{"id":183107,"date":"2026-05-15T06:04:13","date_gmt":"2026-05-15T10:04:13","guid":{"rendered":"https:\/\/alphastreet.com\/india\/zf-commercial-vehicle-control-systems-india-limited-zfcvindia-q1-2026-earnings-call-transcript-2\/"},"modified":"2026-05-15T06:04:13","modified_gmt":"2026-05-15T10:04:13","slug":"zf-commercial-vehicle-control-systems-india-limited-zfcvindia-q1-2026-earnings-call-transcript-2","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/zf-commercial-vehicle-control-systems-india-limited-zfcvindia-q1-2026-earnings-call-transcript-2\/","title":{"rendered":"ZF Commercial Vehicle Control Systems India Limited (ZFCVINDIA) Q1 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

ZF Commercial Vehicle Control Systems India Limited (NSE: ZFCVINDIA) Q1 2026 Earnings Call dated May. 15, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Annamalai Jayaraj<\/strong> \u2014 Vice President<\/em><\/p>\n

Paramjit Singh Chadha<\/strong> \u2014 Managing Director<\/em><\/p>\n

Shankar Venkatachalam<\/strong> \u2014 Head of OE Business<\/em><\/p>\n

Sweta Agarwal<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Mumuksh Mandlesha<\/strong> \u2014 Analyst<\/em><\/p>\n

Ankur Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Good day and welcome to ZF Commercial Vehicle Control System India Limited Q4FY26 earnings conference call hosted by 361 Capital Market Private Limited. As a reminder, all participant lines will be in the lesson only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on a touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr.<\/p>\n

Annamalai Jayraj from 361 Capital Market Private Limited. Thank you. And over to you sir.<\/p>\n

Annamalai Jayaraj<\/strong> \u2014 Vice President<\/em><\/p>\n

Thanks. Good afternoon. Thank you for joining us today and welcome to Isaiah Commercial Vehicle Control Systems India’s call to brief you on the Q4 quarterly earnings and the earnings for FY 2025 26. Today the fourth quarter earnings and annual results for FY 2526 will be presented by the management team of Institute of Commercial Vehicle Control Systems India Limited. Our host today from Institute of Commercial Vehicle control Systems India Limited are Mr. Paranji Sikh Jada, Managing Director Ms.<\/p>\n

Veta Agarwal, Chief Financial Officer Mr. Shankar Vadbach, Head OE Sales and Assistant Company Secretary. I will now hand over the call to Mr. Paraniti Sadha who will provide further insights into the results. Over to you sir.<\/p>\n

Paramjit Singh Chadha<\/strong> \u2014 Managing Director<\/em><\/p>\n

Thank you Jayaraj. Good afternoon to all of you. I warmly welcome you all to ZF Commercial Vehicle Control System India Limited. 4th quarter results and full year performance for 2025 26. Certain forward looking statements that we will be making today are based on management’s good faith and expectations concerning future development. As you know, the actual results may differ materially from these expectations as a result of many factors. ZF Commercial Vehicle Control System India Limited’s results for the quarter ending 3-31-2026 and the annual performance for financial year 2526 was published on 13-05-2026.<\/p>\n

They are available on the website www.zf.com under the ZDF CV India Investor Relations section. We hope that you have had an opportunity to go through them. A transcript and recorded audio of this call will also be made available www.zf.com under the ZF CV India Investor Relations section. I am happy to talk to you today as we give you the update about business performance. So we will first talk about industry and economic updates. I will begin with a brief overview of macroeconomic and industry environment relevant to our business.<\/p>\n

The Indian economy has continued to demonstrate strong momentum with GDP expanding by 7.8% in Q3 of financial year 2526 and the full year growth estimate revised upward from 7.4 to 7.6. This performance has been supported by improving consumption trends, sustained investment activity alongside continued policy support including GST reductions which have further strengthened the overall demand environment. Industrial output grew by 4.1% during FY25 26 broadly in line with the previous year. While some moderation in mining and electricity weighed on overall performance, the manufacturing sector showed improvement growing at 5% compared to 4.1% last financial year.<\/p>\n

This growth was primarily driven by strong momentum in capital goods and infrastructure linked sectors supported by government’s continued focus on capital expenditure. Inflation remained relatively contained during the year averaging 2.1% for FY25 26, although it edged up to 3.4% in the month of March largely due to movements in food and energy prices. On global front, the economic environment remains challenging influenced by ongoing geopolitical developments, particularly the conflict in West Asia and associated disruption to the global supply chains.<\/p>\n

While these factors may have some impact on India, domestic fundamentals continue to remain relatively resilient. Although external volatility could pose near term pressure on industrial activity from an industry standpoint, there are encouraging signs of improvement. The mining sector exhibited a positive trend in Q4 of 2526 with growth accelerating to 5.4% in March 26 from 3.1% in February, indicating a gradual recovery in commercial vehicle demand. At the same time, sustained movement in infrastructure, capital goods and construction activity continues to support overall industry growth.<\/p>\n

