What is ZF Commercial Vehicle Control Systems India Ltd (ZFCVINDIA) share price return in the past 10 years?

ZF Commercial Vehicle Control Systems India Ltd share price has appreciated 9.4% annually (CAGR) over the past ten years.

What is the P/E ratio of ZF Commercial Vehicle Control Systems India?

The latest standalone P/E ratio of ZF Commercial Vehicle Control Systems India as of 02-Jul-2026 is 54.61.

What is the 52-week high and low of ZF Commercial Vehicle Control Systems India Ltd (ZFCVINDIA)?

The 52-week high of ZF Commercial Vehicle Control Systems India Ltd (ZFCVINDIA) is Rs. 3041.70 and the 52-week low is Rs. 1968.50.

ZF Commercial Vehicle Control Systems India Ltd (ZFCVINDIA) Share Analysis – Cycle Position, Quality & Valuation Zone & DeciZen Rating

Name: ZF Commercial Vehicle Control Systems India Ltd (ZFCVINDIA)
Brand: ZF Commercial Vehicle Control Systems India

Key Metrics

Valuation Multiples

Market Cap

₹27,671 Cr.

Current Price

₹2,431.4

52-Week Low / High

₹1,969 / 3,042

TTM EPS

₹44.5

TTM Sales

₹4,055 Cr.

Book Value per Share

₹327.2

P/E Ratio

54.61

Lower than its 5-year historical median

Industry PE

45.7

Price to Book (P/B)

7.43

Lower than its 5-year historical median

Price to Sales (P/S)

6.82

In line with its 5-year historical median

EV/EBITDA

31.65

Lower than its 5-year historical median

Dividend Yield

0.13%

Profitability Efficiency

Return on Equity (ROE)

14.71%

Outperforms industry median

Return on Capital Employed (ROCE)

19.91%

Outperforms industry median

Return on Assets (ROA)

12.56%

Operating Profit Margin

16.5%

Net Profit Margin

12.49%

Gross Profit Margin

19.8%

Growth Momentum
1-yr vs 3-yr growth

Sales Growth (1 Year)

Slowing versus 3-year growth rate

0.54%

Operating Profit Growth (1 Year)

Slowing versus 3-year growth rate

1.89%

Net Profit Growth (1 Year)

Slowing versus 3-year growth rate

10.47%

Asset Quality

Promoter Holding

60.00%

Pledged shares (%) of Promoter's holding (%)

0.00%

Reserves

₹3,667 Cr.

Equity

₹56.9 Cr.

Face Value

₹5

All Time Low / High

₹16.67 / 3041.70

ZF Commercial Vehicle Control Systems India stock performance

Key Ratios

Check Before You Invest

Quality

Very Good

Check detailed performance

Valuation

Somewhat Overvalued

Check Valuation charts

Price Trend

Weak

Check Price chart

Q.1 Is ZF Commercial Vehicle Control Systems India Ltd a good quality company?

ZF Commercial Vehicle Control Systems India Ltd is a good quality company, based on a consistently good 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?

Q.1 Revenue growth of ZF Commercial Vehicle Control Systems India Ltd vs industry peers?

ZF Commercial Vehicle Control Systems India Ltd revenue CAGR is 14.54%, compared to the industry median CAGR of 11.89%, indicating faster growth and gaining its market share.

Q.1 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.

Q.1 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 9.8% 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 end

Value Creation ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
ROCE % ⓘ	28%	25.8%	27.5%	24.9%	12.3%	7.9%	9.6%	19.1%	21.1%	20.4%	-
Value Creation Index ⓘ	1.1	0.9	1.0	0.8	-0.1	-0.4	-0.3	0.4	0.9	0.8	-
Growth Parameters ⓘ
Sales ⓘ	1,832	2,067	2,573	2,854	1,930	1,864	2,543	3,445	3,784	3,804	4,055
Sales YoY Gr.	-	12.8%	24.5%	10.9%	-32.4%	-3.4%	36.5%	35.4%	9.9%	0.5%	-
Adj EPS ⓘ	16.8	18.1	22	22.4	11.8	7.9	11.6	27	35.1	39.4	44.5
YoY Gr.	-	8.2%	21.2%	1.9%	-47.3%	-32.9%	46.2%	133.1%	29.7%	12.5%	-
BVPS (₹) ⓘ	93.6	110.9	133.4	156.4	166.5	175.4	185.8	211.7	245	282.1	327.2
Adj Net Profit ⓘ	191	206	250	255	134	90.2	132	308	399	449	507
Cash Flow from Ops. ⓘ	242	180	311	150	224	138	138	299	193	274	-
Debt/CF from Ops. ⓘ	0	0	0	0	0	0	0	0	0	0	-

CAGR ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	8.5%	14.5%	14.4%	0.5%
Adj EPS ⓘ	10%	27.3%	50.4%	12.5%
BVPSⓘ	13%	11.1%	15%	15.1%
Share Price	9.4%	15.7%	5.9%	9.5%

