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Research updated
ZF Commercial Vehicle Control Systems GmbH
NSE: ZFCVINDIAConsumer CyclicalAuto Parts
- Last close
- ₹2,132.70
- Day change
- −₹11.30 (−0.53%)vs
- Market cap
- ₹24,569 crIndian rupees
- Research updated
- 1 report
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About ZF Commercial Vehicle Control Systems GmbH
ZF Commercial Vehicle Control Systems GmbH is a renowned entity in the automotive industry, specializing in the design, production, and distribution of control systems for commercial vehicles. It is a subsidiary of ZF Friedrichshafen AG, a leading global technology company in driveline and chassis technology. The primary function of ZF Commercial Vehicle Control Systems GmbH is to enhance the safety, efficiency, and connectivity of commercial transportation. They are at the forefront of developing intelligent systems that integrate automated driving and electrification solutions. The company plays a pivotal role in the automotive sector by providing advanced driver-assist systems (ADAS) and electronic stability control systems, significantly impacting public transport and logistics industries. It also contributes to the evolution of commercial vehicles by supplying components that support adaptive cruise control and collision avoidance systems. ZF Commercial Vehicle Control Systems GmbH holds substantial market significance, driving innovation that aligns with global trends towards safer, more efficient, and environmentally friendly transportation solutions.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: ZFCVINDIA
- Employees
- 2,491
- Headquarters
- Chennai, India
- ISIN
- INE342J01019
Public research · Report of
Business model & financial foundation
ZF CV India (NSE: ZFCVINDIA), Commercial vehicle braking and control systems: revenue of ₹4,119 crore in FY26 (+7.5% on FY25), an EBITDA margin of 15.9%, net profit of ₹517.1 crore and net cash of ₹2,230 crore.
- Revenue, FY26 (₹ crore)
- 4,119
- consolidated
- Revenue growth, FY26
- +7.5%
- on FY25
- EBITDA margin, FY26
- 15.9%
- EBITDA (Operating EBITDA excluding other income and exceptionals) / revenue
- Net profit, FY26 (₹ crore)
- 517.1
- to owners
- Return on equity, FY26
- 15.0%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,230
- Net debt excluding leases (negative equals net cash)
- Market capitalisation (₹ crore)
- 28,013
- at the close of 15 Oct 2026
Company profile
ZF CV India supplies air braking, ABS, ESC, electronic braking, compressors and related control systems to commercial vehicle OEMs, an installed-base aftermarket and overseas ZF-group customers. Engineering and service exports provide a second revenue stream. Domestic vehicle production, regulatory safety content, export truck demand and commodity pass-through drive earnings; the business has no bank borrowing and holds significant liquid investments.
| Item | Value |
|---|---|
| Legal name | ZF Commercial Vehicle Control Systems India Limited (formerly WABCO India Limited) |
| Exchange and ticker | NSE: ZFCVINDIA; BSE: 533023 |
| ISIN | INE342J01019 |
| CIN | L34103TN2004PLC054667 |
| Sector | Automobile and ancillary |
| Industry | Commercial vehicle braking and control systems |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since 2019) |
| Market capitalisation | ₹28,013 crore (15 Oct 2026) |
| Shares outstanding | 11.38 crore shares (FY26) |
| Price | ₹2,173 (close, 15 Oct 2026) |
| 52-week range | ₹2,050 - ₹3,044 (to 15 Oct 2026) |
| Website | https://www.zf.com |
Corporate structure and shareholding
Parent: WABCO Asia Private Limited, Singapore.
| Entity | Holding | Business |
|---|---|---|
| ZF CV Control Systems Manufacturing India Private Limited | 100% | Manufacture of auto ancillary parts for domestic and export markets |
Ultimate parent ZF Friedrichshafen AG; promoter WABCO Asia owns 60% at March 2026. ZF CV Systems Global GmbH is a fellow subsidiary and material customer.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 60.00% | 60.00% | 60.00% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 5.40% | 5.80% | 5.90% | |
| Domestic institutions | 26.70% | 26.20% | 25.50% | |
| of which mutual funds | 25.73% | 24.95% | 23.79% | |
| Retail | 7.90% | 8.00% | 8.60% | |
| Other | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
ZF CV India (formerly WABCO India) makes air-brake actuation, ABS, ESC, EBS, compressors and related control systems for commercial vehicles. It earns through four channels: domestic OEM supply (FY26 1,978 cr), aftermarket (583 cr), goods exports mainly to ZF group entities in Europe and the Americas (1,025 cr), and engineering/software services plus other operating revenue (residual 533 cr). ZF CV Systems Global GmbH alone took 781 cr of goods and 458 cr of services in FY26, 30% of revenue. The company controls product localisation and Indian OEM relationships; it does not control export allocation, which ZF decides, or truck-cycle volumes. Royalties to group entities were 101 cr in FY26. No bank debt; cash, bank balances and current investments of 2,230 cr at 31 Mar 2026.
