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ZF Commercial Vehicle Control System India Ltd

ZFCVINDIA·NSE
2,357.20-0.21%Wed, 23 Sept '26 15:31

ZF Commercial Vehicle Control System India Ltd

ZFCVINDIA
NSE
2,357.20
-0.21%
|Wed, 23 Sept '26 15:31
SOICxStockScans Reports
6M
Price
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Quick Ratios

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Mkt Cap
Market Capitalization
26,814Cr
Close
Close Price
2,356.10
Industry
Industry
Auto Ancillaries - Diversified
PE
Price To Earnings
53.71
PS
Price To Sales
6.37
Revenue
Revenue
4,210Cr
Rev Gr TTM
Revenue Growth TTM
9.03%
PAT Gr TTM
PAT Growth TTM
3.22%

Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
9928999599469119621,0129769131,0751,1551,066
Growth YoY
Revenue Growth YoY%
25.12.6-1.9-2.2-8.27.15.53.10.311.714.29.3
Expenses
ExpensesCr
846765813807771785837844779876965928
Operating Profit
Operating ProfitCr
145134146139140177175132134199190138
OPM
OPM%
14.714.915.214.715.418.417.313.514.718.516.412.9
Other Income
Other IncomeCr
242920253917276745224236
Interest Expense
Interest ExpenseCr
111211111211
Depreciation
DepreciationCr
272629293132323332333432
PBT
PBTCr
141135136134146161169164146187197140
Tax
TaxCr
363536343735424238465036
PAT
PATCr
10610110099109125127122108140146104
Growth YoY
PAT Growth YoY%
54.018.1-1.0-0.33.324.426.523.1-0.811.715.5-14.6
NPM
NPM%
10.711.210.410.512.013.012.512.511.913.012.79.8
EPS
EPS
9.38.98.88.79.611.011.110.89.512.312.99.2
QuarterSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
RevenueCr
9928999599469119621,0129769131,0751,1551,066
Growth YoY
Revenue Growth YoY%
25.12.6-1.9-2.2-8.27.15.53.10.311.714.29.3
Expenses
ExpensesCr
846765813807771785837844779876965928
Operating Profit
Operating ProfitCr
145134146139140177175132134199190138
OPM
OPM%
14.714.915.214.715.418.417.313.514.718.516.412.9
Other Income
Other IncomeCr
242920253917276745224236
Interest Expense
Interest ExpenseCr
111211111211
Depreciation
DepreciationCr
272629293132323332333432
PBT
PBTCr
141135136134146161169164146187197140
Tax
TaxCr
363536343735424238465036
PAT
PATCr
10610110099109125127122108140146104
Growth YoY
PAT Growth YoY%
54.018.1-1.0-0.33.324.426.523.1-0.811.715.5-14.6
NPM
NPM%
10.711.210.410.512.013.012.512.511.913.012.79.8
EPS
EPS
9.38.98.88.79.611.011.110.89.512.312.99.2

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
RevenueCr
2,5433,4443,8163,8314,1194,210
Growth
Revenue Growth%
35.410.80.47.59.0
Expenses
ExpensesCr
2,2912,9743,2493,2003,4643,548
Operating Profit
Operating ProfitCr
253470566631655661
OPM
OPM%
9.913.714.816.515.915.7
Other Income
Other IncomeCr
386795108175144
Interest Expense
Interest ExpenseCr
265655
Depreciation
DepreciationCr
92105110124132131
PBT
PBTCr
196427546609693669
Tax
TaxCr
54109140149176170
PAT
PATCr
142318406461517499
Growth
PAT Growth%
123.627.913.412.33.2
NPM
NPM%
5.69.210.712.012.611.9
EPS
EPS
12.527.935.740.545.443.9
Financial YearMar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
RevenueCr
2,5433,4443,8163,8314,1194,210
Growth
Revenue Growth%
35.410.80.47.59.0
Expenses
ExpensesCr
2,2912,9743,2493,2003,4643,548
Operating Profit
Operating ProfitCr
253470566631655661
OPM
OPM%
9.913.714.816.515.915.7
Other Income
Other IncomeCr
386795108175144
Interest Expense
Interest ExpenseCr
265655
Depreciation
DepreciationCr
92105110124132131
PBT
PBTCr
196427546609693669
Tax
TaxCr
54109140149176170
PAT
PATCr
142318406461517499
Growth
PAT Growth%
123.627.913.412.33.2
NPM
NPM%
5.69.210.712.012.611.9
EPS
EPS
12.527.935.740.545.443.9

