ZF Commercial Vehicle Control System India Ltd logo

ZF Commercial Vehicle Control System India Ltd

ZFCVINDIA NSE

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

AI Verdict: HOLD Confidence: 5%

ZF Commercial Vehicle Control Systems India trades at a rich PE of 57.2x with modest TTM sales growth of 7%, but its debt-free balance sheet and strong 5-year profit CAGR of 42% reflect solid execution. The 100% buy consensus from 4 analysts is encouraging, yet elevated valuations and declining promoter holding warrant caution at current levels.

Key Fundamentals

SmallcapAuto ComponentsAutomobiles
Market Cap
₹30,181 Cr
Volatility
Moderate
P/E Ratio
58.75
EBITDA
₹647 Cr
Return on Equity
14.57%
Debt to Equity
0
Book Value
₹324.29
EPS
₹214.21
52W High
₹3,044
52W Low
₹2,050.37

Technical Indicators

Key Insights

Strengths

1
  • Company is almost debt free.

Weaknesses

2
  • Stock is trading at 8.35 times its book value
  • Promoter holding has decreased over last 3 years: -15.0%

Growth Rate

Revenue Growth
4.56% ↘
Net Income Growth
10.15% ↗
Cash Flow Change
48.34% ↗
ROE
-1.65% ↘
ROCE
-2.81% ↘
EBITDA Margin (Avg.)
-19.87% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk medium

ZF Commercial Vehicle Control Systems India trades at a rich PE of 57.2x with modest TTM sales growth of 7%, but its debt-free balance sheet and strong 5-year profit CAGR of 42% reflect solid execution. The 100% buy consensus from 4 analysts is encouraging, yet elevated valuations and declining promoter holding warrant caution at current levels.

Bull Case 8
  • Company is virtually debt-free, providing significant financial flexibility and downside protection in cyclical downturns
  • 5-year compounded profit growth of 42% demonstrates exceptional earnings scalability and operating leverage
  • 100% analyst buy consensus with all 4 rated analysts recommending buy signals strong institutional conviction
  • Consistent ROE of 15% over the last year and 3-year average of 15% indicates efficient capital allocation
  • 1-year stock CAGR of 20% reflects positive price momentum and market re-rating
  • 5-year sales CAGR of 17% shows the company has delivered above-industry revenue growth over a meaningful period
  • 3-year compounded profit growth of 18% outpaces 3-year sales growth of 6%, indicating expanding margins
  • Market cap of Rs 30,054 Cr provides adequate liquidity and index inclusion potential for institutional flows
Bear Case 8
  • PE ratio of 57.2x is significantly above the broader market average of ~22x, leaving limited margin of safety
  • Price-to-book of 8.01x means investors pay over 8 times book value, creating vulnerability to de-rating
  • Promoter holding has decreased by 15% over the last 3 years, signaling potential lack of insider confidence
  • TTM sales growth has decelerated sharply to 7% from a 5-year CAGR of 17%, suggesting growth is plateauing
  • 10-year compounded profit CAGR of only 10% reveals that recent high growth may be cyclical rather than structural
  • Dividend yield of just 0.03% offers negligible income return, making the stock purely a capital appreciation bet
  • 10-year stock CAGR of 11% is modest relative to the current demanding valuation, implying long-term returns may disappoint at this entry point
  • 3-year stock CAGR of only 9% despite strong profit growth suggests the market had already priced in the earnings recovery earlier

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Positives 1
  • Bonus issue approved overwhelmingly Jun 17

    ZF Commercial approved bonus share issuance and capital increase via postal ballot with over 98% shareholder support, signaling confidence in the company's financial position.

Neutral 2
  • SBI Mutual Fund meeting scheduled Jun 10

    One-to-one meeting with SBI Mutual Fund held on June 15, 2026 via video conference under SEBI Regulation 30, indicating institutional investor engagement.

  • Nil share encumbrance disclosed Jun 5

    Promoter WABCO Asia Private Limited reported zero encumbered shares in ZF Commercial for FY26, reflecting a clean promoter holding structure with no pledging risk.

