ZF Commercial Vehicle Control Systems India share price
NSE: ZFCVINDIABSE: 533023Auto ComponentsSmall Cap
ZF Commercial Vehicle Control Systems India Limited · Formerly WABCO India · Face value ₹5 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Oct 2008
Last close ₹2,103.40up ₹6.10 (0.29%)BSE ₹2,104.75
Share price at the NSE close on 29 Oct 2026. Previous close ₹2,097.30.
29 Oct: open ₹2,097.30, high ₹2,108.70, low ₹2,070.00
52-week range of traded prices to 29 Oct 2026
₹2,050.33Low, 6 Nov 2025₹3,044.00High, 24 Jun 2026
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹23,938 Cr283rd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 47.95
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 6.49
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.19%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 14.5%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 14.4%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.00
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 25,64858.4% delivered
About ZF Commercial Vehicle Control Systems India
ZF Commercial Vehicle Control Systems India Limited designs and manufactures braking systems and air-assisted technologies for the commercial vehicle industry.1 Headquartered in Chennai, Tamil Nadu, it sells to vehicle makers (original equipment manufacturers), fleet operators, distributors, government agencies and retailers, and runs a nationwide spare parts and service network.12
Its products include anti-lock and electronic braking systems, electronic stability control (which helps stop a vehicle skidding or rolling over), compressors including electric compressors, exhaust brake valves (which use engine exhaust to help slow a vehicle), tyre pressure monitoring and automated manual transmissions (gearboxes that change gear on their own).3 Its named product lines include the Airlite electric compressor for electric trucks and the OptiDrive automated manual transmission.45 It also supplies pneumatic (air-operated) braking systems to most tractor and farm equipment makers in India and supports defence vehicle makers.67
It was incorporated in 2004.8 It commissioned its Ambattur plant in 2005, acquired majority control of the brakes division of Sundaram Clayton in 2009, and in 2020 adopted the ZF WABCO brand when ZF acquired WABCO.9 One of its promoters, WABCO Asia Private Limited, sold 3.16% of the company's shares in the open market on 6 Jun 2025, leaving it with 60.00% of the paid-up share capital.10 Its chairman, Akash Passey, is President of ZF Group India.1112
ZF Commercial Vehicle Control Systems India key points
Results
- Consolidated revenue in the year to Mar 2026 was ₹4,118.94 crore, up 7.52% and the highest the company has recorded.131415
- In the year to Mar 2026, consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) rose 12.31% to ₹830.26 crore, a margin of 20.16% against 19.30%, and profit after tax rose 12.25% to ₹517.15 crore.16
- In the quarter to Jun 2026, total income rose 5.7% to ₹1,101.8 crore and revenue from operations grew 9.3%; profit after tax fell 14.7% to ₹104.5 crore, which the company attributed to a ₹39 crore foreign exchange gain in the year-earlier quarter.17
- Capital spending was ₹123.64 crore in the year to Mar 2026.18
Market position
- In construction equipment, where hydraulic brakes dominate, the company says it holds about 50% of the market for pneumatic braking systems.19
- In the quarter to Jun 2026, the company's sales in the over 6 tonne commercial vehicle segment grew 8.6%, against 8.4% growth in industry production.20
- On its earnings call of 28 Jul 2026, the company said it had won business nominations for electronic stability control from 3 major vehicle makers ahead of new truck safety rules, and was in talks with other customers.21
Revenue mix
- Exports made up 36.61% of the company's turnover in the year to Mar 2026, going to 18 countries across the Americas, Asia, Europe and Africa.22
- Export revenue in the quarter to Jun 2026 rose 9.7% to ₹271.4 crore, led by spring brake actuators and brake chambers (parts that turn air pressure into braking force) and air compressors.23
- In the quarter to Jun 2026, aftermarket sales (spare parts for vehicles already on the road) rose 15.6% to ₹158.4 crore, and June 2026 brought its highest monthly aftermarket sales, ₹63.06 crore.24
- Exports of engineering services from India to the company's global centres grew 12.5% in the quarter to Jun 2026.25
Plants and capacity
- The company has 6 plants: Ambattur, Mahindra World City and Oragadam in Chennai, and Jamshedpur, Lucknow and Pantnagar.2627
