NSE: ZFSTEERING · BSE: 505163
Z F STEERING GEAR (I) LTD
Manufactures steering gear assemblies for the automotive industry, including Electric Hydraulic Power Assisted Steering (EHPAS) systems. Auto Components is the dominant segment, accounting for essentially the entire consolidated segment revenue of Rs 557.49 cr in FY26 (single-segment disclosure shows 100% share). Renewable Energy contributes a small slice, with FY26 segment revenue of Rs 2.43 cr and Q3 FY26 revenue of Rs 2.76 cr. The company also operates an Aluminium Division and an Electrical Division through subsidiaries. Consolidated FY26 revenue was Rs 571.06 cr (standalone Rs 556.74 cr, up 13% YoY) with net profit of Rs 12.04 cr. Materials make up 60.4% of revenue, employees 14.5%, other opex 11.9%, depreciation 8.3% and capex 19.2%. The company has three subsidiaries — DriveSys Systems, Metacast Auto, and OriveSys Systems — through which it is expanding capacity: Metacast Auto's casting capacity is being raised from 10,000 to 25,000 metric tonnes per annum with a Rs 25 cr investment, and the DriveSys aluminium project budget has been raised to Rs 150 cr (Rs 118 cr already spent). It has also signed a framework cooperation agreement with Hubei Tri-Ring Motor Steering Gear (China) to develop EHPAS assemblies in India. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Auto Components, Renewable Energy, Aluminium Division, Electrical Division. Auto component manufacturer focused on steering systems, with capex-heavy capacity expansion under way
Exhibit 1: Financial summary, FY19–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 439 | 450 | 478 | 494 | 571 |
| EBITDA (ex other income) | 77 | 56 | 52 | 53 | 74 |
| margin % | 17.6 | 12.4 | 10.9 | 10.8 | 13.0 |
| Owners' profit | 0 | 25 | 44 | 15 | 15 |
| EPS, as reported (₹) | 48.35 | 27.05 | 48.14 | 13.88 | 16.96 |
| ROE % · ROCE % | 13.1 · 15.4 | 5.9 · 8.7 | 9.5 · 10.6 | 2.7 · 6.1 | 2.5 · 7.1 |
| Debt / equity (x) | 0.10 | 0.09 | 0.16 | 0.21 | 0.21 |
| Cash from operations | — | 49 | 35 | 39 | 98 |
| Capex | — | (40) | (94) | (59) | (110) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 128 | 111 | 118 | 137 | 133 | 121 | 143 | 174 |
| Profit before tax | 14 | 6 | (1) | 6 | 11 | 0 | 11 | 7 |
| Net profit | 10 | 2 | (2) | 2 | 7 | (2) | 7 | (1) |
| EPS (₹) | 11.23 | 1.90 | (1.91) | 2.66 | 7.88 | 0.43 | 8.64 | 0.04 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Auto Component | 178 | 30.2 |
| Renewable Energy | 13 | 2.2 |
| Unallocable | 5 | 0.9 |
| Auto Components | 393 | 66.8 |
| Total, before eliminations | 589 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 38.1 | 25.3 | 86 of 119 | 28% |
| P/B | 1.2 | 3.2 | 20 of 117 | 84% |
| ROCE | 5.5 | 12.6 | 98 of 125 | 22% |
| ROE | 2.5 | 11.7 | 102 of 117 | 13% |
| Debt / Equity | 0.2 | 0.3 | 52 of 117 | 56% |
| EBITDA margin | 12.7 | 12.2 | 55 of 118 | 54% |
| Revenue growth | 27.2 | 20.2 | 35 of 113 | 70% |
| Profit growth | (136.9) | 24.4 | 110 of 115 | 4% |
| Market cap | 588 | 1460 | 79 of 126 | 38% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 12 Oct 2026 · Newspaper ad on special window for physical share transfers | compliance | minimal | — | — |
| 6 Oct 2026 · Routine RTA compliance certificate under SEBI 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 22 Sept 2026 · Trading window closure for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 7 Sept 2026 · Subsidiary DriveSys begins commercial production at Electrical Division | capex operations | high | — | — |
| 4 Sept 2026 · Tax tribunal allows company's deduction claim for 10 years, refunds expected | regulatory legal | high | — | — |
| 3 Sept 2026 · Subsidiary acquires land for aluminium project expansion | capex operations | high | — | — |
| 4 Aug 2026 · ICRA Reaffirms Credit Ratings with Stable Outlook | credit debt | medium | — | — |
| 4 Aug 2026 · ICRA reaffirms credit ratings; outlook stays Stable | credit debt | medium | — | — |
| 28 Jul 2026 · ZF Steering Gear: 46th AGM results, all 6 resolutions passed | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.