Quarter summary

• Successful pivot towards high-value 4W products, evidenced by a new Technical Assistance Agreement for 4W suspension and significant new casting/brake orders from Tata Motors and Mahindra.
• Resilience in the European segment through astute management of energy costs and aggressive capture of market share from competitors during a period of regional stagnation.

Rationale

• Consolidated PAT grew 21.1% YoY (₹1.84B), significantly outstripping consolidated revenue growth of 11.3% (₹28.8B), reflecting strong operating leverage and cost control.
• Exceptional outperformance in the European market where subsidiaries grew revenue by 16.1% YTD despite a 0.4% decline in regional car sales; Q3 European EBITDA grew 27.4% YoY.

Quarter summary

• Full strategic pivot towards 4-wheelers and EV components with the SOP of the AURIC Shendra casting plant (Rs. 2.75bn order book) and new battery pack facility.
• Operational excellence in Europe, defying regional headwinds through premium OEM relationships (BMW, VW, JLR) and non-auto diversification.

Rationale

• Exceptional order book execution with Rs. 11.99 billion in total India wins for FY25 (excluding Bajaj), of which Rs. 10.82 billion is new business, providing high revenue visibility for FY26-27.
• Strategic pivot toward high-value segments is materializing: 37% of FY25 new orders are for EVs (Rs. 4.39 billion) and 34% for the 4-wheeler segment, including a major Rs. 3 billion per annum battery pack order starting SOP in Jan 2026.

Quarter summary

• Transformation from a 2W/3W component player to a diversified EV and 4W supplier, evidenced by breakthrough orders with Tata Motors and JLR.
• Aggressive capacity expansion in high-growth areas including a new 3.6m unit alloy wheel plant and the AURIC Shendra die-casting facility.

Rationale

• Material regulatory tailwind from the proposed MoRTH mandate for 100% ABS on >50cc 2Ws by Jan 2026; Endurance is the only domestic player in this domain and is expanding capacity from 0.64m to 3m+ units to capture a projected 10x market opportunity.
• Significant outperformance vs. industry: Standalone revenue grew 10.1% YoY despite 2W industry volumes declining 1.6% (SIAM), driven by increased content per vehicle and market share gains in brakes and suspensions with TVS, Hero, and Suzuki.

Quarter summary

• Aggressive diversification into the EV ecosystem with the commencement of battery pack manufacturing (SOP Jan 2026) and record H1 turnover at Maxwell (BMS) of ₹74 Cr.
• Major capacity ramp-up in the South India market via a new Chennai plant for disc brakes (3 million units) to better serve TVS, Yamaha, and Royal Enfield.

Rationale

• Strong top-line outperformance with consolidated revenue growing 22.6% YoY to ₹3,603.8 Cr, significantly ahead of the domestic 2W industry growth of 10.3%.
• Massive strategic pivot toward high-value electronics and safety; ABS capacity is being expanded five-fold to 2.4 million units p.a., and the EV order book (including Bajaj) has reached ₹1,195 Cr per annum.