ZF Commercial Vehicle Control System India Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹23,938 Cr
- P/E
- 48.70
- ROE
- 14.36%
- PEG
- 2.99
- Price to sales
- 5.80
- Debt to equity
- 0.01
- 52W high / low
- ₹16,086 / ₹2,082
- Sales growth (5Y)
- 16.83%
- EBITDA margin
- 15.47%
- Net profit margin
- 12.19%
- Promoter holding
- 60.00%
- Sales (last year)
- ₹4,134 Cr
Operating under the ZF WABCO brand and part of ZF Group Commercial Vehicle Control Systems Division, WABCO INDIA Limited is India’s market leader for advanced braking systems, conventional braking products and related air assisted technologies and systems in India. It also provides software development and other services. Its headquarter is in Chennai, India
Guidance scorecard · Q1 FY27 call
What ZF Commercial Vehicle Control System India Ltd's management guided
and where it ranks in Auto Components
Auto Components
RevenueQ1 FY27 call
0–10%- Expect steady growth supported by strong domestic commercial vehicle demand, robust infrastructure investments, and replacement demand from aging fleets.
- Export revenues projected to improve with positive outlook in U.S. and European markets driven by new product launches and ramp-ups.
- Aftermarket business showing strong momentum with strategic focus on expanding ASC network and SPARK initiatives.
- Growth fueled by increasing adoption of advanced safety technologies like ESC, ECAS, and EBS, along with electric mobility solutions.
- Continued focus on innovation, operational excellence, and customer centricity to capitalize on long-term opportunities.
- Expansion planned in the LCV segment aiming for ₹90 million revenues by 2030.
2 more points from ZF Commercial Vehicle Control System India Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what ZF Commercial Vehicle Control System India Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Strategic investments were made at Jamshedpur, Lucknow, and Pantnagar to improve production flexibility, responsiveness, and delivery performance.
- New assembly lines for brake actuators and valves were commissioned to enhance capacity and operational agility.
- Focus on continuous improvement, productivity enhancement, and manufacturing efficiency under PERFORM26 initiative to offset inflation and strengthen profitability.
- Working towards high localization (~75% by SOP) for Electronic Stability Control (ESC) products with local EMS partners.
- Continued investments in new product launches, accelerated product ramp-ups, and increased penetration of key product lines like compressors and actuators to drive export growth.
2 more points from ZF Commercial Vehicle Control System India Ltd's call on capex
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FundraisingQ1 FY27 call
Ask what ZF Commercial Vehicle Control System India Ltd said on fundraising →
Full Q1 FY27 analysisOrder bookQ1 FY27 call
Rising- The company has secured business nominations from three major OEMs for Electronic Stability Control (ESC) solutions and is progressing discussions with other key customers.
- It has a positive outlook on exports driven by new orders, especially in Europe and North America.
- There is ongoing momentum in export order book growth, primarily from actuation products and air compressor portfolio manufactured at the Chennai SEZ plant.
- New product introductions and increasing market penetration in EV-focused solutions (e-compressors, EBS) support order growth.
2 more points from ZF Commercial Vehicle Control System India Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Auto Components
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Auto Components companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹3,020 Cr | 47.8 | |
| 2 | 40%+ | Flat | ₹1,998 Cr | 63.5 | |
| 3 | 40%+ | Flat | ₹428 Cr | 17.5 | |
| 4 | 20–40% | Up 2%+ | ₹25,721 Cr | 73.8 | |
| 5 | 20–40% | Up 2%+ | ₹13,417 Cr | 40.5 | |
| 6 | 20–40% | Up 0–2% | ₹23,344 Cr | 37.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Auto Components rankingFinancials of ZF Commercial Vehicle Control System India Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of ZF Commercial Vehicle Control System India Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 977 | 961 | 981 | 887 | 956 | 938 | 907 | 956 | 1,003 | 963 | 902 | 1,058 | 1,133 |
| Expenses + | 833 | 819 | 837 | 756 | 809 | 800 | 767 | 781 | 831 | 835 | 770 | 863 | 950 |
| Operating Profit | 144 | 141 | 144 | 131 | 147 | 138 | 139 | 175 | 172 | 128 | 132 | 195 | 183 |
| OPM % | 15% | 15% | 15% | 15% | 15% | 15% | 15% | 18% | 17% | 13% | 15% | 18% | 16% |
| Other Income + | 18 | 21 | 24 | 30 | 20 | 26 | 40 | 17 | 27 | 67 | 45 | 24 | 42 |
