Endurance Technologies Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Endurance Technologies Ltd filed with BSE on 22 May 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 consolidated total income for FY26 grew 26.1% to Rs 14,720 crore with EBITDA up 25.3% to Rs 2,090 crore and consolidated PAT up 13.8% to Rs 952 crore. Management attributed standalone margin pressure to raw material cost increases, particularly aluminium alloy and steel, and outsourcing costs following a GST-driven demand surge. The company also detailed several new plant ramp-ups including AURIC Shendra, the Chennai brakes facility, and the battery pack plant near Pune, along with order wins across ABS, castings, and EV components.
Numbers mentioned
Standalone total income: ₹10,696 crores (FY26)
p. 10
“During the full year FY 26, the company recorded a standalone total income of ₹10,696 crores, a year-on-year growth of 20% from ₹8,913 crores in the previous year.”
Anurang Jain, page 10 of the filed PDF · View the filing
Standalone EBITDA margin: 12.6% (FY26)
p. 10
“EBITDA grew 11% from ₹1,218 crores to ₹1,351 crores with a margin of 12.6%.”
Anurang Jain, page 10 of the filed PDF · View the filing
Standalone PAT: ₹734 crores (FY26)
p. 10
“The PAT grew 8.1% from ₹679 crores to ₹734 crores.”
Anurang Jain, page 10 of the filed PDF · View the filing
Consolidated total income: ₹14,720 crores (FY26)
p. 10
“In the full year FY 26, our consolidated total income grew 26.1% over last year, from ₹11,678 crores to ₹14,720 crores.”
Anurang Jain, page 10 of the filed PDF · View the filing
Consolidated EBITDA margin: 14.2% (FY26)
p. 10
“The EBITDA grew 25.3% from ₹1,668 crores to ₹2,090 crores and our margin was at 14.2%.”
Anurang Jain, page 10 of the filed PDF · View the filing
Consolidated PAT: ₹952 crores (FY26)
p. 10
“The consolidated PAT after the impact of the new labour codes in India and on the Indian operations grew 13.8% from ₹836 crores to ₹952 crores, at a 6.5% PAT margin.”
Anurang Jain, page 10 of the filed PDF · View the filing
Standalone total income: ₹2,975 crores (Q4 FY26)
p. 10
“During Q4 of FY 26, the company recorded a standalone total income of ₹2,975 crores, a YoY growth of 31.1% from ₹2,269 crores in the previous year.”
Anurang Jain, page 10 of the filed PDF · View the filing
Consolidated total income: ₹4,116 crores (Q4 FY26)
p. 10
“In Q4 FY 26, our consolidated total income grew 37.3% over Q4 of the previous year from ₹2,998 crores to ₹4,116 crores.”
Anurang Jain, page 10 of the filed PDF · View the filing
India capex: ₹800 crores (FY26)
p. 8
“Our India capex in FY 26 was approximately ₹800 crores compared to ₹600 crores in the previous year, and was driven by new plants and investments in new growth areas.”
Anurang Jain, page 8 of the filed PDF · View the filing
Overall order win in India business: ₹1,596 crores (FY26)
p. 8
“The overall order win in FY 26 in India business was ₹1,596 crores, of which ₹1,579 crores is new business, so it's largely new business.”
Anurang Jain, page 8 of the filed PDF · View the filing
Europe EBITDA margin: 20.5% (Q4 FY26)
p. 13
“we closed with €21.9 million, so it means 20.5% margin in the quarter and with an increase of 49.1% compared to the previous year.”
Massimo Venuti, page 13 of the filed PDF · View the filing
Europe EBITDA margin: 18.5% (FY26)
p. 13
“we closed with €72.4 million of EBITDA, it means 18.5% margin with an increase of 41.7% compared to the previous year.”
Massimo Venuti, page 13 of the filed PDF · View the filing
Maxwell turnover: ₹162 crores (FY26)
p. 6
“In FY 26, our wholly-owned subsidiary Maxwell achieved a record turnover of ₹162 crores as against ₹70 crores in FY 25.”
