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ZF Commercial Vehicle Control System India

ZFCVINDIA NSE
₹2,138.70 No trade today
P/E
50.11
View as Markdown
MCP
Close 4 Nov 2026 ₹2,138.70 +4.99 +0.23% 1Y
Start ₹2,133.71

Key Fundamentals

SmallcapAuto ComponentsConsumer Discretionary

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
19.10%
Debt to Equity
0.01
EPS (TTM)
₹42.68
Book Value
₹324.29
Market Cap
—
P/E (TTM)
50.11
P/B
6.60
ROE
14.40%
Dividend Yield
0.19%
EBITDA
₹838 Cr
52W High
₹3,044.00
52W Low
₹2,050.37
Volume
0

Peer Comparison

Consumer Discretionary › Automobiles › Auto Components › Auto Components & Equipments

ZF Commercial peer comparison
Samvardhana Motherson International
₹159.4938.43₹1,68,660 Cr3.980.37%11.20%13.40%₹1,31,135 Cr₹4,556 Cr
Bosch
₹50,925.0063.56₹1,48,351 Cr10.110.54%14.60%21.50%₹21,088 Cr₹2,363 Cr
Bharat Forge
₹1,812.80122.74₹86,739 Cr7.650.48%12.00%12.60%₹17,543 Cr₹715 Cr
UNO Minda
₹1,196.9057.49₹67,494 Cr10.130.24%19.30%19.60%₹20,725 Cr₹1,291 Cr
Sona BLW Precision Forgings
₹893.7074.48₹56,293 Cr8.700.38%11.70%15.10%₹4,514 Cr₹746 Cr
Schaeffler India
₹3,507.2042.47₹55,555 Cr8.920.99%20.80%27.90%₹10,192 Cr₹1,292 Cr
Tube Investment
₹2,250.5071.81₹42,644 Cr5.620.16%9.95%17.10%₹23,754 Cr₹1,109 Cr
ZF Commercial (this company)
₹2,138.7050.11₹24,180 Cr6.600.19%14.40%19.10%₹4,134 Cr₹485 Cr
Median 8 companies₹1,975.7560.53₹61,893 Cr8.180.38%13.20%18.10%₹19,134 Cr₹1,200 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

47 Average

Data confidence 100/100

Category scores

Quality
60
Good
Returns, margins, earnings quality 22% weight
Valuation
49
Average
Cheap vs sector & own history 24% weight
Growth
27
Poor
Sales & profit trajectory 9% weight
Financial Health
87
Strong
Solvency, leverage, coverage 9% weight
Momentum
17
Poor
Trend strength, vol-adjusted 12% weight
Ownership
39
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company is almost debt free.

Weaknesses

1
  • Promoter holding has decreased over last 3 years: -15.0%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish955
OscillatorsNeutral252
Moving AveragesStrong Bearish703

Key readings

RSI (14)
42.50
Neutral
MACD (12,26,9)
−52.20
Bullish
SMA (50)
2,321.17
Bearish
SMA (200)
2,415.22
Bearish

As of

Analyst Rating

Based on 4 analysts
BUY100%

4 of 4 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
4
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+8.27%
5Y+16.82%
3Y+5.58%
1Y+6.60%
TTM+7.99%

Net profit

Net profit growth by window
10Y+9.59%
5Y+37.28%
3Y+16.82%
1Y+10.46%
TTM+1.25%

Operating cash flow

Operating cash flow growth by window
10Y+12.83%
5Y+42.43%
3Y+39.35%
1Y+195.26%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+0.09 pp
5Y+4.71 pp
3Y+2.12 pp
1Y−0.70 pp
TTM−0.56 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,067 Cr
Mar 2018₹2,573 Cr
Mar 2019₹2,854 Cr
Mar 2020₹1,930 Cr
Mar 2021₹1,864 Cr
Mar 2022₹2,543 Cr
Mar 2023₹3,445 Cr
Mar 2024₹3,784 Cr
Mar 2025₹3,804 Cr
Mar 2026₹4,055 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹213 Cr
Mar 2018₹273 Cr
Mar 2019₹282 Cr
Mar 2020₹159 Cr
Mar 2021₹104 Cr
Mar 2022₹142 Cr
Mar 2023₹318 Cr
Mar 2024₹405 Cr
Mar 2025₹459 Cr
Mar 2026₹507 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹147 Cr −15.3% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk medium

ZF Commercial Vehicle Control Systems India Ltd trades at ₹2,101.5 as of 2026-10-30 with a market cap of ₹23,916 crore and a PE (TTM) of 49.24x. The company is virtually debt-free with a debt-to-equity ratio of 0.01, but trailing twelve-month profit growth has decelerated sharply to 2% against a 5-year compounded profit growth of 41%. Promoter holding has declined by 15 percentage points over the last three years, which warrants attention.