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
99999
Reserves
ReservesCr
2,1052,4002,7813,2053,681
Current Liabilities
Current LiabilitiesCr
498536510490659
Non Current Liabilities
Non Current LiabilitiesCr
2478818176
Total Liabilities
Total LiabilitiesCr
2,6373,0223,3823,7854,426
Current Assets
Current AssetsCr
1,9562,2392,4752,8423,493
Non Current Assets
Non Current AssetsCr
681784907944933
Total Assets
Total AssetsCr
2,6373,0223,3823,7854,426
Financial YearMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
99999
Reserves
ReservesCr
2,1052,4002,7813,2053,681
Current Liabilities
Current LiabilitiesCr
498536510490659
Non Current Liabilities
Non Current LiabilitiesCr
2478818176
Total Liabilities
Total LiabilitiesCr
2,6373,0223,3823,7854,426
Current Assets
Current AssetsCr
1,9562,2392,4752,8423,493
Non Current Assets
Non Current AssetsCr
681784907944933
Total Assets
Total AssetsCr
2,6373,0223,3823,7854,426

Cash Flow

Consolidated
Standalone
Financial YearMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
138298193286810
Investing Cash Flow
Investing Cash FlowCr
-177-271-131-228-707
Financing Cash Flow
Financing Cash FlowCr
-28-31-34-44-52
Net Cash Flow
Net Cash FlowCr
-68-4281451
Free Cash Flow
Free Cash FlowCr
38171-2121664
CFO To PAT
CFO To PAT%
97.394.047.562.1156.7
CFO To EBITDA
CFO To EBITDA%
54.763.534.045.3123.7
Financial YearMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
138298193286810
Investing Cash Flow
Investing Cash FlowCr
-177-271-131-228-707
Financing Cash Flow
Financing Cash FlowCr
-28-31-34-44-52
Net Cash Flow
Net Cash FlowCr
-68-4281451
Free Cash Flow
Free Cash FlowCr
38171-2121664
CFO To PAT
CFO To PAT%
97.394.047.562.1156.7
CFO To EBITDA
CFO To EBITDA%
54.763.534.045.3123.7

