Endurance Technologies Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Endurance Technologies Ltd filed with BSE on 21 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Endurance Technologies reported standalone Q1 FY27 total income of ₹3,194.15 crores, up 35.9% year-on-year, with EBITDA growing 17.1% to ₹357.78 crores and PAT rising 17.4% to ₹194.62 crores. Management attributed margin pressure to a sharp increase in commodity costs, with the RMC percentage to total income rising to 68.4% from 64.8% a year earlier. The company also reported multiple new order wins across brakes, castings, suspension, battery packs, and its European operations during the quarter.
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Numbers mentioned
Standalone total income: ₹3,194.15 crores (Q1 FY27)
p. 9
“During Q1 of FY 27, the company recorded a standalone total income of ₹ 3,194.15 crores, a year-on-year growth of 35.9% from ₹ 2,350.7 crores in the previous year.”
Anurang Jain, page 9 of the filed PDF · View the filing
Standalone EBITDA: ₹357.78 crores, margin 11.2% (Q1 FY27)
p. 9
“EBITDA grew 17.1% from ₹ 305.61 crores to ₹ 357.78 crores with a margin at 11.2%.”
Anurang Jain, page 9 of the filed PDF · View the filing
Standalone PAT: ₹194.62 crores, margin 6.1% (Q1 FY27)
p. 9
“The PAT grew 17.4% from ₹ 165.82 crores to ₹ 194.62 crores. The PAT was at 6.1%.”
Anurang Jain, page 9 of the filed PDF · View the filing
RMC percentage to total income: 68.4% (Q1 FY27)
p. 9
“The commodity increase led to our ‘RMC percentage to total income’ going up to 68.4% as compared to 64.8% in Q1 FY 26.”
Anurang Jain, page 9 of the filed PDF · View the filing
EBITDA margin excluding commodity increase: 13.33% (Q1 FY27)
p. 9
“If we remove this non-value add commodity increase and then see EBITDA margin, it is at 13.33% as compared to our reported 11.2% in standalone financials.”
Anurang Jain, page 9 of the filed PDF · View the filing
Consolidated total income: ₹4,348.28 crores (Q1 FY27)
p. 10
“In Q1 FY 27, our consolidated total income grew 29.6% over Q1 FY 26, from ₹ 3,354.53 crores to ₹ 4,348.28 crores.”
Anurang Jain, page 10 of the filed PDF · View the filing
Consolidated EBITDA: ₹569.21 crores, margin 13.1% (Q1 FY27)
p. 10
“The EBITDA grew 18.7% from ₹ 479.51 crores to ₹ 569.21 crores, our margin was at 13.1%.”
Anurang Jain, page 10 of the filed PDF · View the filing
Consolidated PAT: ₹244.52 crores, margin 5.6% (Q1 FY27)
p. 10
“The consolidated PAT grew 8% from ₹ 226.35 crores to ₹ 244.52 crores at 5.6% PAT margin.”
Anurang Jain, page 10 of the filed PDF · View the filing
Maxwell total income: ₹56.52 crores (Q1 FY27)
p. 6
“In Q1 FY 27, our wholly-owned subsidiary Maxwell achieved a 21% quarter-on-quarter growth with total income of ₹ 56.5 crores as against ₹ 46.6 crores in the previous quarter.”
Anurang Jain, page 6 of the filed PDF · View the filing
Standalone net cash balance: ₹415.7 crores (Q1 FY27)
p. 10
“We still closed the quarter with a standalone net cash balance of ₹ 415.7 crores.”
Anurang Jain, page 10 of the filed PDF · View the filing
India business order wins: ₹391.6 crores (Q1 FY27)
p. 8
“The overall order win in Q1 FY 27 in the India business was ₹ 391.6 crores, of which ₹ 26.1 crores is new business and ₹ 365.4 crores is the replacement business.”
Anurang Jain, page 8 of the filed PDF · View the filing
Europe order wins: €13.9 million (Q1 FY27)
p. 8
“In our Europe business, we have booked orders worth € 13.9 million in Q1 FY 27.”
Anurang Jain, page 8 of the filed PDF · View the filing
Europe turnover: €104.3 million (Q1 FY27)
p. 11
“We closed the Quarter with a € 104.3 million turnover compared to € 103.2 million of the previous financial year, an increase of € 1.1 million or 1.1%.”
