About
ZF Commercial Vehicle Control Systems India Limited manufactures and sells air brake actuation systems for commercial vehicles in India and internationally. The company offers various products for trucks, trailers, buses, coaches, and light commercial vehicles comprising advanced driver assistance systems (ADAS) and air disc brakes; intelligent trailer programs and tire pressure monitoring systems; collision mitigation systems, autonomous emergency braking systems, electro-pneumatic handbrakes (EPH), advanced braking system technologies, automatic transmissions, digital solutions, electric portal axles, integrated and modular electric central drives, air compressors, and software updates; continuous damping control products; and the SCALAR fleet orchestration platform for cargo transport, as well as auto ancillary parts. It also engages in software development and other services. The company exports its products to approximately 18 countries, including the Americas, Asia, Europe, and Africa. It serves automotive original equipment manufacturers (OEMs), distributors, government agencies, and retailers. The company was formerly known as WABCO India Limited and changed its name to ZF Commercial Vehicle Control Systems India Limited in March 2022. The company was incorporated in 2004 and is headquartered in Chennai, India. ZF Commercial Vehicle Control Systems India Limited operates as a subsidiary of WABCO Asia Private Limited.
Key Metrics
as of Sep 2026Market Cap29,033 Cr
P/E57.50
Div Yield0.16 %
Book Value₹324.00
52w High₹3,044.00
52w Low₹2,050.00
Face Value₹5.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,042.00 | 1,133.00 | 1,058.00 | 902.00 | 963.00 | 1,003.00 | 956.00 | 907.00 | 938.00 | 956.00 | 887.00 | 981.00 | 961.00 |
| Expenses | 911.00 | 950.00 | 863.00 | 770.00 | 835.00 | 831.00 | 781.00 | 767.00 | 800.00 | 809.00 | 756.00 | 837.00 | 819.00 |
| Operating Profit | 130.00 | 183.00 | 195.00 | 132.00 | 128.00 | 172.00 | 175.00 | 139.00 | 138.00 | 147.00 | 131.00 | 144.00 | 141.00 |
| OPM % | 12.00 | 16.00 | 18.00 | 15.00 | 13.00 | 17.00 | 18.00 | 15.00 | 15.00 | 15.00 | 15.00 | 15.00 | 15.00 |
| Other Income | 36.00 | 42.00 | 24.00 | 45.00 | 67.00 | 27.00 | 17.00 | 40.00 | 26.00 | 20.00 | 30.00 | 24.00 | 21.00 |
| Depreciation | 32.00 | 33.00 | 32.00 | 32.00 | 32.00 | 32.00 | 31.00 | 31.00 | 29.00 | 29.00 | 26.00 | 27.00 | 28.00 |
| Interest | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 2.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Profit before tax | 134.00 | 190.00 | 185.00 | 144.00 | 161.00 | 167.00 | 160.00 | 147.00 | 133.00 | 137.00 | 134.00 | 140.00 | 134.00 |
| Tax % | 26.00 | 26.00 | 25.00 | 26.00 | 26.00 | 25.00 | 22.00 | 25.00 | 26.00 | 26.00 | 25.00 | 25.00 | 25.00 |