Ratios

Consolidated
Standalone
Financial YearMar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
14,43219,67928,70224,63326,38326,814
Price To Earnings
Price To Earnings
101.662.070.753.551.053.7
Price To Sales
Price To Sales
5.75.77.56.46.46.4
Price To Book
Price To Book
6.88.210.37.77.27.3
EV To EBITDA
EV To EBITDA
54.539.448.436.837.938.3
Profitability Ratios
Profitability Ratios
GPM
GPM%
29.831.434.137.738.038.0
OPM
OPM%
9.913.714.816.515.915.7
NPM
NPM%
5.69.210.712.012.611.9
ROCE
ROCE%
9.318.019.818.818.618.6
ROE
ROE%
6.713.214.614.314.014.0
ROA
ROA%
5.410.512.012.211.711.7
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
Financial YearMar 2022Mar 2023Mar 2024Mar 2025Mar 2026Current
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
14,43219,67928,70224,63326,38326,814
Price To Earnings
Price To Earnings
101.662.070.753.551.053.7
Price To Sales
Price To Sales
5.75.77.56.46.46.4
Price To Book
Price To Book
6.88.210.37.77.27.3
EV To EBITDA
EV To EBITDA
54.539.448.436.837.938.3
Profitability Ratios
Profitability Ratios
GPM
GPM%
29.831.434.137.738.038.0
OPM
OPM%
9.913.714.816.515.915.7
NPM
NPM%
5.69.210.712.012.611.9
ROCE
ROCE%
9.318.019.818.818.618.6
ROE
ROE%
6.713.214.614.314.014.0
ROA
ROA%
5.410.512.012.211.711.7
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
ZF Commercial Vehicle Control System India Ltd is the company that stops India’s trucks - it designs and makes the brakes, air systems, and electronic controls that keep medium and heavy commercial vehicles safe on the road, holding market leadership in a business where failure is not an option. It began in 1962 as CD TVS, evolved through the WABCO brand, and since 2020 has been part of the global ZF Group, which brought scale and next-generation technology while the Indian entity kept its deep local manufacturing and customer relationships. The recurring approach is to be the first mover on safety regulation - introducing technologies like ABS, electronic stability control, and driver-assistance systems years before mandates arrive, so that when the law catches up, the company is already the supplier every OEM turns to. # Business segments A single engine with three reinforcing layers - the core braking and control systems that make the vehicle safe, the air and driveline technologies that make it efficient, and the digital, trailer, and aftermarket services that lock the customer in for the life of the vehicle. ## 1. Advanced braking and vehicle control: the safety backbone of every truck and bus **The company supplies the complete braking system - from the pedal to the wheel - for India’s medium and heavy commercial vehicles, and it was first to market on nearly every major safety technology now mandated by regulation.** - **First mover on regulation** - it introduced ABS, automated manual transmission, electronic stability control, and advanced driver-assistance systems to the Indian commercial vehicle market before any competitor, often years ahead of the legal requirement, so OEMs already had the company’s systems homologated and integrated when mandates arrived. - **Complete system, not just components** - the portfolio spans pneumatic and hydraulic ABS, electronic braking systems (EBS), electronic stability control (ESC) for both heavy trucks and light commercial vehicles, hill-start aid, automatic traction control, and a full suite of driver-assistance features including collision mitigation and lane-departure warning, which means the customer buys one integrated safety architecture rather than stitching together parts from multiple suppliers. - **ADAS is the next regulatory wave** - the company has already secured business awards from two OEMs for its full ADAS suite and in March 2026 won a nomination to supply a 16-feature system for bus platforms, validated over 450,000 kilometres of Indian roads and engineered to scale to SAE Level 2 automation, positioning it for the same first-mover advantage it captured on ABS and ESC. - **Quality is the pricing power** - braking is safety-critical and developed jointly with customers over many years; the company operates a “Zero Defect” system that delivered just 7 defective parts per million in FY23 and zero safety-related recalls in FY26, which gives it the credibility to command pricing when it demonstrates performance. ## 2. Air management and compressor systems: the lungs of the vehicle, now going electric **Every commercial vehicle needs compressed air to brake, and the company makes the compressors and air-processing units for both diesel and electric platforms, with one Chennai plant serving as the global hub for the entire ZF Group’s compressor manufacturing.** - **ICE compressors that save fuel** - the portfolio includes single and multi-cylinder compressors for diesel vehicles, with new launches like the 318 cc compressor with an oil pressure regulator and the oil-less piston compressor with a power-reduction feature, both designed to cut fuel consumption for fleet operators. - **Global export hub** - the Mahindra World City plant is the Air Supply Unit hub for worldwide compressor manufacturing, serving 92 global customers with 564 different part numbers, which means the Indian operation earns export revenue by being the low-cost, high-quality centre for a component every ZF commercial vehicle around the world needs. ## 3. Digital, trailer, and aftermarket: the lifetime revenue layer **Once the vehicle is on the road, the company stays connected to it - through telematics that monitor the fleet, trailer systems that extend safety to the cargo, and a nationwide aftermarket network that supplies genuine parts and retrofits for the vehicle’s entire working life.** - **SCALAR connects the fleet** - the company’s cloud-based digital platform had over 188,000 connected vehicles as of FY25, offering 46 functionalities from real-time location to predictive diagnostics, with subscription revenue growing over 50% as fleets pay recurring fees for the data. - **Trailers are the next safety frontier** - trailer penetration in India has doubled to 16% in a decade, and the company’s Intelligent Trailer Programme puts electronic braking and telematics on the trailer itself, with over 1,000 trailers already on the SCALAR Evo Pulse system and regulatory tailwinds pushing for mandatory trailer ABS and EBS. # Manufacturing and engineering backbone **Six plants, over 1,100 engineers, and a lean production system that runs on the same metrics as ZF’s global factories - the Indian operation is both a domestic supply fortress and a global capability centre.** - **Plants next to the customer** - six factories in Ambattur, Oragadam, Mahindra World City (Kancheepuram), Jamshedpur, Lucknow, and Pantnagar sit close to the OEM assembly lines they feed, with the Ambattur plant alone contributing over 60% of total output and the newest Oragadam facility dedicated to electric-era products like e-compressors and hydraulic ESC. - **Global engineering from India** - with 1,124 people in R&D split between a Hardware Design Centre and a Global Engineering Centre, the company exports engineering services to ZF centres worldwide and holds new patents, making it a brain hub for the group’s commercial vehicle software and digitalisation work. - **Lean and measured** - the ZF Production System runs every plant on six principles from just-in-time to zero defects, tracked by six KPIs including overall equipment effectiveness and inventory turns, and all three plants assessed scored within the global competitive benchmark on an operational maturity assessment in December 2025. # Group structure and partners **A listed Indian subsidiary of the German ZF Group, with the parent holding a solid majority and the Indian entity operating as the group’s commercial vehicle technology anchor for the domestic market and a manufacturing and engineering base for the world.** - **ZF Friedrichshafen AG is the ultimate parent** - the global acquisition of WABCO closed in May 2020, and after a series of share sales to meet public float rules, the promoter group continues to hold a commanding majority stake while the company trades on the Indian stock exchange. - **A subsidiary for the electric future** - ZF CV Control Systems Manufacturing India Private Limited, a wholly owned subsidiary, was created in 2022 to build the Oragadam plant on a fresh 50-acre site because the existing Ambattur and MWC plants had hit full land and floor-space utilisation, and it qualifies for a lower 15% tax rate. - **CVS division keeps the ADAS portfolio** - when ZF Group sold certain passenger-car ADAS activities to Harman in December 2025, it explicitly carved out the commercial vehicle ADAS business, so the Indian company’s growing driver-assistance pipeline remains fully within the group’s commercial vehicle strategy.

