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Endurance Technologies Ltd.
NSE: ENDURANCEConsumer CyclicalAuto Parts
- Last close
- ₹2,237.40
- Day change
- −₹92.30 (−3.96%)vs
- Market cap
- ₹34,062 crIndian rupees
- Research updated
- 1 report
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About Endurance Technologies
Endurance Technologies Ltd. is a leading automotive component manufacturer, specializing in producing a wide range of products for the two-wheeler and three-wheeler segments. The company focuses on delivering robust solutions, including high-quality aluminum die castings, suspension systems, transmission components, and braking systems. Endurance Technologies plays a significant role in supporting the automotive industry, providing essential components to original equipment manufacturers (OEMs) and aftermarket suppliers. Renowned for its innovative engineering and technology-driven processes, Endurance Technologies ensures the delivery of efficient and reliable products that enhance vehicle performance and safety. With a strong presence in both domestic and international markets, Endurance Technologies is pivotal in consolidating India's position as a key player in global automotive component supply chains.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: ENDURANCE
- Next results
- Chief executive
- Mr. Massimo Venuti
- Employees
- 4,586
- Headquarters
- Aurangabad, India
- ISIN
- INE913H01037
- Website
- endurancegroup.com
Public research · Report of
Business model & financial foundation
Endurance Technologies (NSE: ENDURANCE), Auto components - aluminium die-casting, suspension, braking, transmission, alloy wheels: revenue of ₹14,596 crore in FY26 (+26.3% on FY25), an EBITDA margin of 13.5%, net profit of ₹951.7 crore and net cash of ₹836.7 crore.
- Revenue, FY26 (₹ crore)
- 14,596
- consolidated
- Revenue growth, FY26
- +26.3%
- on FY25
- EBITDA margin, FY26
- 13.5%
- EBITDA (revenue less cost stack, excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 951.7
- to owners
- Return on equity, FY26
- 15.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -836.7
- Net debt (excl. leases) less cash and current investments
- Market capitalisation (₹ crore)
- 36,972
- at the close of 14 Oct 2026
Company profile
Endurance Technologies is an Indian auto-component maker of aluminium die-castings, suspension, braking systems including ABS, transmission parts and alloy wheels, mainly for two- and three-wheeler OEMs in India (Bajaj Auto about 35% of FY26 income). About a quarter of income comes from European subsidiaries in Italy and Germany that machine and cast aluminium parts for four-wheeler OEMs. It is moving into 4W castings, ABS, battery packs and EV electronics (Maxwell) through a capex cycle of about INR 1,300 crore a year.
| Item | Value |
|---|---|
| Legal name | Endurance Technologies Limited |
| Exchange and ticker | NSE: ENDURANCE; BSE: 540153 |
| ISIN | INE913H01037 |
| Sector | Consumer Cyclical |
| Industry | Auto components - aluminium die-casting, suspension, braking, transmission, alloy wheels |
| Headquarters | Aurangabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S R B C & Co. LLP (since FY18) |
| Market capitalisation | ₹36,972 crore (14 Oct 2026) |
| Shares outstanding | 14.07 crore shares (FY26) |
| Price | ₹2,424 (close, 14 Oct 2026) |
| 52-week range | ₹2,143 - ₹3,072 (to 14 Oct 2026) |
| Website | https://www.endurancegroup.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Endurance Overseas SpA (Italy) | 100% | Holding SPV for European operations; material subsidiary |
| Endurance SpA (Italy) | 100% | High-pressure die casting and machining for European 4W OEMs; material subsidiary |
| Stoferle Automotive GmbH and Stoferle GmbH (Germany) | 68% | Machining of aluminium castings; 60% acquired Apr 2025, 68% Jun 2026, balance 32% agreed 29 Sep 2026 for EUR 18m |
| Endurance Two Wheelers SpA (Italy) | 100% | Two-wheeler clutches and brakes (Frenotecnica/New Fren), Tunisia plant |
| Maxwell Energy Systems Pvt Ltd (India) | 100% | Battery management systems and EV electronics; 100% from May 2025 |
| Ingenia Automation Srl (Italy) | 100% | Industrial automation |
| Endurance GmbH (Germany) | 100% | European holding / services |
Veicoli Srl sold Aug 2026; Fondalpress and Anna Milena (Italy) acquired for EUR 12.34m on 6 Oct 2026 (S21). GDS Sarl in liquidation.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 75.00% | 75.00% | 75.00% | 75.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 13.84% | 13.72% | 13.14% | 12.69% |
| Domestic institutions | 9.05% | 9.20% | 9.77% | 10.06% |
| of which mutual funds | 5.35% | 5.74% | 6.08% | 6.15% |
| Retail | 2.10% | 2.08% | 2.07% | 2.24% |
| Other | 0.00% | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Endurance (NSE ENDURANCE) makes aluminium castings, suspension, brakes/ABS, alloy wheels and transmission components for Indian 2W/3W OEMs, and European 4W castings/machining. Bajaj is about 35% of FY26 income; European operations contribute roughly a quarter. OEM nominations and tooling relationships protect incumbency but do not control schedules or the aluminium pass-through lag.