| Net Profit | 99.00 | 141.00 | 139.00 | 106.00 | 120.00 | 125.00 | 125.00 | 109.00 | 99.00 | 101.00 | 100.00 | 104.00 | 100.00 |
| EPS in Rs | 8.71 | 12.42 | 12.19 | 9.36 | 10.56 | 11.00 | 10.98 | 9.61 | 8.72 | 8.88 | 8.75 | 9.17 | 8.77 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,055.00 | 3,804.00 | 3,784.00 | 3,445.00 | 2,543.00 | 1,864.00 | 1,930.00 | 2,854.00 | 2,573.00 | 2,067.00 | 1,832.00 | 1,347.00 |
| Expenses | 3,416.00 | 3,178.00 | 3,220.00 | 2,974.00 | 2,291.00 | 1,658.00 | 1,676.00 | 2,443.00 | 2,174.00 | 1,741.00 | 1,546.00 | 1,144.00 |
| Operating Profit | 639.00 | 626.00 | 563.00 | 470.00 | 253.00 | 206.00 | 254.00 | 411.00 | 399.00 | 326.00 | 287.00 | 203.00 |
| OPM % | 16.00 | 16.00 | 15.00 | 14.00 | 10.00 | 11.00 | 13.00 | 14.00 | 16.00 | 16.00 | 16.00 | 15.00 |
| Other Income | 176.00 | 109.00 | 96.00 | 67.00 | 38.00 | 39.00 | 62.00 | 72.00 | 46.00 | 36.00 | 40.00 | 20.00 |
| Interest | 5.00 | 6.00 | 5.00 | 6.00 | 2.00 | 2.00 | 2.00 | 0.00 | 2.00 | 0.00 | 0.00 | 0.00 |
| Depreciation | 130.00 | 123.00 | 109.00 | 105.00 | 92.00 | 90.00 | 90.00 | 71.00 | 62.00 | 62.00 | 56.00 | 47.00 |
| Profit before tax | 680.00 | 607.00 | 544.00 | 427.00 | 196.00 | 152.00 | 223.00 | 411.00 | 382.00 | 300.00 | 270.00 | 177.00 |
| Tax % | 26.00 | 24.00 | 26.00 | 26.00 | 27.00 | 32.00 | 29.00 | 31.00 | 29.00 | 29.00 | 25.00 | 32.00 |
| Net Profit | 507.00 | 459.00 | 405.00 | 318.00 | 142.00 | 104.00 | 159.00 | 282.00 | 273.00 | 213.00 | 203.00 | 121.00 |
| EPS in Rs | 44.52 | 40.30 | 35.57 | 27.91 | 12.48 | 9.12 | 13.96 | 24.80 | 23.97 | 18.76 | 17.87 | 10.60 |
| Dividend Payout % | 2.00 | 8.00 | 8.00 | 8.00 | 16.00 | 20.00 | 12.00 | 6.00 | 6.00 | 6.00 | 6.00 | 8.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 |
| Reserves | 3,667.00 | 3,201.00 | 2,779.00 | 2,400.00 | 2,105.00 | 1,987.00 | 1,885.00 | 1,770.00 | 1,516.00 | 1,257.00 | 1,058.00 | 854.00 |
| Borrowings | 55.00 | 66.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Liabilities | 637.00 | 484.00 | 581.00 | 611.00 | 523.00 | 500.00 | 286.00 | 556.00 | 643.00 | 471.00 | 455.00 | 250.00 |
| Total Liabilities | 4,368.00 | 3,760.00 | 3,369.00 | 3,020.00 | 2,637.00 | 2,496.00 | 2,181.00 | 2,336.00 | 2,169.00 | 1,737.00 | 1,523.00 | 1,113.00 |
| Fixed Assets | 720.00 | 729.00 | 669.00 | 586.00 | 536.00 | 432.00 | 471.00 | 440.00 | 359.00 | 318.00 | 335.00 | 324.00 |
| CWIP | 59.00 | 63.00 | 83.00 | 77.00 | 20.00 | 50.00 | 30.00 | 19.00 | 52.00 | 62.00 | 37.00 | 18.00 |
| Investments | 606.00 | 31.00 | 26.00 | 101.00 | 399.00 | 640.00 | 542.00 | 313.00 | 446.00 | 298.00 | 218.00 | 39.00 |
| Other Assets | 2,983.00 | 2,937.00 | 2,592.00 | 2,256.00 | 1,682.00 | 1,374.00 | 1,137.00 | 1,563.00 | 1,312.00 | 1,059.00 | 932.00 | 733.00 |
