Z F Steering Gear (India) Ltd

₹ 1,198 -1.21%

16 Jun - close price

About

Incorporated in 1981, ZF Steering Gear (India) Ltd is in the business of production & assembling of steering systems for vehicles, buses, and tractors^[1]

Key Points

Business Overview:^[1]^[2]^[3]
ZFSGL, promoted by the Munot family holding a 67.17% stake, is an IATF 16949:2016 certified manufacturer and supplier of Ball and Nut Integral Hydraulic Power and Worm and Roller Mechanical Steering Systems in India. The company operates as a tier-I supplier primarily serving the Commercial Vehicle segment, with minimal presence in the Personal Vehicle segment.

Website BSE

Market Cap ₹ 1,086 Cr.
Current Price ₹ 1,198
High / Low ₹ 1,947 / 900
Stock P/E 32.1
Book Value ₹ 540
Dividend Yield 0.67 %
ROCE 10.4 %
ROE 7.11 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company has delivered good profit growth of 162% CAGR over last 5 years

Cons

Company has a low return on equity of 7.90% over last 3 years.
Earnings include an other income of Rs.28.2 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	105.44	110.29	105.74	109.27	125.13	120.87	119.32	113.50	124.13	127.89	110.95	117.39	136.63
	88.86	91.93	94.88	98.24	109.26	102.48	106.01	103.47	113.30	110.19	98.64	106.13	121.39
Operating Profit	16.58	18.36	10.86	11.03	15.87	18.39	13.31	10.03	10.83	17.70	12.31	11.26	15.24
OPM %	15.72%	16.65%	10.27%	10.09%	12.68%	15.21%	11.15%	8.84%	8.72%	13.84%	11.10%	9.59%	11.15%
	2.77	-2.70	4.44	3.87	8.37	7.10	6.39	13.28	11.02	9.40	6.95	2.97	8.89
Interest	0.17	0.16	0.15	0.16	0.25	0.15	0.16	0.15	0.45	0.73	0.62	0.71	0.80
Depreciation	8.26	6.84	7.77	8.47	9.10	7.76	8.13	8.49	9.02	7.06	7.78	8.23	8.35
Profit before tax	10.92	8.66	7.38	6.27	14.89	17.58	11.41	14.67	12.38	19.31	10.86	5.29	14.98
Tax %	72.44%	42.26%	25.75%	28.71%	29.55%	31.91%	-14.11%	18.00%	13.57%	24.81%	45.67%	31.19%	34.45%
	3.01	5.00	5.48	4.47	10.49	11.97	13.02	12.03	10.70	14.52	5.90	3.64	9.82
EPS in Rs	3.32	5.51	6.04	4.93	11.56	13.19	14.35	13.26	11.79	16.00	6.50	4.01	10.82
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	291	330	381	399	436	439	287	201	313	450	478	493
	232	272	302	317	347	364	254	183	272	394	425	436
Operating Profit	59	58	79	82	88	76	33	18	41	57	53	57
OPM %	20%	18%	21%	21%	20%	17%	12%	9%	13%	13%	11%	11%
	7	9	6	12	10	-56	4	26	21	13	38	28
Interest	1	1	2	2	3	2	1	0	0	1	1	3
Depreciation	21	23	25	28	33	31	32	38	31	32	33	31
Profit before tax	45	43	58	63	61	-14	3	7	30	37	56	50
Tax %	69%	17%	23%	21%	23%	-90%	109%	-31%	39%	32%	15%	33%
	14	36	45	50	47	-1	-0	9	18	25	48	34
EPS in Rs	15.54	39.19	49.66	54.80	51.88	-1.44	-0.31	9.75	20.14	28.04	52.59	37.35
Dividend Payout %	45%	26%	25%	15%	15%	0%	0%	0%	0%	18%	15%	0%

Compounded Sales Growth
10 Years:	4%
5 Years:	11%
3 Years:	16%
TTM:	3%

Compounded Profit Growth
10 Years:	1%
5 Years:	162%
3 Years:	23%
TTM:	-25%

Stock Price CAGR
10 Years:	1%
5 Years:	30%
3 Years:	39%
1 Year:	12%

Return on Equity
10 Years:	9%
5 Years:	6%
3 Years:	8%
Last Year:	7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	9	9	9	9	9	9	9	9	9	9	9	9
Reserves	217	239	270	329	370	359	358	368	386	411	454	481
	15	23	35	62	64	46	3	32	34	41	33	41
	69	65	61	61	68	73	66	57	44	50	49	64
Total Liabilities	310	336	375	462	510	487	436	466	473	510	545	594
	96	101	106	121	106	111	199	175	159	145	136	132
CWIP	4	1	1	0	1	26	7	2	2	2	4	2
Investments	99	137	165	190	231	152	107	120	119	155	142	169
	110	98	104	151	173	198	124	168	192	208	263	291
Total Assets	310	336	375	462	510	487	436	466	473	510	545	594

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	26	48	67	63	68	73	75	-26	15	51	43	59
	-28	-57	-54	-47	-55	-43	-29	1	-16	-62	-17	-70
	-13	-2	-14	-16	-10	-28	-44	26	-3	10	-13	-1
Net Cash Flow	-16	-11	-1	-0	2	2	2	1	-4	-2	13	-12

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	59	58	53	70	77	64	62	142	105	87	75	83
Inventory Days	53	44	37	60	58	54	49	116	111	73	78	71
Days Payable	82	70	64	69	74	51	71	94	53	44	37	49
Cash Conversion Cycle	31	32	26	61	61	67	41	164	163	115	115	105
Working Capital Days	22	27	29	62	63	40	31	134	137	100	97	89
ROCE %	17%	15%	20%	18%	15%	13%	1%	2%	7%	9%	11%	10%

Shareholding Pattern

Numbers in percentages

5 Recently

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	67.43%	67.41%	67.41%	67.31%	67.18%	67.18%	67.18%	67.17%	67.17%	67.17%	67.01%	67.00%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.01%	0.03%	0.04%	0.03%
	32.56%	32.59%	32.59%	32.68%	32.83%	32.82%	32.80%	32.83%	32.82%	32.80%	32.96%	32.98%
No. of Shareholders	9,550	9,752	9,869	9,789	9,566	9,554	9,511	9,816	9,766	9,921	9,860	9,811

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	73.66%	73.66%	67.40%	67.45%	67.45%	67.43%	67.31%	67.17%	67.00%
	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	1.27%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.03%
	24.89%	26.33%	32.59%	32.54%	32.54%	32.56%	32.68%	32.83%	32.98%
No. of Shareholders	10,588	11,691	11,651	11,092	10,343	9,689	9,789	9,816	9,811

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Z F Steering Gear (India) Ltd

Z F Steering Gear (India) Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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