ZF Commercial Vehicle Control Systems India Ltd.

•

zf.comBSE: 533023NSE: ZFCVINDIA

Market Cap₹ 28,121 Cr.

Current Price

High / Low₹ 3,044 / 2,050

Stock P/E57.9

Book Value₹ 336

Price to Book7.18

Dividend Yield0.03 %

ROCE19.9 %

ROE14.7 %

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 has delivered good profit growth of 37.3% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 20.5%
Latest quarter profit grew 724.6% YoY, showing strong momentum
Company has delivered good sales growth of 16.8% CAGR over 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 (27.3% of PBT)
Valuation is stretched - P/E of 57.9 is well above its own 5-year median (9.0)
Stock is trading at 7.2x its book value
Though reporting repeated profits, the company pays out little dividend (1.5%)
Growth is decelerating - 3Y profit CAGR (16.8%) trails the 5Y trend (37.3%)

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

Peer comparison

Automobile and Auto ComponentsAutomobile & AncillariesAuto Ancillary

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

S.No.	Name
1.	MOTHERSON	163.80	39.47	172881.77	0.37	1075.66	77.48	35243.77	17.70	13.63	8.86
2.	BOSCHLTD	48900.00	61.03	144235.93	0.55	706.10	-36.74	5841.90	22.00	25.60	14.08
3.	UNOMINDA	1230.45	59.10	71054.45	0.22	315.51	2.10	5556.85	23.79	20.74	11.14
4.	TIINDIA	2685.25	85.70	51979.01	0.13	293.96	-3.04	6215.33	20.20	27.33	8.81
5.	SONACOMS	800.45	71.79	49958.36	0.42	178.51	46.67	1301.20	52.38	14.75	22.55
6.	ENDURANCE	2754.35	39.95	38743.47	0.42	2445.20	980.27	43148.90	1200.10	18.33	12.42
7.	CRAFTSMAN	11855.90	66.69	31008.43	0.09	150.55	116.31	2431.58	36.30	14.65	15.81
8.	ZFCVINDIA	2471.00	56.33	28121.34	0.03	1044.78	753.75	10661.76	992.89	20.23	12.93
9.	SANSERA	4133.05	74.02	25791.71	0.10	87.36	38.71	1021.26	33.27	14.29	19.18
10.	MSUMI	36.71	38.80	24344.83	1.58	1453.20	915.51	34072.60	1273.43	43.72	7.58
11.	GABRIEL	1361.00	81.04	24121.01	0.37	1081.26	925.35	14256.83	1055.00	26.37	11.71
12.	BELRISE	228.40	43.58	22089.75	0.24	121.67	8.94	2546.47	12.57	14.65	11.52

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	961	981	887	956	938	897	956	1,003	963	895	1,058	1,133	10,417
	819	837	756	809	800	767	781	831	835	770	863	950	9,442
Operating Profit	141	144	131	147	138	130	175	172	128	126	195	183	975
OPM %	14.70%	14.68%	14.78%	15.37%	14.73%	14.51%	18.34%	17.19%	13.28%	14.03%	18.40%	16.12%	9.36%
	21	24	30	20	26	40	17	27	67	45	24	42	360
Interest	1	1	1	1	2	1	1	1	1	1	1	1	12
Depreciation	28	27	26	29	29	31	31	32	32	32	32	33	315
Profit before Tax	134	140	134	137	133	147	160	167	161	144	185	190	1,336
Tax %	25.36%	25.40%	25.48%	26.35%	25.55%	25.49%	21.84%	25.02%	25.58%	25.91%	24.92%	25.75%	25.80%
Net Profit	100	104	100	101	99	109	125	125	120	106	139	141	991
	52.59	55.01	52.52	53.29	52.31	57.65	65.85	66.00	63.36	56.13	73.12	74.52	8.71

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,067	2,573	2,854	1,930	1,864	2,543	3,445	3,784	3,804	4,055	13,503
	1,741	2,175	2,444	1,678	1,658	2,291	2,974	3,221	3,179	3,418	12,025
Operating Profit	326	399	410	251	206	253	470	563	625	637	1,478
OPM %	15.78%	15.49%	14.36%	13.03%	11.04%	9.93%	13.65%	14.88%	16.44%	15.71%	10.95%
	36	47	72	64	39	38	67	96	110	178	471
Interest	0	2	0	2	2	2	6	5	6	5	16
Depreciation	62	62	71	90	90	92	105	109	123	130	413
Profit before Tax	300	382	411	223	152	196	427	544	607	680	1,854
Tax %	28.95%	28.54%	31.33%	28.89%	31.83%	27.42%	25.58%	25.65%	24.41%	25.52%	25.72%
Net Profit	213	273	282	159	104	142	318	405	459	507	1,378
EPS	112.55	143.84	148.76	83.73	54.73	74.90	167.48	213.41	241.81	267.13	—
Dividend Payout %	6.22%	5.56%	6.05%	11.94%	20.10%	16.02%	7.76%	7.97%	7.86%	1.50%	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 17%
3 Years:: 6%

