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10 Yrs X-Ray 
Valuation 
Analyst Note 
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About
ZF Steering Gear (India) Ltd (ZFSTEERING)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 505163 NSE: ZFSTEERING Auto Ancillary | Small Cap | ZF Steering Gear (I) Share Price
₹700.85 2.95 (0.42%)
As on 18-Sep'26 16:59
ZF Steering Gear (India) Ltd (ZFSTEERING)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 505163 NSE: ZFSTEERING Auto Ancillary | Small Cap | ZF Steering Gear (I) Share Price
₹700.85 2.95 (0.42%)
As on 18-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹636 Cr.
Current Price
₹700.9
52-Week Low / High
₹570 / 1,098
TTM EPS
₹21.8
TTM Sales
₹581 Cr.
Book Value per Share
₹543.1
P/E Ratio
32.12
Higher than its 5-year historical median
Industry PE
49.2
Price to Book (P/B)
1.29
Lower than its 5-year historical median
Price to Sales (P/S)
1.09
Lower than its 5-year historical median
EV/EBITDA
8.19
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
2.54%
Underperforms industry median
Return on Capital Employed (ROCE)
6.42%
Underperforms industry median
Return on Assets (ROA)
1.83%
Operating Profit Margin
14%
Net Profit Margin
2.11%
Gross Profit Margin
13.4%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
12.96%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
41.02%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
-4.37%
Asset Quality
Promoter Holding
62.75%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹484 Cr.
Equity
₹9.1 Cr.
Face Value
₹10
All Time Low / High
₹2.50 / 2118.00
Check Before You Invest
Quality
Somewhat GoodValuation
FairCheck Valuation charts
Price Trend
Semi Strong
Is ZF Steering Gear (India) Ltd a good quality company?
ZF Steering Gear (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 Steering Gear (India) Ltd performance compare with that of its Peers?
Revenue growth of ZF Steering Gear (India) Ltd vs industry peers?
ZF Steering Gear (India) Ltd revenue CAGR is 6.11%, compared to the industry median CAGR of 0.79%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of ZF Steering Gear (India) Ltd?
Promoters hold 62.75% of the ZF Steering Gear (India) Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of ZF Steering Gear (India) Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -7.5% 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 Steering Gear (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 % ⓘ | 18.4% | 15.3% | -2.8% | 1% | 1.8% | 7.3% | 8.6% | 12% | 10.5% | 10.2% | - |
| Value Creation Index ⓘ | 0.3 | 0.1 | -1.2 | -0.9 | -0.9 | -0.5 | -0.4 | -0.1 | -0.3 | -0.3 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 399 | 425 | 439 | 287 | 201 | 313 | 450 | 478 | 493 | 557 | 564 |
| Sales YoY Gr. | - | 6.5% | 3.5% | -34.8% | -29.7% | 55.3% | 44% | 6.1% | 3.1% | 13% | - |
| Adj EPS ⓘ | 54.8 | 48.1 | 45.3 | 3.6 | -8 | 9.1 | 24.6 | 32.4 | 27.3 | 36.9 | 42.3 |
| YoY Gr. | - | -12.2% | -5.8% | -92.1% | -321.7% | NA | 170.3% | 31.7% | -15.7% | 35.3% | - |
| BVPS (₹) ⓘ | 373.2 | 417.3 | 406 | 404.7 | 415.3 | 435.6 | 462.6 | 510.6 | 540.1 | 575.2 | 595.4 |
| Adj Net Profit ⓘ | 49.7 | 43.6 | 41.1 | 3.3 | -7.2 | 8.3 | 22.3 | 29.4 | 24.8 | 33.5 | 38 |
| Cash Flow from Ops. ⓘ | 62.6 | 67.5 | 72.7 | 74.9 | -26.3 | 15.2 | 50.5 | 42.7 | 58.7 | 82.6 | - |
| Debt/CF from Ops. ⓘ | 1 | 0.9 | 0.6 | 0 | -1.2 | 1.8 | 0.7 | 0.7 | 0.6 | 0.5 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 3.8% | 22.5% | 7.3% | 13% | ||||
| Adj EPS ⓘ | -4.3% | NA | 14.5% | 35.3% | ||||
| BVPSⓘ | 4.9% | 6.7% | 7.5% | 6.5% | ||||
| Share Price | -7.5% | 10% | -2.2% | -36.1% | ||||
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 % ⓘ | 16.1 | 12.2 | 11 | 0.9 | -2 | 2.1 | 5.5 | 6.7 | 5.2 | 6.6 | 7.2 |
