Endurance Technologies is the only two-wheeler brake manufacturer in India that produces the entire braking system - from the lever to the ABS modulator - in-house, and it built that position from a start so small it began with just two aluminium die-casting machines in 1985. Over four decades it has expanded from casting engine parts into a complete solutions provider that now designs and makes suspension, brakes, alloy wheels, transmission components and the electronics that control them, supplying nearly every major two-wheeler and three-wheeler maker in India and a roster of European car brands from its 33 factories. The recurring approach is visible across every product line: start with a core manufacturing process, then integrate backwards into the critical sub-components that rivals buy from others - ABS valves, forged axle clamps, braided hoses, proprietary clutch technology - so that the company captures more value and controls its own supply chain. # Business segments Five engines at different stages - a suspension cash cow, a braking franchise with regulatory wind at its back, a casting backbone that feeds everything else, an alloy-wheel scale-up, and an electronics-and-battery bet that turns the company into something new - each built on the manufacturing depth of the one before. ## 1. Suspension systems: the market-leading anchor **With roughly 45% of India's two-wheeler suspension market, Endurance is the only domestic manufacturer that designs and builds both adjustable inverted front forks and mono-shock absorbers, and it is now pushing that expertise into four-wheeler and non-automotive applications.** - **Backward-integrated into forgings** - the company installed its own aluminium forging presses to make axle clamps for inverted front forks, so it no longer depends on imports for a critical sub-component. - **Technology partner as springboard** - a tie-up with KTM AG brought the know-how for inverted front forks and adjustable rear shocks on 200cc-plus motorcycles, and that same KTM technology now underpins air-suspension forks made at the Waluj plant. - **Design speed as a competitive weapon** - the suspension R&D team built a design-automation tool that collapsed front-fork design time from two weeks to two days with a first-time-right approach, which is how the company holds 41 granted patents with another 44 under evaluation. - **Solar dampers open a new front** - a new building at the Sanand plant is being fitted out for solar dampers and actuators, with orders exceeding Rs. 300 crore already won from two global clients and production starting in FY27. ## 2. Braking systems: the integrated franchise with regulatory upside **Endurance is the only two-wheeler brake maker in India that manufactures the complete system - calipers, master cylinders, discs, drums, ABS modulators and even the wire-braided hoses - and it is scaling capacity just as safety regulations push the industry toward the more complex hydraulic systems it already builds.** - **In-house ABS valves changed the cost equation** - since March 2023 the company has manufactured its own ABS valves rather than buying them, and combined with in-house stainless-steel braided hoses, this backward integration has made its ABS pricing competitive against the two global giants that dominate the roughly 3.5-million-unit Indian market. - **Capacity is doubling and then some** - ABS capacity has already risen from 400,000 to 640,000 units a year, with a further 1.2-million-unit expansion coming by September 2026, while disc-brake assembly capacity is heading to 7.6 million a year and brake-disc capacity to 8.6 million. - **Regulation expands the addressable market** - if India mandates hydraulic combined braking systems, the content per vehicle jumps because Endurance would supply the master cylinder, caliper and brake disc, not just a simpler mechanical assembly. - **Four-wheeler brakes are now a live opportunity** - in FY26 the company won its first proprietary orders for foundation brakes for passenger vehicles, moving beyond two-wheelers for the first time. ## 3. Aluminium die-casting and machining: the manufacturing backbone **India's largest aluminium die-casting company by output and installed capacity, this is the original engine that feeds the group's own component needs and also wins standalone orders from European carmakers and non-automotive customers.** - **Three processes under one roof** - the company runs high-pressure, low-pressure and gravity die-casting, then machines the resulting parts, which means it can serve everything from two-wheeler engine blocks to structural body parts for electric four-wheelers. - **A greenfield plant for automotive (ICE and EV) and non-automotive segments** - the new AURIC Shendra facility on roughly 11 acres is India's first zero-waste-to-landfill die-casting plant, with fully automated machines from 1,100 to 2,500 tons and a planned capacity of 900 metric tonnes of castings a month, targeting four-wheeler and non-automotive segments. - **Non-automotive orders are diversifying the book** - the company has won orders for aluminium castings for generator applications and 5G telecom towers, and has secured over Rs. 500 crore in aggregate orders from international customers including Valeo and Yazaki for electric four-wheeler applications. - **Lightweighting wins with OEMs** - a hydraulic lifter originally cast in iron at roughly 30 kg was re-engineered in aluminium to weigh 10.5 kg, earning recognition from M&M for best innovation and illustrating the kind of value-add that keeps the casting business relevant as vehicles electrify. ## 4. Alloy wheels: the scale-up play **A business that crossed 100,000 wheels in a single month for the first time in January 2026, now running two plants with combined capacity of 4.8 million wheel sets a year, all of it booked.