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ZF Commercial Vehicle Control Systems India Limited (ZFCVINDIA) Fair Value & Analysis

Consumer Cyclical · IN · Market cap ₹275B

ZC ZF Commercial Vehicle Control Systems India Limited ZFCVINDIA · NSE
Price₹2,616
Fair Value₹828.77
Upside-68.3%
Quality67/100
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Healthy Growth
Solidly profitable · 12.6% net margin
generates free cash flow
Mixed vs. peers (7/13)
Moderate moat 55/100
Evidence: High Range ₹656.11 – ₹1,001 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated today

Share price +13.1% over the past month.

A solid business, but screening 68% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (₹1,001). The favourable scenario is already priced in.
  • Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

₹2,924 ₹467.23 Fair Value ₹828.77 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹467.23 – ₹2,924 · fair‑value band ₹656.11 – ₹1,001 · the ₹2,616 price screens above the ₹828.77 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

ZF Commercial Vehicle Control Systems India Limited (ZFCVINDIA) currently trades at ₹2,616, while our model-based Fair Value estimate is ₹828.77, implying the stock looks roughly 68.3% overvalued today. The Quality Score stands at 67/100 (solid quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, ZF Commercial Vehicle Control Systems India Limited generated revenue of ₹41.2B at a net margin of 12.6%. Revenue grew 32.7% year over year. It earns a return on equity of 15.0%. The balance sheet holds a net cash position of ₹15.7B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹656.11 (bear case) to ₹1,001 (bull case); at ₹2,616, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 14% below its 52-week high and 28% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -52% fair-value upside, at -68%, ZFCVINDIA screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ₹321.21 ₹432.67 ₹1,395 76
Growth DCF ₹1,041 ₹1,752 ₹3,027 72
Gordon GGM ₹30.46 ₹66.50 ₹111.89 70
All 26 models by family
DCF Models
FCF DCF ₹1,043 ₹1,800 ₹3,166 38
Owner Earnings ₹740.01 ₹1,241 ₹2,147 31
5Y Revenue Exit ₹629.01 ₹897.90 ₹1,246 39
5Y EBITDA Exit ₹751.63 ₹1,149 ₹1,636 41
5Y P/E Exit ₹899.46 ₹1,452 ₹2,077 38
10Y Revenue Exit ₹746.18 ₹1,049 ₹1,482 36
10Y EBITDA Exit ₹839.93 ₹1,237 ₹1,814 37
10Y P/E Exit ₹939.93 ₹1,463 ₹2,190 35
Earnings-Based
Graham-Dodd ₹309.00 ₹1,401 ₹1,922 54
Lynch FV ₹366.44 ₹523.48 ₹680.53 50
PEG = 1.0 ₹366.44 ₹523.48 ₹680.53 46
EPV ₹448.05 ₹501.89 ₹549.75 59
Dividend Discount
Gordon GGM ₹30.46 ₹66.50 ₹111.89 70
DDM Multi-Stage ₹30.46 ₹54.47 ₹69.30 61
Multiples
P/E Multiple ₹749.78 ₹999.71 ₹1,250 63
P/S Multiple ₹325.74 ₹434.31 ₹542.89 58
P/B Multiple ₹579.38 ₹772.50 ₹965.63 55
EV/EBIT ₹763.58 ₹970.46 ₹1,177 53
EV/EBITDA ₹660.93 ₹833.59 ₹1,006 54
EV/Revenue ₹446.95 ₹577.25 ₹707.54 43
Asset-Based
NCAV (Graham) ₹162.14 ₹217.27 ₹324.29 50
Growth DCF
Growth DCF ₹1,041 ₹1,752 ₹3,027 72
Rev-Margin DCF ₹629.01 ₹900.79 ₹1,251 67
Economic Profit
Residual Income ₹321.21 ₹432.67 ₹1,395 76
ROIC Compounder ₹490.42 ₹624.05 ₹807.05 67
Growth Earnings
Growth-Adj P/E ₹608.25 ₹868.93 ₹1,130 68

Widest divergence: DCF Models (₹1,237) versus Dividend Discount (₹54.47). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹41.2B
Revenue growth (YoY) +32.7%
Net margin 12.6%
Return on equity 15.0%
Free cash flow ₹7.6B FY2026
P/E ratio 57.5
More key figures
Operating margin 12.7%
EPS (TTM) ₹45.50
Dividend yield 0.0%
EPS growth (YoY) +46.1%
Net cash ₹15.7B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 70 · Market factors (momentum, volatility) 59

Profitability 58
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 80
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 49
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 53
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

ZF Commercial Vehicle Control Systems India Limited engages in supplying systems for automotive and industrial technology in India and internationally.

