Z 
ZF Commercial Vehicle Control Systems India ZFCVINDIA.NS · INR
Consumer Discretionary · NSE · 🇮🇳 India
2,321.20
+1.26%
Close of 9 Nov 2026, in INR
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At a glance
Figures in INR, from our data supplier.
Revenue
₹38.31bn
FY2016FY2025
Net income
₹4.61bn
FY2016FY2025
Free cash flow
₹1.20bn
FY2016FY2025
Shareholders' equity
₹32.15bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹38.31bn | ₹38.16bn | ₹34.44bn | ₹25.43bn | ₹18.40bn | ₹18.96bn | ₹27.95bn | ₹25.69bn | ₹20.67bn | ₹18.31bn |
| Gross profit | ₹14.42bn | ₹12.94bn | ₹10.81bn | ₹7.76bn | ₹6.16bn | ₹6.45bn | ₹8.16bn | ₹8.07bn | ₹7.00bn | ₹6.27bn |
| Research and development | ₹110.4m | ₹138.9m | ₹62.0m | ₹40.1m | ₹48.6m | ₹62.9m | ₹65.0m | ₹43.9m | ₹25.2m | ₹38.0m |
| Operating income | ₹5.08bn | ₹4.57bn | ₹3.66bn | ₹1.60bn | ₹1.21bn | ₹1.66bn | ₹3.55bn | ₹3.37bn | ₹2.75bn | ₹2.38bn |
| Net income | ₹4.61bn | ₹4.06bn | ₹3.18bn | ₹1.42bn | ₹1.04bn | ₹1.59bn | ₹2.82bn | ₹2.73bn | ₹2.13bn | ₹2.05bn |
| Diluted earnings per share | 242.90 | 214.28 | 167.48 | 74.90 | 9.12 | 13.95 | 24.79 | 23.97 | 18.76 | 17.98 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ₹37.85bn | ₹33.82bn | ₹30.22bn | ₹26.37bn | ₹24.96bn | ₹21.81bn | ₹23.34bn | ₹21.69bn | ₹17.37bn | ₹15.24bn |
| Cash and short-term investments | ₹14.96bn | ₹13.20bn | ₹12.65bn | ₹10.62bn | ₹10.97bn | ₹10.03bn | ₹8.63bn | ₹8.01bn | ₹5.65bn | ₹4.31bn |
| Total liabilities | ₹5.71bn | ₹5.91bn | ₹6.13bn | ₹5.23bn | ₹5.00bn | ₹2.86bn | ₹5.54bn | ₹6.43bn | ₹4.71bn | ₹4.70bn |
| Debt | ₹660.8m | ₹684.4m | ₹653.5m | ₹38.9m | ₹95.7m | ₹154.8m | — | — | — | — |
| Shareholders' equity | ₹32.15bn | ₹27.90bn | ₹24.09bn | ₹21.14bn | ₹19.96bn | ₹18.95bn | ₹17.80bn | ₹15.26bn | ₹12.66bn | ₹10.54bn |
| Shares outstanding | 19m | 19m | 19m | 19m | 114m | 114m | 114m | 114m | 114m | 114m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | ₹2.86bn | ₹1.93bn | ₹2.98bn | ₹1.38bn | ₹1.38bn | ₹2.24bn | −₹3.41bn | ₹3.11bn | ₹1.71bn | ₹2.47bn |
| Capital spending | −₹1.66bn | −₹1.98bn | −₹1.28bn | −₹1.76bn | −₹700.7m | −₹932.3m | −₹1.18bn | −₹951.6m | −₹651.5m | −₹881.3m |
| Free cash flow | ₹1.20bn | −₹54.6m | ₹1.71bn | −₹380.6m | ₹683.4m | ₹1.31bn | −₹4.59bn | ₹2.16bn | ₹1.06bn | ₹1.58bn |
| Dividends paid | −₹322.4m | −₹246.6m | −₹227.6m | −₹208.6m | — | −₹360.4m | −₹151.7m | −₹132.8m | −₹113.8m | −₹114.9m |
Latest quarters
By quarter end
| Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Sept 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹9.13bn | ₹9.76bn | ₹10.12bn | ₹9.62bn | ₹9.11bn | ₹9.92bn | ₹9.67bn | ₹9.77bn |
| Gross profit | ₹3.98bn | ₹4.11bn | ₹4.23bn | ₹4.16bn | ₹3.84bn | ₹3.77bn | ₹3.68bn | ₹3.56bn |
| Operating income | ₹1.02bn | ₹988.6m | ₹1.43bn | ₹1.45bn | ₹1.08bn | ₹1.18bn | ₹1.14bn | ₹1.17bn |
| Net income | ₹1.08bn | ₹1.22bn | ₹1.27bn | ₹1.25bn | ₹1.09bn | ₹1.06bn | ₹997.3m | ₹1.01bn |
| Diluted earnings per share | 57.08 | 64.52 | 66.80 | 66.15 | 57.53 | 55.72 | 52.58 | 53.36 |
| Total assets | ₹40.13bn | — | ₹37.85bn | — | ₹35.94bn | ₹32.20bn | — | ₹30.22bn |
| Cash and short-term investments | ₹18.98bn | — | ₹14.96bn | — | ₹14.18bn | ₹13.62bn | ₹12.65bn | ₹12.71bn |
| Debt | ₹522.0m | — | ₹566.0m | — | ₹555.0m | ₹599.6m | — | ₹617.3m |
| Shareholders' equity | ₹34.11bn | — | ₹32.15bn | — | ₹29.64bn | ₹25.91bn | ₹24.09bn | ₹24.09bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 14.6% | 15.1% | 11.1% |
| Operating income | 46.9% | 25.1% | 11.5% |
| Net income | 48.0% | 23.7% | 14.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 35.8% | 33.7% | 33.7% | 33.1% |
| Operating margin | 12.6% | 10.9% | 10.2% | 11.3% |
| Net margin | 11.3% | 9.7% | 9.2% | 9.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.2 | 9.4 | 15.9 | 20.0 | 155.0 | 66.2 | 43.6 | 48.0 | 64.5 | 48.0 |
| Price to sales | 1.2 | 1.0 | 1.5 | 1.1 | 8.7 | 5.5 | 4.4 | 5.1 | 6.7 | 5.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 16 years. Last went ex-dividend on 10 Jul 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 3.167 | 2.833 | 2.167 | 2.00 | 1.833 | 3.167 | 1.333 | 1.167 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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