Highlights Demand outlook continues to be encouraging ZFCV continues to outperform the industry due to its new products Favourable input costs and operating leverage to boost operating margin New products to increase content per vehicle which will aid top line Valuation at a discount to long-term multiple, accumulate it for the long term ZF Commercial Vehicle Control Systems India (ZFCV; CMP: Rs 10,132; M Cap: Rs 19,220 crore) is one of the leading players in the auto ancillary pack, a market leader in the CV...