Endurance Technologies (ENDURANCE) Q1 25/26 earnings summary

Executive summary

• Achieved consolidated total income of INR 3,355 crore in Q1 FY26, up 17.3% year-over-year, with EBITDA up 17.5% to INR 480 crore and PAT up 11% to INR 226 crore, driven by growth in India and Europe despite declines in Indian 2W and EU car sales.

• Significant business wins in India (INR 560 crore) and Europe (EUR 1.7 million), with robust order pipeline and new product launches in EV and hybrid segments.

• Expansion projects underway, including new plants for machined castings, lithium-ion battery packs, alloy wheels, and disc brakes, with SOPs expected in FY26.

• Major strategic focus on ABS and disc brake expansion, battery pack manufacturing, and new product launches for both ICE and EV segments.

• Unaudited standalone and consolidated financial results for the quarter ended 30th June 2025 were approved by the Board on 13th August 2025.

Financial highlights

• Standalone total income grew 10.1% year-over-year to INR 2,351 crore; Europe income rose 39% to INR 1,002 crore; Maxwell income surged to INR 31 crore.

• Consolidated EBITDA increased 17.5% year-over-year to INR 480 crore, with margin stable at 14.3%.

• Consolidated PAT rose 11% to INR 226 crore; Europe PAT up 42% to INR 62 crore; Maxwell reduced losses to INR 2 crore.

• Standalone PAT at INR 166 crore (7.1% margin) vs INR 163 crore (7.6%) in Q1 FY25.

• Rs 33 crore incentive booked in Q1 FY26.

Outlook and guidance

• ABS regulatory changes in India expected to increase demand fivefold, with a tenfold capacity increase targeted by March 2026.

• CapEx for FY26 in India expected to exceed INR 800 crore, with Europe CapEx capped at EUR 20 million.

• Order book expected to grow further with INR 3,225 crore of RFQs under discussion.

• ICE revenue share in Europe projected to decline to 25% by FY28 as EV and hybrid orders increase.

• Ongoing discussions with OEMs for large disc brake and ABS orders in response to new regulations.