Key Financial Parameters ⓘ

	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	TTM
Return on Equity % ⓘ	19.8	17.7	17.9	15.4	7.3	4.6	6.4	13.6	15.4	15	14.6
Op. Profit Mgn % ⓘ	15.6	16.2	15.5	14.4	13.2	11.1	10.1	13.7	14.9	16.5	15.7
Net Profit Mgn % ⓘ	10.4	10	9.7	8.9	7	4.8	5.2	8.9	10.5	11.8	12.5
Debt to Equity ⓘ	0	0	0	0	0	0	0	0	0	0	0
Working Cap Days ⓘ	112	122	122	126	160	152	134	108	112	128	146
Cash Conv. Cycle ⓘ	32	33	27	30	57	59	52	46	55	72	121

Profit And Loss

(All Figures are in Crores.)

PARTICULARS	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	Mar'26
Sales	2,067	2,573	2,854	1,930	1,864	2,543	3,445	3,784	3,804	4,055
Operating Expenses ⓘ +	1,741	2,175	2,444	1,678	1,658	2,291	2,974	3,221	3,179	3,418
Manufacturing Costs	153	190	189	128	112	143	187	204	195	214
Material Costs	1,238	1,602	1,822	1,149	1,134	1,643	2,197	2,321	2,206	2,329
Employee Cost	191	229	254	266	290	329	377	464	539	609
Other Costs ⓘ	159	153	179	136	121	176	213	232	240	265
Operating Profit ⓘ	326	399	410	251	206	253	470	563	625	637
Operating Profit Margin (%)	15.8%	15.5%	14.4%	13.0%	11.0%	9.9%	13.7%	14.9%	16.4%	15.7%
Other Income ⓘ +	36	47	72	64	39	38	67	96	110	186
Exceptional Items ⓘ	0	0	0	0	0	0	0	0	0	-8
Interest ⓘ	0	2	0	2	2	2	6	5	6	5
Depreciation ⓘ	62	62	71	90	90	92	105	109	123	130
Profit Before Tax ⓘ	300	382	411	223	152	196	427	544	607	680
Tax ⓘ	87	109	129	65	48	54	109	140	148	174
Profit After Tax	213	273	282	159	104	142	318	405	459	507
PAT Margin (%)	10.3%	10.6%	9.9%	8.2%	5.6%	5.6%	9.2%	10.7%	12.1%	12.5%
Adjusted EPS (₹)	18.8	24.0	24.8	14.0	9.1	12.5	27.9	35.6	40.3	44.5
Dividend Payout Ratio (%)	6.20%	5.60%	6.10%	11.90%	20.10%	16%	7.80%	8%	7.90%	1.50%

Valuation of ZF Commercial Vehic. - Standalone

YTD 1Y 3Y 5Y 10Y Max

Analyst's Notes

No data found!

Balance Sheet

(All Figures are in Crores.)

PARTICULARS	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	Mar'26
Equity and Liabilities
Shareholders Fund +	1,262	1,518	1,780	1,895	1,996	2,114	2,409	2,789	3,211	3,676
Share Capital ⓘ	9	9	9	9	9	9	9	9	9	9
Reserves ⓘ	1,252	1,509	1,770	1,885	1,987	2,105	2,400	2,779	3,201	3,667
Debt +	0	0	0	0	0	0	0	0	0	0
Long Term Debt	0	0	0	0	0	0	0	0	0	0
Short Term Debt	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
Trade Payables	326	532	412	157	342	346	359	374	333	421
Others Liabilities ⓘ	149	118	143	129	151	158	230	178	192	236
Total Liabilities ⓘ	1,737	2,169	2,336	2,180	2,490	2,618	2,998	3,340	3,736	4,333
Fixed Assets
Net Fixed Assets ⓘ +	318	359	440	471	432	536	586	654	709	699
Gross Block	435	534	686	789	848	1,044	1,177	1,345	1,507	1,533
Accumulated Depreciation	117	175	246	318	416	508	592	692	798	834
CWIP ⓘ	62	52	19	30	50	20	77	83	63	59
Investments ⓘ	298	446	313	542	640	399	101	26	31	606
Inventories	145	132	151	113	114	145	155	167	186	264
Trade Receivables	518	648	634	364	585	666	758	935	1,112	915
Cash Equivalents	267	356	550	461	462	669	1,169	1,292	1,465	1,622
Others Assets ⓘ	129	175	228	199	207	183	153	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 Flow

(All Figures are in Crores.)

