MarketFriction

ZF Commercial Vehicle Control System India Ltd

NSE ZFCVINDIA · BSE 533023 · Auto Components & Equipments
₹2,241.00 -4.27%
NSE close2026-10-01
52 week range2,050.33 - 3,044.00
Market cap₹26,150 Cr.
P/E53.2
Nifty 500Smallcap 250 Price band 20% Delivery 64.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales9818879569389079561,0039639021,0581,1331,042
Expenses837756809800767781831835770863950911
Operating Profit144131147138139175172128132195183130
OPM %15%15%15%15%15%18%17%13%15%18%16%12%
Other Income243020264017276745244236
Interest111211111111
Depreciation272629293131323232323332
Profit before tax140134137133147160167161144185190134
Tax %25%25%26%26%25%22%25%26%26%25%26%26%
Net Profit1041001019910912512512010613914199
EPS in Rs9.178.758.888.729.6110.9811.0010.569.3612.1912.428.71
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,8322,0672,5732,8541,9301,8642,5433,4453,7843,8044,0554,134
Expenses1,5461,7412,1742,4431,6761,6582,2912,9743,2203,1783,4163,494
Operating Profit287326399411254206253470563626639640
OPM %16%16%16%14%13%11%10%14%15%16%16%15%
Other Income403646726239386796109176147
Interest002022265655
Depreciation56626271909092105109123130129
Profit before tax270300382411223152196427544607680652
Tax %25%29%29%31%29%32%27%26%26%24%26%
Net Profit203213273282159104142318405459507486
EPS in Rs17.8718.7623.9724.8013.969.1212.4827.9135.5740.3044.5242.68
Dividend Payout %6%6%6%6%12%20%16%8%8%8%2%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth8%17%6%8%
Compounded Profit Growth10%41%16%2%
Stock Price CAGR8%14%-4%7%
Return on Equity13%13%15%14%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital999999999999
Reserves8541,0581,2571,5161,7701,8851,9872,1052,4002,7793,2013,667
Borrowings00000000006655
Other Liabilities250455471643556286500523611581484637
Total Liabilities1,1131,5231,7372,1692,3362,1812,4962,6373,0203,3693,7604,368
Fixed Assets324335318359440471432536586669729720
CWIP183762521930502077836359
Investments392182984463135426403991012631606
Other Assets7339321,0591,3121,5631,1371,3741,6822,2562,5922,9372,983
Total Assets1,1131,5231,7372,1692,3362,1812,4962,6373,0203,3693,7604,368
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity124242180311150224138138299193274809
Cash from Investing Activity-45-241-120-205-429-165-24-178-270-135-211-697
Cash from Financing Activity-11-12-14-18-18-48-19-28-31-34-44-52
Net Cash Flow68-104688-2971196-69-2231860
Free Cash Flow521591062163113268-3817112123669
CFO/OP88%112%86%105%69%115%87%82%87%66%65%148%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days81879192816911596809010782
Inventory Days545843303036373226263141
Days Payable821159612183501107760595566
Cash Conversion Cycle53303812955415146588258
Working Capital Days735051374956615646638355
ROCE %21%27%24%26%23%11%7%9%19%21%20%19%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters75.00%75.00%75.00%67.49%67.49%63.16%63.16%60.00%60.00%60.00%60.00%60.00%
FIIs1.79%2.01%2.24%3.74%4.12%5.11%5.57%5.73%5.79%5.37%5.79%5.93%
DIIs15.90%15.78%15.77%21.20%21.03%23.85%23.32%26.36%26.25%26.68%26.21%25.45%
Public7.31%7.21%6.99%7.59%7.36%7.87%7.95%7.91%7.96%7.94%8.00%8.62%
No. of Shareholders24,37525,28924,09429,45728,86234,26933,90433,64032,23832,41031,65741,406