- The Ambattur plant contributes over 60% of the company's total manufacturing output in India, and the Mahindra World City plant, a hub for compressor manufacturing, exports 100% of its output.28
- New lines at the Oragadam plant, set up in 2024, produce the e-Compressor Lite (an electrically driven air compressor for electric vehicles), brake signal transmitters and wheel-end actuators for Indian vehicle makers, and vacuum pumps for export.29
- The company stated in its annual report for the year to Mar 2026 that it is investing in expanding crankshaft manufacturing to meet domestic demand and support exports.30
Customers and partners
- Its customers have given it more than 30 awards over the last 12 years, including 10 from Ashok Leyland, 10 from Tata Motors, 9 from VECV, 3 from Daimler and 1 from Mahindra.31
Research and development
- In the year to Mar 2026, 1,124 people worked in research and development, and the company launched 8 new products and 120 new product variants.3233
- Its proving ground, opened in 2001 and spread over 200 acres, can test all types of vehicles and added an electronic stability control test track in November 2024.3435
- On its earnings call of 28 Jul 2026, the company said localisation (local sourcing) of its electronic stability control product was already near 40% to 50%, and that it expects more than 75% by the start of production.36
Recent events
Litigation and regulatory matters
- On 1 Oct 2026, the company received an order from the Commissioner (Appeals) setting aside a demand to recover ₹1,79,04,715 of input tax credit (GST paid on inputs) and a ₹17,90,472 penalty, imposed by the Commissioner of CGST and Central Excise, Jamshedpur.3940
- On 18 Sep 2026, the Income Tax Appellate Tribunal in Chennai set aside a ₹1.17 crore tax demand raised mainly over transfer pricing (prices charged between group companies) and disallowed scientific research spending.41
Last updated
All 41 sources, each with its page
- 1. Annual report, 2 Jul 2026, page 10
- 2. Annual report, 2 Jul 2026, page 102
- 3. Annual report, 2 Jul 2026, page 89
- 4. Annual report, 2 Jul 2026, page 27
- 5. Investor presentation, 21 Sep 2026, page 24
- 6. Investor presentation, 21 Sep 2026, page 21
- 7. Investor presentation, 21 Sep 2026, page 22
- 8. Annual report, 2 Jul 2026, page 50
- 9. Annual report, 2 Jul 2026, page 12
- 10. Annual report, 2 Jul 2026, page 84
- 11. Annual report, 2 Jul 2026, page 54
- 12. Annual report, 2 Jul 2026, page 6
- 13. Annual report, 2 Jul 2026, page 10
- 14. Annual report, 2 Jul 2026, page 14
- 15. Annual report, 2 Jul 2026, page 5
- 16. Annual report, 2 Jul 2026, page 18
- 17. Earnings call, 28 Jul 2026, page 9
- 18. Annual report, 2 Jul 2026, page 14
- 19. Investor presentation, 21 Sep 2026, page 21
- 20. Earnings call, 28 Jul 2026, page 4
- 21. Earnings call, 28 Jul 2026, page 5
- 22. Annual report, 2 Jul 2026, page 102
- 23. Earnings call, 28 Jul 2026, page 6
- 24. Earnings call, 28 Jul 2026, page 5
- 25. Earnings call, 28 Jul 2026, page 6
- 26. Annual report, 2 Jul 2026, page 10
- 27. Annual report, 2 Jul 2026, page 4
- 28. Annual report, 2 Jul 2026, page 23
- 29. Annual report, 2 Jul 2026, page 22
- 30. Annual report, 2 Jul 2026, page 20
- 31. Investor presentation, 21 Sep 2026, page 44
- 32. Annual report, 2 Jul 2026, page 14
- 33. Annual report, 2 Jul 2026, page 26
- 34. Investor presentation, 21 Sep 2026, page 37
- 35. Annual report, 2 Jul 2026, page 12
- 36. Earnings call, 28 Jul 2026, page 12
- 37. Investor presentation, 21 Sep 2026, page 45
- 38. Earnings call, 28 Jul 2026, page 8
- 39. Exchange filing, 2 Oct 2026, page 1
- 40. Exchange filing, 2 Oct 2026, page 3
- 41. Exchange filing, 18 Sep 2026, page 3
Results
Standalone, as consolidated accounts are on record for only 5 of the last ten years; ₹ crore.ZF Commercial Vehicle Control Systems India quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +9.0%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +3.2%
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹1,042 Crdown 8.04%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹99 Crdown 29.89%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 9.5%
Revenue by quarter
Peak revenue ₹1,133 Cr, quarter to Mar 2026; lowest ₹902 Cr, quarter to Sep 2025
Net profit by quarter, a loss in red
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 907 | 956 | 1,003 | 963 | 902 | 1,058 | 1,133 | 1,042 |
| Net profit | 109 | 125 | 125 | 120 | 106 | 139 | 141 | 99 |
| Net margin | 12.1% | 13.1% | 12.5% | 12.5% | 11.8% | 13.1% | 12.5% | 9.5% |
Standalone. The last eight quarters. The latest is shaded.
