Z F Steering Gear (India) Ltd

₹ 1,087 -1.77%

04 Jul - close price

About

ZF Steering Gear (India) Ltd. was incorporated in 1981 as a joint venture ZF Friedrichshafen AG. The Company is primarily engaged in the business of production & assembling of steering systems for vehicles, buses and tractors.
^[1]

Key Points

Product Portfolio
Auto component (92%):
The product range includes: Steering systems, vane pump, pump pulleys, oil reservoirs, steering columns, Universal joints, bevel gear boxes, etc. ^[1] ^[2]
~57% of revenue came from three major customers of the Company. ^[3]

Website BSE

Market Cap ₹ 986 Cr.
Current Price ₹ 1,087
High / Low ₹ 1,190 / 701
Stock P/E 20.6
Book Value ₹ 510
Dividend Yield 0.46 %
ROCE 11.9 %
ROE 10.8 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.

Cons

Tax rate seems low
Company has a low return on equity of 7.43% over last 3 years.
Earnings include an other income of Rs.37.8 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

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	85	52	70	85	105	110	106	109	125	121	119	114	124
	73	47	62	74	89	92	95	98	109	102	106	103	113
Operating Profit	12	5	7	11	17	18	11	11	16	18	13	10	11
OPM %	14%	10%	10%	13%	16%	17%	10%	10%	13%	15%	11%	9%	9%
	4	6	8	4	3	-3	4	4	8	7	6	13	11
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	10	8	8	8	8	7	8	8	9	8	8	8	9
Profit before tax	7	4	7	8	11	9	7	6	15	18	11	15	12
Tax %	19%	-3%	23%	27%	72%	42%	26%	29%	30%	32%	-14%	18%	14%
	5	4	6	6	3	5	5	4	10	12	13	12	11
EPS in Rs	5.94	4.20	6.28	6.34	3.32	5.51	6.04	4.93	11.56	13.19	14.35	13.26	11.79
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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
	313	291	330	381	399	436	439	287	201	313	450	478
	248	232	272	302	317	347	364	254	183	272	394	425
Operating Profit	65	59	58	79	82	88	76	33	18	41	57	53
OPM %	21%	20%	18%	21%	21%	20%	17%	12%	9%	13%	13%	11%
	11	7	9	6	12	10	-56	4	26	21	13	38
Interest	4	1	1	2	2	3	2	1	0	0	1	1
Depreciation	23	21	23	25	28	33	31	32	38	31	32	33
Profit before tax	49	45	43	58	63	61	-14	3	7	30	37	56
Tax %	48%	69%	17%	23%	21%	23%	90%	109%	-31%	39%	32%	15%
	26	14	36	45	50	47	-1	-0	9	18	25	48
EPS in Rs	28.24	15.54	39.19	49.66	54.80	51.88	-1.44	-0.31	9.75	20.14	28.04	52.59
Dividend Payout %	28%	45%	26%	25%	15%	15%	0%	0%	0%	0%	18%	15%

Compounded Sales Growth
10 Years:	5%
5 Years:	2%
3 Years:	33%
TTM:	6%

Compounded Profit Growth
10 Years:	16%
5 Years:	-2%
3 Years:	76%
TTM:	85%

Stock Price CAGR
10 Years:	9%
5 Years:	15%
3 Years:	29%
1 Year:	49%

Return on Equity
10 Years:	9%
5 Years:	5%
3 Years:	7%
Last Year:	11%

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
Equity Capital	9	9	9	9	9	9	9	9	9	9	9	9
Reserves	210	217	239	270	329	370	359	358	368	386	411	454
	19	15	23	35	62	64	46	3	32	34	41	33
	70	69	65	61	61	68	73	66	57	44	50	49
Total Liabilities	308	310	336	375	462	510	487	436	466	473	510	545
	99	96	101	106	121	106	111	199	175	159	145	136
CWIP	6	4	1	1	0	1	26	7	2	2	2	4
Investments	91	99	137	165	190	231	152	107	120	119	155	142
	112	110	98	104	151	173	198	124	168	192	208	263
Total Assets	308	310	336	375	462	510	487	436	466	473	510	545

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
	48	26	48	67	63	68	73	75	-26	15	51	43
	17	-28	-57	-54	-47	-55	-43	-29	1	-16	-62	-17
	-57	-13	-2	-14	-16	-10	-28	-44	26	-3	10	-13
Net Cash Flow	8	-16	-11	-1	-0	2	2	2	1	-4	-2	13

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	44	59	58	53	70	77	64	62	142	105	87	75
Inventory Days	50	53	44	37	60	58	54	49	116	111	73	77
Days Payable	70	82	70	64	69	74	51	71	94	53	44	37
Cash Conversion Cycle	25	31	32	26	61	61	67	41	164	163	115	115
Working Capital Days	12	22	27	29	62	63	40	31	134	137	100	97
ROCE %	17%	17%	15%	20%	18%	15%	13%	1%	2%	7%	9%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	67.43%	67.43%	67.43%	67.43%	67.43%	67.41%	67.41%	67.31%	67.18%	67.18%	67.18%	67.17%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%
	32.56%	32.56%	32.56%	32.56%	32.56%	32.59%	32.59%	32.68%	32.83%	32.82%	32.80%	32.83%
No. of Shareholders	10,274	10,139	9,871	9,689	9,550	9,752	9,869	9,789	9,566	9,554	9,511	9,816

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

* 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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