NSE: ZFCVINDIA · BSE: 533023
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Original Equipment (OE) sales to commercial vehicle OEMs, Aftermarket (replacement parts and service), Connected solutions subscriptions, Exports (37%). Technology-driven auto components supplier to commercial vehicles; asset-light export franchise; transitioning product mix toward electronics, EV components, and subscription services
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,543 | 3,444 | 3,816 | 3,831 | 4,119 |
| EBITDA (ex other income) | 253 | 470 | 566 | 631 | 647 |
| margin % | 9.9 | 13.7 | 14.8 | 16.5 | 15.7 |
| Owners' profit | 142 | 318 | 406 | 461 | 517 |
| EPS, as reported (₹) | 74.90 | 167.48 | 214.28 | 242.90 | 272.65 |
| ROE % · ROCE % | 6.7 · 9.2 | 13.2 · 17.4 | 14.6 · 19.2 | 14.3 · 18.7 | 14.0 · 18.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 138 | 298 | 193 | 286 | 810 |
| Capex | (101) | (128) | (195) | (167) | (146) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 911 | 962 | 1,012 | 976 | 913 | 1,075 | 1,155 | 1,066 |
| Profit before tax | 146 | 161 | 169 | 164 | 146 | 187 | 197 | 140 |
| Net profit | 109 | 125 | 127 | 122 | 108 | 140 | 146 | 104 |
| EPS (₹) | 57.53 | 66.15 | 66.81 | 64.52 | 57.08 | 73.90 | 77.14 | 9.18 |
Exhibit 3: 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 | 1,66,707 | 38.1 | 3.82 | 14.8 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,34,520 | 56.9 | 9.06 | 33.0 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 84,295 | 119.4 | 8.82 | 30.4 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 62,653 | 52.0 | 8.63 | 28.8 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 57,518 | 45.9 | 9.36 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 52,988 | 76.1 | 8.64 | 46.0 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 40,753 | 67.2 | 2.87 | 15.8 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,042 | 33.0 | 4.68 | 15.7 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.8 | 25.0 | 12 of 119 | 91% |
| P/B | 6.5 | 3.3 | 94 of 117 | 20% |
| ROCE | 18.4 | 12.6 | 34 of 125 | 73% |
| ROE | 14.0 | 11.7 | 45 of 117 | 62% |
| Debt / Equity | 0.0 | 0.3 | 1 of 117 | 85% |
| EBITDA margin | 16.3 | 12.2 | 33 of 118 | 73% |
| Revenue growth | 9.3 | 20.2 | 90 of 113 | 21% |
| Profit growth | (14.6) | 24.4 | 94 of 115 | 18% |
| Market cap | 24151 | 1455 | 13 of 126 | 90% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · Quarterly dematerialisation compliance certificate submitted to exchanges | compliance | minimal | — | — |
| 2 Oct 2026 · Favourable tax appeal order: demand of about Rs 1.79 crore set aside | regulatory legal | high | — | — |
| 30 Sept 2026 · ZF CVCS India secures NABL accreditation for Hemi Anechoic Chamber | business updates | medium | — | — |
| 25 Sept 2026 · Trading window closure for Q2 FY26 results | compliance | minimal | — | — |
| 21 Sept 2026 · ZF Commercial Vehicle shares outcome of analyst and investor meeting | investor communications | low | — | — |
| 21 Sept 2026 · ZF CVCS India posts record FY26 results, margins expand across all levels | investor communications | medium | — | — |
| 18 Sept 2026 · ZF Commercial Vehicle Control Systems wins ITAT appeal, Rs 1.17 crore tax demand set aside | regulatory legal | high | — | — |
| 15 Sept 2026 · Senior GM Sourcing and Purchasing resigns from ZF CV India | management changes | medium | — | — |
| 15 Sept 2026 · Management to attend Anand Rathi G-200 Summit 2026 on Sept 21 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Mr. Rakesh Mishra appointed as CFO effective September 1, 2026 | management changes | high | — | — |
How to read this document
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|---|---|---|
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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.