Presenters

The conference presentation was to be delivered by the company's leadership team: Managing Director Paramjit Singh Chadha, Chief Financial Officer Sweta Agarwal, and Head of Sales and Marketing - OE Shankar Venkatachalam.

Company Overview: ZF CVCS India

ZF Commercial Vehicle Control Systems India Limited (formerly WABCO INDIA Limited) is a market leader with over six decades of operation. Its CIN is L34103TN2004PLC054667. The company has a significant operational footprint, including 6 manufacturing plants, 3 global engineering and technology centers, 1 proving ground, ~270 authorized service partners, ~550 aftermarket dealers/distributors, and over 1,000 engineers. It employs over 5,000 people and is a global center for digitalization and software development.

ZF Group Global Context

The parent company, ZF Friedrichshafen AG, provided a 2025 financial overview: an adjusted EBITA margin of 4.5%, adjusted free cash flow of €1.4 billion, investments in property, plant, and equipment of €1.8 billion, and R&D investment equating to 8.6% of its global revenue.

ZF Sustainability Strategy

The group has defined climate targets: an 80% reduction in Scope 1 and 2 GHG emissions by 2030 (base year 2019) and a 40% reduction in Scope 3 GHG emissions per € million sales by 2030 (base year 2019). It aims for 100% annual procurement of electricity from renewable sources from 2025. A progress note states an 85% reduction of CO2e emissions (Scope 1&2) compared to 2019.

Financial Performance: ZF CVCS India

Quarterly Performance (INR Crore)

The company's revenue stream comprises OEM, AM (Aftermarket), Exports, and Service Income + Other Income.

  • Q4 FY 24-25: ~₹475 crore
  • Q1 FY 25-26: ~₹425 crore
  • Q2 FY 25-26: ~₹475 crore
  • Q3 FY 25-26: ~₹550 crore
  • Q4 FY 25-26: ~₹600 crore

Annual Performance (INR Crore)

  • FY26 Revenue: ₹2,200 crore
  • FY26 PBT (Profit Before Tax): ₹400 crore

Product Portfolio and Strategy

The company is a technology partner for commercial vehicle OEMs, offering a portfolio including ABS, ESC, EBS, ADAS, AMT, ECAS, and Intelligent Trailer programs.

ADAS Solutions: The company has over 15 years of global experience, has sold over 750,000 solutions globally, and offers OGM 1.0 & OGM SE variants with 16 advanced features. Its ADAS suite has been tested over 450,000 km on Indian roads.

ESC Smart: A globally proven solution for the Indian market offering roll stability and yaw control.

EBS and ESC for EV: Applications improve safety and regeneration efficiency across all OEMs.

ECAS (Electronically Controlled Air Suspension): Used in ICE and EV buses for features like intelligent kneeling and constant ride height.

AMT Optidrive: A modular automation solution adaptable to manual gearboxes (5-speed to 16-speed), installed on over 1,800 mining trucks. It optimizes fuel efficiency in ICE vehicles.

Compressor Roadmap: Features for a next-generation compressor were identified during a technology roadmap exercise.

Door & Door Control Systems: A leading supplier in Europe and India, offering modular systems compliant with ECE-R 107; AIS 052, 153. Systems include safety features like fire alarm integration, manual override, and fail-safe opening.

Aftermarket Initiative: SPARK

The Spare Parts Aftermarket Reforms Kick-off (SPARK) initiative has launched several products:

  • Recent Launches (2026): ADB Rotors (launched April 2026), DEF - Diesel Exhaust Fluid (launched April 2026), Clutch Master Cylinders (two models launched March 2026).
  • Upcoming Launches: CV Brake Pads, Wheel Bearing Grease.
  • Pipeline Under Review: Reverse Parking Camera Solutions, Air Spring.

Nine+ merchandise products were identified for development.

Engineering Excellence

The engineering team distribution is 85% working on global projects and 15% on local projects. Since 2004, 230 invention disclosures have been filed, and 96 patents have been granted. The company holds technical rights for core developments in Brakes Control from 2010. It has extensive in-house testing infrastructure, including a test track, performance test lab, durability test lab, HIL setups, and various rigs (e.g., Steering Gear durability, ADB fatigue, Lift Axle Chassis).

Customer Recognition and Investor Engagement

The company has received over 30 customer awards in the last decade+, including 10 from Ashok Leyland, 9 from TATA Motors, 9 from VECV, 3 from Daimler, and 1 from Mahindra.

It hosted investor visits:

  • March 2025: 40 investors visited the Oragadam facility.
  • March 2026: 36 investors visited the ZF Proving Ground facility.

Manufacturing Footprint

The company operates 6 manufacturing plants in India, supported by satellite plants to provide Just-In-Time (JIT) supplies to customers.

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