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
Products and ServicesThe 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 ProductsThe 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]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Samvardh. Mothe. | 119.35 | 37.62 | 125998.56 | 0.47 | 845.63 | -3.25 | 30172.97 | 8.49 | 13.66 | 117367.72 | 8.86 | 3348.88 | 851.18 | 3.39 | 4.60 | 0.53 |
| 2. | Bosch | 39145.00 | 50.82 | 115447.07 | 1.31 | 554.20 | 10.82 | 4794.80 | 9.11 | 21.11 | 18959.70 | 13.11 | 2271.53 | 554.20 | 8.23 | 10.70 | 0.01 |
| 3. | Uno Minda | 1318.20 | 69.59 | 76098.62 | 0.17 | 322.79 | 27.14 | 4814.03 | 13.41 | 18.83 | 18015.43 | 11.54 | 1093.46 | 303.99 | 12.21 | 9.36 | 0.46 |
| 4. | Bharat Forge | 1483.40 | 65.64 | 70955.75 | 0.57 | 299.28 | 22.83 | 4031.93 | 9.31 | 12.18 | 15268.83 | 17.66 | 1080.93 | 299.20 | 7.58 | 4.72 | 0.71 |
| 5. | Schaeffler India | 3800.20 | 53.23 | 59491.23 | 0.74 | 306.65 | 24.08 | 2360.14 | 13.86 | 25.67 | 8834.57 | 18.98 | 1117.62 | 306.65 | 10.79 | 14.85 | 0.01 |
| 6. | Tube Investments | 2527.40 | 78.04 | 48916.26 | 0.14 | 302.05 | -9.73 | 5522.64 | 12.15 | 21.80 | 20793.88 | 9.22 | 626.78 | 186.66 | 6.50 | 7.33 | 0.09 |
| 7. | Endurance Tech. | 2599.30 | 41.85 | 36565.34 | 0.38 | 227.27 | 11.97 | 3582.82 | 23.01 | 17.26 | 12724.36 | 13.48 | 873.65 | 227.27 | 5.84 | 9.21 | 0.20 |
| 8. | ZF Commercial | 14881.00 | 59.25 | 28246.13 | 0.13 | 106.47 | -2.62 | 901.80 | -0.54 | 20.15 | 3824.11 | 15.90 | 476.74 | 106.47 | 8.29 | 12.69 | 0.02 |
| – | Median: 126 Co. | 467.85 | 29.56 | 1295.3 | 0.37 | 12.47 | 10.82 | 212.47 | 11.11 | 14.73 | 825.68 | 12.04 | 38.48 | 10.76 | 3.09 | 6.48 | 0.39 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 876 | 887 | 956 | 961 | 938 | 963 | 977 | 956 | 1,003 | 793 | 981 | 907 | 902 |
Expenses | 756 | 756 | 781 | 819 | 800 | 835 | 833 | 809 | 831 | 685 | 837 | 767 | 770 |
Operating Profit | 120 | 131 | 175 | 141 | 138 | 128 | 144 | 147 | 172 | 108 | 144 | 139 | 132 |
Other Income | 26 | 30 | 17 | 21 | 26 | 67 | 18 | 20 | 27 | 12 | 24 | 40 | 45 |
Profit before tax | 116 | 134 | 160 | 134 | 133 | 161 | 135 | 137 | 167 | 90 | 140 | 147 | 144 |
Tax % | 26% | 25% | 22% | 25% | 26% | 26% | 25% | 26% | 25% | 24% | 25% | 25% | 26% |
Net Profit | 85 | 100 | 125 | 100 | 99 | 120 | 101 | 101 | 125 | 69 | 104 | 109 | 106 |
EPS in Rs | 45.03 | 52.52 | 65.85 | 52.59 | 52.30 | 63.36 | 53.36 | 53.29 | 66.00 | 36.19 | 55.00 | 57.65 | 56.13 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,110 | 1,347 | 1,832 | 2,067 | 2,573 | 2,854 | 1,930 | 1,864 | 2,543 | 3,445 | 3,784 | 3,804 | 3,824 |
Expenses | 944 | 1,144 | 1,546 | 1,741 | 2,174 | 2,443 | 1,676 | 1,658 | 2,291 | 2,974 | 3,220 | 3,178 | 3,216 |
Operating Profit | 166 | 203 | 287 | 326 | 399 | 411 | 254 | 206 | 253 | 470 | 563 | 626 | 608 |
Other Income | 27 | 20 | 40 | 36 | 46 | 72 | 62 | 39 | 38 | 67 | 96 | 109 | 156 |
Interest | 0 | 0 | 0 | 0 | 2 | 0 | 2 | 2 | 2 | 6 | 5 | 6 | 5 |
Depreciation | 32 | 47 | 56 | 62 | 62 | 71 | 90 | 90 | 92 | 105 | 109 | 123 | 127 |
Profit before tax | 161 | 177 | 270 | 300 | 382 | 411 | 223 | 152 | 196 | 427 | 544 | 607 | 632 |
