ZF Commercial logo

ZF Commercial

ZFCVINDIA NSE

Key Fundamentals

SmallcapAuto ComponentsAutomobiles
Market Cap
₹26,409 Cr
Volatility
Moderate
P/E Ratio
52.51
EBITDA
₹838 Cr
Return on Equity
14.01%
Debt to Equity
0.01
Book Value
₹324.29
EPS
₹214.21
52W High
₹3,044
52W Low
₹2,050.37

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company is almost debt free.

Weaknesses

1
  • Promoter holding has decreased over last 3 years: -15.0%

Growth Rate

Revenue Growth
9.21% higher than 3Y
Net Income Growth
12.24% lower than 3Y
Cash Flow Change
183% lower than 3Y
ROE
-2.23% lower than 3Y
ROCE
-0.64% higher than 3Y
EBITDA Margin (Avg.)
3.78% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

ZF Commercial Vehicle Control System India Ltd has a market capitalisation of about ₹26,608 crore. It trades at a P/E of 53.6x and 7.25x book value, and the company is almost debt free. Profit has compounded at 41% over 5 years and 16% over 3 years, but TTM growth has slowed to 8% for sales and 2% for profit. The stock's 3-year CAGR is -3%, and promoter holding has fallen by 15.0 percentage points over three years.

Bull Case 7
  • The company is almost debt free, so its balance sheet can absorb the cyclical swings typical of commercial vehicle demand without leverage risk.
  • Profit compounded at 41% over 5 years, well ahead of 5-year sales growth of 17%. This points to operating leverage and margin expansion over that period.
  • 5-year compounded sales growth of 17% is about double the 10-year sales CAGR of 8%. The business has scaled up meaningfully in recent years.
  • 3-year compounded profit growth of 16% is well above 3-year sales growth of 6%. Profitability kept improving even while top-line growth was modest.
  • ROE has trended up, from 13% on a 5-year and 10-year average to 15% over 3 years. Capital efficiency has improved without the help of leverage.
  • The stock has compounded at 15% over 5 years and 10% over the last year. Over longer periods, shareholders have been rewarded.
  • A dividend yield of 0.17% shows the company returns some cash to shareholders while still keeping a debt-free balance sheet.
Bear Case 8
  • A P/E of 53.6x is a steep valuation next to TTM profit growth of just 2%. That leaves little room for earnings disappointment.
  • The stock trades at 7.25x book value while ROE is 14%. The market is paying a large premium relative to current returns on equity.
  • Promoter holding has fallen by 15.0 percentage points over the last 3 years. This may create supply overhang and raises questions about the promoter's long-term stake.
  • Growth has slowed sharply. TTM sales growth is 8% and TTM profit growth is 2%, against a 5-year profit CAGR of 41%, which suggests the high-growth phase may be fading.
  • The stock's 3-year CAGR is -3% even though 3-year profit CAGR was 16%. The valuation multiple has contracted and price momentum has been weak over that period.
  • 3-year compounded sales growth of only 6% points to muted top-line momentum, which is typical of a cyclical commercial vehicle end-market.
  • ROE of 14% last year and 13% over 10 years is moderate for a company valued at 53.6x earnings. It does not clearly justify a premium multiple on its own.
  • A dividend yield of 0.17% gives investors very little income support if the stock's valuation multiple compresses further.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Positives 2
  • Record FY26 revenue, profit growth Sep 21

    FY26 revenue rose 9.2% to a record ₹4,302 crore and net profit rose 12% to ₹517 crore. Profit grew faster than revenue, which points to margin expansion.

  • ITAT quashes ₹1.17 crore demand Sep 18

    The ITAT Chennai bench set aside a ₹1.17 crore tax demand for AY 2022-23 and allowed the company's appeal against transfer pricing adjustments. The amount is small, but the ruling removes a contingent liability.

Neutral 1
  • Mumbai analyst and investor meet Sep 21

    The company held an analyst and institutional investor meeting in Mumbai on September 21, 2026, covering operational updates. It said no unpublished price-sensitive information was shared.