Documents — ZF Commercial Vehicle Control System India Ltd

  • Q1 FY2027 Earnings Call Transcript (Jun 2026, PDF): https://www.stockscans.in/document/88acycc7mw3fftsb5ny5fg0t.pdf
  • Q4 FY2026 Earnings Call Transcript (Mar 2026, PDF): https://www.stockscans.in/document/w71ede1vjjf4b0cwyzfz5oxs.pdf
  • Q3 FY2026 Earnings Call Transcript (Dec 2025, PDF): https://www.stockscans.in/document/igwd9i2zke2khly61h6jie56.pdf
  • Q2 FY2026 Earnings Call Transcript (Sep 2025, PDF): https://www.stockscans.in/document/ayh3qfyb23184p81z4ljzced.pdf
  • Q4 FY2025 Earnings Call Transcript (Mar 2025, PDF): https://www.stockscans.in/document/zs5in4bn2p9w7tkiaxkqlrof.pdf
  • Q3 FY2025 Earnings Call Transcript (Dec 2024, PDF): https://www.stockscans.in/document/h52zzrrd4mxs86tc6qnnycd6.pdf
  • Q2 FY2025 Earnings Call Transcript (Sep 2024, PDF): https://www.stockscans.in/document/gpsbiomvrz1n5yq9wwbt5gsk.pdf
  • Q1 FY2025 Earnings Call Transcript (Jun 2024, PDF): https://www.stockscans.in/document/frc62w8uccwtgjabnw6cfhcx.pdf
  • Q1 FY2027 Quarterly Result (Jun 2026, PDF): https://www.stockscans.in/document/ic3x0rvq96uw5pgrbmu9gklv.pdf
  • Q4 FY2026 Quarterly Result (Mar 2026, PDF): https://www.stockscans.in/document/btiqfudo8jw8ao1sjjqtkbfm.pdf
  • Q3 FY2026 Quarterly Result (Dec 2025, PDF): https://www.stockscans.in/document/q4ueh5veibs7us6uor07uzz3.pdf
  • Q2 FY2026 Quarterly Result (Sep 2025, PDF): https://www.stockscans.in/document/hncirycwaiy5o45bp7fh2mv6.pdf
  • Q4 FY2025 Quarterly Result (Mar 2025, PDF): https://www.stockscans.in/document/2jsvpvjn7to5kcw30wxjf47v.pdf
  • Q3 FY2025 Quarterly Result (Dec 2024, PDF): https://www.stockscans.in/document/950qjyuqr3gqju1znvu5rxv5.pdf
  • Q2 FY2025 Quarterly Result (Sep 2024, PDF): https://www.stockscans.in/document/tnjd54lyl11ph5e9wpd2np6s.pdf
  • Q1 FY2025 Quarterly Result (Jun 2024, PDF): https://www.stockscans.in/document/n4idzcgbfq6g3m92m5s8w1es.pdf
  • Q1 FY2027 Investor Presentation (Jun 2026, PDF): https://www.stockscans.in/document/tggojctxcyhcm1abzf6uv9yg.pdf
  • Q4 FY2025 Investor Presentation (Mar 2025, PDF): https://www.stockscans.in/document/wrhrztgljqh3txjlcuvsh4p1.pdf
  • Q2 FY2025 Investor Presentation (Sep 2024, PDF): https://www.stockscans.in/document/e513ib3hh0z4kyufcsu56311.pdf
  • Q4 FY2024 Investor Presentation (Mar 2024, PDF): https://www.stockscans.in/document/pgz2tp9wi6vxlnv5slo2wyl9.pdf
  • Q1 FY2023 Investor Presentation (Jun 2022, PDF): https://www.stockscans.in/document/vre7tcmj57qx3fdb5hgwjyq1.pdf
  • FY2026 Annual Report (PDF): https://www.stockscans.in/document/rufqy3fox193ii1gnhdo3ykn.pdf
  • FY2025 Annual Report (PDF): https://www.stockscans.in/document/9hu1tz44jiyyau8tjsgkpuhl.pdf
  • FY2024 Annual Report (PDF): https://www.stockscans.in/document/122e9ibpr8nrlq2ppqfrlfnt.pdf
  • FY2023 Annual Report (PDF): https://www.stockscans.in/document/tf6uv5y01yfze3vkw1uamffb.pdf
  • FY2022 Annual Report (PDF): https://www.stockscans.in/document/it4o776knaihjzrxik29n8ju.pdf
  • FY2021 Annual Report (PDF): https://www.stockscans.in/document/ezt7ktrtjrskeosf5arr5gh7.pdf
  • FY2020 Annual Report (PDF): https://www.stockscans.in/document/6dk0cop8yovj965u4bc3v035.pdf

