ZF Commercial Vehicle Control System India Ltd

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ZF Commercial Vehicle Control System India Ltd

₹ 2,298 -1.50%
29 Sep - close price
wabcoindia.com BSE: 533023 NSE: ZFCVINDIA
About

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

Key Points

Products and Services
The Company manufactures and markets braking products and systems for Trucks, Buses, Off-Highway, Defense, Cars, and Fleets. It also offers e-mobility technologies like e-compressors, Electronic Braking Systems, Electronic Stability Control, and Electronically Controlled Air Suspension. Additionally, it provides spare parts, after-sale services, digital services, retrofit solutions, workshop solutions, and professional training and consulting. [1][2] [3] [4]

New Products[5][6]
The company Introduced 8 new products and 120 variants in FY26. Products include Airlite electric compressor for electric trucks, 60 mm/90 mm exhaust brake systems, 200 CC vacuum pump for global OEM, Type 27/24 SBA HF for mining application and 318 CC ICE compressor with OPR. Other launches during year included twin-cylinder compressors and actuators for European customers, and relay valves, high-force actuators and exhaust brake assemblies for Indian OEMs.

Website BSE NSE
  • Market Cap ₹ 26,149 Cr.
  • Current Price ₹ 2,298
  • High / Low ₹ 3,044 / 2,050
  • Stock P/E 53.2
  • Book Value ₹ 323
  • Dividend Yield 0.17 %
  • ROCE 19.1 %
  • ROE 14.4 %
  • Face Value ₹ 5.00
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Pros

  • Company is almost debt free.

Cons

  • Stock is trading at 7.11 times its book value
  • Promoter holding has decreased over last 3 years: -15.0%

* 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

Consumer Discretionary Automobile and Auto Components Auto Components Auto Components & Equipments

Part of BSE 400 MidSmallCap Index Nifty500 Multicap India Manufacturing 50:30:20 Nifty500 Multicap Infrastructure 50:30:20 BSE 1000 Nifty MidSmallcap 400

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
961 981 887 956 938 907 956 1,003 963 902 1,058 1,133 1,042
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%
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
Profit before tax 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%
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 11.00 10.56 9.36 12.19 12.42 8.71
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
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
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%
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
Profit before tax 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%
121 203 213 273 282 159 104 142 318 405 459 507 486
EPS in Rs 10.60 17.87 18.76 23.97 24.80 13.96 9.12 12.48 27.91 35.57 40.30 44.52 42.68
Dividend Payout % 8% 6% 6% 6% 6% 12% 20% 16% 8% 8% 8% 2%
Compounded Sales Growth
10 Years: 8%
5 Years: 17%
3 Years: 6%
TTM: 8%
Compounded Profit Growth
10 Years: 10%
5 Years: 41%
3 Years: 16%
TTM: 2%
Stock Price CAGR
10 Years: 8%
5 Years: 14%
3 Years: -4%
1 Year: 11%
Return on Equity
10 Years: 13%
5 Years: 13%
3 Years: 15%
Last Year: 14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 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
0 0 0 0 0 0 0 0 0 0 66 55
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
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
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

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
124 242 180 311 150 224 138 138 299 193 274 809
-45 -241 -120 -205 -429 -165 -24 -178 -270 -135 -211 -697
-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%

Ratios

Standalone / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 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

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Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Aftermarket Service Network (Authorized Service Partners)
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EV Bus Sales in India
vehicles
M&HCV Industry Production (>6 tons)
vehicles
Engineering / R&D Headcount
engineers
Aftermarket Wholesale Dealers / Distributors
number
Product Deployment on Road (Cumulative Units)
units

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Shareholding Pattern

Numbers in percentages

1 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
75.00% 75.00% 75.00% 67.49% 67.49% 63.16% 63.16% 60.00% 60.00% 60.00% 60.00% 60.00%
1.79% 2.01% 2.24% 3.74% 4.12% 5.11% 5.57% 5.73% 5.79% 5.37% 5.79% 5.93%
15.90% 15.78% 15.77% 21.20% 21.03% 23.85% 23.32% 26.36% 26.25% 26.68% 26.21% 25.45%
7.31% 7.21% 6.99% 7.59% 7.36% 7.87% 7.95% 7.91% 7.96% 7.94% 8.00% 8.62%
No. of Shareholders 24,37525,28924,09429,45728,86234,26933,90433,64032,23832,41031,65741,406

* 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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