TL;DR: ZF Commercial Vehicle is in a stable position with no visible headwinds in recent news flow. The bonus issue approval with 98%+ support signals strong promoter-shareholder alignment, while nil encumbrance and institutional engagement reflect governance hygiene. The near-term outlook appears steady with no red flags, though limited operational or financial updates make it difficult to assess business momentum.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
977
961
981
887
956
938
907
956
1,003
963
902
1,058
1,133
Expenses
833
819
837
756
809
800
767
781
831
835
770
863
950
Operating Profit
144
141
144
131
147
138
139
175
172
128
132
195
183
OPM %
15%
15%
15%
15%
15%
15%
15%
18%
17%
13%
15%
18%
16%
Other Income
18
21
24
30
20
26
40
17
27
67
45
24
42
Interest
0
1
1
1
1
2
1
1
1
1
1
1
1
Depreciation
27
28
27
26
29
29
31
31
32
32
32
32
33
PBT
135
134
140
134
137
133
147
160
167
161
144
185
190
Tax %
25%
25%
25%
25%
26%
26%
25%
22%
25%
26%
26%
25%
26%
Net Profit
101
100
104
100
101
99
109
125
125
120
106
139
141
EPS in Rs
8.89
8.77
9.17
8.75
8.88
8.72
9.61
10.98
11
10.56
9.36
12.19
12.42
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
Expenses
1,144
1,546
1,741
2,174
2,443
1,676
1,658
2,291
2,974
3,220
3,178
3,418
Operating Profit
203
287
326
399
411
254
206
253
470
563
626
637
OPM %
15%
16%
16%
16%
14%
13%
11%
10%
14%
15%
16%
16%
Other Income
20
40
36
46
72
62
39
38
67
96
109
178
Interest
0
0
0
2
0
2
2
2
6
5
6
5
Depreciation
47
56
62
62
71
90
90
92
105
109
123
130
PBT
177
270
300
382
411
223
152
196
427
544
607
680
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
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
Div. Payout %
8%
6%
6%
6%
6%
12%
20%
16%
8%
8%
8%
2%
Figures in ₹ Crores

Balance Sheet

  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
0
55
Other Liabilities
250
455
471
643
556
286
500
523
611
581
550
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

  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
-709
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
48
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
149
Figures in ₹ Crores

Ratios

  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
109
ROCE %
21%
27%
24%
26%
23%
11%
7%
9%
19%
21%
20%
20%

Shareholding Pattern

As of Mar 2026
Promoters 60.00%
DIIs 26.21%
Public 5.93%
FIIs 5.78%
Others 2.07%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
80.43%
77.01%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
67.49%
67.49%
63.16%
63.16%
60.00%
60.00%
60.00%
60.00%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
1.79%
0.00%
2.24%
3.74%
4.13%
5.10%
5.57%
5.73%
5.79%
5.37%
5.78%
DIIs
11.22%
14.05%
15.82%
15.75%
15.85%
15.91%
15.74%
16.12%
16.04%
16.13%
15.90%
15.76%
15.77%
21.19%
21.03%
23.85%
23.33%
26.36%
26.25%
26.68%
26.21%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
5.82%
6.23%
6.31%
6.49%
6.33%
6.38%
6.51%
6.23%
6.23%
6.19%
5.95%
5.86%
5.63%
5.99%
5.68%
5.97%
6.06%
5.95%
6.00%
5.94%
5.93%
Others
2.53%
2.72%
2.86%
2.77%
2.83%
2.70%
2.74%
2.66%
2.72%
2.67%
1.36%
3.38%
1.35%
1.59%
1.67%
1.92%
1.88%
1.96%
1.95%
2.00%
2.07%
No. of Shareholders
0
22,843
23,577
22,700
22,499
22,114
22,392
27,560
25,387
24,395
24,375
25,289
24,094
29,457
28,862
34,269
33,904
33,640
32,238
32,410
31,657

Documents

1
Concall - Sep 2017 Sep 2017
2
Concall - Jun 2018 Jun 2018
3
Concall - Aug 2019 Aug 2019
4
Concall - Feb 2021 Feb 2021
5
Concall - Aug 2025 Aug 2025

Frequently Asked Questions about ZF Commercial Vehicle Control System India Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: ZFCVINDIA and BSE: 533023. You can view its live share price, financials, and ratios on Tapetide.
Which sector does ZF Commercial Vehicle Control System India Ltd belong to?
ZF Commercial Vehicle Control System India Ltd operates in the Automobiles sector within the Auto Components industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
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 approximately ₹30181.22 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of ZF Commercial Vehicle Control System India Ltd?
The Price-to-Earnings (PE) ratio of ZF Commercial Vehicle Control System India Ltd is 58.75. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of ZF Commercial Vehicle Control System India Ltd?
Over the past 52 weeks, ZF Commercial Vehicle Control System India Ltd has traded between a low of ₹2,050.37 and a high of ₹3,044. This range helps investors understand the stock's price volatility and recent trading levels.
Does ZF Commercial Vehicle Control System India Ltd pay dividends?
Yes, ZF Commercial Vehicle Control System India Ltd has a dividend yield of 0.15%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of ZF Commercial Vehicle Control System India Ltd?
ZF Commercial Vehicle Control System India Ltd has a Return on Equity (ROE) of 14.57%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research ZF Commercial Vehicle Control System India Ltd on Tapetide?
On Tapetide, you can view ZF Commercial Vehicle Control System India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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