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ZF Commercial Vehicle Control Systems India Limited (ZFCVINDIA)

₹2,157.00 -0.09% last close, 16 Oct

📊 NSE: ZFCVINDIA 🏢 Auto Ancillaries 📢 Latest filing: 02 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, ZF Commercial's revenue was ₹1,066 Cr (+9.3% year on year, -7.7% on the previous quarter), and net profit ₹104 Cr (-14.6% year on year); the operating margin was 12.9%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,066	+9.3%	-7.7%
Operating profit	₹138	+4.8%	-27.4%
Net profit	₹104	-14.6%	-28.4%
EPS (₹)	9.18	-14.6%	-28.6%
Operating margin	12.9%	—	—

EPS restated for the 5:1 bonus of Jun 2026: Q4 FY26 ₹77.14 to ₹12.86; Q1 FY26 ₹64.52 to ₹10.75.

Full quarterly financials → Results calendar →

ZFCVINDIA delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 53.07% of the ZFCVINDIA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 58.78%. That is close to its usual level. Volume was 0.3 times its average, well below normal.

53.07%Delivery, 16 Oct

58.78%Own 20-session average

0.3×Volume vs its average

₹2,157.00NSE close · -0.09%

Delivery in the last 5 sessions: 66.7% · 70.0% · 69.0% · 65.0% · 53.1%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

ZF CV India Wins Appeal: ₹1.97 Cr Tax Demand & Penalty Quashed

🟢 POSITIVE ⭐ 3/10

LEGAL 📅 02 Oct 2026, 12:20 PM

ZF Commercial Vehicle Control Systems India Limited has received a favorable order from the Commissioner (Appeals), setting aside an earlier tax demand. The appellate authority dropped proceedings concerning excess/irregular Input Tax Credit (ITC) for FY 2020-21. The set-aside demand comprises ₹1,79,04,715 of IGST and a penalty of ₹17,90,472, totaling ₹1.97 crore. This provides legal relief with zero adverse financial impact on the company.

Favorable order received on October 1, 2026, setting aside the earlier CGST Jamshedpur order
Relief from IGST demand amounting to ₹1,79,04,715
Penalty of ₹17,90,472 completely dropped
Relates to disputed ITC mismatch for FY 2020-21

💡 Track whether the tax department files any further appeal before higher tribunals, though the disputed sum is immaterial to the company's financial base.

ZF CVCS India Secures NABL Accreditation for Hemi Anechoic Chamber Valid Through July 2030

🟢 POSITIVE ⭐ 4/10

OTHER 📅 30 Sep 2026, 04:05 PM

ZF Commercial Vehicle Control Systems India has secured NABL accreditation under ISO/IEC 17025:2017 for its Hemi Anechoic Chamber Testing Laboratory at Chennai. The accreditation is valid through July 2030, covering automotive Noise, Vibration, and Harshness (NVH) testing. The 144 sq. m chamber operates with background noise below 20 dBA and serves over 50 customers within ZF's 200-acre proving ground. While technically significant, this is an operational capability validation rather than a direct revenue event relative to the company's ₹4,192 crore TTM revenue base.

Received NABL accreditation based on ISO/IEC 17025:2017, valid through July 2030
Testing chamber spans 144 sq. m and can test vehicles up to 5 metres long and 2.5 metres high
Facility features background noise levels below 20 dBA and a 100 Hz cut-off frequency
Located within an approximately 200-acre proving ground serving over 50 customers

💡 Track subsequent quarterly filings to see whether third-party engineering and validation service revenues accelerate beyond the reported 12.1% export engineering growth run-rate.

ZF CVCS India Investor Presentation: FY26 Total Revenue Reaches ₹4,302 Cr, PAT at ₹517 Cr

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Sep 2026, 09:21 AM

ZF Commercial Vehicle Control Systems India Limited published its investor conference presentation dated September 21, 2026. For FY 25-26, the company reported total revenue of ₹4,302 crore (up 9.2% YoY) and profit after tax (PAT) of ₹517 crore, representing a 12.0% PAT margin. OEM sales formed the largest share at ₹1,978 crore, followed by exports at ₹1,025 crore and aftermarket at ₹584 crore. The presentation also highlighted the company's footprint of 6 manufacturing plants, over 5,560 employees, and recent recognition including Tata Motors' Atmanirbhar Excellence Award on September 11, 2026.

FY25-26 total revenue reached ₹4,302 crore, growing 9.2% from ₹3,939 crore in FY24-25
PAT rose to ₹517 crore in FY25-26 (12.0% margin) compared to ₹461 crore (11.7% margin) in FY24-25
EBITA increased to ₹830 crore (19.3% margin) in FY25-26 from ₹738 crore (18.7% margin) in FY24-25
Domestic OEM revenue was ₹1,978 crore while exports contributed ₹1,025 crore in FY25-26
Infrastructure spans 6 manufacturing units, 1 proving ground, and over 1,100 engineers across 3 tech centres

💡 Track upcoming Q2 FY27 operational results and commentary on export recovery following reported weakness in global EV sales and US tariff impacts.

ITAT Sets Aside Rs 1.17 Cr Tax Demand for AY 2022-23

🟡 NEUTRAL ⭐ 3/10

LEGAL 📅 18 Sep 2026, 06:11 PM

ZF Commercial Vehicle Control Systems India Limited has received a favourable order from the Income Tax Appellate Tribunal (ITAT), Chennai Bench. The ITAT completely set aside a tax demand of Rs 1.17 crore for Assessment Year 2022-23, which was originally raised by the National Faceless Assessment Unit. The dispute pertained to transfer pricing adjustments and the disallowance of scientific research expenditure. Relative to the company's TTM net profit of Rs 499 crore, the Rs 1.17 crore relief is immaterial (<0.25% of PAT).

ITAT Chennai Bench set aside an income tax demand of Rs 1.17 crore
Pertains to Assessment Year (AY) 2022-23
Originating dispute involved transfer pricing adjustments and scientific research expenditure disallowances
Communication received in person on September 18, 2026

💡 Track whether the Income Tax Department files an appeal against the ITAT order before the High Court, though financial exposure remains negligible.

ZF Commercial Vehicle Senior GM Sourcing Ponraj Pandian Resigns Effective Sep 15, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 15 Sep 2026, 06:41 PM

ZF Commercial Vehicle Control Systems India Limited announced the resignation of Mr. Ponraj Pandian from the post of Senior General Manager – Sourcing and Purchasing (Senior Management Personnel) citing personal reasons. He was relieved from his responsibilities effective at the close of business hours on September 15, 2026. Given the company's annual revenue base of ₹4,101.45 Cr in FY26, operational continuity in procurement will depend on succession planning. The administrative filing indicates no disputes or disagreements regarding the exit.

Resignation of Senior Management Personnel Mr. Ponraj Pandian effective close of business hours on September 15, 2026
Designation held was Senior General Manager – Sourcing and Purchasing
Departure stated as being due to personal reasons
Company generated TTM revenue of ₹4,192 Cr and TTM PAT of ₹499 Cr

💡 Track subsequent filings for the appointment of a new head of sourcing and purchasing to ensure uninterrupted procurement operations.

ZFCVINDIA Scheduled for Anand Rathi G-200 Summit on September 21, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Sep 2026, 06:34 PM

ZF Commercial Vehicle Control Systems India Limited has informed the exchanges of its participation in an investor conference on September 21, 2026. The event, the Anand Rathi Institutional Equities G-200 Summit 2026, will take place in person in Mumbai. The interactions will include group and one-to-one meetings. The company confirmed that no unpublished price-sensitive information (UPSI) will be shared.

Participation in Anand Rathi G-200 Summit 2026 announced
Scheduled meeting date is September 21, 2026
Format includes both Group Meet and One-to-One in-person interactions in Mumbai
Company confirmed no Unpublished Price Sensitive Information will be disclosed

💡 Track subsequent post-meet presentation uploads or transcripts on the stock exchanges for any updates on commercial vehicle industry demand and product ramp-ups.

ZF Commercial Vehicle Appoints Rakesh Mishra as Chief Financial Officer Effective Sept 1, 2026

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 01 Sep 2026, 10:53 AM

ZF Commercial Vehicle Control Systems India has appointed Mr. Rakesh Mishra as its Chief Financial Officer (Key Managerial Personnel) effective September 1, 2026. Mr. Mishra is a Chartered Accountant with over 30 years of finance leadership experience across global technology and engineering companies. The appointment fills a critical leadership role in overseeing financial strategy for a company generating ₹4,192 crore in TTM revenue.

Appointment of Mr. Rakesh Mishra as Chief Financial Officer effective September 1, 2026
Appointee brings over 30 years of corporate finance, restructuring, and ERP implementation experience
Follows earlier intimation regarding Key Managerial Personnel appointments dated July 24, 2026
CFO will oversee financial operations for a business with ₹4,192 crore TTM revenue and ₹5,824 crore market cap

💡 Track subsequent quarterly financial commentary and capital allocation strategy under the new finance leadership in upcoming earnings calls.

Rs 27.99 Cr GST Show Cause Notice issued to ZFCVINDIA for FY21-FY24

🔵 WATCH ⭐ 5/10

REGULATORY 📅 12 Aug 2026, 12:19 PM

ZF Commercial Vehicle Control Systems India Limited (ZFCVINDIA) has received a Show Cause Notice from the GST & Central Excise Audit-I Commissionerate, Chennai. The notice proposes a demand of Rs 27.99 crore for the period April 2020 to March 2024, primarily due to alleged excess or ineligible Input Tax Credit (ITC) claims. This demand represents approximately 5.4% of the company's TTM Net Profit of Rs 517 crore. The company is currently in the process of filing a detailed response to contest the notice.

Proposed GST demand of Rs 27,99,29,495 covering the period from April 2020 to March 2024
Notice received on August 11, 2026, following an audit under Section 65 of the CGST Act, 2017
Issues cited include excess ITC in GSTR-9, ineligible ITC, and discrepancies in import-related ITC vs GSTR-2B
Authority proposes to levy penalties under Section 74 of the CGST Act
Demand amount equals approximately 5.4% of the company's TTM Net Profit (Rs 517 Cr)

💡 Investors should monitor the outcome of the company's response to the GST department. The primary factor to watch is whether the demand is upheld in the final adjudication order or if the company successfully clarifies the ITC discrepancies.

ZFCVINDIA Q1 FY27: 8.6% Growth in CV >6T Segment; Aftermarket Sales Up 15.6%

🟡 NEUTRAL ⭐ 5/10

EARNINGS 📅 03 Aug 2026, 07:20 PM

ZFCVINDIA reported 8.6% growth in the CV >6T segment for Q1 FY27, slightly outperforming the industry's 8.4% growth. Aftermarket sales reached ₹158.4 crore, a 15.6% YoY increase, with record monthly sales achieved in June 2026. Profitability comparisons were impacted by a high base effect from Q1 FY26, which included a ₹43.7 crore one-off gain (primarily forex), whereas the current quarter saw a ₹1.98 crore forex loss. The company is actively securing business for Electronic Stability Control (ESC) from three major OEMs ahead of new safety regulations.

CV >6T segment sales grew 8.6% in Q1 FY27, marginally ahead of the industry's 8.4% growth rate.
Aftermarket business delivered ₹158.4 crore in sales, representing a 15.6% year-on-year growth.
One-off base effect of ₹43.7 crore from Q1 FY26 (forex gains) created a high hurdle for YoY profit growth.
Secured business nominations for Electronic Stability Control (ESC) solutions from 3 major OEMs.
Trailer market demand declined by 9% during the quarter due to slower mining activity and monsoon disruptions.

💡 Monitor the timeline for gross margin recovery as the company works with OEMs to pass through commodity and logistics inflation (West Asia crisis impact) over the next 1-2 quarters.

ZFCVINDIA Shareholders Approve ₹4 Dividend and New Director Appointment at 22nd AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Jul 2026, 09:02 PM

ZF Commercial Vehicle Control Systems India Limited (ZFCVINDIA) has announced the voting results of its 22nd Annual General Meeting held on July 24, 2026. Shareholders approved all five resolutions, including the adoption of FY26 financial statements and a dividend of ₹4 per share. The appointment of Ms. Claudia Christina Jehle as a Non-Executive Director was confirmed with a 96.20% majority. Other resolutions, including the re-appointment of Chairman Akash Passey, received near-unanimous support (>99.8%).

Dividend of ₹4 per share approved for the financial year ended March 31, 2026
Appointment of Ms. Claudia Christina Jehle as Non-Executive Director passed with 96.20% votes in favor
Adoption of FY26 Audited Financial Statements approved by 99.99999% of valid votes
Cost Auditor remuneration of ₹4.50 lakhs plus taxes ratified for the financial year ending March 31, 2027
Total of 50,495 shareholders were eligible to vote as of the July 17, 2026 record date

💡 Investors should note the dividend approval and monitor the company's upcoming quarterly results for execution on its LCV segment growth strategy.

ZFCVINDIA Releases Audio Recording of Q1 FY 2026-27 Earnings Call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 28 Jul 2026, 05:42 PM

ZF Commercial Vehicle Control Systems India Limited (ZFCVINDIA) has released the audio recording of its earnings call for the quarter ended June 30, 2026 (Q1 FY27). The call, which followed an initial intimation on July 21, 2026, covers the company's operational and financial performance. This is a standard procedural filing to ensure transparency for all shareholders regarding management's discussion of the latest quarterly results.

Audio recording released for the quarter ended June 30, 2026
Follows the initial investor call intimation dated July 21, 2026
Company maintains a TTM revenue of ₹4,101 cr and a healthy OPM of 16.0%
Recording is hosted on the official ZF Group investor relations website

💡 Investors should listen to the recording to understand management's commentary on the 16% decline in part exports and the growth outlook for the LCV segment (< 6 tonnes).

ZFCVINDIA Shareholders Approve ₹4 Dividend and New Director Appointment at 22nd AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Jul 2026, 04:30 PM

ZF Commercial Vehicle Control Systems India Limited (ZFCVINDIA) has announced the voting results of its 22nd Annual General Meeting held on July 24, 2026. Shareholders approved all five resolutions, including the adoption of FY26 financial statements and a dividend of ₹4 per share. The dividend payout is modest, representing approximately 1.47% of the TTM EPS of ₹272.64. Additionally, the appointment of Ms. Claudia Christina Jehle as a Non-Executive Director was confirmed with 96.20% of votes in favor.

Dividend of ₹4 per share approved for the financial year ended March 31, 2026.
Appointment of Ms. Claudia Christina Jehle as Non-Executive Director approved with 96.20% votes in favor.
Ratification of ₹4.50 lakhs remuneration for Cost Auditors M/s. Jayaram & Associates for FY27.
Total of 10,20,63,939 valid votes cast in favor of the dividend declaration, representing nearly 100% of votes polled.
Re-appointment of Mr. Akash Passey as Director approved with 99.86% majority.

💡 Investors should note the dividend payment, which is typically processed within 30 days of the AGM. No immediate structural changes are expected from these routine approvals.

3 Major OEM Nominations Secured for ESC Systems Ahead of 2027 Safety Mandate

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 28 Jul 2026, 01:22 PM

ZFCVINDIA has secured multi-year business nominations from three leading Indian commercial vehicle OEMs for its ESCsmart™ Electronic Stability Control (ESC) solution. This strategic win aligns with India's upcoming AIS regulations, which mandate ESC for trucks starting October 1, 2027. Production is slated to begin in Q3 2027 at the company's local manufacturing facilities. With over 60,000 vehicles already using this technology in India, the company is well-positioned to capture the mandatory safety upgrade market.

