ZF Steering Gear (India) Ltd.

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zfindia.comBSE: 505163NSE: ZFSTEERING

Market Cap₹ 671 Cr.

Current Price

High / Low₹ 895 / 621

Stock P/E33.9

Book Value₹ 543

Price to Book1.09

Dividend Yield0.00 %

ROCE6.4 %

ROE2.5 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Auto Component: 96.9% • Renewable Energy: 2.2% • Unallocable: 0.9%

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%

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PROS

Latest quarter profit grew 59.7% 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 2.53x)
Working capital cycle has improved - days down from 52 to 24
Company maintains a comfortable, low leverage position

CONS

A large part of profit comes from other income (34.3% of PBT)
Company has a low return on equity of 5.1% over last 3 years
Recent results are weak - TTM profit is down 14.7% versus prior year
Company has a low return on capital employed of 7.6%
Promoter holding has decreased over last 2 years: -4.4pp

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

Peer comparison

Automobile and Auto ComponentsAutomobile & AncillariesAuto Ancillary

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

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	244.52	8.03	4314.89	30.01	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	108.13	74.48	1425.68	29.80	26.37	11.71
12.	ZFSTEERING	739.80	33.90	671.24	0.00	11.42	59.72	143.06	7.62	6.42	9.32

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
	121	119	114	124	128	111	118	137	133	121	143	174	143
	102	106	103	114	112	100	107	122	115	108	120	153	142
Operating Profit	18	13	10	11	16	11	11	15	18	12	24	21	1
OPM %	15.21%	11.16%	8.82%	8.52%	12.69%	10.24%	8.95%	10.92%	13.65%	10.25%	16.45%	11.96%	0.63%
	7	6	13	9	8	5	1	6	5	1	2	1	15
Interest	0	0	0	1	1	1	2	2	2	2	2	2	2
Depreciation	8	8	8	9	9	10	11	13	11	11	12	13	10
Profit before Tax	17	11	14	10	14	6	-1	6	11	0	11	7	16
Tax %	32.47%	-14.76%	19.01%	15.83%	28.34%	70.99%	-33.08%	57.35%	33.55%	1600.00%	35.06%	113.32%	27.21%
Net Profit	0	0	0	0	10	2	-2	2	7	-2	7	-1	11
	12.87	13.80	12.40	9.08	11.23	1.90	-0.95	4.27	7.88	-0.43	8.64	-0.04	13.63

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	351	424	399	425	439	450	478	494	571	581
	305	360	317	336	364	395	426	441	496	524
Operating Profit	46	64	82	88	75	56	52	53	75	58
OPM %	13.15%	15.10%	20.54%	20.78%	17.11%	12.41%	10.94%	10.76%	13.12%	9.92%
	10	6	12	10	11	13	34	21	9	19
Interest	1	2	2	3	2	1	1	7	8	8
Depreciation	27	31	28	33	31	32	34	43	47	47
Profit before Tax	28	38	63	61	53	36	52	24	29	34
Tax %	26.00%	32.98%	21.32%	23.31%	-23.37%	32.40%	15.79%	48.61%	58.12%	51.57%
Net Profit	21	25	50	47	66	25	44	13	12	16
EPS	0.00	0.00	0.00	0.00	0.00	27.05	48.17	16.45	16.97	—
Dividend Payout %	43.90%	44.70%	23.18%	16.79%	0.00%	18.48%	16.61%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

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

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: -19%
3 Years:: -14%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: 8%
3 Years:: 5%
Last Year:: 3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	9	9	9	9	9	9	9	9	9
Minority Interest	0	0	0	0	0	0	0	2	-1
	203	215	255	291	326	410	449	457	472
	20	33	57	57	34	44	70	86	90
Trade Payables	46	53	45	51	41	35	34	40	56
	39	28	39	41	32	4	25	37	60
Total Liabilities	317	337	404	449	443	503	587	631	686
	125	131	120	105	111	157	204	244	229
Capital Work in Progress	4	7	0	1	26	7	29	15	68
	50	59	116	154	119	147	134	156	135
	33	29	39	40	40	58	67	67	67
	0	0	0	0	0	0	98	111	101
Cash & Bank	14	7	2	5	6	1	12	1	5
	92	103	127	146	140	132	43	37	80
Total Assets	317	337	404	449	443	503	587	631	686

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	58	66	78	83	85	56	35	40	98
Cash from Investing	-37	-43	-47	-55	-42	-63	-52	-64	-89
Cash from Financing	-2	-14	-16	-10	-29	12	29	14	-5
	9	-6	-0	2	1	-2	11	-10	4

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	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
	67.17	67.17	67.01	67.00	66.93	66.93	62.79	62.75	62.75
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.01	0.03	0.03	0.03	0.01	0.01	0.01	0.01	0.01
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	32.82	32.81	32.97	32.97	33.06	33.06	37.20	37.24	37.24

Documents

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

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