ZF Commercial Vehicle Control Systems India Limited — Investor Meet, 17-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

ZF Commercial Vehicle Control Systems India reported Q3 FY26 consolidated revenue of INR 1,105 Cr (+12.8% YoY) and PAT of INR 140.2 Cr (+11.7% YoY), driven by strong operating performance and 20% EBITDA margin. The company outperformed the CV market, with sales up 28.1% vs. market growth of 20.6%. Key drivers included high EV bus production, increased market share, and rising ESC penetration. Aftermarket sales grew 19.2% to INR 158 Cr, while exports declined 10.9% due to US market weakness, though EU market improved. Strategic focus includes localizing ECAS for upcoming low-floor bus mandates and advanced discussions for ADAS, though pricing remains competitive. Management is confident on sustained growth, backed by infrastructure push and India-EU FTA.