Secured multi-year business nominations from 3 leading Indian commercial vehicle OEMs
Start of Production (SOP) for the new platforms is scheduled for Q3 2027
AIS regulations will make Electronic Stability Control mandatory for trucks from October 1, 2027
ESCsmart™ technology is already proven in India with 60,000+ vehicles currently deployed
ZF Group has a global track record of delivering over 3 million ESC systems

💡 Watch for the execution of the production ramp-up in late 2027 and potential margin improvements as safety content per vehicle increases due to regulatory mandates.

ZFCVINDIA Approves ₹4 Dividend at 22nd AGM; Re-appoints Chairman Akash Passey

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Jul 2026, 06:40 PM

ZF Commercial Vehicle Control Systems India Limited (ZFCVINDIA) concluded its 22nd Annual General Meeting on July 24, 2026. Shareholders approved a dividend of ₹4 per share for FY26, which represents a yield of approximately 0.17% against the current price of ₹2320.6. The meeting also confirmed the re-appointment of Chairman Akash Passey and the induction of Ms. Claudia Christina Jehle as a Non-Executive Director. Management discussed the FY26 performance, where the company recorded a revenue of ₹3820.23 Cr and a net profit of ₹460.40 Cr.

Approved a dividend of ₹4 per share for the financial year ended March 31, 2026.
Re-appointed Mr. Akash Passey (DIN: 01198068) as Chairman and Non-Executive Non-Independent Director.
Appointed Ms. Claudia Christina Jehle (DIN: 11680809) as a Non-Executive Non-Independent Director.
Ratified the remuneration for Cost Auditors M/s. Jayaram & Associates for the financial year ending March 31, 2027.
The meeting was attended by 47 members and concluded within 71 minutes.

💡 Investors should monitor the execution of the company's LCV segment growth strategy and the impact of global demand on engineering services exports in upcoming quarterly results.

ZFCVINDIA Appoints Rakesh Mishra as CFO and C V Kavviya as Company Secretary

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 24 Jul 2026, 02:02 PM

ZF Commercial Vehicle Control Systems India Limited has announced the appointment of two Key Managerial Personnel (KMP). Mr. Rakesh Mishra, a Chartered Accountant with over 30 years of experience, will join as Chief Financial Officer (CFO) effective September 1, 2026. Additionally, Ms. C V Kavviya has been appointed as the permanent Company Secretary and Compliance Officer effective July 25, 2026, following her interim role since March 2026. These appointments are critical for a company managing a TTM revenue of Rs 4,101 Cr and maintaining a high ROCE of 20.0%.

Mr. Rakesh Mishra appointed as CFO effective September 1, 2026, bringing over 30 years of global finance experience.
Ms. C V Kavviya appointed as Whole-Time Company Secretary and Compliance Officer effective July 25, 2026.
Mr. Mishra's background includes leadership roles at ZF India Pvt Ltd and expertise in M&A and financial transformation.
Ms. Kavviya has approximately 9 years of experience in corporate laws and secretarial compliance.
The appointments were made based on the recommendation of the Nomination and Remuneration Committee.

💡 Investors should monitor the transition to the new CFO in September and watch for any updates on financial strategy or capital allocation during the Q2 FY27 earnings call.

View All ZFCVINDIA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Overall revenue for H1 FY26 grew 4.1% YoY to INR 2,003.6 Cr. OE sales for commercial vehicles > 6 tonnes grew 7.4% in Q2 FY26. Export of services grew by a robust 12.1% in Q2 FY26, while export of parts and products registered a 16% decline in the same period.

Geographic Revenue Split

Domestic India remains the primary market. Exports are split between the US (which saw volume reduction due to tariffs) and Europe/EMEA (which saw volume increases that did not fully offset the US decline).