| Peer | Why the dossier compares them |
|---|---|
| Bosch (BOSCHLTD) | Global-parent automotive technology supplier; India OEM and aftermarket franchise |
| Schaeffler India (SCHAEFFLER) | Multinational precision components; OEM, exports and aftermarket |
| SKF India (SKFINDIA) | Multinational bearings and aftermarket; structural/de-merger comparability caveat |
| Timken India (TIMKEN) | Multinational precision industrial and automotive components |
| Sona BLW Precision Forgings (SONACOMS) | High-content drivetrain components, global exports and technology |
| Endurance Technologies (ENDURANCE) | Automotive component cycle, capital intensity and exports |
| Uno Minda (UNOMINDA) | Rising vehicle electronics content and diversified Indian OEM exposure |
| Sundram Fasteners (SUNDRMFAST) | Commercial vehicle exposure, export components and manufacturing returns |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,522 | 3,416 | 3,816 | 3,831 | 4,119 |
| Cost of revenue (vendor classification) * | 1,748 | 2,338 | 2,494 | 2,223 | 2,520 |
| Other operating costs (vendor classification) * | 201.9 | 243.8 | 278.6 | 579.4 | 315.7 |
| EBITDA (vendor classification) * | 271.3 | 538.5 | 657.9 | 739.3 | 813.4 |
| Operating EBIT excluding other income and exceptionals | 197.6 | 432.6 | 456.6 | 506.8 | 523.2 |
| Finance cost | 1.90 | 5.67 | 5.01 | 5.70 | 5.34 |
| Profit before tax | 195.7 | 426.9 | 546.4 | 609.3 | 693.1 |
| Total tax expense | 53.7 | 109.2 | 140.0 | 148.6 | 176.0 |
| Profit after tax | 142.1 | 317.7 | 406.4 | 460.7 | 517.1 |
| Diluted EPS (bonus-adjusted) (₹) | 12.48 | 27.91 | 35.71 | 40.48 | 45.44 |
| Materials consumed plus inventory changes | 2,347 | 2,223 | 2,369 | ||
| Employee benefits expense | 465.1 | 539.5 | 610.2 | ||
| Other expenses | 437.1 | 437.7 | 484.3 | ||
| Operating EBITDA excluding other income and exceptionals | 566.4 | 631.1 | 655.0 | ||
| Other income | 94.8 | 108.2 | 183.2 | ||
| Depreciation and amortisation | 109.8 | 124.3 | 131.8 | ||
| Exceptional items (charge negative) | 0.00 | 0.00 | -7.94 | ||
| PAT attributable to owners (no minorities) | 406.4 | 460.7 | 517.1 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 2,114 | 2,409 | 2,790 | 3,215 | 3,691 |
| Borrowings excluding lease liabilities | 3.89 | 65.4 | 0.00 | 0.00 | 0.00 |
| Cash equivalents and other bank balances | 89.3 | 86.5 | 1,297 | 1,468 | 1,627 |
| Trade receivables | 666.4 | 757.6 | 936.3 | 1,120 | 941.5 |
| Inventories | 144.8 | 157.0 | 175.3 | 190.6 | 281.5 |
| Trade payables (MSME plus other creditors) | 346.2 | 360.0 | 382.9 | 351.2 | 462.2 |
| Net property, plant and equipment excluding ROU | 526.2 | 574.0 | 515.5 | 585.7 | 597.9 |
| Capital work in progress | 20.3 | 77.0 | 84.0 | 68.5 | 60.8 |
| Total assets | 2,637 | 3,022 | 3,382 | 3,785 | 4,425 |
| Lease liabilities (current plus non-current) | 68.4 | 66.1 | 54.8 | ||
| Current investments | 23.3 | 28.6 | 603.5 | ||
| Net debt excluding leases (negative equals net cash) | -1,321 | -1,496 | -2,230 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flow from operating activities | 105.0 | 301.0 | 192.9 | 286.1 | 810.2 |
| Free cash flow (vendor definition) * | -38.2 | 170.6 | -5.46 | 119.7 | 664.2 |
| Dividends paid (negative outflow) | -20.9 | -22.8 | -24.7 | -32.2 | -36.0 |
