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    Endurance Tech: A good proxy to play the recovery in two-wheelers

    We expect ENDU to outperform the industry by acquiring new clients and increasing its share of wallet from existing clients

    Nitin Agrawal
    September 16, 2020 / 03:31 PM IST
    Endurance Tech: A good proxy to play the recovery in two-wheelers

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    Endurance Tech (CMP: Rs 1,125, Mcap: Rs 15,830 crore) has reported a better-than-expected performance during the first quarter of FY21 amid the pandemic-led disruptions. Unlike any other auto ancillary company, Endurance (ENDU) managed its operating profitability well above the break-even level that too despite a significant fall in the topline. We continue to remain upbeat on the company, primarily, on the back of its significant presence in the high growth two-wheeler segment and a strong order book. Moreover, the company...

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