Massimo Venuti, page 11 of the filed PDF · View the filing
Europe EBITDA: €18.9 million, 18.2% (Q1 FY27)
p. 11
“In terms of EBITDA, we closed with € 18.9 million as compared to € 18 million of the previous financial year.”
Massimo Venuti, page 11 of the filed PDF · View the filing
Europe net result: €4.4 million, 4.2% (Q1 FY27)
p. 11
“In terms of net result, we closed at € 4.4 million or 4.2% compared to € 6.4 million in the previous financial year, a reduction of 31%.”
Massimo Venuti, page 11 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
India capex — ₹800 crores · FY27
stated firmly by Anurang Jain
p. 7
“We expect capital expenditure in FY 27 to remain similar to the FY 26 capex of ₹ 800 crores.”
Anurang Jain, page 7 of the filed PDF · View the filing
EBITDA margin — Q2 and Q3 FY27
stated conditionally by Anurang Jain
p. 13
“So definitely, we see a better Q2 and Q3 for sure.”
Anurang Jain, page 13 of the filed PDF · View the filing
ABS capacity addition — 9 lakhs units per annum
stated firmly by Anurang Jain
p. 4
“In line with this, we are adding 9 lakhs ABS units per annum.”
Anurang Jain, page 4 of the filed PDF · View the filing
AURIC Shendra casting business pickup — Q4 FY27
stated firmly by Anurang Jain
p. 5
“SOP will start in September 2026 and we expect significant pickup in this business by Q4 FY 27.”
Anurang Jain, page 5 of the filed PDF · View the filing
Total disc brake assembly and disc capacity — 9 million disc brake assemblies and 9.6 million brake discs per annum · Q1 FY28
stated firmly by Anurang Jain
p. 5
“This plant will have a capacity of 3 million disc brake assemblies per annum and 4 million discs per annum as a part of our total Endurance capacities of 9 million disc brake assemblies and 9.6 million brake discs per annum that we have planned by Q1 of FY 28.”
Anurang Jain, page 5 of the filed PDF · View the filing
Inverted front fork monthly capacity — 100,000 units · end of FY27
stated firmly by Anurang Jain
p. 6
“With increasing uptake of inverted front forks by OEMs, we are adding assembly lines and are on track to reach a monthly 100,000 units by end of FY 27.”
Anurang Jain, page 6 of the filed PDF · View the filing
Battery pack margin target — company average margin
stated as an aspiration by Anurang Jain
p. 14
“Our target would be to try and reach margins which we are doing today on an average.”
Anurang Jain, page 14 of the filed PDF · View the filing
Alloy wheel capacity utilisation — full capacity · end of FY27
stated firmly by Anurang Jain
p. 16
“So, I would say by end of this financial year, we should be at full capacities for as far as alloy wheels is concerned.”
Anurang Jain, page 16 of the filed PDF · View the filing
Mercedes hybrid business SOP — 100% of the business · January 2027
stated firmly by Massimo Venuti
p. 11
“We will have the SOP in January 2027.”
Massimo Venuti, page 11 of the filed PDF · View the filing
Stöferle casting capacity agreement — January 2027
stated conditionally by Massimo Venuti
p. 11
“We are looking at production capacity available in the market and hope to reach an agreement by January 2027 for higher casting capacity.”
Massimo Venuti, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management explained the Mercedes hybrid transmission component win followed a competitor's bankruptcy, with SOP from January 2027.
Answered by Massimo Venuti
Asked by Aditya Jhawar: On the quality of European order wins and the Mercedes program details.
p. 11
“This was a very important acquisition because we are speaking about a component as it is for a transmission component of a hybrid vehicle of Mercedes.”
Massimo Venuti, page 11 of the filed PDF · View the filing
Management said integration was complete on managerial and commercial sides, with full positive impact expected from FY28.
Answered by Massimo Venuti
Asked by Aditya Jhawar: How is the Stöferle integration progressing and when will full impact be seen?
p. 11
“Absolutely yes, starting from September 2027.”
Massimo Venuti, page 11 of the filed PDF · View the filing
Management detailed Europe financials and described a difficult market with rising Chinese OEM competition offsetting flat underlying demand.
Answered by Massimo Venuti
Asked by Arvind Sharma: European revenue, EBITDA, PAT in Euros and demand outlook.
p. 12
“But, there was a reduction in the production numbers and so it means that at present they are running down dealer stock.”
