ZF Commercial Vehicle Control Systems India Limited
NSE: ZFCVINDIAAuto Components & Equipments
Share price
₹2,116.20
-2.58% close of 8 Oct 2026
Business score
How strong the business is, in one number. The parts behind it are in Pro.
58
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹24,084 Cr
P/E ratio
47.8
P/B ratio
6.5
ROCE
19.4%
ROE
14.6%
Dividend yield
0.2%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 9.0% over the past year, and 12.3% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from 10.7% to 15.7% over the last four years.
Whether it grew faster than its sector
It grew 12.3% a year against a sector median of 10.5% — 1.8 percentage points faster.
Room to re-rate, or risk of de-rating
At 47.8× earnings it costs 2.0× the market, which pays 23.9× across 2199 companies we can price. Its own industry sits at 51.0×, across 5 companies. It is against its own five-year median of 67.8×, the 1st percentile of its own range.
Whether growth justifies the valuation
Priced at 2.8 times its growth rate, on earnings growth of 17%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| ZF Commercial Vehicle Control Systems India Limited — this one | 17%/yr | 47.8× | ₹2.8 |
| Samvardhana Motherson International Limited | 40%/yr | 35.3× | ₹0.88 |
| Bosch Limited | 14%/yr | 54.8× | ₹3.9 |
| Bharat Forge Limited | 33%/yr | 85.2× | ₹2.6 |
| UNO Minda Limited | 23%/yr | 51.0× | ₹2.2 |
| Schaeffler India Limited | 10%/yr | 46.2× | ₹4.6 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Auto Components & Equipments), it ranks 37 of 101 on returns, 37 of 99 on growth, 33 of 101 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
A narrow advantage: it earns 19.4% on capital, ahead of 63% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
Yes — Over the last five years it made ₹1725 crore of cash from the business, spent ₹812 crore on plant and equipment, and returned ₹189 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 5 years, about 94 arrived as cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
9 of 9 checks clear · 100%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Sales rose 9% but profit fell 14% from a year earlier to Rs 104 crore
Announced 24 Jul 2026 · Consolidated · Unaudited
Revenue
₹1,066 Cr
Revenue vs last year
+9.3%
Revenue vs last quarter
-7.7%
Net profit
₹104 Cr
Profit vs last year
-14.4%
Profit vs last quarter
-28.4%
Net margin
9.8%
EPS
₹9.18
Earnings call transcript · 28 Jul 2026
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹24,084 Cr
- Prev close
- ₹2,116.20
- 52w High
- ₹3,044
- 52w Low
- ₹2,050
- Enterprise value
- ₹21,908 Cr
- Beta
- 0.6
- Price CAGR 1y
- -2.0%
- Price CAGR 3y
- -5.0%
- Price CAGR 5y
- 12.0%
- Price CAGR 10y
- 8.0%
Ratios
- Return on assets
- 11.7%
- PEG ratio
- 2.8
- P/E ratio
- 47.8
- P/B ratio
- 6.5
- EV / EBITDA
- 33.1
- Industry P/E
- 30.6
- ROCE
- 19.4%
- ROCE 5y average
- 19.8%
- ROE
- 14.6%
- Debt / Equity
- 0.0
- Interest coverage
- 139.6
- Dividend yield
- 0.2%
- ROE 3y average
- 15.0%
- ROE last year
- 15.0%
Annual P&L
- Annual revenue
- ₹4,119 Cr
- Annual profit
- ₹517 Cr
