ZFSTEERING

ZF Steering Gear (India) financials

Market cap
₹694 Cr
Sector
Automobile and Auto Components

Quarterly results

Q1 FY27: revenue up 5.3%, net profit up 58.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue111 117 137 131 116 +5%140 +20%169 +23%138 +5%
EBITDA12 11 15 17 14 +17%18 +64%17 +13%12 −29%
Net profit6 4 10 12 4 −33%12 +200%4 −60%19 +58%
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 −8.9% YTD

₹650₹700₹750₹800₹850AprMayJunJulAugSept

YTD: ₹839.75 on 21 Apr 2026 → ₹764.75. High ₹855.2 (22 Apr 2026), low ₹642.3 (12 Jun 2026).

Financials, as filed

Revenue grew 7.9% a year over 2 years, FY24 to FY26. Operating margin widened to 11.9%.

Year endingFY24FY25FY26
Revenue₹478 Cr₹493 Cr₹556 Cr
Operating profit₹52 Cr₹56 Cr₹66 Cr
Operating margin10.9%11.4%11.9%
Interest₹0 Cr₹4 Cr₹4 Cr
Depreciation₹33 Cr₹31 Cr₹29 Cr
Net profit₹48 Cr₹35 Cr₹32 Cr
Net margin10.0%7.1%5.8%
Cash from operations₹43 Cr₹59 Cr₹83 Cr
Free cash flow₹21 Cr₹37 Cr₹67 Cr
ROCE11.0%10.0%10.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹9 Cr₹9 Cr₹9 Cr₹9 Cr₹9 Cr₹9 Cr
Reserves₹368 Cr₹386 Cr₹411 Cr₹454 Cr₹465 Cr₹513 Cr
Borrowings₹32 Cr₹34 Cr₹41 Cr₹33 Cr₹109 Cr₹45 Cr
Other liabilities₹57 Cr₹44 Cr₹50 Cr₹49 Cr₹61 Cr₹65 Cr
Total liabilities₹466 Cr₹473 Cr₹510 Cr₹545 Cr₹643 Cr₹631 Cr
Fixed assets₹175 Cr₹159 Cr₹145 Cr₹136 Cr₹238 Cr₹119 Cr
Capital work in progress₹2 Cr₹2 Cr₹2 Cr₹4 Cr₹22 Cr₹2 Cr
Investments₹120 Cr₹119 Cr₹155 Cr₹142 Cr₹151 Cr₹148 Cr
Other assets₹168 Cr₹192 Cr₹208 Cr₹263 Cr₹233 Cr₹363 Cr
Total assets₹466 Cr₹473 Cr₹510 Cr₹545 Cr₹643 Cr₹631 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.

Sep '23Dec '24Jun '26

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 was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of ZF Steering Gear (India) Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
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.

What the price assumes

Growth trap

To justify its price of ₹765, this stock must grow earnings at 20% every year for 7 years. Our analysis caps realistic growth at ~-18%. At that growth it is worth ₹97 — downside of 87%.

Growth the price implies
19.7% a year
for 7 years, fading to 4%
It has actually compounded at
-18.4% a year
net profit, FY24–FY26 · EPS -18.4%
The gap
0.4 pp
-87% downside if it only repeats history
Price today ₹764.75 Value at the reference growth ₹97.34

Change the assumptions yourself →

Learn to analyse ZF Steering Gear (India) Limited

Guides on how to read this kind of business and the numbers that matter.