Consolidated basis is essential: FY26 revenue from operations 14,595.88 cr includes Stoferle from Apr 2025. Only one reportable business segment; Europe and India are management geographies, not statutory segments. The derived India residual is revenue less Europe EUR turnover translated at the Bundesbank average, so the content proxy absorbs FX approximation, other income in Europe's turnover, exports, Maxwell and 4W mix. It is not a physical content-per-vehicle disclosure.
| Peer | Why the dossier compares them |
|---|---|
| Uno Minda (UNOMINDA) | Multi-product 2W/4W component supplier with India OEM exposure |
| Gabriel India (GABRIEL) | Direct competitor in 2W suspension |
| Bosch (BOSCHLTD) | Competitor in 2W ABS |
| Craftsman Automation (CRAFTSMAN) | Aluminium die-casting and machining peer |
| Schaeffler India (SCHAEFFLER) | Auto component peer, transmission and 2W/4W OEMs |
| ASK Automotive (ASKAUTOLTD) | 2W braking and aluminium die-casting peer, Bajaj/Hero customer base |
| Suprajit Engineering (SUPRAJIT) | 2W components, India plus Europe operations |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 7,424 | 8,676 | 10,241 | 11,561 | 14,596 |
| Cost of revenue (vendor classification) * | 4,653 | 5,596 | 6,357 | 6,956 | 8,837 |
| Other operating costs (vendor classification) * | 1,055 | 1,190 | 1,387 | 1,655 | 2,029 |
| EBITDA (vendor classification) * | 986.7 | 1,060 | 1,360 | 1,609 | 2,061 |
| EBIT * | 591.8 | 648.9 | 938.8 | 1,141 | 1,334 |
| Finance costs | 5.69 | 19.6 | 42.7 | 46.8 | 57.4 |
| Profit before tax | 586.2 | 629.3 | 897.0 | 1,095 | 1,277 |
| Total tax expense | 125.4 | 149.7 | 216.5 | 258.4 | 325.4 |
| Profit for the year | 460.7 | 479.6 | 680.5 | 836.4 | 951.7 |
| Diluted EPS (INR) | 32.75 | 34.09 | 48.38 | 59.46 | 67.66 |
| Materials consumed + traded goods + inventory change | 6,051 | 6,603 | 8,418 | ||
| Employee benefits expense | 879.9 | 1,007 | 1,209 | ||
| Other expenses | 1,982 | 2,399 | 3,004 | ||
| EBITDA (revenue less cost stack, excl. other income) | 1,328 | 1,551 | 1,966 | ||
| Other income | 85.6 | 117.0 | 124.0 | ||
| Depreciation and amortisation | 474.0 | 538.7 | 734.2 | ||
| Exceptional items (signed; charge negative) | 0.00 | 12.2 | -21.0 | ||
| Non-controlling interest | 0.00 | 0.00 | 0.00 | ||
| Share of associates/JV | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners | 680.5 | 836.4 | 951.7 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 3,920 | 4,412 | 4,977 | 5,717 | 6,841 |
| Borrowings * | 429.6 | 514.8 | 765.3 | 943.7 | 1,327 |
| Cash and cash equivalents * | 402.6 | 287.7 | 504.6 | 1,019 | 874.8 |
| Trade receivables | 970.4 | 1,162 | 1,262 | 1,419 | 1,847 |
| Inventories * | 701.1 | 820.6 | 872.2 | 936.4 | 1,166 |
| Trade payables * | 1,241 | 1,426 | 1,604 | 1,974 | 2,369 |
| Net property, plant and equipment * | 22.5 | 30.6 | 32.3 | 32.7 | 34.4 |
| Capital work in progress * | 190.9 | 338.1 | 323.8 | 367.7 | 517.6 |
| Total assets * | 5,858 | 6,802 | 7,886 | 9,139 | 11,627 |
| Net debt (excl. leases) less cash and current investments | -530.0 | -903.0 | -836.7 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 600.6 | 434.7 | 1,057 | 1,532 | 1,851 |
| Free cash flow (vendor definition) * | 212.5 | 225.7 | 222.3 | 478.3 | 554.9 |
| Dividends paid | -84.4 | -87.9 | -98.5 | -119.6 | -140.7 |
