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10 Yrs X-Ray 
Valuation 
Analyst Note 
Qtr. Results 
Financials 
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About
ZF Commercial Vehicle Control Systems India Ltd (ZFCVINDIA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 533023 NSE: ZFCVINDIA Auto Ancillary | Small Cap | ZF Commercial Vehic. Share Price
₹2,364.45 4.65 (0.20%)
As on 22-Sep'26 16:59
ZF Commercial Vehicle Control Systems India Ltd (ZFCVINDIA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 533023 NSE: ZFCVINDIA Auto Ancillary | Small Cap | ZF Commercial Vehic. Share Price
₹2,364.45 4.65 (0.20%)
As on 22-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹26,856 Cr.
Current Price
₹2,364.5
52-Week Low / High
₹2,053 / 3,042
TTM EPS
₹43.9
TTM Sales
₹4,203 Cr.
Book Value per Share
₹337.6
P/E Ratio
53.79
Lower than its 5-year historical median
Industry PE
48.8
Price to Book (P/B)
6.99
Lower than its 5-year historical median
Price to Sales (P/S)
6.39
In line with its 5-year historical median
EV/EBITDA
31.01
Lower than its 5-year historical median
Dividend Yield
0.03%
Profitability Efficiency
Return on Equity (ROE)
14.98%
Outperforms industry median
Return on Capital Employed (ROCE)
20.23%
Outperforms industry median
Return on Assets (ROA)
12.69%
Operating Profit Margin
16%
Net Profit Margin
12.56%
Gross Profit Margin
19.8%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
6.61%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
3.79%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
12.25%
Asset Quality
Promoter Holding
60.00%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹3,786 Cr.
Equity
₹56.9 Cr.
Face Value
₹5
All Time Low / High
₹16.67 / 3041.70
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Weak
Is ZF Commercial Vehicle Control Systems India Ltd a good quality company?
ZF Commercial Vehicle Control Systems India Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does ZF Commercial Vehicle Control Systems India Ltd performance compare with that of its Peers?
Revenue growth of ZF Commercial Vehicle Control Systems India Ltd vs industry peers?
ZF Commercial Vehicle Control Systems India Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 0.79%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of ZF Commercial Vehicle Control Systems India Ltd?
Promoters hold 60.00% of the ZF Commercial Vehicle Control Systems India Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of ZF Commercial Vehicle Control Systems India Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 8.2% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
ZF Commercial Vehicle Control Systems India Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 25.8% | 27.5% | 24.9% | 12.3% | 7.9% | 9.6% | 19.1% | 21.1% | 20.4% | 19.9% | - |
| Value Creation Index ⓘ | 0.9 | 1.0 | 0.8 | -0.1 | -0.4 | -0.3 | 0.4 | 0.9 | 0.8 | 0.8 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 2,067 | 2,573 | 2,854 | 1,930 | 1,864 | 2,543 | 3,445 | 3,784 | 3,804 | 4,055 | 4,127 |
| Sales YoY Gr. | - | 24.5% | 10.9% | -32.4% | -3.4% | 36.5% | 35.4% | 9.9% | 0.5% | 6.6% | - |
| Adj EPS ⓘ | 18.1 | 22 | 22.4 | 11.8 | 7.9 | 11.6 | 27 | 35.1 | 39.4 | 39.7 | 42.7 |
| YoY Gr. | - | 21.2% | 1.9% | -47.3% | -32.9% | 46.2% | 133.1% | 29.7% | 12.5% | 0.6% | - |
| BVPS (₹) ⓘ | 110.9 | 133.4 | 156.4 | 166.5 | 175.4 | 185.8 | 211.7 | 245 | 282.1 | 323 | 335.9 |
| Adj Net Profit ⓘ | 206 | 250 | 255 | 134 | 90.2 | 132 | 308 | 399 | 449 | 451 | 486 |
