Endurance Technologies Ltd

Target and business

• Stöferle Automotive GmbH and Stöferle GmbH, Germany, manufacture machined aluminium castings for automotive applications.
• Combined turnover €93.3 million as of 31 March 2026.
• Incorporation: Stöferle Automotive Aug 2011; Stöferle GmbH Nov 1992.
• Industry: machined aluminium die castings for engine and transmission components.

Deal terms

• Remaining 32% stake acquired for €18 million upfront cash.
• Post-acquisition ownership becomes 100% in both Stöferle entities.
• Original plan envisaged four equal tranches by June 2030.
• Rationale: accelerate ownership to streamline governance and execution.
• Related party transaction; sellers are directors or relatives.
• Promoter group has no direct or indirect interest; arms-length.
• Regulatory approvals: None required.
• Timeline: Immediate effect from Amendment Agreement.
• Form of consideration: cash.
• Acquisition cost: €18 million.

Regulatory & timing

• Regulatory approvals: None required.
• Timeline: Immediate effect from Amendment Agreement.

Background and financials

• Stöferle Automotive turnover €76.4 million as of 31 Mar 2026.
• Stöferle GmbH turnover €16.9 million as of 31 Mar 2026.
• Date of incorporation: Automotive Aug 2011; GmbH Nov 1992.
• Products: machined aluminium castings for automotive engine and transmission components.

Operational Update

• Commercial production commenced at Auric Shendra plant in Sambhajinagar as of 25 Sep 2026.
• Initial capacity: 900 MT per month.
• Expandable capacity up to 1,100 MT per month.
• Products: aluminium die casting components for automotive (ICE/EV) and non-automotive.
• Investment of Rs 4,009 million funded internally.
• Start of production envisaged in Q1 FY 2025-26; expansion by March 2028.
• Plant located at Auric, Chh. Sambhajinagar; formerly Aurangabad.

Meeting Details

• Board meeting date: 3 November 2026; time and venue not disclosed.
• Agenda: consider unaudited standalone and consolidated results for quarter and half-year ending 30 Sept 2026.

Key Agenda Items

• Approval of unaudited standalone and consolidated results for quarter and half-year ending 30 September 2026.
• Trading window closure from 1 October 2026 to 5 November 2026 (48 hours after results).

Other Notes

• PIT Code compliance: Designated Persons notified.

Meeting Details

• Date and time: 18 September 2026, 2:00 p.m.–3:00 p.m.
• Type/Mode: One-on-one, physical meeting at Endurance's manufacturing facility in Chh. Sambhajinagar.
• Organizer: Pictet Asset Management.
• Company participants: Senior management representatives to attend.
• Purpose: Investor interaction with Analysts/Institutional Investors.
• Presentation: Copy of the presentation will be available for the discussion.

Appointment: Head - Growth and Business Transformation

• Type of change: Appointment of Senior Management Personnel.
• Person: Aditya Jhawar appointed Head - Growth and Business Transformation.
• Effective from 14 September 2026; term not specified.
• Reason: Appointment to Head - Growth and Business Transformation.
• Profile: Chartered Accountant; ~20 years in financial services and corporate advisory.
• Relationship disclosures: Not applicable; no disclosed relationships with other directors.

Meeting Details

• 4 September 2026, 11:00–12:00 IST; one-on-one virtual meeting with Breakout Capital.
• Organiser: Breakout Capital, Mumbai; Endurance senior management to participate.
• Presentation to be made available for the meeting.

Financial Performance

• Standalone total income ₹3,194.15 cr in Q1 FY27; up 35.9% YoY from ₹2,350.7 cr.
• Standalone EBITDA ₹357.78 cr; margin 11.2%; up 17.1% YoY from ₹305.61 cr.
• Standalone PAT ₹194.62 cr; margin 6.1%; up 17.4% YoY from ₹165.82 cr.
• Consolidated total income ₹4,348.28 cr; up 29.6% YoY.
• Consolidated EBITDA ₹569.21 cr; margin 13.1%.
• Consolidated PAT ₹244.52 cr; margin 5.6%.
• Maxwell total income ₹56.52 cr in Q1 FY27; PAT positive; 85% YoY growth in income.
• Standalone net cash ₹415.7 cr at quarter end.
• RMC% of total income 68.4% in Q1 FY27 vs 64.8% Q1 FY26.
• Commodity increases paid upfront in Q1; expected to settle in Q2.

