| Quarterly Financials | Jun 2021 | Sept 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sept 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 |
Revenue  | 504 | 624 | 662 | 791 | 810 | 805 | 902 | 995 | 988 | 1,016 | 928 | 979 | 971 | 950 | 979 | 1,039 | 1,042 | 958 |
| Expenses | 450 | 554 | 594 | 693 | 700 | 685 | 756 | 833 | 826 | 846 | 765 | 813 | 807 | 771 | 785 | 837 | 844 | 779 |
| EBITDA | 54 | 70 | 68 | 98 | 110 | 120 | 146 | 162 | 163 | 170 | 163 | 166 | 164 | 179 | 194 | 202 | 198 | 179 |
| Operating Profit % | 9 % | 10 % | 9 % | 11 % | 12 % | 14 % | 14 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 15 % | 18 % | 17 % | 13 % | 15 % |
| Depreciation | 23 | 25 | 24 | 21 | 23 | 27 | 28 | 27 | 28 | 27 | 26 | 29 | 29 | 31 | 32 | 32 | 33 | 32 |
| Interest | 1 | 0 | 0 | 1 | 1 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 |
| Profit Before Tax | 31 | 45 | 43 | 77 | 86 | 90 | 116 | 135 | 134 | 141 | 135 | 136 | 134 | 146 | 161 | 169 | 164 | 146 |
| Tax | 10 | 13 | 11 | 20 | 24 | 22 | 30 | 34 | 34 | 36 | 35 | 36 | 34 | 37 | 35 | 42 | 42 | 38 |
| Net Profit | 21 | 32 | 32 | 57 | 62 | 69 | 85 | 101 | 100 | 106 | 101 | 100 | 99 | 109 | 126 | 127 | 122 | 108 |
| EPS in ₹ | 11.27 | 17.00 | 16.78 | 29.84 | 32.90 | 36.19 | 45.04 | 53.36 | 52.58 | 55.72 | 53.16 | 52.83 | 52.42 | 57.53 | 66.15 | 66.81 | 64.52 | 57.08 |
ZF Commercial
ZF Commercial
12,795.00
-136.00
(-1.05%)
Key Fundamentals
Market Cap
24,269.02 Cr
EPS
242.90
PE Ratio
51.12
Dividend Yield
0.15 %
Industry
Automobiles 52 Week High
15,149.90
52 Week Low
9,561.00
PB Ratio
7.24
Debt to Equity
0.00
Sector
Auto Components Analyst Rating and Forecast
- By Refinitiv from4 analysts
Actual
Company News
View All News
ZF Commercial Vehicle Control Systems India Limited has initiated a postal ballot process to appoint Mr. Ivan Brajdic as Non-Executive Non-Independent Director, with e-voting scheduled from November 19 to December 18, 2025. The appointment requires shareholder approval as Mr. Brajdic, who has 25 years of high-tech products and R&D experience and currently serves as Senior Vice President-Research Development in ZF Group-CVS Division, was initially appointed as Additional Director effective November 5, 2025.
ZF Commercial Vehicle Control Systems India Limited reported consolidated revenue of INR 958.21 crores for the quarter ended September 30, 2025, representing a marginal 0.8% increase from INR 950.18 crores in the same quarter of the previous year. For the first half of FY26, consolidated net profit reached INR 230.65 crores, up 10.6% from INR 208.55 crores in the corresponding period of FY25. The company maintained an EBITDA margin of 22.9% and profit after tax of INR 108.3 crores for the second quarter. OE sales grew 7.4% in Q2 FY26, driven by higher ESC penetration due to updated regulations effective September 2025. The aftermarket segment registered 12.6% growth, while exports declined 16% primarily due to volume reduction in the U.S. market caused by tariff-related cost pressures. Export of services grew 12.1% driven by increased engineering activities delivered from India to global centers. The company successfully started production of 60-dia exhaust brake wall and brake signal transmitter for e-mobility applications at its Oragadam facility.
ZF Commercial Vehicle Control Systems India Limited has reconstituted five board committees effective November 5, 2025. The changes include leadership transitions across the Audit Committee, Nomination Remuneration Committee, Stakeholders Relationship Committee, Corporate Social Responsibility Committee, and Risk Management Committee. Key changes include Mr. Neeraj Sagar becoming Chairman of the Nomination Remuneration Committee, Ms. Amrita Verma Chowdhury taking over as Chairperson of the Stakeholders Relationship Committee, and Ms. Rashmi Urdhwareshe becoming Chairperson of the Risk Management Committee. Dr. Orlik Lars has been added to the Audit Committee replacing Mr. Christian Brenneke. The board meeting was held on November 4, 2025.
