ENDURANCE - Endurance Technologies Limited Share Price

Auto Components

₹1911.90-10.20(-0.53%)

Market Open as of Apr 28, 2025, 14:00 IST

What does Endurance Technologies Limited do?

Auto Components & Equipments•Automobile and AutoComponents•Mid Cap

Endurance Tech is an automotive components and equipment company, listed under the stock ticker ENDURANCE, with a market capitalization of Rs. 26,481.9 Crores.

Founded in 1985 and based in Aurangabad, India, the company, along with its subsidiaries, manufactures and supplies a wide range of automotive components for original equipment manufacturers both in India and internationally.

Product Offerings

Endurance Tech's product portfolio includes:

Aluminium Die Castings: High pressure, low pressure, and gravity die castings.
Machining Components: Manufacturing of engines, gearboxes, and transmission parts.
Metallic Components: Production of items using aluminum alloys, cast iron, and steel.
Suspension Products: Development of adjustable and non-adjustable damping force inverted front forks and mono shock absorbers.
Transmission Products: Offering clutch assemblies and continuous variable transmission assemblies.
Brake Systems: Providing disc brakes, hydraulic drum brakes, anti-lock braking systems, and various brake assemblies, along with aftermarket sales services.

The company serves a diverse customer base that includes manufacturers of two, three, and four-wheelers, motorcycles, scooters, mopeds, mountain bikes, and quadricycles.

Financial Performance

Endurance Tech reported a trailing 12-month revenue of Rs. 11,391 Crores and has shown impressive revenue growth of 49.1% over the past three years. The company distributes dividends to its investors, boasting a dividend yield of 0.84% per year, with a return of Rs. 15.5 dividend per share in the last 12 months.

Industry Group:Auto Components

Employees:4,070

Website:www.endurancegroup.com

Valuation
Market Cap	27.04 kCr
Price/Earnings (Trailing)	33.74
Price/Sales (Trailing)	2.37
EV/EBITDA	16.62
Price/Free Cashflow	151.78
MarketCap/EBT	25.62

Fundamentals
Revenue (TTM)	11.39 kCr
Rev. Growth (Yr)	11.32%
Rev. Growth (Qtr)	-1.98%
Earnings (TTM)	801.37 Cr
Earnings Growth (Yr)	21.09%
Earnings Growth (Qtr)	-9.16%

Profitability
Operating Margin	9.26%
EBT Margin	9.26%
Return on Equity	15.1%
Return on Assets	9.42%
Free Cashflow Yield	0.66%

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Category	ENDURANCE	Auto
PE	33.74	34.42
PS	2.37	1.98
Growth	15.4 %	7.8 %

Investor Care
Dividend Yield	0.84%
Dividend/Share (TTM)	15.5
Shares Dilution (1Y)	0.00%
Diluted EPS (TTM)	56.97

Financial Health
Current Ratio	1.65
Debt/Equity	0.14
Debt/Cashflow	1.38

Balance Sheet for Endurance Tech

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022
Cash and cash equivalents	46.7%	23	16	42	43	22
Current investments	-19.5%	324	402	277	268	168
Loans, current	78%	2.78	2	1.84	1.48	1.02
Total current financial assets	14.2%	1,890	1,655	1,483	1,267	1,378
Inventories	18.9%	573	482	525	429	475
Total current assets	15.6%	2,493	2,156	2,045	1,727	1,882
Property, plant and equipment	1.4%	1,781	1,757	1,632	1,625	1,548
Capital work-in-progress	2%	104	102	130	119	101
Non-current investments	-1.7%	525	534	542	525	501
Loans, non-current	44.4%	14	10	0.55	0	0
Total non-current financial assets	-0.7%	551	555	554	534	510
Total non-current assets	1.2%	2,549	2,518	2,421	2,382	2,259
Total assets	7.9%	5,053	4,685	4,477	4,109	4,141
Borrowings, non-current	-20.4%	4.9	5.9	6.99	7.87	4.3
Total non-current financial liabilities	-11.1%	17	19	29	32	31
Provisions, non-current	4.6%	4.21	4.07	13	6.04	9.05
Total non-current liabilities	-25%	28	37	41	38	40
Borrowings, current	15%	2.3	2.13	2.95	22	109
Total current financial liabilities	14.3%	841	736	768	623	831
Provisions, current	30.4%	31	24	38	33	28
Current tax liabilities	310.3%	28	7.58	41	16	27
Total current liabilities	19%	1,003	843	939	740	970
Total liabilities	17.3%	1,032	880	980	778	1,011
Equity share capital	0%	141	141	141	141	141
Total equity	5.7%	4,021	3,805	3,497	3,331	3,131
Total equity and liabilities	7.9%	5,053	4,685	4,477	4,109	4,141

