ZF Steering Gear (I)

₹1112.9 7.2 | 0.6%

WEBSITE BSE:505163 NSE : ZF STEERING 18 May, 12:50

Market Cap ₹1010 Cr.

Stock P/E 22.2

P/B 2.2

Current Price ₹1112.9

Book Value ₹ 495.6

Face Value 10

52W High ₹1125

Dividend Yield 0.45%

52W Low ₹ 581

Edit Ratio

ZF Steering Gear (I) Research see more...

EQUITY RESEARCH: ZF STEERING GEAR (INDIA) LTD.

Overview Inc. Year: 1981Industry: Auto Ancillary

Z F Steering Gear (India) Ltd is engaged in the enterprise of manufacturing and assembling of steering structures for vehicles, buses and tractors. The Company is mainly engaged in the production of automobile factor (steerage tools) and renewable energy (solar and wind energy). The Company's segments consist of Auto Component and Renewable Energy. The Company's product variety includes steering systems, vane pumps, pump pulleys, oil reservoirs, steering & pump mounting brackets, steering columns, intermediate shafts, universal joints, bevel gears containers and power steering oil dexron II. The Company's five mega-watt (MW) solar power challenge is positioned at Gujarat Solar Park. The Company operates approximately seven wind turbine machines, that are located in districts of Satara and Ahmednagar, which have an aggregated capacity of about 6.7 megawatts. The Company has plant at Vadu Budruk, close to Pune for manufacturing and assembling of steerage systems and add-ons.

ZF Steering Gear (I) Share Price

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Peer Comparison

ZF Steering Gear (I) Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	70	85	105	110	106	109	125	121	119	114
Other Income	8	4	3	-3	4	4	8	7	6	13
Total Income	78	90	108	108	110	113	133	128	125	126
Total Expenditure	62	74	89	92	95	98	109	102	106	103
Operating Profit	15	16	19	15	15	15	24	25	19	23
Interest	0	0	0	0	0	0	0	0	0	0
Depreciation	8	8	8	7	8	8	9	8	8	8
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	7	8	11	8	7	6	14	17	11	14
Provision for Tax	2	2	8	4	2	2	4	6	-2	3
Profit After Tax	6	6	3	5	5	4	10	12	13	11
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	6	6	3	5	5	4	10	12	13	11
Adjusted Earnings Per Share	6.3	6.3	3.3	5.3	5.9	4.7	11.1	12.9	13.8	12.4

ZF Steering Gear (I) Profit & Loss

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2023	TTM
Net Sales	351	424	399	425	439	450	479
Other Income	10	6	12	10	11	13	34
Total Income	361	430	410	434	450	464	512
Total Expenditure	305	360	317	336	364	395	420
Operating Profit	56	70	94	98	86	69	91
Interest	1	2	2	3	2	1	0
Depreciation	27	31	28	33	31	32	33
Exceptional Income / Expenses	0	0	0	0	0	0	0
Profit Before Tax	28	38	63	61	53	36	56
Provision for Tax	7	12	13	14	-12	12	11
Profit After Tax	21	25	50	47	66	25	46
Adjustments	0	0	-18	-4	-22	0	0
Profit After Adjustments	21	25	31	43	44	25	46
Adjusted Earnings Per Share	22.8	28	34.5	47.6	48.3	27.1	50.2

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	3%	4%	5%	0%
Operating Profit CAGR	-20%	-10%	4%	0%
PAT CAGR	-62%	-21%	4%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	80%	37%	18%	13%
ROE Average	7%	15%	15%	14%
ROCE Average	9%	14%	16%	16%

ZF Steering Gear (I) Balance Sheet

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2023
Shareholder's Funds	212	224	264	301	335	419
Minority's Interest	0	0	0	0	0	0
Borrowings	10	8	16	15	21	2
Other Non-Current Liabilities	9	5	20	20	-10	12
Total Current Liabilities	87	100	105	114	96	84
Total Liabilities	317	337	404	449	443	516
Fixed Assets	125	131	120	105	111	157
Other Non-Current Assets	66	87	151	192	195	187
Total Current Assets	123	119	133	152	137	172
Total Assets	317	337	404	449	443	516

