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Endurance Tech Q3 FY26: Strong 2W Growth and ₹388 Cr New Casting Orders
Endurance Technologies reported a robust Q3 FY26, benefiting from an 18.2% year-on-year growth in the domestic two-wheeler market and GST rate rationalization. The company is executing a massive expansion with four greenfield plants nearing completion, including the AURIC Shendra facility which has secured peak annual orders of ₹388 crore. Subsidiary Maxwell showed exceptional performance with 9M FY26 revenue of ₹114 crore, already surpassing the full FY25 turnover of ₹70 crore. Management expects the full impact of these expansions and new order wins to materialize in the second half of FY27.
Key Highlights
Two-wheeler sales rose 18.2% and passenger vehicles 19.2% in Q3 FY26, supported by a 125 bps repo rate cut in 2025.
Maxwell subsidiary achieved ₹114 crore revenue in 9M FY26 with a cumulative order book of ₹232 crore per annum.
The new AURIC Shendra plant has secured orders worth ₹388 crore annually from marquee global and domestic OEMs.
Alloy wheel capacity at the AURIC Bidkin plant is 100% booked, with new supplies to Royal Enfield and Suzuki starting in FY27.
Inverted front fork sales are expected to exceed 650,000 units in FY26, driven by the premiumization trend in motorcycles.
💼 Action for Investors
Investors should maintain a positive outlook as the company transitions from a heavy CAPEX phase to operationalizing four new plants by H2 FY27. The strong order book in the EV segment via Maxwell and high-end castings provides a solid margin expansion narrative.
Endurance Tech Q3FY26 Net Profit Rises 20.2% to ₹222 Cr; Total Income Up 26.5% YoY
Endurance Technologies reported a robust Q3FY26 with consolidated total income growing 26.5% YoY to ₹3,646 crore, significantly outperforming the Indian 2W industry growth of 18.2%. Consolidated EBITDA rose 30.4% to ₹514 crore, supported by a 39.5% revenue jump in the European business following the Stöferle acquisition. The company is aggressively pivoting towards EVs, securing a major ₹300 crore peak annual order for battery packs and reporting that 24% of new order wins in 9MFY26 were for EV applications.
Key Highlights
Consolidated PAT increased 20.2% YoY to ₹222 crore, while EBITDA margins improved to 14.1%.
New business wins in India reached ₹1,283 crore in FY26 (excluding Bajaj Auto), including ₹300 crore for battery packs.
European revenue grew 21% in Euro terms, outperforming the EU new car registration growth of 4.6%.
Cumulative EV orders in India (excluding Bajaj and Battery-Packs) stand at ₹1,242 crore.
Capital expenditure for 9MFY26 stood at ₹657 crore in India and €37.9 million in Europe for capacity expansion.
💼 Action for Investors
Endurance continues to demonstrate strong execution by outperforming the underlying industry and successfully integrating acquisitions like Stöferle. Investors should remain positive given the company's diversifying order book into 4W, electronics, and EV components, which provides a long-term growth runway.
Endurance Technologies Q3 Net Profit Rises 20.2% to ₹222 Cr; Revenue Up 26.5%
Endurance Technologies reported a strong Q3 FY26 with consolidated total income rising 26.5% YoY to ₹3,646 crore, outperforming the underlying Indian OEM market growth. Consolidated PAT grew 20.2% to ₹222 crore, even after accounting for a ₹21 crore exceptional charge related to new labour codes. EBITDA margins improved to 14.1% from 13.7% a year ago, driven by premiumization in the two-wheeler segment and the Stoferle acquisition in Europe. The company is aggressively expanding capacity with multiple new facilities expected to reach full utilization or start production by FY27.
Key Highlights
Consolidated Total Income grew 26.5% YoY to ₹3,646 crore in Q3 FY26.
EBITDA margins expanded to 14.1% from 13.7% YoY, with EBITDA rising 30.4% to ₹514 crore.
European operations significantly outperformed the market with 21% revenue growth in Euro terms.
A one-time exceptional item of ₹21 crore was recorded due to provisions for new Labour Codes.
Aggressive expansion plans announced for FY27 across Bidkin, Pune, Chennai, and Sanand facilities.
💼 Action for Investors
The company's ability to outpace market growth and expand margins through premium products like ABS and disc brakes makes it a strong auto-ancillary play. Investors should hold for long-term gains as new capacity expansions in FY27 are expected to drive the next leg of growth.
