Endurance Technologies Limited — PPTs, 15-05-2025: Investor Presentation

1. Financial Highlights:

Endurance Technologies reported consolidated total income of Rs. 11,677 Cr in FY25, up 13.1% YoY, outperforming a slight decline in EU new car registrations. Standalone revenue grew 12.5% YoY to Rs. 8,913 Cr. EBITDA margin held steady with slight improvement at 14.3% (standalone and consolidated). Consolidated PAT rose to Rs. 837 Cr from Rs. 681 Cr YoY. Europe business showed margin expansion, while Maxwell (61.5% stake) significantly narrowed losses. Net debt was negative Rs. 860 Cr, supporting self-funded growth.

2. Strategic Initiatives & Growth Drivers:

Aggressive capacity expansion underway, with alloy wheels output rising by 1 million units at Chakan and a new 3.6-million wheel greenfield plant starting FY26 at Auric Bidkin. Production of machined castings for EV and petrol models began at Waluj and Pantnagar. Capex is focused on brake assemblies, aluminium casting/forging, suspensions, and SMT lines. A new technology partnership with a Korean firm targets advancements in 4W suspensions and struts.

3. Business Developments:

Endurance acquired 100% of Ingenia Automation (Italy) and increased stake in German Stöferle to 60%, aiming for full ownership in 5 years. New machining lines in Italy are in prod ramp-up. Maxwell stake increased to 61.5%, with full consolidation expected by May 2025. The company secured Rs. 1,260 Cr of new orders in India (excluding Bajaj Auto) and €40.2 million in Europe. New OEM wins include suspension, brakes, and clutches orders from HMCL, HMSI, TVS, and RE.

4. Market Position & Competitive Advantage:

Strong OEM relations and scale underpin a diversified portfolio: suspension (33%), die casting (30%), disc brakes (14.7%), alloy wheels (9.9%), and transmissions. India accounts for ~76% of revenues, Europe 23%, Maxwell 0.6%. Positioned well in EV growth with Rs. 1,020 Cr peak-volume orders in India and over 40% of European orders tied to EV/hybrid applications. This mix and pipeline provide resilience in the industry transition.

5. Investor Implications:

Strong order wins and focused capacity expansion in EV and premium European markets support positive growth potential. Margin stability amid metal price pressure and self-funded capex highlight operational strength. Execution of capacity ramps, acquired entity integration, and Europe’s ICE volume shifts are key risks to monitor. Growth prospects in EV components and telematics offer promising upside.