ZF Commercial Vehicle Control Systems India Limited

BSE

ZFCVINDIA

Stock

Yield per half year: +8.87%
Dividend yield: 0.1313%
Sector: Consumer Cyclical

Reporting ZF Commercial Vehicle Control Systems India Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Capitalization, bln ₹						258.87	258.87	258.87	0.00
Revenue, bln ₹	18.96	18.4	25.22	34.16	37.84	37.94	37.94	30.71	15.57
Net profit, bln ₹	1.59	1.04	1.42	3.18	4.06	4.61	4.61	2.86	34.69
EBIT, bln ₹	1.64	1.2	1.64	3.66			3.66	2.04	22.22
EBITDA, bln ₹	3.15	2.45	2.9	5.37			5.37	3.47	14.27
OIBDA, bln ₹		2.62	3.12	5.85				3.86	30.70
Book value, bln ₹	18.95	19.96	21.14	24.09	27.9	32.15	32.15	25.05	10.00
FCF, bln ₹	1.31	0.6834	-0.3806	1.71	-0.0546	1.2	1.2	0.6316	11.92
Operating Cash Flow, bln ₹	2.24	1.38	1.38	2.98	1.93	2.86	2.86	2.11	15.69
Operating profit, bln ₹	1.66	1.21	1.64	3.66	4.57	5.07	5.07	3.23	33.18
Operating expenses, bln ₹	17.31	17.19	23.58	30.51	33.28	32.87	32.87	27.49	13.84
CAPEX, bln ₹	0.9323	0.7007	1.01	1.28	1.98	1.66	1.66	1.33	18.83

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Revenue, bln ₹				8.65	9.7	9.58	9.83	8.92	9.52	9.36	9.02	9.46	10.1	9.49	1.19
Net profit, bln ₹				0.8542	1.01	0.9973	1.06	1.01	1	0.9943	1.09	1.25	1.27	1.12	4.90
EBIT, bln ₹			0.8023	0.9201	1.17									0.9641	13.40
EBITDA, bln ₹	0.9818	1.1	1.2	1.46	1.62	1.63								1.40	8.18
Book value, bln ₹	21.14		22.26		24.09		25.91		27.9		29.64		32.15	27.94	5.94
Operating profit, bln ₹				0.9201	1.17	1.14	1.18	1.07	1.2	1.1	1.08	1.45	1.43	1.25	3.57
Operating expenses, bln ₹				7.73	8.53	8.44	8.65	7.84	8.31	8.26	7.93	8.01	8.67	8.24	0.85

	Average for 5 quarters	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Cash, bln ₹	0.6074	1.57	0.8925	0.8577	1.14	1.3	1.3	1.15	-3.70
Short-Term Investments ₹	9.42	9.4	9.73	11.83	12.05	13.67	13.67	11.34	7.78
Accounts Receivable ₹	3.64	5.85	6.66	7.58	9.36	11.2	11.2	8.13	13.87
Total Current Assets ₹	15.63	18.98	19.56	22.39	24.75	28.42	28.42	22.82	8.41
Net assets, bln ₹	4.97	4.79	5.46	6.52			6.52	5.43	7.02
Assets, bln ₹	21.81	24.96	26.37	30.2	33.82	37.85	37.85	30.64	8.68
Liabilities, bln ₹	2.86	5	5.23	6.11	5.91	5.71	5.71	5.59	2.69
Interest Income ₹	0.25	0.1631	0.1868	0.5252				0.2813	20.39
Interest Expense, bln ₹	0.0192	0.0199	0.019	0.0567	0.0501	0.057	0.057	0.0405	23.43
Net interest income, bln ₹	0.2308	0.1431	0.1677	-0.0567	0.8659		0.5252	0.2702	30.27
Cost of production, bln ₹	12.34	12.09	17.48	21.97	23.47	22.23	22.23	19.45	12.95
Inventory ₹	1.13	1.14	1.45	1.57	1.75	1.91	1.91	1.56	10.87

