ZF Commercial Vehicle Control System India Ltd
ZFCVINDIAZF Commercial Vehicle Control System India Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.
The sharpest disagreement: Promoters moved −7.5 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a confirmed uptrend (35 weeks in) while the P/E sits at the 41st percentile of its own 11-year range. Underneath, the last four quarters read improving — profit −14.8% year on year, and 93% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
ZF Commercial Vehicle Control System India Ltd trades at ₹2,631, in a confirmed uptrend and 35 weeks into that stage. That is +9.5% against its own 200-day average. It sits at 4% of a 52-week range of ₹2,075 to ₹15,113. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).
Today the stock is in a confirmed uptrend — week 35 of stage 2, confirmed. At ₹2,631 it trades +9.5% versus its 200-day average and sits at 4% of its 52-week range (₹2,075–₹15,113).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +196% while the NIFTY 500 moved +284% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-08-07) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
ZF Commercial Vehicle Control System India Ltd's story is not scored yet against the markers our research file set on 17 May 2026. Where it sits in its own cycle: NEAR_TROUGH_TO_EARLY_EXPANSION.
Our read, 17 May 2026. A CV safety-content compounder trading at a cyclical trough — mandatory ESC and coming ADAS wave provide a multi-year content-per-vehicle runway that is still mostly unpriced.
From the numbers. PE at 17th percentile of 10Y range (current 54.4x vs median 68.7x), classified STRONG_OPPORTUNITY. PE compressed roughly 47% from June 2022 peak of 102x. EARNINGS_DISCONNECT cycle position — OPM and EPS are improving…
From the price. Price stage 2, week 35 — above its 200-day line, relative strength falling.
From the research. A CV safety-content compounder trading at a cyclical trough — mandatory ESC and coming ADAS wave provide a multi-year content-per-vehicle runway that is still mostly unpriced.
🚨 Where they disagree. PE at 17th percentile of 10Y range (current 54.4x vs median 68.7x), classified STRONG_OPPORTUNITY. PE compressed roughly 47% from June 2022 peak of 102x. EARNINGS_DISCONNECT cycle position — OPM and EPS are improving but PE has not re-rated. DII buying has absorbed the ZF Group promoter stake sales (15.9%→23.85%). Ratio to median 0.79x (<0.85x threshold). Not yet re-rated — the market is treating a content-compound as a CV cycle name.
What is proven. A CV safety-content compounder trading at a cyclical trough — mandatory ESC and coming ADAS wave provide a multi-year content-per-vehicle runway that is still mostly unpriced.
What is not proven yet. Americas declined 22% in Q4 FY26; US tariff and geopolitical uncertainty keeps full-year export revenue at −11%, dragging blended revenue growth to 9.2% vs domestic OE growth of 17.6%.
The test written in advance. US Export Structural Weakness + Americas Tariff Risk — US Export Structural Weakness + Americas Tariff Risk Americas monthly export volume; US tariff negotiation outcome by the next result.
The test written in advance. Aluminium Cost Inflation + Lagged Customer Recovery — Aluminium Cost Inflation + Lagged Customer Recovery Q1 FY27 EBITDA margin vs Q3 FY26 seasonal peak; customer price recovery disclosures by the next result.
