ZF Commercial Vehicle Control System India Ltd

ZF Commercial Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

ZF Commercial Vehicle Control System India Ltd

₹ 14,445 -2.96%
22 Nov - close price
wabcoindia.com BSE: 533023 NSE: ZFCVINDIA
About

Operating under the ZF WABCO brand and part of ZF Group Commercial Vehicle Control Systems Division, WABCO INDIA Limited is India’s market leader for advanced braking systems, conventional braking products and related air assisted technologies and systems in India.
It also provides software development and other services. Its headquarter is in Chennai, India

Key Points

Products and Services
The Company manufactures and markets braking products and systems for Trucks, Buses, Off-Highway, Defense, Cars, and Fleets. It also offers e-mobility technologies like e-compressors, Electronic Braking Systems, Electronic Stability Control, and Electronically Controlled Air Suspension. Additionally, it provides spare parts, after-sale services, digital services, retrofit solutions, workshop solutions, and professional training and consulting. [1][2] [3] [4]

New Products
The company has introduced new products such as doors with door control systems, air suspension systems, and air disc brakes. [5] In FY23, products like compressors, air supply units, vacuum pumps, actuators, and push-type connectors were launched to international and Indian OEMs. [6]

Website BSE NSE
  • Market Cap ₹ 27,388 Cr.
  • Current Price ₹ 14,445
  • High / Low ₹ 18,250 / 12,975
  • Stock P/E 66.9
  • Book Value ₹ 1,562
  • Dividend Yield 0.12 %
  • ROCE 20.9 %
  • ROE 15.4 %
  • Face Value ₹ 5.00
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Pros

  • Company is almost debt free.

Cons

  • Stock is trading at 9.25 times its book value
  • Company has a low return on equity of 12.2% over last 3 years.
  • Promoter holding has decreased over last 3 years: -7.51%

* 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

Part of BSE 250 LargeMidCap Index BSE 400 MidSmallCap Index Nifty LargeMidcap 250 BSE Allcap BSE Consumer Discretionary

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

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
617 653 782 798 793 876 977 961 981 887 956 938 907
554 594 693 700 685 756 833 819 837 756 809 800 767
Operating Profit 63 59 89 99 108 120 144 141 144 131 147 138 139
OPM % 10% 9% 11% 12% 14% 14% 15% 15% 15% 15% 15% 15% 15%
8 9 9 11 12 26 18 21 24 30 20 26 40
Interest 0 0 1 1 2 2 0 1 1 1 1 2 1
Depreciation 25 24 21 23 27 28 27 28 27 26 29 29 31
Profit before tax 45 43 77 86 90 116 135 134 140 134 137 133 147
Tax % 28% 26% 26% 28% 24% 26% 25% 25% 25% 25% 26% 26% 25%
32 32 57 62 69 85 101 100 104 100 101 99 109
EPS in Rs 17.00 16.79 29.84 32.90 36.19 45.03 53.36 52.59 55.00 52.52 53.29 52.30 57.65
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
965 1,110 1,347 1,832 2,067 2,573 2,854 1,930 1,864 2,543 3,445 3,784 3,687
771 944 1,144 1,546 1,741 2,174 2,443 1,676 1,658 2,291 2,974 3,220 3,132
Operating Profit 194 166 203 287 326 399 411 254 206 253 470 563 556
OPM % 20% 15% 15% 16% 16% 16% 14% 13% 11% 10% 14% 15% 15%
13 27 20 40 36 46 72 62 39 38 67 96 115
Interest 0 0 0 0 0 2 0 2 2 2 6 5 5
Depreciation 22 32 47 56 62 62 71 90 90 92 105 109 115
Profit before tax 185 161 177 270 300 382 411 223 152 196 427 544 551
Tax % 29% 27% 32% 25% 29% 29% 31% 29% 32% 27% 26% 26%
131 117 121 203 213 273 282 159 104 142 318 405 409
EPS in Rs 68.95 61.94 63.61 107.22 112.55 143.84 148.76 83.73 54.72 74.90 167.48 213.41 215.76
Dividend Payout % 7% 8% 8% 6% 6% 6% 6% 12% 20% 16% 8% 8%
Compounded Sales Growth
10 Years: 13%
5 Years: 6%
3 Years: 27%
TTM: -3%
Compounded Profit Growth
10 Years: 13%
5 Years: 9%
3 Years: 64%
TTM: 5%
Stock Price CAGR
10 Years: 13%
5 Years: 18%
3 Years: 21%
1 Year: -9%
Return on Equity
10 Years: 13%
5 Years: 10%
3 Years: 12%
Last Year: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 9 9 9 9 9 9 9 9 9 9 9 9 9
Reserves 639 746 854 1,058 1,257 1,516 1,770 1,885 1,987 2,105 2,400 2,779 2,952
0 0 0 0 0 0 0 0 0 0 0 0 63
144 202 250 455 471 643 556 286 500 523 611 581 558
Total Liabilities 793 957 1,113 1,523 1,737 2,169 2,336 2,181 2,496 2,637 3,020 3,369 3,583
264 306 324 335 318 359 440 471 432 536 586 669 669
CWIP 25 11 18 37 62 52 19 30 50 20 77 83 87
Investments 25 50 39 218 298 446 313 542 640 399 101 26 166
479 589 733 932 1,059 1,312 1,563 1,137 1,374 1,682 2,256 2,592 2,661
Total Assets 793 957 1,113 1,523 1,737 2,169 2,336 2,181 2,496 2,637 3,020 3,369 3,583

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
90 143 124 242 180 311 150 224 138 138 299 193
-61 -76 -45 -241 -120 -205 -429 -165 -24 -178 -270 -135
-11 -11 -11 -12 -14 -18 -18 -48 -19 -28 -31 -34
Net Cash Flow 18 56 68 -10 46 88 -297 11 96 -69 -2 23

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 72 76 81 87 91 92 81 69 115 96 80 90
Inventory Days 96 65 54 58 43 30 30 36 37 32 26 26
Days Payable 72 87 82 115 96 121 83 50 110 77 60 59
Cash Conversion Cycle 95 54 53 30 38 1 29 55 41 51 46 58
Working Capital Days 93 82 73 50 51 37 49 56 61 56 46 63
ROCE % 31% 23% 21% 27% 24% 26% 23% 11% 7% 9% 19% 21%

Shareholding Pattern

Numbers in percentages

Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 67.49% 67.49%
0.78% 0.71% 0.94% 1.23% 1.27% 1.32% 1.27% 1.79% 2.01% 2.24% 3.74% 4.12%
16.30% 16.45% 16.23% 15.80% 16.12% 16.05% 16.13% 15.90% 15.78% 15.77% 21.20% 21.03%
7.92% 7.84% 7.83% 7.96% 7.62% 7.63% 7.58% 7.31% 7.21% 6.99% 7.59% 7.36%
No. of Shareholders 22,49922,11422,39227,56026,20625,38724,39524,37525,28924,09429,45728,862

* 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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