ZF Commercial Vehicle Control Systems India Ltd.

NSE: ZFCVINDIA · Automobile and Auto Components

₹2,292.30-0.73%06 Nov 2026

Ask the data

Instant answers about ZF Commercial Vehicle Control Systems India Ltd. — computed from its filings, no language model

Market cap₹4,348 cr

Current price₹2,292.30

High / Low₹2,686 / ₹2,071

P/E11.0

P/B1.18

Book value₹1,945.7

ROE10.7%

ROCE18.3%

Debt / equity0.00

Dividend yield0.83%

EPS (TTM)₹208.12

Face value₹5

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

	FY22	FY23	FY24	FY25	FY26
Revenue	2,543	3,444	3,816	3,831	4,119
EBITDA	253	470	566	631	655
Operating margin	9.9%	13.7%	14.8%	16.5%	15.9%
Interest	2	6	5	6	5
Depreciation	92	105	110	124	132
Profit before tax	196	427	546	609	693
Tax	54	109	140	149	176
Net profit	142	318	406	461	517
EPS ₹	74.90	167.48	214.28	242.90	272.65
Operating cash flow	138	298	193	286	810
Capex	101	128	195	167	146
Dividend paid	21	23	25	32	36
Total assets	2,637	3,022	3,382	3,785	4,426
Equity	2,114	2,409	2,790	3,215	3,691

Quarterly performance

last 18 quarters · ₹ crore

showing latest 8 of 18 periods

	MAR '22	JUN '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26
Revenue	782	798	793	876	977	967	992	899	959	946	911	962	1,012	976	913	1,075	1,155	1,066
Operating profit	89	99	108	120	144	141	145	134	146	139	140	177	175	132	134	199	190	138
Operating margin	11.4%	12.4%	13.6%	13.7%	14.7%	14.6%	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	9	11	12	26	18	21	24	29	20	25	39	17	27	67	45	30	42	36
Interest	1	1	2	2	0	1	1	1	1	2	1	1	1	1	1	2	1	1
Depreciation	21	23	27	28	27	28	27	26	29	29	31	32	32	33	32	33	34	32
Profit before tax	77	86	90	116	135	134	141	135	136	134	146	161	169	164	146	187	197	140
Tax	20	24	22	30	34	34	36	35	36	34	37	35	42	42	38	46	50	36
Net profit	57	62	69	85	101	100	106	101	100	0	109	125	127	122	108	140	146	0
EPS ₹	29.84	32.90	36.19	45.04	53.36	52.58	55.72	53.16	52.83	52.42	57.53	66.15	66.81	64.52	57.08	73.90	77.14	9.18
Revenue YoY	—	—	—	—	24.9%	21.1%	25.1%	2.6%	-1.9%	-2.2%	-8.1%	7.1%	5.6%	3.1%	0.3%	11.7%	14.2%	9.3%
Profit YoY	—	—	—	—	78.8%	59.8%	54.0%	18.1%	-1.0%	-100.0%	3.3%	24.4%	26.5%	—	-0.8%	11.7%	15.5%	-100.0%

Earlier results (standalone, Jun '08 – Dec '21)

₹ crore · from BSE, before the NSE XBRL filings begin

ZF Commercial Vehicle Control Systems India Ltd. reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

showing latest 8 of 12 periods

	FY09†	FY10†	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†	FY18†	FY19†	FY20†	FY21†
Revenue	438	608	1,052	966	1,111	1,348	1,838	2,208	2,611	2,853	1,930	1,864
Operating profit	67	134	226	194	163	205	293	326	394	409	251	206
Operating margin	15.4%	22.0%	21.5%	20.1%	14.7%	15.2%	15.9%	14.8%	15.1%	14.3%	13.0%	11.0%
Other income	5	2	6	13	30	19	35	36	51	74	64	39
Interest	7	3	—	0	0	0	—	—	2	—	2	2
Depreciation	14	14	16	22	32	47	56	62	62	71	90	90
Profit before tax	52	118	216	185	161	177	271	300	382	411	223	152
Tax	14	40	63	54	44	56	67	87	109	129	65	48
Net profit	38	79	153	131	117	121	205	213	273	282	159	104