| Cash Flow from Ops. ⓘ | 180 | 311 | 150 | 224 | 138 | 138 | 299 | 193 | 274 | 809 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 7.8% | 16.8% | 5.6% | 6.6% | ||||
| Adj EPS ⓘ | 9.1% | 38% | 13.6% | 0.6% | ||||
| BVPSⓘ | 12.6% | 13% | 15.1% | 14.5% | ||||
| Share Price | 8.4% | 15% | -2.9% | 6.5% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 17.7 | 17.9 | 15.4 | 7.3 | 4.6 | 6.4 | 13.6 | 15.4 | 15 | 13.1 | 13 |
| Op. Profit Mgn % ⓘ | 16.2 | 15.5 | 14.4 | 13.2 | 11.1 | 10.1 | 13.7 | 14.9 | 16.5 | 15.8 | 15.5 |
| Net Profit Mgn % ⓘ | 10 | 9.7 | 8.9 | 7 | 4.8 | 5.2 | 8.9 | 10.5 | 11.8 | 11.1 | 11.8 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 122 | 122 | 126 | 160 | 152 | 134 | 108 | 112 | 128 | 122 | 146 |
| Cash Conv. Cycle ⓘ | 33 | 27 | 30 | 57 | 59 | 52 | 46 | 55 | 72 | 68 | 121 |
Valuation of ZF Commercial Vehic. - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|
| Sales | 2,543 | 3,444 | 3,816 | 3,831 | 4,119 |
| Operating Expenses ⓘ + | 2,291 | 2,974 | 3,249 | 3,200 | 3,464 |
| Operating Profit ⓘ | 253 | 470 | 566 | 631 | 655 |
| Operating Profit Margin (%) | 9.9% | 13.7% | 14.8% | 16.5% | 15.9% |
| Other Income ⓘ + | 38 | 67 | 95 | 108 | 183 |
| Interest ⓘ | 2 | 6 | 5 | 6 | 5 |
| Depreciation ⓘ | 92 | 105 | 110 | 124 | 132 |
| Profit Before Tax ⓘ | 196 | 427 | 546 | 609 | 693 |
| Tax ⓘ | 54 | 109 | 140 | 149 | 176 |
| Profit After Tax | 142 | 318 | 406 | 461 | 517 |
| PAT Margin (%) | 5.6% | 9.2% | 10.7% | 12.0% | 12.6% |
| Adjusted EPS (₹) | 12.5 | 27.9 | 35.7 | 40.5 | 45.4 |
| Dividend Payout Ratio (%) | 16% | 7.80% | 7.90% | 7.80% | 1.50% |
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 2,114 | 2,409 | 2,790 | 3,215 | 3,691 | ||||||
| Debt + | 0 | 0 | 0 | 0 | 0 | ||||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | ||||||
| Trade Payables | 346 | 360 | 383 | 351 | 462 | ||||||
| Others Liabilities ⓘ | 158 | 231 | 179 | 194 | 238 | ||||||
| Total Liabilities ⓘ | 2,618 | 3,000 | 3,353 | 3,760 | 4,391 | ||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 536 | 587 | 670 | 733 | 726 | ||||||
| CWIP ⓘ | 20 | 77 | 84 | 68 | 61 | ||||||
| Investments ⓘ | 398 | 100 | 25 | 30 | 605 | ||||||
| Inventories | 145 | 157 | 175 | 191 | 281 | ||||||
| Trade Receivables | 666 | 758 | 936 | 1,120 | 942 | ||||||
| Cash Equivalents | 670 | 1,169 | 1,297 | 1,468 | 1,627 | ||||||
| Others Assets ⓘ | 183 | 152 | 164 | 150 | 149 | ||||||
| Total Assets ⓘ | 2,618 | 3,000 | 3,353 | 3,760 | 4,391 | ||||||
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 138 | 298 | 193 | 286 | 810 |
| Cash Flow From Investing Activity ⓘ + | -177 | -271 | -131 | -228 | -707 |
| Cash Flow From Financing Activity ⓘ + | -28 | -31 | -34 | -44 | -52 |
| Net Cash Flow ⓘ | -68 | -4 | 28 | 14 | 51 |
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 6.72 | 14.05 | 15.63 | 15.35 | 14.98 | |||||
| ROCE (%) | 9.35 | 19.13 | 21.21 | 20.48 | 20.23 | |||||
| Asset Turnover Ratio | 0.99 | 1.24 | 1.21 | 1.09 | 1.03 | |||||
| PAT to CFO Conversion(x) | 0.97 | 0.94 | 0.48 | 0.62 | 1.57 | |||||
| Working Capital Days | ||||||||||
| Receivable Days | 94.30 | 74.40 | 80.60 | 96.50 | 89.50 | |||||
| Inventory Days | 20.50 | 15.80 | 15.80 | 17.20 | 20.50 | |||||
| Payable Days | 76.90 | 58.70 | 57.80 | 60.30 | 62.70 | |||||
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ZF Commercial Vehicle Control Systems India Ltd FAQs
The current trading price of ZF Commercial Vehic. on 22-Sep-2026 16:59 is ₹2,364.5.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 21-Sep-2026 the market cap of ZF Commercial Vehic. stood at ₹26,855.8 Cr
The latest P/E ratio of ZF Commercial Vehic. as of 21-Sep-2026 is 55.30.
