Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 2 Oct - Commissioner (Appeals) set aside Rs1.79 crore IGST demand and Rs17.9 lakh penalty for FY21.
Source: Bse
ZF Commercial Vehicle Control Systems India Limited (ZFCVINDIA)
Large CapAuto stocks · Large cap · NSE
ZF Commercial Vehicle Control Systems India Limited (formerly WABCO India) is a market leader in vehicle control systems for commercial vehicles in India. It operates 6 manufacturing plants, 1 proving ground, and 3 global engineering centers, employing over 5,560 people. The company is a strategic technology partner to major OEMs.
Data qualityFresh enough for analysisQuote updated 21 Oct, 11:46 am ISTDetails
Quote21 Oct, 11:46 am IST
Base fundamentals16 Oct 2026 · screener
Latest result24 Jul, 07:20 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -12.0% / mo · MACD + · near 52W low · sector -2.6pp vs Nifty 500 (3M)
Stock trend: 24
Sector RS: 42
Sector 3M: -8.2% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ZFCVINDIAD candles · FIT view-14.8%TODAY · PROVISIONALLatest price ₹2105.30 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-1.6%
RSI
29
MACD hist
1.81
52W pos
5%
2026-10-21O ₹2139.90H ₹2142.00L ₹2101.90C ₹2105.30Vol 9,288 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ZFCVINDIANifty AutoNifty 500
- ZFCVINDIA
- -8.5%
- Nifty 500
- -5.6%
- Nifty Auto
- -5.4%
- Vs Nifty 500
- -2.9 pp
Chart stats
19 Oct 2026- From 52W high
- -29.7%
- 52W range position
- 9%
- ATR (14)
- 2.8%
- Volume vs 20D
- 0.89x
- Avg traded value
- ₹23.6 Cr
- 20D price channel
- ₹2,075 - ₹2,394
₹3,044
₹2,050.7 - ₹3,044
₹60
Latest completed session
20-session average
23.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST43
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +9.2% · PAT -14.8% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model-6.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence78
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -15% YoY · margin compression · Rev +9% YoY
Filed 24 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,066 Cr | +9.2% | -7.7% |
| EBITDA | ₹138 Cr | +4.5% | -27.4% |
| Operating margin | 13.0% | +0 bps | -300 bps |
| PAT | ₹104 Cr | -14.8% | -28.8% |
| PAT margin | 9.8% | -274 bps | -288 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 48.60
- P/B
- 6.66
- EV/EBITDA
- 31.09
- Market Cap
- 24569.00Cr
Profitability
- ROE
- 14.60%
- ROCE
- 19.40%
- ROA
- 11.27%
- Dividend Y
- 0.19%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 17.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 132.20×
- Altman Z
- 8.91
- Book Value
- 324.00
Cash Flow
- FCF Yield
- 0.46%
- FCF Positive Y
- 4/5
- OCF
- 810.00 Cr
- EPS TTM
- 43.87
Shareholding
- Promoter Hold
- 60.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 11%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 4,119+7.5% vs prev
Net Profit
₹ CrLatest: 517+12.1% vs prev
Return on Equity
%Latest: 14.0-2.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 29.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~13.6% over last month) — short-term momentum negative.
- RSI(14) at 29 — oversold zone; bounce conditions.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
52
RS percentile
Stage 1 Base / Transition
1M return
-10.3%
3M return
-8.5%
6M return
-15.4%
1Y return
-0.6%
RS 1D
+4
RS 20D
-8
Sector rank
#10
Industry rank
#14
Stage evidence
- Price is 11.8% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -1.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 106.19+0.27%
RS vs Nifty 500106
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth11/25
Quality9/20
Balance Sheet11/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
43
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
43/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Cash flow contributes 6/10 to the score.
Main drags
- Fair-value margin of safety is negative at -6.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 11/25; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
48.6
PB
6.7
EV/EBITDA
31.1
ROE
14.6%
ROCE
19.4%
FCF Yield
0.5%
Debt/Equity
0.0
MoS
-6.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
43
Previous: 43
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-6.6%
Previous: -8.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
43
43
43
43
43
43
43
43
43
43
43
43
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹565.52
-272.3% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹1,974.15
-6.6% MoS
PEG
3.47
Comparable companies
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ASKAUTOLTD
Micro
ASK Automotive Limited
Auto Components
match 156
54
37.5
25.1%
+8%
FAIR VALUE
ENDURANCE
Large
Endurance Technologies Limited
Auto Components
match 144
47
34.5
14.9%
+24%
FAIR VALUE
OLECTRA
Large
Olectra Greentech Limited
Auto Components
match 141
50
49.4
15.6%
-25%
FAIR VALUE
GABRIEL
Large
Gabriel India Limited
Auto Components
match 139
50
71.3
20.2%
-68%
FAIR VALUE
ASAHIINDIA
Large
Asahi India Glass Limited
Auto Components
match 139
33
53.1
10.3%
-39%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-14T07:12:44.262Z
Management commentary snapshot
ZFCVINDIA reported robust financial performance for FY25-26, with total revenue growing 9.2% YoY to INR 4,302 Cr. Profit After Tax (PAT) increased by 13.8% YoY to INR 693 Cr, with PAT margin expanding by 0.6 percentage points to 16.1%.
