ZF Commercial Vehicle Control Systems India Limited (ZFCVINDIA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+36.7%

₹2,871.67

vs ₹2,100.00 price

Levered DCF

₹6,058.83

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	50.5×	53.93×	71.29×	62.15×	101.89×	120.41×	73.35×	44.65×
P/B	7.08×	7.73×	10.38×	8.2×	6.85×	6.26×	6.15×	7.08×
P/S	6.34×	6.55×	7.66×	5.78×	5.74×	6.79×	6.14×	4.53×
EV / EBITDA	31.29×	33.53×	43.75×	36.7×	49.61×	50.49×	36.79×	29.44×
Gross margin	24.5%	37.7%	34.1%	31.6%	30.7%	34.3%	34.9%	29.7%
Operating margin	12.7%	13.6%	12.1%	10.9%	6.5%	6.6%	8.7%	12.8%
Net margin	12.6%	12.1%	10.7%	9.3%	5.6%	5.6%	8.4%	10.1%
Current ratio	5.3×	5.8×	4.85×	4.18×	3.92×	3.92×	5.93×	3.39×
Debt / equity	0.01×	0.02×	0.02×	0.03×	0×	0×	0.01×	0×
Interest coverage	97.95×	90.61×	91.79×	65.75×	86.45×	60.72×	86.29×	-4,018.82×
Dividend yield	0.1%	0.1%	0.1%	0.1%	0.1%	0.0%	0.3%	0.1%
Payout ratio	7.0%	7.0%	6.1%	7.2%	14.7%	3.8%	24.9%	5.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.0%	14.3%	14.6%	13.2%	6.7%	5.2%	8.4%	15.9%
Return on invested capital	10.3%	11.8%	11.9%	11.1%	5.6%	4.1%	6.1%	13.4%
Return on assets	11.7%	12.2%	12.0%	10.5%	5.4%	4.2%	7.3%	12.1%
Free cash flow yield	2.9%	0.5%	-0.0%	0.9%	-0.3%	0.5%	1.1%	0.3%
Earnings yield	2.0%	1.9%	1.4%	1.6%	1.0%	0.8%	1.4%	2.2%
Enterprise value	₹259.8B	₹247.9B	₹289.3B	₹197.2B	₹143.9B	₹123.5B	₹116B	₹125.5B
Net debt / EBITDA	-0.16×	-0.09×	-0.07×	-0.04×	-0.29×	-0.6×	-0.14×	-0.12×
Cash conversion cycle (days)	62	83	-28	50	-38	56	65	39