PARTICULARS	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	Mar'26
Cash Flow From Operating Activity ⓘ +	180	311	150	224	138	138	299	193	274	809
PBT ⓘ	300	382	411	223	152	196	427	544	607	680
Adjustment ⓘ	31	31	33	33	57	58	59	23	30	7
Changes in Working Capital ⓘ	-51	6	-160	36	-30	-45	-76	-197	-228	260
Tax Paid ⓘ	-101	-107	-134	-68	-41	-70	-111	-178	-135	-137
Cash Flow From Investing Activity ⓘ +	-120	-205	-429	-165	-24	-178	-271	-136	-212	-709
Capex	-73	-95	-119	-92	-70	-176	-128	-192	-157	-145
Net Investments	-61	-122	-327	-95	22	-17	-182	-12	-146	-656
Others ⓘ	15	12	18	22	24	15	38	68	91	92
Cash Flow From Financing Activity ⓘ +	-14	-18	-18	-48	-19	-28	-31	-34	-44	-52
Net Proceeds from Shares ⓘ	0	0	0	0	0	0	0	0	0	0
Net Proceeds from Borrowing ⓘ	0	0	0	0	0	0	0	0	0	0
Interest Paid ⓘ	-0	-2	0	0	0	-0	-4	-5	-6	-5
Dividend Paid ⓘ	-11	-13	-15	-36	0	-21	-23	-25	-32	-36
Others ⓘ	-2	-3	-3	-12	-19	-7	-4	-5	-6	-11
Net Cash Flow ⓘ	46	88	-297	11	96	-69	-3	23	17	48

Financial Ratio

PARTICULARS	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25	Mar'26
Ratios
ROE (%)	18.33	19.63	17.11	8.64	5.34	6.91	14.05	15.58	15.29	14.71
ROCE (%)	25.78	27.46	24.86	12.26	7.93	9.62	19.13	21.14	20.42	19.91
Asset Turnover Ratio	1.39	1.34	1.27	0.85	0.81	1.01	1.24	1.2	1.09	1.03
PAT to CFO Conversion(x)	0.85	1.14	0.53	1.41	1.33	0.97	0.94	0.48	0.6	1.6
Working Capital Days
Receivable Days	77.10	81.40	82	94.40	91.40	88.50	74.40	81.20	96.70	89.40
Inventory Days	25.90	19.40	18.10	24.90	21.80	18.30	15.70	15.50	16.70	19.90
Payable Days	99.10	97.80	94.60	90.40	80.20	76.40	58.60	57.60	58.50	59.10

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

ZF Commercial Vehicle Control Systems India Ltd FAQs

The current trading price of ZF Commercial Vehic. on 02-Jul-2026 16:59 is ₹2,431.4.

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 01-Jul-2026 the market cap of ZF Commercial Vehic. stood at ₹27,670.7 Cr

The latest P/E ratio of ZF Commercial Vehic. as of 01-Jul-2026 is 54.61.

The latest P/B ratio of ZF Commercial Vehic. as of 01-Jul-2026 is 7.43.

The 52-week high of ZF Commercial Vehic. is ₹3,041.7 and the 52-week low is ₹1,968.5.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of ZF Commercial Vehic. is ₹4,055 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that ZF Commercial Vehicle Control Systems India Ltd is a good 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, WABCOâ€™s second of its kindin India, allows WABCOâ€™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 â€˜Top 3â€™ in Institutional Investor Magazineâ€™s 2014 All-America Executive Team Survey for Second Year in a Row
In March 2014 WABCO Gains Recognition for Continued Success in China; WABCOâ€™s President of Asia Region Named Among â€˜Top 100 New Leadersâ€™ in Chinaâ€™s Economy

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ZF Commercial Vehicle Control Systems India Ltd (ZFCVINDIA)

ZF Commercial Vehicle Control Systems India Ltd (ZFCVINDIA)

ZF Commercial Vehicle Control Systems India stock performance

Check Before You Invest

Quality

Valuation

Price Trend

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)

Value Creation ⓘ

Growth Parameters ⓘ

CAGR ⓘ

Key Financial Parameters ⓘ

Profit And Loss

Valuation of ZF Commercial Vehic. - Standalone

Price Calculator

Price Chart

Price to Earnings

Price to Sales

Price to Book

EV to EBITDA

Dividend History

Price Calculator

Price Chart

Price to Earnings

Enterprise Value to EBIT

Price to Book-Value

Price to Sales

Dividend History

Analyst's Notes

Balance Sheet

Equity and Liabilities

Fixed Assets

Cash Flow

Financial Ratio

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

ZF Commercial Vehicle Control Systems India Ltd FAQs

What is the share price of ZF Commercial Vehic.?

What is the market cap of ZF Commercial Vehic.?

What is the P/E ratio of ZF Commercial Vehic.?

What is the P/B ratio of ZF Commercial Vehic.?

What is the 52-week high and low of ZF Commercial Vehic.?

What is the TTM revenue of ZF Commercial Vehic.?

Is ZF Commercial Vehicle Control Systems India Ltd a good quality company?

Is ZF Commercial Vehicle Control Systems India Ltd undervalued or overvalued?

Is ZF Commercial Vehicle Control Systems India Ltd a good buy now?

About ZF Commercial Vehicle Control Systems India Ltd

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