Quarters

showing latest 8 of 54 periods

	JUN '08†	SEP '08†	DEC '08†	MAR '09†	JUN '09†	SEP '09†	DEC '09†	MAR '10†	JUN '10†	SEP '10†	DEC '10†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†	MAR '18†	JUN '18†	SEP '18†	DEC '18†	MAR '19†	JUN '19†	SEP '19†	DEC '19†	MAR '20†	JUN '20†	SEP '20†	DEC '20†	MAR '21†	JUN '21†	SEP '21†	DEC '21†
Revenue	154	134	76	74	100	142	168	197	202	226	219	245	264	255	287	249	251	221	244	263	273	260	316	324	323	318	383	385	429	458	567	537	505	535	632	566	610	650	785	747	743	700	663	638	446	441	405	166	419	566	712	492	617	653
Operating profit	28	27	7	6	16	31	40	47	43	53	49	52	62	57	56	57	51	40	46	45	36	36	46	50	51	48	56	70	65	78	81	104	68	76	78	79	103	100	112	100	123	100	85	87	53	60	52	-29	63	88	83	42	63	59
Operating margin	18.0%	19.9%	9.2%	7.9%	16.4%	21.5%	23.8%	23.7%	21.4%	23.5%	22.6%	21.2%	23.4%	22.3%	19.4%	22.9%	20.3%	17.9%	19.0%	17.0%	13.2%	13.9%	14.7%	15.5%	15.7%	15.0%	14.7%	18.1%	15.2%	17.0%	14.2%	19.5%	13.5%	14.3%	12.3%	14.0%	16.8%	15.4%	14.3%	13.3%	16.6%	14.4%	12.9%	13.6%	11.8%	13.7%	12.8%	-17.2%	15.1%	15.5%	11.7%	8.6%	10.2%	9.0%
Other income	4	1	1	0	0	1	0	0	1	1	1	1	1	2	1	7	0	4	1	13	13	3	2	3	5	5	6	9	9	6	10	9	9	7	11	11	14	6	20	25	26	10	13	15	15	16	18	13	11	8	7	12	8	9
Interest	1	1	3	2	1	1	0	0	0	0	0	0	—	0	0	0	0	0	0	0	0	0	0	0	0	0	0	—	—	—	0	—	0	0	0	0	0	0	1	0	—	—	—	0	1	0	1	1	1	0	0	1	0	0
Depreciation	3	4	4	4	4	4	4	3	4	4	4	4	4	4	4	5	4	5	8	7	7	9	10	11	12	12	12	13	14	14	15	15	15	16	15	15	15	15	16	16	17	18	21	22	21	22	25	23	22	22	23	23	25	24
Profit before tax	28	22	2	0	12	27	36	43	40	50	47	49	59	55	53	59	47	39	40	51	41	30	38	43	44	40	50	65	60	70	76	99	63	66	73	74	101	91	115	109	132	92	78	80	46	53	45	-39	51	73	67	31	45	43
Tax	8	4	0	1	4	8	12	16	12	16	16	15	17	17	14	17	14	11	12	16	12	10	5	12	13	11	20	18	12	18	19	25	15	24	23	20	24	28	38	34	36	33	26	25	12	14	13	-8	16	21	20	9	13	11
Net profit	19	18	1	-1	8	19	24	27	28	34	31	34	43	38	39	42	33	28	28	35	29	20	33	31	31	28	30	47	48	52	57	74	47	43	50	54	78	64	77	75	96	60	52	55	34	39	32	-31	35	52	48	21	32	32
EPS ₹	10.18	9.61	0.71	-0.42	4.27	10.01	12.78	14.37	14.75	17.81	16.47	18.00	22.46	19.85	20.57	22.06	17.31	14.84	14.74	18.66	15.35	10.65	17.28	16.17	16.48	14.94	16.03	25.04	25.47	27.16	30.20	38.96	24.89	22.56	26.14	28.59	40.91	33.64	40.71	39.41	50.36	31.52	27.47	28.87	17.85	20.40	16.61	-16.54	18.51	27.64	25.11	11.27	17.00	16.78
Revenue YoY	—	—	—	—	-35.0%	6.1%	120.3%	166.5%	102.0%	58.8%	30.0%	21.1%	17.0%	16.8%	—	1.8%	-5.1%	-13.4%	-14.7%	5.4%	8.6%	17.4%	29.1%	23.1%	18.5%	22.5%	21.4%	19.0%	32.8%	43.9%	47.8%	39.4%	17.7%	16.8%	11.5%	5.5%	20.8%	21.6%	24.3%	32.0%	21.8%	7.7%	-15.5%	-14.7%	-40.0%	-37.0%	-38.9%	-74.0%	-6.1%	28.5%	75.9%	196.4%	47.2%	15.3%
Profit YoY	—	—	—	—	-58.1%	4.2%	1709.0%	—	245.6%	77.9%	28.8%	22.0%	26.1%	20.5%	—	22.5%	-22.9%	-25.2%	-28.3%	-15.4%	-11.3%	-28.3%	17.2%	-13.4%	7.4%	40.2%	-7.3%	54.9%	54.5%	81.9%	88.5%	55.6%	-2.3%	-16.9%	-13.5%	-26.6%	64.4%	49.1%	55.7%	37.9%	23.1%	-6.3%	-32.5%	-26.7%	-64.6%	-35.3%	-39.5%	-157.3%	3.7%	35.5%	51.2%	—	-8.1%	-39.3%

