Synopsis: Endurance Technologies is strengthening its position in the EV ecosystem through battery packs, Maxwell’s electronics business, rising supplies to Ather Energy, and orders from a large US-based EV OEM. With an annual EV order book of Rs 1,724 crore and opportunities across premiumisation and localisation, the company appears well placed for long-term growth.
In India, the automobile components industry is currently going through a phase of structural change with the changes in demand dynamics owing to trends such as electrification, premiumisation, localisation, and China-plus-one sourcing. Even as traditional two-wheeler components continue to form the crux of the industry, companies that have capabilities in technologies such as EVs, electronics, aluminium casting, and advanced braking systems are set to benefit in the long term.
Endurance Technologies has placed itself at the crossroads of various growth drivers, considering its total order book from the EV segment comes to Rs 1,724 crore. With a market cap of Rs 38,000 crore, the shares of Endurance Technologies Ltd are trading at Rs 2,697 and are trading at a PE of 39 compared to their industry’s PE of 30.
Strong Industry Tailwinds Continue to Support Growth
The performance of the Indian auto market was solid throughout FY26 as per SIAM figures mentioned in the management’s presentation, in which the sales of two-wheelers in Q4 FY26 increased by 25.4% compared to the same period last year and reached 7.2 million units, whereas the volume of electric scooters grew by 53.9% from 220,000 to 339,000 units.
The sales of passenger vehicles have also grown by 14.4%. Such impressive results of the auto industry, in addition to numerous product launches and ongoing electrification processes, create huge opportunities for component providers.
Similarly, in Europe, nearly two-thirds of all newly sold cars are either electric or hybrid ones, with 19.4% and 38.6% of new car sales being represented by BEVs and hybrid cars, respectively. Despite adverse conditions due to the rise in energy costs and competition from Chinese automakers, the process of electrification goes on.
Rs 1,724 Crore EV Order Book Provides Long-Term Visibility
Another major highlight from the earnings call was the fast-growing electric vehicle business of the company. Endurance has said that total orders of electric vehicle business in conventional product segments amounted to Rs 1,368 crore per annum, including the Bajaj Auto EV business.
If Maxwell’s electronics business and the battery packs’ orders are added, then the total EV order book amounts to Rs 1,724 crore per annum. Crucially, these orders are supposed to peak in FY29, thereby ensuring multiple years of visibility for revenues.
Endurance has bagged a total Indian business order book of Rs 1,596 crore for FY26, of which close to half of this order book has come from four-wheelers and non-automotive sectors.
Battery Packs Could Become a Major Growth Engine
The company’s battery pack development initiative can possibly be one of the key growth drivers in the coming years. In the fiscal year ending in 2026, Endurance successfully completed all regulatory tests and validation work for its battery packs and also launched mass production from late May 2026.
Just the order alone is worth about Rs 300 crores in business per annum, which management believes could go up to Rs 350-360 crores and could even touch Rs 600 crores annually depending on the demand from the customers.
As pointed out by the management, the battery pack has been developed entirely in-house and is being produced on highly automated production lines. Even more importantly, the company believes that it owns proprietary technology related to the battery packs and busbars, which are also protected by patents and make them safer.
Technological differentiation can help the company develop a competitive edge in a market where the parameters of reliability and safety are increasingly becoming important. In addition, the company plans to exploit its capability in battery packs in segments such as three-wheelers, commercial vehicles and many others.
How Maxwell Is Helping Endurance Build an EV Electronics Ecosystem
Maxwell Energy Systems, a wholly owned subsidiary of Endurance Technologies, has become one of the important pillars of the company in the electric vehicle space. The firm manufactures battery management systems (BMS), motor controller units, telematics, and other products under power electronics, which are used in electric scooters, three-wheelers, tractors, construction vehicles, and other mobility applications.
With the help of Maxwell, Endurance Technologies has been able to move out of its traditional range of auto components and move towards high-value EV electronics components. It seems that the acquisition is paying off well for Endurance Technologies. In FY26, Maxwell recorded a turnover of Rs 162 crore as opposed to Rs 70 crore in FY25, indicating growth in the demand for EV electronics.
The company has supplied about 350,000 BMS and has managed to win new orders worth Rs 56 crore, making its total order book at Rs 247 crore, which is expected to reach a peak in Q2 of next year’s fiscal year. Also, Maxwell has a healthy RFQ pipeline of over Rs 300 crore, especially in the truck and two-wheeler categories.