The test written in advance. ADAS Competitive Pricing Compression — ADAS Competitive Pricing Compression OEM ADAS sourcing announcements; per-unit pricing in Q1 FY28 results post-mandate launch by the next result.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Mandatory ESC Regulation — Bus Fleet | HIGH | — | ESC mandatory for buses from September 2025 adds ~3,000 units/year and was a key driver of 28.1% OE sales growth in Q3… | Americas monthly export volume; US tariff negotiation outcome |
| ADAS Regulation Wave — Oct 2027 Mandate | HIGH | — | October 2027 ADAS regulation for vehicles >6 tonnes; company already has full-suite ADAS nominations from 2 OEMs, ARAI-certified… | Americas monthly export volume; US tariff negotiation outcome |
| ECAS Localization — Low-Floor Bus Mandate | MEDIUM_HIGH | — | Electronically Controlled Air Suspension localization targets the low-floor bus mandate expected October 2026; first production… | Americas monthly export volume; US tariff negotiation outcome |
| Aftermarket Expansion + Regulatory… | MEDIUM | — | Aftermarket grew 9–21% across the four quarters; retrofitment of trailer ABS/EBS (AIS 113) + network expansion to 6,000+… | Americas monthly export volume; US tariff negotiation outcome |
| India-EU FTA + Services Export Growth | MEDIUM | — | India-EU FTA cited by management as a positive tailwind for CV sector in Q3; services export grew 22.5% in Q4 and 10% FY26… | Americas monthly export volume; US tariff negotiation outcome |
Lever 1 · Operating leverage — BUILDING. ESC mandatory for buses from September 2025 adds ~3,000 units/year and was a key driver of 28.1% OE sales growth in Q3, outperforming industry by 7.5%. What proves it keeps working: Mandatory ESC Regulation — Bus Fleet. It stops working if Americas monthly export volume; US tariff negotiation outcome.
Lever 5 · Regulatory approval — BUILDING. October 2027 ADAS regulation for vehicles >6 tonnes; company already has full-suite ADAS nominations from 2 OEMs, ARAI-certified solution proven over 300,000 km in India. What proves it keeps working: ADAS Regulation Wave — Oct 2027 Mandate. It stops working if Americas monthly export volume; US tariff negotiation outcome.
Lever 10 · New geographies — BUILDING. Electronically Controlled Air Suspension localization targets the low-floor bus mandate expected October 2026; first production from Oragadam facility already underway. What proves it keeps working: ECAS Localization — Low-Floor Bus Mandate. It stops working if Americas monthly export volume; US tariff negotiation outcome.
Lever 14 · A bigger market to sell into — BUILDING. Aftermarket grew 9–21% across the four quarters; retrofitment of trailer ABS/EBS (AIS 113) + network expansion to 6,000+ retailers, 4,000+ distributors driving durable growth. What proves it keeps working: Aftermarket Expansion + Regulatory Retrofitment. It stops working if Americas monthly export volume; US tariff negotiation outcome.
Sources: our stock research file (17 May 2026) · quarterly results through Jun 26. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
ZF Commercial Vehicle Control System India Ltd reported ₹1,066 Cr of revenue in the Jun 26 quarter, +9.2% year on year. That is the 7th straight quarter of year-on-year growth. Over 10 years it has compounded at 8.4% a year. The last full year, FY26, came in at ₹4,119 Cr. The last four reported quarters add to ₹4,209 Cr.
Why this happened. India is moving toward mandating low-floor buses for urban mass transit, which requires ECAS. The company is localizing ECAS (currently imported) to align with this regulation and to reduce cost. Management confirmed (Q3 call) 'efforts are underway to localize ECAS ahead of potential low-floor bus mandates by October 2026.' The new Oragadam multi-divisional facility produces e-compressors, hydraulic ESC, and will be the ECAS localization hub. Content value for ECAS is materially higher than conventional air suspension — compounding the content-per-vehicle lift already underway from ESC.
FY26 revenue came in at ₹4,119 Cr (+7.5% on the year), capping 10 years at 8.4% compound. The latest quarter (Jun 26) printed ₹1,066 Cr, +9.2% year on year — the 7th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +8.8% growth against the decade's 8.4% — the current year is running in line with its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +9.0% over the last 4 quarters against +5.3%/yr over the last 8 — accelerating; TTM profit +3.1% vs +10.8%/yr — rolling over.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
ZF Commercial Vehicle Control System India Ltd's operating margin is 13.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 10.0% to 16.0%. The current quarter sits inside that band.
Why this happened. India mandated electronic stability control for all buses effective September 2025. ZFCVINDIA is the dominant player (majority market share). In Q3 FY26 management confirmed 'a sharp rise in ESC penetration driven by updated regulations' and quantified the increment at approximately 1,000 units per month additional demand. This driver operates independently of the underlying CV demand cycle and provides a structural content-per-vehicle uplift above and beyond any volume growth. ESC now layers on top of the base ABS business the company has supplied for years.