Operations and Capex

• ABS capacity expansion to 9 lakh units per annum; SOP Sep/Oct 2026; 12 lakh planned previously.
• Dual-channel ABS: Bajaj Auto 120k units; second programme 120k units in Q3 FY27.
• Chennai disc brake plant: Phase 1 complete; Phase 2 in Q3; SOP for Royal Enfield next month.
• Total plant capacity: 9 million disc brake assemblies and 9.6 million discs by Q1 FY28.
• Tata/Mahindra 4W foundation brakes SOP next quarter; 0.6→0.85 million 3W brakes; 1.5 million end of year.
• KTM brakes: SOP for 390cc and 790cc in Q1 FY27; Waluj exports; +1 million p.a. capacity at Waluj.
• AURIC Shendra 4W casting: bookings ₹513 cr p.a.; SOP Sep 2026; peak FY29; OEMs include USA, Jaguar Land Rover, Valeo.
• Chennai 4W casting: Hyundai/Kia orders; SOP Q4 FY27; ₹80 cr p.a.; peak FY28; multiple OEMs.

Geography & Segment Trends

• Europe: Q1 turnover €104.3m; EBITDA €18.9m; margin 18.2%; net €4.4m; depreciation €11.6m.
• European market backdrop: 7.4% YoY market growth; BEV share up to 22% in BEV registrations.
• Mercedes hybrid program booked in Europe; Stellantis internal-combustion program won.
• India EV/HEV: India standalone EV sales ₹129.7 cr; overseas EV/plug-in hybrid ₹802.2 cr; total EV/HEV ₹931.9 cr.

Balance Sheet & Cash Flow

• Standalone net cash balance at end of Q1 FY27: ₹415.7 cr.

Q&A Highlights

• Europe order quality: Mercedes hybrid program; 60% volume moved to Endurance; SOP Jan 2027.
• Stöferle integration: GM/commercial fully integrated; higher casting capacity targeted by Jan 2027; impact from Sep 2027.
• India margin resilience: aluminium rates softer by ₹12–₹17/kg; Q2 EBITDA margin expected to improve as OEMs settle rates.
• Battery packs and margins: high-value EV pack opportunity; volumes 17,000–18,000 packs/month; margins aligned to company average; 4W packs capex ₹62 cr; SOP by Q4 FY27.
• 4W casting & capacity: Shendra peak impact from Q4 FY27; AURIC Shendra bookings ₹513 cr p.a.; Chennai OEM wins ₹80 cr p.a. and SOP by Q4 FY27.

Guidance / Outlook

• FY27 capex guidance around ₹800 cr; similar to FY26; automation-focused spend across plants.
• FY26 capex actual ~₹800 cr; FY27 capex expected to remain similar.
• FY27 ABS capacity additions and line upgrades with SOPs as noted above.
• Maharashtra incentives addendum increased to ₹858 cr; GST refunds over ~seven years.

Meeting Details

• Conference call for analysts/investors held on 14 August 2026.
• Event: Conference Call for analysts/investors.
• Mode: audio conference call.

Participants

• Key company participants: Company Secretary, Compliance Officer and Head – Legal.

Purpose

• Purpose: investor interaction with analysts.

Availability

• Audio recording of the conference call is available on the company website.

AGM Details

• AGM held 13 August 2026 at 04:00 PM IST, Tango Hall, Gateway Aurangabad, physically.
• Mode: physical in-person meeting.
• Cut-off date for voting: 6 August 2026.
• Remote e-voting window: 10 Aug 2026 09:00 to 12 Aug 2026 17:00 IST.
• Voting allowed at AGM for attendees who hadn't used remote voting.

Resolutions and outcomes

• Resolution 1 (Ordinary): Adopt standalone financial statements; passed.
• Resolution 2 (Ordinary): Adopt consolidated financial statements; passed.
• Resolution 3 (Ordinary): Declare dividend Rs 11.50 per equity share; passed.
• Resolution 4 (Ordinary): Reappointment of Massimo Venuti by rotation; passed.
• Resolution 5 (Special): Ratification of remuneration to Cost Auditor for 2026-27; passed.

Dividend

• Dividend of Rs 11.50 per equity share approved.

Director changes

• Massimo Venuti retires by rotation; eligible for reappointment.

Auditor actions

• Remuneration of Cost Auditor ratified for 2026-27.