Fundamentals

Market Cap₹ 26,150 Cr.
Current Price₹ 2,298
Stock P/E53.2
Book Value₹ 323
ROCE19.1 %
ROE14.4 %
Dividend Yield0.17 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)8%
Compounded Profit Growth (TTM)2%
Standalone figures.
Valuation
Market capRs 25,504 Cr
Enterprise valueRs 23,937 Cr
P/E (TTM)52.52x
Price to book6.94x
Price to sales6.17x
EV / EBITDA30.44x
EV / EBIT36.41x
EV / sales5.79x
Price to cash flow31.51x
Earnings yield1.90%
Dividend yield0.03%
P/E, 3-year average9.80x
P/B, 3-year average1.39x
P/E, 5-year average11.35x
P/B, 5-year average1.34x
Profitability
Operating margin (excl. other income)15.77%
Operating margin (incl. other income)20.10%
EBITDA margin19.02%
Pre-tax margin15.78%
Net profit margin11.75%
Net margin, latest quarter9.51%
ROE14.71%
ROCE19.56%
ROA12.47%
ROE, 3-year average15.19%
ROCE, 3-year average20.30%
ROA, 3-year average12.67%
ROE, 5-year average13.31%
ROCE, 5-year average17.93%
ROA, 5-year average10.95%
ROIC (approx.)23.22%
Tax rate25.52%
Other income / net worth4.78%
Growth
Sales growth (latest year)6.61%
Profit growth (latest year)10.47%
Sales CAGR, 3 years5.59%
Sales CAGR, 5 years16.83%
Profit CAGR, 3 years16.84%
Profit CAGR, 5 years37.31%
Sales growth QoQ-8.04%
Profit growth QoQ-29.89%
Sales growth YoY (latest quarter)8.15%
Profit growth YoY (latest quarter)-17.53%
Per share
EPS (TTM)Rs 42.67
EPS (latest year)Rs 267.13
EPS (latest quarter)Rs 8.71
EPS, 3-year averageRs 240.78
EPS, 5-year averageRs 192.95
Book value per shareRs 323.04
Sales per shareRs 363.25
Cash flow per shareRs 71.12
Free cash flow per shareRs 58.78
Dividend per share (latest year)Rs 4.00
Dividend per share, 3-year averageRs 13.33
Dividend per share, 5-year averageRs 12.99
Dividends
Dividend payout1.50%
Dividend payout, 3-year average5.77%
Dividend payout, 5-year average8.22%
Efficiency
Asset turnover0.93x
Fixed asset turnover5.63x
Inventory turnover9.53x
Inventory days38 days
Debtor days82 days
Debtors turnover4.43x
Creditor days66 days
Cash conversion cycle58 days
Working capital days55 days
Leverage
Total debtRs 55 Cr
Cash and bankRs 1,622 Cr
Net debtRs -1,567 Cr
Debt to equity0.01x
Net debt / EBITDA-1.99x
Interest coverage127.42x
Current ratio (filing 2026-03-31)5.60x
Quick ratio (filing 2026-03-31)5.17x
Trade payables (filing 2026-03-31)Rs 421 Cr
Owners' fund to total sources84.17%
Debt to assets1.26%
Cash flow
Cash from Operating Activity (latest year)Rs 809 Cr
Cash from Investing Activity (latest year)Rs -697 Cr
Cash from Financing Activity (latest year)Rs -52 Cr
Net Cash Flow (latest year)Rs 60 Cr
Free cash flow (latest year)Rs 669 Cr
FCFE (approx.: FCF + change in debt)Rs 658 Cr