Endurance Promoters Sign Inter Se Agreement to Ensure 51% Minimum Holding Post-Succession
The promoter group of Endurance Technologies, led by MD Anurang Jain, has entered into an Inter Se Shareholders’ Agreement to formalize succession and ownership stability. The agreement mandates that the promoter group must collectively maintain at least a 51% stake in the company following the demise of the current MD. It restricts share transfers to third parties except under specific conditions like emergencies or new business ventures. This move is designed to prevent future disputes and ensure long-term continuity in the company's leadership and control.
Key Highlights
Agreement signed on February 11, 2026, between Jain family members and three family trusts.
Mandatory minimum collective shareholding of 51% required after the demise of MD Anurang Jain.
Strict restrictions on share transfers to third parties, permitted only for emergencies or new business ventures.
Anurang Jain retains sole authority to amend or terminate the agreement during his lifetime.
The agreement aims to ensure continuity and stability in ownership without changing current management or Board structure.
💼 Action for Investors
Investors should view this as a positive sign of long-term governance and succession planning, which reduces the risk of future promoter disputes. No immediate action is required as the company's operational management remains unchanged.
Endurance Tech Receives Revised Subsidy Eligibility of Rs 858.29 Cr, Up by Rs 252.26 Cr
Endurance Technologies has received an addendum to its Eligibility Certificate under the Maharashtra Package Scheme of Incentives - 2019. The total eligible incentive has been revised upwards to Rs. 858.29 crore from the previously reported Rs. 606.03 crore, representing an increase of Rs. 252.26 crore. These incentives pertain to fixed asset investments made at the company's Waluj units between April 2019 and March 2025. The company is now eligible to claim up to Rs. 125.38 crore per financial year through SGST refunds and electricity duty exemptions until September 2031.
Key Highlights
Total eligible incentive increased by Rs. 252.26 crore to a new total of Rs. 858.29 crore.
Maximum annual incentive of Rs. 125.38 crore admissible from April 2025 to September 2031.
Incentives are based on fixed asset investments made at Waluj units from April 2019 to March 2025.
Benefits will be realized through Industrial Promotion Subsidy (SGST refunds) and Electricity Duty exemptions.
💼 Action for Investors
Investors should view this as a significant boost to the company's future cash flows and net margins over the next six years. The increased subsidy provides a clear tailwind for the company's profitability from its Maharashtra operations.
Endurance Technologies Receives Approval for Merger of Italian Subsidiaries
Endurance Technologies has received regulatory approval from the Italian Chamber of Commerce for the merger of its wholly-owned step-down subsidiaries in Italy. The restructuring involves merging Endurance Engineering S.r.l and Endurance S.p.A into Endurance Castings S.p.A. The merger is set to be effective from January 1, 2026, with an appointed date of April 1, 2025. Post-merger, the surviving entity will be renamed Endurance S.p.A to streamline the corporate structure in the European market.
Key Highlights
Regulatory approval received from the Italian Chamber of Commerce for the consolidation of three step-down subsidiaries.
The merger involves Endurance Engineering S.r.l and Endurance S.p.A merging into Endurance Castings S.p.A.
Effective date of the merger is January 1, 2026, with a retrospective appointed date of April 1, 2025.
Endurance Castings S.p.A will be renamed Endurance S.p.A as part of the corporate restructuring process.
💼 Action for Investors
Investors should view this as a positive move to streamline international operations and potentially reduce administrative overhead. No immediate action is required as the merger involves wholly-owned subsidiaries and does not change the consolidated shareholding.
Endurance Technologies Reports Cyber Security Incident; No Material Impact on Operations
Endurance Technologies disclosed a cyber security incident on its IT infrastructure occurring on December 23, 2025. The company responded by isolating affected systems and starting remediation to contain the impact. Currently, management states there is no material impact on core operations or the financial position. A detailed investigation is ongoing to ensure all risks are mitigated.
Key Highlights
Cyber security incident detected on IT infrastructure on December 23, 2025.
Immediate isolation and remediation measures were taken to contain the breach.
Management reports no material impact on core operations or financial position at this stage.
A detailed investigation is currently underway to assess any potential future impacts.
💼 Action for Investors
Monitor subsequent filings for any updates on data integrity or potential operational disruptions. The current neutral stance is based on management's assessment of no material impact.