3 Light Commercial Vehicles Maker, Forgings and Chassis Components Maker and Automotive Cooling Systems Maker Stocks With a Strong Future Roadmap: Force Motors, Bharat Forge and Subros
- October 30, 2026
- Posted by: Lakshit Sharma
- Category: Best Stocks
Force Motors, Bharat Forge and Subros: ROE of 11.3% to 25.2% and FY22 to FY26 revenue CAGR of 12.4% to 29.2%. Prices as of 29 Oct 2026.
Quick Answer
The three light truck, forging and car cooling stocks to watch are Force Motors, Bharat Forge and Subros. Their return on equity ranges from 11.3% to 25.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 12.4% 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 29 October 2026 close, and this article is educational, not investment advice.
Light truck, forging and car cooling stocks give investors a way to track businesses that sit close to everyday demand in India. Force Motors, Bharat Forge and Subros cover a light commercial vehicles maker, a forgings and chassis components maker and an automotive cooling systems maker.
This list covers three light truck, forging and car cooling stocks with complete current figures: Force Motors, Bharat Forge and Subros. Every figure comes from the latest reported financials and the 29 October 2026 market close. Companies without complete current figures were left out.
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What Are Light Truck, Forging and Car Cooling Stocks?
Light truck, forging and car cooling stocks are listed companies that make light commercial vehicles and engines, supply axles, forgings and chassis parts with a growing defence business and produce air conditioning condensers and evaporators for vehicles. Their earnings depend on vehicle output, new launches and input costs.
Light Truck, Forging and Car Cooling Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Force Motors | 16,856 | 23,296 | 18.6 | 24.1 | 25.2 | 0.00 |
| Bharat Forge | 1,766.3 | 87,540 | 122.4 | 50.7 | 11.3 | 0.76 |
| Subros | 586.1 | 4,017 | 24.1 | 36.1 | 13.3 | 0.02 |
On valuation, Force Motors and Subros trade at a P/E below the industry P/E, while Bharat Forge trades above it, which reflects the growth the market already expects. Readers comparing light truck, forging and car cooling stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain. With the Q2 FY27 results season close, investors in light truck, forging and car cooling stocks can use the coming numbers to test whether growth is holding.
Why Do Light Truck, Forging and Car Cooling Stocks Have a Strong Roadmap in India?
Light truck, forging and car cooling stocks have a strong roadmap in India because rising goods movement, growing vehicle production and more cooling content per vehicle keep widening the market for these vehicle and parts makers.
- Goods movement. Light trucks serve growing local freight.
- Forged parts. Heavy components need precision forging.
- Cooling content. Vehicles add better air conditioning.
Why Force Motors Features Among These Light Truck, Forging and Car Cooling Stocks
Among the light truck, forging and car cooling 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.
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.
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 Bharat Forge Features Among These Light Truck, Forging and Car Cooling Stocks
Among the commercial and passenger vehicle parts shares on this list, Bharat Forge is a Pune-based maker of forgings, axles and chassis components for automotive and industrial customers, and it has a growing defence and aerospace business that includes artillery systems and components.
In the June 2026 quarter, revenue grew 18.7% year on year to Rs 4,697 crore. Revenue rose from Rs 10,657 crore in FY22 to Rs 17,010 crore in FY26, a compound annual growth rate of 12.4%.
Net profit grew from Rs 508 crore in FY23 to Rs 1,089 crore in FY26, which works out to a compound annual growth rate of 28.9%. The company has a return on equity of 11.3%, a debt to equity ratio of 0.76 and a market capitalisation of Rs 87,540 crore. The stock trades at a P/E of 122.4, above the industry P/E of 50.7.
Roadmap: The company is widening its mix beyond automotive into defence, aerospace and industrial products, where programmes run for many years. Its forging expertise and global customer base support a range of applications.
What to watch: Check order inflow in defence and aerospace and the share of non-automotive sales.
Why Subros Features Among These Light Truck, Forging and Car Cooling Stocks
Among the three companies on this list, Subros is a Noida-based maker of automotive air conditioning and thermal systems such as compressors, condensers and evaporators for passenger and commercial vehicles.
The company has a return on equity of 13.3%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 4,017 crore. The stock trades at a P/E of 24.1, below the industry P/E of 36.1.
Revenue rose from Rs 2,248 crore in FY22 to Rs 3,794 crore in FY26, a compound annual growth rate of 14.0%. Net profit grew from Rs 32.5 crore in FY22 to Rs 166 crore in FY26, which works out to a compound annual growth rate of 50.3%. In the June 2026 quarter, revenue grew 17.5% year on year to Rs 1,038 crore, while net profit rose 1.7% to Rs 41.5 crore.