| Op. Profit Mgn % ⓘ | 20.6 | 20.9 | 17.7 | 13.7 | 9.2 | 13 | 12.6 | 11.1 | 11.5 | 12.5 | 10.3 |
| Net Profit Mgn % ⓘ | 12.5 | 10.3 | 9.4 | 1.1 | -3.6 | 2.6 | 5 | 6.2 | 5 | 6 | 6.8 |
| Debt to Equity ⓘ | 0.2 | 0.2 | 0.1 | 0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | - |
| Working Cap Days ⓘ | 110 | 147 | 152 | 175 | 209 | 185 | 154 | 169 | 192 | 214 | 56 |
| Cash Conv. Cycle ⓘ | 33 | 54 | 61 | 71 | 117 | 119 | 99 | 99 | 90 | 72 | 24 |
Valuation of ZF Steering Gear (I) - 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'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 351 | 424 | 399 | 425 | 439 | 450 | 478 | 494 | 571 |
| Operating Expenses ⓘ + | 305 | 360 | 317 | 336 | 364 | 395 | 426 | 441 | 496 |
| Operating Profit ⓘ | 46 | 64 | 82 | 88 | 75 | 56 | 52 | 53 | 75 |
| Operating Profit Margin (%) | 13.1% | 15.1% | 20.5% | 20.8% | 17.1% | 12.4% | 10.9% | 10.8% | 13.1% |
| Other Income ⓘ + | 10 | 6 | 12 | 10 | 11 | 13 | 34 | 21 | 10 |
| Interest ⓘ | 1 | 2 | 2 | 3 | 2 | 1 | 1 | 7 | 8 |
| Depreciation ⓘ | 27 | 31 | 28 | 33 | 31 | 32 | 34 | 43 | 47 |
| Profit Before Tax ⓘ | 28 | 38 | 63 | 61 | 53 | 36 | 52 | 25 | 29 |
| Tax ⓘ | 7 | 12 | 13 | 14 | -12 | 12 | 8 | 12 | 17 |
| Profit After Tax | 21 | 25 | 50 | 47 | 66 | 25 | 44 | 13 | 12 |
| PAT Margin (%) | 5.9% | 6.0% | 12.5% | 11.1% | 14.9% | 5.5% | 9.1% | 2.6% | 2.1% |
| Adjusted EPS (₹) | 22.8 | 28.0 | 34.5 | 47.7 | 48.4 | 27.1 | 48.2 | 16.5 | 17.0 |
| Dividend Payout Ratio (%) | 43.90% | 44.70% | 23.20% | 16.80% | 0% | 18.50% | 16.60% | 0% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 212 | 224 | 264 | 301 | 335 | 419 | 458 | 466 | 481 | ||
| Debt + | 20 | 33 | 57 | 57 | 34 | 38 | 66 | 83 | 85 | ||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | -1 | ||
| Trade Payables | 46 | 53 | 45 | 51 | 41 | 35 | 34 | 40 | 56 | ||
| Others Liabilities ⓘ | 39 | 28 | 39 | 41 | 33 | 10 | 30 | 39 | 64 | ||
| Total Liabilities ⓘ | 317 | 337 | 404 | 449 | 443 | 503 | 587 | 631 | 686 | ||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 125 | 131 | 120 | 105 | 111 | 157 | 204 | 244 | 229 | ||
| CWIP ⓘ | 4 | 7 | 0 | 1 | 26 | 7 | 30 | 15 | 68 | ||
| Investments ⓘ | 50 | 59 | 116 | 154 | 119 | 147 | 134 | 156 | 135 | ||
| Inventories | 33 | 29 | 39 | 40 | 40 | 58 | 67 | 67 | 67 | ||
| Trade Receivables | 59 | 65 | 76 | 92 | 77 | 107 | 98 | 111 | 101 | ||
| Cash Equivalents | 14 | 7 | 2 | 5 | 6 | 1 | 12 | 1 | 5 | ||
| Others Assets ⓘ | 32 | 38 | 51 | 53 | 63 | 25 | 43 | 37 | 80 | ||
| Total Assets ⓘ | 317 | 337 | 404 | 449 | 443 | 503 | 587 | 631 | 686 | ||
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 48 | 51 | 63 | 68 | 72 | 49 | 35 | 40 | 98 |
| Cash Flow From Investing Activity ⓘ + | -37 | -43 | -47 | -55 | -42 | -63 | -52 | -64 | -89 |
| Cash Flow From Financing Activity ⓘ + | -2 | -14 | -16 | -10 | -29 | 12 | 29 | 14 | -5 |
| Net Cash Flow ⓘ | 9 | -6 | -0 | 2 | 1 | -2 | 11 | -11 | 4 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 9.89 | 11.73 | 20.37 | 16.66 | 20.62 | 6.51 | 9.96 | 2.72 | 2.54 | |
| ROCE (%) | 12.43 | 16.17 | 22.44 | 18.7 | 14.78 | 8.84 | 10.71 | 5.68 | 6.42 | |
| Asset Turnover Ratio | 1.24 | 1.45 | 1.21 | 1.02 | 0.99 | 0.95 | 0.88 | 0.81 | 0.87 | |
| PAT to CFO Conversion(x) | 2.29 | 2.04 | 1.26 | 1.45 | 1.09 | 1.96 | 0.8 | 3.08 | 8.17 | |
| Working Capital Days | ||||||||||
| Receivable Days | 54.90 | 47.80 | 57.80 | 70.60 | 70.40 | 74.60 | 78.10 | 77 | 67.60 | |
| Inventory Days | 30.60 | 23.90 | 28 | 33 | 33.20 | 39.90 | 47.90 | 49.70 | 43 | |
| Payable Days | 74.70 | 67.70 | 76.60 | 70.80 | 62.20 | 48.10 | 41.20 | 44 | 52.30 | |
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ZF Steering Gear (India) Ltd FAQs
The current trading price of ZF Steering Gear (I) on 18-Sep-2026 16:59 is ₹700.9.
