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.

• PAT grew 11.7% year-over-year to INR 140.2 crore, with a PAT margin of 12.7%.

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

• 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.

Financial highlights

• EBITDA margin reached 20% on total sales.

• Standalone revenue from operations for Q3 FY26 was ₹105,765.40 lakhs, up from ₹95,588.98 lakhs in Q3 FY25.

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

• Profit before tax (before exceptional items) was INR 194.5 crore; after INR 7.9 crore exceptional impact, PBT was INR 186.5 crore (16.9% of revenue).

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

Outlook and guidance

• Positive industry outlook driven by infrastructure spending, GST reforms, and government incentives.

• Anticipates continued growth in heavy-duty trucks and electric buses, supported by regulatory changes and localization efforts.

• Exports expected to recover with EU FTA and potential U.S. tariff reductions.

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