In addition, replacement demand for aging fleets driven by need for improved efficiency and lower total cost of furniture is expected to further underpin demand for new vehicles going forward. Looking at Indian commercial vehicle industry, India’s strong GDP momentum was reflected in commercial vehicle industry which delivered a robust 16.5% growth in production for medium and heavy vehicle segment more than six tonnes, indicating healthy and broad based demand growth driven by improved consumption, GST reform, positive momentary condition and continued policy support.<\/p>\n

The industry outlook continues to be supported by strong structural drivers including an aging fleet driving replacement demand, sustained growth in E commerce and logistics and increasing consolidation of trailer segment. At the same time, the push towards electrification supported by government policies, public private partnership adoption in public transport is accelerating the transition towards cleaner mobility while above quality factors are conducive for the growth. However, external risks such as the Middle east conflict remain areas to monitor.<\/p>\n

Looking at sales FY 2526 sales was driven by sharp industry rebound after GST rate cut supported demand in the second half we faced short term headwinds such as capacity ramp up challenges, supplier constraint and global geopolitical disruption causing gas and key commodity shortages. Our teams mitigated these challenges, executed with discipline and delivered the best ever results in the history. The company strengthened its future ready portfolio with new product launches and product ramp ups during the financial year.<\/p>\n

New launches such as exhaust brake, wall OPR compressor with a power reduction feature and solutions such as EBS ECAs for EV buses. The company also accelerated ramp up of hydraulic and pneumatic ESC and expanded E compressor supplies for the domestic market while scaling exports through higher capacity compressor for Europe and new actuator variants for global trailer customer. Against this backdrop, I will now move to some highlights during the FY25 26 across different functions in the OE sales on the back of recovering commercial vehicle industry supported by a strong second half revolved fallen GST normalization, improved infrastructure, mining activity and festive demand.<\/p>\n

The company delivered a robust performance. This Momentum peaked in Q4, particularly in the Commercial Vehicle more than 6 tonnes segment with production reaching a record 151,000 vehicle in quarter as compared to 119,000 of previous year same quarter reflecting a growth of 26.9% and this contributing to an overall vehicle growth of 16.06% in FY2526 which is 463,000 vehicles versus 397,000 vehicles. Capitalizing on this upcycle, our OE sales grew by 17.6% in FY2526, clearly outperforming industry growth as explained above.<\/p>\n

As we look forward to FY26 27, we enter the year with cautious momentum supported by GST LED tailwind, resilient domestic demand and strengthening fundamentals across key segments. While the overall outlook for commercial vehicle industry remains positive, evolving geopolitical developments particularly in West Asia will need to be monitored. In this context, the company remains focused on executing its strategic priorities. We aim to sustain our leadership position in braking system by strengthening our market share in ESC across OEMs ahead of upcoming truck regulation.<\/p>\n

We are also driving higher penetration of advanced trailer technologies including trailer ABS, trailer EBS in line with AIs 113 regulations and increasing focus on safety and efficiency. In parallel, we are accelerating new product introduction including upgraded compressor platforms, clutch servo with wear sensor pressure reducing walls, electronically controlled air suspension EBS and E compressors for EV platform. We are also expanding our EV portfolio with a strong focus on E compressors and EVS systems, particularly across independent bus manufacturers.<\/p>\n

Beyond the near term recovery we see strong long term growth driven by a tightening regulatory environment and increasing adoption of electric mobility which together will continue to shape the future of commercial vehicle industry in aftermarket the aftermarket business reported revenue of 151 crore in Q4 2526 and FY revenue stands at 584 crores which is a growth of 15.6% compared to last financial year. This growth was driven by active channel management like extensive aftermarket team outreach covering 6000 retailer, 4000+ distributor, 1800\/ fleets and 200\/plus workshops continue to be key drivers of growth.<\/p>\n

Network expansion through 51 new distributor branches and 14 new service centers strengthen presence across B and C class cities, particularly in high consumption markets. The mining segment which remains subdued in the first half of the year, witnessed a strong recovery in the second half contributing to higher compressor penetration. Additionally, a regulatory push around safety compliance in the oil and gas fleet drove incremental demand particularly for trailer EVS solution where retrofitment initiated resulted in additional sales.<\/p>\n

Our strategic focus on new product penetration spark merchandising program, especially indoor control retrofit ASP played a key role in estimating the performance. Talking about exports of goods, the US tariffs created headwinds for the industry by increasing import cost and constraining manufacturing activity which in turn impacted demand and overall market growth. While the European market remained relatively resilient and provided some offsetting, the broader export environment continued to be challenging.<\/p>\n

Against this backdrop, company reported export revenue of10.25 crore in financial year 2526 reflecting a decline of 11.1 year on year compared to financial year 2425. Despite the volume moderation, particularly in the US market, we we were able to outperform the broader export market supported by a favorable product mix and new business wins in the trailer and off highway segment. Looking ahead with early signs of recovery emerging in the US market in Q4, we anticipate moderate improvement in export demand.<\/p>\n