The latest quarter's operating margin is 13.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0%–16.0%, and FY26's 16.0% is the top of that band — a record year.
🚨 Why the margin moved: operating margin went −0.6 pp year on year while gross margin went −1.5 pp — the loss came mostly from the gross line: input costs and pricing.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
ZF Commercial Vehicle Control System India Ltd earned ₹104 Cr of net profit in the Jun 26 quarter, −14.8% year on year. Full-year FY26 profit was ₹517 Cr. The 10-year compound rate is 9.8%. That is 9.8% of the quarter's revenue. The same quarter a year earlier earned ₹122 Cr.
Jun 26 profit was ₹104 Cr, −14.8% year on year. On the full year, FY26 printed ₹517 Cr (+12.1%), and the 10-year compound rate is 9.8%.
🚨 Why profit moved: revenue contributed +9.2% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +2.8% vs revenue +8.8%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 93% of ZF Commercial Vehicle Control System India Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹810 Cr of operating cash against ₹517 Cr of profit. After ₹121 Cr of capital spending, ₹689 Cr was left as free cash.
FY26: operating cash of ₹810 Cr against reported profit of ₹517 Cr, leaving free cash of ₹689 Cr after ₹121 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 93% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 93%: the cash cycle stretched 15 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
ZF Commercial Vehicle Control System India Ltd's cash conversion cycle runs 56 days in FY26, up from 41 days in FY21. Capital spending ran ₹495 Cr over the last 3 years. At FY26 sales of ₹4,119 Cr each day of that cycle holds about ₹11.3 Cr, so roughly ₹632 Cr sits inside the business at any moment.
FY26: debtors at 83 days, inventory at 43 days — roughly 1.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 56 days, looser than FY21's 41.
The full loop: cash goes out to suppliers and production on day 0; stock waits 43 days to sell; customers pay about 83 days after that; and suppliers themselves are paid at 71 days — netting out to the 56-day cycle.
In money terms: at FY26 sales of ₹4,119 Cr, each day of the cycle holds about ₹11.3 Cr — so the 56-day loop keeps roughly ₹632 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹495 Cr over the last 3 fiscal years against ₹366 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹61.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
ZF Commercial Vehicle Control System India Ltd earns a ROCE of 19% in FY26. That is up from a trough of 7% in FY21. Return on invested capital clears the cost of that capital by +14.7 percentage points, so growth here adds value rather than only size. The wiring behind it is 12.6% net margin on 0.93× asset turns.
FY26 ROCE is 19%, recovered from a FY21 trough of 7% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 12.6% net margin × 0.93× asset turns × 1.20× balance-sheet leverage ≈ 14.1% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 26.7% − 12.0% = a +14.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
ZF Commercial Vehicle Control System India Ltd carries total debt of ₹55.0 Cr against shareholder equity of ₹3,691 Cr as of Mar 26, a debt-to-equity of 0.01 — effectively unlevered. On the annual view that ratio went from 0.00 in FY22 to 0.01 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹55.0 Cr against shareholder equity of ₹3,691 Cr — a debt-to-equity of 0.01. On the annual view, debt-to-equity went from 0.00 (FY22) to 0.01 (FY26). The returns on this page are earned, not borrowed.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Promoters cut 7.5 points of ZF Commercial Vehicle Control System India Ltd over 8 quarters, the biggest move on the register. That takes promoters to 60.0% of the company. Domestic institutions moved +4.3 points over the same window, to 25.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Promoters: −7.5 points over 8 quarters to 60.0%; Domestic institutions: +4.3 points over 8 quarters to 25.4%; Foreign institutions: +2.2 points over 8 quarters to 5.9%.
🚨 Why the register moved: promoters drove it (−7.5 points), absorbed on the other side by domestic institutions (+4.3 points) — distribution into the market’s bid.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
ZF Commercial Vehicle Control System India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.
Why this happened. GSR 184e requires ADAS systems (AEBS, LDWS, DDAW, BSIS, MOIS) for CV above 6 tonnes from October 2027. ZF CVCS is one of very few players with an ARAI-certified, India-road-validated full ADAS suite. Management confirmed (Q4 FY26 call, May 2026): 'That is correct — we have won the full ADAS suite from 2 OEM customers.' Board separately confirmed a second ADAS nomination in March 2026 (exchange filing). ADAS stack value is converging around ₹40,000–45,000 per vehicle (down from initial OEM expectations) but on volumes of potentially 200,000+ trucks this is a multi-thousand-crore addressable uplift.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
ZF Commercial Vehicle Control System India Ltd trades at 59.4× P/E, mid-range by its own standards (41st percentile). Its long-run median P/E is 67.3×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 59.4× is mid-range by its own standards (41st percentile), against a long-run median of 67.3× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.
Why the multiple sits where it does: over the past year annual EPS moved +12.2% against a +14.7% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 3y, of the +5.4%/yr price move, ~+12.5%/yr came from earnings growth and ~−7.1 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: Topping out Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
ZF Commercial Vehicle Control System India Ltd reads as topping out on its fundamental arc. Topping out — profit and EPS growth have decelerated hard (profit growth +78.2% at its peak → +3.1% latest) while ROCE still reads 19.8%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: decelerating from a peak is where good stories quietly end — the multiple usually notices late.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +7.5% | +6.1% | +17.2% | +8.4% |
| Profit | +12.1% | +17.6% | +37.8% | +9.8% |
| EPS | +12.2% | +17.6% | −3.6% | −8.2% |
| Share price | +14.7% | +5.4% | +16.2% | +9.8% |
4-Factor Sector Score
39.9/100 — rank 16 of 20 in Auto Ancillaries - Diversified · 100% evidence confidence
ZF Commercial Vehicle Control System India Ltd scores 39.9 out of 100 against the 20 companies it is compared with in Auto Ancillaries - Diversified, ranking 16. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 10.8 + 14.4 + 8.3 + 6.4 = 39.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1S J S Enterprises LtdSJS | 74.4/100Favorable setup97% evidence | LEADER | 29.0/35 Revenue 28.6% · PAT 67.5% · OPM change 2 pp 95% evidence | 19.9/25 ROCE 28.6% · OPM 29% 95% evidence | 10.0/20 P/E 42.6× · PEG 0.89 100% evidence | 15.5/20 RS sector 14.9% · RS bench 38.9% · 1Y 116%12 of 12 weeks ahead 100% evidence |
| Exact sum: 29 + 19.9 + 10 + 15.5 = 74.4 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Lumax Auto Technologies LtdLUMAXTECH | 73.6/100Favorable setup100% evidence | TURNING | 30.9/35 Revenue 33.3% · PAT 58.3% · OPM change 2 pp 100% evidence | 17.9/25 ROCE 21.2% · OPM 14% 100% evidence | 11.7/20 P/E 41.6× · PEG 0.75 100% evidence | 13.1/20 RS sector 9.3% · RS bench 32.9% · 1Y 104.2%2 of 12 weeks ahead 100% evidence |
| Exact sum: 30.9 + 17.9 + 11.7 + 13.1 = 73.6 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3OBSC Perfection LtdOBSCP | 65.7/100Favorable setup80% evidence | LEADER | 21.4/35 Revenue 37.8% · PAT 46.2% · OPM change 0 pp 95% evidence | 15.6/25 ROCE 19.5% · OPM 17.9% 95% evidence | 8.7/20 P/E 70× · PEG — 15% evidence | 20.0/20 RS sector 80.8% · RS bench 115.7% · 1Y 202.1%12 of 12 weeks ahead 100% evidence |