Net Profit | 117 | 121 | 203 | 213 | 273 | 282 | 159 | 104 | 142 | 318 | 405 | 459 | 477 |
EPS in Rs | 61.94 | 63.61 | 107.22 | 112.55 | 143.84 | 148.76 | 83.73 | 54.72 | 74.90 | 167.48 | 213.41 | 241.81 | 251.34 |
Dividend Payout % | 8% | 8% | 6% | 6% | 6% | 6% | 12% | 20% | 16% | 8% | 8% | 8% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
Reserves | 746 | 854 | 1,058 | 1,257 | 1,516 | 1,770 | 1,885 | 1,987 | 2,105 | 2,400 | 2,779 | 3,201 | 3,394 |
Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 62 |
Other Liabilities | 202 | 250 | 455 | 471 | 643 | 556 | 286 | 500 | 523 | 611 | 581 | 550 | 522 |
Total Liabilities | 957 | 1,113 | 1,523 | 1,737 | 2,169 | 2,336 | 2,181 | 2,496 | 2,637 | 3,020 | 3,369 | 3,760 | 3,988 |
Fixed Assets | 306 | 324 | 335 | 318 | 359 | 440 | 471 | 432 | 536 | 586 | 669 | 729 | 719 |
Gross Block | 472.81 | 537.81 | 391.29 | 434.96 | 534.12 | 685.62 | 788.95 | 847.95 | 1,043.80 | 1,177.43 | 1,360.44 | 1,527.69 | – |
Accumulated Depreciation | 166.35 | 214.07 | 56.20 | 117.02 | 175.16 | 245.66 | 317.96 | 415.70 | 508.14 | 591.91 | 691.73 | 798.80 | – |
CWIP | 11 | 18 | 37 | 62 | 52 | 19 | 30 | 50 | 20 | 77 | 83 | 63 | 60 |
Investments | 50 | 39 | 218 | 298 | 446 | 313 | 542 | 640 | 399 | 101 | 26 | 31 | 427 |
Other Assets | 589 | 733 | 932 | 1,059 | 1,312 | 1,563 | 1,137 | 1,374 | 1,682 | 2,256 | 2,592 | 2,937 | 2,782 |
Total Assets | 957 | 1,113 | 1,523 | 1,737 | 2,169 | 2,336 | 2,181 | 2,496 | 2,637 | 3,020 | 3,369 | 3,760 | 3,988 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 143 | 124 | 242 | 180 | 311 | 150 | 224 | 138 | 138 | 299 | 193 | 274 |
Cash from Investing Activity | -76 | -45 | -241 | -120 | -205 | -429 | -165 | -24 | -178 | -270 | -135 | -211 |
Cash from Financing Activity | -11 | -11 | -12 | -14 | -18 | -18 | -48 | -19 | -28 | -31 | -34 | -44 |
Net Cash Flow | 56 | 68 | -10 | 46 | 88 | -297 | 11 | 96 | -69 | -2 | 23 | 18 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 76 | 81 | 87 | 91 | 92 | 81 | 69 | 115 | 96 | 80 | 90 | 107 |
Inventory Days | 65 | 54 | 58 | 43 | 30 | 30 | 36 | 37 | 32 | 26 | 26 | 31 |
Days Payable | 87 | 82 | 115 | 96 | 121 | 83 | 50 | 110 | 77 | 60 | 59 | 55 |
Cash Conversion Cycle | 54 | 53 | 30 | 38 | 1 | 29 | 55 | 41 | 51 | 46 | 58 | 82 |
Working Capital Days | 82 | 73 | 50 | 51 | 37 | 49 | 56 | 61 | 56 | 46 | 63 | 83 |
ROCE % | 23% | 21% | 27% | 24% | 26% | 23% | 11% | 7% | 9% | 19% | 21% | 20% |
Direct from BSE filings, auto-summarised
External media mentions & references
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Stock Analysis
ZF Commercial Vehicle Control Systems India Limited, part of the ZF Group, is a leading Indian provider of advanced braking systems and ADAS solutions for commercial vehicles.
The company's commercial vehicle ADAS operations, including development, supply, and customer programs for trucks, coaches, and buses, are confirmed to be unaffected by the group's sale of passenger car ADAS business. This ensures continuity for existing customer agreements and ongoing R&D in the commercial vehicle sector.
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