1. At a Glance
Endurance Technologies is a Tier-1 auto component beast supplying suspension, die casting, brakes, and now—drumroll—Battery Management Systems. With 19 plants in India and 12 in Europe, it’s spreading torque and tech across continents. But with a PE of 46 and muted public float (hello 75% promoter holding), is it riding smooth or skidding on valuations?
2. Introduction with Hook
Imagine Iron Man, but instead of flying around, he’s assembling alloy wheels and lithium battery packs in Aurangabad. That’s Endurance Technologies.
- ₹3,000 Cr order for EV batteries.
- 13% revenue growth in FY25, Net Profit ₹836 Cr.
- 100% acquisition of Maxwell Energy & Italian firm Stoferle GmbH—Endurance is going global and electric.
But let’s not sugarcoat it. The ROCE is healthy at 18.2%, but the stock is trading at 46x earnings. So… do we have a futuristic Ferrari here or just a hyped-up scooter with neon paint?
3. Business Model (WTF Do They Even Do?)
4 core product verticals:
- Suspension systems (Telescopic front forks, shock absorbers for 2Ws & 3Ws)
- Aluminium Die Casting (including alloy wheels—bikers’ bling)
- Braking Systems (with ABS tech, thanks to BREMBO collab)
- Transmission and electrification solutions
And now… Embedded electronics & Battery Management Systems (BMS) via Maxwell.
Their OEM client list reads like a who’s who of two-wheelers: Bajaj, Hero, Honda, Piaggio. Meanwhile, Europe contributes 30%+ revenue, thanks to 4W aftermarket and now battery packs for energy storage.
4. Financials Overview
| Metric | FY25 |
|---|---|
| Revenue | ₹11,561 Cr |
| EBITDA | ₹1,551 Cr |
| Net Profit | ₹836 Cr |
| EPS | ₹59.46 |
| ROCE | 18.2% |
| ROE | 15.5% |
| OPM | 13.4% |
- 3Y Sales CAGR: 15%
- 3Y PAT CAGR: 21%
- Strong execution + new verticals = investor hope fuel.
5. Valuation
At ₹2,705 per share, Endurance is priced for perfection.
Fair Value Estimate (via DCF, PE Bands, and EV/EBITDA):
- Conservative FV Range: ₹2,100–₹2,300 (assuming 14–15% CAGR, 30x earnings)
- Aggressive EV Future: ₹2,800–₹3,100 (factoring Maxwell battery wins + export growth)
Current Price = ₹2,705. That’s already touching upper bounds. Market’s assuming this is Tesla in Maruti’s clothing.
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26 results on Aug 13—watch for margin commentary and battery biz updates
- Acquired Maxwell’s remaining 38.5%—BMS is now fully controlled
- ₹473 Cr Capex for Lithium-ion pack facility (EV pivot gets real)
- ₹60 Cr incentive eligibility under Maharashtra’s 2019 scheme
- Voluntary separation in Waluj plant = margin discipline
- Restructuring in Italy: Merging all European arms = cost efficiencies
There’s more spice in this auto stock than a roadside Maggi stand.
7. Balance Sheet
| Metric | FY25 (₹ Cr) |
|---|---|
| Equity Capital | 141 |
| Reserves | 5,577 |
| Borrowings | 944 |
| Other Liabilities | 2,478 |
| Total Assets | 9,139 |
| Fixed Assets + CWIP | 4,351 |
| Investments | 804 |
Takeaways:
- D/E Ratio: < 0.2 → Conservative gearing
- CWIP spiking → Capacity build for future tech
- Cash-rich + incentives incoming = comfy cushion
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net CF |
|---|---|---|---|---|
| FY23 | ₹862 Cr | -₹905 Cr | ₹105 Cr | ₹217 Cr |
| FY24 | ₹1,057 Cr | -₹945 Cr | ₹105 Cr | ₹217 Cr |
| FY25 | ₹1,532 Cr | -₹1,013 Cr | -₹29 Cr | ₹490 Cr |
- Free Cash Flow = Positive and strong
- Capex is aggressive, but well funded
- Financing cash flows minimal = self-reliant growth
9. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROCE | 18.2% |
| ROE | 15.5% |
| OPM | 13.4% |
| Debt/Equity | ~0.17x |
| CCC (days) | -13 |
| Inventory Days | 52 |
Verdict: Ratios thodi Italian sports car jaisi—balanced, responsive, and thrilling.
10. P&L Breakdown – Show Me the Money
| Metric | FY25 |
|---|---|
| Sales | ₹11,561 Cr |
| EBITDA | ₹1,551 Cr |
| EBITDA Margin | 13.4% |
| Net Profit | ₹836 Cr |
| EPS | ₹59.46 |
| Dividend Payout | 17% |
Good profitability + sustained growth = the kind of P&L that makes DII managers smile in their sleep.
11. Peer Comparison
| Company | ROCE | EPS | OPM | P/E | Market Cap |
|---|---|---|---|---|---|
| Bosch | 21.1% | ₹211 | 12.8% | 56.1 | ₹1.13L Cr |
| Schaeffler India | 25.7% | ₹86 | 18.4% | 65.3 | ₹66.2K Cr |
| Bharat Forge | 13.1% | ₹44 | 17.8% | 58.7 | ₹59.2K Cr |
| Uno Minda | 18.9% | ₹18 | 11.2% | 67.7 | ₹63.5K Cr |
| Endurance Tech. | 18.2% | ₹59 | 13.4% | 45.9 | ₹38.0K Cr |
Positioning: Cheaper than peers like Uno and Schaeffler on PE, but not yet a bargain basement find. Quality at a price.
12. Miscellaneous – Shareholding, Promoters
- Promoter Holding: 75% (Maxed out, regulatory upper cap)
- FII Holding: Grew from 6.4% to 12.4% in 2 years = smart money sniffing something
- DII Holding: Dropping slightly → rotation or exit post PE rally
- Retail Holding: Barely 2% — public still sleeping on this?
- Shareholder Count: Flatlining = not yet Reddit-famous
13. EduInvesting Verdict™
Endurance Technologies is what happens when an old-school auto parts maker reads Elon Musk tweets and goes all-in on lithium. It’s got old money manufacturing and new money ambitions. Financials are sturdy, EV bets are real, and Europe is contributing its share.
But with 46x PE, the market already sees the future—so there’s little room for mistakes.
Is it overpriced? Maybe. Overhyped? Not yet.
Underrated? Definitely… but only till the battery pack launches go live.
Metadata
– Written by EduBot | 15 July 2025
– Tags: Auto Components, EV, Endurance, Maxwell, Lithium, Suspension, Capex, Tier-1 Supplier, Midcap, Europe