| Purchase of PPE and intangible assets (negative outflow) | -176.3 | -127.6 | -195.2 | -166.4 | -145.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (bonus-adjusted) | 11.38 | 11.38 | 11.38 | 11.38 | 11.38 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 910.9 | 962.4 | 1,012 | 975.6 | 913.2 | 1,075 | 1,155 | 1,066 |
| Cost of revenue (vendor classification) * | 526.7 | 546.0 | 589.1 | 564.9 | 606.1 | 683.0 | 633.2 | |
| Other operating costs (vendor classification) * | 111.2 | 98.9 | 118.2 | 128.8 | 123.9 | 112.4 | 124.9 | |
| EBITDA (vendor classification) * | 179.2 | 193.6 | 202.2 | 198.2 | 229.2 | 231.5 | 173.5 | |
| Operating EBIT excluding other income and exceptionals | 108.5 | 145.2 | 143.1 | 98.9 | 102.1 | 166.2 | 156.0 | 105.6 |
| Finance cost | 1.29 | 1.24 | 1.41 | 1.31 | 1.24 | 1.78 | 1.01 | 1.20 |
| Profit before tax | 146.4 | 160.5 | 168.8 | 164.2 | 145.9 | 186.5 | 196.6 | 140.1 |
| Total tax expense | 37.3 | 35.1 | 42.1 | 41.8 | 37.6 | 46.3 | 50.3 | 35.6 |
| Profit after tax | 109.1 | 125.5 | 126.7 | 122.4 | 108.3 | 140.2 | 146.3 | 104.5 |
| Diluted EPS (bonus-adjusted) (₹) | 9.59 | 11.03 | 11.14 | 10.75 | 9.51 | 12.32 | 12.86 | 9.18 |
| Materials consumed plus inventory changes | 526.7 | 546.0 | 589.1 | 564.9 | 515.5 | 606.1 | 683.0 | 633.2 |
| Employee benefits expense | 133.1 | 140.5 | 129.5 | 150.3 | 144.3 | 145.8 | 169.8 | 170.2 |
| Other expenses | 111.2 | 98.9 | 118.2 | 128.8 | 119.1 | 123.9 | 112.4 | 124.9 |
| Operating EBITDA excluding other income and exceptionals | 139.9 | 177.1 | 175.1 | 131.6 | 134.4 | 199.1 | 190.0 | 137.9 |
| Other income | 39.3 | 16.5 | 27.1 | 66.6 | 45.0 | 30.0 | 41.6 | 35.6 |
| Depreciation and amortisation | 31.4 | 31.8 | 32.0 | 32.7 | 32.2 | 32.9 | 33.9 | 32.3 |
| Exceptional items (charge negative) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -7.94 | 0.00 | 0.00 |
| PAT attributable to owners (no minorities) | 109.1 | 125.5 | 126.7 | 122.4 | 108.3 | 140.2 | 146.3 | 104.5 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 37.1% | 35.5% | 11.7% | 0.4% | 7.5% |
| EBITDA margin | 14.8% | 16.5% | 15.9% | ||
| Net margin | 10.7% | 12.0% | 12.6% | ||
| Return on equity | 15.6% | 15.3% | 15.0% | ||
| Return on capital employed | 9.6% | 18.8% | 17.3% | 16.9% | 15.2% |
| Return on assets | 12.7% | 12.9% | 12.6% | ||
| Net debt (₹ crore) | -1,321 | -1,496 | -2,230 | ||
| Net debt / EBITDA | -2.33x | -2.37x | -3.40x | ||
| Interest cover | 104.0x | 76.3x | 91.2x | 88.8x | 97.9x |
| Asset turnover | 0.98x | 1.21x | 1.19x | 1.07x | 1.00x |
| Receivable days | 96 | 81 | 90 | 107 | 83 |
| Inventory days (on revenue) | 21 | 17 | 17 | 18 | 25 |
| Payable days (on revenue) | 50 | 38 | 37 | 33 | 41 |
| Cash conversion | 0.47x | 0.62x | 1.57x | ||
| Capex intensity | 7.0% | 3.7% | 5.1% | 4.3% | 3.5% |
| Free cash flow (₹ crore) | -71.4 | 173.5 | -2.39 | 119.7 | 664.2 |
| Dividend payout | 6.1% | 7.0% | 7.0% | ||
| EPS, diluted (₹) | 12.48 | 27.91 | 35.71 | 40.48 | 45.44 |
| Book value per share (₹) | 185.8 | 211.7 | 245.2 | 282.4 | 324.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and exceptionals) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding leases (negative equals net cash).
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and exceptionals).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (bonus-adjusted)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on ZF Commercial Vehicle Control Systems GmbH includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on ZF Commercial Vehicle Control Systems GmbH
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