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Profit & Loss
Balance Sheet
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Mkt Cap
Market Capitalization
₹27,934Cr
Auto Ancillaries - Diversified
Rev Gr TTM
Revenue Growth TTM
5.24%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

ZFCVINDIA
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 24.9 | 21.1 | 25.1 | 2.6 | -1.9 | -2.2 | -8.2 | 7.1 | 5.5 | 3.1 | 0.3 | 11.7 |
| 833 | 826 | 846 | 765 | 813 | 807 | 771 | 785 | 837 | 844 | 779 | 876 |
Operating Profit Operating ProfitCr |
| 14.7 | 14.6 | 14.7 | 14.9 | 15.2 | 14.7 | 15.4 | 18.4 | 17.3 | 13.5 | 14.7 | 18.5 |
Other Income Other IncomeCr | 18 | 21 | 24 | 29 | 20 | 25 | 39 | 17 | 27 | 67 | 45 | 22 |
Interest Expense Interest ExpenseCr | 0 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 2 |
Depreciation DepreciationCr | 27 | 28 | 27 | 26 | 29 | 29 | 31 | 32 | 32 | 33 | 32 | 33 |
| 135 | 134 | 141 | 135 | 136 | 134 | 146 | 161 | 169 | 164 | 146 | 187 |
| 34 | 34 | 36 | 35 | 36 | 34 | 37 | 35 | 42 | 42 | 38 | 46 |
|
Growth YoY PAT Growth YoY% | 78.8 | 59.8 | 54.0 | 18.1 | -1.0 | -0.3 | 3.3 | 24.4 | 26.5 | 23.1 | -0.8 | 11.7 |
| 10.4 | 10.3 | 10.7 | 11.2 | 10.4 | 10.5 | 12.0 | 13.0 | 12.5 | 12.5 | 11.9 | 13.0 |
| 53.4 | 52.6 | 55.7 | 53.2 | 52.8 | 52.4 | 57.5 | 66.2 | 66.8 | 64.5 | 57.1 | 73.9 |
| Financial Year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 35.4 | 10.8 | 0.4 | 3.8 |
| 2,291 | 2,974 | 3,249 | 3,200 | 3,335 |
Operating Profit Operating ProfitCr |
| 9.9 | 13.7 | 14.8 | 16.5 | 16.1 |
Other Income Other IncomeCr | 38 | 67 | 95 | 108 | 161 |
Interest Expense Interest ExpenseCr | 2 | 6 | 5 | 6 | 6 |
Depreciation DepreciationCr | 92 | 105 | 110 | 124 | 130 |
| 196 | 427 | 546 | 609 | 665 |
| 54 | 109 | 140 | 149 | 168 |
|
| | 123.6 | 27.9 | 13.4 | 8.0 |
| 5.6 | 9.2 | 10.7 | 12.0 | 12.5 |
| 74.9 | 167.5 | 214.3 | 242.9 | 262.3 |
| Financial Year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 9 | 9 | 9 | 9 | 9 |
| 2,105 | 2,400 | 2,781 | 3,205 | 3,402 |
Current Liabilities Current LiabilitiesCr | 498 | 536 | 510 | 490 | 526 |
Non Current Liabilities Non Current LiabilitiesCr | 24 | 78 | 81 | 81 | 75 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 1,956 | 2,239 | 2,475 | 2,842 | 3,104 |
Non Current Assets Non Current AssetsCr | 681 | 784 | 907 | 944 | 909 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 138 | 298 | 193 | 286 |
Investing Cash Flow Investing Cash FlowCr | -177 | -271 | -131 | -228 |
Financing Cash Flow Financing Cash FlowCr | -28 | -31 | -34 | -44 |
|
Free Cash Flow Free Cash FlowCr | 38 | 171 | -2 | 121 |
| 97.3 | 94.0 | 47.5 | 62.1 |
CFO To EBITDA CFO To EBITDA% | 54.7 | 63.5 | 34.0 | 45.3 |
| Financial Year | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 14,432 | 19,679 | 28,702 | 24,633 |
Price To Earnings Price To Earnings | 101.6 | 62.0 | 70.7 | 53.5 |
Price To Sales Price To Sales | 5.7 | 5.7 | 7.5 | 6.4 |
Price To Book Price To Book | 6.8 | 8.2 | 10.3 | 7.7 |
| 54.5 | 39.4 | 48.4 | 36.7 |
Profitability Ratios Profitability Ratios |
| 35.4 | 36.2 | 38.5 | 42.0 |
| 9.9 | 13.7 | 14.8 | 16.5 |
| 5.6 | 9.2 | 10.7 | 12.0 |
| 9.3 | 18.0 | 19.8 | 19.1 |
| 6.7 | 13.2 | 14.6 | 14.3 |
| 5.4 | 10.5 | 12.0 | 12.2 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
ZF Commercial Vehicle Control Systems India Ltd. (ZF CVCS India) is a leading technology provider in the Indian commercial vehicle (CV) sector and a strategic arm of the global ZF Group. Headquartered in Chennai, it operates as a market leader in advanced and conventional braking systems, air-assisted technologies, and next-generation mobility solutions under the Autonomous, Connected, and Electric (ACE) domains. With a 60+ year legacy in India, including its roots in WABCO India, the company has evolved into a full-scale system solutions partner for OEMs, fleets, and aftermarket stakeholders.
