Endurance Technologies Q3 Results Review- SOP Of Order And Margin Growth- Key Monitorable: Prabhudas Lilladher

Prabhudas Lilladher Report

We believe that Endurance Technologies Ltd.'s will outperform the industry’s volume growth given

1. Two Wheeler demand improvement seen in last six months,

2. addition of new and value added products anti-lock braking system ramp-up over FY25, driveshaft’s, non-automotive castings etc, alloy wheels,

3. ramp-up in electric vehicle offering and

4. increasing share of after-markets and exports.

However, margin performance has been lower than expected and will be a key monitorable along with new order ramp-up.

We cut our FY24/FY25/FY26E earning per share estimate by 6%/3%/2% to factor in lower than expected performance and Q3 commentary and roll forward our target price to March 2026. Stock is trading at 31 times/26.4 times FY25/FY26.

Maintain ‘Hold’ rating with revised target price of Rs 2,000 (Rs 1,975 earlier) at 25 times March 2026E earning per share.

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