Any current/future new fundraising through debt or equity?

The transcript does not mention any current or planned fundraising through debt or equity. It specifically states there was no net debt and a consolidated positive cash balance of Rs. 4,193 million (Page 3). The focus appears to be on organic growth, business wins, and profitability improvements without new plant investments (Page 16). No discussions or indications of raising new capital through equity or debt are mentioned in the Q&A or remarks.

Any current/future capex/capital investment/strategic investment?

Endurance is increasing capacity for aluminum forging axle clamps for inverted front forks at Waluj, Aurangabad plant from 280,000 to 600,000 parts per annum to cater to EV lightweighting needs (Page 7). Installation of a new line for Suzuki scooter front fork business at Waluj plant to produce 1 million units, starting FY25 (Page 5). Expansion of supply to TVS for inverted front forks starting Q1 FY25 with a business value of Rs. 212 million (Page 5). Acquisition of Maxwell Energy Systems (100% equity) to strengthen presence in the EV electronics space and for substantial sales growth in F

Future growth expectations in sales/revenue/volumes?

Endurance expects rapid growth in the two-wheeler (2W) business, especially with value-added products and expansion of BMS (Battery Management System) orders. Aftermarket sales in India aim to grow from 6.3% to 10% of India sales by FY26, with a stepwise increase planned. New order wins for EV and ICE products are strong, with a focus on utilizing plants with lower capacity utilization to gain economies of scale. European operations are growing, with new business wins of €83.87 million in FY23 from major OEMs; growth in European revenue was 7.6% in Q4 with positive volume and energy cost facto

Future growth expectations in earnings/operating earnings/profits/EPS?

FY23 consolidated total net income grew 16.6% to Rs. 88,494.73 million; standalone total income grew 18.8% to Rs. 67,957.07 million. Consolidated EBITDA grew 7.6% to Rs. 10,816.93 million with a margin of 12.2%; standalone EBITDA grew 7.2% with 11.9% margin. Net profit grew 4.1% consolidated (Rs. 4,795.76 million) and 7.1% standalone (Rs. 4,089.17 million). Q4FY23 consolidated EBITDA margin at 13.6%; standalone EBITDA margin at 12.4%. Europe business Q4FY23 EBITDA margin was 17.8%, with expectations to maintain good profitability driven by stable volumes and declining energy costs. FY24 outloo

Current/ Expected Orderbook/ Pending Orders?

Total business wins for EVs till date: Rs. 6,004 million (excluding Rs. 1,290 million new EV business at Maxwell Energy). Maxwell Energy has won Rs. 1,290 million new EV business in FY23 and Rs. 496 million in FY24 till date. Maxwell has a pipeline of RFQs amounting to Rs. 1,310 million. Since FY22, Maxwell has won Rs. 3,286.2 million business, expected to be fully realized by FY26. Endurance has Rs. 25,668 million worth of Requests for Quotes (RFQs) from OEMs. Since FY20 in India, Rs. 28,880 million business won: Rs. 21,060 million new business and Rs. 7,820 million replacement business. Out

Endurance Technologies LtdQ4 FY23Auto Components

Endurance Technologies Ltd Q4 FY23 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹2,368.8P/E: 33.9Market Cap: ₹33.3K CrSector: Auto Components

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Endurance expects rapid growth in the two-wheeler (2W) business, especially with value-added products and expansion of BMS (Battery Management System) orders.
Aftermarket sales in India aim to grow from 6.3% to 10% of India sales by FY26, with a stepwise increase planned.
New order wins for EV and ICE products are strong, with a focus on utilizing plants with lower capacity utilization to gain economies of scale.
European operations are growing, with new business wins of €83.87 million in FY23 from major OEMs; growth in European revenue was 7.6% in Q4 with positive volume and energy cost factors.
Overall, Endurance targets outperformance versus industry growth in both India and Europe, driven by new business wins and increasing product content.
They are eyeing inorganic growth opportunities, technical collaborations, and new markets to boost four-wheeler (4W) segment revenue.
Volume growth in Indian 2W industry expected at 10-12%, though uncertain due to market variables.

Margin guidance

Category 3

FY23 consolidated total net income grew 16.6% to Rs. 88,494.73 million; standalone total income grew 18.8% to Rs. 67,957.07 million.
Consolidated EBITDA grew 7.6% to Rs. 10,816.93 million with a margin of 12.2%; standalone EBITDA grew 7.2% with 11.9% margin.
Net profit grew 4.1% consolidated (Rs. 4,795.76 million) and 7.1% standalone (Rs. 4,089.17 million).
Q4FY23 consolidated EBITDA margin at 13.6%; standalone EBITDA margin at 12.4%.
Europe business Q4FY23 EBITDA margin was 17.8%, with expectations to maintain good profitability driven by stable volumes and declining energy costs.
FY24 outlook: Expect improved profitability vs. FY23, with EBITDA margin possibly near or above 14.5%, supported by stable volumes, reduced energy costs, and improved product mix.
Management targets growth outpacing industry both in India and Europe, with focus on new orders in EV and ICE segments.
Aftermarket sales contribution aimed to increase from 6.3% to 10% of India sales by FY26, supporting margin improvements.

See what Endurance Technologies Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

The transcript does not mention any current or planned fundraising through debt or equity.
It specifically states there was no net debt and a consolidated positive cash balance of Rs. 4,193 million (Page 3).
The focus appears to be on organic growth, business wins, and profitability improvements without new plant investments (Page 16).
No discussions or indications of raising new capital through equity or debt are mentioned in the Q&A or remarks.

Order book

Yes

Total business wins for EVs till date: Rs. 6,004 million (excluding Rs. 1,290 million new EV business at Maxwell Energy).
Maxwell Energy has won Rs. 1,290 million new EV business in FY23 and Rs. 496 million in FY24 till date.
Maxwell has a pipeline of RFQs amounting to Rs. 1,310 million.
Since FY22, Maxwell has won Rs. 3,286.2 million business, expected to be fully realized by FY26.
Endurance has Rs. 25,668 million worth of Requests for Quotes (RFQs) from OEMs.
Since FY20 in India, Rs. 28,880 million business won: Rs. 21,060 million new business and Rs. 7,820 million replacement business.
Out of Rs. 21,060 million new business, Rs. 4,410 million realized in FY23, Rs. 6,920 million expected in FY24, and Rs. 9,730 million expected in FY25 and FY26.
Current order book and pipeline indicate strong growth potential up to FY26.

See what Endurance Technologies Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Endurance is increasing capacity for aluminum forging axle clamps for inverted front forks at Waluj, Aurangabad plant from 280,000 to 600,000 parts per annum to cater to EV lightweighting needs (Page 7).
Installation of a new line for Suzuki scooter front fork business at Waluj plant to produce 1 million units, starting FY25 (Page 5).
Expansion of supply to TVS for inverted front forks starting Q1 FY25 with a business value of Rs. 212 million (Page 5).
Acquisition of Maxwell Energy Systems (100% equity) to strengthen presence in the EV electronics space and for substantial sales growth in FY24 (Page 6).
Focus on inorganic growth opportunities and technical collaborations in the four-wheeler segment, including pursuit of JVs and collaboration agreements to enter brake, clutch, and other proprietary products (Page 18).
Focus on utilizing under-utilized capacities in Kolar, Halol, and other plants to boost EV business wins and profitability (Page 14).

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Endurance Technologies Ltd Q4 FY23 Earnings Call Analysis

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