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Makes air-brake and control systems for commercial vehicles in India, part of Germany's ZF Group (formerly WABCO India).
Makes air-brake and control systems for commercial vehicles in India, part of Germany's ZF Group (formerly WABCO India).
Sells brake and control systems mainly as original equipment to truck and bus makers, with a smaller replacement-parts business that adds steadier income. Majority-owned by Germany's ZF Group, which took over its former parent WABCO in 2020, so designs and technology come through the group.
Moat: narrow (process know-how, customer qualification, switching costs). Safety-critical brake-system qualification with truck OEMs is sticky, but Knorr-Bremse competes closely.
Headquarters: Chennai, India · Founded: 1962 · Employees: 3,364
Size ZF Commercial Vehicle Control Systems India (ZFCVINDIA.NS) is an India Consumer Discretionary company (Auto Parts: OEM) with a market value of $2.76B, the 307th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,292 on 6 Nov 2026.
Performance Over six months the shares fell 5.4%, against -11.8% for the median peer and 0.0% for the India market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 9.0% over the last twelve months (peer median +9.2%); the operating margin is 12.6% (peer median 7.6%).
Valuation It trades at 44.2× forward earnings against a peer median of 21.7× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +15 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.4 points above its cost of capital (10.4% WACC).
Next results Next results expected around 14 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹42.1B | ₹41.1B | ₹38.2B | ₹38.1B | ₹34.4B |
| Revenue growth | — | +8% | 0% | +11% | — |
| Gross profit | ₹10.1B | ₹8.96B | ₹8.43B | ₹8.01B | ₹6.71B |
| EBITDA | ₹6.61B | ₹6.70B | ₹6.32B | ₹5.69B | ₹4.70B |
| Net income | ₹4.99B | ₹5.17B | ₹4.61B | ₹4.06B | ₹3.18B |
| Free cash flow | n/a | ₹7.59B | ₹2.05B | ₹758M | ₹2.09B |
| Capital expenditure | n/a | ₹1.46B | ₹1.66B | ₹1.98B | ₹1.28B |
| Total debt | n/a | ₹548M | ₹661M | ₹684M | ₹653M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ZF Commercial Vehicle Control Systems India ZFCVINDIA.NS | $2.76B | -5% | +9% | 13% | 44.2× | 31.9% |
| Sundaram-Clayton SUNCLAY.NS | n/a | -28% | n/a | n/a | n/a | n/a |
| Endurance Technologies ENDURANCE.NS | $3.71B | -1% | +32% | 8% | 32.3× | 29.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ZFCVINDIA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.5% | -4.7% | 6th highest of 21 |
| 6-month return | -5.4% | -11.8% | 9th highest of 21 |
| Distance from 52-week high | -24.7% | -29.1% | 9th highest of 21 |
| Revenue growth (TTM) | +9.0% | +9.2% | 11th highest of 21 |
| Operating margin | 12.6% | 7.6% | 4th highest of 21 |
| Forward P/E | 44.2× | 21.7× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 31.9% | 4.5% | 3rd most demanding of 17 |
| Growth delivered (Del g) | +17.3% | +11.0% | 5th highest of 17 |
| Hurdle (Req g minus delivered) | +14.6 pp | -2.2 pp | 5th most demanding of 17 |
| ROIC minus cost of capital | +0.4 pp | -1.6 pp | 10th highest of 21 |
| EV / EBITDA | 39.5× | 6.6× | 2nd most expensive of 14 |
| Net debt / EBITDA | -3.3× | 0.5× | 2nd least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ZF Commercial Vehicle Control Systems India ZFCVINDIA.NS | India | $2.76B | -5% | +9% | 13% | 44.2× | 31.9% | +17.3% |
| TVS TVSHLTD.NS | India | $2.78B | -10% | +35% | 14% | n/a | n/a | n/a |
| Motherson Sumi Wiring India MSUMI.NS | India | $2.75B | -9% | +36% | 7% | 32.1× | 30.0% | +23.8% |
| Escorts Kubota ESCORTS.NS | India | $2.84B | -27% | +19% | 9% | 21.8× | 21.0% | +10.7% |
| Sansera Engineering SANSERA.NS | India | $2.86B | +70% | +23% | 13% | 61.5× | n/a | n/a |
| NSK 6471.T | Japan | $2.87B | -27% | +26% | 5% | 12.9× | 1.9% | +4.0% |
| Shanghai Beite Technology 603009.SS | China | $2.64B | +11% | +9% | 7% | 114.7× | n/a | n/a |
| Zhejiang Wanfeng Auto Wheel 002085.SZ | China | $2.64B | -36% | -2% | 7% | 19.5× | 3.7% | +8.4% |
| WuHu Foresight Technology 301529.SZ | China | $2.89B | +66% | +4% | 9% | 113.6× | 55.9% | +29.9% |
| Shanghai Daimay Automotive Interior 603730.SS | China | $2.90B | -18% | -2% | 13% | 22.7× | 13.0% | +10.3% |
| Changzhou Xingyu Automotive Lighting Systems 601799.SS | China | $2.92B | -45% | +2% | 9% | 13.4× | -0.6% | +15.8% |
| Feilong Auto Components 002536.SZ | China | $2.60B | -20% | +5% | 4% | 35.4× | n/a | n/a |
| Gabriel India GABRIEL.NS | India | $2.58B | +22% | +24% | 7% | 47.7× | 55.1% | +22.5% |
| Valeo FR.PA | France | $3.00B | -15% | -2% | 4% | 7.3× | -8.2% | +4.9% |
| PHINIA PHIN | United States | $2.48B | -14% | +6% | 9% | 10.1× | 0.4% | +27.5% |
| Stanley Electric 6923.T | Japan | $2.41B | +1% | +11% | 7% | 9.9× | 1.3% | +7.6% |
| NHK Spring 5991.T | Japan | $3.18B | -14% | +3% | 6% | 9.8× | 5.2% | +7.4% |
| Sundram Fasteners SUNDRMFAST.NS | India | $2.40B | +24% | +17% | 12% | 31.6× | 28.4% | +11.6% |
| Exide Industries EXIDEIND.NS | India | $3.20B | -2% | +13% | 8% | 21.7× | 27.5% | +11.7% |
| Hanon Systems 018880.KS | South Korea | $2.31B | -28% | +5% | 4% | 12.3× | 3.6% | +9.6% |
| Anhui Zhongding Sealing Parts 000887.SZ | China | $3.32B | -3% | +9% | 8% | 15.1× | 3.8% | +11.4% |