Endurance Technologies (ENDURANCE) Q4 24/25 earnings summary

Executive summary

• India's GDP growth for FY2025 estimated at 6.5%, with industrial production up 4.1% and inflation at 4.6%.

• Consolidated total income grew 13.1% year-over-year to ₹116.78B in FY25, with strong growth across India, Europe, and Maxwell segments.

• EBITDA increased 18% year-over-year to ₹16.68B, with margin improvement in both standalone and European operations.

• Audited standalone and consolidated financial results for the year ended 31st March 2025 were approved, with an unmodified audit opinion from statutory auditors.

• Dividend of Rs. 10 per equity share (100%) recommended for FY 2024-25, subject to shareholder approval.

Financial highlights

• Standalone total income for FY2025 grew 12.5% to INR 89.1 billion; consolidated income up 13.1% to INR 116.8 billion.

• Standalone profit after tax at INR 6.79 billion; consolidated profit after tax at INR 8.36 billion.

• Q4 FY2025 standalone and consolidated income grew 8.4% and 10.6% year-on-year, respectively.

• Standalone EPS for FY 2024-25 was Rs. 48.25; consolidated EPS was Rs. 59.46.

• Maxwell segment posted 10.9% year-over-year growth, though it remains loss-making.

Outlook and guidance

• Strong order book with INR 11.99 billion in new India business for FY2025, 37% for EV segment.

• Order book expected to grow with ₹34B of RFQs under discussion in India.

• Transition to EV/Hybrid in Europe expected to reduce ICE revenue share to 25% by FY28.

• Auric Shendra plant to reach INR 2.75 billion peak annual revenue by FY2027.

• Aftermarket segment targets 10% share by FY28.