ZF Commercial Vehicle Control Systems India Ltd.
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ABOUT
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AI GENERATEDAutomobile and Auto Components
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.
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 58.1 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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MOTHERSON | 164.30 | 39.59 | 173409.49 | 0.37 | 1075.66 | 77.48 | 35243.77 | 17.70 | 13.63 | 8.86 |
| BOSCHLTD | 48388.75 | 60.40 | 142727.94 | 0.56 | 706.10 | -36.74 | 5841.90 | 22.00 | 25.60 | 14.08 |
| UNOMINDA | 1202.40 | 57.75 | 69434.66 | 0.22 | 315.51 | 2.10 | 5556.85 | 23.79 | 20.74 | 11.14 |
| TIINDIA | 2607.25 | 83.21 | 50469.14 | 0.13 | 293.96 | -3.04 | 6215.33 | 20.20 | 27.33 | 8.81 |
| SONACOMS | 788.95 | 70.76 | 49240.61 | 0.43 | 178.51 | 46.67 | 1301.20 | 52.38 | 14.75 | 22.55 |
| ENDURANCE | 2696.75 | 39.11 | 37933.25 | 0.43 | 2445.20 | 980.27 | 43148.90 | 1200.10 | 18.33 | 12.42 |
| CRAFTSMAN | 11663.75 | 65.61 | 30505.88 | 0.10 | 150.55 | 116.31 | 2431.58 | 36.30 | 14.65 | 15.81 |
| ZFCVINDIA | 2548.90 | 58.10 | 29007.88 | 0.03 | 1044.78 | 753.75 | 10661.76 | 992.89 | 20.23 | 12.93 |
| SANSERA | 4130.20 | 73.97 | 25773.92 | 0.10 | 87.36 | 38.71 | 1021.26 | 33.27 | 14.29 | 19.18 |
| MSUMI | 36.30 | 38.37 | 24072.93 | 1.60 | 1453.20 | 915.51 | 34072.60 | 1273.43 | 43.72 | 7.58 |
| GABRIEL | 1345.45 | 80.11 | 23845.41 | 0.37 | 1081.26 | 925.35 | 14256.83 | 1055.00 | 26.37 | 11.71 |
| BELRISE | 227.95 | 43.50 | 22046.23 | 0.24 | 121.67 | 8.94 | 2546.47 | 12.57 | 14.65 | 11.52 |
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 | |
|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about receipt of show cause notice
2026-08-03 - ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Transcript
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 - ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Link of Recording
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 - 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 - 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 - ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about change in Management
News
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