The company demonstrates consistent growth in revenue and profitability, with expanding margins. Strategic focus on advanced technologies like E-Mobility, ESC, and ADAS, coupled with aftermarket expansion and regulatory tailwinds, supports continued strong performance.
Current business mix
Revenue by Segment (FY25-26)
Latest issuer-disclosed distribution across 4 reported categories.
OEM46.0%
Aftermarket23.8%
Exports13.6%
Service Income + Other Income16.6%
Growth engines
Regulatory Mandates for Safety
ESC for M3 Buses by 2026/2027, for all categories by 2028; ADAS regulations from Oct 2027; AEB for all categories by 2028.
Electrification of Commercial Vehicles
Rapid EV penetration in buses, E-Mobility solutions, and successful localization of E-Compressor technology for electric bus and truck applications.
Aftermarket Expansion
Launch of new spare parts under SPARK initiative (Clutch Master Cylinders, ADB Rotors, DEF, Wheel Bearing Grease) and pipeline products.
Infrastructure Development & Economic Growth
Strong focus on infra development, consistent GDP growth, and expansion in manufacturing sector driving sustained CV market growth.
Capacity and execution
Oragadam Plant
New manufacturing plant inaugurated in February 2024.
Jamshedpur Plant
Expansion of the Jamshedpur Plant completed.
Mahindra World City (MWC) Plant
Expansion of the MWC plant completed.
ADAS / AEBS Test Track
New test track for ADAS / AEBS expected by 2026.
Tailwinds
Government Policy Initiatives
PLI Scheme, PM E-Drive, EV Push, GST Reforms, National Logistics policy, Scrappage Policy, and Bharatmala are driving CV market growth.
E-commerce & Logistics Expansion
Growth in e-commerce and quick commerce is driving urbanization and last-mile delivery demand for commercial vehicles.
Technological Evolution in CVs
Shift towards connected, software-defined, and regulation-compliant mobility platforms, increasing electronics and software content.
Increasing Safety Awareness
Driving higher penetration of advanced safety systems like TABS/EBS (>30% increase) and ESC in buses and trailers.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The financial data provided is annual (FY22-23 to FY25-26), making year-over-year comparison the only relevant and meaningful basis to assess performance trends.
Sector KPIs management disclosed
Total Revenue Growth
Total Revenue: FY25-26: 4,302 Cr (+9.2% YoY)
PAT Growth & Margin
PAT: FY25-26: 693 Cr (16.1% margin), +13.8% YoY, +0.6% pts margin expansion
Market Leadership
Market Leader in vehicle Control Systems; Strategic Technology partner with all major OEMs; ~80% market share in braking solutions for Aftermarket
Exports Contribution
Exports: FY25-26: 584 Cr (13.6% of total revenue)
Management forward view
Evolving CV Market
Commercial vehicles are evolving from mechanically optimized assets to connected, software-defined, and regulation-compliant mobility platforms.
Technology Adoption
Regulations and operating economics are driving technology adoption in CVs, positioning the industry at a key growth inflection point.
Aftermarket Focus
Expanding aftermarket product portfolio through the SPARK initiative to cater to evolving market needs and enhance service offerings.
Sustainability Commitment
Aiming for 100% annual procurement of electricity from renewable sources from 2025 and reducing Scope 1 and 2 GHG emissions by 80% by 2030.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| ESC Volumes | Witnessing increase in volumes due to regulatory push. | Continued growth in volumes as regulations mandate ESC for more vehicle categories by 2028. |
| ADAS/AEBS Test Track Commissioning | ADAS / AEBS Test Track expected by 2026. | Timely commissioning and utilization ramp-up to support upcoming ADAS/AEBS regulations from Oct 2027. |
| Aftermarket Product Launches | Clutch Master Cylinders, ADB Rotors, DEF, Wheel Bearing Grease launched under SPARK. | Successful launch and market acceptance of pipeline products under the SPARK initiative. |
| EV-related Product Sales | 3,800+ EV Buses with electric control systems; E-Compressor localized for EV applications. | Continued growth in EV-related product sales and market share in the rapidly electrifying CV segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
78Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 70th percentile within Auto. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
74 docs text-extracted · 37 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
86th percentile
overall median 67 · Auto: 70th pctile, median 74 · Large: 70th pctile, median 73
Evidence depth
Financial-only
74 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
67
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 60%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸4 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching ZF Commercial Vehicle Control Systems India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jul
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 2 Jul
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.