Z F Steering Gear (India) Ltd

₹ 1,603 0.88%

13 Dec - 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 ₹ 1,454 Cr.
Current Price ₹ 1,603
High / Low ₹ 1,947 / 762
Stock P/E 33.7
Book Value ₹ 525
Dividend Yield 0.50 %
ROCE 11.2 %
ROE 10.2 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.

Cons

Stock is trading at 3.06 times its book value
Company has a low return on equity of 7.22% over last 3 years.
Earnings include an other income of Rs.40.6 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

Sector: Auto Ancillaries Industry: Auto Ancillaries

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	69.66	85.24	105.44	110.29	105.74	109.27	125.13	120.87	119.32	113.50	124.13	127.89	110.95
	62.43	73.75	88.86	91.93	94.88	98.24	109.26	102.48	106.01	103.47	113.30	110.19	98.64
Operating Profit	7.23	11.49	16.58	18.36	10.86	11.03	15.87	18.39	13.31	10.03	10.83	17.70	12.31
OPM %	10.38%	13.48%	15.72%	16.65%	10.27%	10.09%	12.68%	15.21%	11.15%	8.84%	8.72%	13.84%	11.10%
	7.93	4.30	2.77	-2.70	4.44	3.87	8.37	7.10	6.39	13.28	11.02	9.40	6.95
Interest	0.04	0.05	0.17	0.16	0.15	0.16	0.25	0.15	0.16	0.15	0.45	0.73	0.62
Depreciation	7.75	7.83	8.26	6.84	7.77	8.47	9.10	7.76	8.13	8.49	9.02	7.06	7.78
Profit before tax	7.37	7.91	10.92	8.66	7.38	6.27	14.89	17.58	11.41	14.67	12.38	19.31	10.86
Tax %	22.66%	27.31%	72.44%	42.26%	25.75%	28.71%	29.55%	31.91%	-14.11%	18.00%	13.57%	24.81%	45.67%
	5.70	5.75	3.01	5.00	5.48	4.47	10.49	11.97	13.02	12.03	10.70	14.52	5.90
EPS in Rs	6.28	6.34	3.32	5.51	6.04	4.93	11.56	13.19	14.35	13.26	11.79	16.00	6.50
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	313	291	330	381	399	436	439	287	201	313	450	478	476
	248	232	272	302	317	347	364	254	183	272	394	425	426
Operating Profit	65	59	58	79	82	88	76	33	18	41	57	53	51
OPM %	21%	20%	18%	21%	21%	20%	17%	12%	9%	13%	13%	11%	11%
	11	7	9	6	12	10	-56	4	26	21	13	38	41
Interest	4	1	1	2	2	3	2	1	0	0	1	1	2
Depreciation	23	21	23	25	28	33	31	32	38	31	32	33	32
Profit before tax	49	45	43	58	63	61	-14	3	7	30	37	56	57
Tax %	48%	69%	17%	23%	21%	23%	-90%	109%	-31%	39%	32%	15%
	26	14	36	45	50	47	-1	-0	9	18	25	48	43
EPS in Rs	28.24	15.54	39.19	49.66	54.80	51.88	-1.44	-0.31	9.75	20.14	28.04	52.59	47.55
Dividend Payout %	28%	45%	26%	25%	15%	15%	0%	0%	0%	0%	18%	15%

Compounded Sales Growth
10 Years:	5%
5 Years:	2%
3 Years:	33%
TTM:	0%

Compounded Profit Growth
10 Years:	15%
5 Years:	-3%
3 Years:	73%
TTM:	8%

Stock Price CAGR
10 Years:	7%
5 Years:	34%
3 Years:	54%
1 Year:	107%

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

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	9	9	9	9	9	9	9	9	9	9	9	9	9
Reserves	210	217	239	270	329	370	359	358	368	386	411	454	467
	19	15	23	35	62	64	46	3	32	34	41	33	38
	70	69	65	61	61	68	73	66	57	44	50	49	49
Total Liabilities	308	310	336	375	462	510	487	436	466	473	510	545	564
	99	96	101	106	121	106	111	199	175	159	145	136	136
CWIP	6	4	1	1	0	1	26	7	2	2	2	4	1
Investments	91	99	137	165	190	231	152	107	120	119	155	142	158
	112	110	98	104	151	173	198	124	168	192	208	263	268
Total Assets	308	310	336	375	462	510	487	436	466	473	510	545	564

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	48	26	48	67	63	68	73	75	-26	15	51	43
	17	-28	-57	-54	-47	-55	-43	-29	1	-16	-62	-17
	-57	-13	-2	-14	-16	-10	-28	-44	26	-3	10	-13
Net Cash Flow	8	-16	-11	-1	-0	2	2	2	1	-4	-2	13

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	44	59	58	53	70	77	64	62	142	105	87	75
Inventory Days	50	53	44	37	60	58	54	49	116	111	73	78
Days Payable	70	82	70	64	69	74	51	71	94	53	44	37
Cash Conversion Cycle	25	31	32	26	61	61	67	41	164	163	115	115
Working Capital Days	12	22	27	29	62	63	40	31	134	137	100	97
ROCE %	17%	17%	15%	20%	18%	15%	13%	1%	2%	7%	9%	11%

Shareholding Pattern

Numbers in percentages

7 Recently

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	67.43%	67.43%	67.43%	67.41%	67.41%	67.31%	67.18%	67.18%	67.18%	67.17%	67.17%	67.17%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.01%	0.03%
	32.56%	32.56%	32.56%	32.59%	32.59%	32.68%	32.83%	32.82%	32.80%	32.83%	32.82%	32.80%
No. of Shareholders	9,871	9,689	9,550	9,752	9,869	9,789	9,566	9,554	9,511	9,816	9,766	9,921

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	73.66%	73.66%	67.40%	67.45%	67.45%	67.43%	67.31%	67.17%	67.17%
	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%	32.80%
No. of Shareholders	10,588	11,691	11,651	11,092	10,343	9,689	9,789	9,816	9,921

* 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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