Motilal Oswal's research report on Endurance Technologies
Endurance Technologies (ENDU) 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 4W segment, targeting 45% sales by FY30. A sustained recovery in underlying 2W demand, a strong focus on ramping up presence in the PV segment, and a strong order backlog in the EU in FY25 are the potential catalysts for the stock. We maintain our FY25E/FY26E EPS. Reiterate BUY with a TP of INR2,825 (premised on 34x Sep’26E EPS).
Outlook
The stock trades at 40x/32x FY25E/FY26E consolidated EPS. We reiterate our BUY rating with a TP of INR2,825 (based on 34x Sep’26E consolidated EPS).
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