ZF COM VE CTR SYS IND LTD

Manufactures braking, air management, and electronic control systems for commercial vehicles at 6 plants in India, supplying new-vehicle programs to truck and bus makers and selling replacement parts through an aftermarket distribution network. FY26 revenue of ₹4,118.94 cr with EBITDA margin of 20.16% marked the highest annual revenue in company history, and the business serves both Indian and export customers, with exports at 36.61% of revenue across 18 countries. The original-equipment business sells products such as electronic braking systems, electronic stability control (ESCsmart), air compressors, exhaust brake valves, and e-compressors for electric buses directly to commercial vehicle OEMs; new business wins typically carry 5-7 year lifecycles. The aftermarket business serves more than 6,000 retailers, 4,000+ distributors, and 1,800+ fleets through 51 new branches and 14 new service centers added in FY26, with management targeting to scale this segment from ~10% of mix to 15%+. A connected-solutions platform has onboarded 100,000+ vehicles on subscription contracts of 3-5 years, generating recurring revenue. Exports degrew 11.1% in FY26 on US tariff pressure, while domestic OE sales grew 17.6% outperforming the Indian M&HCV industry. Materials at 57.3% of revenue are the dominant input cost, with employees at 14.8%.