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Motilal Oswal Report
Endurance Technologies Ltd. reported an in-line performance, as Ebitda margin sustained a healthy 13%+ level in the last three quarters. Its healthy performance in Europe despite adversities is commendable.
We are particularly optimistic about its shift toward the four-wheeler segment, targeting 45% sales by FY30. A sustained recovery in underlying two-wheeler demand, a strong focus on ramping up presence in the PV segment, and a strong order backlog in the Europe in FY25 are the potential catalysts for the stock. We maintain our FY25E/FY26E EPS. Reiterate Buy with a target price of Rs 2,825 (premised on 34 times Sep-26E EPS).
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