ZF Commercial Vehicle Control Systems India Ltd.

•

zf.comBSE: 533023NSE: ZFCVINDIA

Market Cap₹ 28,771 Cr.

Current Price

High / Low₹ 3,044 / 2,050

Stock P/E57.6

Book Value₹ 338

Price to Book7.15

Dividend Yield0.03 %

ROCE20.2 %

ROE15.0 %

Face Value₹ 5

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ABOUT

AI Sector View

AI GENERATED

Automobile and Auto Components

Buy

Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.

Confidence

74%

View full sector analysis →

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 20.6%
Latest quarter profit grew 753.7% YoY, showing strong momentum
Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 0.93x)

CONS

Promoter holding has decreased over last 2 years: -7.5pp
A large part of profit comes from other income (26.4% of PBT)
Valuation is stretched - P/E of 57.6 is well above its own 5-year median (8.9)
Stock is trading at 7.2x its book value
Though reporting repeated profits, the company pays out little dividend (1.5%)
Expensive relative to growth - PEG of 3.3

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Automobile and Auto ComponentsAutomobile & AncillariesAuto Ancillary

Part ofNIFTY TOTAL MKT NIFTY SML250 Q50 NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	MOTHERSON	164.00	39.52	173092.86	0.37	1075.66	77.48	35243.77	17.70	13.63	8.86
2.	BOSCHLTD	48602.60	60.66	143358.71	0.56	706.10	-36.74	5841.90	22.00	25.60	14.08
3.	UNOMINDA	1223.50	58.77	70653.11	0.22	315.51	2.10	5556.85	23.79	20.74	11.14
4.	TIINDIA	2650.00	84.58	51296.66	0.13	293.96	-3.04	6215.33	20.20	27.33	8.81
5.	SONACOMS	803.10	72.02	50123.75	0.42	178.51	46.67	1301.20	52.38	14.75	22.55
6.	ENDURANCE	2716.60	39.40	38212.47	0.42	2445.20	980.27	43148.90	1200.10	18.33	12.42
7.	CRAFTSMAN	11852.65	66.68	30999.93	0.09	150.55	116.31	2431.58	36.30	14.65	15.81
8.	ZFCVINDIA	2528.05	57.63	28770.60	0.03	1044.78	753.75	10661.76	992.89	20.23	12.93
9.	SANSERA	4107.40	73.56	25631.64	0.10	87.36	38.71	1021.26	33.27	14.29	19.18
10.	MSUMI	36.32	38.39	24086.20	1.60	1453.20	915.51	34072.60	1273.43	43.72	7.58
11.	GABRIEL	1340.50	79.82	23757.68	0.37	1081.26	925.35	14256.83	1055.00	26.37	11.71
12.	BELRISE	228.45	43.59	22094.59	0.24	121.67	8.94	2546.47	12.57	14.65	11.52

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	967	992	899	959	946	902	962	1,012	976	907	1,075	1,155	10,662
	826	846	765	813	807	771	785	837	844	779	876	965	9,618
Operating Profit	141	145	134	146	139	131	177	175	132	128	199	190	1,044
OPM %	14.62%	14.67%	14.87%	15.24%	14.69%	14.48%	18.40%	17.31%	13.49%	14.10%	18.52%	16.44%	9.79%
	21	24	29	20	25	39	17	27	67	45	22	42	356
Interest	1	1	1	1	2	1	1	1	1	1	2	1	12
Depreciation	28	27	26	29	29	31	32	32	33	32	33	34	323
Profit before Tax	134	141	135	136	134	146	161	169	164	146	187	197	1,401
Tax %	25.36%	25.16%	25.54%	26.42%	25.53%	25.49%	21.84%	24.94%	25.45%	25.78%	24.84%	25.57%	25.40%
Net Profit	0	0	0	0	99	109	125	127	122	108	140	146	1,045
	52.58	55.72	53.16	52.83	52.42	57.53	66.15	66.81	64.52	57.08	73.90	77.14	9.18

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,543	3,444	3,816	3,831	4,119	13,799
	2,291	2,974	3,249	3,200	3,464	12,237
Operating Profit	253	470	566	631	655	1,561
OPM %	9.93%	13.66%	14.84%	16.47%	15.90%	11.31%
	38	67	95	108	175	465
Interest	2	6	5	6	5	16
Depreciation	92	105	110	124	132	422
Profit before Tax	196	427	546	609	693	1,929
Tax %	27.42%	25.59%	25.62%	24.39%	25.39%	25.39%
Net Profit	142	318	406	461	517	1,440
EPS	74.90	167.48	214.28	242.90	272.65	—
Dividend Payout %	16.02%	7.76%	7.93%	7.82%	1.47%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 6%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 18%

STOCK PRICE CAGR

10 Years:: 9%
5 Years:: 16%
3 Years:: -1%
1 Year:: 13%

RETURN ON EQUITY

10 Years:: —
5 Years:: 13%
3 Years:: 15%
Last Year:: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	9	9	9	9	9
	2,105	2,400	2,781	3,205	3,681
	0	62	61	57	48
Trade Payables	346	360	383	351	462
	158	170	118	138	190
Total Liabilities	2,618	3,000	3,353	3,760	4,391
	536	587	670	733	726
Capital Work in Progress	20	77	84	68	61
	398	100	25	30	605
	145	157	175	191	281
	0	0	936	1,120	942
Cash & Bank	670	1,169	1,297	1,468	1,627
	849	910	164	150	149
Total Assets	2,618	3,000	3,353	3,760	4,391

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	208	410	193	286	810
Cash from Investing	-177	-271	-131	-228	-707
Cash from Financing	-28	-31	-34	-44	-52
	-68	-4	28	14	51

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	67.49	67.49	63.16	63.16	60.00	60.00	60.00	60.00	60.00
	3.74	4.13	5.11	5.57	5.73	5.79	5.37	5.79	5.93
	21.20	21.03	23.85	23.32	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
	7.58	7.35	7.88	7.94	7.91	7.95	7.95	8.00	8.62

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-01

Appointment

2026-09-01 - ZF Commercial Vehicle Control Systems India Limited has informed the Exchange regarding Appointment of Mr Rakesh Mishra as Chief Financial Officer of the company w.e.f. September 01, 2026.

