Endurance Technologies Ltd

- FY26 India CAPEX likely north of ₹800 crores focused on capacity expansion (disc brake assembly plant in Chennai, battery pack plant starting Jan 2026, AURIC Shendra and Bidkin plants). - Europe CAPEX expected to be about €20-25 million, roughly 50% lower than previous year, partly due to waiting for government incentives; includes new projects with Stellantis, Mercedes, Volkswagen. - Investments in surface-mounted technology lines at Chhatrapati Sambhajinagar to increase capacity for battery management systems and ABS electronic control units. - Expansion of ABS capacity: current 640,000 units with plans to add 2.4 million units by March 2026, with potential for further increases. - Acquisition of remaining 38.5% stake in Maxwell, making it fully owned; plans to expand electronics and energy business. - Exploring inorganic growth opportunities in India and Europe, including aluminium castings, alloy wheels, aluminium forgings, battery packs, and advanced braking systems. - Maharashtra PSI incentives with additional eligibility expected for FY26 CAPEX.

- Endurance expects significant growth driven by ABS regulations for 2W (above 50cc), with an anticipated tenfold increase in ABS volumes from current 640,000 capacity to 6.4 million units by adding 2.4 million capacity lines by March 2026 and further expansions planned. - The company targets 25% market share in ABS and disc brakes initially, aiming to increase further. - Cumulative India EV segment orders stand at ₹864 crores, expect growth with new business including battery packs (₹300 crores p.a.) and expansion into 4W segment. - Europe business grew 28.5% in Euro terms, with acquisition-driven growth and plans for continued expansion in electrification components. - Overall consolidated total income grew 17.3% YoY in Q1 FY26; EBITDA up 17.5%. - Focus on adding new OEM customers across 2W, 3W, and emerging 4W segments, along with new product launches (e.g., suspension, battery management systems). - Capital expenditure planned to support growth, exceeding ₹800 crores in India for FY26, with significant investments in new plants and R&D centers.

- Endurance Technologies has more than doubled consolidated EPS from ₹23.48 in FY17 to ₹59.46 in FY25, indicating robust historical growth. - Q1 FY26 standalone profit after tax increased slightly (+₹3 crores YoY) despite tepid industry volumes, showing resilience. - European operations show strong growth with 42% PAT growth over Q1 FY21, supported by acquisitions like Stöferle. - ABS segment presents a tenfold growth opportunity, with capacity expanding from 640,000 to 3.04 million units by March 2026, driven by new safety norms. - New business wins totaling ₹4,329 crores since FY22, with ₹1,150 crores expected to start contributing in FY26, supporting revenue growth. - Continued high CAPEX (₹800 crores+ in India for FY26) focused on capacity expansion and technology upgrades signals confidence in future profitability. - Strategic expansion into 4W segment, battery packs, and advanced braking systems expected to enhance margins and earnings over the medium term.

- Overall order booking in Q1 FY26 (India business) was ₹ 252 crores, of which ₹ 247 crores is new business (excluding ₹ 300 crore per annum battery pack orders). - Key OEM customers include Royal Enfield, TVS, Mahindra, and first 4W foundation business from Tata Motors. - Total RFQs in hand are worth ₹ 3,225 crores. - Cumulative India EV segment orders till date stand at ₹ 864 crores, increasing to ₹ 1,017 crores including Bajaj Auto. - Total orders won since FY22: ₹ 4,329 crores, with ₹ 3,612 crores new business. - ₹ 1,400 crores SOP in FY25. - ₹ 1,150 crores expected in FY26. - Remaining to be realized in FY27 and FY28. - Maxwell business (electronic and energy) has cumulative orders of ₹ 156 crores per annum, expected to peak in Q1 FY27, pursuing leads worth ₹ 150 crores per annum. - Order for inverted front forks and rear monoshocks from a leading Chinese OEM starting next quarter; peak expected in FY27.

- No explicit mention of any current or future fundraising through debt or equity was made in the Q1 FY 26 earnings call transcript. - CAPEX plans are significant, with India CAPEX expected north of ₹800 crores in FY26 and Europe CAPEX around €20-25 million (~₹200-250 crores), but funded through internal accruals and operational cash flows. - The company is actively expanding, including acquisitions (Maxwell fully acquired, Stöferle acquisition), but no new equity or debt issuances discussed. - Focus remains on sweating existing assets, increasing operational efficiency, and organic growth, supplemented by inorganic growth funded from current resources. - Any inorganic expansion and CAPEX will be cautiously planned, awaiting market/incentive clarity, especially in Europe before further large spends. - No guidance or indication of raising funds via equity or debt was provided.