- Operating margin
- 16.0%
- Net profit margin
- 12.6%
- EBITDA margin
- 16.0%
- Sales growth 3y
- 6.1%
- Sales growth 5y
- —
- Profit growth 3y
- 17.0%
- Profit growth 5y
- —
- EPS
- ₹45.4
- Sales growth TTM
- 9.0%
- Profit growth TTM
- 4.0%
- Dividend payout
- 1.0%
Quarter P&L
- Sales latest quarter
- ₹1,066 Cr
- Profit latest quarter
- ₹104 Cr
- YoY quarterly sales growth
- 9.3%
- YoY quarterly profit growth
- -14.8%
- OPM latest quarter
- 12.9%
Balance Sheet
- Book Value
- ₹324
- Face Value
- ₹5.0
- Total debt
- ₹55 Cr
- Total cash
- ₹1,627 Cr
- Borrowings
- ₹55 Cr
- Reserves / Equity
- 409.0
Cash Flow
- Operating cash flow
- ₹810 Cr
- Free cash flow
- ₹664 Cr
- FCF yield
- 2.7%
- Net cash flow
- ₹62 Cr
Shareholding
- Promoter holding
- 60.0%
- FII holding
- 5.9%
- DII holding
- 25.4%
- Public holding
- 8.6%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| Samvardh. Mothe. | 154.00 | 35.5 | 1,62,538 | 0.38 | 1,075.7 | 81.5 | 35,243.8 | 16.6 | 13.4 |
| Bosch | 43,295.00 | 54.0 | 1,27,703 | 0.61 | 706.1 | 5.2 | 5,841.9 | 22.0 | 21.5 |
| Bharat Forge | 1,788.15 | 86.5 | 87,382 | 0.46 | -89.9 | -57.7 | 4,639.9 | 18.7 | 12.6 |
| Uno Minda | 1,089.45 | 51.5 | 62,912 | 0.24 | 315.5 | 1.8 | 5,556.9 | 23.8 | 19.6 |
| Schaeffler India | 3,734.00 | 45.2 | 58,364 | 0.93 | 336.7 | 13.7 | 2,681.4 | 17.5 | 27.9 |
| Sona BLW Precis. | 794.90 | 63.8 | 49,615 | 0.42 | 220.1 | 73.4 | 1,157.2 | 50.8 | 15.1 |
| Tube Investments | 2,254.00 | 69.6 | 43,631 | 0.15 | 294.0 | -15.3 | 6,215.3 | 17.1 | 17.1 |
| ZF Commercial | 2,104.00 | 47.4 | 23,945 | 0.18 | 104.5 | -14.6 | 1,066.2 | 9.3 | 19.4 |
| Median | 444.25 | 29.1 | 1,556 | 0.32 | 12.3 | 22.3 | 265.5 | 21.0 | 16.4 |
Competes with: Bharat Forge Limited, Bosch Limited, Samvardhana Motherson International Limited, Schaeffler India Limited, Sona BLW Precision Forgings Limited, Tube Investments of India Limited, UNO Minda Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 967 | 992 | 899 | 959 | 946 | 911 | 962 | 1,012 | 976 | 913 | 1,075 | 1,155 | 1,066 |
| Expenses | 826 | 846 | 765 | 813 | 807 | 771 | 785 | 837 | 844 | 779 | 876 | 965 | 928 |
| Material Cost | 607 | 556 | 520 | 596 | 686 | 638 | |||||||
| Change in Inventories | -18 | 8.81 | -4.66 | 10 | -3.39 | -4.88 | |||||||
| Purchases of Stock-in-Trade | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Employee Cost | 129 | 150 | 144 | 146 | 170 | 170 | |||||||
| Other Expenses | 118 | 129 | 119 | 124 | 112 | 125 | |||||||
| Operating Profit | 141 | 145 | 134 | 146 | 139 | 140 | 177 | 175 | 132 | 134 | 199 | 190 | 138 |
| OPM % | 15 | 15 | 15 | 15 | 15 | 15 | 18 | 17 | 13 | 15 | 19 | 16 | 13 |
| Other Income | 21 | 24 | 29 | 20 | 25 | 39 | 17 | 27 | 67 | 45 | 22 | 42 | 36 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | -7.94 | 0 | 0 | |||||||
| Interest | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 |
| Depreciation | 28 | 27 | 26 | 29 | 29 | 31 | 32 | 32 | 33 | 32 | 33 | 34 | 32 |
| Profit before tax | 134 | 141 | 135 | 136 | 134 | 146 | 161 | 169 | 164 | 146 | 187 | 197 | 140 |
| Tax % | 25 | 25 | 26 | 26 | 26 | 25 | 22 | 25 | 25 | 26 | 25 | 26 | 25 |