| Interest | 0 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 27 | 28 | 27 | 26 | 29 | 29 | 31 | 31 | 32 | 32 | 32 | 32 | 33 |
| Profit before tax | 135 | 134 | 140 | 134 | 137 | 133 | 147 | 160 | 167 | 161 | 144 | 185 | 190 |
| Tax % | 25% | 25% | 25% | 25% | 26% | 26% | 25% | 22% | 25% | 26% | 26% | 25% | 26% |
| Net Profit + | 101 | 100 | 104 | 100 | 101 | 99 | 109 | 125 | 125 | 120 | 106 | 139 | 141 |
| EPS in Rs | 53.36 | 52.59 | 55.00 | 52.52 | 53.29 | 52.30 | 57.65 | 65.85 | 66.00 | 63.36 | 56.13 | 73.11 | 74.52 |
Financials of ZF Commercial Vehicle Control System India Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,347 | 1,832 | 2,067 | 2,573 | 2,854 | 1,930 | 1,864 | 2,543 | 3,445 | 3,784 | 3,804 | 4,055 |
| Expenses + | 1,144 | 1,546 | 1,741 | 2,174 | 2,443 | 1,676 | 1,658 | 2,291 | 2,974 | 3,220 | 3,178 | 3,418 |
| Operating Profit | 203 | 287 | 326 | 399 | 411 | 254 | 206 | 253 | 470 | 563 | 626 | 637 |
| OPM % | 15% | 16% | 16% | 16% | 14% | 13% | 11% | 10% | 14% | 15% | 16% | 16% |
| Other Income + | 20 | 40 | 36 | 46 | 72 | 62 | 39 | 38 | 67 | 96 | 109 | 178 |
| Interest | 0 | 0 | 0 | 2 | 0 | 2 | 2 | 2 | 6 | 5 | 6 | 5 |
| Depreciation | 47 | 56 | 62 | 62 | 71 | 90 | 90 | 92 | 105 | 109 | 123 | 130 |
| Profit before tax | 177 | 270 | 300 | 382 | 411 | 223 | 152 | 196 | 427 | 544 | 607 | 680 |
| Tax % | 32% | 25% | 29% | 29% | 31% | 29% | 32% | 27% | 26% | 26% | 24% | 26% |
| Net Profit + | 121 | 203 | 213 | 273 | 282 | 159 | 104 | 142 | 318 | 405 | 459 | 507 |
| EPS in Rs | 63.61 | 107.22 | 112.55 | 143.84 | 148.76 | 83.73 | 54.72 | 74.90 | 167.48 | 213.41 | 241.81 | 267.13 |
| Dividend Payout % | 8% | 6% | 6% | 6% | 6% | 12% | 20% | 16% | 8% | 8% | 8% | 2% |
Financials of ZF Commercial Vehicle Control System India Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves | 854 | 1,058 | 1,257 | 1,516 | 1,770 | 1,885 | 1,987 | 2,105 | 2,400 | 2,779 | 3,201 | 3,667 |
| Borrowings + | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 55 |
| Other Liabilities + | 250 | 455 | 471 | 643 | 556 | 286 | 500 | 523 | 611 | 581 | 550 | 637 |
| Total Liabilities | 1,113 | 1,523 | 1,737 | 2,169 | 2,336 | 2,181 | 2,496 | 2,637 | 3,020 | 3,369 | 3,760 | 4,368 |
| Fixed Assets + | 324 | 335 | 318 | 359 | 440 | 471 | 432 | 536 | 586 | 669 | 729 | 720 |
| CWIP | 18 | 37 | 62 | 52 | 19 | 30 | 50 | 20 | 77 | 83 | 63 | 59 |
| Investments | 39 | 218 | 298 | 446 | 313 | 542 | 640 | 399 | 101 | 26 | 31 | 606 |
| Other Assets + | 733 | 932 | 1,059 | 1,312 | 1,563 | 1,137 | 1,374 | 1,682 | 2,256 | 2,592 | 2,937 | 2,983 |
| Total Assets | 1,113 | 1,523 | 1,737 | 2,169 | 2,336 | 2,181 | 2,496 | 2,637 | 3,020 | 3,369 | 3,760 | 4,368 |
Financials of ZF Commercial Vehicle Control System India Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 124 | 242 | 180 | 311 | 150 | 224 | 138 | 138 | 299 | 193 | 274 | 809 |
| Cash from Investing Activity + | -45 | -241 | -120 | -205 | -429 | -165 | -24 | -178 | -270 | -135 | -211 | -709 |
| Cash from Financing Activity + | -11 | -12 | -14 | -18 | -18 | -48 | -19 | -28 | -31 | -34 | -44 | -52 |
| Net Cash Flow | 68 | -10 | 46 | 88 | -297 | 11 | 96 | -69 | -2 | 23 | 18 | 48 |
| Free Cash Flow | 52 | 159 | 106 | 216 | 31 | 132 | 68 | -38 | 171 | 12 | 123 | 669 |
| CFO/OP | 88% | 112% | 86% | 105% | 69% | 115% | 87% | 82% | 87% | 66% | 65% | 149% |
Financials of ZF Commercial Vehicle Control System India Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 81 | 87 | 91 | 92 | 81 | 69 | 115 | 96 | 80 | 90 | 107 | 82 |
| Inventory Days | 54 | 58 | 43 | 30 | 30 | 36 | 37 | 32 | 26 | 26 | 31 | 41 |
| Days Payable | 82 | 115 | 96 | 121 | 83 | 50 | 110 | 77 | 60 | 59 | 55 | 66 |
| Cash Conversion Cycle | 53 | 30 | 38 | 1 | 29 | 55 | 41 | 51 | 46 | 58 | 82 | 58 |
| Working Capital Days | 73 | 50 | 51 | 37 | 49 | 56 | 61 | 56 | 46 | 63 | 83 | 109 |
| ROCE % | 21% | 27% | 24% | 26% | 23% | 11% | 7% | 9% | 19% | 21% | 20% | 20% |
Guidance history
How ZF Commercial Vehicle Control System India Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 0–10% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
23 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −0.8% | 59% |
| Last 6 months | −10.7% | 35% |
| Last 3 months | −10.5% | 39% |
The price is 25.7% below its all-time high of ₹2,903.44 (31 May 2024). Stocks more than 20% below their peak have their score halved, so 46 became 23.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For ZF Commercial Vehicle Control System India Ltd: 0.4 × 59 + 0.4 × 35 + 0.2 × 39 = 46, halved to 23 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What ZF Commercial Vehicle Control System India Ltd's management said in earlier quarters
- Q2 FY26 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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