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Peer Comparison Compare Peers on Screener
Competitors | LTP | Market Cap (₹ Cr.) | P/E Ratio | Revenue (₹ Cr.) | YoY Revenue Growth % | Net Profit (₹ Cr.) | YoY Profit Growth % | RSI |
|---|---|---|---|---|---|---|---|---|
110.32 | #1 1,16,436.61 | #1 33.35 | #1 1,14,220.30 | 15.51 | #1 4,146 | -10.88 | 55.87 | |
35,815.00 | 1,05,631.47 | 40.75 | 18,901.30 | 8.32 | 2,013 | 3.32 | 36.93 | |
1,284.80 | 73,993.01 | 63.38 | 16,803.90 | #1 19.48 | 1,021 | 21.26 | 51.42 | |
1,408.40 | 67,334.00 | 63.60 | 15,336.60 | -3.60 | 913 | #1 23.02 | 65.21 | |
3,936.90 | 61,535.19 | 59.47 | 6,961.65 | 13.22 | 828 | 22.38 | 43.92 | |
2,861.60 | 55,371.36 | 55.67 | 19,835.70 | 15.71 | 1,054 | 0.94 | 35.32 | |
2,672.10 | 37,586.52 | 43.83 | 11,677.80 | 13.09 | 836 | 11.97 | 40.90 | |
46.88 | 31,089.23 | 53.37 | 9,332.20 | 11.96 | 606 | 8.68 | 51.56 | |
498.70 | 31,005.23 | 51.99 | 3,681.50 | 14.73 | 600 | 18.73 | 67.19 | |
362.25 | 30,791.25 | 40.72 | 17,350.60 | 2.91 | 801 | -25.62 | 25.95 |
Growth Rate
Revenue Growth
0.73 %
Net Income Growth
13.36 %
Cash Flow Change
48.34 %
ROE
-1.65 %
ROCE
-2.81 %
EBITDA Margin (Avg.)
11.00 %
Quarterly Financial Results
Balance Sheet
| Balance Sheet | 2022 | 2023 | 2024 | 2025 |
| Total Assets | 2,637 | 3,022 | 3,382 | 3,785 |
| Fixed Assets | 536 | 587 | 673 | 737 |
| Current Assets | 1,956 | 2,239 | 2,475 | 2,842 |
| Capital Work in Progress | 20 | 77 | 84 | 69 |
| Investments | 398 | 100 | 25 | 30 |
| Other Assets | 1,683 | 2,258 | 2,600 | 2,950 |
| Total Liabilities | 2,637 | 3,022 | 3,382 | 3,785 |
| Current Liabilities | 499 | 536 | 510 | 490 |
| Non Current Liabilities | 24 | 78 | 81 | 81 |
| Total Equity | 2,114 | 2,409 | 2,790 | 3,215 |
| Reserve & Surplus | 2,105 | 2,400 | 2,781 | 3,205 |
| Share Capital | 10 | 10 | 10 | 10 |
Cash Flow
| Cash Flow | 2022 | 2023 | 2024 | 2025 |
| Net Cash Flow | -68 | -3 | 28 | 15 |
| Investing Activities | -177 | -270 | -131 | -227 |
| Operating Activities | 138 | 299 | 193 | 286 |
| Financing Activities | -29 | -31 | -34 | -44 |
Share Holding
| % Holding | Mar 2021 | Jun 2021 | Sept 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sept 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 |
| Promoter | 80.43 % | 77.01 % | 75.00 % | 75.00 % | 75.00 % | 75.00 % | 75.00 % | 75.00 % | 75.00 % | 75.00 % | 75.00 % | 75.00 % | 75.00 % | 67.49 % | 67.49 % | 63.16 % | 63.16 % | 60.00 % | 60.00 % |
| FIIs | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 1.79 % | 0.00 % | 2.24 % | 3.74 % | 4.13 % | 5.10 % | 5.57 % | 5.73 % | 5.79 % |
| DIIs | 11.22 % | 14.05 % | 15.82 % | 15.75 % | 15.85 % | 15.91 % | 15.74 % | 16.12 % | 16.04 % | 16.13 % | 15.90 % | 15.76 % | 15.77 % | 21.19 % | 21.03 % | 23.85 % | 23.33 % | 26.36 % | 26.25 % |
| Government | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % |
| Public / Retail | 5.82 % | 6.23 % | 6.31 % | 6.49 % | 6.33 % | 6.38 % | 6.51 % | 6.23 % | 6.23 % | 6.19 % | 5.95 % | 5.86 % | 5.63 % | 5.99 % | 5.68 % | 5.97 % | 6.06 % | 5.95 % | 6.00 % |
| Others | 2.53 % | 2.72 % | 2.86 % | 2.77 % | 2.83 % | 2.70 % | 2.74 % | 2.66 % | 2.72 % | 2.67 % | 1.36 % | 3.38 % | 1.35 % | 1.59 % | 1.67 % | 1.92 % | 1.88 % | 1.96 % | 1.95 % |
| No of Share Holders | 0 | 22,843 | 23,577 | 22,700 | 22,499 | 22,114 | 22,392 | 27,560 | 25,387 | 24,395 | 24,375 | 25,289 | 24,094 | 29,457 | 28,862 | 34,269 | 33,904 | 33,640 | 32,238 |
Dividend History
| Annual Cash Flows | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Per Share (₹) | 0.00 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 17 | 19 |