COMPOUNDED PROFIT GROWTH

10 Years:: 10%
5 Years:: 37%
3 Years:: 17%

STOCK PRICE CAGR

10 Years:: 9%
5 Years:: 15%
3 Years:: -2%
1 Year:: 11%

RETURN ON EQUITY

10 Years:: 14%
5 Years:: 13%
3 Years:: 15%
Last Year:: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	9	9	9	9	9	9	9	9	9	9
	1,252	1,509	1,770	1,885	1,987	2,105	2,400	2,779	3,201	3,667
	0	0	0	9	4	0	62	61	57	48
Trade Payables	326	532	412	157	342	346	359	374	333	421
	149	118	143	120	147	158	168	116	136	188
Total Liabilities	1,737	2,169	2,336	2,180	2,490	2,618	2,998	3,340	3,736	4,333
	318	359	440	471	432	536	586	654	709	699
Capital Work in Progress	62	52	19	30	50	20	77	83	63	59
	298	446	313	542	640	399	101	26	31	606
	145	132	151	113	114	145	155	167	186	264
	0	0	0	0	0	0	0	935	1,112	915
Cash & Bank	267	356	550	461	462	669	1,169	1,292	1,465	1,622
	647	823	862	563	792	849	910	185	168	168
Total Assets	1,737	2,169	2,336	2,180	2,490	2,618	2,998	3,340	3,736	4,333

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	280	418	284	292	179	208	410	193	274	809
Cash from Investing	-120	-205	-429	-165	-24	-178	-271	-136	-212	-709
Cash from Financing	-14	-18	-18	-48	-19	-28	-31	-34	-44	-52
	46	88	-297	11	96	-69	-3	23	17	48

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	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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ZF Commercial Vehicle Control Systems India Ltd.

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Free 5nance Account

Name

MOTHERSON

163.80

39.47

172881.77

0.37

1075.66

77.48

35243.77

17.70

13.63

8.86

BOSCHLTD

48900.00

61.03

144235.93

0.55

706.10

-36.74

5841.90

22.00

25.60

14.08

UNOMINDA

1230.45

59.10

71054.45

0.22

315.51

2.10

5556.85

23.79

20.74

11.14

TIINDIA

2685.25

85.70

51979.01

0.13

293.96

-3.04

6215.33

20.20

27.33

8.81

SONACOMS

800.45

71.79

49958.36

0.42

178.51

46.67

1301.20

52.38

14.75

22.55

ENDURANCE

2754.35

39.95

38743.47

0.42

2445.20

980.27

43148.90

1200.10

18.33

12.42

CRAFTSMAN

11855.90

66.69

31008.43

0.09

150.55

116.31

2431.58

36.30

14.65

15.81

ZFCVINDIA

2471.00

56.33

28121.34

0.03

1044.78

753.75

10661.76

992.89

20.23

12.93

SANSERA

4133.05

74.02

25791.71

0.10

87.36

38.71

1021.26

33.27

14.29

19.18

MSUMI

36.71

38.80

24344.83

1.58

1453.20

915.51

34072.60

1273.43

43.72

7.58

GABRIEL

1361.00

81.04

24121.01

0.37

1081.26

925.35

14256.83

1055.00

26.37

11.71

BELRISE

228.40

43.58

22089.75

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

961

981

887

956

938

897

956

1,003

963

895

1,058

1,133

10,417

819

837

756

809

800

767

781

831

835

770

863

950

9,442

Operating Profit

141

144

131

147

138

130

175

172

128

126

195

183

975

OPM %

14.70%

14.68%

14.78%

15.37%

14.73%

14.51%

18.34%

17.19%

13.28%

14.03%

18.40%

16.12%

9.36%

360

Interest

Depreciation

315

Profit before Tax

134

140

134

137

133

147

160

167

161

144

185

190

1,336

Tax %

25.36%

25.40%

25.48%

26.35%

25.55%

25.49%

21.84%

25.02%

25.58%

25.91%

24.92%

25.75%

25.80%

Net Profit

100

104

100

101

109

125

120

106

139

141

991

52.59

55.01

52.52

53.29

52.31

57.65

65.85

66.00

63.36

56.13

73.12

74.52

8.71

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

2,067

2,573

2,854

1,930

1,864

2,543

3,445

3,784

3,804

4,055

13,503

1,741

2,175

2,444

1,678

1,658

2,291

2,974

3,221

3,179

3,418

12,025

Operating Profit

326

399

410

251

206

253

470

563

625

637

1,478

OPM %

15.78%

15.49%

14.36%

13.03%

11.04%

9.93%

13.65%

14.88%

16.44%

15.71%

10.95%

110

178

471

Interest

Depreciation

105

109

123

130

413

Profit before Tax

300

382

411

223

152

196

427

544

607

680

1,854

Tax %

28.95%

28.54%

31.33%

28.89%

31.83%

27.42%

25.58%

25.65%

24.41%

25.52%

25.72%

Net Profit

213

273

282

159

104

142

318

405

459

507

1,378

EPS

112.55

143.84

148.76

83.73

54.73

74.90

167.48

213.41

241.81

267.13

—

Dividend Payout %

6.22%

5.56%

6.05%

11.94%

20.10%

16.02%

7.76%

7.97%

7.86%

1.50%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

1,252

1,509

1,770

1,885

1,987

2,105

2,400

2,779

3,201

3,667

Trade Payables

326

532

412

157

342

346

359

374

333

421

149

118

143

120

147

158

168

116

136

188

Total Liabilities

1,737

2,169

2,336

2,180

2,490

2,618

2,998

3,340

3,736

4,333

318

359

440

471

432

536

586

654

709

699

Capital Work in Progress

298

446

313

542

640

399

101

606

145

132

151

113

114

145

155

167

186

264

935

1,112

915

Cash & Bank

267

356

550

461

462

669

1,169

1,292

1,465

1,622

647

823

862

563

792

849

910

185

168

Total Assets

1,737

2,169

2,336

2,180

2,490

2,618

2,998

3,340

3,736

4,333

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

280

418

284

292

179

208

410

193

274

809

Cash from Investing

-120

-205

-429

-165

-24

-178

-271

-136

-212

-709

Cash from Financing

-14

-18

-48

-19

-28

-31

-34

-44

-52

-297

-69

-3

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

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

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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