2026-08-12

Action(s) initiated or orders passed

2026-08-12 - ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about receipt of show cause notice

2026-08-03

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-03 - ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Transcript

2026-07-28

Shareholders meeting

2026-07-28 - ZF Commercial Vehicle Control Systems India Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 24, 2026. Further, the company has informed the Exchange regarding voting results

2026-07-28

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-28 - ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Link of Recording

2026-07-28

Shareholders meeting

2026-07-28

Press Release

2026-07-28 - ZF Commercial Vehicle Control Systems India Limited has informed the Exchange regarding a press release dated July 28, 2026, titled " ZF CVCS India Secures ESC Business Nominations from Three Major OEMs as India Prepares for New Truck Safety Mandate".

2026-07-24

Shareholders meeting

2026-07-24 - ZF Commercial Vehicle Control Systems India Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on July 24, 2026

2026-07-24

Change in Management

2026-07-24 - ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about change in Management

News

Recent coverage and analyst commentary for ZFCVINDIA

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Free 5nance Account

Name

MOTHERSON

164.00

39.52

173092.86

0.37

1075.66

77.48

35243.77

17.70

13.63

8.86

BOSCHLTD

48602.60

60.66

143358.71

0.56

706.10

-36.74

5841.90

22.00

25.60

14.08

UNOMINDA

1223.50

58.77

70653.11

0.22

315.51

2.10

5556.85

23.79

20.74

11.14

TIINDIA

2650.00

84.58

51296.66

0.13

293.96

-3.04

6215.33

20.20

27.33

8.81

SONACOMS

803.10

72.02

50123.75

0.42

178.51

46.67

1301.20

52.38

14.75

22.55

ENDURANCE

2716.60

39.40

38212.47

0.42

2445.20

980.27

43148.90

1200.10

18.33

12.42

CRAFTSMAN

11852.65

66.68

30999.93

0.09

150.55

116.31

2431.58

36.30

14.65

15.81

ZFCVINDIA

2528.05

57.63

28770.60

0.03

1044.78

753.75

10661.76

992.89

20.23

12.93

SANSERA

4107.40

73.56

25631.64

0.10

87.36

38.71

1021.26

33.27

14.29

19.18

MSUMI

36.32

38.39

24086.20

1.60

1453.20

915.51

34072.60

1273.43

43.72

7.58

GABRIEL

1340.50

79.82

23757.68

0.37

1081.26

925.35

14256.83

1055.00

26.37

11.71

BELRISE

228.45

43.59

22094.59

0.24

121.67

8.94

2546.47

12.57

14.65

11.52

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

967

992

899

959

946

902

962

1,012

976

907

1,075

1,155

10,662

826

846

765

813

807

771

785

837

844

779

876

965

9,618

Operating Profit

141

145

134

146

139

131

177

175

132

128

199

190

1,044

OPM %

14.62%

14.67%

14.87%

15.24%

14.69%

14.48%

18.40%

17.31%

13.49%

14.10%

18.52%

16.44%

9.79%

356

Interest

Depreciation

323

Profit before Tax

134

141

135

136

134

146

161

169

164

146

187

197

1,401

Tax %

25.36%

25.16%

25.54%

26.42%

25.53%

25.49%

21.84%

24.94%

25.45%

25.78%

24.84%

25.57%

25.40%

Net Profit

109

125

127

122

108

140

146

1,045

52.58

55.72

53.16

52.83

52.42

57.53

66.15

66.81

64.52

57.08

73.90

77.14

9.18

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

2,543

3,444

3,816

3,831

4,119

13,799

2,291

2,974

3,249

3,200

3,464

12,237

Operating Profit

253

470

566

631

655

1,561

OPM %

9.93%

13.66%

14.84%

16.47%

15.90%

11.31%

108

175

465

Interest

Depreciation

105

110

124

132

422

Profit before Tax

196

427

546

609

693

1,929

Tax %

27.42%

25.59%

25.62%

24.39%

25.39%

Net Profit

142

318

406

461

517

1,440

EPS

74.90

167.48

214.28

242.90

272.65

—

Dividend Payout %

16.02%

7.76%

7.93%

7.82%

1.47%

—

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

2,105

2,400

2,781

3,205

3,681

Trade Payables

346

360

383

351

462

158

170

118

138

190

Total Liabilities

2,618

3,000

3,353

3,760

4,391

536

587

670

733

726

Capital Work in Progress

398

100

605

145

157

175

191

281

936

1,120

942

Cash & Bank

670

1,169

1,297

1,468

1,627

849

910

164

150

149

Total Assets

2,618

3,000

3,353

3,760

4,391

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

208

410

193

286

810

Cash from Investing

-177

-271

-131

-228

-707

Cash from Financing

-28

-31

-34

-44

-52

-68

-4

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

67.49

63.16

60.00

3.74

4.13

5.11

5.57

5.73

5.79

5.37

5.79

5.93

21.20

21.03

23.85

23.32

26.36

26.25

26.68

26.21

25.45

Government

0.00

7.58

7.35

7.88

7.94

7.91

7.95

8.00

8.62

ZF Commercial Vehicle Control Systems India Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

ZF Commercial Vehicle Control Systems India Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI