ZF Commercial Vehicle Control Systems India (ZFCVINDIA) had a P/E of 2.4× on 6 Nov 2026, below the industry P/E of 25.6×, and the shares are 25% below their 52-week high. It earns ROCE of 19% and ROE of 15%, and sales and net profit grew 6.2% and 18% a year over 3 years. It has almost no debt, and its dividend yield is 0.2%. It is a small-cap company with a market cap of ₹26,088 Cr, ranked 16th of 140 Auto Parts companies by market cap; the shares rose 7.8% over the past year.
- ₹2,310.00
- ₹2,345.20
- ₹2,270.00
- ₹2,309.10
- 40.5K
Health check
- ReturnsIn line
+7.8% over a year, better than 4 of 7 peers.
- Price tagCheaper
P/E 2.4 vs industry 25.6.
- GrowthSlow
Sales +6.2%, profit +17.6% a year over 3 years.
- ProfitabilityAverage
ROCE 18.5% vs peer median 15.6%.
- Balance sheetSolid
Practically debt-free, Piotroski 6 of 9.
- Red flags1 to check
Quarterly profit down 14.6% on a year ago.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹26,088 Cr
- Small cap
- P/E
- 2.4
- Industry 25.6
- Price to book
- 7.07
- Peers 8.75
- Dividend yield
- 0.17%
- ROE
- 15.0%
- Peers 12.3%
- ROCE
- 18.5%
- Peers 15.6%
- Debt to equity
- 0.01
- Debt ₹55 Cr
- EPS (TTM)
- ₹952.69
- Face value ₹5
- OPM (TTM)
- 9.9%
- Net margin 11.9%
- Sales growth
- +9.3%
- Latest quarter vs a year ago
- Profit growth
- −14.6%
- Latest quarter vs a year ago
- Price to sales
- 6.20
- EV/EBITDA 36.4
Strengths and risks
Strengths
- Practically debt-free.
- P/E of 2.4 against an industry P/E of 25.6.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- Quarterly profit down 14.6% on a year ago.
About ZF Commercial Vehicle Control Systems India
ZF Commercial Vehicle Control Systems India Limited manufactures and sells air brake actuation systems for commercial vehicles in India and internationally. The company offers various products for trucks, trailers, buses, coaches, and light commercial vehicles comprising advanced driver assistance systems (ADAS) and air disc brakes; intelligent trailer programs and tire pressure monitoring systems; collision mitigation systems, autonomous emergency…
- Headquarters
- Chennai
- Employees
- 2,491
- Sector
- Consumer Cyclical
- ISIN
- INE342J01019
- Website
- zf.com
Price range
- Avg volume (3M)
- 90.2K
- 1-year return
- plus 7.8%
- From 52-week high
- minus 24.7%
Peers · Auto Parts
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MOTHERSONSamvardhana Motherson International | 158.55 | minus 5.62% | 1,68,549 | 35.4 | 3.70 | 11.5% | 10.2% | 9.6% | 17.1% | 37.2% | 0.32% | plus 60.8% |
| BOSCHLTDBosch | 50,700.00 | minus 3.38% | 1,49,545 | 54.2 | 19.50 | 24.2% | 19.4% | 13.4% | 10.3% | 24.8% | 0.53% | plus 38.6% |
| UNOMINDAUNO Minda | 1,326.00 | minus 0.67% | 76,572 | 58.1 | 11.21 | 20.5% | 19.1% | 11.0% | 20.5% | 22.3% | 0.22% | plus 6.6% |
| SONACOMSSona BLW Precision Forgings | 900.00 | minus 1.67% | 56,266 | 75.0 | 8.75 | 13.2% | 11.9% | 23.2% | 18.8% | 17.4% | 0.40% | plus 89.2% |
| SCHAEFFLERSchaeffler India | 3,519.70 | minus 1.17% | 55,014 | 41.9 | 8.97 | 25.7% | 20.2% | 17.9% | 12.3% | 9.4% | 0.99% | minus 13.9% |
| MRFMRF | 1,25,295.00 | minus 0.50% | 53,139 | 22.0 | 2.53 | 15.6% | 12.3% | 15.1% | 10.6% | 46.7% | 0.19% | minus 20.3% |
| BALKRISINDBalkrishna Industries | 2,410.00 | plus 0.34% | 46,589 | 32.7 | 4.25 | 13.8% | 11.6% | 21.1% | 3.6% | 5.5% | 0.71% | plus 1.6% |
| ZFCVINDIAZF Commercial Vehicle Control Systems India | 2,292.30 | minus 0.73% | 26,088 | 2.4 | 7.07 | 18.5% | 15.0% | 9.9% | 6.2% | 17.6% | 0.17% | plus 7.8% |
| Median of 7 peers | – | −1.17% | 56,266 | 41.9 | 8.75 | 15.6% | 12.3% | 15.1% | 12.3% | 22.3% | 0.40% | 6.6% |
Quarterly results
| ₹ Cr | Mar 25 | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|---|
| 1,010 | 976 | – | 1,075 | 1,148 | 1,066 | |
| – | – | – | – | +13.6% | +9.3% | |
| 835 | 844 | – | 876 | 958 | 928 | |
| 175 | 132 | – | 199 | 190 | 138 | |
| 17.3% | 13.5% | – | 18.5% | 16.5% | 12.9% | |
| 27.1 | 66.6 | – | 30 | 41.6 | 35.6 | |
| 1.4 | 1.3 | – | 1.8 | 1 | 1.2 | |
| 32 | 32.7 | – | 32.9 | 33.9 | 32.3 | |
| – | – | – | −7.9 | – | – | |
| 169 | 164 | – | 187 | 197 | 140 | |
| 24.9% | 25.4% | – | 24.8% | 25.6% | 25.4% | |
| 127 | 122 | – | 140 | 146 | 104 | |
| – | – | – | – | +15.5% | minus 14.6% | |
| – | 64.52 | 9.51 | 12.32 | 12.86 | 918.00 |
Profit & loss
- Sales CAGR 3Y
- +6.2%
- Profit CAGR 3Y
- +17.6%
- EPS CAGR 3Y
- +17.6%
- ROE
- 15.0%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 3,416 | 3,784 | 3,794 | 4,091 | |
| – | +10.8% | +0.2% | +7.8% | |
| 2,939 | 3,215 | 3,162 | 3,424 | |
| 477 | 570 | 632 | 667 | |
| 14.0% | 15.1% | 16.7% | 16.3% | |
| 61.3 | 88.3 | 99.5 | 146 | |
| 5.7 | 5 | 5.7 | 5.3 | |
| 105 | 110 | 124 | 132 | |
| −1.2 | 3.3 | 8.1 | 16.9 | |
| 427 | 546 | 609 | 693 | |
| 25.6% | 25.6% | 24.4% | 25.4% | |
| 318 | 406 | 461 | 517 | |
| – | +27.9% | +13.4% | +12.2% | |
| 27.91 | 35.71 | 40.48 | 45.44 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 9.5 | 9.5 | 9.5 | 9.5 | |
| 2,400 | 2,781 | 3,205 | 3,681 | |
| 65.3 | 68.4 | 66.1 | 54.8 | |
| 548 | 523 | 505 | 680 | |
| 3,022 | 3,382 | 3,785 | 4,425 | |
| 664 | 754 | 796 | 803 | |
| 88.9 | 94.2 | 73.8 | 83 | |
| – | 1.8 | 1.8 | 1.8 | |
| 1,265 | 1,320 | 1,496 | 2,230 | |
| 1,004 | 1,212 | 1,417 | 1,307 | |
| 3,022 | 3,382 | 3,785 | 4,425 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 298 | 193 | 286 | 810 | |
| −271 | −131 | −228 | −707 | |
| −31.1 | −34.1 | −44.1 | −52.1 | |
| −3.7 | 27.8 | 14.2 | 50.6 | |
| −128 | −198 | −166 | −146 | |
| 171 | −5.5 | 120 | 664 | |
| −22.8 | −24.7 | −32.2 | −36 |
Shareholding pattern
- Promoters60.00%
- Public40.00%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 60.00% | 40.00% | 0.00 | |
| 30 Jun 2026 | 60.00% | 40.00% | 0.00 | |
| 25 Jun 2026 | 60.00% | 40.00% | 0.00 | |
| 31 Mar 2026 | 60.00% | 40.00% | 0.00 | |
| 31 Dec 2025 | 60.00% | 40.00% | – |
Major shareholders
Filings & events
News
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