Endurance Technologies (ENDURANCE) Q2 25/26 earnings summary

Executive summary

• Domestic economic conditions remain strong, with RBI revising FY 2026 growth to 6.5%-6.8% and lowering CPI inflation to 2.6%, supporting demand and investment.

• Achieved strong consolidated YoY growth in Q2FY26 and H1FY26, driven by robust order wins, capacity expansions, and increased focus on EV and hybrid segments.

• Financials reflect the acquisition of Maxwell Energy Systems and Stöferle Automotive GmbH, expanding the group’s footprint.

• Significant investments in new plants, R&D centers, and European acquisitions to support future growth.

• GST rationalization and robust festive season sales have improved automotive affordability and consumption.

Financial highlights

• Q2 FY26 consolidated total income rose 22.6% YoY to ₹3,603.8–₹3,604 Cr; H1FY26 up 20.0% YoY to ₹6,958 Cr.

• Q2 FY26 consolidated EBITDA grew 21.9% YoY to ₹497.8–₹498 Cr (13.8% margin); PAT up 12% YoY to ₹227.3 Cr (6.3% margin); H1FY26 PAT ₹454 Cr.

• Standalone Q2 FY26 total income was ₹2,678.22–2,692.2 Cr; PAT at ₹187.58–187.6 Cr.

• Maxwell subsidiary turned EBITDA and PAT positive in Q2FY26 and H1FY26.

• Rs 37 Cr incentive booked in Q2FY26 and Rs 70 Cr in H1FY26.

Outlook and guidance

• Management targets margin improvement in standalone business as raw material and project headwinds subside.

• Ongoing capacity expansions and new product launches to support future growth, especially in EV and hybrid segments.

• European business expects stable performance, with no major supply chain issues and focus on maintaining profitability.

• European ICE revenue share expected to decline to 25% by FY28 as EV/hybrid share rises.

• Four-wheeler business in India expected to scale up meaningfully over the next two years, with peak order realization by FY 2028.