The company is at the forefront of enabling India’s mobility transition through innovation in e-mobility, digitalization, automated driving, and sustainable manufacturing, aligning closely with government initiatives such as BS-VI, Gati Shakti, PM e-Drive, and AIS safety mandates.
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### **Manufacturing & Operational Footprint (India)**
ZF CVCS India operates **six strategically located manufacturing facilities**, ensuring proximity to key OEMs and enhancing responsiveness:
- **Ambattur, Chennai (est. 2005):** The largest facility (10 acres, 16,000 sq.m), contributing over **60% of domestic output**. It operates 102 assembly lines and 40 machining lines, employing ~2,000 personnel.
- **Mahindra World City, Chennai (est. 2008):** 7.5-acre export-focused **Center of Excellence (CoE)** for precision components (air compressors, actuators), serving 92+ global customers. 100% solar-powered with 33% of energy from renewables.
- **Jamshedpur, Jharkhand (est. 2007):** Serves Tata Motors and Cummins via **Just-in-Time (JIT)** deliveries. Recognized with the **TPM Excellence Award (2018)**.
- **Lucknow, Uttar Pradesh (est. 2013):** Agile manufacturing hub for northern India, with wiring harness specialization and JIT delivery capabilities.
- **Pantnagar, Uttarakhand (est. 2012):** Provides last-mile customization and JIT support for Ashok Leyland, with 30% solar energy usage.
- **Oragadam, Tamil Nadu (launched 2024):** The newest and most technologically advanced plant, acting as a **global Center of Excellence for e-mobility and brake actuators**. Entirely powered by a **450 kWp solar system**, targeting water neutrality by 2025.
- **Capacity Utilization:** 65–80% across 5 plants; Oragadam is scaling up.
- **Renewable Energy:** All new facilities (Oragadam, Mahindra World City) are fully solar-powered; Pantnagar and Jamshedpur use 30–33% solar energy.
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### **Product & Technology Portfolio**
ZF offers integrated system-level and subsystem-level solutions across:
#### **1. Core Product Lines (Manufactured in India)**
- **e-Mobility:** e-Compressors, Electric Braking Systems (EBS), Electronic Control Units (ECUs)
- **Braking Systems:** ABS, ESC (Electronic Stability Control), Hydraulic ESC, T-ABS, T-EBS
- **Air Management:** Twin-cylinder compressors, Air Supply Units (ASP), Air Suspension Processing cartridges
- **Transmission & Drive:** Automated Manual Transmissions (AMT – OptiDrive), Electronic Control Units (ECUs), auxiliary power units (APUs)
- **Wheel-End & Suspension:** Actuators, brake chambers, slack adjusters, ECAS (Electronically Controlled Air Suspension)
- **Trailer Technologies:** Trailer Pulse, SCALAR Evo Pulse, air disc brakes (TABS), Intelligent Trailer Program
- **Light Commercial Vehicles (LCV):** Hydraulic brake systems, vacuum pumps, ADAS, lightweight calipers
#### **2. Digital & Connected Solutions (SCALAR Platform Suite)**
- **SCALAR Evo Pulse:** India’s first advanced **trailer telematics solution** (secured 800-unit order from leading trailer OEM).
- **SCALAR for Trucks:** Multi-brand fleet management SaaS platform.
- **ZF Video Management Solution (VMS):** AI-powered video telematics for driver monitoring and safety.
- **Trailer Pulse:** Real-time trailer diagnostics via EBS data.
- **Firmware Over-The-Air (FOTA):** Remote software updates for connected systems.
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### **Strategic Focus Areas**
#### **1. ACE Mobility (Autonomous, Connected, Electric)**
- A core strategy driving R&D and product development:
- **Electric Mobility:** e-compressors, EBS, ESC, ECAS for EVs; partnerships with E-bus OEMs (Olectra, PMI, JBM).
- **Connected:** 188,000+ vehicles/trailers connected via SCALAR platforms; ~7,000 added monthly.
