Endurance Technologies Ltd Q1 FY27 Earnings Analysis

- Peak sales for AURIC Shendra plant expected at ₹513 crores by FY 29 with potential for further order intake beyond peak. - Expansion in suspension business: inverted front forks monthly sales to grow from 60,000 units to 75,000 units by June 2026, and to 100,000 units by end of FY 27. - Aluminium forging business scaling up with new plant SOPs starting Q3 FY 27 (Royal Enfield June 2026, Jaguar Land Rover August 2026). - ABS business expected to grow 100%-150% in FY 27, doubling volumes from 280,000 units in FY 26, with new dual-channel technology. - Europe business sees order book growth including €7 million new business from Stöferle with overall turnover growth in FY 26 of 28.9%. - Aftermarket business and EV-related orders continue to drive growth with new business wins totaling ₹5,323 crores since FY 22, peaking by FY 29. - Focus on sustained growth above industry average indicated by higher growth versus OEMs like Bajaj, Honda, and Royal Enfield.

- The company expects peak sales of ₹513 crores at the AURIC Shendra plant by FY 29, indicating full realization of current sales orders and potential for further order intake. - Growth drivers include expansion in 2W products across all OEMs, inclusion of electronics such as BMS and battery packs, and advanced technology products like ABS and inverted front forks with better margins. - European revenue growth excluding Stöferle remains positive, with Stöferle contributing new business worth around €7 million and running at €70-80 million annual turnover. - EBITDA margins in Europe remain strong (20.5% in Q4), driven by volume increases despite high energy costs; the company expects sustainable margins if volume is maintained. - FY 27 Q1 might see volatility due to raw material and energy costs, but post-normalization, better profitability from Q2 onwards is anticipated. - Overall, higher-than-industry growth is targeted, backed by new product launches, business wins, and extended aftermarket services.

- New plant at AURIC Shendra for aluminium castings and 4W business, with ₹500 crores of business won, SOP for US EV OEM in June 2026, and JLR in July-August 2026. - AURIC Bidkin plant for 2W alloy wheels started operations in October 2025; aiming for peak sales of around ₹600 crores per annum by Q3/Q4 FY 27. - Battery pack plant starting late May 2026 with initial order of approx. ₹300 crores, potentially growing to ₹600 crores per annum by next financial year. - Chennai plant for brakes servicing South Indian customers like TVS and Royal Enfield starting July 2026. - Expansion potential at AURIC Shendra with 11 existing acres plus 24 acres available for future growth. - No plans for setting up plants in US or Europe; focus on India as part of customers’ China plus One strategy. - Continuous investments in capability building, technology adoption, and sustainability initiatives.

The transcript does not mention any current or future plans for fundraising through debt or equity. Key points related to financials include: - The company is focusing on profitable growth and improving profitability. - There is emphasis on meeting raw material cost increases through customer price adjustments. - Expansion plans focus on increasing production capacity, such as greenfield facilities and the new plant at AURIC Shendra. - No mention of raising funds via debt or equity for expansions or working capital. Hence, based on the provided transcript, there is no indication of any current or planned fundraising through debt or equity.

- Total electric vehicle (EV) business orders including Maxwell and battery pack: ₹1,724 crores per annum. - Total orders won in products excluding Maxwell and battery pack since FY 22: ₹5,323 crores, with ₹4,593 crores as new business, expected to peak by FY 29. - Europe business booked orders worth €15.80 million in FY 26, including large machine casting orders from Volkswagen and Porsche, along with plastic injection molding parts for EVs. - Maxwell new business orders won in FY 26: ₹56 crores, with a cumulative order book of ₹247 crores per annum, peaking by Q2 FY 27. - Strong pipeline of RFQs for Maxwell exceeding ₹300 crores for trucks and 2-wheelers. - Order book from Stöferle acquired business: approximately €7 million with customers Magna and BMW. - Stöferle company had an annual run rate of €70-80 million at acquisition.