The latest P/B ratio of ZF Commercial Vehic. as of 21-Sep-2026 is 7.03.
The 52-week high of ZF Commercial Vehic. is ₹3,041.7 and the 52-week low is ₹2,053.3.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of ZF Commercial Vehic. is ₹4,127 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that ZF Commercial Vehicle Control Systems India Ltd is a average quality company.
The key valuation ratios of ZF Commercial Vehicle Control Systems India Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of ZF Commercial Vehicle Control Systems India Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About ZF Commercial Vehicle Control Systems India Ltd
WABCO-TVS (INDIA) is a joint venture between TVS Group and WABCO Holdings Inc. The company has pioneered the manufacture of air-assisted and air brake systems for commercial vehicles in India. With a commitment of total satisfaction to customers, their company has achieved a share of business in the OE (Original Equipment) segment greater than 85% and a market share in the after-market greater than 75%.
WABCO-TVS (INDIA) Limited is the leading provider for air brake actuation systems for commercial vehicles.
WABCO, one of the leading providers of electronic braking, stability, suspension and transmission control systems to the global commercial vehicle industry, and TVS Group, a leading producer of automotive components, two-wheelers, electronic hardware and a major distributor of automotives and spare parts in addition to operating goods transport and financial services, in May 2007 announced their intention to transfer the brakes business of their Indian joint-venture Sundaram Clayton Ltd (SCL) to a new wholly-owned subsidiary, WABCO-TVS (INDIA) Ltd., (WABCO-TVS) through a demerger plan.
The company's Research and Development center is full-fledged and state-of-the-art to facilitate design, development, simulation and testing. A team of professional engineers powered with the best production facilities gear us up to translate design competence into excellence in manufacturing through concepts such as cellular manufacturing and operation standards.
WABCO-TVS has a solid foundation in its domestic market leadership and pioneering R&D efforts. Comprehensive TQM (Total Quality Management) practices enable the company in being a competitive world-class manufacturer in terms of quality, cost and timely delivery of products.
Cellular manufacturing gives it the flexibility to respond in tune to customer needs. Comprehensive integration of the supply chain through implementation of ERP (Enterprise-Wide Resource Planning) programme has further enhanced WABCO-TVS (INDIA) responsiveness.
WABCO-TVS has a solid foundation in its domestic market leadership and pioneering R&D efforts. Comprehensive TQM (Total Quality Management) practices enables WABCO-TVS in being a competitive world-class manufacturer in terms of quality, cost and timely delivery of products.
With intensive R&D efforts and high quality standards, its products have found global acceptance. Today Australia, Malaysia, UK, Singapore, South Asia, North America, Venezuela and the Middle East are part of its export network.
In 2014, WABCO in order to improve thesafety and efficiency of commercial vehicle opened a new ApplicationEngineering Center in Pune, India. The new center, WABCO’s second of its kindin India, allows WABCO’s engineers to work closely with global commercialvehicle manufacturers in India to jointly develop customized products andsolutions across a broad range of vehicle platforms.
Product:
The company is the leading provider for air brake actuation systems for commercial vehicles.
Clientele:
WABCO-TVS (INDIA) Limited supplies original equipment fitments for vehicles manufactured by Ashok Leyland, TATA Motors, Vehicle Factory (Jabalpur), Bharat Earthmovers, TAFE, Volvo, SUTLEJ, CATERPILLAR, Eicher Motors, Swaraj Mazda, Force Motors, Mahindra & Mahindra, Tata Cummins (Engines) and a host of other trailer manufacturers.
Awards/ Recognition
- WABCO Rounds off 2013 in China with 15 Awards from Industry and Customers; Continued Commitment to Innovation, Customer Service and Manufacturing Excellence
- WABCO Recognized by Investment Community; CEO Ranks Among ‘Top 3’ in Institutional Investor Magazine’s 2014 All-America Executive Team Survey for Second Year in a Row
- In March 2014 WABCO Gains Recognition for Continued Success in China; WABCO’s President of Asia Region Named Among ‘Top 100 New Leaders’ in China’s Economy
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