- **Autonomous:** ADAS portfolio (AEB, LDWS, DDAW) being deployed ahead of regulatory mandates.
#### **2. R&D & Engineering Leadership**
- **India R&D Center:** Over 1,000 engineers dedicated to embedded software, digitalization, mechatronics, and ACE technologies.
- **Key R&D Facilities:** ESC Test Track (TÜV & ARAI certified), Electronics Lab, CoE for Global Compressor Testing, Anechoic Chambers.
- **Localization:** Frugal engineering to adapt global tech for Indian cost, climate, and usage conditions.
- **Collaborations:** With IIT Madras (MiNT consortium), SRMIST (solar e-shuttle), and OEMs for homologation and system integration.
#### **3. Aftermarket & Digital Services**
- **Nationwide Network:** 550+ dealers/distributors, **280 authorized service centers**, 12,000 retail touchpoints.
- **Services:** Predictive maintenance, retrofit solutions (TABS, PAS-ADAS), genuine parts, training.
- **Growth:** Aftermarket grew 5.5% YoY in FY24–25. Regulatory mandates (e.g., T-EBS for LPG trailers) to drive future growth.
- **Digital Model:** E-commerce-based expansion, subscription services (SCALAR), cloud analytics.
#### **4. Export Growth & Localization**
- **Exports:** 41.05% of total turnover (up from 37.86% in 2024), to 15 countries (Americas, Europe, Asia, Africa).
- **Key Export Products:** Twin-cylinder compressors (DAF, Daimler), actuators, ECUs, e-compressors.
- **Localization Milestone:** Achieved **62% domestic value addition for eComp**, reducing import dependency.
- **PLI Scheme:** INR 120 crore investment planned to support advanced tech localization.
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### **Regulatory & Market Tailwinds**
- **ESC Mandate (Sep 2025):** Mandatory for all buses – a *major growth catalyst*. ZF is scaling production and already supplies ESC to 40% of buses.
- **ADAS Mandate (2025–26):** Expected regulations (AEB, LDWS, MOIS, DDAW) position ZF as a preferred partner.
- **AIS 113 (Trailer Safety):** Driving adoption of T-ABS/T-EBS and SCALAR solutions.
- **EV Bus Tenders:** Acceleration under PM e-Drive boosting demand for e-mobility components.
- **Extended Road Trains (25.25m):** Fuels demand for advanced transmissions (AMT) and safety systems.
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### **Partnerships & Customer Engagement**
- **OEM Collaboration:** Deep integration with Ashok Leyland, Tata Motors, Volvo Eicher, DAF, Daimler Trucks, Force Motors, Mahindra.
- **Technology Pioneer:** First in India to launch ABS, AMT, ESC, ADAS, ECAS, Intelligent Trailer Program.
- **Fleet Solutions:** Working with fleets to reduce **Total Cost of Ownership (TCO)** via uptime optimization, predictive maintenance, and data insights.
- **Global Gateway:** Helps Indian OEMs access international markets with export-compliant, ZF-validated technologies.
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### **Sustainability & Innovation**
- **Smart Manufacturing:** Cloud-based **Digital Manufacturing Platform (DMP)** with Industrial IoT, enabling paperless shopfloors, predictive maintenance, and data-driven decisions.
- **Automation:** 20+ AI/ML applications deployed; cobots and robots used across facilities.
- **Eco-Footprint:** Renewable energy integration, water neutrality targets (2025), and zero-landfill aspirations.
- **Innovation Culture:** 544 new hires in 2022–23; IP filing initiatives; Re-DtC and VAVE programs for cost-efficient redesign.
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### **Key Recent Milestones (May 2025)**
- Secured order for **800 SCALAR Evo Pulse** units — a breakthrough in smart trailers.
- Repeat order for **AI-based Video Management System (VMS)**, signaling rising trust in ZF’s safety tech.
- Ready for **ESC rollout in buses (Sep 2025)**; preparing for **ADAS mandate** with OEMs.
- LCV hydraulic ESC launched — **first-mover advantage** with no direct competitors; sold to Force Motors, Mahindra, Swaraj Mazda.
- New products: Exhaust Brake Valve, Automatic Traction Control, enhanced OptiDrive and OptiRide systems.
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### **Global Integration & Parent Strength**
ZF is part of the **ZF Group**, a global technology leader:
- **Worldwide:** 161+ plants in 30 countries, ~161,600 employees, €41.4B sales (FY2024).
- **Post-WABCO Integration (2020):** Unified commercial vehicle technology platform, enhancing ZF’s full-system capability.
- **India’s Strategic Role:** Serves as a **global engineering and manufacturing hub**; supports global compressor, actuator, and e-component supply.
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