Endurance Technologies (ENDURANCE) Q1 26/27 earnings summary

Executive summary

• Domestic industrial activity remained robust, with India's manufacturing sector growing 5.5% in May 2026, while the global environment was more challenging due to geopolitical tensions and high energy costs.

• Q1FY27 saw significant business expansion, including new plant setups, capacity expansions, and product launches across India and Europe.

• Major order wins in both domestic and international markets, with a focus on EV and hybrid applications.

• The Indian automotive sector saw strong growth: two-wheeler sales up 23.5% year-over-year, passenger vehicles up 23%, and three-wheelers up 39.8%.

• European operations faced high energy costs, policy uncertainty, and increased competition from Chinese OEMs, but continued to secure new business and sustain profitability.

Financial highlights

• Standalone total income for Q1 FY27 was INR 3,194.15 crores, up 35.9% year-over-year; EBITDA grew 17.1% to INR 357.78 crores (margin 11.2%); PAT rose 17.4% to INR 194.62 crores (PAT margin 6.1%).

• Consolidated total income grew 29.6% to INR 4,348.28 crores; EBITDA up 18.7% to INR 569.21 crores (margin 13.1%); consolidated PAT up 8% to INR 244.52 crores (PAT margin 5.6%).

• Maxwell reported its first positive PAT of Rs 1 Cr in Q1FY27.

• EV and plug-in hybrid sales in India grew 87.4% year-over-year to INR 129.7 crores; overseas EV and plug-in hybrid sales up 14.4% to INR 802.2 crores.

• Rs 35 Cr incentive booked in Q1FY27.

Outlook and guidance

• Expectation of improved EBITDA margins in Q2 and Q3 as raw material cost increases are settled with OEMs and aluminum alloy prices soften.

• CapEx for FY 2027 guided at INR 800 crores, similar to FY 2026, with flexibility to increase if large opportunities arise.

• Order book expected to grow further with Rs 4,526 Cr of RFQs under discussion.

• Ongoing capacity expansions and new product SOPs scheduled throughout FY27.

• European business anticipates reduced ICE revenues due to EV/hybrid transition and Chinese OEM market share growth.