Full company description

ZF Commercial Vehicle Control Systems India Limited engages in supplying systems for automotive and industrial technology in India and internationally. The company offers air suspension solutions, automatic transmissions, axle drives and systems, brake components, brake control and systems, chassis components, condition monitoring system, control units, damping technology, driveline components, electric drives, functions, hardware, hybrid drives, mechatronic systems, power electronics, sensors, software, software and electronics, steering systems, and systems solutions. ZF Commercial Vehicle Control Systems India Limited was formerly known as WABCO India Limited and changed its name to ZF Commercial Vehicle Control Systems India Limited in March 2022. The company was incorporated in 2004 and is headquartered in Chennai, India. ZF Commercial Vehicle Control Systems India Limited is a subsidiary of WABCO Asia Private Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

ZF Commercial Vehicle Control Systems India Limited reported revenue of ₹41.2B in FY2026 versus ₹25.2B in FY2022, a compound +13.0%/yr. Reported net income was ₹5.2B in FY2026, compounding +38.1%/yr from FY2022.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
₹41.2B
Latest YoY
+8.6%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.4%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+17.5%
Avg. growth/yr (18Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.0%
Revenue +13.0%/yr
FY22 ₹25.2B
FY23 ₹34.2B
FY24 ₹37.8B
FY25 ₹37.9B
FY26 ₹41.2B
Net income +38.1%/yr
FY22 ₹1.4B
FY23 ₹3.2B
FY24 ₹4.1B
FY25 ₹4.6B
FY26 ₹5.2B
Character of growth · EPS growth decomposed (2015-2026) +11.1 % p.a.
Revenue per share +9.3 pp

of which total revenue +9.3 pp · buybacks/dilution +0.0 pp

EBIT margin −0.1 pp
Tax rate +0.4 pp
Residual (interest, one-offs) +1.4 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

ZFCVINDIA screens 68% overvalued. Compare with Hyundai Mobis Co →

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Cite: Fair Value Calculator (2026). "ZF Commercial Vehicle Control Systems India Limited Fair Value". https://www.fairvalue-calculator.com/stock/ZFCVINDIA

Peer Group

Auto Parts · 643 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 67 · Top 25%
Fair Value upside −68% · Bottom 25%
Return on equity (TTM) 15% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) 13% · Top 25%
Revenue growth 33% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Auto Parts median · lower = cheaper

P/E (TTM) 57.5× · Pricier than 75% of peers
P/B 7.45× · Pricier than 75% of peers
P/S (TTM) 6.68× · Pricier than 75% of peers
P/FCF 0.4× · Cheaper than 75% of peers
EV/EBITDA 39.5× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 17
FUTURE 100 · sector 23
PAST 60 · sector 26
HEALTH 0 · sector 95
DIVIDEND 1 · sector 30

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Auto Parts stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Bosch Limited BOSCHLTD ₹46,750 ₹13,061 -72%
Bharat Forge Limited BHARATFORG ₹2,082 ₹393.20 -81%
Uno Minda Limited UNOMINDA ₹1,232 ₹426.57 -65%
Schaeffler India Limited SCHAEFFLER ₹4,126 ₹1,412 -66%
Hankook Tire & Technology Co 161390 71,500 KRW 196,479 KRW +175%
Sona BLW Precision Forgings Limited SONACOMS ₹799.90 ₹207.06 -74%
Balkrishna Industries Limited BALKRISIND ₹2,497 ₹1,211 -51%

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Frequently asked questions

Is ZF Commercial Vehicle Control Systems India Limited (ZFCVINDIA) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹828.77 versus a price of ₹2,616, about −68% (overvalued).
What is the fair value of ZFCVINDIA?
Our model-based fair value for ZF Commercial Vehicle Control Systems India Limited is ₹828.77 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹2,616.
What is the quality score of ZFCVINDIA?
ZF Commercial Vehicle Control Systems India Limited has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of ZF Commercial Vehicle Control Systems India Limited (ZFCVINDIA)?
ZF Commercial Vehicle Control Systems India Limited reported trailing-twelve-month revenue of about ₹41.2B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of ZFCVINDIA?
The net profit margin of ZF Commercial Vehicle Control Systems India Limited is about 12.6%, meaning it keeps roughly 12.6% of revenue as net income. Based on the latest reported figures.
Does ZF Commercial Vehicle Control Systems India Limited pay a dividend?
ZF Commercial Vehicle Control Systems India Limited currently shows a dividend yield of about 0.03% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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