ZF Commercial Vehicle Control System India Ltd(ZFCVINDIA)

NSE: ZFCVINDIABSE: 533023

₹ 2,131-0.62%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 24,252 crWebsite: www.wabcoindia.comUpdated: 24 Oct 2026

About

ZF Commercial Vehicle Control Systems India Ltd is India's number-one supplier of driveline, transmission and active-safety systems for commercial vehicles. Its products include ABS, EBS, ESC, AMT, ADAS, ECAS, e-compressors and Door Control Systems. The company runs six manufacturing plants across Tamil Nadu, Jharkhand, Uttar Pradesh and Uttarakhand, and exports to 15 countries. Revenue was 4118.94 crore in FY26.^[1][2]

Revenue mix by channel

Sales to vehicle makers (OE): INR 1,978 crores in FY26, up 17.6% YoY. Production of CVs above 6T grew 16.6% over the same period, to 463,000 vehicles from 397,000.^[3]
Aftermarket: INR 584 crores in FY26 (+15.6% YoY) and INR 158.4 crores in Q1 FY27 (+15.6% YoY). June 2026 was the highest month ever, at INR 63.06 crores.^[3]
Exported goods: INR 1,025 crores in FY26 (-11.1% YoY). US volumes fell about 20%, partly offset by about 9% growth in Europe/EMEA.^[3]
Exported services: INR 509 crores in FY26 (+10% YoY) and +12.5% YoY in Q1 FY27. This is engineering work delivered from India to ZF centres worldwide.^[3]
Exports were 41.05% of turnover in FY25 (INR 1,161.76 crores), up from 37.86% in FY24.^[1][4]
By geography in FY24: revenue from India was Rs 2,383.63 crore and from outside India Rs 1,432.02 crore. The company reports a single segment, Automotive.^[4]

Products and portfolio

The portfolio covers ABS, EBS, ESC, AMT, ECAS, ADAS, air disc brakes, e-compressors, Door Control Systems and SCALAR Evo Pulse trailer telematics.^[1]
The wholly owned subsidiary MIPL, at Oragadam, makes e-compressors, hydraulic ESC and ASP cartridges.^[1]
The company is the only Indian OEM supplier of e-compressors for electric buses. Content per electric bus is about five times that of a diesel or petrol (ICE) bus.^[5]
EV products (e-compressor, EBS) brought in Rs 49 crore of revenue in FY24.^[4]
Products that started production in FY26 or Q1 FY27: e-compressor for trucks, 60/90 dia exhaust brake assembly, Actuator 4.0, OPR-based air compressors, exhaust brake valve, ECAS variants and the Type 24/24 spring brake actuator.^[6]

Manufacturing operations

Six plants: Ambattur, Oragadam (Mahindra World City SEZ) and Kancheepuram in Tamil Nadu; Jamshedpur in Jharkhand; Lucknow in Uttar Pradesh; Pantnagar in Uttarakhand.^[1]
Ambattur plant: 16,000 sq. m, 80 assembly cells, 45 machining cells and 1,400 employees. It makes over 60% of the company's manufacturing output in India.^[1]
Oragadam plant, opened in 2024: 7,200+ sq. m and 50 employees. It runs entirely on renewable energy from a 450 kWp solar system.^[1]
Lucknow plant: 3,300 sq. m, 22 assembly lines and 423 workers. Pantnagar plant: 2,200 sq. m, 16 assembly cells and 100 employees.^[1]
Five plants ran at 65 - 80% capacity utilisation in FY25, while Oragadam was ramping up.^[1]
The Global Engineering Centre and ZF IT Center India are at Porur, Chennai, along with a vehicle testing track.^[1]
The Chennai plants buy power under a 5MW group-captive solar agreement, with an equity investment in Enerparc Solar Power 3 (FY24).^[4]

Key operating metrics

Production of CVs above 6T in FY26: 463,000 vehicles (+16.6% YoY). Q4 FY26 set a quarterly record of 151,000 (+26.9% YoY).^[3]
Content per vehicle: about INR 39,500 in Q4 FY26, against about INR 45,500 in Q3 FY26. The Q3 figure included one-off settlements of past selling-price differences.^[3]
In Q1 FY27, sales in the CV above 6T segment grew 8.6% YoY, against industry production growth of 8.4%.^[7]
Bus ESC volumes rose 40 - 45% YoY in Q2 FY26 after the September 2025 mandate. Q3 FY26 added about 3,000 ESC units over Q3 FY25.^[5]
Electric bus sales: 1,417 units in Q1 FY27.^[7]
Installed base as of FY25: ESC in over 21,000 ICE buses, EBS with regenerative braking in over 4,500 electric buses, and ECAS in over 1,000 buses.^[1]

Customers and distribution

The Ambattur plant serves 14 domestic customers and 22 global partners. The Mahindra World City plant serves 92 global customers across 564 SKUs.^[1]
Aftermarket network: 651 wholesale distributors, 266 authorised service partners and about 280 service centres.^[1]
Exports go to 15 countries across the Americas, Asia, Europe and Africa.^[1]

Expansion and capex

Capex was Rs 185.31 crore in FY24, with Rs 200 crore planned for FY25.^[4]
FY27 capex is planned at INR 180 - 190 crores, for new product tooling and plant upgrades.^[3]
The Mahindra World City plant is near peak utilisation, so domestic expansion is going to Oragadam. Crankshaft machining, ASP cartridge and vacuum pump lines were commissioned there in FY26.^[3]
Production of ESC for trucks is due to start in Q3 FY27, with over 75% local content. Three major OEMs have given orders.^[7]

Recent developments

First-ever bonus issue, 5:1, with record date June 24, 2026. Final dividend of INR 4 per share after the bonus.^[3]
Two OEMs have awarded ADAS business ahead of the October 2027 rule requiring ADAS on trucks.^[3]
Selective aftermarket price increases took effect in July 2026.^[7]
Ramp-up of the Uni-Stop disc brake chamber for North American customers helped exports grow 9.7% YoY in Q1 FY27, to INR 271.4 crores.^[7]

Market Cap

₹24,252 Cr

High / Low

₹3,042 / 2,053

Stock P/E

48.9

Price / Book

6.6

Book Value

₹324

EPS

₹45.4

No. of Shares

11.38 Cr

ROCE

20.2%

ROE

15.0%

OPM

16.4%

Debt / Equity

0.00

Sales

₹4,119 Cr

Net Profit

₹517 Cr

Promoter holding

60.0%

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