Endurance Technologies (ENDURANCE) Q1 24/25 earnings summary

Executive summary

• Consolidated net income for Q1 FY25 grew 15.9% year-over-year to INR 28,593 million, with EBITDA up 28.8% and PAT up 24.68% to INR 2,038 million, including a Maharashtra State megaproject incentive of INR 227 million.

• Standalone income rose 16.26% year-over-year to INR 21,346 million, with EBITDA up 19.74% and PAT up 24.76% to INR 1,628 million; company remains net cash positive.

• 74.8% of consolidated income came from India, 25.2% from Europe; significant new business wins from multiple OEMs, including electric vehicle (EV) orders.

• EBITDA margin improved in both India and Europe, with consolidated margin at 14.3%.

• PAT rose 24.7% year-over-year to INR 2,038 million, reflecting robust operational performance.

Financial highlights

• Standalone EBITDA margin at 13.5%, Europe EBITDA margin at 16.5%, and consolidated margin at 14.3%.

• Net cash position of INR 6,127 million consolidated and INR 5,818 million standalone; negative net debt supports self-funded growth.

• European sales, including tooling, grew 16.8% in euro terms; Q1 European revenue at EUR 80.3 million, EBITDA at EUR 13.3 million (16.5% margin), net profit at EUR 4.9 million (6.1% margin).

• Maxwell reported negative EBITDA and PAT, with Q1 FY25 EBITDA at Rs. -42 million and PAT at Rs. -66 million.

• Other income (consolidated) increased to ₹338.80 million in Q1 FY25 from ₹165.87 million in Q1 FY24.

Outlook and guidance

• Targeting increase in four-wheeler share of consolidated business from 25% to 30%-45% by FY 2030, with focus on aluminum die castings, premium bikes, and EV components.

• Aftermarket sales in India targeted to reach 10% of sales by FY 2028; Q1 FY25 aftermarket sales grew 14.94% year-over-year.

• Order book expected to be boosted by Rs. 17.7 billion of RFQs under discussion.

• Ongoing focus on organic and inorganic growth, technology upgrades, and environmental sustainability, aiming for over 50% carbon neutrality by FY 2030.

• Expansion projects underway in India and Europe, including new capacity for alloy wheels, BMS, and machined aluminum castings.