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ZF Commercial Vehicle Control System India Ltd

ZFCVINDIA
NSE
14,727.00
0.70%
Last Updated:
29 Apr '26, 4:00 PM
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ZF Commercial Vehicle Control System India Ltd

ZFCVINDIA
NSE
14,727.00
0.70%
29 Apr '26, 4:00 PM
Company Overview
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6M
Price
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Quick Ratios

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Mkt Cap
Market Capitalization
27,934Cr
Close
Close Price
14,727.00
Industry
Industry
Auto Ancillaries - Diversified
PE
Price To Earnings
56.14
PS
Price To Sales
7.03
Revenue
Revenue
3,976Cr
Rev Gr TTM
Revenue Growth TTM
5.24%
PAT Gr TTM
PAT Growth TTM
14.59%
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Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
9779679928999599469119621,0129769131,075
Growth YoY
Revenue Growth YoY%
24.921.125.12.6-1.9-2.2-8.27.15.53.10.311.7
Expenses
ExpensesCr
833826846765813807771785837844779876
Operating Profit
Operating ProfitCr
144141145134146139140177175132134199
OPM
OPM%
14.714.614.714.915.214.715.418.417.313.514.718.5
Other Income
Other IncomeCr
182124292025391727674522
Interest Expense
Interest ExpenseCr
011112111112
Depreciation
DepreciationCr
272827262929313232333233
PBT
PBTCr
135134141135136134146161169164146187
Tax
TaxCr
343436353634373542423846
PAT
PATCr
10110010610110099109125127122108140
Growth YoY
PAT Growth YoY%
78.859.854.018.1-1.0-0.33.324.426.523.1-0.811.7
NPM
NPM%
10.410.310.711.210.410.512.013.012.512.511.913.0
EPS
EPS
53.452.655.753.252.852.457.566.266.864.557.173.9

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
2,5433,4443,8163,8313,976
Growth
Revenue Growth%
35.410.80.43.8
Expenses
ExpensesCr
2,2912,9743,2493,2003,335
Operating Profit
Operating ProfitCr
253470566631640
OPM
OPM%
9.913.714.816.516.1
Other Income
Other IncomeCr
386795108161
Interest Expense
Interest ExpenseCr
26566
Depreciation
DepreciationCr
92105110124130
PBT
PBTCr
196427546609665
Tax
TaxCr
54109140149168
PAT
PATCr
142318406461498
Growth
PAT Growth%
123.627.913.48.0
NPM
NPM%
5.69.210.712.012.5
EPS
EPS
74.9167.5214.3242.9262.3

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
99999
Reserves
ReservesCr
2,1052,4002,7813,2053,402
Current Liabilities
Current LiabilitiesCr
498536510490526
Non Current Liabilities
Non Current LiabilitiesCr
2478818175
Total Liabilities
Total LiabilitiesCr
2,6373,0223,3823,7854,013
Current Assets
Current AssetsCr
1,9562,2392,4752,8423,104
Non Current Assets
Non Current AssetsCr
681784907944909
Total Assets
Total AssetsCr
2,6373,0223,3823,7854,013

Cash Flow

Consolidated
Standalone
Financial YearMar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
138298193286
Investing Cash Flow
Investing Cash FlowCr
-177-271-131-228
Financing Cash Flow
Financing Cash FlowCr
-28-31-34-44
Net Cash Flow
Net Cash FlowCr
-68-42814
Free Cash Flow
Free Cash FlowCr
38171-2121
CFO To PAT
CFO To PAT%
97.394.047.562.1
CFO To EBITDA
CFO To EBITDA%
54.763.534.045.3

Ratios

Consolidated
Standalone
Financial YearMar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
14,43219,67928,70224,633
Price To Earnings
Price To Earnings
101.662.070.753.5
Price To Sales
Price To Sales
5.75.77.56.4
Price To Book
Price To Book
6.88.210.37.7
EV To EBITDA
EV To EBITDA
54.539.448.436.7
Profitability Ratios
Profitability Ratios
GPM
GPM%
35.436.238.542.0
OPM
OPM%
9.913.714.816.5
NPM
NPM%
5.69.210.712.0
ROCE
ROCE%
9.318.019.819.1
ROE
ROE%
6.713.214.614.3
ROA
ROA%
5.410.512.012.2
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. --- ### **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. --- ### **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. --- ### **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. --- ### **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. --- ### **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. --- ### **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. --- ### **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. --- ### **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. ---