ZF Commercial Vehicle Control Systems India (ZFCVINDIA) Q3 25/26 earnings summary

Executive summary

• Q3 FY 2025-26 saw robust growth, with total revenues reaching INR 1,105 crore, up 12.8% year-over-year and 15.3% sequentially from the previous quarter.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 were reviewed and approved by the Board on 10 February 2026.

• Both standalone and consolidated results received unqualified limited review reports from statutory auditors.

• The company outperformed the commercial vehicle market, with sales rising 28.1% versus a 20.6% industry growth in the >6 ton segment.

• Strategic focus on localization, new product launches, and technology adoption is driving competitiveness and long-term value.

Financial highlights

• Consolidated revenue from operations for Q3 FY26 was ₹107,491.09 lakhs, up from ₹96,241.43 lakhs in Q3 FY25.

• Consolidated profit after tax for Q3 FY26 was ₹14,017.43 lakhs, compared to ₹12,546.07 lakhs in Q3 FY25.

• EBITDA margin stood at 20%, and PAT grew 11.7% year-over-year to INR 140.2 crore, with a PAT margin of 12.7%.

• Exceptional item of INR 7.9 crore (₹793.51 lakhs) related to labor code changes.

• Earnings per share (consolidated, basic) for Q3 FY26 was ₹73.90, up from ₹66.15 in Q3 FY25.

Outlook and guidance

• Positive outlook for the commercial vehicle industry, supported by infrastructure spending, GST reforms, and government initiatives.

• Anticipated demand recovery in exports due to the India-EU FTA and potential US tariff reductions.

• Continued focus on localization and technology to capture regulatory-driven growth in ESC, ADAS, and ECAS systems.

• The company continues to monitor regulatory developments, especially regarding new Labour Codes, and will assess future financial implications as guidance evolves.