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 15 periods

	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26
ROE	12.3%	13.2%	14.7%	15.1%	15.7%	14.6%	11.0%	10.5%	11.3%	11.2%	15.0%	14.2%	14.6%	14.0%	10.7%
ROCE	16.8%	18.0%	19.9%	20.5%	21.2%	19.8%	19.8%	18.8%	19.6%	19.1%	20.1%	18.9%	19.7%	18.9%	18.3%
Net margin	8.4%	9.2%	9.8%	10.3%	10.6%	10.7%	8.1%	8.4%	8.9%	9.4%	12.5%	12.5%	12.5%	12.6%	9.4%
EBITDA margin	12.8%	13.7%	14.2%	14.5%	14.7%	14.8%	14.9%	15.0%	15.9%	16.5%	16.2%	16.0%	16.1%	15.9%	15.7%
Debt / equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Interest coverage	65.47	76.42	81.69	104.41	122.14	110.29	101.25	102.96	110.43	107.71	122.90	123.96	116.92	130.80	128.92
Asset turnover	1.18	1.14	1.20	1.18	1.19	1.13	1.12	1.03	1.05	1.01	1.02	0.96	0.99	0.93	0.95

Balance sheet

equity vs borrowings over time · ₹ crore

showing latest 6 of 9 periods

	MAR '22‡	SEP '22	MAR '23	SEP '23	MAR '24	SEP '24	MAR '25	SEP '25	MAR '26
Share capital	9	9	9	9	9	9	9	9	9
Other equity / reserves	2,105	2,216	2,400	2,581	2,781	2,954	3,205	3,402	3,681
Total equity	2,114	2,226	2,409	2,591	2,790	2,964	3,215	3,411	3,691
Borrowings	—	0	0	0	0	0	0	0	0
Current liabilities	498	483	536	551	510	553	490	526	659
Non-current liabilities	24	56	78	79	81	78	81	75	76
Total assets	2,637	2,764	3,022	3,220	3,382	3,594	3,785	4,013	4,426
Property, plant & equipment	441	543	575	547	659	661	723	715	720
Capital work-in-progress	20	43	77	133	84	92	68	65	61
Investments	398	0	100	52	25	165	30	426	605
Inventories	145	132	157	156	175	186	191	266	282
Receivables	666	694	758	821	936	1,007	1,120	891	942
Cash & equivalents	89	111	86	77	114	63	130	165	192

