ZFCVINDIA
ZF Commercial Vehicle Control Systems India share price & financials
- Price
- ₹15,795
- Market cap
- ₹27.9k Cr
- Calls analysed
- 8
ZF Commercial Vehicle Control Systems India Limited Q1 FY27
What went well
- Sales in the CV >6T segment grew by 8.6%, marginally ahead of the industry's 8.4% growth, reflecting effective market execution.
- Aftermarket business delivered a strong performance with sales of ₹158.4 crore, a 15.6% year-on-year increase, driven by improved fleet utilization and replacement demand.
- Export revenues of ₹271.4 crores in Q1 FY26-27, registering a 9.7% year-on-year growth, supported by improved market demand and new product introductions.
What to watch
- Profit After Tax (PAT) amounted to ₹104.5 crores, with a de-growth of 14.7%, primarily due to the absence of a significant FX gain (₹39 crores) and higher one-time income (₹4.7 crores) in the prior year.
- The trailer segment witnessed a decline during the quarter, primarily due to slower mining activity, monsoon-related disruptions, and higher input costs.
What ZF Commercial Vehicle Control Systems India Limited does
ZF Commercial Vehicle Control Systems India Limited (formerly WABCO India) designs, manufactures and supplies braking, electronic stability control, air suspension and safety systems - including ABS, ESC, EBS, AMT, ECAS and ADAS - fitted to commercial vehicles built by India's truck and bus OEMs. It also runs a nationwide aftermarket business selling replacement parts and components through a dealer and distributor network. The company is part of Germany's ZF Friedrichshafen Group and, alongside domestic OE and aftermarket sales, exports components and provides engineering and software-development services to ZF's global operations.
Segments
- OEM (Original Equipment)
- Aftermarket
- Exports (Goods)
- Exports (Services)
- Manufacturing plants (India)
- 6
- Global engineering & technology centres
- 3
- Authorized aftermarket service partners
- ~270
- Aftermarket dealers/distributors
- ~550
- Dedicated vehicle proving ground
- 1
- Engineers at global digitalization & software development centre
- >1,000
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 4 delivered 6 missed 6 open- Quarterly Revenue delivered said Q3 FY25 Promised: Achieve a quarterly revenue run-rate of ₹1,000 crores. Q1 FY27: Revenue sustained above the mark at ₹1,101.8 crores, maintaining the run-rate for the third consecutive quarter.
- Market Outperformance vs CV Industry missed said Q2 FY25 Promised: Outperform the market by about 10% year-on-year. Q1 FY27: Sales in the CV >6T segment grew by 8.6%, marginally ahead of the industry's 8.4% growth, resulting in a 0.2% outperformance, well below the 10% target.
- FY27 Margin Growth at risk said Q4 FY26 Promised: More or less flattish with maybe single-digit small growth for the next year (FY27). Q1 FY27: Adjusted PBT margin was ~12.8%, a significant decline from the ~16.1% achieved in FY26, putting the 'flattish' guidance at risk due to severe commodity cost pressures.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 8.2%, net profit down 17.5% 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 | 907 | 956 | 1,003 | 963 | 902 −1% | 1,058 +11% | 1,133 +13% | 1,042 +8% |
| EBITDA | 139 | 175 | 172 | 128 | 132 −5% | 195 +11% | 183 +6% | 130 +2% |
| Net profit | 109 | 125 | 125 | 120 | 106 −3% | 139 +11% | 141 +13% | 99 −17% |
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 −81.4% 1Y
1Y: ₹13,719 on 10 Sept 2025 → ₹2,548.2. High ₹15,974 (16 Feb 2026), low ₹2,299.1 (27 Jul 2026).
How the price took the results
close before → close after
- Q1 FY27
- +3.4%
- 28 Jul
- Q4 FY26
- +2.8%
- 15 May
- Q3 FY26
- −0.8%
- 12 Feb
- Q2 FY26
- −0.4%
- 6 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 5.6% a year over 3 years, FY23 to FY26. Operating margin widened to 15.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹3.4k Cr | ₹3.8k Cr | ₹3.8k Cr | ₹4.1k Cr |
| Operating profit | ₹471 Cr | ₹563 Cr | ₹624 Cr | ₹638 Cr |
| Operating margin | 13.7% | 14.9% | 16.4% | 15.7% |
| Interest | ₹5 Cr | ₹4 Cr | ₹5 Cr | ₹4 Cr |
| Depreciation | ₹105 Cr | ₹110 Cr | ₹123 Cr | ₹129 Cr |
| Net profit | ₹317 Cr | ₹405 Cr | ₹458 Cr | ₹506 Cr |
| Net margin | 9.2% | 10.7% | 12.0% | 12.5% |
| Cash from operations | ₹299 Cr | ₹193 Cr | ₹274 Cr | ₹809 Cr |
| Free cash flow | ₹171 Cr | ₹12 Cr | ₹123 Cr | ₹669 Cr |
| ROCE | 19.0% | 21.0% | 20.0% | 19.0% |
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 | ₹2.0k Cr | ₹2.1k Cr | ₹2.4k Cr | ₹2.8k Cr | ₹3.4k Cr | ₹3.7k Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹62 Cr | ₹55 Cr |
| Other liabilities | ₹500 Cr | ₹523 Cr | ₹611 Cr | ₹581 Cr | ₹522 Cr | ₹637 Cr |
| Total liabilities | ₹2.5k Cr | ₹2.6k Cr | ₹3.0k Cr | ₹3.4k Cr | ₹4.0k Cr | ₹4.4k Cr |
| Fixed assets | ₹432 Cr | ₹536 Cr | ₹586 Cr | ₹669 Cr | ₹719 Cr | ₹720 Cr |
| Capital work in progress | ₹50 Cr | ₹20 Cr | ₹77 Cr | ₹83 Cr | ₹60 Cr | ₹59 Cr |
| Investments | ₹640 Cr | ₹399 Cr | ₹101 Cr | ₹26 Cr | ₹427 Cr | ₹606 Cr |
| Other assets | ₹1.4k Cr | ₹1.7k Cr | ₹2.3k Cr | ₹2.6k Cr | ₹2.8k Cr | ₹3.0k Cr |
| Total assets | ₹2.5k Cr | ₹2.6k Cr | ₹3.0k Cr | ₹3.4k Cr | ₹4.0k Cr | ₹4.4k 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, DIIs trimmed −0.91 pp while the public added +0.71 pp. The shareholder count grew 23% to 41,406.
