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

₹ 2,399 2.57%
21 Jul - 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 ₹ 27,269 Cr.
  • Current Price ₹ 2,399
  • High / Low ₹ 3,044 / 2,050
  • Stock P/E 54.1
  • Book Value ₹ 324
  • Dividend Yield 0.17 %
  • ROCE 19.4 %
  • ROE 14.6 %
  • Face Value ₹ 5.00
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Pros

  • Company is almost debt free.

Cons

  • Stock is trading at 7.40 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 Consumer Discretionary BSE 250 SmallCap Index BSE 400 MidSmallCap Index

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
977 967 992 899 959 946 911 962 1,012 976 913 1,075 1,155
833 826 846 765 813 807 771 785 837 844 779 876 965
Operating Profit 144 141 145 134 146 139 140 177 175 132 134 199 190
OPM % 15% 15% 15% 15% 15% 15% 15% 18% 17% 13% 15% 19% 16%
18 21 24 29 20 25 39 17 27 67 45 22 42
Interest 0 1 1 1 1 2 1 1 1 1 1 2 1
Depreciation 27 28 27 26 29 29 31 32 32 33 32 33 34
Profit before tax 135 134 141 135 136 134 146 161 169 164 146 187 197
Tax % 25% 25% 25% 26% 26% 26% 25% 22% 25% 25% 26% 25% 26%
101 100 106 101 100 99 109 125 127 122 108 140 146
EPS in Rs 8.89 8.76 9.29 8.86 8.80 8.74 9.59 11.02 11.14 10.75 9.51 12.32 12.86
Raw PDF
Upcoming result date: 24 July 2026

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
2,543 3,444 3,816 3,831 4,119
2,291 2,974 3,249 3,199 3,462
Operating Profit 253 470 567 632 657
OPM % 10% 14% 15% 16% 16%
38 67 95 108 173
Interest 2 6 5 6 5
Depreciation 92 105 110 124 132
Profit before tax 196 427 546 609 693
Tax % 27% 26% 26% 24% 25%
142 318 406 461 517
EPS in Rs 12.48 27.91 35.72 40.49 45.44
Dividend Payout % 16% 8% 8% 8% 1%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: 6%
TTM: 8%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 17%
TTM: 11%
Stock Price CAGR
10 Years: 10%
5 Years: 15%
3 Years: 6%
1 Year: 9%
Return on Equity
10 Years: %
5 Years: 13%
3 Years: 15%
Last Year: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 9 9 9 9 9
Reserves 2,105 2,400 2,781 3,205 3,681
0 0 0 66 55
523 613 591 505 680
Total Liabilities 2,637 3,022 3,382 3,785 4,426
536 587 673 736 732
CWIP 20 77 84 68 61
Investments 398 100 25 30 605
1,683 2,258 2,600 2,950 3,028
Total Assets 2,637 3,022 3,382 3,785 4,426

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
138 298 193 286 810
-177 -270 -131 -227 -696
-28 -31 -34 -44 -52
Net Cash Flow -68 -3 28 15 62
Free Cash Flow -38 171 -5 121 667
CFO/OP 82% 87% 66% 67% 144%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 96 80 90 107 83
Inventory Days 32 26 27 31 43
Days Payable 79 60 60 58 71
Cash Conversion Cycle 49 47 57 80 56
Working Capital Days 56 46 62 82 54
ROCE % 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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M&HCV Industry Production (>6 tons)
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Engineering / R&D Headcount
engineers ・Standalone data
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Product Deployment on Road (Cumulative Units)
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Shareholding Pattern

Numbers in percentages

2 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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