This review examines ZF Commercial Vehicle Control Systems India Ltd (ZFCVINDIA) through income trends, margins, valuation, and shareholding.
ZF CV Control Systems India Revenue Trend
FY2026 revenue for ZF Commercial Vehicle Control Systems India Ltd was ₹4,119 Cr versus ₹3,831 Cr in FY2025, a 7.5% improvement.
Over the past 10 years, revenue grew from ₹1,838 Cr to ₹4,119 Cr at a 8.4% CAGR. The pace is decent, though not exceptional.
By revenue, ZF Commercial Vehicle Control Systems India Ltd is a mid-sized auto ancillaries company with a top line of ₹4,119 Cr.
Revenue has increased for 5 consecutive years at ZF Commercial Vehicle Control Systems India Ltd.
| Year | Revenue | YoY % |
|---|---|---|
| FY2026 | ₹4,119 Cr | +7.5% |
| FY2025 | ₹3,831 Cr | +0.4% |
| FY2024 | ₹3,816 Cr | +10.8% |
| FY2023 | ₹3,444 Cr | +35.4% |
| FY2022 | ₹2,543 Cr | — |
ZF CV Control Systems India Profitability
Net income reached ₹517 Cr in FY2026, up 12.2% from FY2025.
Net margin rose from 12.0% to 12.6%, pointing to better operational efficiency.
Diluted earnings came in at ₹272.65 in FY2026, compared with ₹242.90 in FY2025.
Is ZF CV Control Systems India Undervalued
ZF Commercial Vehicle Control Systems India Ltd shares currently trade at ₹2,417.90.
Craytheon calculates intrinsic value using the P/E Ratio, DCF, and EPS Growth models. All three appear in the Valuation Models cards below.
Valuation Models
ZF CV Control Systems India Shareholding Pattern
Promoters still hold 60.0% of the company, unchanged over recent quarters.
Over the past year, foreign institutions increased their stake from 5.8% to 6.0%.
As of June 2026, DIIs held 25.4% of the company, down from 26.2% a year earlier.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Jun 2026 | 60.0% | 6.0% | 25.4% | 8.6% |
| Mar 2026 | 60.0% | 5.8% | 26.2% | 8.0% |
| Dec 2025 | 60.0% | 5.4% | 26.7% | 8.0% |
| Sep 2025 | 60.0% | 5.8% | 26.2% | 8.0% |
Track quarterly shareholding changes for ZF Commercial Vehicle Control Systems India Ltd →
ZF CV Control Systems India Balance Sheet
Proportional view as of 31 Jul 2026. Hover blocks for details.
Assets
Liabilities & Equity
In FY2026, the total asset base came in at ₹44.25B, up 16.9% YoY from ₹37.85B.
Other Assets accounts for 39.3% of the total, ahead of Receivables (21.3%) and Cash & ST Investments (18.0%).
Capital structure: 83.4% equity, 1.2% debt, 15.4% operating liabilities. Over the year, debt is down 17.0% and equity is up 14.8%.
Balance sheet composition — FY 2026
| Category | Value |
|---|---|
| Cash & ST Investments | 7.95B |
| Receivables | 9.42B |
| Inventories | 2.81B |
| Property, Plant & Equipment | 6.59B |
| Investments | 17.73M |
| Intangibles & Goodwill | 56.94M |
| Other Assets | 17.41B |
| Category | Value |
|---|---|
| Equity | 36.91B |
| Short-term Debt | 69.49M |
| Long-term Debt | 478.74M |
| Trade Payables | 4.62B |
| Other Liabilities | 2.18B |
ZF CV Control Systems India Key Takeaways
Here are the key considerations for ZF Commercial Vehicle Control Systems India Ltd (ZFCVINDIA) as an auto ancillaries investment opportunity.
FY2026 revenue was ₹4,119 Cr, up 7.5% year-over-year.
Across 10 years, long-term revenue has compounded at 8.4% annually.
The company remains profitable, with net income of ₹517 Cr and a net margin of 12.6%.
Unlock Full Analysis
For the complete 10-year financial history with interactive charts and growth analysis, explore ZF Commercial Vehicle Control Systems India Ltd's detailed profile on Craytheon.