Concall Transcript Summaries — ZF Commercial Vehicle Control System India Ltd

  • Q1 FY2027 Concall Transcript Summary (Jun 2026): https://www.stockscans.in/company/NSE%3AZFCVINDIA/transcript-notes/202606/88acycc7mw3fftsb5ny5fg0t.pdf
  • Q4 FY2026 Concall Transcript Summary (Mar 2026): https://www.stockscans.in/company/NSE%3AZFCVINDIA/transcript-notes/202603/w71ede1vjjf4b0cwyzfz5oxs.pdf
  • Q3 FY2026 Concall Transcript Summary (Dec 2025): https://www.stockscans.in/company/NSE%3AZFCVINDIA/transcript-notes/202512/igwd9i2zke2khly61h6jie56.pdf
  • Q2 FY2026 Concall Transcript Summary (Sep 2025): https://www.stockscans.in/company/NSE%3AZFCVINDIA/transcript-notes/202509/ayh3qfyb23184p81z4ljzced.pdf
  • Q4 FY2025 Concall Transcript Summary (Mar 2025): https://www.stockscans.in/company/NSE%3AZFCVINDIA/transcript-notes/202503/zs5in4bn2p9w7tkiaxkqlrof.pdf
  • Q3 FY2025 Concall Transcript Summary (Dec 2024): https://www.stockscans.in/company/NSE%3AZFCVINDIA/transcript-notes/202412/h52zzrrd4mxs86tc6qnnycd6.pdf
  • Q2 FY2025 Concall Transcript Summary (Sep 2024): https://www.stockscans.in/company/NSE%3AZFCVINDIA/transcript-notes/202409/gpsbiomvrz1n5yq9wwbt5gsk.pdf
  • Q1 FY2025 Concall Transcript Summary (Jun 2024): https://www.stockscans.in/company/NSE%3AZFCVINDIA/transcript-notes/202406/frc62w8uccwtgjabnw6cfhcx.pdf