** - **A second plant doubles the footprint** - the greenfield AURIC Bidkin facility started production in October 2025 with 150,000 sets per month of installed capacity on a roughly 30-acre site, while the existing Chakan plant was expanded to 230,000 sets per month, giving the company the scale to serve multiple OEMs from two locations. - **Orders are chasing capacity** - Alloy wheel orders won this year from multiple OEMs aggregated more than Rs. 200 crore, and the Bidkin plant is fully booked from day one, which is why roughly half the land parcel is earmarked for future expansion. ## 5. Embedded electronics and battery packs: the future platform **Through its wholly-owned subsidiary Maxwell, Endurance now designs and makes the electronic brains of electric vehicles - battery management systems, motor controllers and DC-DC converters - and has just begun manufacturing complete lithium-ion battery packs, turning a component supplier into a systems integrator for the EV transition.** - **Acquired, then scaled** - Maxwell was bought in phases starting July 2022 and reached 100% ownership in May 2025; it supplied 350,000 BMS units in FY26, up from a business that was doing Rs. 70 crore in turnover the year before. - **A letter of intent worth Rs. 300 crore** - the company holds an LOI from a large OEM for an electric two-wheeler battery pack with that peak annual sale value, which signals that customers are willing to buy a complete energy system, not just a component, from Endurance. - **In-house ECU production lowers cost and risk** - in-house SOP of electronic control units for single-channel ABS has started, and dual-channel ECU SOP will begin in June 2026, reducing dependence on third-party electronics suppliers. # European operations **A parallel manufacturing footprint across Italy and Germany that supplies high-precision aluminium castings and machined components to Volkswagen Group, Mercedes, Stellantis and others, with an order book that is pivoting hard toward electrification - 89% of FY26 order wins were for EV applications.** - **The order book is already transitioning** - of the cumulative Euro 245 million in orders won over the last five years, 39% are for EV and 45% for hybrid applications, so the European business is not waiting for the powertrain shift to happen; it is already selling into it. - **Structure was simplified for efficiency** - multiple Italian subsidiaries were merged, with Endurance Castings S.p.A becoming the single operating entity under the Endurance S.p.A name effective 1 January 2026 (FY26), while the two-wheeler braking and clutch businesses were consolidated under Endurance Two Wheelers S.p.A effective 1 January 2025 (FY25). - **Stöferle adds machining depth** - the 60% stake acquired in Germany's Stöferle brings highly automated machining of complex aluminium castings and captive CNC machine production, which strengthens the group's ability to deliver finished components rather than raw castings. - **Automation expertise was bought, not rented** - the acquisition of Ingenia Automation in Italy, which was already the main automation supplier to Endurance's European plants, means the group now owns the capability to design and install its own production lines. # Aftermarket **A branded spare-parts business that reaches 213 Indian districts through 442 distributors and exports to 39 countries, with a stated goal of growing from roughly 5% of domestic revenue toward 10% by FY28.** - **Sells what it makes, plus what it designs** - the aftermarket range includes in-house suspension, brakes and transmission parts alongside traded products like tyres that are outsourced but built to Endurance's own tread-compound specification, so the brand promise extends even to products it does not manufacture. - **Mechanic loyalty is the distribution moat** - the company runs mechanic loyalty programmes and an AI-enabled tech platform for order maximisation, with local teams on each continent, which is how aftermarket exports grew 29% in FY25. - **European brands add premium pull** - the aftermarket portfolio in Europe includes legacy brands from acquisitions - Brenta for brake pads, NewFren for discs and clutches - giving the company shelf space in the replacement market that a pure OEM supplier would struggle to earn. # Group structure and partners **A parent company in India with 19 plants, a wholly-owned European holding company with manufacturing subsidiaries in Italy and Germany, and a fully-owned electronics subsidiary in Bengaluru - all bound by technology partnerships with KTM and BWI, and held together by a family shareholders' agreement that locks in continuity.** - **Three reporting segments, one operating logic** - the group reports as Standalone (India), Europe and Maxwell, with the Indian operations housing five DSIR-approved R&D centres and a 29-acre proving ground in Aurangabad that is certified by ARAI for on-vehicle testing of two-wheelers and three-wheelers. - **European subsidiaries roll up under Endurance Overseas SpA** - this Italian holding company, wholly owned by the Indian parent since March 2025, controls Endurance S.p.A (high-pressure casting for four-wheelers), Endurance GmbH (German casting operations), Endurance Two Wheelers S.p.A (clutches and brakes), Stöferle (machining) and Ingenia Automation (industrial automation). - **Maxwell is the electronics engine** - the Bengaluru and Mumbai-based subsidiary, acquired in tranches to full ownership by May 2025, designs battery management systems, motor controllers, telematics and DC-DC converters for OEMs in India and Europe. - **Technology partnerships fill specific gaps** - KTM AG provides the inverted-fork and adjustable-shock technology, BWI North America is the ABS technology partner, and a Korean technical-assistance agreement covers four-wheeler suspension and strut manufacturing. - **Family continuity is contractual** - an inter-se shareholders' agreement executed in February 2026 among the Jain family members and three family trusts governs the transfer and transmission of shares, ensuring ownership stability.