| Exact sum: 21.4 + 15.6 + 8.7 + 20 = 65.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Sansera Engineering LtdSANSERA | 64.9/100Mixed-positive evidence100% evidence | LEADER | 26.6/35 Revenue 23.5% · PAT 52.2% · OPM change 2 pp 100% evidence | 11.9/25 ROCE 14.1% · OPM 19% 100% evidence | 7.2/20 P/E 65.7× · PEG 1.29 100% evidence | 19.2/20 RS sector 47.1% · RS bench 76% · 1Y 217.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 26.6 + 11.9 + 7.2 + 19.2 = 64.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Jay Bharat Maruti LtdJAYBARMARU | 63.4/100Mixed-positive evidence87% evidence | LEADER | 23.1/35 Revenue 13.3% · PAT 100% · OPM change -2 pp 95% evidence | 13.1/25 ROCE 16.6% · OPM 10% 95% evidence | 14.4/20 P/E 10× · PEG — 50% evidence | 12.8/20 RS sector -2.4% · RS bench 17.2% · 1Y 41.4%11 of 12 weeks ahead 100% evidence |
| Exact sum: 23.1 + 13.1 + 14.4 + 12.8 = 63.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Carraro India LtdCARRARO | 58.5/100Mixed-positive evidence93% evidence | ASLEEP | 23.4/35 Revenue 26.3% · PAT 47.8% · OPM change -2 pp 100% evidence | 15.8/25 ROCE 29.5% · OPM 8% 100% evidence | 16.0/20 P/E 21× · PEG 0.41 65% evidence | 3.3/20 RS sector -20% · RS bench -2.5% · 1Y 20.8%5 of 12 weeks ahead 100% evidence |
| Exact sum: 23.4 + 15.8 + 16 + 3.3 = 58.5 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -20% and the one-year return is 20.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 7Minda Corporation LtdMINDACORP | 56.4/100Mixed-positive evidence94% evidence | BREAKING OUT | 26.3/35 Revenue 26.6% · PAT 94.9% · OPM change 0 pp 100% evidence | 8.8/25 ROCE 12.7% · OPM 11% 100% evidence | 8.5/20 P/E 42.7× · PEG 1.58 100% evidence | 12.8/20 RS sector 1.8% · RS bench 21.3% · 1Y 56.9%11 of 11 weeks ahead 70% evidence |
| Exact sum: 26.3 + 8.8 + 8.5 + 12.8 = 56.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Automobile Corporation Of Goa LtdAUTOCORP | 55.9/100Mixed-positive evidence82% evidence | ASLEEP | 25.0/35 Revenue 41.1% · PAT 48.9% · OPM change -6 pp 95% evidence | 16.6/25 ROCE 29.6% · OPM 5% 76% evidence | 12.8/20 P/E 18.4× · PEG — 50% evidence | 1.5/20 RS sector -23.1% · RS bench -6.5% · 1Y -13.5%10 of 12 weeks ahead 100% evidence |
| Exact sum: 25 + 16.6 + 12.8 + 1.5 = 55.9 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -23.1% and the one-year return is -13.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 9Bosch LtdBOSCHLTD | 53.9/100Mixed-positive evidence82% evidence | LEADER | 15.9/35 Revenue 13.6% · PAT -11.4% · OPM change 1 pp 95% evidence | 17.6/25 ROCE 21.5% · OPM 14% 76% evidence | 6.7/20 P/E 58.8× · PEG — 50% evidence | 13.7/20 RS sector 0.8% · RS bench 22.7% · 1Y 22.9%11 of 12 weeks ahead 100% evidence |
| Exact sum: 15.9 + 17.6 + 6.7 + 13.7 = 53.9 · Decision use: Price leads the evidence: RS versus the benchmark is 22.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 10Suprajit Engineering LtdSUPRAJIT | 51.4/100Mixed-positive evidence94% evidence | BREAKING OUT | 25.0/35 Revenue 18.4% · PAT 73.2% · OPM change 3 pp 100% evidence | 10.2/25 ROCE 16% · OPM 12% 100% evidence | 6.0/20 P/E 38.3× · PEG 5.51 100% evidence | 10.2/20 RS sector -2.4% · RS bench 13.3% · 1Y 20.6%9 of 11 weeks ahead 70% evidence |
