Z F Steering Gear (India) Ltd

₹ 1,539 1.72%

22 Nov - close price

About

Incorporated in 1981, ZF Steering Gear (India) Ltd is in the business of production & assembling of steering systems for vehicles, buses, and tractors^[1]

Key Points

Business Overview:^[1]^[2]^[3]
ZFSGL, promoted by the Munot family holding a 67.17% stake, is an IATF 16949:2016 certified manufacturer and supplier of Ball and Nut Integral Hydraulic Power and Worm and Roller Mechanical Steering Systems in India. The company operates as a tier-I supplier primarily serving the Commercial Vehicle segment, with minimal presence in the Personal Vehicle segment.

Website BSE

Market Cap ₹ 1,396 Cr.
Current Price ₹ 1,539
High / Low ₹ 1,947 / 760
Stock P/E 44.4
Book Value ₹ 510
Dividend Yield 0.52 %
ROCE 9.96 %
ROE 9.36 %
Face Value ₹ 10.0

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Pros

Cons

Stock is trading at 3.02 times its book value
Earnings include an other income of Rs.35.1 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Auto Ancillaries Industry: Auto Ancillaries

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	69.66	85.24	105.44	110.29	105.74	109.27	125.13	120.87	119.32	113.50	124.13	128.10	111.17
	62.43	73.75	88.86	92.11	94.91	98.21	109.28	102.48	106.00	103.49	113.55	111.84	99.79
Operating Profit	7.23	11.49	16.58	18.18	10.83	11.06	15.85	18.39	13.32	10.01	10.58	16.26	11.38
OPM %	10.38%	13.48%	15.72%	16.48%	10.24%	10.12%	12.67%	15.21%	11.16%	8.82%	8.52%	12.69%	10.24%
	7.93	4.30	2.77	-2.70	4.37	3.66	7.95	6.81	5.89	12.51	9.08	8.13	5.40
Interest	0.04	0.05	0.17	0.16	0.14	0.17	0.25	0.16	0.17	0.14	0.54	1.29	1.16
Depreciation	7.75	7.83	8.26	6.84	7.77	8.48	9.09	7.76	8.13	8.49	9.33	8.88	9.69
Profit before tax	7.37	7.91	10.92	8.48	7.29	6.07	14.46	17.28	10.91	13.89	9.79	14.22	5.93
Tax %	22.66%	27.31%	72.44%	43.16%	26.06%	29.65%	30.43%	32.47%	-14.76%	19.01%	15.83%	28.34%	70.99%
	5.70	5.75	3.01	4.82	5.39	4.27	10.06	11.67	12.52	11.25	8.24	10.19	1.72
EPS in Rs	6.28	6.34	3.32	5.31	5.94	4.71	11.09	12.87	13.80	12.40	9.08	11.23	1.90
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2022	Mar 2023	Mar 2024	TTM
	351	423	399	436	439	313	450	478	477
	304	359	317	351	384	272	394	425	429
Operating Profit	46	64	82	84	56	41	57	52	48
OPM %	13%	15%	21%	19%	13%	13%	13%	11%	10%
	10	6	-7	10	9	21	13	34	35
Interest	1	2	2	3	2	0	1	1	3
Depreciation	27	31	28	33	31	31	32	34	36
Profit before tax	28	38	45	58	31	30	36	52	44
Tax %	26%	33%	30%	25%	-39%	39%	32%	16%
	21	25	31	43	44	18	25	44	31
EPS in Rs	22.78	27.96	34.52	47.65	48.35	20.14	27.05	48.14	34.61
Dividend Payout %	44%	45%	23%	17%	0%	0%	18%	17%

Compounded Sales Growth
10 Years:	%
5 Years:	2%
3 Years:	%
TTM:	0%

Compounded Profit Growth
10 Years:	%
5 Years:	-1%
3 Years:	%
TTM:	-18%

Stock Price CAGR
10 Years:	7%
5 Years:	32%
3 Years:	51%
1 Year:	92%

Return on Equity
10 Years:	%
5 Years:	%
3 Years:	%
Last Year:	9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	9	9	9	9	9	9	9	9	9
Reserves	203	215	255	291	326	386	410	449	454
	23	35	62	64	46	34	43	77	93
	83	79	64	68	73	43	50	59	54
Total Liabilities	317	337	391	432	454	472	512	594	610
	125	131	121	106	111	159	158	205	204
CWIP	4	7	0	1	26	2	7	30	44
Investments	50	59	115	153	119	119	147	134	150
	138	140	154	173	198	192	199	226	211
Total Assets	317	337	391	432	454	472	512	594	610

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2022	Mar 2023	Mar 2024
	48	51	63	68	72	15	49	35
	-37	-43	-47	-55	-42	-16	-63	-52
	-2	-14	-16	-10	-29	-3	12	29
Net Cash Flow	9	-6	-0	2	1	-4	-2	11

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2022	Mar 2023	Mar 2024
Debtor Days	62	56	70	77	64	105	87	75
Inventory Days	53	39	60	58	54	110	73	79
Days Payable	75	71	69	74	54	53	44	40
Cash Conversion Cycle	40	25	61	61	64	162	115	114
Working Capital Days	34	32	62	63	40	137	101	95
ROCE %		15%	16%	18%	9%		8%	10%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	67.43%	67.43%	67.43%	67.41%	67.41%	67.31%	67.18%	67.18%	67.18%	67.17%	67.17%	67.17%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.01%	0.03%
	32.56%	32.56%	32.56%	32.59%	32.59%	32.68%	32.83%	32.82%	32.80%	32.83%	32.82%	32.80%
No. of Shareholders	9,871	9,689	9,550	9,752	9,869	9,789	9,566	9,554	9,511	9,816	9,766	9,921

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	73.66%	73.66%	67.40%	67.45%	67.45%	67.43%	67.31%	67.17%	67.17%
	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	1.27%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.03%
	24.89%	26.33%	32.59%	32.54%	32.54%	32.56%	32.68%	32.83%	32.80%
No. of Shareholders	10,588	11,691	11,651	11,092	10,343	9,689	9,789	9,816	9,921

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Z F Steering Gear (India) Ltd

Z F Steering Gear (India) Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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