. In the June 2026 quarter, revenue grew 13.9% year on year to Rs 1,474 crore, while net profit rose 13.4% to Rs 44.3 crore. The company has a return on equity of 14.2%, a debt to equity ratio of 1.97 and a market capitalisation of Rs 12,533 crore. The stock trades at a P/E of 51.5, above the industry P/E of 36.9. Looking ahead, the company has secured large orders for electric buses under city transport programmes and supplies body and chassis components to passenger vehicle and commercial vehicle makers. Its manufacturing scale supports growth in both businesses.
How has Happy Forgings performed financially?
Ans. Revenue rose from Rs 866 crore in FY22 to Rs 1,577 crore in FY26, a compound annual growth rate of 16.2%. Net profit grew from Rs 142 crore in FY22 to Rs 302 crore in FY26, which works out to a compound annual growth rate of 20.7%. In the June 2026 quarter, revenue grew 26.5% year on year to Rs 460 crore, while net profit rose 39.2% to Rs 91.5 crore. The company has a return on equity of 14.2%, a debt to equity ratio of 0.15 and a market capitalisation of Rs 17,630 crore. The stock trades at a P/E of 53.9, above the industry P/E of 50.7. Looking ahead, the company is adding machining capacity and widening its range to serve passenger vehicles, railways and aerospace, which reduces reliance on a single segment. Its focus on precision components supports long-term relationships with global customers.
What risks should investors check before buying mobility manufacturing stocks?
Ans. Investors should check a few risks before buying mobility manufacturing stocks. Tender timing. Government bus orders may be awarded unevenly across quarters. Steel prices. Forging and vehicle costs follow steel prices. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of mobility manufacturing stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 20 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.
