### **Company Overview** Endurance Technologies Limited is a global Tier-1 automotive component manufacturer with a diversified portfolio across aluminum die-castings, suspensions, braking systems, transmission components, and embedded electronics for 2-wheelers (2W), 3-wheelers (3W), and 4-wheelers (4W). Headquartered in India, the company operates 33 manufacturing facilities—19 in India and 14 in Europe (Italy, Germany, Tunisia)—and serves major OEMs such as Bajaj Auto, KTM, Royal Enfield, Toyota, Stellantis, Volkswagen, Jaguar Land Rover, and Mahindra. Under the leadership of Mr. Anurang Jain, the company has evolved from a die-casting unit into a technology-driven engineering group with a focus on innovation, backward integration, and sustainability. Endurance is India’s largest aluminum die-casting and 2W/3W component supplier and holds leadership in suspensions, clutch systems, and aftermarket components. The company is strategically diversifying into electric vehicles (EVs), advanced electronics, and non-automotive sectors like solar and generator applications. --- ### **Strategic Focus & Vision** Endurance aims to: - Increase **4W segment contribution to 45% of consolidated revenue by FY2029–30** (up from ~25–30% in FY24). - Expand in **EV, hybrid, and premium motorcycle segments** through technological differentiation. - Become a **complete solutions provider** with EV-agnostic products covering 96% of its portfolio (excluding clutches). - Grow **aftermarket sales to 10% of domestic revenue by FY2027–28**. - Strengthen its electronics and energy business via the **Maxwell subsidiary**. --- ### **Key Developments as of Nov 2025** #### **1. R&D & Innovation Leadership** - The **Waluj R&D Center (fully operational since July 2025)** supports 2W, 3W, and **4W suspension development**, enabling co-creation with OEMs. - A **new R&D facility for ABS and 2W/4W brakes** is under development at the Waluj brakes plant, including advanced test rigs for electronic braking systems. - The company holds **91 patents** and **72 design registrations**, with significant innovation in adaptive suspension, air forks (35mm), APTC EVO clutches, and thermal management systems. - **Design automation tools** and simulation capabilities ensure "first-time-right" product development. #### **2. Expansion in EV & Electronics via Maxwell** - **Maxwell Energy Systems** is now a **100% owned subsidiary**, serving as the cornerstone of Endurance’s electronics and energy business. - **Battery Management System (BMS)** orders have reached ₹156 crores annually, with a growing pipeline of ₹150 crores. Maxwell has supplied over **250,000 BMS units** to a leading OEM. - **New Product Launches**: - MCU (Motor Control Unit) SOP in October 2025. - Proprietary **wireless BMS design** (eliminates wiring, voltage/temperature sensors) in development. - **XT-Safe and HPSafe BMS platforms** for EVs, grid storage, and UPS. - **Expansion of SMT lines** at the Chhatrapati Sambhajinagar facility to meet surging demand, with two high-speed lines under installation. #### **3. New & Expanded Manufacturing Facilities** - **AURIC Bidkin (Alloy Wheels)**: SOP started in **August 2025** with 3.6 million wheels/annum capacity, already 90%+ booked. - **AURIC Shendra (4W Castings)**: Commissioned in **September 2025**; zero-waste-to-landfill plant with 1,100–2,500 ton machines; secured ₹2.75 billion in orders. - **Waluj (Aluminum Forging)**: Fifth forging press ordered; plant relocation from Vallam to Waluj completed; supplies launched for **Jaguar Land Rover (January 2026)**. - **Chhatrapati Sambhajinagar (BMS & Brakes)**: Expansion underway with **end-of-line testing and SMT lines** to support Maxwell and ABS electronics. #### **4. Strategic Orders & Customer Wins** - **Inverted Front Forks**: Market leader with wins from **Hero MotoCorp, TVS, and a leading Chinese OEM**; supply to **Harley-Davidson models** ongoing. - **Clutch Systems**: SOP for **Adler’s APTC EVO and Assist & Slip clutches** with Royal Enfield and Bajaj (September 2025). - **Braking Systems**: - **Twin-channel ABS** SOP in Q2 FY26. - First **4W drum brake order from Tata Motors**. - ABS production expansion to **1.2 million units/year by FY26** (from 400k in FY24). - **EV Components**: - **₹3,000 crore annual order from a leading EV OEM** for battery packs. - **Lithium-ion battery pack plant (near Pune)** to begin production in **January 2026**; designed for Indian conditions. - Supply of **motor housings for Mahindra’s 6E/9E platforms** via Valeo with 10-week lead time. - **Solar & Non-Auto**: - ₹200 crore order for **solar dampers** from a Spanish client. - Orders from **Generac (USA)** for generator castings. #### **5. European Growth & Acquisitions** - Acquired **60% stake in Stöferle (Germany)** for €38 million; plans to acquire remaining 40% over five years; added €22 million in turnover in Q1 FY26. - **Ingenia Automation (Italy)** fully integrated; supports automation at Shendra plant. - European business reported **€103.2 million turnover** in Q1 FY26, a 28.5% YoY growth. - CAPEX in Europe for FY25 expected at **€20–25 million**, down due to macro uncertainty, but key projects with **Stellantis, VW, and Mercedes** ongoing. #### **6. Capital Expenditure & Capacity Expansion** - **Standalone CAPEX: ₹286 crore**; **Europe: €9 million**. - Over **80% of capex** allocated to expansion, including new greenfield plants, machining lines, forging presses, and SMT lines. - Expansion aligned with orders from **Stellantis, Daimler, Volkswagen Group, and Tata Motors**. - **Negative net debt of ₹6.9 billion**, enabling self-funded growth. #### **7. Aftermarket & Export Growth** - Aftermarket sales now account for **>14% of value-added revenue**. - Export reach expanded to **37 countries** across Africa, Latin America, and Southeast Asia. - Launched **ECC (Endurance Crorepati Club)** and digital loyalty programs for retailers. - Aftermarket B2B expansion strategy with **global distribution network** and OEM-aligned market entry. #### **8. Sustainability & Operational Excellence** - **First Indian Tier-1 supplier with a 29-acre proving ground (EPG)** for real-world testing of suspension, brakes, and transmissions. - Deployed **SAP S/4 HANA** and **Industrial IoT (IIoT)** for real-time machine monitoring, traceability, and automated decision-making. - Installed **19,000 sqm of solar panels** across Italian and Indian plants to reduce energy costs. - **Di-electric powder coating** service operational at AURIC Shendra for EV platforms—one of a kind in India. --- ### **Recent Order Book & Financial Highlights** - **Q1 FY26 New Orders**: ₹560 crore in India (₹300 crore for battery packs), €1.7 million in Europe. - **Cumulative EV Orders (India)**: ₹1,017 crores/year (including Bajaj Auto). - **Total RFQ Pipeline**: ₹3,225 crores. - **New Orders Ex-Bajaj (Q1 FY26)**: ₹252 crores—driven by EV penetration, disc brake demand, and 4W expansion. - **4W Order Book (FY24–25)**: ₹4.11 billion, including EV components for Mahindra at AURIC Shendra.