Cash from ops / profit, 5 years0.94x
Sales to cash flow5.01x
Statement figures
Net sales (TTM)Rs 4,134 Cr
Net sales (latest year)Rs 4,055 Cr
Sales (latest quarter)Rs 1,042 Cr
Operating profit excl. other income (latest year)Rs 639 Cr
Operating profit (latest quarter)Rs 130 Cr
Other income (TTM)Rs 147 Cr
EBITDA (TTM)Rs 786 Cr
PBDT (TTM)Rs 781 Cr
Profit before tax (TTM)Rs 652 Cr
Tax (latest year)Rs 174 Cr
Net profit (TTM)Rs 486 Cr
Net profit (latest year)Rs 507 Cr
Net profit (latest quarter)Rs 99 Cr
Depreciation (TTM)Rs 129 Cr
Depreciation (latest quarter)Rs 32 Cr
Interest (TTM)Rs 5 Cr
Cost of goods sold (latest year)Rs 2,513 Cr
Total expenditure (latest year)Rs 3,416 Cr
Total income (latest year)Rs 4,231 Cr
Share capitalRs 9 Cr
ReservesRs 3,667 Cr
Shareholders' fundsRs 3,676 Cr
Total assetsRs 4,368 Cr
Net blockRs 720 Cr
Capital work in progressRs 59 Cr
InvestmentsRs 606 Cr
ReceivablesRs 915 Cr
InventoryRs 264 Cr
Other liabilitiesRs 637 Cr
Shares outstanding (crore)11.38
Ownership
Promoter holding60.00% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 52.5 is at the 27th percentile of its own 9.4-year range (median 64.4, low 41.2, high 155.3).
P/B 6.94 is at the 22th percentile (median 8.07).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodZFCVINDIANifty 50Difference
1 week-4.5%-2.8% -1.7 pts
1 month-12.0%-6.8% -5.2 pts
3 months-7.3%-7.6% +0.4 pts
6 months-2.3%+0.4% -2.7 pts
1 year+5.0%-9.9% +14.9 pts
2 years-17.7%-13.6% -4.2 pts
3 years-13.5%+14.2% -27.7 pts
5 years+85.4%+27.9% +57.5 pts
137 mutual fund schemes hold about ₹7,142 Cr. Over three months 43 bought more and 27 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Small Cap Fund2.50%1,065 +0%
Kotak Mid Cap Fund1.00%710 +31%
Nippon India Growth Mid Cap Fund0.99%517 +0%
SBI Large & Midcap Fund1.04%440 +3%
Nippon India Multi Cap Fund0.58%329 +3%
ICICI Pru Small Cap Fund1.76%172 +10%
Invesco India Smallcap Fund1.09%171 -9%
Nippon India Small Cap Fund0.21%170 +1%
ICICI Pru Small Cap Fund1.76%167 +10%
Sundaram Mid Cap Fund1.07%160 -2%
Abakkus Flexi Cap Fund2.49%158 +23%
Sundaram Mid Cap Fund1.07%156 -2%
Franklin India Small Cap Fund0.94%139 +4%
Canara Rob Large and Mid Cap Fund0.48%127 +2%
HSBC Small Cap Fund0.60%114 -0%
ICICI Pru Innovation Fund1.30%102 -17%
SBI MNC Fund1.51%101 -29%
SBI Multi Asset Allocation Fund(A0.46%97 -2%
ICICI Pru Transportation and Logistics Fund2.12%88 -10%
Tata Mid Cap Fund1.38%86 +0%
Nippon India Innovation Fund2.76%86 -15%
Mahindra Manulife Small Cap Fund1.53%84 -7%
SBI Automotive Opportunities Fund1.44%83 -42%
UTI Mid Cap Fund0.63%81 +100%
Nippon India Multi Asset Allocation Fund0.43%77 -5%

