ZF Steering Gear (India) Limited (ZFSTEERING.BO) 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

-139.3%

-₹314.07

vs ₹799.95 price

Levered DCF

₹1,442.48

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

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	34.25×	60.96×	18.08×	15.76×	20.26×	39.28×	-725.81×	-526.81×
P/B	1.1×	1.95×	1.72×	0.92×	0.94×	0.92×	0.56×	1.87×
P/S	0.92×	1.84×	1.66×	0.86×	1.18×	1.73×	0.71×	1.57×
EV / EBITDA	7.47×	13.66×	9.87×	6.21×	6.49×	8.3×	5.59×	41.18×
Gross margin	16.7%	8.0%	33.8%	34.0%	38.9%	39.5%	6.9%	14.2%
Operating margin	4.8%	2.1%	5.1%	6.9%	3.0%	-8.9%	2.6%	10.8%
Net margin	2.7%	3.0%	9.2%	5.5%	5.8%	4.4%	-0.1%	-0.3%
Current ratio	1.25×	1.58×	2.04×	2.05×	2.38×	1.63×	1.5×	1.42×
Debt / equity	0.22×	0.22×	0.17×	0.1×	0.09×	0.09×	0.01×	0.12×
Interest coverage	3.43×	1.58×	23.99×	43×	29.77×	-61.76×	6.75×	24.46×
Dividend yield	0.0%	0.8%	0.6%	0.0%	0.0%	0.0%	0.0%	1.3%
Payout ratio	0.5%	48.5%	10.9%	0.0%	0.4%	0.9%	-17.9%	-669.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.2%	3.2%	9.5%	5.9%	4.6%	2.3%	-0.1%	-0.4%
Return on invested capital	2.0%	0.9%	3.8%	4.5%	1.3%	-4.3%	-0.2%	1.1%
Return on assets	2.3%	2.3%	7.4%	4.8%	3.9%	1.9%	-0.1%	-0.3%
Free cash flow yield	-3.4%	-2.2%	-7.5%	2.4%	-4.9%	-10.5%	2.4%	1.6%
Earnings yield	2.9%	1.6%	5.5%	6.3%	4.9%	2.5%	-0.1%	-0.2%
Enterprise value	₹6.3B	₹10.1B	₹8.5B	₹4.3B	₹4B	₹3.7B	₹2B	₹7.3B
Net debt / EBITDA	1.21×	1.35×	0.75×	0.62×	0.48×	0.52×	-0.07×	2.27×
Cash conversion cycle (days)	73	104	114	116	162	164	70	66