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022
Cash and cash equivalents	-10.1%	454	505	383	288	445
Current investments	-13.6%	661	765	766	646	490
Loans, current	78%	2.78	2	1.84	1.65	1.64
Total current financial assets	9.3%	2,959	2,708	2,601	2,211	2,295
Inventories	16.2%	1,013	872	917	821	833
Current tax assets	-7.9%	83	90	51	78	49
Total current assets	11.5%	4,213	3,779	3,683	3,192	3,268
Property, plant and equipment	7.4%	3,365	3,134	2,694	2,635	2,439
Capital work-in-progress	20.5%	189	157	318	168	141
Goodwill	4.9%	411	392	387	390	369
Non-current investments	-33.3%	19	28	36	25	1.19
Total non-current financial assets	-17.9%	33	40	48	36	11
Total non-current assets	4.6%	4,286	4,096	3,744	3,611	3,239
Total assets	7.9%	8,510	7,886	7,438	6,802	6,507
Borrowings, non-current	-4.2%	476	497	460	297	332
Total non-current financial liabilities	-4.7%	568	596	555	395	431
Provisions, non-current	25.4%	75	60	70	65	60
Total non-current liabilities	-3%	651	671	626	460	491
Borrowings, current	6.3%	286	269	233	218	319
Total current financial liabilities	10.7%	2,309	2,085	2,003	1,759	1,803
Provisions, current	30.4%	31	24	38	33	28
Current tax liabilities	310.3%	28	7.58	41	16	33
Total current liabilities	14%	2,550	2,237	2,221	1,931	1,985
Total liabilities	10.1%	3,201	2,908	2,846	2,390	2,476
Equity share capital	0%	141	141	141	141	141
Total equity	6.7%	5,309	4,977	4,591	4,412	4,031
Total equity and liabilities	7.9%	8,510	7,886	7,438	6,802	6,507

Cash Flow for Endurance Tech

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Change in inventories	14.9%	-52.79	-62.24	-37.15
Depreciation	9.2%	263	241	204
Unrealised forex losses/gains	-350%	-0.8	0.6	1.9
Net Cashflows from Operations	4%	789	759	689
Dividends received	-	-0.56	0	0
Interest paid	23.7%	-2.38	-3.43	-1.21
Interest received	-41%	-1.34	-0.66	-0.5
Income taxes paid (refund)	39.9%	194	139	141
Net Cashflows From Operating Activities	-4.5%	595	623	549
Cashflows used in obtaining control of subsidiaries	-	6.94	0	0
Proceeds from sales of PPE	10%	12	11	6.41
Purchase of property, plant and equipment	-2.1%	383	391	358
Dividends received	-	0.56	0	0
Interest received	217.2%	1.34	0.71	0.45
Other inflows (outflows) of cash	0%	-0.01	-0.01	0
Net Cashflows From Investing Activities	13.9%	-498.86	-579.41	-378.95
Repayments of borrowings	72.7%	20	12	15
Payments of lease liabilities	-500%	0	1.25	0.77
Dividends paid	11.5%	98	88	84
Interest paid	-67.1%	1.85	3.58	1.31
Net Cashflows from Financing Activities	-17.6%	-122.98	-104.43	-101.13
Net change in cash and cash eq.	54.4%	-27	-60.41	69
Cash equivalents beginning of period	-85.3%	16	103	0