Anurang Jain, page 6 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 — similar to FY26 · FY27
stated firmly by Anurang Jain
p. 8
“We expect capital expenditure in FY 27 to remain similar to FY 26.”
Anurang Jain, page 8 of the filed PDF · View the filing
Dual-channel ABS SOP — 120,000 units per annum for Bajaj Auto · June 2026
stated firmly by Anurang Jain
p. 4
“For our dual-channel ABS, SOP will start in June 2026 for Bajaj Auto, with a sale of 120,000 units per annum, and another program of 120,000 units is scheduled to start in Q2 FY 27.”
Anurang Jain, page 4 of the filed PDF · View the filing
Battery pack plant SOP — week four of May 2026
stated firmly by Anurang Jain
p. 6
“Going forward, with regulatory approvals and customer validations nearing completion, we are planning to start the SOP in week four of this month.”
Anurang Jain, page 6 of the filed PDF · View the filing
Inverted front fork monthly sales — 100,000 units per month · by end of FY27
stated firmly by Anurang Jain
p. 7
“With increasing OEM offtake, we are adding assembly lines which will take our monthly sales of inverted front forks from 60,000 units to 75,000 units per month, by June 2026 and to 100,000 units per month by the end of FY 27.”
Anurang Jain, page 7 of the filed PDF · View the filing
ABS revenue growth — 100% to 150% compared to last year · FY27
stated conditionally by Anurang Jain
p. 14
“So I think the growth can be 100% to 150% compared to last year.”
Anurang Jain, page 14 of the filed PDF · View the filing
4W revenue contribution — 10%
stated as an aspiration by Anurang Jain
p. 15
“Our plan is to reach 10% soon, but the question in the 10% is because it may look as a lower number, but the sales in 2W are also growing.”
Anurang Jain, page 15 of the filed PDF · View the filing
AURIC Bidkin alloy wheel plant sales — ₹600 crores per annum · peak by Q3/Q4 FY27
stated conditionally by Anurang Jain
p. 15
“I think it will reach peak sales by end of Q3 or beginning of Q4 of this financial year.”
Anurang Jain, page 15 of the filed PDF · View the filing
AURIC Shendra plant sales — ₹200 crores this year · FY27
stated firmly by Anurang Jain
p. 15
“We are planning to cross ₹200 crores this year from AURIC Shendra plant.”
Anurang Jain, page 15 of the filed PDF · View the filing
Battery pack order value — ₹600 crores per annum · next financial year
stated conditionally by Anurang Jain
p. 15
“And of course, this order will go up to ₹600 crores per annum by next financial year based on the outlook of the customer.”
Anurang Jain, page 15 of the filed PDF · View the filing
Standalone margin trajectory — from Q2 FY27
stated conditionally by Anurang Jain
p. 16
“And I hope this war ends by next month at least and then I think once the war ends, it will take some time to normalize, but I see much better numbers from Q2.”
Anurang Jain, page 16 of the filed PDF · View the filing
3W brake assembly volumes — 1.2 million units per annum · by end of this year
stated firmly by Anurang Jain
p. 5
“We are also progressing with the planned increase in our 3W brake assembly volumes, which will double from 0.6 million to 1.2 million units per annum by end of this year.”
Anurang Jain, page 5 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 attributed the increase largely to commodity inflation, RMC cost increases, and outsourcing costs, noting adjusted EBITDA margin would have been higher excluding non-value-add raw material cost pass-through.
Answered by Anurang Jain
Asked by Mumuksh Mandlesha: What one-time impacts affected standalone and Europe revenue this quarter, including price hikes?
p. 12
“If I just take the ₹73.7 crores impact of alloy and steel, which is completely a non-value add, if you see the numbers from that angle, our EBITDA margin instead of 12.6% should have been 13.3%.”
Anurang Jain, page 12 of the filed PDF · View the filing
Management said fuel and gas costs have risen sharply and they are engaging with OEMs for conversion cost pass-through, which is difficult to secure quickly.
