# ZF Commercial Vehicle Control Systems India (ZFCVINDIA) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/zfcvindia

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹2,285
- Change: -1.04%
- As of: 2026-11-06
- 1D return: -1.04%
- 5D return: +8.73%
- 1M return: +7.98%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

ZFCVINDIA presents a conflicting technical picture as of November 6, 2026, with the stock trading at ₹2,285.00. On the daily timeframe, the trend is bullish and strong (ADX 40.95), supported by price holding above the 20-day EMA, 50-day EMA, 20-day SMA, and Supertrend. However, this short-term strength contrasts sharply with the monthly and weekly charts, where the Supertrend remains bearish and price sits below key long-term moving averages like the 200-day SMA and 50-day SMA. The stock is positioned near the upper end of its 20-day range (+79.4%) but near the lower end of its 252-day range (+23.6%), indicating it is recovering from significant longer-term weakness. Recent volatility is high, marked by an extreme intraday range on November 5 (+8.0% return) followed by a downward gap on November 6 (-1.0%). With annualized volatility at +32.0% and a current drawdown of -14.9%, the setup requires confirmation to validate a sustained reversal.

- Daily trend is bullish and strong (ADX 40.95) with price above 20/50 EMAs and Supertrend, but monthly/weekly trends remain bearish with price below major SMAs and Supertrend.
- Price is near the top of the 20-day range (+79.4%) but only +23.6% above the 252-day low, highlighting a recovery within a broader downtrend.
- High volatility persists: extreme intraday range on Nov 5 (+8.0%) followed by a high-severity downward gap on Nov 6 (-1.0%), with annualized volatility at +32.0%.
- Key resistance at ₹2,321.70 (+1.61%) and support at ₹2,263.03 (-0.96%); a break above ₹2,321.70 would strengthen the daily bullish bias, while failure to hold ₹2,263.03 risks retesting lower levels.

- Bullish Engulfing Reversal
- Doji
- Harami
- Outside Bar
- Hammer

### News Context

In the seven days leading to November 6, 2026, ZFCVINDIA reported a shareholding pattern as of September 30, 2026, showing public holding at 40% and promoter/promoter group holding at 60%. The company also received a favorable appellate order on October 1, 2026, setting aside a demand for ₹1.79 crore in IGST and a penalty of ₹17.9 lakh related to FY 2020-21, with no material financial impact confirmed. Additionally, ZFCVINDIA secured NABL accreditation for its HemiAnechoic Chamber on September 30, 2026, enhancing its vehicle validation capabilities. On November 6, the stock closed at ₹2,285.00, down 1.0% from the previous close of ₹2,309.10, with a market capitalization of approximately ₹26,278.83 crore. Technical indicators show a daily bullish supertrend but a bearish monthly and weekly trend, with an annualized volatility of 32.0% and a current drawdown of -14.9%.

- Shareholding Pattern (Sep 30, 2026): Public holding stands at 40%, while promoter/promoter group holds 60% of total shares.
- Regulatory Outcome (Oct 1, 2026): Appellate authority set aside a ₹1.79 crore IGST demand and ₹17.9 lakh penalty for FY 2020-21; no material financial impact.
- Operational Update (Sep 30, 2026): Secured NABL accreditation for its HemiAnechoic Chamber, strengthening advanced vehicle validation capabilities.
- Market Data (Nov 6, 2026): Stock closed at ₹2,285.00 (-1.0%); Market Cap ~₹26,278.83 crore; Annualized Volatility 32.0%; Current Drawdown -14.9%.

- AS ON DATE : 30-Sep-2026 | PR_AND_PRGRP: 60 | PUBLIC_VAL: 40 | EMPTR: 0 | NDS_REVISED_STATUS: - | SUBMISSION_DT: 20-Oct-2026 | REVISION_DT: -
- ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018
- ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL
- ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Action(s) taken or orders passed |SUBJECT: Action(s) taken or orders passed
- ZF Commercial Vehicle Control Systems India Limited has informed the Exchange regarding a press release dated September 30, 2026, titled "ZF CVCS India Secures NABL Accreditation for its HemiAnechoic Chamber, Strengthening Advanced Vehicle Validation Capabilities". |SUBJECT: Press Release

### Official Filings

ZF Commercial Vehicle Control Systems India Limited reported a shareholding pattern as of 30 September 2026, showing Public holding at 40% and Promoter & Promoter Group (P&P) holding at 60%, with no differential voting rights. On 1 October 2026, the company received a favorable order from the Office of the Commissioner (Appeals), setting aside a demand for ₹1,79,04,715 in IGST and a penalty of ₹17,90,472 related to FY 2020-21; the company confirmed no material impact on its financial position. Additionally, the company secured NABL accreditation for its HemiAnechoic Chamber on 30 September 2026, strengthening advanced vehicle validation capabilities. A trading window closure for designated persons commenced on 1 October 2026, remaining in effect until 48 hours after the declaration of unaudited financial results for the quarter and half-year ended 30 September 2026.