| Dividend Yield (%) | 0.00 | 0.09 | 0.12 | 0.15 | 0.15 | 0.14 | 0.12 | 0.09 | 0.13 | 0.15 |
Corporate Action
| Record Date | Corporate Action | Information | Announcement Day | LTP at Annoucement | LTP at Record Day |
|---|---|---|---|---|---|
| 17 Sept 2021 |  Dividend | ₹ 11.00 /share | 16 Sept 2021 | 6,732.50 | 7,322.70 |
| 08 Jul 2022 | Dividend | ₹ 12.00 /share | 07 Jul 2022 | 7,700.45 | 7,919.35 |
| 07 Jul 2023 | Dividend | ₹ 13.00 /share | 07 Jul 2023 | 10,496.00 | 12,144.35 |
| 15 Jul 2024 | Dividend | ₹ 17.00 /share | 15 Jul 2024 | 13,264.00 | 15,888.70 |
| 22 Jul 2024 |  Annual General Meeting | NA | 22 Jul 2024 | 13,264.00 | 15,171.50 |
| 08 Nov 2024 |  Quarterly Result Announcement | NA | 08 Nov 2024 | 13,954.10 | 14,966.50 |
| 06 Feb 2025 | Quarterly Result Announcement | NA | 06 Feb 2025 | 10,696.35 | 10,788.25 |
| 15 May 2025 | Quarterly Result Announcement | NA | 15 May 2025 | 12,528.95 | 13,243.00 |
| 08 Aug 2025 | Dividend | ₹ 19.00 /share | 08 Aug 2025 | 13,243.00 | 13,372.15 |
| 12 Aug 2025 | Quarterly Result Announcement | NA | 12 Aug 2025 | 13,275.00 | 13,792.35 |
| 20 Aug 2025 | Annual General Meeting | NA | 20 Aug 2025 | 13,243.00 | 14,449.00 |
| 04 Nov 2025 | Quarterly Result Announcement | NA | 04 Nov 2025 | 13,076.55 | 12,648.80 |
Announcements
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
3 days ago
3 days agoShareholder Meeting / Postal Ballot-Notice of Postal Ballot6 days ago
6 days agoAnnouncement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation7 days ago
7 days agoAnnouncement under Regulation 30 (LODR)-Earnings Call TranscriptNov 12, 2025
Nov 12, 2025Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_OrderNov 07, 2025
Nov 07, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeNov 06, 2025
Nov 06, 2025Clarification LetterNov 05, 2025
Nov 05, 2025Reconstitution Of Committees Of The Board.Nov 04, 2025
Nov 04, 2025Announcement under Regulation 30 (LODR)-Change in DirectorateNov 04, 2025
Nov 04, 2025Financial Results For Q2Nov 04, 2025
Nov 04, 2025Board Meeting Outcome for Outcome Of Board MeetingNov 04, 2025
Nov 04, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationOct 31, 2025
Oct 31, 2025Announcement under Regulation 30 (LODR)-Change in ManagementOct 31, 2025
Oct 31, 2025Board Meeting Intimation for Board Meeting To Consider Unaudited Financial Results (Standalone & Consolidated) For The Quarter And Half-Year Ended 30Th September 2025
Oct 22, 2025
Oct 22, 2025Re-Lodgment Of Transfer Requests Of Physical SharesOct 09, 2025
Oct 09, 2025Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Oct 06, 2025
Oct 06, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeSep 26, 2025
Sep 26, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationSep 23, 2025
Sep 23, 2025Closure of Trading WindowSep 22, 2025
Sep 22, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeSep 03, 2025
Sep 03, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationAug 29, 2025
Aug 29, 2025Re-Lodgment Of Transfer Requests Of Physical SharesAug 25, 2025
Aug 25, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeAug 25, 2025
Aug 25, 2025Shareholder Meeting / Postal Ballot-Scrutinizers ReportAug 22, 2025
Aug 22, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationAug 20, 2025
Aug 20, 2025Shareholder Meeting / Postal Ballot-Outcome of AGMAug 20, 2025
Aug 20, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeAug 20, 2025
Aug 20, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeAug 14, 2025
