Endurance Q1 PAT Rises 17% YoY to ₹195 Crore

Production commenced at the Battery Pack plant in Pune in Q1FY27.
Setting up AURIC Shendra project in Chh. Sambhajinagar for Machined Castings; SOP expected by Q2FY27.
Expanding 4W machined aluminium casting capacity across Chennai and Chakan.
Capacity expansion to manufacture 4W Battery Packs; SOP expected in Q4FY27.
Dual channel ABS SOP expected in Q2FY27; setting up additional capacities for ABS.
Setting up additional Disc Brake capacities in Chennai; SOP expected in Q2FY27.
Second SMT line for electronics to cater to in-house ABS ECU and higher BMS volumes; SOP in Q2FY27.
Setting up new infrastructure at the Sanand plant for Solar Dampers and Actuators; SOP for Solar Damper in Q2FY27, Actuators expected in Q4FY27.
New plant being constructed for Aluminium Forging production; SOP expected in Q3FY27.
TVS suspensions: SOP for conventional motorcycle suspensions took place in Q2FY27; Scooter suspension SOP expected in Q3FY27.

Not Specified

Revenue: Rs. 3,194 crore (Standalone Total Income for Q1FY27).
EBITDA: Rs. 358 crore (Standalone for Q1FY27).
PAT: Rs. 195 crore (Standalone for Q1FY27).
Margins: Standalone EBITDA margin of 11.2% for Q1FY27.
YoY comparison: Standalone Total Income growth of 35.9% YoY; Standalone PAT growth of 17.1% YoY.
Drivers of financial performance: 35.9% YOY growth; Industry 2W sales growth of 23.6%; Rs 35 Cr incentive booked in Q1FY27.

Domestic vs Export: Not Specified
Regional Breakdown: Europe business reported Total Income of €114.6 million (approx. Rs 1,146 crore) for Q1FY27.

Not Specified

Capital Expenditure: Standalone Capex for FY27 is Rs. 196 crore; Europe Capex is Euro 3.6 million.
Expansion Capex and Dies account for >80% of total standalone capex.
Investment Rationale: Capacity addition in brake assemblies, machined aluminium die casting, and battery packs; production capacity expansion in Europe to cater to new orders including VW group.

Investments in Innovation: Battery pack production; machined castings; ABS and disc brake systems; aluminium forging.
Strategic Rationale: Expanding into high-growth EV markets; reducing operational costs through capacity optimization.

Macro/Industry Trends: Indian 2W sales grew 23.6% YoY in Q1FY27; scooters grew 32.7%; 3W grew 40.0%; 4W grew 22.7%.
Europe new car registrations grew 7.4% in Q1FY27 (excluding Chinese OEMs growth was 3%); energy prices in Italy increased significantly (electricity +22% YoY, gas +23% YoY).
Impact on Company: Growth in Indian auto sales driving revenue; energy cost inflation in Europe affecting operations.

Strategic Outlook: Business won in Q1FY27: Rs 405 Cr in India (excluding Bajaj Auto), including Rs. 13 Cr in Maxwell; Euro 13.9 million in Europe.
Order book: Rs 4,526 Cr of RFQs under discussion.
EV orders: Includes Rs 968 Cr for 2W/3W OEMs and Rs 528 Cr for 4W OEMs.
Embedded Electronics: Won Rs 13 Cr orders in Q1FY27; cumulative orders at peak Rs 238 Cr per annum; pursuing leads worth Rs 300 Cr+ for BMS, TPMS, and DC-DC converter.
European business transition: ICE end-use currently ~30% of revenues, expected to reduce to 25% in FY28.
Risks and Opportunities: Growing market share of Chinese OEMs and transition to EV/Hybrid in Europe expected to reduce future revenues from ICE orders.

Stake in Stöferle entities in Germany raised to 68%; acquisition of remaining stake over next 4 years; invested Euro 6.24 million in Q1FY27 for additional 8% stake.
Divested 100% of shareholding in Veicoli Srl, Italy.