1. At a Glance
Endurance Technologies just pulled a “fast & furious” in Q1FY26 – revenue up17.3% YoY, profit up11%, and operations firing in both India and Europe. With19 plants in Indiaand14 in Europe, this is basically the Maruti of auto parts… but with better margins and fewer awkward TV ads. They’re making everything fromalloy wheelstobrake systemstobattery packs for EVs, so if your vehicle moves, there’s a decent chance it’s carrying a piece of Endurance somewhere inside.
2. Introduction
Picture a global supplier that makes auto components for everyone – the two-wheelers zipping past you, the three-wheelers honking behind you, and the four-wheelers stuck in traffic with you. That’s Endurance Technologies.
The company’s latest quarterly results scream“steady execution”– the boring kind of good news that analysts pretend to yawn at but secretly love. And while the auto industry is a graveyard for those who fail to innovate, Endurance seems to have mastered the game of keeping OEMs happy across continents.
3. Business Model (WTF Do They Even Do?)
Endurance is the auto industry’s multi-tool – supplying:
- Aluminium die-castings(including alloy wheels)
- Suspension systems(telescopic forks, shock absorbers)
- Transmission systems(clutch assemblies)
- Braking systems(disc brakes, brake assemblies)
- Embedded electronics– especiallyBattery Management Systems (BMS)for EVs via its subsidiaryMaxwell Energy Systems.
India is their two- and three-wheeler kingdom. Europe is their four-wheeler aftermarket & OEM supply hub. The beauty? This diversification smooths out demand shocks – when scooters slow in India, brake pads in Germany pick up the slack.
4. Financials Overview
Quarterly Scorecard – Q1 FY26(₹ Cr)
| Metric | Latest Qtr (Jun’25) | YoY Qtr (Jun’24) | Prev Qtr (Mar’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 3,319 | 2,826 | 2,963 | 17.4% | 12.0% |
| EBITDA | 444 | 374 | 422 | 18.7% | 5.2% |
| PAT | 226 | 204 | 245 | 10.8% | -7.8% |
| EPS (₹) | 16.09 | 14.49 | 17.43 | 11.0% | -7.7% |
P/E: ~41.98 → Premium because OEMs don’t haggle with quality
suppliers… much.
Commentary: Revenue zoomed, margins stayed solid at 13%, and EBITDA growth slightly outran sales – a sign of operational leverage. QoQ dip in PAT is seasonal – Q4 often brings in chunky orders.
5. Valuation (Fair Value RANGE only)
Method 1 – P/E
- EPS (TTM): ₹61.06
- Applying a realistic industry multiple range:30x – 38x
- FV Range (P/E method): ₹1,832 – ₹2,320
Method 2 – EV/EBITDA
- EBITDA (TTM): ₹1,621 Cr
- Net Debt: ₹944 Cr borrowings – ₹514 Cr cash = ₹430 Cr net debt
- EV = ₹35,654 Cr mcap + ₹430 Cr = ₹36,084 Cr
- EV/EBITDA now ~22.3x; fair range (18x–22x) → ₹29,178 Cr – ₹35,662 Cr EV → Equity FV ₹2,380 – ₹2,902/share
Method 3 – Simplified DCF
- Base FCF: ₹1,200 Cr, growth 10% for 5 yrs, 5% terminal, 12% discount → FV ~₹2,100 – ₹2,450
Educational FV Range (not advice): ₹1,830 – ₹2,900
6. What’s Cooking – News, Triggers, Drama
- Q1FY26 results: 17.3% revenue growth, 11% PAT growth – driven by both India and Europe ops.
- Management shake-up