We remain focused on proactively navigating the environment with continued emphasis on new product launches and product ramp ups including compressors and actuators. Export of Services Export of services recorded a strong growth of 22.5% in Q4 financial year 2526 compared to the same quarter last year. For the full year, services<\/p>\n

Shankar Venkatachalam<\/strong> \u2014 Head of OE Business<\/em><\/p>\n

Export<\/p>\n

Paramjit Singh Chadha<\/strong> \u2014 Managing Director<\/em><\/p>\n

Grew by 15.4% in financial year 2526 compared to the previous financial year driven by sustained expansion in engineering activities delivered from India to our global centers. Looking at ESG efforts as part of our continued commitment to sustainability, we have implemented several initiatives focused on environmental stewardship and resource efficiency. At our Ambatur plant, we successfully commissioned a fully automatic organic waste converter capable of processing food waste into organic manure, supporting our objective of achieving zero waste fill to landfill and reducing our environment footprint, further strengthening our water management efforts.<\/p>\n

We have established a rainwater harvesting pond at our Jamshedpur facility with a storage capacity of 1200 kilolitres. This initiative is designed to enhance water sustainability, reduce dependence on groundwater and meet approximately 40% of the plant’s annual water requirement through harvested rainwater. Our efforts in safety and sustainability have also been recognized externally. The Ambitur plant was awarded first place in Tamil Nadu State Safety Award under the Engineering category reflecting the strength of our safety system, proactive risk management and a deeply embedded safety culture.<\/p>\n

Additionally, the plant received the Gold Award at The ESG Summit 2026 organized by Anna University recognized our continued focus on environmental, social and governance excellence. Update on Engineering the engineering team has played a pivotal role in quickly evaluating and releasing new additional sources conducted to meet the increasing demand for various parts like actuator walls, driveline component and compressor. Also stabilize the SOP in new exhaust brake for OEM in delivering greater value to our customer.<\/p>\n

Update on Manufacturing the company continues to scale advanced technology product from its state of the art multi divisional manufacturing facility in Auradam. Supported both the domestic and global customer. New lines for crankshaft machining, ASP cartridges, vacuum pump have been successfully commissioned during the year. We enhanced our product portfolio with new launches across compressor, actuators and electronic systems while expanding manufacturing capacity across plants. Assembly capabilities at Jamshedpur and Lucknow was strengthened improving agility, delivery performance and supporting sustainability objectives through reduced logistics footprint.<\/p>\n

CVCS India achieved a significant milestone in the journey towards operational excellence with the successful completion of overall maturity assessment across Ambator, Mahindra World City, Lucknow JAM Location with a good score the OMA framework evaluates plants on six critical dimensions including plant basics, operations management, operations strategy, equipment effectiveness, DNA of quality and EHS and sustainability, ensuring global consistency and best practices. This achievement reflects our dedication to building a learning organization and driving cultural transformation through qualifications and capability.<\/p>\n

Overall, these initiatives reflect our continued focus on operational excellence, technology leadership and building future ready manufacturing capabilities. Looking at Corporate Social Responsibility CSR at ZF Group Our corporate social responsibility initiatives are guided by the Acting now principle built around four core pillars improving road safety, enhancing the quality of life of our surrounding communities, promoting environmental sustainability and supporting skill development. Let me briefly highlight our CSR initiative during the quarter in Q4 202526 we focused on community infrastructure, renewable energy and road safety.<\/p>\n

We installed high mast lighting across Ambator, Jamshedpur, Lucknow and industrial areas enhancing safety in public spaces. In parallel, we expanded our solar lighting initiative across villages and schools supporting sustainable energy access. We also contributed to education infrastructure through school renovation and lighting projects, creating safer learning environments. On the capability building front we train NAPS trainees and through our road safety program we reach over 1200 drivers and nearly 600 technicians promoting safer driving practices.<\/p>\n

Additionally, we distributed 500 safety kit to technician. Overall, our CSR efforts reflects a strong focus on safety, sustainability and community development Awards which we got Our employees continue to demonstrate high level of engagement and participated in various external total employee involvement TEI competitions, winning numerous awards across several categories in the last fiscal year. I am happy to share that in FY25 26 our teams won 14 national awards and 16 regional awards in competitions organized by CII, ECMA, QCFI and with many more awards at regional levels.<\/p>\n

This included 21 awards including three regional awards and two international awards in quarter four of financial year 2526. Now moving on to financial performance for the quarter, I will hand over to Shweta to explain.<\/p>\n