- Shareholding Pattern (30-Sep-2026): P&P holding is 60%; Public holding is 40%. No differential voting rights exist.
- Tax Order Outcome: Favorable appellate order on 01-Oct-2026 set aside a demand of ₹1,79,04,715 and penalty of ₹17,90,472 for FY 2020-21; company states no material financial impact.
- Operational Update: Secured NABL accreditation for HemiAnechoic Chamber on 30-Sep-2026 to enhance vehicle validation capabilities.
- Trading Window Closure: Restricted from 01-Oct-2026 until 48 hours post-declaration of Q2/H1FY27 unaudited results.

- [AS ON DATE : 30-Sep-2026 | PR_AND_PRGRP: 60 | PUBLIC_VAL: 40 | EMPTR: 0 | NDS_REVISED_STATUS: - | SUBMISSION_DT: 20-Oct-2026 | REVISION_DT: -](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1742307_20102026042404_WEB.xml)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/WABCOINDIA_05102026121046_sd-SEIntimationLetterReg74_5__-_30_Sep_2026.pdf)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_2785_WebXMLFile_20261002_122145579.xml)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Action(s) taken or orders passed |SUBJECT: Action(s) taken or orders passed](https://nsearchives.nseindia.com/corporate/WABCOINDIA_02102026121940_sd-SEIntimation.pdf)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange regarding a press release dated September 30, 2026, titled "ZF CVCS India Secures NABL Accreditation for its HemiAnechoic Chamber, Strengthening Advanced Vehicle Validation Capabilities". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/WABCOINDIA_30092026160347_sd-SE_Press_release.pdf)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 |SUBJECT: Trading Window](https://nsearchives.nseindia.com/corporate/WABCOINDIA_25092026150710_sd-SETradingwindow.pdf)
- [ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LIMITED has informed the Exchange about Closure of Trading Window |SUBJECT: Trading Window-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_2785_WebXMLFile_20260925_150526123.xml)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Presentation |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/WABCOINDIA_21092026092124_sd-SEAnandrathi.pdf)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Outcome of Analyst/Financial Institution/Investor Meetings |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/WABCOINDIA_21092026181508_sd-InvestormeetingOutcome.pdf)
- [ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2785_WebXMLFile_20260921_182232998.xml)

### Fundamentals

ZFCVINDIA’s Q1 FY2026-27 results show a sequential contraction in profitability despite stable top-line momentum. Revenue from operations fell to ₹1,066.18 crore from ₹1,155.23 crore in Q4 FY2025-26, driven by a drop in expenses to ₹961.75 crore. However, Profit Before Tax and Net Profit declined sharply to ₹140.05 crore and ₹104.48 crore respectively, down from ₹196.58 crore and ₹146.32 crore in the prior quarter. Finance costs rose slightly to ₹1.20 crore.

Longer-term trends indicate resilience with strong cash generation. Cash from Operating Activities surged to ₹809.0 crore in Mar 2026, up from ₹274.0 crore in Mar 2025, while CFO/EBITDA improved to 148%. The balance sheet remains robust with zero borrowings as of Mar 2026 (down from ₹66 crore) and significant investments growing to ₹606 crore. Promoter holding decreased to 60% in Sep 2026, while DIIs increased their stake to 25.48%. ROCE has moderated slightly to 19% in Mar 2026 from 21% in Mar 2024, though it remains healthy. The key checkpoint is whether the company can sustain operating margins given the recent sequential profit decline.

- Q1 FY2026-27 Net Profit fell sequentially to ₹104.48 crore from ₹146.32 crore in Q4 FY2025-26, despite lower expenses.
- Cash from Operating Activities reached ₹809.0 crore in Mar 2026, reflecting strong earnings conversion (CFO/EBITDA: 148%).
- Borrowings reduced to ₹0 in Mar 2026 from ₹66 crore in Mar 2025, improving financial leverage.
- Promoter stake diluted to 60% in Sep 2026; DII holding rose to 25.48%, indicating institutional accumulation.