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Cash, bln ₹	0.8925		1.11		0.8648		0.7657		1.14		0.6338		1.3	0.9409	8.49
Short-Term Investments ₹	9.73		10.5		11.79		12.85		12.05		13.54		13.67	12.78	3.00
Accounts Receivable ₹	6.66		6.94		7.58		8.21		9.36		10.07		11.2	9.28	8.12
Total Current Assets ₹	19.56		20.4		22.39		24.08		24.75		26.77		28.42	25.28	4.89
Net assets, bln ₹	19.56		5.86		22.37									15.93	4.58
Assets, bln ₹	26.37		27.64		30.22		32.2		33.82		35.94		37.85	34.01	4.61
Liabilities, bln ₹	5.23		5.39		6.13		6.3		5.91		6.31		5.71	6.07	-1.41
Interest Expense, bln ₹				0.0196	0.0047	0.0132	0.0133	0.0138	0.0097	0.0177	0.0129	0.0124	0.0141	0.0134	7.77
Net interest income, bln ₹	0.1814	-0.0111	-0.0214	-0.0196	-0.0047	-0.0132	-0.0133	-0.0138						-0.0129	-6.78
Cost of production, bln ₹				5.52	6.21	5.99	6.15	5.53	7.27	5.61	5.27	5.46	5.89	5.90	-4.12
Inventory ₹	1.45		1.32		1.57		1.56		1.75		1.86		1.91	1.73	4.00

	Average for 5 quarters	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS	112.55	143.84	148.76	83.73	54.73	74.9	167.48	214.28	242.9	242.9	150.86	34.72
Share price	7322	6883.55	6476	5546.75	8498.25	8945	16000.45	12038.2	13646.2	13646.2	11825.62	9.94
Number of shares, mln				18.97	18.97	18.97	18.97	18.97	18.97	18.97	18.97	0.00
FCF/share				69.1	36.03	-20.06	89.96	-2.88	63.12	63.12	33.23	11.87

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q1	2025Q2	2025Q3	Average for 5 quarters	CAGR 5
EPS	32.9	36.19	45.04	53.36	52.58	55.72	53.16	52.83	57.53	66.81			57.21	3.70
Share price	7687.95	9130.21	9638.95	9756.63	10825.56	13651.91	15779.95			12681.05	13385.2	13398.55	13779.33	-0.37

	Average for 5 quarters	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %	8.38	5.2	6.91	13.19	14.57	14.33	14.33	13.95	10.84	22.48
ROA, %	7.28	4.16	5.54	10.52	12.02	12.17	12.17	7.54	8.88	23.95
ROS, %	8.38	5.64	5.63	9.3	10.74	12.14	12.14	8.42	8.69	16.57
ROCE, %	8.64	6	7.69	15.17		11.37	11.37	11.67	9.77	5.65
EBIT margin	8.63	6.51	6.52	10.7		9.64	9.64	7.44	8.40	2.24
EBITDA margin	16.63	13.3	11.5	15.73		14.16	14.16	11.70	14.26	-3.16
Net margin	8.38	5.64	5.63	9.3	10.74	12.14	12.14	8.42	8.69	16.57
Operational efficiency, %	8.73	6.57	6.52	10.7	12.07	13.36	13.36	11.65	9.84	15.25
FCF yield, %						0.4625	0.4625	1.22	0.4625	0.00

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %	2.68		3.08		5.53		5.4		3.59		3.68		3.94			13.95	4.43	-6.56
ROA, %	2.15		2.48		6.7		3.39		2.96		3.04		3.35			7.54	3.89	-12.94
ROS, %						10.41	10.75	11.31	10.53	10.62	12.1	13.26	12.54	10.74	12.14	8.42	12.16	0.07
ROCE, %			3.6		5.1									13.1	11.37	11.67	8.29	33.31
EBIT margin														9.66	9.64	7.44	9.65	-0.10
EBITDA margin	12.91	13.85	15.2	16.83	16.71	16.98								14.2	14.16	11.70	15.78	-3.40
Net margin				9.87	10.43	10.41	10.75	11.31	10.53	10.62	12.1	13.26	12.54			8.42	11.81	3.56
Operational efficiency, %						11.86	12.04	12.04	12.65	11.75	12.03	15.35	14.17	12.07	13.36	11.65	13.40	2.12