Sweta Agarwal<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

The results were made public at 3.55pm on 13th May 2026. I hope you’ve had a chance to go through them. We are happy to share that for the quarter ending 31st March 26th, our revenue stood at 1,197 crores, the highest single quarter result with 15.2% growth compared to Q4 of last year. Our profit before tax was 196.6 crores, a growth rate of 16.4% and our profit after tax was 146.5, a growth of 15.5% over Q4 of previous year. Talking about our financial performance for the whole year, I’m happy to share that for the FY2526 our total revenue stood at 4302 crores, the highest in the history of the company with 9.2% growth compared to last financial year, our profit before tax was 693 crores for FY25 26 and year on year growth of 13.9% and PAT of 517 crores which is a year on year growth of 12.2%.<\/p>\n

I would like to thank all our stakeholders for achieving this milestone. As a result of our good financial performance reported in FY2526, the Board of Directors has approved the issuance of Bonus Equity Shares in The ratio of 5 is to 1, subject to shareholder and relevant regulatory approvals. This means that we would be issuing five shares in lieu of every one bonus share held on the record date which is fixed as 24 June 2026 and 25 June 26 would be the deemed date of allotment. This is the company’s first bonus issue aimed at rewarding our shareholders and enhancing market liquidity.<\/p>\n

In addition, the Board has recommended a final dividend of Rupees four per equity share post bonus for the financial year ended 31st March 26th. Subject to shareholder approval. The record date for the AGM and dividend payment would be July 10th, 2026. Handing over to Mr. Paramjit Singh for his closing remarks.<\/p>\n

Paramjit Singh Chadha<\/strong> \u2014 Managing Director<\/em><\/p>\n

Thank you, Sridhar. Instead of CVCs, India enters financial year 2627 with strong momentum supported by robust domestic demand, rising adoption of safety and efficiency technologies and a strong new product pipeline. The company will continue introducing advanced regulatory aligned products in the Indian market reinforcing its commitment to redefining India’s mobility. Thank you. We now welcome your questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. First question is from the line of Mamuksh Mandesh from Anandrati Institutional Equities. Please go ahead.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Yeah, thank you so much for the opportunity. Firstly to Shweta ma’, am, just on the Q4 margin performance. So it was lower by 230bps. Q in Q. So can you just help us understand what factors played on the margins? Whether the commodity forex, employee costs or any other provisions like warranty which impacted the margins.<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

Okay, two factors that I can talk about. One is a bit on material cost. As you know the last quarter we’ve had significant challenges on increased supply coupled with the wildlife situation in the Middle east and therefore we have some increases on the cost side. Conversations are ongoing with the customers for recoveries and therefore you see an increase in cost compared to the revenue recorded during the quarter. On the employee cost side, well, there’s been salary increase effective the 1st of January and that would also contribute to the cost increases.<\/p>\n

Speak. There’s been no other. There are no other special items or no specific call outs on inventory or any other one time costs.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Got it, Got it man. And just going ahead for next year just how do you see the margin range in the context of the commodity inr forex part and the mix and also there’s a growing next year would also see the higher contained for ESC adas. So how do you see the margin for asean?<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

I mean I would expect it to be more, more or less flattish with maybe single digit small growth for the next year. As we are going in there are challenges which are being called out on the Middle east war front and caution from the government also to look at our expenses and consumption so very difficult to call out on given these macroeconomic situation I would be cautious on the call out for financial year 2627.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Sure. Thank you. This is to Paranjit sir, just on the ADAS regulation can you update how are the OEM order wins happening and order book is building up and if you can mention how is how are the key customer wins or what kind of market share we can expect for this regulation.<\/p>\n

Paramjit Singh Chadha<\/strong><\/p>\n

I think the best person here with us is Shankar. Maybe you can.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Hi, good afternoon. On the ADAS side of the business we have been actively working with all the OEMs with regards to the potential business coming up with the upcoming regulations. In fact we have already got business awards for the full suite of solutions which has the complete range of ADAS portfolio products beyond the regulation requirement from two OEM customers whom we are now working with and with most of the other OEMs we are in engagement with multiple OEMs on the discussions and next steps Here the point of discussion is happening at an engineering technical discussions where the customers have visited our technical and observed our solutions in terms of benchmarking since there is a bigger volume segment coming out of regulations there are several players out there in the market who are also engaging with customers.<\/p>\n

Shankar Venkatachalam<\/strong><\/p>\n

Just Shankar clarify. Basically at least for two years we have won the full suit of solution, right?<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

That’s correct.<\/p>\n

Shankar Venkatachalam<\/strong><\/p>\n

Got it. And for the ESC part we would be a quite a major player there across the OEMs.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

That’s correct.<\/p>\n

Ankur Shah<\/strong><\/p>\n

Got it, got it. Thank you so much for the opportunity. Just lastly to Shweta Ma’, am, if you can share what would be the FY27 capex outlook?<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

We’re looking at about spend of about 180 to 190 crores.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

And which area Ma’, am this would be<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