Massimo Venuti, page 12 of the filed PDF · View the filing
Management said raw material and conversion cost increases would be passed through and settled with OEMs progressively, improving margins from Q2.
Answered by Anurang Jain
Asked by Aditya Jhawar: On India margins, commodity headwind quantification and Q2 outlook.
p. 13
“But if you tell me to give an amount, to be honest, there are so many variables around it that I cannot give a figure right now.”
Anurang Jain, page 13 of the filed PDF · View the filing
Management described current 4W business of about ₹180 crores in Q1 and detailed new customer wins including a US EV OEM, JLR, and Valeo.
Answered by Anurang Jain
Asked by Aditya Jhawar: Progress in 4W die-casting business and Shendra facility.
p. 13
“Almost ₹ 180 crores was our business for 4W in Q1.”
Anurang Jain, page 13 of the filed PDF · View the filing
Management said margin visibility would improve in the next call, but volumes and pricing on battery packs were promising given high per-unit value.
Answered by Anurang Jain
Asked by Aditya Jhawar: Profitability outlook for 2W and 4W battery packs and BMS usage.
p. 14
“I'll be better positioned to tell you what kind of margin percentage we can do and reach in our next call, there I'll be much clearer.”
Anurang Jain, page 14 of the filed PDF · View the filing
Management said capacities already exist and part of capex is done through Tier-2 vendors, so reported capex understates total investment.
Answered by Anurang Jain
Asked by Ravi Gupta: Why is capex guidance stable despite customers announcing large capex increases?
p. 14
“There's no gap because we already have the capacities.”
Anurang Jain, page 14 of the filed PDF · View the filing
Management said scooter share of their business has risen from under 10% to 14.3% and they continue gaining share.
Answered by Anurang Jain
Asked by Ravi Gupta: Is scooterisation reducing Endurance's total addressable market in two-wheelers?
p. 15
“That content is increasing. Especially from September of last year, the combined growth in motorcycles and scooters has been more than 20%, with scooters much higher.”
Anurang Jain, page 15 of the filed PDF · View the filing
Management gave market share figures for brakes, front forks, and shock absorbers, and described Bidkin plant utilisation ramping toward full capacity by year end.
Answered by Anurang Jain
Asked by Nishit Jalan: Current 2W market share by product category and alloy wheel capacity utilisation.
p. 17
“Our market share for brake systems, as I already told you was 34.5%. For front fork, it was 44% and for shock absorbers, it was 37%.”
Anurang Jain, page 17 of the filed PDF · View the filing
Risks flagged
Prolonged conflict in West Asia keeping energy prices elevated and adding to supply chain and freight costs
p. 3
“The prolonged conflict in West Asia has kept energy prices raised and added to supply chain and freight costs.”
Anurang Jain, page 3 of the filed PDF · View the filing
Sharp commodity price increases across aluminium, steel, copper, rubber, and fuels impacting margins
p. 9
“This has led to huge increase in commodity prices like aluminium, steel, copper, rubber, and oils and fuels including diesel, PNG, and LPG gases, as well as consumables such as cutting tools.”
Anurang Jain, page 9 of the filed PDF · View the filing
Challenging European operating environment from energy costs, policy uncertainty on electrification and localisation, and rising Chinese OEM presence
p. 4
“In Europe, the operating environment was perhaps even more challenging, with sharp increase in energy costs, uncertainty around policies regarding electrification and localisation, and rising presence of Chinese OEMs.”
Anurang Jain, page 4 of the filed PDF · View the filing
Restructuring plans and plant closures at major European OEMs
p. 12
“As you know, newspapers are reporting restructuring plans at OEMs like Mercedes and Volkswagen, and they also will close specific platforms because they want to close the plants.”
Massimo Venuti, page 12 of the filed PDF · View the filing
Increased competition from Chinese OEMs importing powertrains rather than sourcing in Europe
p. 15
“In the European Union, there are a lot of Chinese OEMs increasing their presence.”
Anurang Jain, page 15 of the filed PDF · View the filing
Reduction in production volumes in Europe despite registration growth, as dealers run down stock
p. 12
“But, there was a reduction in the production numbers and so it means that at present they are running down dealer stock.”
Massimo Venuti, page 12 of the filed PDF · View the filing
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