Company Overview
ZF Commercial Vehicle Control Systems India Limited (formerly WABCO INDIA Limited, Scrip Code: 533023) reported strong financial and operational performance for FY 2025-26, achieving record consolidated revenue of ₹4,118.94 crores with 7.52% YoY growth. Profit After Tax crossed the ₹500 crore milestone at ₹517.15 crores, representing 12.25% growth, while EBITDA margin stood at 20.16%.
Financial Performance
Consolidated Results: Revenue ₹4,118.94 crores (+7.52% YoY), PAT ₹517.15 crores (+12.25% YoY), EBITDA ₹830.26 crores. Standalone Results: Revenue ₹4,055.48 crores (+6.6% YoY), PAT ₹506.68 crores (+10.5% YoY). The Board recommended a final dividend of ₹4 per share and a 5:1 bonus issue subject to shareholder approval. Subsidiary ZF CV Control Systems Manufacturing India reported remarkable growth with revenue up 153% to ₹83.90 crores and PAT up 405% to ₹10.53 crores.
Operational Highlights
The company operates six manufacturing plants (Chennai-Ambattur, Mahindra World City, Oragadam, Jamshedpur, Pantnagar, Lucknow) with 3,364 employees. R&D investment totaled ₹378.12 crores with a team of 1,124 engineers, contributing ₹381.75 crores in innovation revenue. Eight new products were launched including Airlite™ Electric Compressor and advanced braking systems, with 120 new variants released. Capital expenditure reached ₹123.64 crores with additional ₹12,122.42 lakh investment in property, plant and equipment.
Sustainability & ESG Performance
Environmental achievements included 100% renewable electricity across operations, 25.50% reduction in Scope 1+2 emissions, 2,617 MWh energy savings from 51 projects, 99.99% waste recovery, and Zero Liquid Discharge implementation. Social initiatives reached 3 lakh+ beneficiaries through CSR programs (₹10.52 crores spending) with 15.57% female workforce representation and zero fatalities. The company filed an Integrated Annual Report with BRSR Core assurance by SGS India under ISAE 3000/3410 standards.
Corporate Governance & Compliance
The 8-member board (25% female, 50% independent) maintained strong governance with five committees overseeing audit, nomination, risk, stakeholders, and CSR. Key management changes included Mr. Paramjit Singh Chadha's appointment as Managing Director. Compliance included zero ethical fines, zero unresolved POSH cases, and full adherence to SEBI LODR regulations and Companies Act 2013. Auditors B S R & Co. LLP provided unmodified opinions on both standalone and consolidated financial statements.
Exceptional Items & Contingencies
An exceptional item of ₹793.51 lakhs was recognized for the statutory impact of New Labour Codes notified on November 21, 2025, representing a one-time increase in employee benefit provisions. Contingent liabilities included GST matters (₹570.20 crores), income tax (₹13.58 crores), and various other regulatory matters totaling approximately ₹588 crores.
Capital Structure & Investments
The company maintained a strong balance sheet with total assets of ₹436.79 crores, current assets of ₹344.86 crores, and equity of ₹367.64 crores. Investments included ₹603.48 crores in mutual funds and ₹2.77 crores in subsidiaries. The promoter holding stood at 60.00% with WABCO Asia Private Limited.
Forward Outlook
The report contains forward-looking statements about future operations, strategies, and performance across financial, environmental, social and governance dimensions based on current assumptions, though no specific financial guidance was provided for future periods.