ZF Commercial Vehicle India - New Tech Offerings To Ensure Industry Leading Growth: ICICI Direct

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ICICI Direct Report

ZF Commercial Vehicle Control Systems India Ltd. (erstwhile Wabco India Ltd.), now part of the ZF Group, is the market leader in the commercial vehicle braking space and a technology-focused complete solutions provider.

Key Highlights:

• The company is a key beneficiary of the ongoing CV cyclical upswing amid greater infra spends by the government with annual year-to-date wholesales at market leader Tata Motors Ltd. up ~60% YoY in FY23E and August 2022 wholesales witnessing month-on-month recovery especially in the medium and heavy commercial vehicle truck space.

• With FY22 being the first year of the upcycle, considerable double digit M&HCV volume growth is expected over FY23E, FY24E with industry volumes seen surpassing their FY19 peak some time in FY25E.

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