ZF Commercial Vehicle Control System India Ltd

ZF Commercial Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

ZF Commercial Vehicle Control System India Ltd

₹ 13,974 -2.79%
02 Apr - 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
The company has introduced new products such as doors with door control systems, air suspension systems, and air disc brakes. [5] In FY23, products like compressors, air supply units, vacuum pumps, actuators, and push-type connectors were launched to international and Indian OEMs. [6]

Website BSE NSE
  • Market Cap ₹ 26,495 Cr.
  • Current Price ₹ 13,974
  • High / Low ₹ 16,665 / 11,552
  • Stock P/E 53.4
  • Book Value ₹ 1,794
  • Dividend Yield 0.14 %
  • ROCE 20.2 %
  • ROE 15.1 %
  • Face Value ₹ 5.00
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 27.1% CAGR over last 5 years

Cons

  • Stock is trading at 7.79 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 500 Nifty 500 BSE Allcap BSE Consumer Discretionary BSE 250 SmallCap Index

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
876 977 961 981 887 956 938 907 956 1,003 963 902 1,058
756 833 819 837 756 809 800 767 781 831 835 770 863
Operating Profit 120 144 141 144 131 147 138 139 175 172 128 132 195
OPM % 14% 15% 15% 15% 15% 15% 15% 15% 18% 17% 13% 15% 18%
26 18 21 24 30 20 26 40 17 27 67 45 24
Interest 2 0 1 1 1 1 2 1 1 1 1 1 1
Depreciation 28 27 28 27 26 29 29 31 31 32 32 32 32
Profit before tax 116 135 134 140 134 137 133 147 160 167 161 144 185
Tax % 26% 25% 25% 25% 25% 26% 26% 25% 22% 25% 26% 26% 25%
85 101 100 104 100 101 99 109 125 125 120 106 139
EPS in Rs 45.03 53.36 52.59 55.00 52.52 53.29 52.30 57.65 65.85 66.00 63.36 56.13 73.11
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 TTM
1,110 1,347 1,832 2,067 2,573 2,854 1,930 1,864 2,543 3,445 3,784 3,804 3,926
944 1,144 1,546 1,741 2,174 2,443 1,676 1,658 2,291 2,974 3,220 3,178 3,299
Operating Profit 166 203 287 326 399 411 254 206 253 470 563 626 627
OPM % 15% 15% 16% 16% 16% 14% 13% 11% 10% 14% 15% 16% 16%
27 20 40 36 46 72 62 39 38 67 96 109 163
Interest 0 0 0 0 2 0 2 2 2 6 5 6 5
Depreciation 32 47 56 62 62 71 90 90 92 105 109 123 128
Profit before tax 161 177 270 300 382 411 223 152 196 427 544 607 657
Tax % 27% 32% 25% 29% 29% 31% 29% 32% 27% 26% 26% 24%
117 121 203 213 273 282 159 104 142 318 405 459 491
EPS in Rs 61.94 63.61 107.22 112.55 143.84 148.76 83.73 54.72 74.90 167.48 213.41 241.81 258.60
Dividend Payout % 8% 8% 6% 6% 6% 6% 12% 20% 16% 8% 8% 8%
Compounded Sales Growth
10 Years: 11%
5 Years: 15%
3 Years: 14%
TTM: 5%
Compounded Profit Growth
10 Years: 14%
5 Years: 27%
3 Years: 52%
TTM: 14%
Stock Price CAGR
10 Years: 9%
5 Years: 17%
3 Years: 11%
1 Year: 6%
Return on Equity
10 Years: 13%
5 Years: 12%
3 Years: 15%
Last Year: 15%

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 Sep 2025
Equity Capital 9 9 9 9 9 9 9 9 9 9 9 9 9
Reserves 746 854 1,058 1,257 1,516 1,770 1,885 1,987 2,105 2,400 2,779 3,201 3,394
0 0 0 0 0 0 0 0 0 0 0 0 62
202 250 455 471 643 556 286 500 523 611 581 550 522
Total Liabilities 957 1,113 1,523 1,737 2,169 2,336 2,181 2,496 2,637 3,020 3,369 3,760 3,988
306 324 335 318 359 440 471 432 536 586 669 729 719
CWIP 11 18 37 62 52 19 30 50 20 77 83 63 60
Investments 50 39 218 298 446 313 542 640 399 101 26 31 427
589 733 932 1,059 1,312 1,563 1,137 1,374 1,682 2,256 2,592 2,937 2,782
Total Assets 957 1,113 1,523 1,737 2,169 2,336 2,181 2,496 2,637 3,020 3,369 3,760 3,988

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
143 124 242 180 311 150 224 138 138 299 193 274
-76 -45 -241 -120 -205 -429 -165 -24 -178 -270 -135 -211
-11 -11 -12 -14 -18 -18 -48 -19 -28 -31 -34 -44
Net Cash Flow 56 68 -10 46 88 -297 11 96 -69 -2 23 18
Free Cash Flow 82 52 159 106 216 31 132 68 -38 171 12 123
CFO/OP 114% 88% 112% 86% 105% 69% 115% 87% 82% 87% 66% 65%

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 76 81 87 91 92 81 69 115 96 80 90 107
Inventory Days 65 54 58 43 30 30 36 37 32 26 26 31
Days Payable 87 82 115 96 121 83 50 110 77 60 59 55
Cash Conversion Cycle 54 53 30 38 1 29 55 41 51 46 58 82
Working Capital Days 82 73 50 51 37 49 56 61 56 46 63 83
ROCE % 23% 21% 27% 24% 26% 23% 11% 7% 9% 19% 21% 20%

Insights

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Mar 2014 Mar 2015 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Number of Employees
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Revenue by Segment - OEM (Domestic)
INR Crores
Number of Manufacturing Plants
Number
Revenue by Segment - Aftermarket
INR Crores
Revenue by Segment - Exports
INR Crores
Authorized Service Partners
Number
Number of Aftermarket Wholesale Distributors
Number
Capacity Utilization Rate
Percentage

Shareholding Pattern

Numbers in percentages

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
75.00% 75.00% 75.00% 75.00% 75.00% 67.49% 67.49% 63.16% 63.16% 60.00% 60.00% 60.00%
1.32% 1.27% 1.79% 2.01% 2.24% 3.74% 4.12% 5.11% 5.57% 5.73% 5.79% 5.37%
16.05% 16.13% 15.90% 15.78% 15.77% 21.20% 21.03% 23.85% 23.32% 26.36% 26.25% 26.68%
7.63% 7.58% 7.31% 7.21% 6.99% 7.59% 7.36% 7.87% 7.95% 7.91% 7.96% 7.94%
No. of Shareholders 25,38724,39524,37525,28924,09429,45728,86234,26933,90433,64032,23832,410

* 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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