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Change in inventories	45%	-51.63	-94.61	-89.29
Depreciation	12.4%	474	422	382
Unrealised forex losses/gains	6.9%	-0.62	-0.74	1.9
Net Cashflows from Operations	20.3%	1,238	1,029	896
Dividends received	-	-0.56	0	0
Interest paid	-107.5%	-41.83	-19.64	-5.69
Interest received	-36.2%	-3.14	-2.04	-0.4
Income taxes paid (refund)	18.5%	219	185	160
Net Cashflows From Operating Activities	22.6%	1,057	862	742
Cashflows used in obtaining control of subsidiaries	-94.6%	6.94	111	4.86
Proceeds from sales of PPE	0%	15	15	9.5
Purchase of property, plant and equipment	31.3%	835	636	529
Dividends received	-	0.56	0	0
Interest received	98.1%	3.14	2.08	0.35
Other inflows (outflows) of cash	-9.9%	-0.11	-0.01	0
Net Cashflows From Investing Activities	-4.4%	-945.22	-905.05	-550.25
Proceeds from borrowings	51%	475	315	26
Repayments of borrowings	-22.4%	223	287	210
Payments of lease liabilities	97.2%	15	8.1	27
Dividends paid	11.5%	98	88	84
Interest paid	923.1%	32	4.03	6.7
Net Cashflows from Financing Activities	242.7%	105	-71.88	-302
Net change in cash and cash eq.	286.3%	217	-114.94	-110.69
Cash equivalents beginning of period	-28.6%	288	403	0

Income Statement for Endurance Tech

Standalone figures (in Rs. Crores) / View Consolidated Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	16.3%	7,871	6,768	5,697	4,773	4,939	5,417
Other Income	77.8%	49	28	24	14	36	16
Total Income	16.5%	7,920	6,796	5,721	4,787	4,975	5,434
Cost of Materials	12.8%	5,087	4,511	3,745	2,969	3,001	3,508
Purchases of stock-in-trade	-6.3%	60	64	54	45	28	23
Employee Expense	17.3%	380	324	290	287	296	278
Finance costs	-39.1%	2.99	4.27	1.82	4.8	11	17
Depreciation and Amortization	9.2%	263	241	204	203	199	176
Other expenses	18.8%	1,344	1,131	920	786	853	884
Total Expenses	14.4%	7,130	6,233	5,174	4,250	4,406	4,878
Profit Before exceptional items and Tax	40.6%	790	562	547	537	568	555
Exceptional items before tax	91.1%	0	-10.29	-31.45	-11.22	0	-20.8
Total profit before tax	43.2%	790	552	516	526	568	535
Current tax	30%	183	141	137	143	148	161
Deferred tax	1993%	19	1.86	-2.29	-9.09	-6.78	16
Total tax	41.5%	202	143	134	134	141	177
Total profit (loss) for period	43.9%	588	409	382	392	428	358
Other comp. income net of taxes	-863.2%	-14.95	3.09	1.25	-0.71	-4.34	-2.34
Total Comprehensive Income	39.2%	573	412	383	391	423	356
Earnings Per Share, Basic	45.3%	41.79	29.07	27.14	27.88	30.41	25.44
Earnings Per Share, Diluted	45.3%	41.79	29.07	27.14	27.88	30.41	25.44

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-5.4%	2,177	2,300	2,120	2,079	1,993	1,974
Other Income	-23.5%	14	18	14	14	14	11
Total Income	-5.4%	2,192	2,317	2,135	2,093	2,007	1,984
Cost of Materials	-4.4%	1,429	1,494	1,390	1,267	1,312	1,308
Purchases of stock-in-trade	11.8%	20	18	13	12	16	16
Employee Expense	0.9%	109	108	108	98	96	95
Finance costs	46.2%	0.72	0.48	0.69	0.46	0.55	0.95
Depreciation and Amortization	0%	73	73	69	67	66	65
Other expenses	-3.6%	381	395	369	368	345	331
Total Expenses	-4.6%	1,979	2,074	1,916	1,849	1,829	1,792
Profit Before exceptional items and Tax	-12.4%	213	243	219	244	178	192
Total profit before tax	-12.4%	213	243	219	244	178	192
Current tax	-11.9%	53	60	56	45	43	50
Deferred tax	153.3%	2.72	-2.23	-0.12	17	3.2	-0.15
Total tax	-3.5%	56	58	56	62	46	50
Total profit (loss) for period	-15.2%	157	185	163	182	132	143
Other comp. income net of taxes	62.3%	-1.08	-4.52	-7.91	-1.58	-4.74	-8.16
Total Comprehensive Income	-13.4%	156	180	155	181	128	134
Earnings Per Share, Basic	-16.4%	11.15	13.14	11.58	12.96	9.41	10.13
Earnings Per Share, Diluted	-16.4%	11.15	13.14	11.58	12.96	9.41	10.13

