Motilal Oswal's research report on Endurance Technologies
Endurance Technologies (ENDU) reported an in-line operating performance in 1QFY25 with the India business underperforming the overall 2W industry growth mainly due to the uneven growth of its key customers. The EU outperformance was led by the tooling sales for new orders booked and sales of machined components. ENDU continues to focus on acquiring new businesses and targets 45% revenue from PVs by FY30 (vs. 25% at present). We reduce our FY25E/FY26E EPS by 5% each owing to weakness in the EU demand environment. Reiterate BUY with a TP of INR2,945 (premised on 34x Jun’26E EPS).
Outlook
The stock trades at 40x/31x FY25E/FY26E consolidated EPS. We reiterate our BUY rating with a TP of INR2,945 (based on 34x Jun’26E consolidated EPS).
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