505163
Z F Steering financials
- Market cap
- ₹697 Cr
What Z F Steering does
ZF Steering Gear (India) manufactures Mechanical Steering Gear Systems and Power Steering (HPAS) Systems fitted on commercial vehicles (including buses) and tractors. It also owns and operates solar and wind power assets, generating renewable energy for captive consumption at its own plant and for sale to state utilities. Through its subsidiaries and a joint venture, the company is backward-integrating into machined components, castings, and is diversifying into aluminium extrusion and electrical equipment components.
Segments
- Auto Components
- Renewable Energy
- Manufacturing plant (works)
- Vadu Budruk, Tal. Shirur, Dist. Pune, Maharashtra
- Business segments
- Auto Components; Renewable Energy
- Vehicle categories served
- Commercial Vehicles (incl. buses) and Tractors (Power Steering fitted on models <45 HP)
- Subsidiary/JV manufacturing units
- 3 (DriveSys - Supa MIDC, Ahilyanagar/Ahmednagar; Metacast - Five Star MIDC, Kolhapur; NexSteer - new factory, MIDC)
- Solar power capacity
- 5 MW (Gujarat Solar Park, Charnka, Patan/Kutch) + rooftop solar at Vadu Budruk plant
- Wind power capacity
- 8.10 MW aggregate (turbines in Satara, Ahmednagar & Sambhajinagar districts, Maharashtra)
Quarterly results
Q1 FY27: revenue up 7.5%, net profit up 57.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 111 | 118 | 137 | 133 | 121 +9% | 143 +21% | 174 +27% | 143 +8% |
| EBITDA | 11 | 11 | 15 | 18 | 12 +9% | 24 +118% | 21 +40% | 13 −28% |
| Net profit | 2 | -2 | 2 | 7 | -2 −200% | 7 +450% | -1 −150% | 11 +57% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −29.1% 1Y
1Y: ₹1,076.7 on 10 Sept 2025 → ₹762.95. High ₹1,097.4 (19 Sept 2025), low ₹580.95 (30 Mar 2026).
Financials, as filed
Revenue grew 8.2% a year over 3 years, FY23 to FY26. Operating margin widened to 13.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹450 Cr | ₹478 Cr | ₹494 Cr | ₹571 Cr |
| Operating profit | ₹56 Cr | ₹52 Cr | ₹53 Cr | ₹75 Cr |
| Operating margin | 12.4% | 10.9% | 10.7% | 13.1% |
| Interest | ₹1 Cr | ₹1 Cr | ₹6 Cr | ₹8 Cr |
| Depreciation | ₹32 Cr | ₹33 Cr | ₹43 Cr | ₹47 Cr |
| Net profit | ₹25 Cr | ₹44 Cr | ₹12 Cr | ₹11 Cr |
| Net margin | 5.4% | 9.2% | 2.4% | 1.9% |
| Cash from operations | ₹49 Cr | ₹35 Cr | ₹40 Cr | ₹98 Cr |
| Free cash flow | ₹9 Cr | ₹-55 Cr | ₹-19 Cr | ₹-11 Cr |
| ROCE | 8.0% | 10.0% | 6.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr | ₹9 Cr |
| Reserves | ₹368 Cr | ₹386 Cr | ₹410 Cr | ₹449 Cr | ₹465 Cr | ₹472 Cr |
| Borrowings | ₹32 Cr | ₹34 Cr | ₹43 Cr | ₹77 Cr | ₹109 Cr | ₹106 Cr |
| Other liabilities | ₹57 Cr | ₹43 Cr | ₹50 Cr | ₹59 Cr | ₹61 Cr | ₹85 Cr |
| Total liabilities | ₹466 Cr | ₹472 Cr | ₹512 Cr | ₹594 Cr | ₹643 Cr | ₹673 Cr |
| Fixed assets | ₹175 Cr | ₹159 Cr | ₹158 Cr | ₹205 Cr | ₹238 Cr | ₹230 Cr |
| Capital work in progress | ₹2 Cr | ₹2 Cr | ₹7 Cr | ₹30 Cr | ₹22 Cr | ₹68 Cr |
| Investments | ₹120 Cr | ₹119 Cr | ₹147 Cr | ₹134 Cr | ₹151 Cr | ₹135 Cr |
| Other assets | ₹168 Cr | ₹192 Cr | ₹199 Cr | ₹226 Cr | ₹233 Cr | ₹239 Cr |
| Total assets | ₹466 Cr | ₹472 Cr | ₹512 Cr | ₹594 Cr | ₹643 Cr | ₹673 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −4.18 pp while the public added +4.17 pp. The shareholder count grew 2% to 9,819.
- Promoters
- 62.8%
- DIIs
- 0.0%
- Public
- 37.2%
Since Jun 2025
- Promoters −4.18 pp
- Public +4.17 pp
- DIIs 0.00 pp
How it drifted, 12 quarters
Over this window promoters fell from 67.2% to 62.8% — −4.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 67.2%, DIIs 0.0%, Public 32.8%.Dec '23: Promoters 67.2%, DIIs 0.0%, Public 32.8%.Mar '24: Promoters 67.2%, DIIs 0.0%, Public 32.8%.Jun '24: Promoters 67.2%, DIIs 0.0%, Public 32.8%.Sep '24: Promoters 67.2%, DIIs 0.0%, Public 32.8%.Dec '24: Promoters 67.0%, DIIs 0.0%, Public 33.0%.Mar '25: Promoters 67.0%, DIIs 0.0%, Public 33.0%.Jun '25: Promoters 66.9%, DIIs 0.0%, Public 33.1%.Sep '25: Promoters 66.9%, DIIs 0.0%, Public 33.0%.Dec '25: Promoters 62.8%, DIIs 0.0%, Public 37.2%.Mar '26: Promoters 62.8%, DIIs 0.0%, Public 37.2%.Jun '26: Promoters 62.8%, DIIs 0.0%, Public 37.2%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Z F Steering above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Utkarsh Munot | 28.56% | unchanged |
| Dinesh Munot | 20.82% | unchanged |
| Nandini Munot | 3.54% | unchanged |
| Munot Harishkumar Amolchand | 2.97% | unchanged |
| Jinendra Hirachand Munot | 2.47% | unchanged |
| Ramesh Hirachand Munot | 2.38% | unchanged |
| Manish Rameshchand Munot | 1.77% | unchanged |
| Amita Jinendra Munot | 1.62% | unchanged |
| Urmil Mahasukh Gopani | 1.52% | unchanged |
| Ashish Rameshchand Munot Huf | 1.43% | unchanged |
| Trupti Sushen Gupta | 1.36% | unchanged |
| Pramila Amolchand Munot | 1.35% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Z F Steering
Guides on how to read this kind of business and the numbers that matter.