Some of it is new product Capex for new products. Others would be replacements and regular upgrades.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Thank you so much for the opportunity<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Before we move to the next question, a reminder to the participants to ask question you may press star and one next question is from the line of Lakshmi Nalan from Tumba Investments. Please go ahead.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Yes, thank you. Last one year we have done extremely well in terms of quarter on quarter in terms of growth in top line. But there is a divergence I see in terms of the EBITDA growth, the operating profit growth, if I exclude the other income and that has been not matching up with the revenue growth. Just want to understand whether this is because of some operating deleverage. And how do you think this would actually pan out as the outlook remains pretty robust for this financial year. For the upcoming financial year.<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

Good afternoon. As replied also to the previous question, we see this impact of the war and increasing prices of certain commodities which is leading to a blip on the cost side. Conversations with customers are ongoing to collect it, but there is always a lag between the two. And that’s what’s showing up as a degrowth in ebitda. We would expect that to get corrected on a lag basis.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

I’m talking about the EBITDA growth with respect to the revenue growth, not talking about the absolute. I mean, not talking about the margins here. So for example, the revenue growth has been higher, but the EBITDA growth has been lower.<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

That’s because the costs have increased disproportionately to the revenue<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Due to these.<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

Yeah, the timing difference between the cost to the revenue.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Okay, okay, okay. Thank you. That’s my question.<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Shuban Bhatara from Ambit amc. Please go ahead.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Hi team. Thanks for taking a question. Basically I wanted to understand something.<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt. Shubham, your voice is breaking. Yes, please go ahead.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Hi team. Thanks for taking my question. On the technology side we talk about aebs.<\/p>\n

Operator<\/strong><\/p>\n

Shubham, your voice is again breaking. It is not stable. The connection is not stable. The voice is breaking. The line from for the current questionnaire got disconnected. We’ll move to the next question from the line of Dishan Chen from Kaiser Capital. Please go ahead.<\/p>\n

Ankur Shah<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

Yes, you are.<\/p>\n

Ankur Shah<\/strong><\/p>\n

Yeah. Ma’, am, is it possible to give the segment wide group figure for the quarter Q4 like ZS, aftermarket and exports?<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

Yeah, sure. So give me a minute. So aftermarket has grown by about 25% and our OEM supplies have grown up grown by about 25% aftermarket by 2021% and we see a degrowth in exports of about 6% with a 6% increase on service income?<\/p>\n

Ankur Shah<\/strong><\/p>\n

Sure. And is it possible to give the Europe and US growth for the quarter?<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

So the Europe growth was about 6% and American degrowth was.<\/p>\n

Annamalai Jayaraj<\/strong><\/p>\n

20<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

And yeah, there was a degrowth from the Americas of about 22%.<\/p>\n

Ankur Shah<\/strong><\/p>\n

22%,<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

Yeah. So on a blended basis, a 10% degree growth for us.<\/p>\n

Ankur Shah<\/strong><\/p>\n

Sure, sure. And then just on the demand scenario, since government has also increased diesel prices today morning, so like in the past, whenever it has happened has an impact to the demand on ground demand going forward. How do you see the demand from here onwards?<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Typically this would impact the freight rates. So then impact on freight rates will have cascading effects on the util of trucks and thereby the buying capacity of fleet owners. So it may not happen immediately, but this slowdown may be there in terms of the vehicle purchase. So that’s something that we need to keep a close eye on.<\/p>\n

Paramjit Singh Chadha<\/strong><\/p>\n

But on the other side, if you see people may like to buy the new truck because old are not so efficient and the cost of ownership is. So it depends upon how the fleet owners take the decision on which side.<\/p>\n

Ankur Shah<\/strong><\/p>\n

Okay, Can I ask one more? Yeah. Thank you. And team, is it possible to provide how much aluminum and copper consist of our total raw material cost?<\/p>\n

Paramjit Singh Chadha<\/strong><\/p>\n

Yeah, approximately in last quarter the major increase has been in aluminium. It is close to 15 to 18%.<\/p>\n

Ankur Shah<\/strong><\/p>\n

Okay, so aluminum consists around 15 to 18% of the total cost.<\/p>\n

Paramjit Singh Chadha<\/strong><\/p>\n

No aluminium only. Aluminium as a commodity has been increased from almost 233 rupees per kilogram to 274 rupees per kilogram approximately. It varies from grade to grade. So that is around close to around 18% as a commodity. And that is a major commodity for our products.<\/p>\n

Ankur Shah<\/strong><\/p>\n

Okay, understood sir. Yeah, thank you. That no more questions.<\/p>\n

Paramjit Singh Chadha<\/strong><\/p>\n

Yeah,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Preetilani from Incred amc. Please go ahead.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Thank you for the opportunity. Just wanted to ask on the tech side, does AVs and ADAS work together? Like if any supplier is giving us order, he mean<\/p>\n

Annamalai Jayaraj<\/strong><\/p>\n

To give orders for both together or we get orders for both separately.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Ideally we would look at system partner as a combination setup because you have both the electronic stability control and the ebs which will work in tandem. But today Most of the OEMs have dissociated one with the other. So they are looking at options where they could use one or two partners in these cases<\/p>\n

