ZF Commercial Vehicle Control System India Ltd
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
- Market Cap ₹ 23,948 Cr.
- Current Price ₹ 12,631
- High / Low ₹ 15,150 / 9,561
- Stock P/E 49.6
- Book Value ₹ 1,799
- Dividend Yield 0.15 %
- ROCE 20.1 %
- ROE 15.1 %
- Face Value ₹ 5.00
Pros
- Company is almost debt free.
Cons
- Stock is trading at 7.02 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.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|
| 2,543 | 3,444 | 3,816 | 3,831 | 3,863 | |
| 2,291 | 2,974 | 3,249 | 3,199 | 3,245 | |
| Operating Profit | 253 | 470 | 567 | 632 | 618 |
| OPM % | 10% | 14% | 15% | 16% | 16% |
| 38 | 67 | 95 | 108 | 155 | |
| Interest | 2 | 6 | 5 | 6 | 5 |
| Depreciation | 92 | 105 | 110 | 124 | 129 |
| Profit before tax | 196 | 427 | 546 | 609 | 639 |
| Tax % | 27% | 26% | 26% | 24% | |
| 142 | 318 | 406 | 461 | 483 | |
| EPS in Rs | 74.90 | 167.48 | 214.29 | 242.90 | 254.56 |
| Dividend Payout % | 16% | 8% | 8% | 8% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 15% |
| TTM: | 4% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 52% |
| TTM: | 18% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 7% |
| 5 Years: | 16% |
| 3 Years: | 10% |
| 1 Year: | -15% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 15% |
| Last Year: | 15% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 9 |
| Reserves | 2,105 | 2,400 | 2,781 | 3,205 | 3,402 |
| 0 | 0 | 0 | 0 | 62 | |
| 523 | 613 | 591 | 571 | 539 | |
| Total Liabilities | 2,637 | 3,022 | 3,382 | 3,785 | 4,013 |
| 536 | 587 | 673 | 736 | 726 | |
| CWIP | 20 | 77 | 84 | 68 | 65 |
| Investments | 398 | 100 | 25 | 30 | 426 |
| 1,683 | 2,258 | 2,600 | 2,950 | 2,795 | |
| Total Assets | 2,637 | 3,022 | 3,382 | 3,785 | 4,013 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 138 | 298 | 193 | 286 | |
| -177 | -270 | -131 | -227 | |
| -28 | -31 | -34 | -44 | |
| Net Cash Flow | -68 | -3 | 28 | 15 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 96 | 80 | 90 | 107 |
| Inventory Days | 32 | 26 | 27 | 31 |
| Days Payable | 79 | 60 | 60 | 58 |
| Cash Conversion Cycle | 49 | 47 | 57 | 80 |
| Working Capital Days | 56 | 46 | 62 | 82 |
| ROCE % | 19% | 21% | 20% |
Documents
Announcements
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Shareholder Meeting / Postal Ballot-Notice of Postal Ballot
9h - Postal ballot for appointment of Ivan Brajdic; e-voting Nov 19–Dec 18, 2025.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
1d - Of schedule of Analysts /Institutional Investors Meeting
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
12 Nov - Transcript for earnings call held on 6th November 2025
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
7 Nov - Received CGST demand INR4,65,90,929 plus equal penalty and interest for FY2018-19–2022-23 (received Nov 7, 2025).
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
6 Nov - Earnings call recording for Q2/H1 FY2025-26 (ended Sep 30, 2025) uploaded Nov 06, 2025
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Concalls
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Nov 2025TranscriptPPTREC
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Aug 2025TranscriptPPT
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May 2025Transcript PPT
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Feb 2025TranscriptPPT
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Nov 2024Transcript PPT
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Jul 2024TranscriptPPT
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Jun 2024Transcript PPT
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Feb 2024TranscriptPPT
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Nov 2023TranscriptPPT
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Jul 2023TranscriptPPT
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May 2023TranscriptPPTREC
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Feb 2023TranscriptPPT
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Nov 2022TranscriptPPT
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Aug 2022Transcript PPT
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May 2021Transcript PPT
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Feb 2021TranscriptNotesPPT
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Oct 2020TranscriptPPT
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Aug 2019TranscriptNotesPPT
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Jun 2018TranscriptNotesPPT
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Sep 2017TranscriptNotesPPT
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Jul 2016TranscriptNotesPPT
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]