ZF COMMERCIAL VEHICLE CONTROL (ZFCVINDIA): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹2,321.2 latest close · −3.9% over the last 90 sessions

₹2,321.2 month-end · +5.5% over 12 months

₹2,321.2 month-end · −12.4% over 3 years

₹2,321.2 month-end · +80.5% since Jun '22

52-week range ₹2050.00 to ₹3044.00 · 1-year volatility 30.8%

Was the rally earned?

1 year3 years

+6%share price, 1 yearEarnings and multiple

Both mattered.

Per-share earnings added 3 points and the multiple added 2 points (P/E 51.8x to 52.9x).
The share count barely moved.

Net profit growth+3 ptsNet profit rose about 3%, which lifts the price.

P/E change+2 ptsThe P/E rose from 51.8x to 52.9x, which lifts the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

-12%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

Per-share earnings added 42 points, but investors now pay less per rupee of profit (P/E 94.9x to 52.9x), which took 55 points back.
The share count barely moved.

Net profit growth+42 ptsNet profit rose about 57%, which lifts the price.

P/E change-55 ptsThe P/E fell from 94.9x to 52.9x, which lowers the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with SAMVARDHANA MOTHERSON INT

How rough has the ride been?

Maximum drawdown-44.3%not yet recovered

1-year volatility30.8%annualised

Beta vs sector index0.463-year daily, correlation 0.28

Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-44.3% (2024-06 peak to 2025-01 low, not yet recovered)

-34.0% (2020-09 peak to 2020-11 low, recovered 2021-06)

-25.2% (2024-01 peak to 2024-05 low, recovered 2024-05)

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

52.9xP/E todayNear its historic low

Against its own history15th percentile

CheapestMedian 72.6xDearest

Usual range 52.0x to 132.0x since 2022-06.

Against Producer Manufacturing52.9x vs 29.6x

This company

52.9x

Sector median

29.6x

79% above the Producer Manufacturing median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

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P/B (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

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P/S (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Producer Manufacturing is valued

Where does it rank among Producer Manufacturing peers?

Each cell is the company's percentile rank among its Producer Manufacturing peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE66thflat vs a year ago
Op. margin59thflat vs a year ago
Revenue growth37th▲ 6 pts vs a year ago
EPS growth44th▼ 26 pts vs a year ago
Debt/equity ↓85thflat vs a year ago
Cash cycle ↓74th▲ 9 pts vs a year ago
P/E ↓21st▼ 6 pts vs a year ago
12M momentum61st▼ 12 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory

What is the price implying?

~31%annual earnings growth implied by the price

At a P/E of 71.4x, the price would imply about 30.5%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Producer Manufacturing The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹2321.20
P/E: 52.9x
ROCE: 19.0%
Market Cap: ₹26410 cr
Revenue (TTM): ₹4209 cr
P/S: 6.3x
P/B: 7.2x
ROE: 13.5%
Operating Margin: 13.0%
Debt / Equity: 0.0x
Promoter Holding: 60.0%
12M Momentum: 5.5%

52-week range

₹2050.00₹3044.00

27% of the way from its 52-week low to its high

Price risk

1Y volatility

30.8%

Beta vs sector

1-year daily

0.44

Balance sheet & cash

Interest cover

operating profit ÷ interest

100.0x

Cash from profit, 3Y

operating cash flow ÷ net profit

0.93x

Share count, 1Y

unchanged

Are profits backed by cash?

5 of 7checks within range2 near a threshold

Other income reliance22%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 21.6%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.93xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 0.93x (cash from operations ₹1,289 cr, net profit ₹1,384 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow3 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-7 daysWithin range

Debtor days are below the median of the previous three fiscal years by 7 days (83 vs 90). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress8% of fixed assetsWithin range

Capital work-in-progress is 8% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+11 days / 2 yrsWithin range

Days payable changed by +11 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, promoters trimmed 15.0 pts; DIIs added 9.5 pts; FIIs added 4.1 pts.
The number of shareholders rose from 24,375 to 41,406 (+70%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters75.0%60.0%-15.0 pts

FIIs1.8%5.9%+4.1 pts

DIIs15.9%25.4%+9.5 pts

Public and others7.3%8.6%+1.3 pts

Number of shareholders

41,406shareholders+70% since Sep '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−13.9%typical 12-month return vs the marketBelow the base rate

We found 50 past situations where a non-financial company looked like ZF COMMERCIAL VEHICLE CONTROL today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −22% to +9% vs the market, against +1% for all non-financial companies in the same months.
The analogs' median sat below that base rate (gap −15.1%, 80% range −20.6% to −11.9%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 1 beyond the range shown, drawn at the edge