The company has also won its first order for a DC-DC converter and has commenced supplies of motorcycle BMS solutions to another leading two-wheeler OEM. Furthermore, Maxwell is developing high-voltage BMS solutions for passenger vehicles, commercial vehicles and buses, significantly expanding Endurance’s addressable market in the EV space.
Ather Energy Emerges as a Key Customer
Endurance has become a very important customer for Ather Energy. The company mentioned how the Vallam plant based in Tamil Nadu is seeing a sharp increase in the number of aluminium die-castings by Ather Energy. Further, Ather Energy has also emerged as a customer of alloy wheels produced by Endurance’s alloy wheel plants.
The newly inaugurated alloy wheel plant at AURIC Bidkin has already managed to sell more than 100,000 wheels. Apart from existing clients such as Bajaj Auto, Royal Enfield, TVS and Yamaha, Endurance has added several new clients such as Honda, Ather, Suzuki and Piaggio.
Alloy wheel capacity at Chakan and AURIC has increased to 4.8 million wheel sets per year. As the use of alloy wheels becomes prevalent in premium motorcycles and electric scooters, the growth of Ather can be a boost for Endurance.
Large US EV OEM Opens Up Global Opportunities
Another key growth driver is the association of the company with a large US-based EV OEM. Through its AURIC Shendra plant, Endurance has obtained orders that can provide an annual peak business potential of Rs 513 crore. Orders have been placed by large US-based OEMs, Jaguar Land Rover, Yazaki and Valeo for electric vehicle platforms by Mahindra and Tata Motors.
Production for the large US EV OEM is expected to begin in June 2026, whereas production for Jaguar Land Rover is expected to begin during July or August 2026. Management expects to generate revenue worth more than Rs 200 crore from the AURIC Shendra plant in FY27 itself.
As highlighted by management, these growth opportunities have arisen because of the world’s China plus one policy wherein many international companies prefer sourcing from India compared to China. Endurance also has plenty of land available at AURIC for any further expansion in the future.
Advanced Technologies Continue to Drive Market Share Gains
Apart from the opportunities available specifically in EVs, Endurance is consolidating its presence in the advanced technology sector. For example, the company anticipates that ABS volumes will grow by 100 per cent to 150 per cent in FY27, owing to capacity addition and increased adoption through motorcycles.
It is also backward integrating into electronic control units, thus adding to the bottom line. Moreover, the growth in inverted front forks and mono-shock absorbers has been strong as well. Inverted front fork volumes are likely to go up from 60,000 pieces per month to 100,000 pieces per month towards the end of FY27.
Apart from this, driveshaft sales are likely to exceed Rs 100 crore in FY27, owing to supplies to Tata Motors, Bajaj Auto, Mahindra, TVS, and Eka Motors. Such technology-orientated products help boost growth prospects and offer higher margins as well.
Financial Performance Reflects Strong Execution
Endurance posted a strong financial performance for FY26. Standalone revenue grew 20 per cent to Rs 10,696 crore, whereas standalone EBITDA grew 11 per cent to Rs 1,351 crore. PAT increased 8.1 per cent to Rs 734 crore. Consistent with the company’s strong performance, consolidated total income grew 26.1 per cent to Rs 14,720 crore, while EBITDA increased 25.3 per cent to Rs 2,090 crore. Consolidated PAT grew 13.8 per cent to Rs 952 crore.
The March quarter was one of the best for the company, posting a 37.3 percent year-over-year increase in consolidated revenue to Rs 4,116 crore and a 30.8 percent increase in EBITDA to Rs 598 crore. The operations of Endurance Europe posted their strongest ever quarterly performance due to growth in volumes and operating leverage.
Capital expenditure in India went up to about Rs 800 crore for FY26 on account of investments in plant addition and growth areas, while the same amount is expected to be invested in FY27. Further, the government of Maharashtra has increased the incentive from Rs 600 crore to Rs 858 crore.
Outlook
Endurance Technologies seems poised to undergo another wave of growth, thanks to trends such as electrification, premiumisation, and localisation. With its yearly order book worth Rs 1,724 crore in electric vehicles, growing electronics portfolio via Maxwell, battery packs, more orders from Ather Energy, and opportunities from an EV OEM from the US, the company definitely seems to have plenty of visibility in the long run.
Although profitability in the short term may continue to be volatile because of rising input costs and geopolitics, the technology expertise, diversified order book, and growing foray into four-wheelers and non-automotive segments are likely to ensure continuous growth for the company.
Execution in line with expectations should slowly convert Endurance Technologies into a technology company for mobility solutions from batteries and electronics to global opportunities in EVs.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
