Endurance Technologies Ltd (NSE: ENDURANCE) Q3 2026 Earnings Call dated Feb. 13, 2026
Corporate Participants:
Massimo Venuti — Director and Chief Executive Officer, Endurance Overseas
Rajendra Abhange — Director and Chief Operating Officer
Anurang Jain — Managing Director
Analysts:
Nishit — Analyst
Aditya Jhawar — Analyst
Mumuksh Mandlesha — Analyst
Jishnu — Analyst
Pramod Amthe — Analyst
Rajit Aggarwal — Analyst
Mihir Vora — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome To Endurance Technologies Q3 FY26 results call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call please signal an operator by pressing Star then zero on a Touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nishit from Access Capital Ltd. Thank you. And over to you sir.
Nishit — Analyst
Thank you so much. Good morning everyone. Welcome to Q3FY26 Post Results Conference call of Endurance Technologies. We are pleased to host the entire management team of senior management of Endurance. Today we have with us Mr. Anurang Jain, Managing Director, Mr. Massimo Venuti, Director. And CEO Endurance Overseas, Mr. Rajendra Abhangu, Director and COO Mr. Rajan Gopal Satri. Group CFO and Mr. Raj Mundra, Treasurer and Investor Relations. I’ll now hand over the call to. Anurang for his opening remarks post which we can move to the Q and A. Over to you, Mr. Jain.
Anurang Jain — Managing Director
Thanks a lot. So good morning everyone. As we close quarter three of FY26, India’s economic backdrop remains strong in a complex global environment. The government’s first advance estimates project real GDP growth at 7.4% for FY26, supported by sustained private consumption, steady investment activity and improving services and manufacturing output. The World bank has also raised its FY26 growth forecast to 7.2% and retained its FY27 forecast at 6.5%. Inflation has remained within comfortable limits and monetary conditions have been broadly stable through the quarter. The RBI had lowered the repo rate in the last quarter by 25 basis points to 5.25% thereby lowering borrowing cost and supporting consumption and investment.
In the full year 2025, the repo rate was lowered by 125 basis points. In the BI monthly meeting held in February 2026, the repo rate was kept unchanged and RBI has cited that the trade deals are expected to boost growth. On the domestic policy front, the GSC rate rationalization implemented in September 2025 has continued to support consumption. The simplified slab structure and lower rates across most of automotive sector including auto components have improved affordability and lowered the cost of ownership contributing to strong industry sales numbers well beyond the festive season. India’s growth will be supported not only by strong domestic demand but also international trade where key trade agreements are taking shape.
India and the European Union announced a free trade agreement last month which is being acclaimed as extremely important for both. Last week India and the USA announced an interim agreement framework on reciprocal and mutual beneficial trade and this is expected to progress into a more comprehensive agreement offering greater market access, new opportunities and lower uncertainty for business. Global growth in 2026 is expected to be more moderate due to softer demand in advanced economies and slower trade expansion amid ongoing geopolitical and trade uncertainties. In the Indian automotive sector as per CM, two wheeler sales reached 7.1 million units in quarter three FY26 of 18.2% year on year with motorcycles at 14.7% growth and scooters at 26.6% growth.
Passenger vehicle sales increased by 19.2% to 1.5 million units while three wheeler sales rose 29.9% to 0.34 million units. Clearly the GST cut impact has continued beyond the festive months. In the European Union, new car sales saw year on year rise of 4.6% in quarter three FY26 with Germany and Spain recording high single percentage growth. Italy was flattish while France recorded a degrowth in quarter three FY26 new car volumes. In Europe there was a 21% share of battery electric vehicles, 10.6% share for plug in hybrids and 34% share for hybrids. So roughly two out of every three vehicles sold in the European Union are either electric or hybrid.
On the strategic growth front, we are pleased to share key updates as you are aware, the government had issued a draft guideline in June 2025 mandating ABS for greater than 50cc two wheelers and all EVs greater than 4 kilowatt motor power. We are awaiting the final guidelines for the same which we hope should be clarified by end of this quarter. Since ABS is already mandatory for more than 125cc two wheelers. We expect the incremental demand to come largely from the 125cc and below segments with single channel ABS where we have over four years of strong execution experience for the dual channel ABS program.