Ankur Shah<\/strong><\/p>\n

And in AES and era, not Escadas also it works same way<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Within aebs is one of the features of adas. So five features have been mandated as Part of the regulation. So under those five features, typically OEMs would like to go with one partner who’s able to demonstrate all five features.<\/p>\n

Ankur Shah<\/strong><\/p>\n

Okay, so just clear me. Is my understanding correct? For ESC and adas there could be two separate suppliers, but generally for ABS and adas they prefer single<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Supplier. Is my understanding correct? Yes, correct. Yeah. Thank you. I’ll join back in the queue.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Madhu Agarwal from Agarwal family office. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, good afternoon. So, good<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

Afternoon.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi. So my first question is, you know, as we’re seeing the safety regulations starting to get implemented, are we already seeing a meaningful increase in our CPV across the bus and CB platforms or if it’s possible to quantify the before and after?<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

So today we already have electronic stability control mandated in all buses except type 1 city buses since September 2025. So that’s the uptick that you are seeing in the last financial year. Going forward. The next wave of regulation is effective 2027, so it may not be effective in this coming financial year, but most of the work will be happening for that and the impact of that will be seen in the subsequent financial year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So that’s on the buses about the, you know, more than 12 ton trucks which are coming in from 2027.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

That’s right. All vehicles that are greater than 6 tonne segment would be impacted by the regulations which would be rolled out effective October 2027.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. Sorry. What I think I was trying to understand is that are we seeing a meaningful shift in the value of what we are supplying because of the. And is it possible to quantify what that shift is for us in the value per vehicle because of the regulations kicking in?<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

So in the current business we are already with abs, basic ABS in all of the vehicles. So in some of these vehicles we have upgraded to esc. That delta increase is already impacting the current sales that we are having. When it now spreads across the complete vehicle portfolio platform, we would then look at a penetration increase going from the current stage to maybe completely covering the entire portfolio of vehicles. So there we will be looking to increase our value per vehicle in the ESC segment directly.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. Okay. And I think the next one is obviously, I know right now we’ve got some challenging macroeconomic conditions. It’s very hard to really forecast where things are at. But as the environment should stabilize, how are we thinking about the long term structural growth opportunity here? You know, are we looking at penetration LED growth? How are we sort of thinking about what the next two years look like under more normal geopolitical conditions.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

So on the focus areas, what we have, we have several products like we already spoke about the safety side of the things where we are looking at braking. There are also products under the efficiency portfolio. We also spoke about compressors with optimized power reduction feature. These all offer a fuel savings benefit to OEMs. And then also on the AMT where we see potential penetration increasing that will allow us to grow in the segment of offering more AMTs to market. And then there are some focus areas where we are looking at ESC as a growth for both the hydraulic as well as the pneumatic platforms.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Nishant Vas from 361Asset Management. Please go ahead.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Yeah, hi, I think thanks for the opportunity. My first question is on the export. Obviously there might have been some potential dispatch issues this quarter. Can you confirm on the export side were there any such challenges you face? That’s one. And second connected to the exports is obviously the US tariffs came in for and there have been some, obviously some push and pull and I think stabilization will OEM might have happened on the pricing side. So how does the US market shape up next year? That’s my second question.<\/p>\n

And lastly, from a medium term standpoint, obviously ZF has come through some restructuring in its own markets. They have, they’ve had long plans of larger sourcing from India. So can you give us an update in terms of where are, where is the group right now? Also considering the backdrop of high energy costs in Europe, probably some of the challenges would have come back to the fore on manufacturing. So where are you from a localization and Export Medium Term 2030 standpoint? Those are my takes.<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

Okay. I mean updating on the exports. What we see is a degrowth overall. We see a growth in Europe coupled with the degrowth in Americas as a trend. What we saw was a reduction or the gap in the supplies increasing compared to last quarters up to Q3, which is now catching up. So we still see a 2022 percent degrowth as compared to the same period in the last financial year predicting for next year we expect since we’re seeing this gap narrow down, what we would expect is an increase in the trend in the US markets as well for the Europe markets, of course.<\/p>\n

And whether that would really catch up to now two years back kind of volumes still to be seen because there’s still a 20% gap over<\/p>\n

Paramjit Singh Chadha<\/strong><\/p>\n

This vehicle production in the US market. We can see last four months there is an uptrend, uptrend which was going downtrend for many months. So I think that gives some hopes on this.<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

Yeah, that’s the next year’s cost with respect for sourcing from India. Continuous effort to localize and also maybe potentially introduce our suppliers to be able to supply directly to our factories in the Europe. But that’s not within the scope of our activity on the R and D cost. Projects are continuously evaluated and allocated to the R and D team in India. So we would see some expansion of the service revenues.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Okay. So as in the reason I’m asking this, I appreciate the fact that some of these decisions are at a parent level, but visibility obviously when programs have to be moved, typically in the, in this sector, typically it’s a 24 month lead lag for programs to move FY30 target that the parent put out. And I think Mr. Holger had reiterated that recently in his conversation with media. Somewhere down the road in the next 12, 24 months you should be seeing some of that. No, Right. Otherwise how are you going to meet us by 30 targets at a good survey from India?<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

