Endurance Technologies Limited (ENDURANCE)
Large CapAuto stocks · Large cap · NSE
Endurance Technologies is an Indian auto ancillary manufacturer of two-wheeler and four-wheeler components, including suspensions, die castings, disc brakes, and alloy wheels. The company is expanding into EV components like battery packs and BMS, with operations in India and Europe.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 42/100margin compression · Rev +30% YoY · PAT +8% YoY · +6% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,315 Cr | +30.0% | +5.6% |
| EBITDA | ₹536 Cr | +20.7% | -5.6% |
| Operating margin | 12.0% | -100 bps | -200 bps |
| PAT | ₹245 Cr | +8.4% | -11.2% |
| PAT margin | 5.7% | -113 bps | -107 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Endurance Technologies reported strong Q4 FY26 consolidated revenue growth of 37.3% YoY to Rs 4,116 Cr, driven by robust performance in both India and Europe. FY26 consolidated revenue grew 26.1% YoY to Rs 14,720 Cr. Margins faced pressure from metal prices and new plant ramp-ups.
The company demonstrates strong growth momentum, outperforming industry trends in both India and Europe. Significant order wins in EV and 4W/non-auto segments, coupled with aggressive capacity expansion, support future growth. Margin pressure from raw materials and new plant ramp-up is a watchpoint, but strategic diversification and EV focus are positive.
Consolidated Total Income by Vehicle Type (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
EV Component Expansion
Large orders for e-4W, e-3W, e-2W applications, battery packs, BMS, and DC-DC convertors.
4W & Non-Automotive Diversification
FY26 India business wins include 60% from 4W and non-auto, with first PV proprietary orders and solar dampers/actuators.
Alloy Wheel Capacity
New AURIC Bidkin plant commenced production in Oct 2025, with 3.6 Mn wheels/annum capacity fully booked.
European Market Penetration
Strong growth in Europe, aided by Stöferle acquisition and increasing EV/Hybrid share in order wins.
ABS & Disc Brakes
Additional capacities for Dual channel ABS (SOP Q1FY27) and Disc Brakes in Waluj and Chennai.
Sanand Plant
New infrastructure for Solar Dampers (SOP Q1FY27) and Actuators (SOP H2FY27).
AURIC Shendra Project
New plant for Machined Castings for 4W and non-automotive, SOP expected Q2FY27.
Lithium-ion Battery Pack Plant
New plant in Pune, SOP expected Q1FY27.
Robust Indian Auto Demand
Industry 2W sales grew 25.4% YoY in Q4 FY26, driving strong standalone performance.
European Auto Market Recovery
EU new car registrations grew 4.0% YoY in Q4 FY26, supporting European business growth.
EV Transition Opportunity
Significant EV order wins in India and Europe, with 84% of European cumulative orders for EV/Hybrid applications.
Diversification into 4W/Non-Auto
60% of India business wins in FY26 from these segments, reducing reliance on 2W.
Margin Pressure from Costs
Q4 FY26 EBITDA margin impacted by 40bps due to higher metal prices and new plant ramp-up costs.
Incentive Recording Impact
Q4 FY26 EBITDA margin saw a 110bps drop due to lower incentive recording.
ICE Transition in Europe
Expected reduction in future revenues from currently serviced ICE orders, with ICE end-use projected to fall to 25% by FY28.
OEM Discontinuation Risk
Revision of earlier EV order numbers due to discontinuation of operations of certain OEMs.
OEM Market Share Volatility
Maxwell faced provisions for slow-moving inventory due to adverse market share changes of certain OEMs.
Unmet OEM Projections
Projected peak values from new orders consider the possibility of certain OEM projections not being met.
Transition Execution Risk
Successful transition from ICE to EV/Hybrid in Europe is critical to mitigate revenue reduction from existing orders.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4 results highlight recent operational momentum and the impact of new orders and capacities, while full-year results provide a comprehensive view of annual performance in the seasonal auto sector.
India Total Income Growth
ETL India TI grew 33.8% YoY in Q4 FY26 and 19.4% YoY in FY26, outpacing industry 2W sales growth of 25.4% and 12.9% respectively.
Europe Total Income Growth
ETL Europe TI grew 33.6% YoY (EUR terms) in Q4 FY26 and 28.9% YoY (EUR terms) in FY26, significantly exceeding EU new car registration growth of 4.0% and 3.3%.
India Order Wins (FY26)
Rs 1,596 Cr (ex-Bajaj), including Rs 300 Cr for battery-pack. Cumulative EV orders Rs 1,368 Cr (ex-battery pack).
Europe Order Wins (FY26)
Euro 16 million. Cumulative Euro 245 Mn in last 5 years, with 39% for EV and 45% for Hybrid applications.
Future Order Book
Expects order book to be boosted by Rs 5100 Cr of RFQs under discussion with various customers.
European ICE Reduction
ICE end-use, currently ~40% of Europe revenues, is expected to reduce to 25% in FY28.
Electronics & New Energy Focus
Pursuing leads worth Rs 300 Cr+ for BMS, TPMS, and Chargers.
Stöferle Acquisition Completion
Line of sight to acquire the remaining 40% stake in Stöferle entities over the next 5 years.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated EBITDA Margin | 14.2% (FY26) | Stabilization and improvement as new plants ramp up and cost pass-through mechanisms become effective. |
| EV Order Conversion & Ramp-up | Cumulative Rs 1,368 Cr (India, ex-battery pack) | Conversion of RFQs into firm orders and successful ramp-up of new EV component capacities. |
| 4W & Non-Auto Revenue Share | 29.0% of consolidated TI (FY26) | Continued increase in contribution from 4W and non-automotive segments as new plants become operational. |
| European EV/Hybrid Revenue Growth | 84% of cumulative orders for EV/Hybrid | Actual revenue growth from EV/Hybrid offsetting the expected decline in ICE revenues. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
49NeutralSMA20 +6.2% / mo · MACD − · sector -3.3pp vs Nifty (3M)
Technical chart
ENDURANCEdaily · 1Y · AUTO+10.9%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 40. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~5.8% over last month) — short-term momentum positive.
- RSI(14) at 40 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 10% off 52W high · 30% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 7.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.5%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 46 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 46 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 10.3%.
- Balance sheet contributes 10/15 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 10/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +3 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 94th percentile of the scored universe and 87th percentile within Auto. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 75%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 87th pctile, median 74 · Large: 86th pctile, median 73
89 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.2%.
- ▸11 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 39.80
- P/B
- 5.73
- EV/EBITDA
- 17.27
- Market Cap
- 39144.00Cr
Profitability
- ROE
- 14.90%
- ROCE
- 17.80%
- ROA
- 8.35%
- Dividend Y
- 0.41%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 26.00%
Balance Sheet
- Debt/Equity
- 0.19
- Interest Coverage
- 25.43×
- Altman Z
- 7.73
- Book Value
- 486.00
Cash Flow
- FCF Yield
- 0.18%
- FCF Positive Y
- 11/5
- OCF
- 1851.00 Cr
- EPS TTM
- 68.95
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 68%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Auto, ranked by similarity
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.