| Exact sum: 25 + 10.2 + 6 + 10.2 = 51.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Varroc Engineering LtdVARROC | 50.2/100Mixed-positive evidence87% evidence | BREAKING OUT | 16.3/35 Revenue 14.7% · PAT 39.9% · OPM change -2 pp 100% evidence | 9.6/25 ROCE 19% · OPM 8% 100% evidence | 13.9/20 P/E 45.4× · PEG 0.63 65% evidence | 10.4/20 RS sector -8.4% · RS bench 39.5% · 1Y 65.9%10 of 11 weeks ahead 70% evidence |
| Exact sum: 16.3 + 9.6 + 13.9 + 10.4 = 50.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Samvardhana Motherson International LtdMOTHERSON | 49.0/100Mixed-negative evidence100% evidence | LEADER | 20.0/35 Revenue 14% · PAT 24.7% · OPM change 1 pp 100% evidence | 8.7/25 ROCE 13.4% · OPM 9% 100% evidence | 4.9/20 P/E 38.9× · PEG 5.68 100% evidence | 15.4/20 RS sector 10.9% · RS bench 34.2% · 1Y 84%12 of 12 weeks ahead 100% evidence |
| Exact sum: 20 + 8.7 + 4.9 + 15.4 = 49 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Munjal Auto Industries LtdMUNJALAU | 48.1/100Mixed-negative evidence87% evidence | LEADER | 14.7/35 Revenue 22.3% · PAT 19.1% · OPM change 0 pp 95% evidence | 6.6/25 ROCE 9.8% · OPM 6% 95% evidence | 9.0/20 P/E 23.5× · PEG — 50% evidence | 17.8/20 RS sector 11.3% · RS bench 35.1% · 1Y 66.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 14.7 + 6.6 + 9 + 17.8 = 48.1 · Decision use: Price leads the evidence: RS versus the benchmark is 35.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 14NDR Auto Components LtdNDRAUTO | 46.3/100Mixed-negative evidence87% evidence | ASLEEP | 16.9/35 Revenue 18.2% · PAT 16.4% · OPM change 0 pp 95% evidence | 16.0/25 ROCE 22.2% · OPM 11% 95% evidence | 9.9/20 P/E 29.7× · PEG — 50% evidence | 3.5/20 RS sector -21.6% · RS bench -4.2% · 1Y -14.4%9 of 12 weeks ahead 100% evidence |
| Exact sum: 16.9 + 16 + 9.9 + 3.5 = 46.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Endurance Technologies LtdENDURANCE | 45.9/100Mixed-negative evidence100% evidence | BREAKING OUT | 16.8/35 Revenue 29.4% · PAT 13.1% · OPM change -1 pp 100% evidence | 12.8/25 ROCE 17.8% · OPM 12% 100% evidence | 9.1/20 P/E 41.4× · PEG 2.33 100% evidence | 7.2/20 RS sector -11.6% · RS bench 8% · 1Y 14.9%9 of 12 weeks ahead 100% evidence |
| Exact sum: 16.8 + 12.8 + 9.1 + 7.2 = 45.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16ZF Commercial Vehicle Control System India Ltdthis pageZFCVINDIA | 39.9/100Mixed-negative evidence100% evidence | TURNING | 10.8/35 Revenue 9% · PAT 3.1% · OPM change 0 pp 100% evidence | 14.4/25 ROCE 19.4% · OPM 13% 100% evidence | 8.3/20 P/E 59.4× · PEG 4.2 100% evidence | 6.4/20 RS sector -11% · RS bench 8.6% · 1Y 18.6%1 of 12 weeks ahead 100% evidence |
| Exact sum: 10.8 + 14.4 + 8.3 + 6.4 = 39.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Sharda Motor Industries LtdSHARDAMOTR | 39.8/100Mixed-negative evidence100% evidence | BASING | 9.0/35 Revenue 25.6% · PAT -1.8% · OPM change -3 pp 100% evidence | 17.4/25 ROCE 36% · OPM 10% 100% evidence | 9.7/20 P/E 15.4× · PEG 2.7 100% evidence | 3.7/20 RS sector -21.6% · RS bench -4% · 1Y -13.8%1 of 12 weeks ahead 100% evidence |