Consolidated figures (in Rs. Crores) / View Standalone Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	16.3%	10,241	8,804	7,549	6,547	6,918	7,510
Other Income	93.2%	86	45	41	31	48	27
Total Income	16.7%	10,326	8,849	7,590	6,578	6,965	7,538
Cost of Materials	11.3%	5,923	5,320	4,428	3,498	3,705	4,328
Purchases of stock-in-trade	35.9%	141	104	86	90	28	23
Employee Expense	15.2%	880	764	694	676	677	653
Finance costs	110%	43	21	6.35	14	18	26
Depreciation and Amortization	12.4%	474	422	382	399	414	376
Other expenses	18.3%	1,982	1,675	1,470	1,260	1,374	1,380
Total Expenses	14.9%	9,430	8,210	6,973	5,920	6,219	6,784
Profit Before exceptional items and Tax	40.2%	897	640	618	658	747	754
Exceptional items before tax	91.1%	0	-10.29	-31.45	-11.22	0	-20.8
Total profit before tax	42.7%	897	629	586	647	747	733
Current tax	31.5%	197	150	147	156	187	235
Deferred tax	1218%	19	-0.61	-22.01	-29.07	-6.02	3.32
Total tax	44.3%	216	150	125	127	181	238
Total profit (loss) for period	41.8%	680	480	461	520	566	495
Other comp. income net of taxes	-117.9%	-16.71	100	-18.41	36	62	-35.35
Total Comprehensive Income	14.5%	664	580	442	556	628	460
Earnings Per Share, Basic	43.2%	48.38	34.09	32.75	36.95	40.2	35.19
Earnings Per Share, Diluted	43.2%	48.38	34.09	32.75	36.95	40.2	35.19

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-1.9%	2,859	2,913	2,826	2,685	2,561	2,545
Other Income	-19.2%	22	27	34	27	27	16
Total Income	-2%	2,881	2,939	2,859	2,711	2,588	2,561
Cost of Materials	-6.8%	1,592	1,708	1,617	1,450	1,537	1,501
Purchases of stock-in-trade	-66.7%	13	37	38	20	46	45
Employee Expense	4.1%	252	242	250	227	222	212
Finance costs	-9.1%	11	12	11	13	11	9.82
Depreciation and Amortization	3.8%	136	131	129	128	114	118
Other expenses	-0.5%	603	606	575	537	501	483
Total Expenses	-1.4%	2,635	2,673	2,591	2,436	2,387	2,355
Profit Before exceptional items and Tax	-7.2%	247	266	268	275	201	206
Total profit before tax	-7.2%	247	266	268	275	201	206
Current tax	-4.5%	64	67	68	41	49	53
Deferred tax	41.1%	-2.24	-4.5	-3.52	23	-0.23	-2.4
Total tax	-1.6%	62	63	64	65	48	51
Total profit (loss) for period	-9.4%	184	203	204	210	152	155
Other comp. income net of taxes	-243.6%	-90.91	65	-21.44	-37.51	61	-43.7
Total Comprehensive Income	-65.5%	93	268	182	173	213	111
Earnings Per Share, Basic	-9.8%	13.11	14.43	14.49	14.94	10.83	10.99
Earnings Per Share, Diluted	-9.8%	13.11	14.43	14.49	14.94	10.83	10.99

Is Endurance Tech Better than it's peers?

