Company Update : Endurance Technologies Ltd by Motilal Oswal Financial Services Ltd
Earnings in line with estimates
* Consolidated revenue grew 26% YoY to INR36b (in line), led by a 23% YoY growth in the Indian business and the Stoferle acquisition.
* Europe’s revenue growth stood at 40% YoY in INR terms and 21% YoY in EUR terms (in line).
* Consolidated margins were in line with estimates at 13.2%. As a result, EBITDA grew 28% YoY to INR4.8b (in line).
* Standalone margins remained stable YoY at 12.4% and were ahead of our estimate of 11.7%.
* Europe margins were also largely in line with our estimate at 18%.
* The company recorded an exceptional expense of INR210m on account of labor code changes. Adjusted for this, consolidated PAT grew 29% YoY to INR2.3b (in line).
* The AURIC Shendra project SOP for machined castings in 4W and the non-auto segment was delayed from 4QFY26 to 2QFY27.
* The company is also setting up a new facility at the Sanand plant to cater to volume orders from Solar damper and actuators, the SOP for which is expected in 1QFY27.
From the investor presentation
India
* 9M order wins in India stood at INR12.8b (excl. Bajaj Auto), including INR3.0b for battery packs and INR450m for Maxwell.
* 4W and non-auto formed 57% of business wins in the Indian business in 9MFY26, including the first PV proprietary orders – foundational brakes and driveshafts.
* Cumulative EV orders (excl. battery packs) in India reached INR12.4b, including Bajaj Auto, with FY26 YTD EV orders forming ~24% of total wins, vs. 49% in FY25 and 5% in FY24, highlighting a steady EV order pipeline.
Europe
* 9M Europe order wins stood at EUR15m, taking the cumulative fiveyear order book to EUR244m.
* Of these, EUR94m of orders (39%) are for EV and EUR111m (45%) for hybrid applications.
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