ZF Commercial Vehicle Control System India Ltd logo

ZF Commercial Vehicle Control System India Ltd

ZFCVINDIA NSE

Key Fundamentals

SmallcapAuto ComponentsAutomobiles
Market Cap
₹29,328 Cr
Volatility
Moderate
P/E Ratio
61.79
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

Insights

Beta

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

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43 extracted metrics + investor summaries across FY12–FY26.

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Tapetide Score

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

Technical Indicators

Key Insights

Strengths

1
  • Company is almost debt free.

Weaknesses

2
  • Stock is trading at 8.16 times its book value
  • Promoter holding has decreased over last 3 years: -15.0%

Growth Rate

Revenue Growth
9.21% ↗
Net Income Growth
12.24% ↗
Cash Flow Change
183.19% ↗
ROE
-2.23% ↗
ROCE
-0.64% ↗
EBITDA Margin (Avg.)
3.78% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
AI opinion · based on fundamentals
Risk high

ZF Commercial Vehicle Control Systems India Ltd operates as a near-debt-free auto component manufacturer with a market cap of ₹29,489 Cr, trading at a PE of 58.3x and 7.89x book value. The company has delivered 5-year compounded profit growth of 41% but recent TTM profit growth has decelerated to 2%, while ROE has remained in the 13-15% range over the past decade.

Bull Case 7
  • Company is almost debt free, providing financial flexibility and resilience during cyclical downturns in the commercial vehicle industry
  • Strong 5-year compounded profit CAGR of 41%, demonstrating significant earnings expansion over the medium term
  • Consistent ROE track record with 3-year average of 15% and 5-year average of 13%, indicating steady capital efficiency
  • 5-year compounded sales CAGR of 17% reflects robust top-line growth through a full business cycle
  • 10-year stock CAGR of 10% shows long-term wealth creation for shareholders over a full decade
  • TTM sales growth of 8% indicates continued revenue momentum even as the CV cycle matures
  • Backed by ZF Group (global Tier-1 auto technology leader), providing access to advanced braking and vehicle control technologies for the Indian CV market
Bear Case 8
  • Stock trades at 58.3x PE, a steep premium for a company with only 2% TTM profit growth, implying high expectations already priced in
  • Price-to-book ratio of 7.89x (or 8.02x per screener data) is elevated for an auto components business with 14-15% ROE
  • TTM profit growth has sharply decelerated to just 2% compared to the 3-year CAGR of 16%, signaling potential margin pressure
  • Promoter holding has decreased by 15 percentage points over the last 3 years, which may indicate reduced parent commitment or stake monetization
  • Dividend yield of only 0.16% offers negligible income return to shareholders relative to the elevated valuation
  • Sales growth has decelerated from 17% (5-year CAGR) to 8% (TTM), reflecting potential slowdown in CV demand cycle
  • 3-year stock CAGR of only 6% versus 1-year return of 14% suggests the stock spent prolonged periods without meaningful appreciation
  • Concentrated exposure to the cyclical Indian commercial vehicle segment makes earnings vulnerable to industry downturns

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 1
  • Q1 profit drops 18% YoY Jul 25

    Consolidated net profit declined 17.5% YoY to ₹104.48 crore in Q1FY27, driven by lower revenue from operations.

Positives 3
  • ESC nominations from 3 OEMs Jul 28

    ZF Commercial received ESC business nominations from three major truck manufacturers ahead of India's upcoming mandatory truck safety regulations, positioning it well for compliance-driven demand.

  • AGM approves ₹4 dividend Jul 28

    Shareholders approved a ₹4 per share dividend and board appointments at the 22nd AGM held July 24, 2026, with all five resolutions passing with majority support.

  • New CFO and CS appointed Jul 24

    Board appointed a new CFO and Company Secretary at its July 24 meeting alongside Q1FY27 standalone PAT of ₹9,910.13 lakhs.

Neutral 2
  • Q1FY27 earnings call uploaded Jul 28

    Audio recording of the Q1FY27 earnings call uploaded to company website per SEBI Regulation 30 disclosure requirements.

  • Q1 earnings call scheduled Jul 21

    Company scheduled Q1FY27 results discussion for July 28, 2026 at 2:30 PM IST via conference call organized by 360 ONE Capital Market.

TL;DR: ZF Commercial faces near-term earnings pressure with Q1FY27 profit down 18% YoY on weaker revenue. However, ESC business nominations from three major truck OEMs ahead of India's new mandatory safety norms provide strong medium-term revenue visibility. The company continues shareholder returns with a ₹4 dividend and is refreshing leadership with new CFO/CS appointments. The trend is mixed short-term but structurally improving as regulatory tailwinds in truck safety should drive order growth over the next 1-2 years.

Quarterly Results

  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

  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

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
Promoters 60.00%
DIIs 25.45%
Public 6.22%
FIIs 5.93%
Others 2.40%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
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%
5.93%
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%
25.45%
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%
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%
6.22%
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%
2.40%
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
38,168

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 Consumer Discretionary 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 ₹29327.68 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 61.79. 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 0.16%. 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 14.01%. 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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