Detailed Narrative
Strong Financial Performance in FY25 and Q4 FY25
Endurance Technologies reported a consolidated total income of ₹116.8 billion for FY25, marking a 13.1% year-on-year growth. Consolidated Profit After Tax (PAT) stood at ₹8.36 billion, with Earnings Per Share (EPS) more than doubling since the IPO year to ₹59.46. For Q4 FY25, consolidated total income grew 10.6% year-on-year to ₹29.98 billion, and PAT was ₹2.45 billion. The European business demonstrated robust growth, with a 15.4% increase in income and a 20.9% rise in EBITDA for FY25.
Strategic Acquisitions and EV Component Expansion
The company completed the acquisition of a 60% stake in Stöferle entities in Germany, with the remaining 40% to be acquired over five years, enhancing European manufacturing capabilities. In India, Endurance accelerated the acquisition of the remaining 38.5% stake in Maxwell Energy for ₹75 million, reversing a liability of ₹913 million in Q4 FY25. This move aims to gain early total control over Maxwell, which is crucial for the company's electric and electronic business, including battery packs and Battery Management Systems (BMS).
New Battery Pack Manufacturing Plant and Order Wins
Endurance is establishing a state-of-the-art lithium-ion Battery Pack manufacturing plant near Pune, with SOP planned for January 2026. This facility will leverage in-house developed battery technology and Maxwell's BMS expertise. The company secured a significant order of ₹3 billion per annum from a large OEM for e-scooter battery packs, highlighting its focus on electric vehicle components. Additionally, Maxwell Energy has won cumulative orders totaling ₹2.5 billion.
Expansion in 4-Wheeler and Alloy Wheel Segments
The AURIC Shendra 4-wheeler casting plant is set to commence SOP in September 2025, with an order book of ₹2.75 billion per annum, including export business for premium EV cars. A new 2-wheeler alloy wheel plant at AURIC Bidkin is gearing up for SOP in Q2 FY26, with a capacity of 3.6 million wheels per annum. The company also won ₹6.1 billion in aluminum castings orders in FY25, covering 2-wheeler, 4-wheeler, and non-automotive applications.
Product Development and Aftermarket Growth
The new G45 Waluj R&D facility for two, three, and four-wheeler suspensions will be fully operational soon, aiming to co-create advanced suspension solutions with OEMs. The company won ₹2.351 billion per annum in suspension orders and ₹2.366 billion per annum in braking orders in FY25, including twin-channel ABS orders with SOP planned for Q2 FY26. The Indian Aftermarket business grew 29% in exports during FY25, with value-add products contributing over 14% to aftermarket sales.
Maharashtra PSI Scheme and Sustainability Initiatives
Endurance received an eligibility certificate for ₹6.06 billion under the Maharashtra PSI 2019 scheme, with ₹4.37 billion accounted till FY25. The company is committed to sustainability, achieving a 45% carbon-neutral percentage and increasing its renewable power share from 23% in FY24 to 25.2% in FY25. It also aims to increase female representation in its workforce to 10% for blue-collar and 15% for white-collar employees by 2030.