ZF Commercial logo

ZF Commercial

ZFCVINDIA NSE

Key Fundamentals

SmallcapAuto ComponentsAutomobiles
Market Cap
₹28,596 Cr
Volatility
Moderate
P/E Ratio
59.7
EBITDA
₹838 Cr
Return on Equity
14.01%
Debt to Equity
0.01
Book Value
₹324.29
EPS
₹214.21
52W High
₹3,044
52W Low
₹2,050.37

Tapetide Score

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

Key Insights

Strengths

1
  • Company is almost debt free.

Weaknesses

2
  • Stock is trading at 7.89 times its book value
  • Promoter holding has decreased over last 3 years: -15.0%

Growth Rate

Revenue Growth
9.21% higher than 3Y
Net Income Growth
12.24% lower than 3Y
Cash Flow Change
183% lower than 3Y
ROE
-2.23% lower than 3Y
ROCE
-0.64% higher than 3Y
EBITDA Margin (Avg.)
3.78% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

ZF Commercial Vehicle Control Systems India Ltd operates in the CV components space with a market cap of ₹28,596 Cr and trades at a PE of 57.6x. The company is virtually debt-free with a 3-year ROE of 15%, though recent profit growth has decelerated to 2% TTM against a 5-year compounded profit CAGR of 41%. Promoter holding has declined by 15% over the last three years, which warrants attention.

Bull Case 7
  • Company is almost debt-free, giving it a clean balance sheet with negligible financial risk and full flexibility to invest in growth or return capital
  • 5-year compounded profit CAGR of 41% demonstrates strong earnings trajectory over a meaningful period, reflecting operating leverage and margin expansion
  • 3-year ROE of 15% and 5-year ROE of 13% indicate consistent and reasonably efficient capital allocation relative to auto component peers
  • 5-year compounded sales CAGR of 17% shows the company captured significant revenue growth during the CV upcycle, outpacing its 10-year sales CAGR of 8%
  • TTM sales growth of 8% suggests continued top-line momentum even as the high-growth base period normalises
  • Backed by global parent ZF Friedrichshafen, providing access to advanced braking, steering, and ADAS technologies critical for upcoming safety regulation mandates in India
  • 5-year stock CAGR of 15% has delivered meaningful wealth creation for longer-term shareholders despite near-term weakness
Bear Case 8
  • PE of 57.6x is significantly elevated for an auto component company, implying the stock prices in aggressive growth that recent TTM profit growth of just 2% does not support
  • Price-to-book ratio of 7.65x is steep, meaning investors pay a large premium over the company's net asset value, leaving limited margin of safety
  • Promoter holding has decreased by 15% over the last 3 years, signalling potential dilution of parent commitment or strategic realignment
  • TTM compounded profit growth has sharply decelerated to 2% from 16% over 3 years and 41% over 5 years, raising questions about earnings sustainability
  • 3-year stock CAGR of -3% indicates the stock has destroyed value for medium-term holders despite underlying business growth
  • Dividend yield of just 0.16% offers negligible income return, making the stock almost entirely dependent on capital appreciation
  • 10-year compounded sales and profit CAGRs of 8% and 10% respectively suggest the business is structurally single-digit growth outside of cyclical upswings
  • Last-year ROE of 14% has dipped from the 3-year average of 15%, consistent with the broader deceleration in profitability metrics

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Neutral 1
  • New CFO appointed Sep 1

    ZF Commercial Vehicle appointed Rakesh Mishra as CFO effective September 1, 2026. Mishra brings over 30 years of experience in global technology and engineering firms.

TL;DR: Limited recent news flow for ZFCVINDIA. The company made a routine leadership change by appointing an experienced CFO, which signals continuity rather than disruption. With no material headwinds or positive catalysts in the current news cycle, the near-term outlook depends on broader commercial vehicle sector trends and upcoming quarterly results.

Quarterly Results

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 in Rs
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
Figures in ₹ Crores

Profit & Loss

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
109
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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Others2.40%Promot.60.00%FIIs5.93%Public6.22%DIIs25.45%As ofJun 2026

Documents

Frequently Asked Questions about ZF Commercial

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. It also provides software devel...
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 Consumer Discretionary sector, in the Auto Components industry.
What is the market capitalisation of ZF Commercial Vehicle Control System India Ltd?
ZF Commercial Vehicle Control System India Ltd has a market capitalisation of ₹28,596 Cr, which places it in the Large Cap band.
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 59.70, on earnings per share of ₹214.21, 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.
Does ZF Commercial Vehicle Control System India Ltd pay dividends?
ZF Commercial Vehicle Control System India Ltd has a dividend yield of 0.16%.
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 14.01%. 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 2008-10-01
Face Value ₹ 5
Issued Size 1,89,67,584

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