So, okay, we are getting some new RFQs I would say and that’s, that’s ongoing. But what, what has been given out as a target for India’s growth very definitely stands so that that commitment is definitely there from the group to the country.<\/p>\n

Annamalai Jayaraj<\/strong><\/p>\n

Okay, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Pritesh Chiddha from Lucky Investments. Please go ahead.<\/p>\n

Shankar Venkatachalam<\/strong><\/p>\n

Sir, for FY26, if you could give the OE aftermarket and exports growth and the revenue number. I think what was given was for quarter four, right. 25, 21 and minus six. Yeah. Can you give for<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

OE growth was 17, 17 and a half percent aftermarket, 15 and a half. With export degree growth of 11%. Service income increased by 10%.<\/p>\n

Shankar Venkatachalam<\/strong><\/p>\n

Can you give the absolute number as well OE aftermarket and export?<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

Yeah. OE is 1978 crores aftermarket, 583 crores<\/p>\n

Shankar Venkatachalam<\/strong><\/p>\n

Exports<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

1025 with service income of 509.<\/p>\n

Shankar Venkatachalam<\/strong><\/p>\n

Okay. And the other part I missed was your guys gave the aluminum, copper and the metal content in the rm. What was that?<\/p>\n

Paramjit Singh Chadha<\/strong><\/p>\n

Aluminum also has some part of copper in this. It’s a aluminium alloy which because of this global, this is geopolitical situation. There has been a crisis of aluminium availability in the market in last quarter and that has also caused the increase in the price of aluminum and some more commodity. We talk more about aluminum because that is one of Our major raw material which we are using. So that is the update we are providing.<\/p>\n

Shankar Venkatachalam<\/strong><\/p>\n

And sir, one clarification. In the truck segment, the ESC which is being sold is a voluntary fit outs right now or. Or any particular category of CVs. The mandatory picked up<\/p>\n

Paramjit Singh Chadha<\/strong><\/p>\n

Oil. And yes,<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

As of now there is fitment happening voluntarily primarily in the pol. That is the petroleum and oil tanker segment where they see the application in the hazardous goods type of usage required environment.<\/p>\n

Shankar Venkatachalam<\/strong><\/p>\n

So there<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

We see a voluntary fitment. The regulation kicks in from 2024.<\/p>\n

Shankar Venkatachalam<\/strong><\/p>\n

Okay. Just for the classification. So the first deliveries for us which is Monday, which. Which is as per the mandated 2027 should begin from which quarters.<\/p>\n

Paramjit Singh Chadha<\/strong><\/p>\n

October. October 27th.<\/p>\n

Shankar Venkatachalam<\/strong><\/p>\n

Okay. Okay. Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Darshan Bandharker from Bunyan Tree Advisors. Please go ahead.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Hello. Thank you for taking my question. Could you share Q3FY26 and Q4FY26 quarterly average content per vehicle for our OEM segment. So the Q4 you’re referring the Q4 financial year 26 versus the previous year or what is it that you are. No, no.<\/p>\n

Ankur Shah<\/strong><\/p>\n

Q3FY26 versus Q4FY26<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

QoQ trend. So the Q3 FY26 we saw a value per vehicle of approximately 45 and a half K. And in the Q4 it was around 40.39.5. Yeah,<\/p>\n

Ankur Shah<\/strong><\/p>\n

Because<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

There is a. Yeah. There were some one timers that happened in the close of the previous quarter. Those are the ones that contributed to this delta increase in the value content per vehicle in October to December. Okay. Whereas those were nullified in the waterfall.<\/p>\n

Shankar Venkatachalam<\/strong><\/p>\n

What were those? Can you please<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Point out that. Could you please repeat the question? What were the. What.<\/p>\n

Shankar Venkatachalam<\/strong><\/p>\n

What was the one off in last quarter?<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

It was related to certain selling price variances that we got from customers. Those were some one timers that were got in the close of the quarter that led to the increase in value per vehicle which was recorded as part of the sales that was<\/p>\n

Paramjit Singh Chadha<\/strong><\/p>\n

Retrospectively<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Realized in the quarter. 3.<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

If you remove those one timers you would be more or less flattish on the value per vehicle.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Okay, sure. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Thank you. Next question is from the line of Lakshmi Narayan from Tunga Investments. Please go ahead.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Yeah, two questions. One is that we are seeing an increase in the tonnage of vehicles. In addition to it, there is also a movement of multi axle towards tractor trailers. Now in these two accounts, either when the tonnage increases, whether the component which you are actually placing in the vehicle does it also increase in terms of value as the tonnage increases or it is, it is the same whether the tonnage<\/p>\n