### Bear Case

ZFCVINDIA exhibits significant technical deterioration across multiple timeframes, highlighting a cautious market setup as of November 6, 2026. The stock is trading at ₹2,285.0, down 1.0% on the day and -6.9% year-to-date, with a current drawdown of -14.9% against a maximum historical drawdown of -22.5%. Monthly and weekly trends are bearish, indicated by Supertrend signals and negative EMA slopes (-116.08 for weekly EMA-20), suggesting sustained downward pressure. While daily momentum shows a bullish Supertrend, the high ADX (40.95) confirms strong trend intensity rather than stability. Support levels are thin, with immediate support at ₹2,263.03 (0.96% below), offering limited cushion against further volatility. The annualized volatility of 32.0% underscores elevated risk, requiring investors to monitor whether the price can hold above key pivots or if the bearish monthly structure extends.

- Bearish medium-term structure: Monthly and weekly Supertrends are bearish, with weekly EMA-20 slope at -116.08, indicating persistent downward momentum.
- Elevated drawdown risk: Current drawdown stands at -14.9%, approaching the maximum historical drawdown of -22.5%, with YTD returns at -6.9%.
- Thin support buffer: Immediate support is located at ₹2,263.03 (0.96% below current price), providing minimal margin for error before testing lower lows at ₹2,221.48.
- High volatility environment: Annualized volatility is +32.0% with an ATR of 3.08%, reflecting significant price swings and uncertainty.

- [AS ON DATE : 30-Sep-2026 | PR_AND_PRGRP: 60 | PUBLIC_VAL: 40 | EMPTR: 0 | NDS_REVISED_STATUS: - | SUBMISSION_DT: 20-Oct-2026 | REVISION_DT: -](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1742307_20102026042404_WEB.xml)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/WABCOINDIA_05102026121046_sd-SEIntimationLetterReg74_5__-_30_Sep_2026.pdf)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_2785_WebXMLFile_20261002_122145579.xml)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Action(s) taken or orders passed |SUBJECT: Action(s) taken or orders passed](https://nsearchives.nseindia.com/corporate/WABCOINDIA_02102026121940_sd-SEIntimation.pdf)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange regarding a press release dated September 30, 2026, titled "ZF CVCS India Secures NABL Accreditation for its HemiAnechoic Chamber, Strengthening Advanced Vehicle Validation Capabilities". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/WABCOINDIA_30092026160347_sd-SE_Press_release.pdf)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 |SUBJECT: Trading Window](https://nsearchives.nseindia.com/corporate/WABCOINDIA_25092026150710_sd-SETradingwindow.pdf)
- [ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LIMITED has informed the Exchange about Closure of Trading Window |SUBJECT: Trading Window-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_2785_WebXMLFile_20260925_150526123.xml)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Presentation |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/WABCOINDIA_21092026092124_sd-SEAnandrathi.pdf)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Outcome of Analyst/Financial Institution/Investor Meetings |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/WABCOINDIA_21092026181508_sd-InvestormeetingOutcome.pdf)
- [ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2785_WebXMLFile_20260921_182232998.xml)

### FAQs

**What recent regulatory or operational developments have been reported for ZFCVINDIA?**

On October 1, 2026, the company received a favorable appellate order setting aside a demand of ₹1.79 crore in IGST and a penalty of ₹17.9 lakh related to FY 2020-21, with no material financial impact expected. Additionally, on September 30, 2026, ZFCVINDIA secured NABL accreditation for its HemiAnechoic Chamber, enhancing its advanced vehicle validation capabilities.

**How is the shareholding structure distributed as of late September 2026?**

As of September 30, 2026, the public holding stands at 40%, while promoters and promoter groups hold 60%. The company has confirmed that it does not issue equity shares with differential voting rights for any shareholder category, ensuring uniform voting rights across all classes of securities.

**What are the current technical support and resistance levels for the stock?**

As of November 6, 2026, the stock closed at ₹2,285. Immediate support is observed at ₹2,263 (pivot), with further levels at ₹2,221 and ₹2,196. Resistance levels are identified at ₹2,322, ₹2,368, and ₹2,376. The daily trend is currently bullish, whereas the monthly and weekly trends remain bearish.

**What is the stock's performance over key time periods?**

Over the past year, the stock has returned +7.1%, but it is down -6.9% year-to-date and -11.4% over the last three months. The stock is currently experiencing a drawdown of -14.9% from its peak, with an annualized volatility of +32.0%.