Detailed comparison of Endurance Tech against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
MOTHERSON	Samvardhana Motherson InternationalAuto Components & Equipments	94.08 kCr	1.12 LCr	-0.90%	+5.12%	21.03	0.84	+18.50%	+96.70%
BOSCHLTD	BoschAuto Components & Equipments	82.57 kCr	18.21 kCr	-0.27%	-3.14%	40.76	4.53	+5.96%	-12.89%
BHARATFORG	Bharat ForgeAuto Components & Equipments	52.04 kCr	15.64 kCr	-7.98%	-17.03%	60.67	3.33	+1.71%	+5.79%
UNOMINDA	UNO MindaAuto Components & Equipments	51.22 kCr	16.07 kCr	-4.54%	+24.44%	49.58	3.19	+22.03%	+26.44%
SUNDRMFAST	Sundram FastenersAuto Components & Equipments	19.46 kCr	5.92 kCr	-1.99%	-12.15%	35.27	3.28	+4.03%	+6.36%
GABRIEL	Gabriel IndiaAuto Components & Equipments	7.85 kCr	3.68 kCr	-4.45%	+54.87%	35.77	2.13	+13.67%	+34.34%
SUPRAJIT	Suprajit EngineeringAuto Components & Equipments	5.42 kCr	3.24 kCr	+0.78%	-5.13%	41.32	1.67	+13.33%	-12.04%

Summary of Latest Earnings Report from Endurance Tech

Summary of Endurance Tech's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

The management of Endurance Technologies outlined a positive outlook driven by strategic expansions, product diversification, and robust order wins. Key highlights include:

Macroeconomic & Industry Trends: India's GDP growth is expected at 6.4% for FY25, with recovery in manufacturing. The two-wheeler segment grew 7% YoY in Q3, while passenger vehicles grew 6.6%.
Strategic Acquisitions:
- StÃ¶ferle (Germany): Enhances European presence with â‚¬80M sales and â‚¬15-16M EBITDA potential. Brings in-house machine-building expertise for global OEMs and synergies with Indian operations.
- Ingenia (automation): Strengthens automation capabilities.
Key Customer Updates:
- KTM Recovery: Operations expected to restart in March 2025; projected sales of Rs.120 crore in FY26. Braking systems for KTM India/overseas to begin in H2 FY26.
- Bajaj Partnership: Sales grew at 10.8% CAGR (FY22"“FY25) despite high base.
Expansion Projects:
- AURIC Shendra (4W casting): SOP by June 2025; won orders (Rs.730M from Valeo, Rs.1.5B from a global OEM). Introduces India's first di-electric powder coating for EVs.
- AURIC Bidkin (2W alloy wheels): Expands OEM customer base.
- G45 R&D Facility: Focus on 2W/3W/4W suspensions with advanced testing labs; targets 220 R&D experts.
Product Segment Growth:
- Suspension: Rs.1.4B new orders (Hero, TVS, HMSI).
- Braking: Rs.1.7B orders across OEMs; 4W brake systems to launch in FY26.
- Transmission: Rs.1B+ new clutch orders (Hero, Royal Enfield).
- EV Focus: Sales doubled to Rs.722M in Q3; net EV orders at Rs.9.6B (post adjustments).
4W Strategy: Technical tie-up with a Korean firm for shock absorbers/struts; pursuing JVs for niche products. Targeting Rs.32B+ in new 4W quotes.
Aftermarket Growth: Revamped distribution, new products, and exports to drive expansion.
European Operations: Revenue grew 21.8% YoY in Q3; EBITDA up 27.4%. Optimistic outlook despite flat market.
Financials: Consolidated revenue up 11.3% YoY to Rs.28.8B; PAT grew 21.1% to Rs.1.84B.
ESG Goals: Targeting >50% carbon neutrality by FY30; solar capacity doubled to 25MW.
Awards & CSR: Innovation awards from Mahindra/Bajaj; CSR initiatives in education, healthcare, and sustainability.

The company remains focused on technology leadership, EV-agnostic product expansion, and leveraging global partnerships for sustained growth.

Q&A Session

Last updated: Feb 25

Question 1 (Aditya Jhawar - Investec):
Congratulations on the big breakthrough on Suspension. Can you elaborate in terms of the likely outcome of this tie-up - OEMs, order size and Capex required for this project?

Answer:
The suspension tie-up involves a technical assistance agreement with a leading Korean entity to manufacture 4W shock absorbers and struts. The partnership targets expanding Endurance's presence in India's underpenetrated 4W suspension market, with plans for a greenfield facility (location finalized but undisclosed). Orders are in advanced stages with OEMs, positioning Endurance as a second supplier initially, with potential for first-source opportunities in new platforms.

