Endurance Technologies Q1 FY26 – Die-Cast Dreams, EV Batteries, and a P/E Higher Than Your Sugar Level
1. At a Glance
Endurance Technologies just reported Q1 FY26, and the numbers are shinier than their alloy wheels. Revenue shot up to ₹3,319 Cr (YoY +17.5%, QoQ +12%), PAT at ₹226 Cr (YoY +11%, QoQ -8%), and EPS at ₹16.1. The market meanwhile is valuing this midcap at a premium P/E of ~48, almost as if it’s not selling suspension systems but selling hopes, prayers, and Tesla dreams.
2. Introduction
Picture this: an auto-component maker from Aurangabad with 33 plants spread across India and Europe, whose revenue mix looks like a South Indian thali – everything in small portions but die-casting taking up the lion’s share. Endurance is not just supplying boring old brake discs and clutches anymore, they’re playing in the EV sandbox too, with Maxwell Energy Systems building battery packs like it’s a start-up in Koramangala.
The stock is now a ₹41,000 Cr beast, trading at valuations higher than Bosch’s screwdriver set. ROCE sits at 17%, which isn’t bad, but the P/E suggests investors think this company is a Ferrari in disguise. Spoiler: it’s more like a very efficient Maruti, but let’s humor the hype.
And yes, they just spent a truckload of euros buying Stoferle in Germany, because apparently Italians and Germans can’t get enough of Indian die-cast love.
3. Business Model – WTF Do They Even Do?
So what exactly does Endurance do? Let’s break it down like you’re explaining it to your uncle who still thinks “alloys” means gold bangles:
Die Casting (43% of revenue): Basically pouring molten aluminium into molds, cooling it, and selling it to Bajaj Auto so your bike looks hot but doesn’t melt.
Suspension (26%): Keeps you from bouncing off like a rag doll on Indian potholes.
Disc Brakes (12%): Because Indian riders need to stop after over-speeding on roads designed for bullock carts.
Alloy Wheels (8%): For people who want their 150cc bike to look like a Ducati.
Transmissions (4%): Gears and clutches that make scooters whine like an overworked MBA.
Aftermarket (5%): Selling spares to mechanics who will overcharge you anyway.
Electronics (tiny but growing): Battery Management Systems via Maxwell – the new-age “sexy” vertical.
Client list? Bajaj, Royal Enfield, Yamaha, Honda, Hero, TVS, Suzuki – basically every bike you see at a red light. In Europe, they flirt with VW, BMW, and Stellantis.
Would you call this diversified? Sure. Would you call this exciting? Only if brake pads get you excited.
4. Financials Overview
Metric
Latest Qtr (Q1 FY26)
YoY Qtr (Q1 FY25)
Prev Qtr (Q4 FY25)
YoY %
QoQ %
Revenue
3,319
2,826
2,963
17.5%
12.0%
EBITDA
444
374
422
18.7%
5.2%
PAT
226
204
245
11.0%
-7.8%
EPS (₹)
16.1
14.5
17.4
11.0%
-7.8%
Annualised EPS = 16.1 × 4 = ₹64.4 Current Price = ₹2,912 So effective P/E = 45.2 (still nosebleed high).
Commentary: Revenue zoomed like a scooter in traffic, but PAT took a small brake (pun intended) QoQ. EPS is rising steadily, but investors are already paying “Uno Minda” levels of premium.
👉 Question to readers: Would you really pay luxury hotel rates for a decent dhaba meal if it came with imported garnish? That’s the Endurance valuation story.
5. Valuation Discussion – Fair Value Range
Let’s do some boring math (because comedy without numbers is just WhatsApp forwards):