SOP is now expected to start next month as we await the final clearance from a key OEM customer to help increase our profit margin on abs. The Electronic Control unit or the ecu. The in house SOP for the single channel ABS is expected to begin in quarter one of FY27 on a surface mounted technology line at Balut Sambhaji Nagar. The dual channel ECU will follow later in the same financial year. We are installing a new SMT line or a surface mounted technology line as we expect volumes to substantially increase with this new line in half one of the next financial year.
Similar construction for the Chennai plant for this brake systems is at an advanced stage. Key machinery will be installed from quarter one FY27 onwards and the SOP is planned for quarter two FY27. The plant will have a capacity of 3 million disc brake assembly systems per annum and 4 million brake discs per annum as part of the total 7.6 million disc brake systems and 8.6 million brake discs planned at Endurance. The location will help us better serve our OEM customers in South India while creating space at our Chhatrapaji Sambhaji Nagar plant for the new ABS expansion and the four wheeler brakes business.
Our new integrated R and D facility for brakes was commissioned in January 2026 at Valud Sambhaji Nagar and we will be fully operational in this quarter. This facility is double the size of the existing one and integrates two wheeler brakes and ABS R and D with space provision for testing of four wheeler brake assemblies. Apart from transferring several key equipments from the existing R and D facility, we have added key lab and testing machines for ABS validation. We also installed an assembly line for four wheeler passenger vehicle drum brakes for Tata Motors which SOP is expected in quarter one of FY27.
In addition we are increasing our three wheeler brake volumes from 0.6 million to 0.12 million units per annum. Our new Orech Chandra plant at Sambhaji Nagar is a strategic investment for key machine castings for Global and Indian four wheeler electric vehicle and ICE OEMs as well as for non auto applications. We are therefore equipping this plant with highly sophisticated aluminium casting, machining and finishing process equipments. And in the past we have as mentioned in the past we have already got orders from marquee US and UK based OEMs along with Yazaki and value for electric platforms of Mahindra with peak annual business value of rupees 388 crores per annum for this plant where the SOP for both UK and the US OEMs will start by quarter two of the next financial year with peak sales expected in the financial year 29.
At our Charkan Die casting plant we are growing our business for machined aluminium castings for existing and new programs of Tata Motors and Mahindra. The business won in this financial year for these programs stand at Rs 128 crores per annum. We are proactively also ensuring better use of our four wheeler casting and machining capacities across our Chhaqan and Shindra plants to balance these volumes, ensure flexibility and improve the overall sales volume growth at our two wheeler alloy wheel plant in Orec Bitkin we have already booked 100% of capacity earlier to the SOP which started in October 2025 starting for Bajaj Auto alloy wheels.
Supplies to Royal Enfield will start in quarter two of FY27 and supplies to Suzuki and Ather are expected to begin by quarter three of FY27 reaching peak order wins sales in quarter three FY27 during quarter three our battery pack manufacturing plant near Pune made significant progress with successful completion of assembly line, factory acceptance test and installation of key imported equipments. Assembly line installation and trials were taken during this quarter. Comprehensive battery pack validation and electric vehicle safety compliance testing will be concluded during this quarter post our OEM and the regulatory approvals. Commercial ramp up activities will be started to support the SOP from end of March 2026 or early April 2026.
We will also pursue additional opportunities across two wheeler, three wheeler and other high potential segments. So all the above four greenfeed plants which I mentioned will be fully operational over the next few and you can feel and we will feel the full impact in the second half of financial year 2027. In the first nine months of FY26 a wholly owned subsidiary Maxwell achieved a record turnover of rupees 114 crore as against rupees 70 crores in the full year of FY25. We are now supplying the battery managed system for scooters, three wheelers, tractors, E bikes, construction equipment for a European company as well as for telematics.