- [AS ON DATE : 30-Sep-2026 | PR_AND_PRGRP: 60 | PUBLIC_VAL: 40 | EMPTR: 0 | NDS_REVISED_STATUS: - | SUBMISSION_DT: 20-Oct-2026 | REVISION_DT: -](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1742307_20102026042404_WEB.xml)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 |SUBJECT: Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/WABCOINDIA_05102026121046_sd-SEIntimationLetterReg74_5__-_30_Sep_2026.pdf)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Action(s) taken or orders passed (sub-para 20) |SUBJECT: Actions initiated/taken or orders passed-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_2785_WebXMLFile_20261002_122145579.xml)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Action(s) taken or orders passed |SUBJECT: Action(s) taken or orders passed](https://nsearchives.nseindia.com/corporate/WABCOINDIA_02102026121940_sd-SEIntimation.pdf)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange regarding a press release dated September 30, 2026, titled "ZF CVCS India Secures NABL Accreditation for its HemiAnechoic Chamber, Strengthening Advanced Vehicle Validation Capabilities". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/WABCOINDIA_30092026160347_sd-SE_Press_release.pdf)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 |SUBJECT: Trading Window](https://nsearchives.nseindia.com/corporate/WABCOINDIA_25092026150710_sd-SETradingwindow.pdf)
- [ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LIMITED has informed the Exchange about Closure of Trading Window |SUBJECT: Trading Window-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_2785_WebXMLFile_20260925_150526123.xml)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Presentation |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/WABCOINDIA_21092026092124_sd-SEAnandrathi.pdf)
- [ZF Commercial Vehicle Control Systems India Limited has informed the Exchange about Outcome of Analyst/Financial Institution/Investor Meetings |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/WABCOINDIA_21092026181508_sd-InvestormeetingOutcome.pdf)
- [ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2785_WebXMLFile_20260921_182232998.xml)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹2,263.03
- Risk regime: Price Risk Requires Attention

### Support levels
- 2221.4791666666665
- 2170.71875
- 2159.54140625

### Resistance levels
- 2321.700651041667
- 2367.7916666666665
- 2499

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -1.04% |
| return_10 | +7.14% |
| return_1m | +4.46% |
| return_1y | +7.09% |
| return_20 | +7.98% |
| return_3m | -11.44% |
| return_5 | +8.73% |
| return_6m | -6.68% |
| return_since_start | +14.51% |
| return_ytd | -6.92% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -22.48% |
| annualized_volatility | +32.02% |

## Quarterly financials

- Latest complete quarter: fy27_q1

# Profit margins contract as expense growth outpaces revenue growth

In the first quarter of FY2026-27, ZF Commercial Vehicle Control Systems India Ltd. reported revenue from operations of ₹1,066.18 crore, a 9.29% increase from the same quarter last year. However, profit before tax fell 14.68% year-on-year to ₹140.05 crore, and declined 28.76% compared to the preceding quarter. The profit before tax margin contracted as total expenses grew faster than revenue, and the company's results also included other income of ₹35.63 crore. On a sequential basis, revenue dropped 7.71% while expenses declined by a smaller 3.85%, leading to a sharper fall in profit.

## Revenue and expense trends

Revenue rose from ₹975.56 crore in Q1 FY2025-26 to ₹1,066.18 crore in the current quarter, a gain of ₹90.62 crore (9.29%). Over the same period, total expenses increased from ₹878.00 crore to ₹961.75 crore, a rise of ₹83.75 crore (9.54%). The expense growth rate of 9.54% was slightly higher than the revenue growth rate, indicating that the cost base expanded more quickly than the top line.

Sequentially, revenue declined from ₹1,155.23 crore in Q4 FY2025-26 to ₹1,066.18 crore, a drop of ₹89.06 crore (7.71%). Expenses fell from ₹1,000.23 crore to ₹961.75 crore, a decline of ₹38.48 crore (3.85%). The expense reduction was proportionally smaller than the revenue decline, meaning that a portion of costs did not adjust downward in line with the lower revenue level.

## Profitability and margin dynamics

Profit before tax for Q1 FY2026-27 was ₹140.05 crore, compared to ₹164.15 crore in the same quarter last year and ₹196.58 crore in the preceding quarter. The profit before tax margin (as a percentage of revenue from operations) fell from 16.83% in Q1 FY2025-26 to 13.14% in the current quarter, a contraction of 3.69 percentage points.

