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Endurance Technologies Ltd — Q3 FY26
Endurance Technologies delivered a strong Q3 FY26 with standalone revenue of ₹2,678.3 crore (+22.2% YoY) and EBITDA of ₹339.1 crore (+18% YoY), though EBITDA margin contracted 40bps to 12.7% due to aluminum cost inflation.
bullish
high
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Endurance Technologies delivered a strong Q3 FY26 with standalone revenue of ₹2,678.3 crore (+22.2% YoY) and EBITDA of ₹339.1 crore (+18% YoY), though EBITDA margin contracted 40bps to 12.7% due to aluminum cost inflation. PAT grew 8.8% to ₹170.7 crore, impacted by a ₹20.6 crore exceptional charge for new labor codes. The India business saw robust order wins of ₹1,282.8 crore in 9M FY26, driven by four-wheeler castings, solar dampers, and EV components. Key growth drivers include ABS mandate clarity (expected by Q4), new plant ramp-ups (Chennai disc brakes, Shendra castings, alloy wheels), and premiumization trends boosting inverted front forks and ASC. Management guided for controlled capex below ₹800 crore in India and expects full impact of greenfield plants in H2 FY27. Risk: European auto market weakness and order inflow slowdown could persist if regulatory uncertainty on ICE/EV transition continues.
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European auto market weakness and order inflow slowdown
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Order wins (9M FY26 India)
₹1,282.8 Cr
+42% YoY
Includes ₹530 Cr from four-wheeler and non-auto segments; strong diversification.
EV sales growth (9M FY26)
₹287 Cr
+65.6% YoY
CAGR of 71% over 4 years vs industry 21%; driven by suspension, casting, brakes, alloy wheels.
Inverted front fork sales (FY26E)
650,000 units
+30% YoY
Expanding OEM base to six; premiumization trend driving adoption.
Maxwell turnover (9M FY26)
₹114 Cr
+63% YoY
Record revenue; cumulative order book of ₹232 Cr; one in 12 e-2Ws use Maxwell BMS.
What Changed vs Last Quarter
NEW
ABS mandate clarity expected by Q4 FY26
Final guidelines for ABS on >50cc 2Ws and EVs >4kW expected by end of March 2026; SOP for dual-channel ABS ECU in Q1 FY27.
NEW
Capex in India to be controlled below ₹800 crore in FY27
Management plans to sweat assets and keep India capex below ₹800 crore, focusing on automation and profitable growth.
NEW
Greenfield plants to be fully operational by H2 FY27
Chennai disc brake, Shendra castings, Aurangabad alloy wheel, and Pune battery pack plants will ramp up; full impact in H2 FY27.
NEW
Solar damper business to double by FY26 end
Exports of solar dampers worth ₹24 Cr in 9M; expected to double by year-end; new US client orders from mid-FY27.
DROPPED
ABS capacity of 2.4M units to be installed in two phases
First line of 1.2M units will be operational in Q1 FY27; second line timing depends on final ABS guidelines expected this month.
DROPPED
New disc brake plant SOP in Q2 FY27
New plant for disc brake systems (master cylinder, caliper, disc, hoses) will produce 3M assemblies and 4M discs per annum.
DROPPED
Alloy wheel plant to achieve ₹600 Cr annualized sales by Q2 FY27
Aurangabad plant with 3.6M units capacity fully booked; SOP for Bajaj started, Royal Enfield next month, Suzuki by end of FY27.
DROPPED
Battery pack SOP in January 2026 for a leading two-wheeler OEM
Key imported machinery to be installed by next month; cylindrical line will support additional programs.
NEW RISK
European auto market weakness and order inflow slowdown
European order inflow declined to €15M in 9M FY26 vs €40M prior year due to regulatory uncertainty on ICE/EV transition and Chinese import competition.
NEW RISK
Aluminum cost inflation pressuring margins
Raw material cost increases, especially aluminum (55% of purchases), led to 40bps EBITDA margin contraction; pass-through may be limited.
NEW RISK
Delay in ABS mandate finalization
ABS guidelines still awaited; any further delay could push back expected revenue from ABS and hydraulic brake systems.
NEW RISK
Execution risk in new plant ramp-ups
Multiple greenfield plants (Chennai, Shendra, Aurangabad, Pune) are under construction; delays in SOP or customer approvals could impact revenue.
RISK GONE
Margin compression from aluminum cost pass-through
Standalone EBITDA margin fell 116bps YoY partly due to aluminum alloy price increase, which forms 55% of raw material purchases.
RISK GONE
ABS regulation timeline uncertainty
Second 1.2M ABS line investment is contingent on final government guidelines expected this month; any delay could impact capacity utilization.
RISK GONE
European production slowdown despite registration growth
European market growth is driven by destocking with discounts; actual production continues to decline, posing risk to future orders.
RISK GONE
Four-wheeler suspension business profitability
Entry into four-wheeler suspension faces established competition with aggressive pricing; management admits it's a 'tough business' but confident in technology partnership.
Fast read
Guidance and risk preview
Final guidelines for ABS on >50cc 2Ws and EVs >4kW expected by end of March 2026; SOP for dual-channel ABS ECU in Q1 FY27.
European order inflow declined to €15M in 9M FY26 vs €40M prior year due to regulatory uncertainty on ICE/EV transition and Chinese import competit...
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