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹4,055 Crup 6.61%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹507 Crup 10.47%
- Net margin
- 12.5%
Revenue by year
Net profit by year, a loss in red
The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,261what Revenue, Mar 2017, includes. This period's revenue includes excise duty of ₹193 crore, a tax on the goods the company makes that it collects and pays to the government. | 2,609what Revenue, Mar 2018, includes. This period's revenue includes excise duty of ₹41 crore, a tax on the goods the company makes that it collects and pays to the government. | 2,854 | 1,930 | 1,864 | 2,543 | 3,445 | 3,784 | 3,804 | 4,055 |
| Net profit | 213 | 273 | 282 | 159 | 104 | 142 | 318 | 405 | 459 | 507 |
| Net margin | 9.4% | 10.5% | 9.9% | 8.2% | 5.6% | 5.6% | 9.2% | 10.7% | 12.1% | 12.5% |
Standalone. Years to March. The latest is shaded.
Business segments
In the year to Mar 2026 the company reports one business segment, Automotive Components and allied services, which carries all its revenue.
Valuation
Today, against the company's own history. Its history crosses a change of basis in the accounts in the year to Mar 2018: days before it are of the company before the change.ZF Commercial Vehicle Control Systems India PE ratio and valuation
Price to earnings
At or below today's level on 18% of 2,479 trading days over the last 10 years.
LowestHighest
Its median61.81Industry median23.59
Price to book
At or below today's level on 13% of 1,843 trading days since May 2019.
LowestHighest
Its median7.62Industry median2.62
Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price. When a year's dividend goes ex later than the year before's, the yield reads zero for the days between; a run of under 60 such trading days is left out of the yield's medians and percentiles. The ex-date is the day from which a buyer of the share no longer gets the dividend.
At or below today's level on 93% of 2,409 trading days over the last 10 years.
LowestHighest
Its median0.13%Industry median0.61%
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | +6.1% | +10.5% | −4.1% | 0.2% |
| 3 years | +9.9% | +16.8% | −6.0% | 0.1% |
| 5 years | +16.0% | +37.3% | −15.6% | 0.1% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add.
Mutual fund holdings
143 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 54 of the 73 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.All 143 funds holding ZF Commercial Vehicle Control Systems India
- Bought againBought again. Funds that held it at the month's end, had not held it the month before, and held it in an earlier month.
- 1
- AddedAdded. Funds that held more shares than at the end of the month before.
- 27
- CutCut. Funds that held fewer shares than at the end of the month before.
- 46
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 69
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 1
| Fund | |||
|---|---|---|---|
 SBI Small Cap FundSBI Mutual Fund | 42,00,000 | 2.39% | ₹983.2 Cr |
 Kotak Mid Cap FundKotak Mahindra Mutual Fund | 28,08,191 | 0.99% | ₹657.4 Cr |
 Nippon India Growth Mid Cap FundNippon India Mutual Fund | 20,40,000 | 0.95% | ₹477.6 Cr |
| SBI Large & Midcap FundSBI Mutual Fund | 17,34,360 | 1.00% | ₹406.0 Cr |
| Nippon India Multi Cap FundNippon India Mutual Fund | 12,98,826 | 0.57% | ₹304.1 Cr |
 Abakkus Flexi Cap FundAbakkus Mutual Fund | 9,12,517 | 2.72% | ₹213.6 Cr |
 ICICI Prudential Small Cap FundICICI Prudential Mutual Fund | 6,80,314 | 1.63% | ₹159.3 Cr |
 Invesco India Small Cap FundInvesco Mutual Fund | 6,76,158 | 0.98% | ₹158.3 Cr |
| Nippon India Small Cap FundNippon India Mutual Fund | 6,69,600 | 0.19% | ₹156.8 Cr |
 Sundaram Mid Cap FundSundaram Mutual Fund | 5,50,000 | 0.93% | ₹128.8 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
ZF Commercial Vehicle Control Systems India competitors and peers
Auto Components & Equipments, 155 listed companies, priced on 29 Oct 2026. The table lists the 8 companies closest to ZF Commercial Vehicle Control Systems India in market cap.Automobile companies
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 Exide IndustriesEXIDEIND | 29,291 | 31.44 | 2.11 | +7.6% | +9.9% | 6.7% | 9.1% | 0.58% |
 Craftsman AutomationCRAFTSMAN | 28,333 | 53.74 | 5.14 | +35.9% | +119.6% | 12.3% | 10.6% | 0.10% |
 Gabriel IndiaGABRIEL | 27,703 | 93.07 | – | +18.5% | +19.4% | 23.3% | 22.7% | 0.35% |
 Sansera EngineeringSANSERA | 26,654 | 76.58 | 8.63 | +23.5% | +52.8% | 11.9% | 13.3% | 0.09% |
 Motherson Sumi Wiring IndiaMSUMI | 23,715 | 37.80 | 10.97 | +28.7% | +4.6% | 32.5% | 35.4% | 1.62% |
 Asahi India GlassASAHIINDIA | 23,240 | 53.11 | 5.91 | +10.3% | +25.2% | 13.3% | 12.6% | 0.22% |
 Sundram FastenersSUNDRMFAST | 22,517 | 35.60 | 4.95 | +17.2% | +14.2% | 14.7% | 15.4% | 0.75% |
 SPR Auto TechnologiesSHRIPISTON | 20,782 | 36.87 | – | +35.2% | +7.4% | 21.3% | 15.7% | 0.22% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Dividends
Per share, by the year it was paid for, and the latest payments.ZF Commercial Vehicle Control Systems India dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossaryHighest ₹4.00 a share, year to Mar 2026.