| Net Profit | 100 | 106 | 101 | 100 | 99 | 109 | 125 | 127 | 122 | 108 | 140 | 146 | 104 |
| EPS in Rs | 8.76 | 9.29 | 8.86 | 8.80 | 8.74 | 9.59 | 11 | 11 | 11 | 9.51 | 12 | 13 | 9.18 |
| Diluted EPS in Rs | 67 | 65 | 57 | 74 | 77 | 9.18 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|
| Sales | 2,543 | 3,444 | 3,816 | 3,831 | 4,119 | 4,210 |
| Expenses | 2,291 | 2,974 | 3,249 | 3,199 | 3,462 | 3,548 |
| Material Cost | 2,230 | 2,358 | ||||
| Change in Inventories | -6.86 | 11 | ||||
| Purchases of Stock-in-Trade | 0 | 0 | ||||
| Employee Cost | 540 | 610 | ||||
| Other Expenses | 438 | 484 | ||||
| Operating Profit | 253 | 470 | 567 | 632 | 657 | 661 |
| OPM % | 10 | 14 | 15 | 16 | 16 | 16 |
| Other Income | 38 | 67 | 95 | 108 | 173 | 144 |
| Exceptional items (within Other Income) | 0 | -7.94 | ||||
| Interest | 2 | 6 | 5 | 6 | 5.34 | 5 |
| Depreciation | 92 | 105 | 110 | 124 | 132 | 131 |
| Profit before tax | 196 | 427 | 546 | 609 | 693 | 669 |
| Tax % | 27 | 26 | 26 | 24 | 25 | |
| Net Profit | 142 | 318 | 406 | 461 | 517 | 499 |
| EPS in Rs | 12 | 28 | 36 | 40 | 45 | 44 |
| Diluted EPS in Rs | 243 | 273 | ||||
| Dividend Payout % | 16 | 8 | 8 | 8 | 1 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- —
- 5 years
- —
- 3 years
- 6%
- TTM
- 9%
Compounded profit growth
- 10 years
- —
- 5 years
- —
- 3 years
- 17%
- TTM
- 4%
Stock price CAGR
- 10 years
- 8%
- 5 years
- 12%
- 3 years
- -5%
- 1 year
- -2%
Return on equity
- 10 years
- —
- 5 years
- 13%
- 3 years
- 15%
- Last year
- 15%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9.48 | 9.48 |
| Reserves | 2,105 | 2,400 | 2,781 | 3,205 | 3,681 |
| Borrowings | 0 | 0 | 0 | 66 | 55 |
| Other Liabilities | 523 | 613 | 591 | 505 | 680 |
| Total Liabilities | 2,637 | 3,022 | 3,382 | 3,785 | 4,426 |
| Fixed Assets | 536 | 587 | 673 | 736 | 732 |
| CWIP | 20 | 77 | 84 | 68 | 61 |
| Investments | 398 | 100 | 25 | 30 | 605 |
| Other Assets | 1,683 | 2,258 | 2,600 | 2,950 | 3,028 |
| Total Assets | 2,637 | 3,022 | 3,382 | 3,785 | 4,425 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash from Operating Activity | 138 | 298 | 193 | 286 | 810 |
| Cash from Investing Activity | -177 | -270 | -131 | -227 | -696 |
| Cash from Financing Activity | -28 | -31 | -34 | -44 | -52 |
| Net Cash Flow | -68 | -3 | 28 | 15 | 62 |
| Free Cash Flow | -38 | 171 | -5 | 121 | 664 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Debtor Days | 96 | 80 | 90 | 107 | 83 |
| Inventory Days | 32 | 26 | 27 | 31 | 43 |
| Days Payable | 79 | 60 | 60 | 58 | 71 |
| Cash Conversion Cycle | 49 | 47 | 57 | 80 | 56 |
| Working Capital Days | 56 | 46 | 62 | 82 | 54 |
| ROCE % | 19 | 21 | 20 | 19 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
exports as % of revenue
29.56
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
-2,175inr_cr
2026-03-31
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
10.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
1,62,80,527inr
2026-03-31
News
News and filings about ZF Commercial Vehicle Control Systems India Limited. Open one to see why it matters.