Similar setups' median

−13.9%

All companies' median

+1.2%

Beat the market

30% vs 51%

50 past situations · 50 companies · 33 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
JBCHEPHARM Health Technology	May 2023	42x	23%	+29%	−3%	+20%
AIAENG Producer Manufacturing	Jun 2020	26x	19%	−10%	−16%	−19%
GRINDWELL Process Industries	Jan 2023	75x	26%	+6%	−13%	−15%
SUPREMEIND Producer Manufacturing	Aug 2025	59x	22%	−15%	−19%	−26%
KSB Producer Manufacturing	Oct 2025	54x	24%	−1%	−11%	−13%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
SCHAEFFLER Producer Manufacturing	Mar 2025	56x	25%	+20%	−30%	+17%
AJANTPHARM Health Technology	May 2024	51x	23%	+78%	−4%	+2%
EICHERMOT Consumer Durables	Nov 2022	57x	18%	+47%	−10%	−2%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, 12-month momentum and revenue growth. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to ZF COMMERCIAL VEHICLE CONTROL. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

UNITED SPIRITSUNITDSPR

Consumer Non-Durables

74%similar

P/Erevenue growth

GRINDWELL NORTONGRINDWELL

Process Industries

71%similar

P/Erevenue growth

INDEGENEINDGN

Health Technology

69%similar

ROCErevenue

HONEYWELL AUTOMATION INDIAHONAUT

Electronic Technology

61%similar

market capvolatility

DABUR INDIADABUR

Consumer Non-Durables

59%similar

ROCErevenue growth

ASTRALASTRAL

Producer Manufacturing

78%similar

ROCEmarket cap

SUPREME INDUSTRIESSUPREMEIND

Producer Manufacturing

70%similar

debt/equityrevenue growth

CROMPTON GREAVES CONS ELECCROMPTON

Producer Manufacturing

69%similar

revenue growthvolatility

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since May '24

2026
OctValuationP/E fell below the 10th percentile of its own history to date (47.9x).
SepPeer rankSlipped to the 3rd quartile of Producer Manufacturing on EPS growth (from the 2nd quartile).
JunPeer rankSlipped to the 2nd quartile of Producer Manufacturing on operating margin (from the top quartile).
JunDividendDividend payout cut from 8% to 1% of profit.
JunPriceVolume reached 10.3x its 50-day median on 2026-06-24; price -0.8% that day.
MarValuationP/E fell below the 10th percentile of its own history to date (52.5x).
MarPeer rankMoved into the top quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
JanPriceVolume reached 30.6x its 50-day median on 2026-01-01; price -1.0% that day.

