This is a numbers-first look at ZF Commercial Vehicle Control Systems India Ltd (ZFCVINDIA), covering income trends, margins, valuation, and shareholding.
ZF CV Control Systems India Revenue Trend
The top line held its ground: ZF Commercial Vehicle Control Systems India Ltd came in at ₹3,831 Cr in FY2025, on par with FY2024.
Over the past 10 years, revenue has grown at a healthy 11.0% CAGR, from ₹1,348 Cr to ₹3,831 Cr. That's solid, above-average growth.
ZF Commercial Vehicle Control Systems India Ltd is a mid-sized auto ancillaries company by revenue, with a top line of ₹3,831 Cr.
Looking at the year-on-year numbers, ZF Commercial Vehicle Control Systems India Ltd has seen 4 years of unbroken revenue growth.
| Year | Revenue | YoY % |
|---|---|---|
| FY2025 | ₹3,831 Cr | +0.4% |
| FY2024 | ₹3,816 Cr | +10.8% |
| FY2023 | ₹3,444 Cr | +35.4% |
| FY2022 | ₹2,543 Cr | +33.7% |
| FY2021 | ₹1,902 Cr | — |
ZF CV Control Systems India Profitability
Profitability strengthened with net income of ₹461 Cr in FY2025, 13.4% higher than FY2024.
The net margin expanded from 10.7% to 12.0%, reflecting improved operational efficiency.
On a per-share basis, diluted earnings were ₹242.90 in FY2025 versus ₹214.28 in FY2024.
Is ZF CV Control Systems India Undervalued
Using the P/E Ratio methodology, the calculated intrinsic value comes to ₹14,705.
ZF Commercial Vehicle Control Systems India Ltd shares are currently trading at ₹2,333.80.
Craytheon also calculates intrinsic value using the EPS Growth and DCF models. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹14,705 | 530.1% upside to fair value |
| EPS Growth | Upgrade | Upgrade |
| DCF | Upgrade | Upgrade |
ZF CV Control Systems India Shareholding Pattern
Promoters continue to hold 60.0% of the company, unchanged over recent quarters.
Foreign institutions moved their stake up to 6.0% from 5.8% over the past year.
As of June 2026, DIIs own 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 10 Jul 2026. Hover blocks for details.
Assets
Liabilities & Equity
In FY2025, the total asset base came in at ₹37.85B, up 11.9% YoY from ₹33.82B.
Other Assets accounts for 43.6% of the total, ahead of Receivables (29.6%) and Property, Plant & Equipment (17.3%).
Capital structure: 84.9% equity, 1.7% debt, 13.3% operating liabilities. Over the year, debt is down 3.4% and equity is up 15.2%.
Balance sheet composition — FY 2025
| Category | Value |
|---|---|
| Cash & ST Investments | 1.58B |
| Receivables | 11.20B |
| Inventories | 1.91B |
| Property, Plant & Equipment | 6.54B |
| Investments | 17.73M |
| Intangibles & Goodwill | 105.31M |
| Other Assets | 16.50B |
| Category | Value |
|---|---|
| Equity | 32.15B |
| Short-term Debt | 94.83M |
| Long-term Debt | 566.00M |
| Trade Payables | 3.51B |
| Other Liabilities | 1.53B |
ZF CV Control Systems India Key Takeaways
Bringing the key threads together for ZF Commercial Vehicle Control Systems India Ltd (ZFCVINDIA) as a auto ancillaries investment opportunity.
Revenue of ₹3,831 Cr in FY2025, broadly flat versus the prior year.
Long-term revenue has been compounding at 11.0% annually over 10 years.
The company is profitable, with a net margin of 12.0% and net income of ₹461 Cr.
The P/E Ratio model implies 530.1% upside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
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.