Answered by Anurang Jain
Asked by Mumuksh Mandlesha: Are electricity and gas costs in Europe rising further, and how is pass-through happening?
p. 12
“Fuel prices have already gone up by 50%. So this is something on which we are engaging with every OEM.”
Anurang Jain, page 12 of the filed PDF · View the filing
Massimo Venuti explained the margin improvement was driven by higher production volumes relative to registrations, enabling better absorption of fixed costs.
Answered by Massimo Venuti
Asked by Mumuksh Mandlesha: What drove the strong Europe EBITDA margin this quarter?
p. 14
“And this is the reason why we increased the EBITDA in an important way, because with stable fixed cost, this is the demonstration that if in Europe we have volume, we can make a lot of money with good profitability.”
Massimo Venuti, page 14 of the filed PDF · View the filing
Management said single-channel ABS volumes were 280,000 units in FY26 and expect volumes to roughly double or more with dual-channel starting in July.
Answered by Anurang Jain
Asked by Mumuksh Mandlesha: What are current ABS revenues and outlook with dual-channel SOP starting?
p. 14
“In FY '26 we did about 280,000 ABSes, which were single-channel. This year we are doubling, but we feel this figure will go up also, looking at the line of sight and looking at the dual-channel which we are starting from July.”
Anurang Jain, page 14 of the filed PDF · View the filing
Management gave plant-by-plant timelines: AURIC Bidkin already operational, AURIC Shendra SOP in June 2026 for the US EV OEM and July-August for JLR, battery pack plant starting end of May 2026, and Chennai brakes plant starting July 2026.
Answered by Anurang Jain
Asked by Aditya Jhawar: What are the timelines for the four greenfield facilities and exports to the US EV OEM and JLR?
p. 15
“The second plant is the AURIC Shendra plant, where we have won business from this US EV 4W OEM, for which the SOP is in June 2026. And for JLR it is between July-August of 2026.”
Anurang Jain, page 15 of the filed PDF · View the filing
Management said Q1 FY27 would remain volatile due to ongoing cost increases from the war, but expects better numbers from Q2 alongside continued profit improvement actions.
Answered by Anurang Jain
Asked by Aditya Jhawar: Are FY26 margin headwinds like plant startup costs behind, with FY27 normalizing?
p. 16
“Well, I would say that Q1 will still be a bit volatile because as the war goes on, the prices are not going down, whether it's oil, whether it's gas, whether it's alloy.”
Anurang Jain, page 16 of the filed PDF · View the filing
Raja Sastry said a one-time inventory provision was taken related to the failed Hero Electric resolution process, impacting Maxwell's EBITDA.
Answered by Raja Sastry
Asked by Arvind Sharma: What impacted Maxwell margins this quarter?
p. 16
“For the inventory pertaining to Hero Electric we have taken a provision using the appropriate accounting standards, and that's a one-time impact which is impacting the EBITDA of this quarter.”
Raja Sastry, page 16 of the filed PDF · View the filing
Massimo Venuti gave Stöferle's Q4 and full-year financials and said Europe margins should be sustainable if volumes and production hold, though energy costs remain a challenge.
Answered by Massimo Venuti
Asked by Arvind Sharma: Can you enumerate Stöferle's revenue and EBITDA, and comment on sustainability of European margins?
p. 16
“Q4 of Stöferle was €21 million in terms of turnover, €4.9 million in terms of EBITDA and €2.6 million in terms of net result.”
Massimo Venuti, page 16 of the filed PDF · View the filing
Anurang Jain said customers pursuing a China-plus-one strategy want to source from India, not US or Europe, so there is no plan to set up plants there.
Answered by Anurang Jain
Asked by Pramod Amthe: Would Endurance consider manufacturing in the US given high European energy costs?
p. 17
“So we have no intention to put up any plant in US or Europe because this is not what the customers are looking at.”
Anurang Jain, page 17 of the filed PDF · View the filing
Anurang Jain explained India passes castings cost increases the same quarter but proprietary products lag a quarter, while Massimo Venuti said Europe adjusts prices quarterly based on average prior-quarter pricing.