| Purchase of PP&E and intangibles (incl. CWIP, capital advances) | -519.5 | -621.6 | -834.8 | -1,053 | -1,296 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 14.07 | 14.07 | 14.07 | 14.07 | 14.07 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,913 | 2,859 | 2,963 | 3,319 | 3,583 | 3,608 | 4,086 | 4,315 |
| Cost of revenue (vendor classification) * | 1,683 | 1,632 | 2,015 | 1,889 | 2,052 | 2,094 | 2,382 | 2,604 |
| Other operating costs (vendor classification) * | 605.6 | 603.1 | -315.6 | 690.5 | 756.3 | 732.6 | 824.6 | 825.6 |
| EBITDA (vendor classification) * | 408.5 | 394.5 | 468.4 | 479.5 | 497.8 | 514.5 | 597.8 | 569.2 |
| EBIT * | 277.4 | 258.1 | 326.0 | 315.1 | 317.8 | 315.6 | 385.9 | 347.3 |
| Finance costs | 11.6 | 11.5 | 12.5 | 13.5 | 13.7 | 15.0 | 15.2 | 17.2 |
| Profit before tax | 265.8 | 246.6 | 314.4 | 301.6 | 304.1 | 300.7 | 370.7 | 330.1 |
| Total tax expense | 62.8 | 62.2 | 69.3 | 75.2 | 76.9 | 79.0 | 94.3 | 85.6 |
| Profit after tax | 203.0 | 184.4 | 245.1 | 226.4 | 227.3 | 221.6 | 276.5 | 244.5 |
| Diluted EPS (INR, not annualised) | 14.43 | 13.11 | 17.43 | 16.09 | 16.16 | 15.76 | 19.65 | 17.38 |
| Materials + traded goods + inventory change | 1,683 | 1,632 | 1,662 | 1,889 | 2,052 | 2,094 | 2,382 | 2,604 |
| Employee benefits expense | 241.9 | 251.5 | 263.8 | 295.2 | 297.5 | 304.8 | 311.1 | 349.7 |
| Other expenses | 605.6 | 603.1 | 615.3 | 690.5 | 756.3 | 732.6 | 824.6 | 825.6 |
| EBITDA (excl. other income) | 382.0 | 372.5 | 422.5 | 443.9 | 476.8 | 477.1 | 567.8 | 535.8 |
| Other income | 26.5 | 21.9 | 34.6 | 35.6 | 21.0 | 37.4 | 30.0 | 33.4 |
| Depreciation and amortisation | 131.2 | 136.4 | 142.4 | 164.4 | 180.0 | 177.9 | 211.9 | 221.9 |
| Exceptional items (effect on profit) | 0.00 | 0.00 | 12.2 | 0.00 | 0.00 | -21.0 | 0.00 | 0.00 |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates/JVs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to shareholders | 203.0 | 184.4 | 245.1 | 226.4 | 227.3 | 221.6 | 276.5 | 244.5 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 15.9% | 16.9% | 18.0% | 12.9% | 26.3% |
| EBITDA margin | 13.0% | 13.4% | 13.5% | ||
| Net margin | 6.6% | 7.2% | 6.5% | ||
| Return on equity | 14.5% | 15.6% | 15.2% | ||
| Return on capital employed | 13.8% | 14.0% | 17.6% | 18.4% | 18.0% |
| Return on assets | 9.3% | 9.8% | 9.2% | ||
| Net debt (₹ crore) | -530.0 | -903.0 | -836.7 | ||
| Net debt / EBITDA | -0.40x | -0.58x | -0.43x | ||
| Interest cover | 104.0x | 33.0x | 22.0x | 24.4x | 23.2x |
| Asset turnover | 1.28x | 1.37x | 1.39x | 1.36x | 1.41x |
| Receivable days | 48 | 49 | 45 | 45 | 46 |
| Inventory days (on revenue) | 34 | 35 | 31 | 30 | 29 |
| Payable days (on revenue) | 61 | 60 | 57 | 62 | 59 |
| Cash conversion | 1.55x | 1.83x | 1.94x | ||
| Capex intensity | 7.0% | 7.2% | 8.2% | 9.1% | 8.9% |
| Free cash flow (₹ crore) | 81.1 | -186.9 | 222.3 | 478.3 | 554.9 |
| Dividend payout | 14.5% | 14.3% | 14.8% | ||
| EPS, diluted (₹) | 32.75 | 34.09 | 48.38 | 59.46 | 67.66 |
| Book value per share (₹) | 278.7 | 313.7 | 353.9 | 406.5 | 486.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cost stack, excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (excl. leases) less cash and current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less cost stack, excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Endurance Technologies includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Endurance Technologies
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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