Z F Steering Gear (India) Ltd

₹ 730 -0.48%

15 May 2:05 p.m.

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 NSE

Market Cap ₹ 662 Cr.
Current Price ₹ 730
High / Low ₹ 1,320 / 570
Stock P/E 20.6
Book Value ₹ 575
Dividend Yield 0.00 %
ROCE 10.3 %
ROE 6.36 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company's working capital requirements have reduced from 57.9 days to 38.6 days

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has a low return on equity of 7.80% over last 3 years.
Dividend payout has been low at 5.07% of profits over last 3 years
Promoter holding has decreased over last 3 years: -4.56%

* 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

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	125.13	120.87	119.32	113.50	124.13	127.89	110.95	117.39	136.63	130.93	116.41	140.49	168.91
	109.26	102.48	106.01	103.47	113.30	110.19	98.64	106.13	121.39	114.36	102.89	122.77	151.90
Operating Profit	15.87	18.39	13.31	10.03	10.83	17.70	12.31	11.26	15.24	16.57	13.52	17.72	17.01
OPM %	12.68%	15.21%	11.15%	8.84%	8.72%	13.84%	11.10%	9.59%	11.15%	12.66%	11.61%	12.61%	10.07%
	8.37	7.10	6.39	13.28	11.02	9.40	6.95	2.97	8.89	7.54	1.13	6.55	5.25
Interest	0.25	0.15	0.16	0.15	0.45	0.73	0.62	0.71	0.80	0.83	0.61	0.81	1.11
Depreciation	9.10	7.76	8.13	8.49	9.02	7.06	7.78	8.23	8.35	6.61	7.01	7.27	8.48
Profit before tax	14.89	17.58	11.41	14.67	12.38	19.31	10.86	5.29	14.98	16.67	7.03	16.19	12.67
Tax %	29.55%	31.91%	-14.11%	18.00%	13.57%	24.81%	45.67%	31.19%	34.45%	28.31%	41.11%	28.97%	66.93%
	10.49	11.97	13.02	12.03	10.70	14.52	5.90	3.64	9.82	11.95	4.14	11.50	4.19
EPS in Rs	11.56	13.19	14.35	13.26	11.79	16.00	6.50	4.01	10.82	13.17	4.56	12.67	4.62
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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
	330	381	399	436	439	287	201	313	450	478	493	557
	272	302	317	347	364	254	183	272	394	425	436	492
Operating Profit	58	79	82	88	76	33	18	41	57	53	57	65
OPM %	18%	21%	21%	20%	17%	12%	9%	13%	13%	11%	11%	12%
	9	6	12	10	-56	4	26	21	13	38	28	20
Interest	1	2	2	3	2	1	0	0	1	1	3	3
Depreciation	23	25	28	33	31	32	38	31	32	33	31	29
Profit before tax	43	58	63	61	-14	3	7	30	37	56	50	53
Tax %	17%	23%	21%	23%	-90%	109%	-31%	39%	32%	15%	33%	40%
	36	45	50	47	-1	-0	9	18	25	48	34	32
EPS in Rs	39.19	49.66	54.80	51.88	-1.44	-0.31	9.75	20.14	28.04	52.59	37.35	35.03
Dividend Payout %	26%	25%	15%	15%	0%	0%	0%	0%	18%	15%	0%	0%

Compounded Sales Growth
10 Years:	4%
5 Years:	23%
3 Years:	7%
TTM:	13%

Compounded Profit Growth
10 Years:	-3%
5 Years:	30%
3 Years:	8%
TTM:	-5%

Stock Price CAGR
10 Years:	-7%
5 Years:	12%
3 Years:	5%
1 Year:	-27%

Return on Equity
10 Years:	8%
5 Years:	7%
3 Years:	8%
Last Year:	6%

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	239	270	329	370	359	358	368	386	411	454	481	513
	23	35	62	64	46	3	32	34	41	33	41	45
	65	61	61	68	73	66	57	44	50	49	64	65
Total Liabilities	336	375	462	510	487	436	466	473	510	545	594	631
	101	106	121	106	111	199	175	159	145	136	132	119
CWIP	1	1	0	1	26	7	2	2	2	4	2	2
Investments	137	165	190	231	152	107	120	119	155	142	169	148
	98	104	151	173	198	124	168	192	208	263	291	363
Total Assets	336	375	462	510	487	436	466	473	510	545	594	631

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
	48	67	63	68	73	75	-26	15	51	43	59	83
	-57	-54	-47	-55	-43	-29	1	-16	-62	-17	-70	-80
	-2	-14	-16	-10	-28	-44	26	-3	10	-13	-1	1
Net Cash Flow	-11	-1	-0	2	2	2	1	-4	-2	13	-12	3
Free Cash Flow	23	37	20	46	11	5	-36	-18	32	21	37	67
CFO/OP	99%	104%	96%	94%	113%	238%	-142%	49%	101%	100%	117%	143%

Ratios

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
Debtor Days	58	53	70	77	64	62	142	105	87	75	83	63
Inventory Days	44	37	60	58	54	49	116	111	73	78	72	58
Days Payable	70	64	69	74	51	71	94	53	44	37	49	45
Cash Conversion Cycle	32	26	61	61	67	41	164	163	115	115	105	76
Working Capital Days	16	6	25	28	29	31	77	104	70	74	61	39
ROCE %	15%	20%	18%	15%	13%	1%	2%	7%	9%	11%	10%	10%

Insights

In beta

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Installed Capacity - Renewable Energy (Wind)
MW

	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx
xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
	xx.xx	xx.xx	xx.xx	x.xx	xx.xx	xx.xx		xx.xx	xx.xx	xx.xx	x.xx
	x	x	x	x	x	x			x	x	x
	xxx,xxx	xxx,xxx

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Mechanical Steering Sales Volume
Units

Power Steering Sales Volume
Units

Renewable Energy Generation - Total
Million Units

Installed Capacity - Renewable Energy (Solar)
MW

Installed Capacity - Power Steering
Units per annum

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

1 Recently

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	67.18%	67.18%	67.18%	67.17%	67.17%	67.17%	67.01%	67.00%	66.93%	66.93%	62.79%	62.75%
	0.01%	0.01%	0.02%	0.02%	0.01%	0.03%	0.04%	0.03%	0.01%	0.01%	0.01%	0.01%
	32.83%	32.82%	32.80%	32.83%	32.82%	32.80%	32.96%	32.98%	33.06%	33.04%	37.20%	37.22%
No. of Shareholders	9,566	9,554	9,511	9,816	9,766	9,921	9,860	9,811	9,667	9,629	9,654	9,663

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	73.66%	73.66%	67.40%	67.45%	67.45%	67.43%	67.31%	67.17%	67.00%	62.75%
	0.18%	0.00%	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%	0.01%
	24.89%	26.33%	32.59%	32.54%	32.54%	32.56%	32.68%	32.83%	32.98%	37.22%
No. of Shareholders	10,588	11,691	11,651	11,092	10,343	9,689	9,789	9,816	9,811	9,663

* 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

Insights

Shareholding Pattern

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