Profitability Margins

Net Profit Margin improved to 12.06% in FY25 from 10.70% in FY24. Operating Profit Margin rose to 16.10% in FY25 from 14.52% in FY24. Gross margin improved by approximately 160 bps Q-on-Q in Q2 FY26 due to material costing and production efficiency.

EBITDA Margin

The company reported an EBITDA margin of 22.9% for Q2 FY26. Consolidated net profit for H1 FY26 reached INR 230.65 Cr, up 10.6% YoY.

Capital Expenditure

The company reported a working capital improvement of INR 187 Cr in H1 FY26. Specific future capital expenditure in INR Cr was not disclosed in available documents.

Credit Rating & Borrowing

The company maintains zero debt with a Debt-Equity Ratio of N.A. and relies on cash reserves to meet obligations, avoiding the need to borrow or raise capital.

⚙️ Operational Drivers

Raw Materials

Specific raw materials include Aluminum and Scrap (facing rising costs) and Iron Ore (benefiting from lower prices).

Import Sources

Not specifically disclosed, though the company is pursuing localization strategies to counter global cost pressures.

Capacity Expansion

The company operates 6 manufacturing units in India. The Jamshedpur plant recently implemented rainwater harvesting infrastructure with a capacity of 1,300 cubic meters.

Raw Material Costs

Material to sales ratio improved in Q2 FY26 due to active material costing and production efficiency. Rising scrap and aluminum costs are expected to offset benefits from lower iron ore prices.

Manufacturing Efficiency

Achieved a 160 bps Q-on-Q gross margin improvement. The company recorded a Parts per Million (PPM) rate of 71 in FY25, with a target of zero field failures.

📈 Strategic Growth

Growth Strategy

Growth will be achieved by focusing on the LCV segment (< 6 tonnes) which grew 8% in H1 FY26, scaling engineering services exports (12.1% growth), and launching new products like Actuator 4.0 and air compressors for global OEMs.

Products & Services

Automotive components and spares (100% of turnover), Actuator 4.0, air compressors, and engineering services.

Brand Portfolio

ZF, ZF Commercial Vehicle Control Systems India (formerly WABCO India).

New Products/Services

Successful start of production for Actuator 4.0 and air compressors for global OEMs.

Market Expansion

Strategic focus on the LCV category (< 6 tonnes) and reinforcing India as a strategic hub for global engineering services.

Strategic Alliances

The company is a subsidiary of the ZF Group, which holds a 63.16% stake.

🌍 External Factors

Industry Trends

The LCV segment grew 8% in H1 FY26, driven by GST reductions and rising consumption. The industry is shifting toward safer, smarter, and sustainable transportation ecosystems.

Competitive Moat

Moat is sustained by cost leadership through localization, value engineering, and being a strategic global hub for ZF Group's engineering services.

Macro Economic Sensitivity

India's real GDP recorded a robust growth of 7.8% in Q1 FY26. Global GDP growth is projected to slow from 3.3% in 2024 to 3.2% in 2025.

Consumer Behavior

Rising consumption demand is facilitating fixed investment and driving expansion in the LCV category.

Geopolitical Risks

Ongoing tariff and trade policy uncertainties, particularly in the US market, have decreased external demand for parts.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by Indian Accounting Standards (Ind AS) and the Companies Act, 2013. GST reductions and government infrastructure investments are key regulatory drivers.

Environmental Compliance

Sustainability initiatives include rainwater harvesting infrastructure at the Jamshedpur plant with a 1,300 cubic meter capacity.

Taxation Policy Impact

The company provided INR 148.14 Cr for taxation in FY25. GST reductions are cited as a direct driver for growth in the LCV segment.

⚠️ Risk Analysis

Key Uncertainties

Key risks include US tariffs (impacting exports by 16%), global GDP slowdown (projected at 3.2% for 2025), and the cyclical nature of the Indian commercial vehicle industry.