Bull Case 7
  • The company is almost debt-free with a debt-to-equity ratio of just 0.01 as of 2026-10-30, providing significant financial flexibility and resilience through economic cycles.
  • Five-year compounded profit growth stands at 41%, demonstrating strong earnings expansion over a meaningful period.
  • ROCE of 18.54% indicates efficient deployment of capital employed, suggesting the business generates healthy returns on its invested capital.
  • Five-year compounded sales growth of 17% reflects solid top-line momentum over the medium term.
  • ROE has averaged 13% over 10 years and improved to 15% on a 3-year basis, indicating a trend of improving shareholder return generation.
  • Ten-year compounded profit growth of 10% and sales growth of 8% show the company has sustained long-term expansion across cycles.
  • TTM revenue growth of 8% shows the top line continues to expand even as the stock trades roughly 31% below its 52-week high of ₹3,044.
Bear Case 7
  • The PE (TTM) of 49.24x is elevated, implying the market is pricing in substantial future growth that may already be reflected in the valuation.
  • TTM profit growth has decelerated sharply to just 2%, a steep drop from the 5-year compounded profit growth of 41%, signaling potential earnings momentum loss.
  • Promoter holding has decreased by 15 percentage points over the last three years, which may raise governance or alignment-of-interest concerns.
  • The dividend yield of 0.19% is negligible, offering virtually no income cushion for investors during periods of price weakness.
  • The 1-year stock CAGR of -5% and 3-year stock CAGR of -8% indicate the stock has underperformed, with the current price of ₹2,101.5 sitting near the 52-week low of ₹2,050.37.
  • Three-year compounded sales growth of only 6% suggests top-line expansion has moderated meaningfully from the 5-year rate of 17%.
  • ROE of 14.01% as of 2026-10-30, while respectable, does not comfortably justify a PE multiple near 50x on a standalone basis.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

4d ago

TL;DR: ZF Commercial Vehicle Control Systems India saw a minor positive with a favourable GST appellate order eliminating ₹1.97 crore in combined tax demand and penalty for FY21. No notable headwinds surfaced in the reviewed period. With limited recent news flow, the outlook hinges on broader commercial vehicle demand trends and upcoming quarterly results.

Positives 1
  • Favourable GST order received Oct 02

    Commissioner (Appeals) set aside an ITC demand of ₹1.79 crore and a penalty of ₹17.90 lakh for FY21, removing a potential tax liability for the company.

Quarterly Results

₹ Cr
ZFCVINDIA quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
961
981
887
956
938
907
956
1,003
963
902
1,058
1,133
1,042
Expenses
819
837
756
809
800
767
781
831
835
770
863
950
911
Operating Profit
141
144
131
147
138
139
175
172
128
132
195
183
130
OPM %
15%
15%
15%
15%
15%
15%
18%
17%
13%
15%
18%
16%
12%
Other Income
21
24
30
20
26
40
17
27
67
45
24
42
36
Interest
1
1
1
1
2
1
1
1
1
1
1
1
1
Depreciation
28
27
26
29
29
31
31
32
32
32
32
33
32
PBT
134
140
134
137
133
147
160
167
161
144
185
190
134
Tax %
25%
25%
25%
26%
26%
25%
22%
25%
26%
26%
25%
26%
26%
Net Profit
100
104
100
101
99
109
125
125
120
106
139
141
99
EPS (₹)
8.77
9.17
8.75
8.88
8.72
9.61
10.98
11
10.56
9.36
12.19
12.42
8.71

Profit & Loss

₹ Cr
ZFCVINDIA profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,347
1,832
2,067
2,573
2,854
1,930
1,864
2,543
3,445
3,784
3,804
4,055
4,134
Expenses
1,144
1,546
1,741
2,174
2,443
1,676
1,658
2,291
2,974
3,220
3,178
3,416
3,494
Operating Profit
203
287
326
399
411
254
206
253
470
563
626
639
640
OPM %
15%
16%
16%
16%
14%
13%
11%
10%
14%
15%
16%
16%
15%
Other Income
20
40
36
46
72
62
39
38
67
96
110
176
147
Interest
0
0
0
2
0
2
2
2
6
5
6
5
5
Depreciation
47
56
62
62
71
90
90
92
105
109
123
130
129
PBT
177
270
300
382
411
223
152
196
427
544
607
680
652
Tax %
32%
25%
29%
29%
31%
29%
32%
27%
26%
26%
24%
26%
—
Net Profit
121
203
213
273
282
159
104
142
318
405
459
507
486
EPS (₹)
10.6
17.87
18.76
23.97
24.8
13.96
9.12
12.48
27.91
35.57
40.3
44.52
42.68
Div. Payout %
8%
6%
6%
6%
6%
12%
20%
16%
8%
8%
8%
2%
—