Net profit after tax was ₹104.48 crore, down from ₹122.38 crore year-on-year and from ₹146.32 crore sequentially. The net profit margin narrowed from 12.55% to 9.80% over the same annual comparison.

Finance costs remained negligible at ₹1.20 crore, and the effective tax rate was stable at approximately 25.4% in both Q1 FY2025-26 and Q1 FY2026-27. The profit before tax margin contraction reflected the combined effect of revenue, other income of ₹35.63 crore, and expenses. Total income (revenue plus other income) stood at ₹1,101.81 crore, while total expenses were ₹961.75 crore, resulting in the reported profit before tax.

## Sequential versus year-over-year comparison

The sequential decline in revenue and profit was more pronounced than the year-over-year changes. Revenue fell 7.71% from the preceding quarter, while profit before tax dropped 28.76%. The expense decline of 3.85% was smaller than the revenue decline, and profit before tax fell sharply. In contrast, the year-over-year comparison shows revenue growth accompanied by a profit decline, as the expense increase (9.54%) outpaced the revenue increase (9.29%).

## Key Takeaway

The quarter saw revenue grow year-on-year, but profit before tax declined as expense growth outpaced revenue growth. The sequential performance was weaker, with a sharper drop in revenue and a smaller reduction in expenses, leading to a significant fall in profit. The interplay of revenue, other income, and expenses determined the quarter's profitability.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +60.00%
- FII holding: +5.93%
- DII holding: +25.45%
- Mutual fund holding: +23.79%
- Retail holding: +5.99%
- Promoter pledged: +0.00%

### Major reported shareholders

- Wabco Asia Private Limited — +60.00% (Bodies Corporate)
- SBI NIFTY SMALLCAP 250 ETF — +6.82%
- NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA NIFTY 500 EQUAL WEIGHT — +4.40%
- KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK NIFTY SMALLCAP 250 INDEX FUND — +2.16%
- ICICI PRUDENTIAL NIFTY SMALLCAP 250 ETF — +1.62%