Aug 14, 2025Financial Results For The Q1 FY 2025-26Aug 12, 2025
Aug 12, 2025Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_OrderAug 01, 2025
Aug 01, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationJul 31, 2025
Jul 31, 2025Announcement under Regulation 30 (LODR)-Change in ManagementJul 31, 2025
Jul 31, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationJul 30, 2025
Jul 30, 2025Business Responsibility and Sustainability Reporting (BRSR)Jul 29, 2025
Jul 29, 2025Notice Convening The 21St Annual General Meeting
Jul 29, 2025
Jul 29, 2025Reg. 34 (1) Annual Report.Jul 29, 2025
Jul 29, 2025Board Meeting Intimation for Intimation Of Board MeetingJul 18, 2025
Jul 18, 2025Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Jul 07, 2025
Jul 07, 2025Authorization Under Regulation 30(5) Of SEBI (LODR) Regulations 2015 - Determining Materiality Of An Event / Information And Making Disclosures To Stock Exchange(S)Jul 01, 2025
Jul 01, 2025Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseJul 01, 2025
Jul 01, 2025Joining Of Managing DirectorJul 01, 2025
Jul 01, 2025Announcement under Regulation 30 (LODR)-CessationJun 30, 2025
Jun 30, 2025Closure of Trading WindowJun 24, 2025
Jun 24, 2025Shareholder Meeting / Postal Ballot-Outcome of Postal_BallotJun 24, 2025
Jun 24, 2025 Shareholder Meeting / Postal Ballot-Scrutinizer"s ReportJun 24, 2025
Jun 24, 2025Disclosures under Reg. 29(2) of SEBI (SAST) Regulations 2011Jun 06, 2025
Jun 06, 2025Disclosures Under Reg. 29(2) Of SEBI (SAST) Regulations 2011Jun 06, 2025
Jun 06, 2025Announcement under Regulation 30 (LODR)-Meeting UpdatesJun 04, 2025
Jun 04, 2025Announcement under Regulation 30 (LODR)-Meeting UpdatesJun 03, 2025
Jun 03, 2025Intimation Of Outcome Of Analyst / Investor MeetingsMay 30, 2025
May 30, 2025Mutual Fund Holdings
HSBC Midcap Fund Direct-Growth 
SBI Focused Fund Direct Plan-Growth 
Motilal Oswal Focused Fund Direct-Growth 
Invesco India Smallcap Fund Direct - Growth 
Sundaram Small Cap Fund Direct-Growth 
Baroda BNP Paribas Flexi Cap Fund Direct - Growth 
Franklin India Aggressive Hybrid Fund Direct-Growth 
Aditya Birla Sun Life Mid Cap Direct Fund-Growth 
ICICI Prudential Transportation and Logistics Fund Direct - Growth 
Union Large & Midcap Fund Direct - Growth 
360 ONE Flexicap Fund Direct - Growth 
ITI Focused Fund Direct - Growth 
Nippon India Nifty Smallcap 250 Index Fund Direct - Growth 
JioBlackRock Nifty Smallcap 250 Index Fund Direct - Growth Technical Indicators
RSI(14)
Neutral 50.99
ATR(14)
Volatile 341.08
STOCH(9,6)
Neutral 61.73
STOCH RSI(14)
Overbought 86.25
MACD(12,26)
Bullish 49.66
ADX(14)
Weak Trend 17.00
UO(9)
Bearish 47.60
ROC(12)
Uptrend And Accelerating 1.01
WillR(14)
Neutral -45.21
About ZF Commercial
ZF Commercial Vehicle Control Systems India Limited is a subsidiary of ZF Friedrichshafen AG, specializing in the design, manufacture, and marketing of braking products and systems for commercial vehicles. The company operates five manufacturing facilities in India, along with an advanced technology development center and a vehicle testing facility. It primarily produces air brake actuation systems and also provides software development services. The company has introduced new products including electric compressors for EVs and expanded its manufacturing capacities for various components. It has a wholly owned subsidiary, ZF CV Control Systems Manufacturing India Private Limited, established in 2022.
Website
Chairperson NameAkash Passey
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