| Ex-date | Type | Per share |
|---|---|---|
| 10 Jul 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹4.00 |
| 8 Aug 2025 | Final | ₹19.00 |
| 15 Jul 2024 | Final | ₹17.00 |
| 7 Jul 2023 | Final | ₹13.00 |
| 7 Jul 2022 | Final | ₹12.00 |
| 16 Sep 2021 | Final | ₹11.00 |
Latest payments, as declared, by ex-date.
Latest announcements
Routine notices left out.ZF Commercial Vehicle Control Systems India announcements
Oct 2026
2 Oct · Legal
Sep 2026
21 Sep · Analysts
18 Sep · Legal
15 Sep · Analysts
ZF Commercial Vehicle Control Systems India annual report, year to Mar 2026
ZF Commercial Vehicle Control Systems India share price by year
Each calendar year to 2025.ZF Commercial Vehicle Control Systems India share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 2,479.67 | +23.5% | 2,594.50 | 1,643.98 |
| 2024 | 2,007.33 | −24.8% | 2,950.65 | 1,914.28 |
| 2023 | 2,667.82 | +78.6% | 2,806.63 | 1,483.58 |
| 2022 | 1,493.44 | +5.5% | 1,792.76 | 1,156.22 |
| 2021 | 1,415.95 | +53.4% | 1,415.95 | 891.67 |
| 2020 | 922.82 | −14.6% | 1,211.38 | 798.53 |
| 2019 | 1,080.19 | −7.0% | 1,145.80 | 978.68 |
| 2018 | 1,160.97 | −5.1% | 1,380.76 | 1,010.88 |
| 2017 | 1,222.89 | +40.9% | 1,225.07 | 853.98 |
| 2016 | 867.93 | −14.5% | 1,068.44 | 798.93 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.
Recent sessions
The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 28 Oct 2026 | 2,134.00 | 2,145.80 | 2,091.30 | 2,097.30 | 2,113.47 | 21,756 | 48.5% |
| 27 Oct 2026 | 2,143.70 | 2,163.60 | 2,097.00 | 2,134.00 | 2,138.37 | 49,203 | 60.9% |
| 26 Oct 2026 | 2,125.00 | 2,164.00 | 2,093.00 | 2,143.70 | 2,143.51 | 33,558 | 47.9% |
| 23 Oct 2026 | 2,144.00 | 2,172.70 | 2,101.00 | 2,132.70 | 2,136.36 | 2,02,814 | 68.2% |
| 22 Oct 2026 | 2,085.00 | 2,149.80 | 2,064.90 | 2,144.00 | 2,130.83 | 52,578 | 48.5% |
| 21 Oct 2026 | 2,139.90 | 2,142.00 | 2,073.40 | 2,096.30 | 2,099.49 | 78,148 | 76.0% |
| 19 Oct 2026 | 2,141.10 | 2,159.10 | 2,112.00 | 2,140.80 | 2,138.83 | 1,03,856 | 56.4% |
| 16 Oct 2026 | 2,169.70 | 2,169.80 | 2,132.50 | 2,157.00 | 2,153.24 | 34,467 | 53.1% |
| 15 Oct 2026 | 2,173.00 | 2,175.00 | 2,121.20 | 2,158.90 | 2,143.98 | 98,525 | 65.0% |
Prices in ₹ per share as traded, not adjusted.
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Bonus share history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 24 Jun 2026 | Bonus | 0.1667 | Holders received 5 bonus shares for every 1 held. |
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout.
Company details
- NSE symbol
- ZFCVINDIA
- BSE code
- 533023
- ISIN
- INE342J01019
- Industry
- Auto Components
- Former symbols
- WABCOINDIA, WABCO-TVS
- Website
- www.wabcoindia.com
- CIN
- L34103TN2004PLC054667
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 2004
- Registered office
- Plot No. 3 (SP), III Main Road, Ambattur Industrial Estate, Chennai 600058, Tamil Nadu
- Share registrar
- Integrated Registry Management Services Pvt. Ltd (Integrated Enterprises (India) Ltd)
- Keeps the register of shareholders and handles transfers and dividend payments
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