Question 2 (Aditya Jhawar - Investec):
On Maxwell, the performance has been quite encouraging. What is the plan for ramp-up of Maxwell's business in the next couple of years?

Answer:
Maxwell is focusing on expanding its R&D pipeline, including Battery Management Systems (BMS), motor control units, and allied electronics. The subsidiary is engaging with multiple 2W/3W OEMs, with significant interest in its enhanced safety and performance solutions. Growth will hinge on product maturity and customer adoption, with announcements expected as deals finalize.

Question 3 (Aditya Jhawar - Investec):
Europe's performance was strong. What is the outlook for the European business and industry medium-term?

Answer:
Despite flat European auto demand, Endurance's subsidiaries grew Q3 revenue by 21% and EBITDA by 27%, driven by prior acquisitions (e.g., Ingenia) and EV/hybrid order wins. The StÃ¶ferle acquisition (â‚¬80M revenue, â‚¬15-16M EBITDA) will enhance machining capabilities and customer reach. Management remains optimistic due to synergies and automation investments.

Question 4 (Jinesh Gandhi - Ambit Capital):
On the 4W suspension agreement: Will Endurance be a second-source supplier?

Answer:
Endurance will initially serve as a second-source supplier for existing OEM platforms but aims to secure first-source status for new models. The Korean partner's expertise enables competitive, affordable solutions tailored to India's cost-sensitive market.

Question 5 (Jinesh Gandhi - Ambit Capital):
For 4W braking, who is the technology partner, and what is the ramp-up timeline?

Answer:
4W braking technology is likely sourced from BWI (existing 2W ABS partner). Production is slated to begin by Q4 FY26 after testing/development. The focus is on high-end braking systems, with details to be shared as partnerships finalize.

Question 6 (Shagun Beria - Anand Rathi):
What does the StÃ¶ferle acquisition bring in terms of products, customers, and financials?

Answer:
StÃ¶ferle adds machining expertise, â‚¬80M revenue, and â‚¬15-16M EBITDA (18-20% margin). The acquisition strengthens Endurance's position in Germany, improves vertical integration, and expands sole-supplier share (80% post-integration). The deal is debt-free, with antitrust clearance expected by FY25.

Question 7 (Shagun Beria - Anand Rathi):
When will state incentives (Rs.80M) be booked?

Answer:
Remaining incentives under the 2013 scheme will be recognized in FY26"“27. For the 2019 scheme, eligibility certificate pending; recognition depends on government approval, likely in Q4 FY25.

Question 8 (Shagun Beria - Anand Rathi):
Which customers are targeted via the 4W suspension TLA?

Answer:
The Korean partnership aims to serve both existing and new OEMs. Endurance is in advanced talks with multiple OEMs, leveraging the partner's technology for cost-competitive, high-quality solutions. Customer names remain undisclosed due to confidentiality.

Question 9 (Pramod Amthe - Incred Equities):
What is the scope for expanding E-Axle component supply?

Answer:
Endurance supplies machined aluminum castings (not full E-Axle) for Valeo's Mahindra EV project. The focus is on high-margin export-oriented casting/machining, with strong demand due to lightweighting trends. Expansion potential lies in capturing more EV/ICE components from global OEMs.

Question 10 (Jinesh Gandhi - Ambit Capital):
Does StÃ¶ferle have debt?

Answer:
StÃ¶ferle is acquired on a cash-free, debt-free basis. The company's profitability (18-20% EBITDA margin) and machining expertise align with Endurance's strategy to enhance European operations and backward integration.

Shareholder Name	Holding %
Anurang Jain	30.85%
Anurang Nareshchandra Jain (Held in his capacity as the family trustee of the Anurang Rohan Trust)	20.12%
Naresh Chandra (Held in his capacity as the family trustee of Anurang Rhea Trust)	12.02%
Suman Nareshchandra Jain (Held in her capacity as the family trustee of NC Trust)	12.01%
Government Of Singapore	4.49%
Monetary Authority Of Singapore	1.17%
Uti-Mid Cap Fund	1.08%
Rhea Jain	0%
Rohan Jain	0%
Varsha Jain	0%

ENDURANCE - Endurance Technologies Limited Share Price

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