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 17-Sep-2026 the market cap of ZF Steering Gear (I) stood at ₹635.9 Cr
The latest P/E ratio of ZF Steering Gear (I) as of 17-Sep-2026 is 16.58.
The latest P/B ratio of ZF Steering Gear (I) as of 17-Sep-2026 is 1.18.
The 52-week high of ZF Steering Gear (I) is ₹1,098 and the 52-week low is ₹570.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of ZF Steering Gear (I) is ₹564 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that ZF Steering Gear (India) Ltd is a average quality company.
The key valuation ratios of ZF Steering Gear (India) Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of ZF Steering Gear (India) Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About ZF Steering Gear (India) Ltd
ZF Steering Gear started in 1981 to manufacture Mechanical - worm & roller and integral hydraulic power steering gears in financial and technical collaboration with ZF Friedrichafen AG Germany, the world's largest independent steering gears manufacturer.
The factory of the company has workforce of 700 persons out of which more than 500 are qualified and experienced engineers working in various departments such as production, quality control, product development, design, heat treatment, marketing, etc for meeting the quality standard of manufacturing.
The factory is equipped with advanced specially designed machinery from ZF Germany for manufacturing critical components and includes systematic cluster of wide range of CNC machines and special purpose machines.
The factory has its own in-house heat treatment facility consisting of Sealed Quench Furnaces,Pit Carburised Furnaces for case Carburising, nitriding etc. The Heat Treatment department also has well equipped metallurgical laboratory for material testing. Present installed capacity is 1,40,000 units of mechanical steering gears and 2,70,000 units of power steering gears per annum, and the sales-turnover of ZF India for the year 2007-2008 was Rs. 258 crore.
In view of the encouraging response from the automobile manufacturers of repute, expansion plans are in progress, for expanding the production capacity well in advance of mechanical steering gears to the level of 1,50,000 units and power steering gears 3,00,000 units.
Milestones :
- 1983 Started commercial production of worm and roller steering gears for Bajaj Tempo Ltd. And Premier Auto Ltd.
- 1986 Started supplies of HCV Power Steering to Ashok Leyland Ltd. Started supplies of HCV Power Steering to Tata Motors Ltd. Developed Nissan Carrier & Nissan Patrol Steering Gears. Developed & started production of steering gears for Punjab Tractors Ltd.
- 1993 Developed and started supplies to Eicher Tractors Developed all types of Power Steering for RH & LH versions for Bus/ Truck applicationsDeveloped and started production of LCV Power Steering
- 1998 Designed and developed Power Steering Gears for Sumo, Safari and 207 range of Tata vehicles Developed steering gears for Mahindra & Mahindra Tractors Designed and developed LCV Power Steering Gear for Tempo TravellerDesigned and developed Power Steering for Canter Range of vehicles of Eicher Motors
- 2003 Developed LCV Power Steering Gears for trucks & buses of Swaraj Mazda Ltd. Started supplies of Servocom Steering Gears to Volvo, India. Developed Single drop arm worm & roller steering gears for Escorts Ltd. Developed Single drop arm worm & roller steering gears for New Holland Tractors (I) Pvt. Ltd. Started supplies for Ashok Leyland Ltd new developing models
- 2005 Started supplies to L& T John Deere Pvt. Ltd.
- 2006 Servocom Steering Gear for HCV, MAV, Busses. Rack & Pinion Power Steering Gear for Passenger Cars
- 2009 -8046 Power Steering Gear Launched.
Rack & Pinion Mech. Steering Launched. - 2012 - ZF steering Gear(India) successfully commisions 5MW solar power project.
ZF Lenksysteme India Private Limited, Joint Venture Company in which the Company holds 26% paid-up capital of the Company, inauguratED their factory on April 26, 2012 at Pune.
Product range of the company includes:
- Ball and Nut Power Steering Gear
- Worm and Roller Manual Steering Gears
- Rack and Pinion Power Steering Gears
- Vane Pumps
- Steering Columns
- Bevel Gear Box
- Universal Joints
The company is also engaged in new product developments
Different divisions of the company are : Research & Development Production Engineering Heat Treatment
Achievements/ recognition :1. Quality Certification - - ISO/ TS 16949 : 2002 TUV : Rheinland - DIN EN ISO - 14001:1996 TUV : Rheinland2. Awarded ISO 9001 Certification by BVQI.
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