TL;DR: ZF CVCS India posted record FY26 results, with revenue up 9.2% to ₹4,302 crore and net profit up 12% to ₹517 crore, so profitability is improving. The ₹1.17 crore ITAT win is a small but clean positive on the regulatory side. These articles show no specific headwinds, but the stock still depends on the commercial vehicle cycle and on transfer pricing scrutiny, which is common for MNC subsidiaries. The trend looks like it's improving, and the next things to watch are FY27 order momentum and whether margins hold if CV demand slows.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
961
981
887
956
938
907
956
1,003
963
902
1,058
1,133
1,042
Expenses
819
837
756
809
800
767
781
831
835
770
863
950
911
Operating Profit
141
144
131
147
138
139
175
172
128
132
195
183
130
OPM %
15%
15%
15%
15%
15%
15%
18%
17%
13%
15%
18%
16%
12%
Other Income
21
24
30
20
26
40
17
27
67
45
24
42
36
Interest
1
1
1
1
2
1
1
1
1
1
1
1
1
Depreciation
28
27
26
29
29
31
31
32
32
32
32
33
32
PBT
134
140
134
137
133
147
160
167
161
144
185
190
134
Tax %
25%
25%
25%
26%
26%
25%
22%
25%
26%
26%
25%
26%
26%
Net Profit
100
104
100
101
99
109
125
125
120
106
139
141
99
EPS in Rs
8.77
9.17
8.75
8.88
8.72
9.61
10.98
11
10.56
9.36
12.19
12.42
8.71
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,347
1,832
2,067
2,573
2,854
1,930
1,864
2,543
3,445
3,784
3,804
4,055
4,134
Expenses
1,144
1,546
1,741
2,174
2,443
1,676
1,658
2,291
2,974
3,220
3,178
3,416
3,494
Operating Profit
203
287
326
399
411
254
206
253
470
563
626
639
640
OPM %
15%
16%
16%
16%
14%
13%
11%
10%
14%
15%
16%
16%
15%
Other Income
20
40
36
46
72
62
39
38
67
96
109
176
147
Interest
0
0
0
2
0
2
2
2
6
5
6
5
5
Depreciation
47
56
62
62
71
90
90
92
105
109
123
130
129
PBT
177
270
300
382
411
223
152
196
427
544
607
680
652
Tax %
32%
25%
29%
29%
31%
29%
32%
27%
26%
26%
24%
26%
—
Net Profit
121
203
213
273
282
159
104
142
318
405
459
507
486
EPS in Rs
10.6
17.87
18.76
23.97
24.8
13.96
9.12
12.48
27.91
35.57
40.3
44.52
42.68
Div. Payout %
8%
6%
6%
6%
6%
12%
20%
16%
8%
8%
8%
2%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
9
9
9
9
9
9
9
9
9
9
9
9
Reserves
854
1,058
1,257
1,516
1,770
1,885
1,987
2,105
2,400
2,779
3,201
3,667
Borrowings
0
0
0
0
0
0
0
0
0
0
66
55
Other Liabilities
250
455
471
643
556
286
500
523
611
581
484
637
Total Liabilities
1,113
1,523
1,737
2,169
2,336
2,181
2,496
2,637
3,020
3,369
3,760
4,368
Fixed Assets
324
335
318
359
440
471
432
536
586
669
729
720
CWIP
18
37
62
52
19
30
50
20
77
83
63
59
Investments
39
218
298
446
313
542
640
399
101
26
31
606
Other Assets
733
932
1,059
1,312
1,563
1,137
1,374
1,682
2,256
2,592
2,937
2,983
Total Assets
1,113
1,523
1,737
2,169
2,336
2,181
2,496
2,637
3,020
3,369
3,760
4,368
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
124
242
180
311
150
224
138
138
299
193
274
809
Investing
-45
-241
-120
-205
-429
-165
-24
-178
-270
-135
-211
-697
Financing
-11
-12
-14
-18
-18
-48
-19
-28
-31
-34
-44
-52
Net Cash Flow
68
-10
46
88
-297
11
96
-69
-2
23
18
60
Free Cash Flow
52
159
106
216
31
132
68
-38
171
12
123
669
CFO/OP
88
112
86
105
69
115
87
82
87
66
65
148
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
81
87
91
92
81
69
115
96
80
90
107
82
Inventory Days
54
58
43
30
30
36
37
32
26
26
31
41
Days Payable
82
115
96
121
83
50
110
77
60
59
55
66
Cash Conversion Cycle
53
30
38
1
29
55
41
51
46
58
82
58
Working Capital Days
73
50
51
37
49
56
61
56
46
63
83
55
ROCE %
21%
27%
24%
26%
23%
11%
7%
9%
19%
21%
20%
19%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view ZF Commercial insights

62 extracted metrics + investor summaries across FY07–FY27.

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Shareholding Pattern

Others2.40%Promot.60.00%FIIs5.93%Public6.22%DIIs25.45%As ofJun 2026

Documents

Frequently Asked Questions about ZF Commercial

What does ZF Commercial Vehicle Control System India Ltd do?
Operating under the ZF WABCO brand and part of ZF Group Commercial Vehicle Control Systems Division, WABCO INDIA Limited is India’s market leader for advanced braking systems, conventional braking products and related air assisted technologies and systems in India. It also provides software devel...
Where is ZF Commercial Vehicle Control System India Ltd (ZFCVINDIA) listed?
ZF Commercial Vehicle Control System India Ltd trades as ZFCVINDIA on the NSE and under code 533023 on the BSE.
Which sector does ZF Commercial Vehicle Control System India Ltd belong to?
ZF Commercial Vehicle Control System India Ltd is classified under the Automobiles sector, in the Auto Components industry.
What is the market capitalisation of ZF Commercial Vehicle Control System India Ltd?
ZF Commercial Vehicle Control System India Ltd has a market capitalisation of ₹26,409 Cr, which places it in the Large Cap band.
What is the PE ratio of ZF Commercial Vehicle Control System India Ltd?
ZF Commercial Vehicle Control System India Ltd trades at a PE ratio of 52.51, on earnings per share of ₹214.21, against a book value of ₹324.29 per share.
What is the 52-week high and low of ZF Commercial Vehicle Control System India Ltd?
Over the last 52 weeks ZF Commercial Vehicle Control System India Ltd has traded between ₹2,050.37 and ₹3,044.
Does ZF Commercial Vehicle Control System India Ltd pay dividends?
ZF Commercial Vehicle Control System India Ltd has a dividend yield of 0.17%.
What is the Return on Equity (ROE) of ZF Commercial Vehicle Control System India Ltd?
ZF Commercial Vehicle Control System India Ltd reported a return on equity of 14.01%. Its debt-to-equity ratio is 0.01.

Company Information

Operating under the ZF WABCO brand and part of ZF Group Commercial Vehicle Control Systems Division, WABCO INDIA Limited is India’s market leader for advanced braking systems, conventional braking products and related air assisted technologies and systems in India. It also provides software development and other services. Its headquarter is in Chennai, India

Website wabcoindia.com
CEO Mr. Paramjit Singh Chadha
Employees 2,488
Listed 2008-10-01
Face Value ₹ 5
Issued Size 1,89,67,584

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