Cash flow

annual · ₹ crore · line = free cash flow

	FY22	FY23	FY24	FY25	FY26
Cash from operations	138	298	193	286	810
Cash from investing	-177	-271	-131	-228	-707
Cash from financing	-28	-31	-34	-44	-52
Capex	101	128	195	167	146
Free cash flow	38	171	-2	119	664
Dividends paid	21	23	25	32	36

Where the assets sit

Mar '26 · ₹ crore

Fixed assets (PPE)

₹720 cr16%

CWIP

₹61 cr1%

Investments

₹605 cr14%

Inventories

₹282 cr6%

Receivables

₹942 cr21%

Cash & equivalents

₹192 cr4%

Other assets

₹1,624 cr37%

Peer comparison

largest in Automobile and Auto Components · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Maruti Suzuki India Ltd.	4,00,860	12,750.00	29.8	3.68	12.3%
Mahindra & Mahindra Ltd.	3,67,588	3,287.20	19.0	3.75	19.8%
Bajaj Auto Ltd.	2,99,543	10,900.00	22.9	8.18	35.7%
TVS Motor Company Ltd.	2,13,401	4,491.70	55.8	18.81	33.7%
Eicher Motors Ltd.	2,10,528	7,669.50	36.5	8.39	23.0%
Hyundai Motor India Ltd.	1,73,071	2,130.00	51.8	8.49	16.4%
Samvardhana Motherson International Ltd.	1,67,340	158.55	35.4	3.69	10.4%
Bosch Ltd.	1,49,565	50,700.00	56.5	19.51	34.6%
Hero MotoCorp Ltd.	1,10,343	5,513.00	18.4	4.71	25.6%
Tata Motors Passenger Vehicles Ltd.	1,07,602	292.00	1.4	0.96	70.7%
ZF Commercial Vehicle Control Systems India Ltd.	4,348	2,292.30	11.0	1.18	10.7%

StoxGud checklist: Neutral setup · 5/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month+5.5%

6 months-5.4%

1 year+5.6%

3Y CAGR-5.1%

5Y CAGR—

10Y CAGR—

50-day avg₹2,308.13

200-day avg₹2,413.75

RSI (14)65

Compare ZF Commercial Vehicle Control Systems India Ltd. with

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FAQs

What is the share price of ZF Commercial Vehicle Control Systems India Ltd.?

ZF Commercial Vehicle Control Systems India Ltd. (ZFCVINDIA) closed at ₹2,292.30 on NSE on 06 Nov 2026.

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

₹4,348 crore at the latest close.

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

11.0, on trailing-twelve-month earnings from its filings.

How fast is ZF Commercial Vehicle Control Systems India Ltd. growing?

ZF Commercial Vehicle Control Systems India Ltd.: revenue has compounded at 6.1% a year over three years; net profit at 17.6% a year. Latest-quarter revenue is up 9.3% year on year, profit down 100.0%.

How profitable is ZF Commercial Vehicle Control Systems India Ltd.?

On a trailing-twelve-month basis return on equity is 10.7%, return on capital employed 18.3%, operating margin 15.7%, net margin 9.4%.

How much debt does ZF Commercial Vehicle Control Systems India Ltd. have?

ZF Commercial Vehicle Control Systems India Ltd. is debt-free: debt to equity is 0.00 with borrowings of ₹0 cr against cash of ₹192 cr (balance sheet of 2026-03-31). Operating profit covers interest 128.9 times.

Financials parsed from ZF Commercial Vehicle Control Systems India Ltd.'s own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from MAR '22, annual from FY22, balance sheet from Mar '22. * = derived (full year or half year minus earlier quarters). ‡ = balance sheet / cash flow read from the company's published annual report (same basis), for years before the NSE filings carry them; each one checked to add up. Information only, not investment advice.