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Swing Capital

Z F Steering Gear (India) Ltd

NSE: ZFSTEERING BSE: 505163

Incorporated in 1981, ZF Steering Gear (India) Ltd is in the business of production & assembling of steering systems for vehicles, buses, and tractors[1]

₹711
52W: ₹570 — ₹1320
PE 20.1 · Book ₹575 · +24% vs book
Market Cap₹648 Cr
Stock P/E20.1Price to Earnings
ROCE10.3%Return on Capital
ROE6.36%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company's working capital requirements have reduced from 57.9 days to 38.6 days

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 7.80% over last 3 years.
  • −Dividend payout has been low at 5.07% of profits over last 3 years
  • −Promoter holding has decreased over last 3 years: -4.56%

Shareholding Pattern

Promoters62.75%
FIIs0%
DIIs0.01%
Public37.22%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters67.17%67.17%67.01%▼0.267%▼0.066.93%▼0.166.93%62.79%▼4.162.75%▼0.0
FIIs0%0%0%0%0%0%0%0%
DIIs0.01%0.03%▲0.00.04%▲0.00.03%▼0.00.01%▼0.00.01%0.01%0.01%
Public32.82%32.8%▼0.032.96%▲0.232.98%▲0.033.06%▲0.133.04%▼0.037.2%▲4.237.22%▲0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales113.5124.13127.89110.95117.39136.63130.93116.41140.49168.91
Expenses103.47113.3110.1998.64106.13121.39114.36102.89122.77151.9
Operating Profit10.0310.8317.712.3111.2615.2416.5713.5217.7217.01
OPM %8.84%8.72%13.84%11.1%9.59%11.15%12.66%11.61%12.61%10.07%
Net Profit12.0310.714.525.93.649.8211.954.1411.54.19
EPS ₹13.2611.79166.54.0110.8213.174.5612.674.62

AI Insights

Revenue Trend

Mar 2026 revenue at ₹557Cr, up 13% YoY. OPM at 12%.

Debt Position

Borrowings at ₹45Cr. Debt-to-equity ratio: 0.09x. Healthy balance sheet.

Capex Cycle

CWIP at ₹2Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.01% (+0.00pp change). FIIs: 0% (+0.00pp change). Promoters hold 62.75%.

Margin & Efficiency

ROCE declining from 15% (Mar 2015) to 10% (Mar 2026). Working capital days: 39.

Valuation

PE 20.1x with 10.3% ROCE. Price is 24% above book value of ₹575. Dividend yield: 0%.

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