Endurance Technologies Ltd: Suspension Ka King, But Will It Outrace the EV Revolution?
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.