Show 22 earlier events

2025
DecPriceVolume reached 34.8x its 50-day median on 2025-12-01; price +12.3% that day.
SepPromoterPromoter holding fell 3.2 pts to 60.0% (largest drop since 2025-03).
SepPeer rankSlipped to the 2nd quartile of Producer Manufacturing on operating margin (from the top quartile).
JunResultsRevenue (TTM) reached a new high of ₹3,831 cr.
JunInstitutionsFII + DII holding rose 3.7 pts over 2 quarters to 28.9%.
JunValuationP/E fell below the 10th percentile of its own history to date (55.1x).
JunPriceVolume reached 9.3x its 50-day median on 2025-06-06; price +4.0% that day.
MarPromoterPromoter holding fell 4.3 pts to 63.2% (largest drop since 2024-09).
MarPeer rankMoved into the top quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
FebPriceVolume reached 12.7x its 50-day median on 2025-02-07; price +9.3% that day.
JanPriceFell 44% from the Jun 2024 peak to the Jan 2025 low.
2024
NovPriceVolume reached 218.1x its 50-day median on 2024-11-27; price -13.7% that day.
OctValuationP/E fell below the 10th percentile of its own history to date (67.1x).
SepPromoterPromoter holding fell 7.5 pts to 67.5%.
SepInstitutionsFII + DII holding rose 7.1 pts over 2 quarters to 24.9%.
AugPriceVolume reached 8.4x its 50-day median on 2024-08-29; price +0.5% that day.
JunResultsRevenue (TTM) reached a new high of ₹3,817 cr.
JunValuationP/E fell below the 10th percentile of its own history to date (72.6x).
JunPeer rankSlipped to the 2nd quartile of Producer Manufacturing on EPS growth (from the top quartile).
JunPriceVolume reached 221.9x its 50-day median on 2024-06-19; price -6.0% that day.
MayPriceRegained the 2024-01 peak, 0 months after the low.
MayPriceFell 25% from the Jan 2024 peak to the May 2024 low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history54 months · 2022-06 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	52.9x	₹4209 cr	13.5%	19.0%	0.0x
2026-10	47.9x	₹4209 cr	13.5%	19.0%	0.0x
2026-09	53.4x	₹4209 cr	13.5%	19.0%	0.0x
2026-08	55.8x	₹4119 cr	14.0%	19.0%	0.0x
2026-07	53.2x	₹4119 cr	14.0%	19.0%	0.0x
2026-06	56.5x	₹4119 cr	14.0%	19.0%	0.0x
2026-05	55.9x	₹3976 cr	15.5%	20.0%	0.0x
2026-04	56.0x	₹3976 cr	15.5%	20.0%	0.0x
2026-03	52.5x	₹3976 cr	15.5%	20.0%	0.0x
2026-02	59.6x	₹3863 cr	15.0%	20.0%	0.0x
2026-01	58.9x	₹3863 cr	15.0%	20.0%	0.0x
2025-12	58.5x	₹3863 cr	15.0%	20.0%	0.0x
2025-11	51.8x	₹3861 cr	15.0%	20.0%	0.0x
2025-10	48.7x	₹3861 cr	15.0%	20.0%	0.0x
2025-09	50.6x	₹3861 cr	15.0%	20.0%	0.0x
2025-08	57.9x	₹3831 cr	14.3%	20.0%	0.0x
2025-07	54.3x	₹3831 cr	14.3%	20.0%	0.0x
2025-06	55.1x	₹3831 cr	14.3%	20.0%	0.0x
2025-05	58.4x	₹3778 cr	15.5%	21.0%	0.0x
2025-04	54.7x	₹3778 cr	15.5%	21.0%	0.0x
2025-03	56.8x	₹3778 cr	15.5%	21.0%	0.0x
2025-02	50.7x	₹3715 cr	14.7%	21.0%	0.0x
2025-01	51.1x	₹3715 cr	14.7%	21.0%	0.0x
2024-12	55.8x	₹3715 cr	14.7%	21.0%	0.0x
2024-11	58.3x	₹3796 cr	14.6%	21.0%	0.0x
2024-10	67.1x	₹3796 cr	14.6%	21.0%	0.0x
2024-09	74.2x	₹3796 cr	14.6%	21.0%	0.0x
2024-08	72.7x	₹3817 cr	14.6%	21.0%	0.0x
2024-07	73.9x	₹3817 cr	14.6%	21.0%	0.0x
2024-06	72.6x	₹3817 cr	14.6%	21.0%	0.0x
2024-05	104.0x	₹3444 cr	13.2%	19.0%	0.0x
2024-04	81.7x	₹3444 cr	13.2%	19.0%	0.0x
2024-03	90.6x	₹3444 cr	13.2%	19.0%	0.0x
2024-02	86.7x	₹3444 cr	13.2%	19.0%	0.0x
2024-01	97.6x	₹3444 cr	13.2%	19.0%	0.0x
2023-12	95.6x	₹3444 cr	13.2%	19.0%	0.0x
2023-11	94.9x	₹3444 cr	13.2%	19.0%	0.0x
2023-10	93.8x	₹3444 cr	13.2%	19.0%	0.0x
2023-09	92.9x	₹3444 cr	13.2%	19.0%	0.0x
2023-08	82.5x	₹3444 cr	13.2%	19.0%	0.0x
2023-07	77.4x	₹3444 cr	13.2%	19.0%	0.0x
2023-06	72.6x	₹3444 cr	13.2%	19.0%	0.0x
2023-05	142.2x	₹2543 cr	6.7%	—	0.0x
2023-04	136.3x	₹2543 cr	6.7%	—	0.0x
2023-03	139.0x	₹2543 cr	6.7%	—	0.0x
2023-02	140.9x	₹2543 cr	6.7%	—	0.0x
2023-01	123.6x	₹2543 cr	6.7%	—	0.0x
2022-12	119.6x	₹2543 cr	6.7%	—	0.0x
2022-11	130.0x	₹2543 cr	6.7%	—	0.0x
2022-10	136.6x	₹2543 cr	6.7%	—	0.0x
2022-09	132.9x	₹2543 cr	6.7%	—	0.0x
2022-08	128.4x	₹2543 cr	6.7%	—	0.0x
2022-07	114.0x	₹2543 cr	6.7%	—	0.0x
2022-06	103.0x	₹2543 cr	6.7%	—	0.0x

Methodology and data notes