- Promoters
- 60.0%
- FIIs
- 5.9%
- DIIs
- 25.4%
- Public
- 8.6%
Since Jun 2025
- DIIs −0.91 pp
- Public +0.71 pp
- FIIs +0.20 pp
How it drifted, 12 quarters
Over this window promoters fell from 75.0% to 60.0% — −15.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, FIIs 1.8%, DIIs 15.9%, Public 7.3%.Dec '23: Promoters 75.0%, FIIs 2.0%, DIIs 15.8%, Public 7.2%.Mar '24: Promoters 75.0%, FIIs 2.2%, DIIs 15.8%, Public 7.0%.Jun '24: Promoters 67.5%, FIIs 3.7%, DIIs 21.2%, Public 7.6%.Sep '24: Promoters 67.5%, FIIs 4.1%, DIIs 21.0%, Public 7.4%.Dec '24: Promoters 63.2%, FIIs 5.1%, DIIs 23.9%, Public 7.9%.Mar '25: Promoters 63.2%, FIIs 5.6%, DIIs 23.3%, Public 8.0%.Jun '25: Promoters 60.0%, FIIs 5.7%, DIIs 26.4%, Public 7.9%.Sep '25: Promoters 60.0%, FIIs 5.8%, DIIs 26.3%, Public 8.0%.Dec '25: Promoters 60.0%, FIIs 5.4%, DIIs 26.7%, Public 7.9%.Mar '26: Promoters 60.0%, FIIs 5.8%, DIIs 26.2%, Public 8.0%.Jun '26: Promoters 60.0%, FIIs 5.9%, DIIs 25.4%, Public 8.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- SBI Nifty Smallcap 250 ETF Mutual fund newly disclosed 6.82% held
- ICICI Prudential Nifty Smallcap 250 ETF Mutual fund newly disclosed 1.62% held
- Nippon Life India Trustee Ltd-A/C Nippon India Nifty 500 Equal Weight Mutual fund +0.70 pp 4.40% held
The same filing shows 0 holders trimming and 4 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of ZF Commercial Vehicle Control Systems India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Wabco Asia Private Limited | 60.00% | unchanged |
| SBI Nifty Smallcap 250 ETF Mutual fund | 6.82% | newly disclosed |
| Nippon Life India Trustee Ltd-A/C Nippon India Nifty 500 Equal Weight Mutual fund | 4.40% | +0.70 pp |
| Kotak Mahindra Trustee Co Ltd A/C Kotak Nifty Smallcap 250 Index Fund Mutual fund | 2.16% | unchanged |
| ICICI Prudential Nifty Smallcap 250 ETF Mutual fund | 1.62% | newly disclosed |
| SBI Nifty 500 Index Fund Mutual fund | — | off the list |
| Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Transp | — | off the list |
| ICICI Prudential S&P BSE 500 ETF Mutual fund | — | off the list |
| Sundaram Mutual Fund A/C Sundaram Infrastructure Advantage Fund | — | off the list |
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.
Mutual funds in ZFCVINDIA
Filings to Aug 2026
0 new, 4 added, 2 trimmed, 0 sold out — net −0.58 L shares (−0.5%).
- Held by funds
- ₹3.1k Cr
- 20 schemes
- Biggest holder
- SBI Smallcap Fund
- ₹1.1k Cr · 2.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Smallcap Fund SBI Mutual Fund | ₹1.1k Cr | held | Aug '21 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹517 Cr | held | Jul '23 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹440 Cr | held | Aug '21 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹329 Cr | held | Jun '24 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹170 Cr | held | Mar '26 |
| SBI MNC Fund SBI Mutual Fund | ₹101 Cr | held | Aug '21 |
| SBI Multi Asset Allocation Fund SBI Mutual Fund | ₹97 Cr | held | Jun '24 |
| SBI Automotive Opportunities Fund SBI Mutual Fund | ₹91 Cr | held | Jun '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 2 trimmed — net −58,191 shares (−0.5%)
- Funds are sitting on
- +646%
- vs est. average cost
- Held by funds
- ₹3.1k Cr
- 20 schemes · ≈ 70% of the company
- Biggest holder
- SBI Smallcap Fund
- ₹1.1k Cr · 2.5% of that fund
Shares held by these funds +18%
Aug '23 1.24 cr shares Jul '26
What the price assumes
AttractiveTo justify its price of ₹2548, this stock must grow earnings at 1% every year for 7 years. Our analysis caps realistic growth at ~17%. At that growth it is worth ₹5907 — upside of 132%.
- Growth the price implies
- 1.2% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 16.9% a year
- net profit, FY23–FY26
- The gap
- -0.2 pp
- 132% downside if it only repeats history
All earnings calls (8)
Read the Q1 FY27 call →Learn to analyse ZF Commercial Vehicle Control Systems India Limited
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