LKP Research's research report on Endurance Technologies
Endurance Technologies reported consolidated revenue of ₹29.6 bn in Q4FY25, reflecting a growth of 10.4% YoY and 3.6% QoQ, driven by a favourable and improving product mix. On a standalone basis, the company posted revenue of ₹22.69 bn, marking an 8.4% YoY increase, outperforming the 2W industry’s growth of 5.3%. Additionally, the company booked incentives amounting to ₹0.38 bn during the quarter. The European business delivered robust performance with revenue of ₹7.28 bn, registering strong growth of 18.3% despite a 1.9% decline in EU PV sales, supported by new business wins. Maxwell also contributed significantly, reporting revenue of ₹0.21 bn—a 97% YoY growth—driven by strong volumes from a key customer. Consolidated EBITDA stood at ₹4.2 bn with an EBITDA margin of 14.3%, a slight decline of 25 bps YoY. PBT was ₹3 bn, with a PBT margin of 10.2%, supported by lower interest costs. Adjusted PAT for the quarter was ₹2.3 bn.
Outlook
We maintain our ACCUMULATE rating with a revised TP of ₹2,386, based on 32x FY27E EPS of ₹74.6.
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