Endurance Technologies Ltd. share price target

We upgrade to BUY on Endurance Technologies Ltd, led by strong order visibility, EV traction, and upcoming capacities supporting medium-term growth momentum.

Endurance Technologies (ENDU)’s 3QFY26 adj. PAT stood at INR2.3b and was in line. While standalone margins at 12.4% beat our estimate of 11.7%, the European business margin came in line at 18%.

We met with Endurance Technologies’ (ENDU) management to understand the outlook for its key segments. While the company awaits clarity from the government on its recommendation of mandatory ABS on all 2Ws, it is likely to continue outperforming industry growth on the back of the ramp-up of: the new alloy wheel plant at Bidkin, dual-channel ABS and the new brakes facility in Chennai.

We maintain our HOLD rating on the stock, as the current price largely factors in the positives.

Endurance Technologies (ENDU) delivered an in-line operational performance in 2QFY26. PAT miss was largely driven by higher-thanexpected depreciation and a higher tax rate in 2Q.

Endurance (ENDU) has consistently outperformed core industry growth, both in India and Europe, over the last five years. Given its healthy order backlog of INR36.1b worth of new orders, we expect ENDU to sustain its outperformance over FY25-27.

*over or under performance to benchmark index Endurance Technologies Ltd is one of India's leading automotive component manufacturers, with operations in the domestic market and Europe. It mainly caters to domestic two- and three-wheeler original equipment manufacturers (OEMs) and supplies aluminium casting products to four-wheeler OEMs in Europe....

We maintain our HOLD rating on the stock, as the current price largely factors in the positives.

We upgrade our rating from HOLD to BUY after the recent correction in the stock prices.

which was 3%/2% lower than PLe/consensus estimates. Gross profit increased by 6% YoY with a margin expansion of 302bps YoY to 42.9% (PLe:42.5%). EBITDA grew by 24.6% YoY while margin expanded was136bps YoY to 13 % (PLe: 13.6%; BBGe: 13.2%), suppressed by higher other expenses. PAT increased by 21.1% YoY; however, it was 13%/7% below PLe/consensus....

We maintain our HOLD rating on the stock.

Endurance Technologies (ENDU) reported an in-line performance, as EBITDA margin sustained a healthy 13%+ level in the last three quarters.

? Endurance Technologies (ENDU) reported an in-line operating
performance in 1QFY25 with the India business underperforming the overall 2W industry growth mainly due to the uneven growth of its key customers.

At the CMP the valuations appear full and hence we maintain our HOLD rating on the stock.

Endurance Technologies (ENDU) reported a strong performance in
4QFY24, outperforming the underlying domestic industry growth. India
business margin came in at 13.5% (vs. est. 12.1%) driven by a better mix.
The EU business is improving gradually; however, order wins remained
soft in FY24.