Endurance Technologies (ENDURANCE) Q2 24/25 earnings summary

Executive summary

• Consolidated income for Q2 FY25 grew 14.8% YoY to ₹29.39 billion, with H1 FY25 at ₹57.99 billion, up 15.3% YoY; net profit for Q2 FY25 was ₹2.03 billion, up 16.6% YoY, and H1 FY25 PAT reached ₹4.07 billion, up 27.9%.

• Growth was driven by robust two-wheeler demand in India, new product launches, operational improvements, and strategic expansions in both two-wheeler and four-wheeler segments.

• European business outperformed the market, gaining share despite a decline in regional vehicle registrations and rising energy costs.

• The group acquired Ingenia Automation Srl, Italy, and increased its stake in Maxwell Energy Systems to 61.5%.

• Dividend of ₹8.50 per share for FY24 was declared and disbursed in Q2 FY25.

Financial highlights

• Standalone and consolidated total income for Q2 FY25 reached ₹23.2 billion and ₹29.4 billion, up 16.8% and 14.8% YoY, respectively.

• Standalone and consolidated net profits for Q2 FY25 were ₹1.85 billion and ₹2.03 billion, up 29.7% and 31.3% YoY.

• H1 FY25 consolidated EBITDA margin was 14.1%, with standalone at 13.6% and Europe at 16.3%.

• Basic and diluted EPS for H1 FY25 was ₹28.92, compared to ₹22.61 in H1 FY24.

• Total comprehensive income for H1 FY25 was ₹4,507.10 million, up from ₹2,776.65 million year-over-year.

Outlook and guidance

• Significant ramp-up expected in FY26, driven by new four-wheeler and non-auto projects and expanded two-wheeler alloy wheel capacity.

• Order book expected to grow with ₹22.15 billion of RFQs under discussion.

• Transition to EV/Hybrid in Europe expected to reduce ICE revenue share to 25-30% by FY28.

• Targeting 45% group sales from four-wheelers by FY30.

• The company continues to focus on the automotive components segment and is expanding its global footprint through acquisitions.