2 Oct, 12:33 IST · Company event · low impact
ZF Commercial Vehicle Control Systems India Limited: Action(s) taken or orders passed
19 Sept, 18:05 IST · Company event · low impact
ZF Commercial Vehicle Control Systems India Limited: Action(s) taken or orders passed
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Depends on the price of
- aluminium
- copper
- steel
Products sold by
Sells to
- Ashok Leyland · braking & air-assist systems, OptiDrive AMT for commercial vehicles
- BEML Limited · braking systems for earthmoving/defence & rail vehicles
- Daimler India Commercial Vehicles · braking systems for BharatBenz trucks
- Eicher Motors · braking, clutch-servo & control systems for VECV trucks/buses
- FORCE MOTORS LTD · braking & air-assist systems for Force CVs/utility vehicles
- Mahindra & Mahindra · braking & control-system products for commercial vehicles
- Tata Motors Limited · braking systems, air compressors, control valves, ABS/EBS for commercial vehicles
- Tractors and Farm Equipment Limited (TAFE) · braking/air-assist systems
Buys from
- North Eastern Carrying Corporation Limited · freight forwarding, PTL/FTL road transportation and 3PL logistics services
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Automobile and Auto Components
- Industry
- Auto Components & Equipments
- Classification
- Automobile and Auto Components › Auto Components & Equipments
- ISIN
- INE342J01019
Plants
- ZF CVCS Ambattur Works, Chennai
- ZF CVCS Jamshedpur plant
- ZF CVCS Lucknow plant
- ZF CVCS Mahindra World City plant, Chennai
- ZF CVCS Pantnagar plant
News impact
Big market events that reach ZF Commercial Vehicle Control Systems India Limited, and how the effect spreads.
15 Jun, 04:24 IST · Market event · high impact
Dana-Eaton $5.1B deal to reshape India EV/CV components supply chain
Who it hits first
- Indian auto-components players (SONACOMS, BHARATFORG, MOTHERSON, ENDURANCE, SANSERA) face competitive realignment
- Indian CV OEMs (TATAMOTORS, ASHOKLEY) may see supply contract review
- Schaeffler and ZF India units benefit from rival's consolidation distraction
Who may gain
- SCHAEFFLER
- ZFCVINDIA
- Smaller Indian suppliers picking up post-consolidation gaps
Along the supply chain
Downstream
Tata Motors, Ashok Leyland, EV OEMs (Tata EV, M&M EV) see supplier rationalisation; potential pricing leverage to OEMs in negotiation window
Upstream
Steel/aluminium/copper procurement minimally affected; forging/casting capacity utilisation may temporarily dip during transition
Where demand moves
Business
Combined Dana-Eaton may rationalise India SKU footprint → some Indian suppliers lose contracts → others (Schaeffler, ZF India) capture share; Indian CV OEMs review supplier panels
Capital
Capital rotates within auto-component basket from premium-valued names (SONACOMS, BHARATFORG, SANSERA) toward global-pedigree India units (SCHAEFFLER, ZFCVINDIA) and CV OEMs (TATAMOTORS, ASHOKLEY)
How it spreads across sectors
Automobile and Auto Components
competitive realignment; valuation pressure on premium-PE names
When it plays out
Immediate
Premium-PE auto-component names see selling pressure on competitive concern
Medium term
Combined entity announces India footprint plans; consolidation winners visible
Short term
Supplier-panel reviews start at Tata Motors, Ashok Leyland
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 10 Jul 2026 | unspecified | ₹4 |
|---|---|---|
| 24 Jun 2026 | bonus | ₹0 |
| 8 Aug 2025 | unspecified | ₹19 |
| 15 Jul 2024 | unspecified | ₹17 |
| 7 Jul 2023 | unspecified | ₹13 |
| 7 Jul 2022 | unspecified | ₹12 |
| 16 Sep 2021 | unspecified | ₹11 |
| 26 Mar 2020 | interim | ₹10 |
Splits, bonuses & buybacks
- daily-prices repair: 10 rows from NSE's archive (replace 2, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Earnings call · Q1FY2728 Jul 2026
- Annual report · 2025-262 Jul 2026
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.