NSE: ENDURANCE · BSE: 540153
ENDURANCE TECHNO. LTD.
Supplies aluminium die-castings, braking systems, inverted front forks, driveshafts and lithium-ion battery packs to automotive OEMs. In India, the standalone business earned total income of ₹10,696 crore in FY26 and serves two-wheeler OEMs (Bajaj, Honda, Royal Enfield, TVS) with ABS units, front forks and driveshafts; of ₹1,596 crore in India order wins during FY26, ₹743 crore came from 4W and non-auto customers, with 4W now around 6% of revenue and targeted to reach 10%. Four greenfield facilities are ramping: AURIC Bidkin aluminium wheel plant (~₹600 crore peak annual sales by Q3/Q4 FY27), AURIC Shendra for 4W EV castings with ₹513 crore peak annual orders from a US EV OEM, JLR, Valeo and Yazaki, a lithium-ion battery pack plant at Mindewadi, Pune (initial ~26,000 packs per month, expandable to ~35,000), and a Chennai disc brake plant for Royal Enfield. European operations, including Italian subsidiaries and Stöferle GmbH (Germany, stake raised to 68%), generated €391.7 million in FY26 revenue and recorded a 20.5% Q4 EBITDA margin. EV business including Maxwell and battery packs is targeted at ₹1,724 crore per annum at peak. Materials at 57.6% of revenue (aluminium, steel) and energy costs are the largest cost drivers, with raw material inflation of ₹160 crore in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India auto components (2W and 4W), Europe operations, EV business (battery packs and Maxwell), Aftermarket. Cyclical, asset-heavy auto components manufacturer with a growing EV-adjacent product line.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7,549 | 8,804 | 10,241 | 11,561 | 14,596 |
| EBITDA (ex other income) | 933 | 1,026 | 1,328 | 1,563 | 1,945 |
| margin % | 12.4 | 11.7 | 13.0 | 13.5 | 13.3 |
| Owners' profit | 461 | 480 | 680 | 836 | 952 |
| EPS, as reported (₹) | 32.75 | 34.09 | 48.38 | 59.46 | 67.66 |
| ROE % · ROCE % | 11.8 · 14.1 | 10.9 · 13.3 | 13.7 · 16.6 | 14.6 · 17.7 | 13.9 · 16.3 |
| Debt / equity (x) | 0.11 | 0.12 | 0.15 | 0.17 | 0.19 |
| Cash from operations | 742 | 862 | 1,057 | 1,532 | 1,851 |
| Capex | (529) | (636) | (835) | (1,053) | (1,296) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,913 | 2,859 | 2,963 | 3,319 | 3,583 | 3,608 | 4,086 | 4,315 |
| Profit before tax | 266 | 247 | 314 | 302 | 304 | 301 | 371 | 330 |
| Net profit | 203 | 184 | 245 | 226 | 227 | 222 | 276 | 245 |
| EPS (₹) | 14.43 | 13.11 | 17.43 | 16.09 | 16.16 | 15.76 | 19.65 | 17.38 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. ◆ | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.5 | 25.3 | 75 of 119 | 37% |
| P/B | 4.8 | 3.2 | 82 of 117 | 29% |
| ROCE | 15.6 | 12.6 | 45 of 125 | 65% |
| ROE | 13.9 | 11.7 | 46 of 117 | 61% |
| Debt / Equity | 0.2 | 0.3 | 51 of 117 | 57% |
| EBITDA margin | 13.2 | 12.2 | 51 of 118 | 57% |
| Revenue growth | 30.0 | 20.2 | 29 of 113 | 75% |
| Profit growth | 8.0 | 24.4 | 74 of 115 | 36% |
| Market cap | 32484 | 1460 | 8 of 126 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Endurance Technologies to meet HDFC Mutual Fund on 4 November 2026 | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Investor call scheduled for Q2 FY27 results on 4 November 2026 | board shareholder meetings | low | — | — |
| 6 Oct 2026 · Endurance Tech acquires Italian aluminium die-casting firm Fondalpress | strategic transactions | high | — | — |
| 29 Sept 2026 · Endurance Tech unit buys remaining 32% stake in Stoeferle entities for EUR 18M | strategic transactions | high | — | — |
| 25 Sept 2026 · Endurance Technologies begins production at new AURIC Shendra plant | capex operations | high | — | — |
| 25 Sept 2026 · Commences production at AURIC Shendra aluminium die casting plant | capex operations | high | — | — |
| 24 Sept 2026 · Board meeting on 3 Nov for Q2 FY27 results; trading window closed from 1 Oct | compliance | minimal | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Board meeting on 3 Nov to approve September quarter results | results | low | — | — |
| 15 Sept 2026 · Endurance Tech to meet Pictet Asset Management on 18 Sept 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.