Beyond this we are also focusing on range of high voltage battery management system for four wheelers, commercial E trucks and E buses. At present one in every 12 electric two wheelers rolling out of Indian factories run with our Maxwell bms. Our strong R and D and innovation sale at Maxwell has made significant progress to introduce new product technologies beyond the battery management system catering to both the EV and internal combustion engine electronic subsystems. We already supplied the motor control units and we have also won our first order for a DC DC converter in the first nine months of FY26 at Maxwell we have won rupees 45 crores of new business which has taken the total cumulative orders won to rupees 232 crores per annum which will peak in quarter four of the next financial year the FY26 orders 1 or BMS are for two wheelers, for E rickshaws, for E bikes and for electrical buggies and our major OEMs are Yatri Electric Cargos, Ultraviolet and Motion Automotive.
Further, we have a strong pipeline of requests for quotes of rupees 197 crores. We maintain our leadership position in inverted front forks with steady growth driven by wider OEM adoption. This year we commenced supplies of inverted front forks along with the mono shocks to PVS where the front fork has been upgraded with adjustable features and with both side cartridge systems. The SOP for Hero Motocorp started in January 2026 while validation is ongoing for a leading Chinese OEM with SOP expected in quarter three of FY27. This takes a total number of OEM customers using our inverted front forks to six.
Schedules from our overseas customer KTM have increased. Our total sales of inverted front forks are expected to reach more than 650,000 units in this financial year and we expect to substantially increase in further years. These orders starting from next financial year. Over the past few years we are seeing customer preference shifting towards higher CC premium vehicles helping in faster adoption of our premium offerings like inverted front forks, APTC or assistance lift clutches and our hydraulic brake systems. In the period FY19 to FY25 the share of the 7500cc vehicles dropped by 19% while the 110 to 125cc two wheeler category recorded a growth of 14.5%.
This club with OEMs offering premium features in lower CC segment has opened huge opportunities for a high end product. Our aluminium forging business which started as a backward integration for supplying aluminium forged axle clamps for our inverted front forks is growing consistently. We are adding one more aluminium forging press to meet the increasing captive and third party demands. This new press along with our four existing presses will be housed in a new plant at Valu Samaji Nagar. This new plant will come up in quarter two of FY27. As mentioned in the previous call, we have won aggregate orders of rupees 44 crore for our aluminum forging business from a German OEM, Jaguar Land Rover and Royal Enfield.
These OEM orders coupled with our captive requirements is expected to yield an annual business of around rupees 44 crore. As discussed in the last call, we have won solar damper business from a Spanish client till quarter three. We have already exported solar dampers worth Rs. 24 crore from our Pannagar plant to our clients for Our Spanish clients with requirements in USA and Saudi Arabia and the value is expected to double by the end of this financial year. As mentioned in previous calls, we are building a new infrastructure at our standard plant in Gujarat to cater to the large volume of orders.
The building work is nearly complete and we expect to start SOP of solar dampers by April 2026. Apart from this business from a Spanish client, we also won business from a US based client where execution will be begin in the middle of the next financial year. The total business one till date for solar dampers and actuators across both the two clients stands at rupees 250 crore. In quarter two we started supplies for our assistance slip clutches to Royal Enfield and Kawasaki introducing our subsidiary Atlas Technology to the Indian market. The SOP for Bajaj Auto is expected in quarter two of FY27.
I just spoke to you regarding the vehicle premiumization which should lead to increased orders for our assistance lift clutches. The assembly line installation and vehicle level validation for our four wheeler drive shafts has been completed. The customer PPAP is planned towards the end of this month with SOP expected by March 2026 which is next month. Under the Maharashtra package scheme of incentives 2019 scheme we have an eligibility certificate of rupees 600 crores for a capital expenditure incurred till August 2024 at our Baluch Sambhaji Nagar units. In January 2026 we got an addendum to this existing certificate and with this our packet scheme of incentives have increased from Rupees 606 crores to Rupees 858 crores for investments up to 31st March 2025.
These incentives will be availed through the industrial promotion subsidy by way of State GSE refund and electricity duty exemption broadly over a seven year period. Let me now give you a gist of orders won during the first nine months of this financial year. Please note that the business value from new orders are without including new orders from Bajaj Auto. The overall order win in the first nine months of FY26 in India business was rupees 1282.8 crores per annum of which rupees 1265.5 crores is new business. This includes the new business win of rupees 300 crores for our battery packs at our Telega pune plant and rupees 45 crores per annum new order for battery management systems at Maxwell.