## Official filings

- 2026-10-20 — Shareholding Disclosure: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1742307_20102026042404_WEB.xml)
- 2026-10-05 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WABCOINDIA_05102026121046_sd-SEIntimationLetterReg74_5__-_30_Sep_2026.pdf)
- 2026-10-02 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_2785_WebXMLFile_20261002_122145579.xml)
- 2026-10-02 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WABCOINDIA_02102026121940_sd-SEIntimation.pdf)
- 2026-09-30 — Press Release: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WABCOINDIA_30092026160347_sd-SE_Press_release.pdf)
- 2026-09-25 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WABCOINDIA_25092026150710_sd-SETradingwindow.pdf)
- 2026-09-25 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_2785_WebXMLFile_20260925_150526123.xml)
- 2026-09-21 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WABCOINDIA_21092026092124_sd-SEAnandrathi.pdf)
- 2026-09-21 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WABCOINDIA_21092026181508_sd-InvestormeetingOutcome.pdf)
- 2026-09-21 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2785_WebXMLFile_20260921_182232998.xml)
- 2026-09-18 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WABCOINDIA_18092026180916_sd-SEIntimation.pdf)
- 2026-09-18 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/AIATOP_2785_WebXMLFile_20260918_185110581.xml)
- 2026-09-15 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2785_WebXMLFile_20260915_181939918.xml)
- 2026-09-15 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WABCOINDIA_15092026183422_SEsdIntimation.pdf)
- 2026-09-15 — Management Change: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WABCOINDIA_15092026184117_sdSE_Regulation_30_-_Ponraj.pdf)
- 2026-09-15 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_2785_WebXMLFile_20260915_193313837.xml)
- 2026-09-01 — Management Change: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WABCOINDIA_01092026105305_SE_CFO_SD.pdf)
- 2026-08-25 — Shareholding Disclosure: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1688748_07072026030246_WEB.xml)
- 2026-08-12 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/WABCOINDIA_12082026121900_SdSE_SCN.pdf)
- 2026-08-03 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited reported total income of ₹1,101.8 crores for Q1 FY27, a 5.7% increase year-on-year, with revenue from operations growing 9.3%. Profit Before Tax (PBT) was ₹140.1 crores and Profit After Tax (PAT) was ₹104.5 crores, a 14.7% decrease. Excluding foreign exchange impacts and one-time items, PBT showed a 16.9% growth. The company's Aftermarket business saw a 15.6% year-on-year growth, reaching ₹158.4 crores in Q1 FY27. Export revenues grew 9.7% year-on-year to ₹271.4 crores in the same period. — [Official attachment](https://nsearchives.nseindia.com/corporate/WABCOINDIA_03082026192031_Sd_SEEarningCallTranscript.pdf)
- 2026-07-28 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited held its 22nd Annual General Meeting on July 24, 2026, where all five ordinary resolutions were passed with the requisite majority. These resolutions included the adoption of financial statements for the year ended March 31, 2026, the declaration of a Rs. 4 per share dividend, the re-appointment of Mr. Akash Passey as Director, the ratification of remuneration for Cost Auditors M/s. Jayaram & Associates for FY 2027, and the appointment of Ms. Claudia Christina Jehle as Director. Voting results were finalized on July 28, 2026. — [Official attachment](https://nsearchives.nseindia.com/corporate/WABCOINDIA_28072026163024_SdSEfilingvote.pdf)
- 2026-07-28 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited has uploaded the audio recording of its Q1 FY 2026-27 earnings call, which covered operational and financial performance for the quarter ended June 30, 2026. The recording is available on the company's website via a provided link. — [Official attachment](https://nsearchives.nseindia.com/corporate/WABCOINDIA_28072026174229_SdSEearningscallrecording.pdf)
- 2026-07-28 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited held its 22nd Annual General Meeting on July 24, 2026, where all five ordinary resolutions were passed with the requisite majority. These resolutions included the adoption of financial statements for the year ended March 31, 2026, the declaration of a Rs. 4 per share dividend, the re-appointment of Mr. Akash Passey as Director, the ratification of remuneration for Cost Auditors M/s. Jayaram & Associates at Rs. 4.50 lakhs plus expenses, and the appointment of Ms. Claudia Christina Jehle as a Director. Voting results were consolidated from remote e-voting prior to and during the AGM. — [Official attachment](https://nsearchives.nseindia.com/corporate/WABCOINDIA_28072026205735_SdSErescrutinisersreport_2026.pdf)
- 2026-07-28 — Press Release: ZF Commercial Vehicle Control Systems India Limited has secured Electronic Stability Control (ESC) business nominations from three major OEMs for multi-year domestic truck programs. The nominations cover truck platforms across 24V and 12V architectures, with production scheduled to begin in Q3 2027, aligning with upcoming Indian truck safety mandates. The ESCsmartTM solution will be locally assembled and supplied from India. — [Official attachment](https://nsearchives.nseindia.com/corporate/WABCOINDIA_28072026132212_SdSE_Press_release.pdf)
- 2026-07-24 — Generic Announcement: ZF Commercial Vehicle Control Systems India Limited appointed Rakesh Mishra as Chief Financial Officer effective September 1, 2026, and C V Kavviya as Whole-Time Company Secretary and Compliance Officer effective July 25, 2026. Ms. Kavviya continues her role as Compliance Officer, having been appointed on an interim basis on March 25, 2026. — [Official attachment](https://nsearchives.nseindia.com/corporate/WABCOINDIA_24072026140208_SdSE_Regulation30_CS_Appointment.pdf)

## News and market events

- 2026-09-17 — MONEYCONTROL: **Abakkus’ playbook in focus: Seven years without an IT large cap holding and other exceptions** — Abakkus — [Source](https://www.moneycontrol.com/news/business/markets/abakkus-playbook-in-focus-seven-years-without-an-it-large-cap-holding-and-other-exceptions-14031890.html)
- 2026-09-08 — MONEYCONTROL: **Abakkus PMS buys Paytm among new-age tech biz, dumps FMCG major Emami on monsoon blues** — abakkus, MF, IPO, PMS, AIF — [Source](https://www.moneycontrol.com/news/business/markets/abakkus-pms-buys-paytm-among-new-age-tech-biz-dumps-fmcg-major-emami-on-monsoon-blues-14025111.html)

## Business profile

**Strategic vision:** Manufactures advanced braking and air-assisted systems for commercial vehicles.

### Business segments
- **Commercial Vehicle Control Systems:** The company manufactures advanced braking systems, conventional braking products, and air-assisted technologies and systems for commercial vehicles.
- **Software Development and Services:** Provides software development and other services tailored to the needs of the commercial vehicle industry.

### Competitive strengths
- Part of the ZF Group Commercial Vehicle Solutions Division
- Operates five manufacturing facilities
- Possesses an advanced technology development center
- Maintains a vehicle testing facility
- Has a nationwide aftermarket distribution and services network

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/zfcvindia
Markdown representation: https://faxioms.com/stocks/zfcvindia?render=md