Endurance Technologies Ltd

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.

AGM details

• Date and time: 13 August 2026, 4:00 p.m. IST.
• Mode: physical meeting at Tango Hall, Aurangabad.
• Attendees: 57 members; meeting concluded at 4:58 p.m.

Key resolutions

• Ordinary: Adopt standalone financial statements for year ended 31 March 2026.
• Ordinary: Adopt consolidated financial statements for year ended 31 March 2026.
• Ordinary: Declare dividend at Rs 11.50 per equity share (face value Rs 10).
• Ordinary: Re-appoint Massimo Venuti as Director liable to retire by rotation.
• Special: Ratify cost auditor remuneration of Rs 5.50 lakh for 2026-27.

Voting results

• Voting results for resolutions will be declared in the scrutiniser's report.
• Scrutiniser's report on remote and at-venue voting to be submitted separately.

Dividend

• Dividend amount: Rs 11.50 per equity share on fully paid shares.

Directors & auditors

• Director changes: Massimo Venuti re-appointed as Director liable to retirement by rotation.
• Cost auditor remuneration ratified for 2026-27; Rs 5.50 lakh.
• Statutory auditors remain unchanged.

Related party transactions

• No material related party transactions disclosed at the AGM.

Business Overview

• Core auto components maker; expanding EV capability across modules and electronics.
• Strategic focus on capacity expansion and new plants for EV and in-house electronics.

Operational Highlights

• AURIC Shendra machined castings project; SOP expected by Q2 FY27.
• Expanding 4W machined aluminium casting capacity in Chennai and Chakan.
• Pune Battery Pack plant started production in Q1 FY27; 4W packs capacity expansion planned.
• Dual-channel ABS SOP in Q2 FY27; additional ABS and disc brake capacity in Chennai.
• Second SMT line for ABS ECU and higher BMS volumes; SOP Q2 FY27.
• Sanand plant infra for Solar Dampers and Actuators; Solar Damper SOP Q2 FY27; Actuators Q4 FY27.
• New aluminium forging plant under construction; SOP expected Q3 FY27.
• Q1 FY27 India sales Rs 405 Cr; Europe orders €13.9m.
• RFQs under discussion Rs 4,526 Cr; HMSI Rs 336 Cr; brakes order from TVS.

Financial Performance

• Q1 FY27 consolidated total income Rs 4,348 Cr; Standalone Rs 3,194 Cr; Europe Rs 1,146 Cr.
• Q1 FY27 consolidated EBITDA Rs 569 Cr; Standalone Rs 358 Cr; Europe Rs 208 Cr.
• Q1 FY27 consolidated PAT Rs 245 Cr; Standalone Rs 195 Cr; Europe Rs 48 Cr.
• Maxwell Q1 FY27 EBITDA Rs 4 Cr; PAT Rs 1 Cr.

Capex & Liquidity

• FY27 capex: Standalone Rs 196 Cr; Europe €3.6m; expansion capex >80% of total.
• Europe invested €6.24m in Q1 FY27 for an 8% stake in Stöferle entities.

Strategic Priorities & Outlook

• Capex focused on 4W brakes, aluminium die casting, and battery packs capacity expansion.
• Europe EV mix rising; EV orders large portion of cumulative 5-year orders; ICE to 25% by FY28.
• Growing US/EU orders to drive non-Bajaj growth in EV/energy segments.

Risks & Governance

• Europe transition to EV/Hybrid could reduce ICE revenues; mitigated by EV orders.
• Stöferle stake expansion to 68%; remaining stake to be acquired over 4 years.
• Veicoli Srl divested (100%); governance actions to manage exposure.

Consolidated highlights

• Consolidated total income incl. other income rose 29.6% YoY to INR 4,348 crore.

Consolidated profitability

• EBITDA rose 18.7% YoY to INR 569 crore; EBITDA margin 13.1%.

Consolidated PAT and margins

• PAT rose 8.0% YoY to INR 245 crore; PAT margin 5.6%.

Standalone highlights

• Standalone total income incl. other income up 35.9% to INR 3,194 crore.

Standalone profitability

• Standalone EBITDA rose 17.1% to INR 358 crore; margin 11.2%.

Operational highlights

• Aftermarket Indian sales up 11.1% to INR 125 crore.

Geographic mix

• Consolidated income: 73.7% from Indian ops; European revenue grew 1% in euro terms.

European outlook

• European lawmakers considering local content rules; diversification to strengthen Europe position.

Shareholder metrics

• Basic/diluted EPS stood at INR 17.38 (not annualised).

Financial results approved

• Unaudited standalone results for quarter ended 30 June 2026 approved
• Unaudited consolidated results for quarter ended 30 June 2026 approved
• Limited Review Reports from auditors accompanying the results

Major investment / transaction

• EOSPA acquired additional 8% equity in Stoferle GmbH and Stoferle Automotive GmbH to reach 68% for €6.24 million (29 Jun 2026)

Auditor review & governance

• Audit Committee reviewed the results; Board approved them; independent reviews conducted

AGM Details

• Date and time: 13 August 2026, 4:00 PM IST.
• Mode: Physical (in-person) AGM.
• Venue: Tango Hall, Gateway Aurangabad, 8-N-12, CIDCO, Rauza Bag, Sambhajinagar – 431 003, Maharashtra.
• Record date for dividend: 31 July 2026.
• Register of Members closed: Aug 1–13, 2026 for dividend entitlement.
• Remote e-voting: Aug 10–12, 2026.
• Cut-off date for e-voting: Aug 6, 2026.

Key Resolutions

• Adopt standalone financial statements for year ended 31 March 2026.
• Adopt consolidated financial statements for year ended 31 March 2026.
• Declare dividend of ₹11.50 per share on 14,06,62,848 shares.
• Re-appoint Massimo Venuti, retiring by rotation.
• Ratify remuneration of ₹5,50,000 to Cost Auditor for 2026-27.

Dividend

• Dividend declared: ₹11.50 per equity share (115%).

Director Changes

• Massimo Venuti to retire by rotation; eligible for re-appointment.
• Venuti is non-executive; does not receive remuneration from Endurance.
• External remuneration: €4.9 million in FY2025-26 from Endurance Overseas SpA.

Auditor Appointments

• Cost Auditor remuneration ratified for 2026-27: ₹5.50 lakh.
• Appointment approved by Board on 14 May 2026; ratified by Members.