Roadmap: The company benefits from rising air conditioner fitment in new vehicles and demand for thermal management in electric vehicles. Close ties with leading vehicle makers support steady volumes.
What to watch: Follow content per vehicle, electric vehicle thermal orders and new customer additions.
Force Motors vs Bharat Forge vs Subros on Key Financials
The table below sets the three light truck, forging and car cooling 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% |
| Bharat Forge | 10,657 | 17,010 | 12.4% | 1,089 | 6.4% |
| Subros | 2,248 | 3,794 | 14.0% | 166 | 4.4% |
Force Motors posts the highest return on equity in this group at 25.2%. Bharat Forge has the largest FY26 revenue at Rs 17,010 crore, and Force Motors shows the fastest revenue growth with a 29.2% compound annual rate. A useful habit with light truck, forging and car cooling 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% |
| Bharat Forge | 3,958 | 4,697 | 18.7% |
| Subros | 884 | 1,038 | 17.5% |
Key Risks to Check Before Investing in Light Truck, Forging and Car Cooling Stocks
Every theme carries risks that deserve a check before any decision. For these light truck, forging and car cooling stocks, the main points are: Long-term commercial and passenger vehicle parts shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Production cycles. Vehicle output can vary with demand.
- Input costs. Metal and material prices can move margins.
- 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 light truck, forging and car cooling stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Light Truck, Forging and Car Cooling Stocks
Light truck, forging and car cooling stocks work best when investors track growth, valuation and return on equity side by side. Force Motors, Bharat Forge and Subros each have a clear plan to grow. Based on the 29 October 2026 close, Force Motors trades at Rs 16,856, Bharat Forge at Rs 1,766.3 and Subros at Rs 586.1. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these light truck, forging and car cooling stocks to a watchlist.
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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 light truck, forging and car cooling stocks?
Ans. Light truck, forging and car cooling stocks are listed companies that make light commercial vehicles and engines, supply axles, forgings and chassis parts with a growing defence business and produce air conditioning condensers and evaporators for vehicles. Their earnings depend on vehicle output, new launches and input costs. This list looks at three of them, Force Motors, Bharat Forge and Subros, using reported FY22 to FY26 financials and the 29 October 2026 closing prices.
Which light truck, forging and car cooling stocks are covered in this list?
Ans. This list covers Force Motors, Bharat Forge and Subros. Based on the 29 October 2026 close, Force Motors traded at Rs 16,856, Bharat Forge at Rs 1,766.3 and Subros at Rs 586.1. Their return on equity ranges from 11.3% to 25.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 12.4% to 29.2%.
Why do light truck, forging and car cooling stocks have a strong future roadmap in India?
Ans. Light truck, forging and car cooling stocks have a strong roadmap in India because rising goods movement, growing vehicle production and more cooling content per vehicle keep widening the market for these vehicle and parts makers. The main drivers are as follows. Goods movement. Light trucks serve growing local freight. Forged parts. Heavy components need precision forging. Cooling content. Vehicles add better air conditioning. 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 Bharat Forge performed financially?
Ans. Revenue rose from Rs 10,657 crore in FY22 to Rs 17,010 crore in FY26, a compound annual growth rate of 12.4%. Net profit grew from Rs 508 crore in FY23 to Rs 1,089 crore in FY26, which works out to a compound annual growth rate of 28.9%. In the June 2026 quarter, revenue grew 18.7% year on year to Rs 4,697 crore. The company has a return on equity of 11.3%, a debt to equity ratio of 0.76 and a market capitalisation of Rs 87,540 crore. The stock trades at a P/E of 122.4, above the industry P/E of 50.7. Looking ahead, the company is widening its mix beyond automotive into defence, aerospace and industrial products, where programmes run for many years. Its forging expertise and global customer base support a range of applications.
How has Subros performed financially?
Ans. Revenue rose from Rs 2,248 crore in FY22 to Rs 3,794 crore in FY26, a compound annual growth rate of 14.0%. Net profit grew from Rs 32.5 crore in FY22 to Rs 166 crore in FY26, which works out to a compound annual growth rate of 50.3%. In the June 2026 quarter, revenue grew 17.5% year on year to Rs 1,038 crore, while net profit rose 1.7% to Rs 41.5 crore. The company has a return on equity of 13.3%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 4,017 crore. The stock trades at a P/E of 24.1, below the industry P/E of 36.1. Looking ahead, the company benefits from rising air conditioner fitment in new vehicles and demand for thermal management in electric vehicles. Close ties with leading vehicle makers support steady volumes.
What risks should investors check before buying light truck, forging and car cooling stocks?
Ans. Investors should check a few risks before buying light truck, forging and car cooling stocks. Production cycles. Vehicle output can vary with demand. Input costs. Metal and material prices can move margins. 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 light truck, forging and car cooling stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 29 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.