Answered by Massimo Venuti
Asked by Pramod Amthe: How do cost escalation clauses differ between India and Europe?
p. 18
“As you know, we have a clear rule with our customer and we change the price quarter per quarter considering the average of the price of the previous quarter.”
Massimo Venuti, page 18 of the filed PDF · View the filing
Anurang Jain confirmed peak sales means full realization of orders and said growth drivers include expanding product supply across OEMs and technology products.
Answered by Anurang Jain
Asked by A Sriram Palaniappan: Can order book run rate similar to FY26 be expected in coming years, and what does peak sales mean?
p. 18
“Yes, yes. When I say peak sales is a complete realization.”
Anurang Jain, page 18 of the filed PDF · View the filing
Anurang Jain said the company's technology and customer trust give it an edge, and few players exist in these segments.
Answered by Anurang Jain
Asked by A Sriram Palaniappan: What edge does Endurance have in battery packs and BMS given fragmentation and OEM backward integration?
p. 19
“See, I think our edge is the technology which we have, and I think the connect with the customer, the trust we have of the customer.”
Anurang Jain, page 19 of the filed PDF · View the filing
Rajendra Abhange said the differentiation lies in reliability, automated production, and patented busbar design that reduces fire risk, calling it in-house developed IP.
Answered by Rajendra Abhange
Asked by Raj Agarwal: How novel is Endurance's battery pack technology and is anyone else doing this in India?
p. 19
“Our design is very special, it has got couple of patents into it, that means it has a very low possibility of getting into a fire-like situation because of the heavy current densities into certain parts of the battery pack, and our products are superior in that context.”
Rajendra Abhange, page 19 of the filed PDF · View the filing
Massimo Venuti gave Europe turnover growth figures excluding Stöferle and Raj Mundra added Stöferle's run rate at acquisition.
Answered by Massimo Venuti
Asked by Mihir Vora: Can you quantify the Stöferle order book and Europe organic revenue growth?
p. 20
“The new business acquired from Stöferle in the previous financial year is more or less € 7.00 million with final customer Magna and BMW.”
Massimo Venuti, page 20 of the filed PDF · View the filing
Risks flagged
Rising energy, logistics and supply chain costs due to Middle East conflict
p. 3
“The escalation of conflict in the Middle East and disruptions in key shipping routes have led to volatility in energy, logistics, and supply chains, with implications for input costs and availability of raw materials and energy sources.”
Anurang Jain, page 3 of the filed PDF · View the filing
Challenging European operating environment from energy costs and Chinese OEM competition
p. 4
“In Europe, the operating environment was perhaps even more challenging, with a sharp increase in energy costs, uncertainty around policies regarding electrification and localization, and rising presence of Chinese OEMs.”
Anurang Jain, page 4 of the filed PDF · View the filing
Difficulty passing on conversion cost increases to customers
p. 12
“Conversion cost increase is not very easy to get from customers. But we are doing our best because these increases are quite high.”
Anurang Jain, page 12 of the filed PDF · View the filing
Aluminium alloy shortages and cost increases affecting operations
p. 12
“As far as the aluminium alloy is concerned, where we have been largely affected also since March '26- apart from shortages there have been large increases in the cost in March as well as April.”
Anurang Jain, page 12 of the filed PDF · View the filing
High and rising European energy and gas costs
p. 17
“For sure, energy continues to be a problem. If we compare compared to the previous year, more or less we are in the same condition, 5% - 6% more.”
Massimo Venuti, page 17 of the filed PDF · View the filing
Lag in cost pass-through for proprietary products impacting cash flow
p. 18
“The issue happens in the proprietary products and now with Bajaj like I said with a quarter lag, which has impacted a bit of our cash flow also, is that the 3 months we get in the next 3 months.”
Anurang Jain, page 18 of the filed PDF · View the filing
One-time inventory provision from Hero Electric resolution failure
p. 16
“We had inventory in our books and you may have noticed that there was a recent decision, the resolution process for Hero Electric had failed.”
Raja Sastry, page 16 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.