| Total Assets | 4,368.00 | 3,760.00 | 3,369.00 | 3,020.00 | 2,637.00 | 2,496.00 | 2,181.00 | 2,336.00 | 2,169.00 | 1,737.00 | 1,523.00 | 1,113.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 809.00 | 274.00 | 193.00 | 299.00 | 138.00 | 138.00 | 224.00 | 150.00 | 311.00 | 180.00 | 242.00 | 124.00 |
| Cash from Investing Activity | -697.00 | -211.00 | -135.00 | -270.00 | -178.00 | -24.00 | -165.00 | -429.00 | -205.00 | -120.00 | -241.00 | -45.00 |
| Cash from Financing Activity | -52.00 | -44.00 | -34.00 | -31.00 | -28.00 | -19.00 | -48.00 | -18.00 | -18.00 | -14.00 | -12.00 | -11.00 |
| Net Cash Flow | 60.00 | 18.00 | 23.00 | -2.00 | -69.00 | 96.00 | 11.00 | -297.00 | 88.00 | 46.00 | -10.00 | 68.00 |
| Free Cash Flow | 669.00 | 123.00 | 12.00 | 171.00 | -38.00 | 68.00 | 132.00 | 31.00 | 216.00 | 106.00 | 159.00 | 52.00 |
| CFO/OP % | 148.00 | 65.00 | 66.00 | 87.00 | 82.00 | 87.00 | 115.00 | 69.00 | 105.00 | 86.00 | 112.00 | 88.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 82.00 | 107.00 | 90.00 | 80.00 | 96.00 | 115.00 | 69.00 | 81.00 | 92.00 | 91.00 | 87.00 | 81.00 |
| Inventory Days | 41.00 | 31.00 | 26.00 | 26.00 | 32.00 | 37.00 | 36.00 | 30.00 | 30.00 | 43.00 | 58.00 | 54.00 |
| Days Payable | 66.00 | 55.00 | 59.00 | 60.00 | 77.00 | 110.00 | 50.00 | 83.00 | 121.00 | 96.00 | 115.00 | 82.00 |
| Cash Conversion Cycle | 58.00 | 82.00 | 58.00 | 46.00 | 51.00 | 41.00 | 55.00 | 29.00 | 1.00 | 38.00 | 30.00 | 53.00 |
| Working Capital Days | 55.00 | 83.00 | 63.00 | 46.00 | 56.00 | 61.00 | 56.00 | 49.00 | 37.00 | 51.00 | 50.00 | 73.00 |
| ROCE % | 19.00 | 20.00 | 21.00 | 19.00 | 9.00 | 7.00 | 11.00 | 23.00 | 26.00 | 24.00 | 27.00 | 21.00 |
Corporate Actions
20 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Dividend | 10 Jul 2026 | 10 Jul 2026 | — | 4.00 | |
| Bonus | 24 Jun 2026 | 24 Jun 2026 | 5:1 | — | |
| Dividend | 08 Aug 2025 | 08 Aug 2025 | — | 19.00 | |
| Dividend | 15 Jul 2024 | 15 Jul 2024 | — | 17.00 | |
| Dividend | 07 Jul 2023 | 07 Jul 2023 | — | 13.00 | |
| Dividend | 07 Jul 2022 | — | — | 12.00 | |
| Dividend | 16 Sep 2021 | 17 Sep 2021 | — | 11.00 | |
| Dividend | 26 Mar 2020 | 27 Mar 2020 | — | 10.00 | |
| Dividend | 06 Aug 2019 | 07 Aug 2019 | — | 9.00 | |
| Dividend | 19 Jul 2018 | 20 Jul 2018 | — | 8.00 | |
| Dividend | 14 Sep 2017 | — | — | 7.00 | |
| Dividend | 25 Jul 2016 | — | — | 6.00 | |
| Dividend | 27 Jul 2015 | — | — | 5.00 | |
| Dividend | 17 Jul 2014 | — | — | 5.00 | |
| Dividend | 17 Jul 2013 | — | — | 5.00 | |
| Dividend | 18 Jul 2012 | — | — | 5.00 | |
| Dividend | 20 Jul 2011 | — | — | 5.00 | |
| Dividend | 18 Aug 2010 | — | — | 2.50 | |
| Other | 17 Sep 2009 | — | — | — | Annual General Meeting |
| Dividend | 12 Dec 2008 | 15 Dec 2008 | — | 2.50 |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update12 Jan 2016 from fitch
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Rating update8 Jun 2015 from fitch