| Exact sum: 9 + 17.4 + 9.7 + 3.7 = 39.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Motherson Sumi Wiring India LtdMSUMI | 36.7/100Mixed-negative evidence100% evidence | ASLEEP | 11.3/35 Revenue 28.7% · PAT 4.3% · OPM change -2 pp 100% evidence | 17.1/25 ROCE 38.9% · OPM 8% 100% evidence | 7.0/20 P/E 42.6× · PEG 6.28 100% evidence | 1.3/20 RS sector -24.7% · RS bench -7.7% · 1Y 3.2%1 of 12 weeks ahead 100% evidence |
| Exact sum: 11.3 + 17.1 + 7 + 1.3 = 36.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Precision Camshafts LtdPRECAM | 26.2/100Adverse evidence81% evidence | ASLEEP | 5.9/35 Revenue -4.9% · PAT -33.3% · OPM change -3.6 pp 95% evidence | 6.5/25 ROCE 7.3% · OPM 3.8% 95% evidence | 10.5/20 P/E 40.7× · PEG — 50% evidence | 3.3/20 RS sector -32% · RS bench -16.8% · 1Y -22.3%5 of 10 weeks ahead 70% evidence |
| Exact sum: 5.9 + 6.5 + 10.5 + 3.3 = 26.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Mercury EV-Tech LtdMERCURYEV | 25.2/100Adverse evidence74% evidence | TURNING | 8.4/35 Revenue 4.2% · PAT -47.6% · OPM change 0.4 pp 95% evidence | 4.8/25 ROCE 2.6% · OPM 9.8% 95% evidence | 8.5/20 P/E 150× · PEG — 15% evidence | 3.5/20 RS sector -39% · RS bench -5.4% · 1Y -26.2%4 of 7 weeks ahead 70% evidence |
| Exact sum: 8.4 + 4.8 + 8.5 + 3.5 = 25.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is ZF Commercial Vehicle Control System India Ltd's share price today?
ZF Commercial Vehicle Control System India Ltd trades at ₹2,631, +14.7% over the past year. The company is valued at ₹30,007 Cr. The stock sits at 4% of its 52-week range of ₹2,075–₹15,113, +9.5% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 35 weeks in. — as of 14 August 2026.
What were ZF Commercial Vehicle Control System India Ltd's latest quarterly results?
ZF Commercial Vehicle Control System India Ltd reported revenue of ₹1,066 Cr and net profit of ₹104 Cr for the Jun 26 quarter. Revenue rose 9.2% and profit fell 14.8% year on year. Earnings per share were ₹9.18. The operating margin was 13.0%, 0.0 pp higher than a year earlier. — as of 14 August 2026.
What is ZF Commercial Vehicle Control System India Ltd's revenue?
ZF Commercial Vehicle Control System India Ltd reported revenue of ₹1,066 Cr in the Jun 26 quarter, +9.2% year on year. For the full FY26 fiscal year, revenue was ₹4,119 Cr (+7.5%). Over the last 10 years revenue compounded at 8.4% a year. — as of 14 August 2026.
What is ZF Commercial Vehicle Control System India Ltd's profit?
ZF Commercial Vehicle Control System India Ltd earned ₹104 Cr of net profit in the Jun 26 quarter, −14.8% year on year. Full-year FY26 profit was ₹517 Cr. The operating margin ran 13.0% in the latest quarter. — as of 14 August 2026.
What is ZF Commercial Vehicle Control System India Ltd's market cap?
ZF Commercial Vehicle Control System India Ltd's market capitalisation is ₹30,007 Cr at a share price of ₹2,631. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.
What is ZF Commercial Vehicle Control System India Ltd's P/E ratio?
ZF Commercial Vehicle Control System India Ltd trades at a P/E of 59.4×, at the 41st percentile of its own 11-year range, against a long-run median of 67.3×. This is a comparison with the stock's own history, not a value call — as of 14 August 2026.
Does ZF Commercial Vehicle Control System India Ltd pay a dividend?
Yes — ZF Commercial Vehicle Control System India Ltd's dividend payout was 1% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 14 August 2026.
Is ZF Commercial Vehicle Control System India Ltd overvalued?