Red flags

F-score 5 of 8
lookRegulator order or action Regulator order or action 2026-10-02: ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Action(s) taken or orders passed
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2025-06-06WABCO Asia Private LimitedPromoterssell600,133Rs 791.64 CrMarket Sale
2024-11-27Wabco Asia Private LimitedPromoterssell820,000Rs 1022.15 CrMarket Sale
2024-06-19Wabco Asia Private LimitedPromoterssell1,425,000Rs 2193.72 CrMarket Sale
2021-08-26ZF International UK LimitedPromoter Groupsell380,432Rs 266.12 CrMarket Sale
2021-06-25ZF International UK LimitedPromoter Groupsell650,000Rs 438.78 CrMarket Sale
2021-03-26ZF International UK LimitedPromoter Groupsell2,404,343Rs 0.00 CrMarket Sale
2020-09-02ZF International UK LimitedPromotersbuy3,434,775Rs 2427.53 CrMarket Purchase
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹1,042 Cr +8.2% vs Jun 2025. Net profit ₹99 Cr -17.5%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-10Dividend - Rs 4 Per Share
2026-06-24Bonus 5:10.1667
2025-08-08Dividend - Rs 19 Per Share
2024-07-15Dividend - Rs 17 Per Share
2023-07-07Dividend - Rs 13 Per Share
2022-07-07Annual General Meeting/Dividend - Rs 12 Per Share
2021-09-16 Dividend - Rs 11 Per Share
2020-03-26 Interim Dividend- Rs 10 Per Share
2019-08-06 Dividend - Rs 9 Per Share
2018-07-19 Dividend- Rs 8 Per Share
2017-09-14 Dividend - Rs 7/- Per Share
2016-07-25 Dividend Rs.6/- Per Share
2015-07-27Annual General Meeting / Dividend - Rs. 5/- Per Share
2014-07-17Annual General Meeting And Dividend Rs.5/- Per Share
2013-07-17Annual General Meeting And Dividend Rs.5/- Per Share
2012-07-18Annual General Meeting And Dividend - Rs.5/- Per Share
2011-07-20Annual General Meeting And Dividend Rs.5/- Per Share
2010-08-18Dividend-Rs.2.50 Per Share
2009-09-17Annual General Meeting
2008-12-12Int Div-Rs.2.50 Per Sharepurpose Revised
DateTypeWhat it says
2026-10-02Regulatory actionAction(s) taken or orders passed
2026-09-30Press ReleaseA press release dated September 30, 2026, titled "ZF CVCS India Secures NABL Accreditation for its HemiAnechoic Chamber, Strengthening Advanced Vehicl...
2026-09-21Concall / analyst meetOutcome of Analyst/Financial Institution/Investor Meetings
2026-09-21Concall / analyst meetPresentation
2026-09-18Regulatory actionAction(s) taken or orders passed
2026-09-15ResignationResignation of Mr. Ponraj Pandian as Other of the company w.e.f. September 15, 2026.
2026-09-15Concall / analyst meetSchedule of meet
2026-09-01AppointmentAppointment of Mr Rakesh Mishra as Chief Financial Officer of the company w.e.f. September 01, 2026.
2026-08-12Regulatory actionReceipt of show cause notice
2026-08-03Concall / analyst meetTranscript
2026-07-28Shareholder meetingVoting results
2026-07-28Concall / analyst meetLink of Recording
2026-07-28Shareholder meetingVoting results.
2026-07-28Press ReleaseA press release dated July 28, 2026, titled " ZF CVCS India Secures ESC Business Nominations from Three Major OEMs as India Prepares for New Truck Saf...
2026-07-24Shareholder meetingProceedings of Annual General Meeting held on July 24, 2026
2026-07-24Change in ManagementChange in Management
2026-07-24Board meeting outcomeZF Commercial Vehicle Control Systems India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-21Concall / analyst meetSchedule of meet
2026-07-03General UpdatesGeneral Updates
2026-07-02UpdatesBusiness Responsibility and Sustainability Report &Limited Assurance Statement for FY 2025-26.
2026-07-02Shareholder meetingNotice of Annual General Meeting to be held on July 24, 2026
2026-06-30ResignationResignation of Ms Sweta Agarwal as Chief Financial Officer of the company w.e.f. Jun 30, 2026.
2026-06-30ResignationResignation of Director/KMP/SMP
2026-06-25General UpdatesGeneral Updates
2026-06-17Record DateRecord date for the purpose of Bonus is 24-Jun-2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of ZF Commercial Vehicle Control System India Ltd?

ZF Commercial Vehicle Control System India Ltd (ZFCVINDIA) has a market capitalisation of Rs 26,150 Cr. at the 2026-10-01 close.

What is the P/E ratio of ZF Commercial Vehicle Control System India Ltd?

ZF Commercial Vehicle Control System India Ltd trades at a P/E of 53.2 on trailing twelve-month profit, at the 2026-10-01 close.

What were ZF Commercial Vehicle Control System India Ltd's latest quarterly results?

In the Jun 2026 quarter, ZF Commercial Vehicle Control System India Ltd sales was Rs 1,042 Cr (+8.2% vs Jun 2025) and net profit was Rs 99 Cr.

What is the 52-week high and low of ZF Commercial Vehicle Control System India Ltd?

The 52-week high is Rs 3,044.00 and the 52-week low is Rs 2,050.33.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03