Our four wheeler and non automotive business win in the first nine months of this financial year stands at Rupees 530 crores. These wins include orders from Tata Motors, a large USA EV oem, Hyundai, Kia, Isuzu which is a new customer Mahindra and the two clients in the solar space. So you can see our volume product mix is improving. During quarter three alone we won rupees 354 crore of new business of which rupees 163 crore was in the four wheeler and non automotive space. These customers included Tata Motors, Mahindra, Kia and Isuzu for four wheeler castings, Hero MotoCorp for two wheeler suspension and the US Solar OEM.
We aim to supply all our product offerings to all major two wheeler OEMs. In the case of Suzuki, we’re a significant supplier of suspensions. And during the quarter we further strengthened our business with them and by securing a new order for Loe Wheels with an annual revenue of Rupees 57 crores for our Orec Bitkin plant. Similarly with Hero Motor Corp. We have been a prominent supplier of suspension and castings with brakes added early last year during quarter three we added five new brake platforms from HMCL totaling rupees 58 crore taking the overall Hero Motor for brakes business to rupees 200 crores crore per annum.
With this we are now supplying a full bouquet of products to Hero Motocorp including the battery management system aluminium forgings. With this increased business, we have a line of sight to double our sales to Hero Motor Corp. Over the next two years. The cumulative India business orders for electric vehicles in the conventional product areas stand at Rupees 1058.7 crore. Without Bajaj Auto, this reaches Rs. 1241.5 crore per annum of orders. If we include Bajaj Auto and the total electric vehicle business win is rupees 1636.5 crores. If we add Maxwell and the battery pack products business, our sales for electric vehicle two, three and four wheelers in the first nine months of FY26 grew 65.6% to rupees 287 crores as compared to rupees 174 crores till quarter three of FY25.
Our CAGR growth in last four years has been 71% as compared to EV2 wheeler industry growth. CAGR growth of 21% as per the Bahan data, this growth in our sales is across all our product segments of suspension casting, braking and alloy wheels. The overall total orders won now in products other than energy and electronic areas which is your Maxwell as well. The battery pack since FY22 stands at 5021 crores out of which rupees 4291 crores is new business. We have a total of rupees 4200 crore worth of requests for quotes also in hand. We expect to win more than rupees 1500 crores of business in the next 12 to 18 months.
In Europe, the industry continues to operate in a challenging environment shaped by semiconductor shortages, the energy crisis, geopolitical tensions, inflation, high interest rates, duties imposed by USA, increased competition from Chinese OEMs and muted automotive market growth. In spite of this backdrop, our European operations have continued to sustain profitable growth through both the existing business as well as through MA. Our acquisition of Stefele was completed in April 2025 adding around 80 million Euro of profitable sales to our top line. In our Europe business, we have booked orders worth 15 million Euro during the first nine months of FY26.
This includes large machine casting orders from Volkswagen and Porsche and certain plastic injection molding parts for EVs. Our aftermarket business in India is a strategic priority for us. We have set ambitious growth goals till 2030. We have made a comprehensive long term capability focused blueprint incorporating the voice of our team and channel partners, retailers and mechanics. We are focusing on building long term partnership with distributors who have the right mindset and are aligned to Endurance’s vision. In addition, we are driving secondary demand generation with retailers as well as mechanics for the domestic business. We have launched a mechanic loyalty program, conducting trainings with certifications on BS4 to BS6 electric vehicles and product equipment, organizing health camps and also providing scholarships to children of our top mechanics.
We are the first in the industry to deploy AI or artificial intelligence enabled tech platform to drive the secondary order booking. We have understood the voice of our stakeholders in each country we are present in and have created a unique value proposition for them. Our customized offerings provide us a competitive edge in each geography. We’re also driving a holistic program to build capability of our sales team and to empower them with the right tools and skills to bring strong business leaders coming to our financial performance. The information has been uploaded at the stock exchanges last evening along with our presentation explaining the numbers.