ZF Steering Gear (I) Cash Flow

#(Fig in Cr.)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2023
Opening Cash & Cash Equivalents	14	14	2	2	4	2
Cash Flow from Operating Activities	48	51	63	68	72	49
Cash Flow from Investing Activities	-37	-43	-47	-55	-42	-63
Cash Flow from Financing Activities	-2	-14	-16	-10	-29	12
Net Cash Inflow / Outflow	9	-6	-0	2	1	-2
Closing Cash & Cash Equivalent	23	7	2	4	6	0

ZF Steering Gear (I) Ratios

#	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2023
Earnings Per Share (Rs)	22.78	27.97	34.52	47.65	48.35	27.06
CEPS(Rs)	52.95	61.68	85.49	88.58	106.44	62.54
DPS(Rs)	10	12.5	8	8	0	5
Book NAV/Share(Rs)	230.31	246.62	291.33	331.25	369.56	461.61
Core EBITDA Margin(%)	11.75	13.46	18.33	20.25	17.11	12.41
EBIT Margin(%)	7.32	8.34	14.7	14.83	12.53	8.22
Pre Tax Margin(%)	7.1	7.96	14.14	14.09	12.09	8.06
PAT Margin (%)	5.26	5.34	11.13	10.81	14.92	5.45
Cash Profit Margin (%)	12.22	11.77	17.36	18.45	21.98	12.59
ROA(%)	6.51	7.75	13.41	11.03	14.7	5.12
ROE(%)	9.89	11.73	20.37	16.66	20.62	6.51
ROCE(%)	12.43	16.17	22.44	18.7	14.78	8.84
Receivable days	54.85	47.75	57.81	70.59	70.4	74.58
Inventory Days	30.56	23.93	27.99	33.02	33.21	39.87
Payable days	74.67	67.66	76.59	70.8	62.2	48.07
PER(x)	44.52	52.41	38.51	21.42	14.84	15.75
Price/Book(x)	4.4	5.94	4.56	3.08	1.94	0.92
Dividend Yield(%)	0.99	0.85	0.6	0.78	0	1.17
EV/Net Sales(x)	2.64	3.2	3.18	2.32	1.57	0.94
EV/Core EBITDA(x)	16.54	19.33	13.54	10.06	8.02	6.13
Net Sales Growth(%)	0	20.7	-5.94	6.45	3.5	2.5
EBIT Growth(%)	0	37.69	65.73	-1.64	-14.74	-32.77
PAT Growth(%)	0	22.78	95.94	-5.33	39.26	-62.56
EPS Growth(%)	0	22.78	23.42	38.04	1.47	-44.04
Debt/Equity(x)	0.11	0.16	0.24	0.21	0.14	0.09
Current Ratio(x)	1.42	1.19	1.27	1.34	1.42	2.05
Quick Ratio(x)	1.04	0.9	0.9	0.99	1	1.36
Interest Cover(x)	33.78	22.41	26.42	20.07	28.36	51.42
Total Debt/Mcap(x)	0.02	0.03	0.05	0.07	0.07	0.1

ZF Steering Gear (I) Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	67.43	67.43	67.43	67.41	67.41	67.31	67.18	67.18	67.18	67.17
FII	0	0	0	0	0	0	0	0	0	0
DII	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.02	0.02
Public	32.56	32.56	32.56	32.58	32.58	32.68	32.81	32.81	32.8	32.82
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	0.61	0.61	0.61	0.61	0.61	0.61	0.61	0.61	0.61	0.61
FII	0	0	0	0	0	0	0	0	0	0
DII	0	0	0	0	0	0	0	0	0	0
Public	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
Others	0	0	0	0	0	0	0	0	0	0
Total	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91	0.91

Pros

Debtor days have improved from 62.2 to 48.07days.
Company has reduced debt.
Company is almost debt free.

Cons

The company has delivered a poor profit growth of 3% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.