ZF Commercial Vehicle Control Systems India Limited (ZFCVINDIA)
Large CapAuto stocks · Large cap · NSE
ZF Commercial Vehicle Control Systems India Limited (ZFCVINDIA), formerly WABCO India, is a market leader in commercial vehicle control systems with over six decades of presence. It operates 6 plants, 3 engineering centers, and a wide aftermarket network in India, offering conventional and advanced ACE (Autonomous, Connected, Electric) technologies.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -15% YoY · margin compression · Rev +9% YoY
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
ZFCVINDIA reported robust FY26 performance with revenue up 9.2% YoY to INR 4,302 Cr and PAT up 12.0% YoY to INR 517 Cr, driven by strong OEM and aftermarket segments. Q4 FY26 also showed sequential growth in revenue and profitability.
The company demonstrates consistent financial growth and margin expansion, supported by strategic investments in advanced technologies like ADAS, ESC, and EV solutions. Strong market positioning and favorable regulatory tailwinds for safety and electrification underpin its long-term prospects.
FY26 Revenue by Segment
Latest issuer-disclosed distribution across 4 reported categories.
Safety Regulations
Mandate for ADAS/ESC for M2, M3 & N2, N3 vehicles by October 2027 will drive adoption of safety technologies.
Infrastructure Boost
Strong momentum in infrastructure and construction sectors is driving demand for heavy-duty trucks and trailers.
EV Penetration
EV penetration in buses is expected to reach >30% by 2030, supported by government initiatives like PM E-Drive.
Aftermarket Expansion (SPARK)
The SPARK initiative is launching new aftermarket products like ADB Rotors, DEF, and Clutch Master Cylinders, with more in pipeline.
Oragadam Plant
The Oragadam Plant was inaugurated in February 2024, serving as a manufacturing hub for advanced products like e-comp, ESC, and ECUs.
ESC Test Track
An ESC Test Track was inaugurated in November 2024, providing in-house engineering infrastructure for system testing and homologation.
Government Focus on Sustainable Mobility
Government push towards electrification through incentives is boosting EV penetration in buses and trucks.
GST Rationalization
Reduction in GST rates across segments has stimulated consumption and increased goods movement, positively influencing CV growth.
Safety Regulations
Government regulations and growing customer demand for safety are driving the adoption of safety technologies like ESC, ADAS, and EBS.
Momentum in Infra, Construction & Capital Goods
This momentum is leading to higher truck utilization, which in turn drives increased demand for heavy-duty trucks, tippers, and trailers.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
Annual comparison provides a clear view of overall growth and margin expansion over a full business cycle. Quarterly comparison is relevant to assess sequential momentum in OEM demand, aftermarket sales, and export performance.
Revenue Growth (FY26)
Total revenue for FY26 was INR 4,302 Cr, representing a +9.2% increase compared to FY25.
EBITA Margin (FY26)
EBITA margin for FY26 was 19.3%, an increase of +0.6% points compared to FY25.
Exports Growth (FY26)
Exports revenue for FY26 was INR 584 Cr, showing a +15.5% increase compared to FY25.
EV Bus Sales India (FY26)
EV Bus Sales in India reached 4,993 units in FY26.
Leading ACE Solutions
Management aims to be a leading player in ACE (Autonomous, Connected, Electric) technologies and solutions, offering solutions for each technology path.
eMobility Transformation
The company plans to transform braking and air management technology from ICE to eMobility.
Increased Vehicle Automation
Management is focused on increasing vehicle automation to achieve higher safety and meet regulatory levels.
Tailored Indian Market Technology
The company's strategy is to bring advanced technology specifically tailored for the Indian Commercial Vehicle market.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EV Penetration in Buses | 4,993 units sold in FY26. | Progress towards the target of >30% EV penetration in buses by 2030 and ZFCVINDIA's market share in this segment. |
| ADAS/ESC Mandate Adoption | Mandate for M2, M3 & N2, N3 by Oct 2027. | OEM adoption rates of ADAS/ESC systems and ZFCVINDIA's ability to capture market share in these advanced safety solutions. |
| Aftermarket Product Pipeline | ADB Rotors, DEF, Clutch Master Cylinders launched under SPARK. | Successful launch and market acceptance of upcoming SPARK products like CV Brake Pads, Wheel Bearing Grease, and Reverse Parking Camera Solutions. |
| EBITA Margin | 19.3% in FY26. | Sustained margin expansion, given ongoing investments in R&D and new capacities, and effective raw material cost management. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 +7.9% / mo · MACD + · near 52W low · sector -3.3pp vs Nifty (3M)
Technical chart
ZFCVINDIAdaily · 1Y · AUTO-82.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 31. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~7.3% over last month) — short-term momentum positive.
- RSI(14) at 31 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 85% off 52W high · 13% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 75.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -13.1%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 42 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 42 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -46.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 11/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: -2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter holding is 60%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 70th pctile, median 74 · Large: 70th pctile, median 73
60 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 60%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.4%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 57.50
- P/B
- 7.88
- EV/EBITDA
- 36.74
- Market Cap
- 29042.00Cr
Profitability
- ROE
- 14.60%
- ROCE
- 19.40%
- ROA
- 11.27%
- Dividend Y
- 0.16%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 16.00%
- 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
- 0.39%
- FCF Positive Y
- 4/5
- OCF
- 810.00 Cr
- EPS TTM
- 43.87
Shareholding
- Promoter Hold
- 60.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 51%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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