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ZF Commercial Vehicle Q3 Results Review - Exports Impact Overall Growth; Positives Priced In: ICICI Securities

Downgrade to 'Reduce' (from 'Hold') with a discounted cash flow -based target price of Rs 14,003 (earlier Rs 14,903), implying 43 times FY26E earning per share.

<div class="paragraphs"><p>The next level steering wheels by ZF India Ltd. (Source: Company website)</p></div>
The next level steering wheels by ZF India Ltd. (Source: Company website)
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