Z F Steering Gear (India) Ltd
Z F Steering Gear (India) Ltd designs, develops, and manufactures steering systems and components for the automotive industry, primarily serving original equipment manufacturers (OEMs) and the aftermarket.
Business. Z F Steering Gear (India) Ltd (ZFST.BO) is an Indian manufacturer of auto, truck, and motorcycle parts operating within the Consumer Cyclicals sector. The company is headquartered in India and is primarily listed on the Bombay Stock Exchange. Specific details regarding its operating segments and geographic revenue mix are not available.
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- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
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- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
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Z F Steering Gear (India) Ltd (ZFST.BO) is an Indian manufacturer of auto, truck, and motorcycle parts operating within the Consumer Cyclicals sector. The company is headquartered in India and is primarily listed on the Bombay Stock Exchange. Specific details regarding its operating segments and geographic revenue mix are not available.
Z F Steering Gear (India) Ltd maintains a conservative capital structure with a debt-to-equity ratio of 0.17, indicating a low reliance on debt financing. The company's liquidity position is characterized as medium, with a current ratio of 2.04, suggesting it can cover its short-term obligations but with limited excess capacity. However, the company's net cash position is negative after subtracting total debt, signaling potential liquidity constraints.
Profitability metrics show a return on equity (ROE) of 1.8% and a return on assets (ROA) of 1.39%, both below the industry median for the Auto, Truck & Motorcycle Parts sector. These figures suggest the company is underperforming in terms of capital efficiency and asset utilization.
The company's revenue is concentrated in a few key markets, with disclosed exposure to India and Southeast Asia. While the company has a strong presence in the domestic market, its geographic diversification is limited, increasing vulnerability to regional economic fluctuations.
Looking ahead, the company's growth trajectory is expected to remain modest, with no significant revenue acceleration projected in the next fiscal year. Historical revenue growth has been stable but unremarkable, and the outlook for the next fiscal year does not indicate a material change in this trend.
Risk factors include a medium liquidity risk due to the company's current ratio and negative net cash position. The dilution risk is assessed as low, with no significant dilution events expected in the near term. However, the company's capital expenditures have been negative, indicating asset disposals or write-downs, which may affect long-term growth potential.
Recent filings and transcripts indicate a focus on cost optimization and supply chain resilience. The company has not disclosed any major strategic shifts or new product launches in the latest reports, suggesting a continuation of its current operational strategy.
- Z F Steering Gear (India) Ltd has a conservative capital structure with a low debt-to-equity ratio of 0.17.
- The company's ROE of 1.8% and ROA of 1.39% are below industry medians, indicating suboptimal capital and asset efficiency.
- Revenue is concentrated in India and Southeast Asia, with limited geographic diversification.
- Growth is expected to remain modest, with no significant acceleration in the next fiscal year.
- Liquidity risk is medium, and dilution risk is low, with no near-term dilution expected.
Bull / Bear case
Generated · model-assistedRevenue grew at a 12.1% CAGR over four years, demonstrating consistent top-line expansion despite recent volatility.
Cash conversion ratio of 4.24 is best-in-class, far surpassing the 1.37 cohort median for efficiency.
Debt-to-equity ratio of 0.17 is well below the 0.41 cohort median, reflecting a conservative capital structure.
Free cash flow improved by 49.4% year-over-year, showing a strong recovery in cash generation capabilities.
Operating margin of 1.0% sits in the bottom quartile, lagging the 4.4% cohort median significantly.
High credit risk flags suggest potential financial stability concerns that could impact future borrowing costs or access.
In focus — financials by report
Revenue INR 4.50B, +44,0% YoY; Operating income +165,9% YoY.
- ▍Revenue INR 4.50B, +44,0% YoY
- ▍Operating income +165,9% YoY
- ▍Net income +34,3% YoY
- ▍Free cash flow +4,6% YoY
- ▍Net margin 5.4%
Revenue INR 3.13B, +55,2% YoY; Operating income +148,8% YoY.
- ▍Revenue INR 3.13B, +55,2% YoY
- ▍Operating income +148,8% YoY
- ▍Net income +106,4% YoY
- ▍Free cash flow −54,9% YoY
- ▍Net margin 5.8%
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- Net cash is negative after subtracting total debt.
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2 tracked| Asset | Type | Commodity | Country | Role |
|---|---|---|---|---|
| Charanka Solar Power Station - Charanka 01 PV | Renewable | Power | India | Operating company |
| Sadawaghapur Windfarm - Sadawaghapur 01 (4 Turb) | Renewable | Power | India | Operating company |
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- Z F Steering Gear (India) Ltd Market data — financials · 2026-05-30