Coefficients

IFRS

Reporting Annual Quarterly

	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E	73.49	116.46	100.57	61.97	71.73	56.19	56.19	144.73	81.38	-13.56
P/BV	6.16	6.06	6.76	8.17	10.45	8.05	8.05	8.61	7.90	5.84
P/S	6.16	6.57	5.67	5.76	7.7	6.82	6.82	4.48	6.50	0.75
P/FCF				0	0	216.21	216.21	32.27	216.21	0.00
E/P				0	0	0.0178	0.0178	0.02	0.0178	0.00
EV/EBIT					0	0	0	41.14
EV/S				0	0	0	0	2.56
EV/FCF					0	0	0	9.41
Debt/EBITDA				0	0	0	0	1.20
Netdebt/Ebitda				0	0	0	0	0.84
Debt/Ratio				0	0	0	0	0.12
Debt/Equity				0	0	0.1775	0.1775	1.06	0.1775	0.00
Debt/Net Income				0	0	0	0	4.81
PEG						1.16	1.16	-227.72	1.16	0.00
Beta				1.41	4.13	-0.6517	-0.6517	0.23	1.63	-177.32
Altman Index				1.62	1.6	9.59	9.59	10.38	4.27	80.90

	2022Q1	2022Q3	2023Q1	2023Q3	2024Q1	2024Q3	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E	252.43	149.93	115.91	106.95	94.94	72.34	55.79			144.73	89.19	-13.61
P/BV	6.76	8.44	8.17	11.38	10.45	10.16	7.67			8.61	9.57	-1.26
P/S	18.78	12.13	11.2	10.75	10.04	7.91	6.41			4.48	9.26	-10.56
P/FCF									216.21	32.27	216.21	0.00
E/P									0.0178	0.02	0.0178	0.00
Debt/Equity								0.2119	0.1775	1.06	0.1947	-8.48
PEG								1.68	1.16	-227.72	1.42	-16.91
Beta							2.93	0.6539	-0.6517	0.23	0.9774	-160.59
Altman Index							1.6	1.53	9.59	10.38	4.24	81.65

	Industry average	Average for 5 quarters	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
Dividend payout, bln			0.3604	0.3604	0.2086	0.2276	0.2466	0.3224		0.3224		0.2731	-2.20
Dividend	7	8	9	1	22	12	13	17	19	19		16.60	-2.89
Dividend yield, %	0.1185	0.1117	0.1445	0.1581	0.3182	0.2859	0.0985	0.0826	0.1313	0.1313	0.53	0.1833	-16.23
Dividends / profit, %				22.69	20.1	14.69	7.16	6.07	7	7	27.09	11.00	-19.02
Dividend coverage ratio					4.98	6.24	12.88	12.6	14.29	14.29	7.40	10.20	23.47

	2014Q3	2015Q3	2016Q3	2017Q3	2018Q3	2019Q3	2020Q1	2021Q3	2022Q3	2023Q3	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
Dividend	5	5	6	7	8	9	1	22	12	13				11.40	7.63
Dividend yield, %	0.1399	0.0793	0.0986	0.1242	0.116	0.147	0.1529	0.3055	0.1314	0.0952			0.53	0.1664	-8.32
Dividend coverage ratio											12.6	14.29	7.40	13.45	6.50

	Industry average	Average for 5 quarters	CAGR 5

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Other

IFRS

Reporting Annual

	2021	2022	2023	2024	2025	LTM	CAGR 5
CAPEX/Revenue, %	3.81	3.99	3.74	5.24	4.38	4.38	2.83
Staff, people			2 181	2 181			0.00

	CAGR 5

	CAGR 5