ZFCVINDIA · Automobile and Auto Components
ZF Commercial Vehicle Control Systems India Ltd. reported revenue of ₹956 cr for October to December 2024, +7.8% on the year and +5.4% on the quarter.
Operating profit (EBITDA) was ₹175 cr, a margin of 18.3%, +354 bps on the year and +298 bps on the quarter. It is the widest margin of the last 7 quarters (range 14.7% to 18.3%). Operating costs grew +3.3% against revenue growth of +7.8%, so more of each rupee of sales reached operating profit.
Net profit was ₹125 cr, +25.0% on the year and +14.7% on the quarter, with earnings per share of ₹10.98. Profit before other income, one-offs and tax grew faster, at +37.5%; other income, one-offs or tax held the headline back. The tax rate of 22% is in line with its recent average.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹38.19 over the last four quarters, the stock at ₹2,159.90 trades at 56.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹981 cr | ₹887 cr | ₹956 cr | ₹938 cr | ₹907 cr | ₹956 cr | ₹1,003 cr | ₹963 cr | ₹902 cr | ₹1,058 cr | ₹1,133 cr | ₹1,042 cr |
| YoY | — | — | — | −2% | −8% | +8% | +5% | +3% | −1% | +11% | +13% | +8% |
| EBITDA margin | 14.7% | 14.8% | 15.4% | 14.7% | 15.3% | 18.3% | 17.1% | 13.3% | 14.6% | 18.4% | 16.2% | 12.5% |
| Other income, % of PBT | 17% | 22% | 15% | 20% | 27% | 11% | 16% | 42% | 31% | 13% | 22% | 27% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 26% | 26% | 25% | 22% | 25% | 26% | 26% | 25% | 26% | 26% |
| Net profit | ₹104 cr | ₹100 cr | ₹101 cr | ₹99.0 cr | ₹109 cr | ₹125 cr | ₹125 cr | ₹120 cr | ₹106 cr | ₹139 cr | ₹141 cr | ₹99.0 cr |
| YoY | — | — | — | −1% | +5% | +25% | +24% | +21% | −3% | +11% | +13% | −18% |
| Core profit YoY | — | — | — | −5% | −8% | +38% | +20% | −12% | −7% | +13% | +6% | +4% |
| EPS | ₹9.17 | ₹8.75 | ₹8.88 | ₹8.72 | ₹9.61 | ₹10.98 | ₹11.00 | ₹10.56 | ₹9.36 | ₹12.19 | ₹12.42 | ₹8.71 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
ZF Commercial Vehicle Control Systems India Ltd. reported revenue of ₹956 cr (+7.8% on the year) and net profit of ₹125 cr (+25.0% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +37.5% on the year, against +25.0% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.