Balance Sheet

₹ Cr
ZFCVINDIA balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
9
9
9
9
9
9
9
9
9
9
9
9
Reserves
854
1,058
1,257
1,516
1,770
1,885
1,987
2,105
2,400
2,779
3,201
3,667
Borrowings
0
0
0
0
0
0
0
0
0
0
66
55
Other Liabilities
250
455
471
643
556
286
500
523
611
581
484
637
Total Liabilities
1,113
1,523
1,737
2,169
2,336
2,181
2,496
2,637
3,020
3,369
3,760
4,368
Fixed Assets
324
335
318
359
440
471
432
536
586
669
729
720
CWIP
18
37
62
52
19
30
50
20
77
83
63
59
Investments
39
218
298
446
313
542
640
399
101
26
31
606
Other Assets
733
932
1,059
1,312
1,563
1,137
1,374
1,682
2,256
2,592
2,937
2,983
Total Assets
1,113
1,523
1,737
2,169
2,336
2,181
2,496
2,637
3,020
3,369
3,760
4,368

Cash Flow

₹ Cr
ZFCVINDIA cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
124
242
180
311
150
224
138
138
299
193
274
809
Investing
−45
−241
−120
−205
−429
−165
−24
−178
−270
−135
−211
−697
Financing
−11
−12
−14
−18
−18
−48
−19
−28
−31
−34
−44
−52
Net Cash Flow
68
−10
46
88
−297
11
96
−69
−2
23
18
60
Free Cash Flow
52
159
106
216
31
132
68
−38
171
12
123
669
CFO/OP
88
112
86
105
69
115
87
82
87
66
65
148

Ratios

ZFCVINDIA financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
81
87
91
92
81
69
115
96
80
90
107
82
Inventory Days
54
58
43
30
30
36
37
32
26
26
31
41
Days Payable
82
115
96
121
83
50
110
77
60
59
55
66
Cash Conversion Cycle
53
30
38
1
29
55
41
51
46
58
82
58
Working Capital Days
73
50
51
37
49
56
61
56
46
63
83
55
ROCE %
21%
27%
24%
26%
23%
11%
7%
9%
19%
21%
20%
19%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view ZF Commercial insights

62 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 60.00%
  • DIIs 25.48%
  • Public 6.76%
  • FIIs 5.07%
  • Others 2.69%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about ZF Commercial Vehicle Control System India

What does ZF Commercial Vehicle Control System India Ltd do?
Operating under the ZF WABCO brand and part of ZF Group Commercial Vehicle Control Systems Division, WABCO INDIA Limited is India’s market leader for advanced braking systems, conventional braking products and related air assisted technologies and systems in India.
Where is ZF Commercial Vehicle Control System India Ltd (ZFCVINDIA) listed?
ZF Commercial Vehicle Control System India Ltd trades as ZFCVINDIA on the NSE and under code 533023 on the BSE.
Which sector does ZF Commercial Vehicle Control System India Ltd belong to?
ZF Commercial Vehicle Control System India Ltd is classified under the Automobiles sector, in the Auto Components industry.
What is the PE ratio of ZF Commercial Vehicle Control System India Ltd?
ZF Commercial Vehicle Control System India Ltd trades at a PE ratio of 50.11 as of 4 Nov 2026, on earnings per share of ₹42.68, against a book value of ₹324.29 per share.
What is the 52-week high and low of ZF Commercial Vehicle Control System India Ltd?
Over the last 52 weeks ZF Commercial Vehicle Control System India Ltd has traded between ₹2,050.37 and ₹3,044 as of 4 Nov 2026.
Does ZF Commercial Vehicle Control System India Ltd pay dividends?
ZF Commercial Vehicle Control System India Ltd has a dividend yield of 0.19%.
What is the Return on Equity (ROE) of ZF Commercial Vehicle Control System India Ltd?
ZF Commercial Vehicle Control System India Ltd reported a return on equity of 14.40%. Its debt-to-equity ratio is 0.01.

Company Information

Operating under the ZF WABCO brand and part of ZF Group Commercial Vehicle Control Systems Division, WABCO INDIA Limited is India’s market leader for advanced braking systems, conventional braking products and related air assisted technologies and systems in India. It also provides software development and other services. Its headquarter is in Chennai, India

Website wabcoindia.com
CEO Mr. Paramjit Singh Chadha
Employees 2,488
Listed 1 Oct 2008
Face Value ₹5

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