ZFCVINDIA

ZF Commercial Vehicle Control Systems India Limited

Braking systems and safety technologies for commercial vehicles

Consumer Discretionary›Automobile and Auto Components›Auto Components›Auto Components & Equipments

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Key metrics

Price as of 2026-10-16

Stock price

₹2157.00

Market cap

24,549 Cr

Stock P/E

49.2

P/B

6.65

Dividend yield

0.1%

ROE (FY26)

14.0%

ROCE (FY26)

18.9%

Operating margin (FY26)

12.7%

OCF / EBITDA (FY26)

123.7%

OCF / EBITDA (3Y)

69.6%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

ZF CVCS India (ZF Commercial Vehicle Control Systems India) makes braking and safety systems for commercial vehicles, including air compressors, brake actuators and valves, electronic stability control and electronically controlled air suspension, selling to vehicle makers and in the replacement aftermarket, and it also exports parts and engineering services.

Company snapshot

14thBy market cap

Ranked among 94 companies in Auto Components & Equipments.

What we see

Positives

✓Interest coverage of 97.9x — earnings comfortably cover interest obligations.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

Metric	Sept 2023	Dec 2023	Mar 2024	Jun 2024	Sept 2024	Dec 2024	Mar 2025	Jun 2025	Sept 2025	Dec 2025	Mar 2026	Jun 2026
Sales	992 Cr	899 Cr	959 Cr	946 Cr	911 Cr	962 Cr	1,012 Cr	976 Cr	913 Cr	1,075 Cr	1,155 Cr	1,066 Cr
Operating expenses (approx.)	846 Cr	765 Cr	813 Cr	807 Cr	771 Cr	785 Cr	837 Cr	844 Cr	779 Cr	876 Cr	965 Cr	928 Cr
EBITDA	145 Cr	134 Cr	146 Cr	139 Cr	140 Cr	177 Cr	175 Cr	132 Cr	134 Cr	199 Cr	190 Cr	138 Cr
OPM %	14.7%	14.9%	15.2%	14.7%	15.4%	18.4%	17.3%	13.5%	14.7%	18.5%	16.4%	12.9%
Other income	24 Cr	29 Cr	20 Cr	25 Cr	39 Cr	17 Cr	27 Cr	67 Cr	45 Cr	30 Cr	42 Cr	36 Cr
Interest	1 Cr	1 Cr	0.97 Cr	2 Cr	1 Cr	1 Cr	1 Cr	1 Cr	1 Cr	2 Cr	1 Cr	1 Cr
Depreciation	27 Cr	26 Cr	29 Cr	29 Cr	31 Cr	32 Cr	32 Cr	33 Cr	32 Cr	33 Cr	34 Cr	32 Cr
Profit before tax	141 Cr	135 Cr	136 Cr	134 Cr	146 Cr	161 Cr	169 Cr	164 Cr	146 Cr	187 Cr	197 Cr	140 Cr
Tax %	25.2%	25.5%	26.4%	25.5%	25.5%	21.8%	24.9%	25.4%	25.8%	24.8%	25.6%	25.4%
Net profit	106 Cr	101 Cr	100 Cr	99 Cr	109 Cr	125 Cr	127 Cr	122 Cr	108 Cr	140 Cr	146 Cr	104 Cr
EPS (₹)	₹55.72	₹53.16	₹52.83	₹52.42	₹57.53	₹66.15	₹66.81	₹64.52	₹57.08	₹73.90	₹77.14	₹9.18

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	2,543 Cr	3,444 Cr	3,816 Cr	3,831 Cr	4,119 Cr	Sign in free for the trailing twelve months
Operating expenses (approx.)	2,291 Cr	2,974 Cr	3,249 Cr	3,200 Cr	3,464 Cr	Sign in free for the trailing twelve months
EBITDA	253 Cr	470 Cr	566 Cr	631 Cr	655 Cr	Sign in free for the trailing twelve months
OPM %	9.9%	13.7%	14.8%	16.5%	15.9%	Sign in free for the trailing twelve months
Other income	38 Cr	67 Cr	95 Cr	108 Cr	183 Cr	Sign in free for the trailing twelve months
Interest	2 Cr	6 Cr	5 Cr	6 Cr	5 Cr	Sign in free for the trailing twelve months
Depreciation	92 Cr	105 Cr	110 Cr	124 Cr	132 Cr	Sign in free for the trailing twelve months
Profit before tax	196 Cr	427 Cr	546 Cr	609 Cr	693 Cr	Sign in free for the trailing twelve months
Tax %	27.4%	25.6%	25.6%	24.4%	25.4%	Sign in free for the trailing twelve months
Net profit	142 Cr	318 Cr	406 Cr	461 Cr	517 Cr	Sign in free for the trailing twelve months
EPS (₹)	₹74.90	₹167.48	₹214.28	₹242.90	₹272.65	Sign in free for the trailing twelve months
Dividend payout %	14.7%	7.2%	6.1%	7.0%	7.0%	Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	9 Cr	9 Cr	9 Cr	9 Cr	9 Cr
Reserves	2,105 Cr	2,400 Cr	2,781 Cr	3,205 Cr	3,681 Cr
Borrowings	—	—	—	—	—
Other liabilities	523 Cr	613 Cr	591 Cr	571 Cr	735 Cr
Total liabilities	2,637 Cr	3,022 Cr	3,382 Cr	3,785 Cr	4,425 Cr
Fixed assets (net)	526 Cr	575 Cr	659 Cr	723 Cr	720 Cr
CWIP	20 Cr	77 Cr	84 Cr	68 Cr	61 Cr
Investments	398 Cr	100 Cr	27 Cr	34 Cr	611 Cr
Inventories	145 Cr	157 Cr	175 Cr	191 Cr	281 Cr
Trade receivables	666 Cr	758 Cr	936 Cr	1,120 Cr	942 Cr
Cash & bank	89 Cr	86 Cr	114 Cr	130 Cr	192 Cr
Other assets	792 Cr	1,269 Cr	1,385 Cr	1,520 Cr	1,619 Cr
Total assets	2,637 Cr	3,022 Cr	3,382 Cr	3,785 Cr	4,425 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	138 Cr	298 Cr	193 Cr	286 Cr	810 Cr
Cash from investing	-177 Cr	-271 Cr	-131 Cr	-228 Cr	-707 Cr
Cash from financing	-28 Cr	-31 Cr	-34 Cr	-44 Cr	-52 Cr
Net cash flow	-68 Cr	-3 Cr	28 Cr	15 Cr	62 Cr
Free cash flow (OCF − Capex)	38 Cr	171 Cr	-2 Cr	119 Cr	664 Cr

Ratios

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROCE %	9.3%	18.0%	19.8%	19.1%	18.9%
ROE %	6.7%	13.2%	14.6%	14.3%	14.0%
Debtor days	95	80	90	106	83
Inventory days	32	26	27	31	43
Days payable	78	60	59	57	71
Cash conversion cycle	49	46	57	80	55
OCF / EBITDA %	54.7%	63.5%	34.0%	45.3%	123.7%
OCF / EBITDA % (3 years)	—	—	48.8%	46.6%	69.6%
Debt / equity	—	—	—	—	—
Current ratio	3.92	4.18	4.85	5.80	5.30
Net debt / EBITDA	-0.35	-0.18	-0.20	-0.21	-0.29