Endurance Technologies Ltd

- Two wheeler industry growth expected to continue, with high growth in scooters and motorcycles, especially in Q3 and Q4 FY24. - Focus on higher-end suspension for bikes above 150cc and exports (e.g., KTM) to drive growth. - Increasing 4-wheeler share from 26% to 45% by FY30 through aluminium castings, forgings, alloy wheels, brakes, and suspension products. - New order wins worth Rs. 38,720 million to peak in FY26, covering suspension, castings, brakes, and EV products. - Rapid growth expected from EV business, including battery castings, brake assemblies, and new electronic products with existing and new OEMs like HMSI, Ather, Hero Electric. - Expansion of capacity in aluminium forgings, die castings, and brake assemblies to support growth. - Europe business growing, with orders of EUR 29 million in the last 9 months and investments of EUR 50 million to increase production capacity. - Aftermarket sales targeting 10% of India sales by FY28 with expansion in exports.

- Endurance expects growth from the two-wheeler industry, especially higher-end suspension for bikes above 150cc and exports to KTM globally. - Growth is anticipated from increasing orders in brakes, suspension, alloy wheels, and castings, particularly for electric vehicles (EVs) and premium bikes. - The aluminum castings and forgings segment, focused on 4-wheelers, is targeted to grow significantly, increasing 4-wheeler business share from 26% to 45% by FY30. - New orders worth Rs. 38,720 million (peak in FY26) from multiple OEMs including Suzuki, Bajaj, TVS, Hero MotoCorp will drive earnings growth. - Focus on product mix improvement and raw material cost control to enhance EBITDA margins despite high raw material costs. - Consolidated EBITDA margins improved from 11.8% to 13.1% YoY in first nine months of FY24; standalone business grew 13.5%. - Maxwell aims profitable growth from FY25 onwards after initial losses. - Overall PAT grew 37.1% YoY in first nine months FY24, reflecting robust earnings growth trajectory.

- Rs. 38,720 million of new business won since FY20 in India, expected to peak in FY26 (Page 6). - Rs. 9,410 million of new business won till Q3 FY24 from OEMs excluding Bajaj, to peak in FY26 (Page 5). - Rs. 6,777 million of EV-related orders won till date, primarily from HMSI, Ather Energy, Bajaj Auto, Hero Electric, Greaves Electric (Page 6). - Rs. 1,285 million four wheeler business won this year mainly from Punch Powertrain, Tata Motors, Mahindra & Mahindra, Jaguar Land Rover (Page 5). - Rs. 1,050 million RFQs pipeline at Maxwell (Page 7). - Rs. 17,266 million of RFQs from OEMs pending (Page 5). - Maxwell has won Rs. 3,785 million business since FY22, expected to be realized fully by FY27 (Page 7).

- There is no explicit mention of any current or planned new fundraising through debt or equity in the provided document. - The company has no net debt as of Q3 FY24; standalone books show net cash of Rs. 3,939 million and consolidated books show net cash of Rs. 4,636 million. - CRISIL reaffirmed their credit rating as AA+ Stable for long-term and A1+ for short-term funding, reflecting strong financials and no immediate need for new borrowings. - The company is investing in capacity expansion, such as a Rs. 50 million capex in Europe, but this appears to be funded through existing resources. - Overall, the financial position is strong with no net debt, and there is no indication of any immediate or future equity fundraising or new debt issuance mentioned in this report.

- Investing EUR 50 million in FY24 to expand production capacity in Europe for new orders, mainly EV and hybrid products. - Acquiring new land and constructing new buildings to create space for future growth and order ramp-up. - Expanded aluminium alloy wheels plant at Chakan to increase capacity to 5.5 million wheels per annum, starting SOP from April 2024. - Increasing aluminium forging capacity at Waluj, Aurangabad from 1,250 to 1,750 metric tonnes per annum, with new presses started in FY24 and FY25. - Starting new disc brake assembly plant at Waluj to support increased volume; SOP underway to supply Hero MotoCorp (April 2024) and HMSI (Q3 FY25). - Surface-mounted technology line for Battery Management Systems (BMS) assembly started at Waluj in Feb 2024, aiming for peak business by FY26. - Focus on inorganic growth through acquisitions and technology agreements to access new proprietary products and advanced electronics.