Ankur Shah<\/strong><\/p>\n

Is X or even X plus Y.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

There are. The tonnage increase is directly proportional to the number of axles that are there at the vehicle level. So when you talk about a multi axle, we have different configurations. We have 4 by 2, we have 6 by 4, 8 by 2, 10 by 2 and so on. So these multiple configurations which are there, those are the ones that contribute to any kind of increase in our content per vehicle. Because each axle we have the components that are fitted. Maybe it’s an actuator, maybe it’s a wheel speed sensor, maybe it’s the foundation brake side of things.<\/p>\n

So these are all the contributing factors to contributing to an increase in the content per vehicle. So the basic tonnage increase doesn’t really add that much of a value except for the fact that maybe the customer may switch to a higher duty compressor whereas a lighter duty compressor from maybe an ICV to a M and HCV segment. That’s the kind of a difference we would see.<\/p>\n

Ankur Shah<\/strong><\/p>\n

Got it, Got it. And the other question is that there has<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Been free trade agreement between India and UK for India and Europe and Europe. Now what does that mean for our exports? Does it actually enhance visibility and also gives better value proposition for us in the relevant markets?<\/p>\n

Paramjit Singh Chadha<\/strong><\/p>\n

Yeah, I think this is already if you see announced but it is in the draft stage and it may take some more time, maybe about one or two more years to get it finalized. And that also will have a slow ramp up. Definitely whenever it is implemented we will definitely have advantage because we have many plants across Europe and there will be better competitiveness from India to Europe and vice versa.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Okay sir, if I look at our Chennai facility for exports, we have a large land and we always had a large plan for exports to the U.S. Markets. And we also can add with higher level of automation and and modularity in terms of manufacturing. Now there has been some kind of slowdown the last one year in terms of the US markets driven by uncertainty in tariffs. Now is it fair to assume that everything is behind and that we are in a perfect launch mode in terms of enhancing or<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

I<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Mean leaving the<\/p>\n

Sweta Agarwal<\/strong><\/p>\n

Current<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Gulf crisis. Is there a possibility that it can be can give a good tailwind for our<\/p>\n

Ankur Shah<\/strong><\/p>\n

Revenue<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

And therefore margins as we step into the next three years?<\/p>\n

Paramjit Singh Chadha<\/strong><\/p>\n

Yeah, I think it’s a very difficult question to answer. But looking at ZF focus for India, we are definitely exploring more. RFP are coming to us for quoting for export From India and not only Mahindra World City, we have a big plant in Oraganam Mahinda World City. I would say the overall plant utilization is at almost peak level and further expansions we will be doing in Oragaram.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Got it, Got it. So you are saying that it’s. Is it. If I understand right, it’s still uncertain and in terms of the. In terms of the Paris or it is uncertain because of the Gulf crisis.<\/p>\n

Paramjit Singh Chadha<\/strong><\/p>\n

Gulf crisis. I would say tariff, I think now it is getting tapered on as we said that our sales is almost 50, 50 I would say for America and Europe and overall if you see it is minus 11% in spite of tariff in place for many months now. So that way I would say that effect of tariff is tapering down slowly.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Got it. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, due to time constraint we will take this as the last question for the day. I now hand the conference over to the management for the closing comments.<\/p>\n

Paramjit Singh Chadha<\/strong><\/p>\n

Yeah, so on closing comment I would say that when we see this quarter, after having a very good quarter of last year, April volumes are also better as compared to if we see comparing with the previous years with no special aspects and even May volumes are looking good. Whereas generally first month of the year is not so high volume historically. So we do see a good quarter this year also. And only aspect of geopolitical situation we have to closely watch and ensure that we in case of any issue we do the flexing of our costs.<\/p>\n

So with that I would like to thank all for giving the support to have this historical performance and we will continue to improve our efficiencies and ensure that we continue to monitor our overall performance. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much sir. On behalf of 361 Capital Market Private Limited, that concludes this conference. Thank you all for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. ZF Commercial Vehicle Control Systems India Limited (NSE: ZFCVINDIA) Q1 2026 Earnings Call dated May. 15, 2026 Corporate Participants: Annamalai Jayaraj \u2014 Vice President Paramjit Singh Chadha \u2014 Managing Director Shankar Venkatachalam \u2014 Head of […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":180512,"url":"https:\/\/alphastreet.com\/india\/zf-commercial-vehicle-india-reports-11-7-rise-in-q3-consolidated-revenue\/","url_meta":{"origin":183107,"position":0},"title":"ZF Commercial Vehicle India Reports 11.7% Rise in Q3 Consolidated Revenue","author":"Staff Correspondent","date":"February 12, 2026","format":false,"excerpt":"The Chennai-based automotive component manufacturer recorded growth in quarterly profit after tax despite a one-time exceptional charge related to new labor regulations. 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