On its own history, ZF Commercial Vehicle Control System India Ltd looks mid-range: its P/E of 59.4× sits at the 41st percentile of its 11-year range (long-run median 67.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 14 August 2026.
Is ZF Commercial Vehicle Control System India Ltd growing?
Yes — ZF Commercial Vehicle Control System India Ltd is growing: latest-quarter revenue +9.2% year on year, profit −14.8%, and the margin +0.0 pp at 13.0%. The 10-year compound rates are 8.4% (revenue) and 9.8% (profit). The earnings engine currently reads: improving — as of 14 August 2026.
How is ZF Commercial Vehicle Control System India Ltd performing?
ZF Commercial Vehicle Control System India Ltd is in a confirmed uptrend, 35 weeks in. Its latest quarter's revenue rose 9.2% and profit fell 14.8% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 1 week. — as of 14 August 2026.
What stage is ZF Commercial Vehicle Control System India Ltd in?
Topping out — profit and EPS growth have decelerated hard (profit growth +78.2% at its peak → +3.1% latest) while ROCE still reads 19.8%. The read comes from the last 12 quarters of growth (revenue growth +9.0% latest, profit growth +3.1% latest, eps growth +3.2% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 14 August 2026.
Is ZF Commercial Vehicle Control System India Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 35 of stage 2), trading +9.5% versus its 200-day average and at 4% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 14 August 2026.
Is ZF Commercial Vehicle Control System India Ltd beating the market?
Not lately — on a trailing-13-week view ZF Commercial Vehicle Control System India Ltd is currently behind the NIFTY 500 (1 week and counting; last ahead the week of 2026-08-07), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +196% against the NIFTY 500's +284% — behind the index over the full window. — as of 14 August 2026.
Will ZF Commercial Vehicle Control System India Ltd's share price go up?
This page publishes no price forecast for ZF Commercial Vehicle Control System India Ltd. What it measures instead: the share price is ₹2,631, the price is in a confirmed uptrend 35 weeks in. Its P/E of 59.4× sits at the 41st percentile of its own 11-year range. — as of 14 August 2026.
Who owns ZF Commercial Vehicle Control System India Ltd?
Promoters hold 60.0% of ZF Commercial Vehicle Control System India Ltd, foreign institutions 5.9%, domestic institutions 25.4% and the public 8.6% (latest quarter). The biggest move on the register over the last two years: Promoters cut 7.5 points over 8 quarters. — as of 14 August 2026.
Does ZF Commercial Vehicle Control System India Ltd have too much debt?
No — ZF Commercial Vehicle Control System India Ltd's debt-to-equity is 0.01, and operating profit covers the interest bill north of 100×. FY26 borrowings were ₹55.0 Cr against equity of ₹3,690 Cr. The returns on this page are earned, not borrowed — as of 14 August 2026.
What is ZF Commercial Vehicle Control System India Ltd's capex?
ZF Commercial Vehicle Control System India Ltd spent ₹495 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. Depreciation over the same years was ₹366 Cr. — as of 14 August 2026.
What is ZF Commercial Vehicle Control System India Ltd's cash flow?
ZF Commercial Vehicle Control System India Ltd generated ₹810 Cr of operating cash flow in FY26 and ₹689 Cr of free cash flow after ₹121 Cr of capital spending. Reported profit that year was ₹517 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 14 August 2026.
Is ZF Commercial Vehicle Control System India Ltd's profit real cash?
Yes — over the last 3 fiscal years, 93% of ZF Commercial Vehicle Control System India Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹810 Cr against reported profit of ₹517 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 14 August 2026.
Where is ZF Commercial Vehicle Control System India Ltd in its business cycle?
ZF Commercial Vehicle Control System India Ltd's FY26 operating margin was 16.0%, against a 13-year band of 10.0%–16.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 13.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 14 August 2026.
What could break the ZF Commercial Vehicle Control System India Ltd story?
The sharpest disagreement: Promoters moved −7.5 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 14 August 2026.
Is ZF Commercial Vehicle Control System India Ltd a stock worth studying right now?
This is not investment advice. The machine read: ZF Commercial Vehicle Control System India Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 14 August 2026.