I will however highlight some key numbers. During quarter two FY26, the company recorded a standalone total income of rupees 2678.3 crores a year. On year growth of 22.2% of rupees 2191.6 crores in the previous year the EBITDA grew 18% from rupees 287.3 crore to rupees 339.1 crore with a margin at 12.7. The pad grew 8.8% from rupees 156.9 crore to rupees 170.7 crores. During quarter three of FY26 we booked an exceptional cost of rupees 20.6 crore towards assessed impact of the new labor codes and this impacted our PAC by rupees 15 crores. The EBITDA margin drop of 0.4% on total income is largely contributed to by raw material cost increases led by aluminum alloy which forms 55% of our total raw materials purchases in Q3FY26.
Our consolidated total income grew 26.5% over quarter three of last year from Rupees 2,881.1 crore to Rupees 3,645.6 crores. The EBITDA grew 30.4% from Rupees 394.5 crores to Rupees 514 crores. Our margin was at 14.1%. A consolidated PAT after the impact of the new labor codes on the Indian operations grew 20.2% from rupees 184.4 crores to rupees 221.6 crores at 6.1% PAT margin. In India we are extremely focused on improving our profit margin percentage by focusing on manufacturing in house versus outsourcing to our vendor partners where we cost to be higher with our vendor partners, price increases to OEMs where costs have increased mainly due to power and manpower costs and thirdly taking largely new business with better profit margins thereby improving the product mix.
We are highly focused on this now as the company diversifies and scales our people agenda remains integral to execution. We continue to strengthen workforce planning and talent depth particularly at the mid management level and as senior lead leadership team reviews the key capability and performance priorities through structured pro forums, digitization and artificial intelligence tools in HR processes are improving our efficiency ease of business. We are also investing in future ready skills through programs such as LEGS which is a customized learn and earn platform to upskill our blue collared workforce and create a structured growth pathway along with multiple leadership and talent platforms across levels.
Inclusion remains an important focus area with tangible progress in gender representation and engagement with diverse talent. On the sustainability front we made significant progress this year towards our ambitious goals for FY30. We achieved a 49.6% carbon neutral percentage, the lowest specific electric and thermal energy as well as specific water consumption, water and hazardous waste recycling boat can at 98% each while 14 of our sites have been certified as zero waste to landfill. Our renewable power share has increased from 25% in FY25 to 28% now. We’ve also contributed around 400,000 KL or kiloliters of water through water augmentation projects.
Our ESG ratings have also seen improvement with CRISIL has revised our ESG score to 59 for FY25 which is up from 56 in FY24, while another agency, SES has increased our rating to 74 which is up from 68 in the previous year. Our K1020 Valu Samaji suspension plant has been awarded the prestigious CII Green Co Gold Outweighing this year at Endurance we approach our CSR with the objective of strengthening communities and improving individual life outcomes. Our focus is in bringing down disparities in education, livelihoods and health while enabling access, dignity and opportunity. The aim is to create sustainable improvements that continue to benefit communities over time rather than short term.
Our CSR initiatives continued across education, livelihoods, environment and healthcare. We launched a new course in the hospitality trade at Ecore which is a vocational training center in Chhatrapati Sambhaji Nagar to improve employment opportunities for youth. We initiated a dense forest project over 10 acres in the Kadana village at Sambhaji Nagar. We supported farmers with high quality seeds and burkim posh beds to strengthen rural education infrastructure. We are refurbishing schools with toilets, libraries and RO plants in sanitation and water management. 75 household toilets and 119 soak pits were constructed across three villages through the WOW Bus program.
108 students were trained in basic computer skills. Our mobile veterinary van treated 1173 cattle and a mobile medical program treated 1350 patients including specialized eye and gynecology camps. I’m happy to inform you that we have won the Quality Excellence Award from Tata Motors at the Annual supply conference in September 2025. I’m also happy to inform you that in October this year our Endurance Overseas plant supplying to Stellantis Group was recognized as a top supplier in the Global Supply Awards 2025. In January 2026, our K120 suspension plant at Sambaji Nagar won the Platinum Certificate of Merit at the Frost and Sullivan India manufacturing Excellent Awards 2025 and a Driveline plant also at Sambhaji Nagar won the Gold Certificate of Merit at the Same platform now with these opening remarks.
I would now like to invite questions from all of you. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Aditya from Investec. Please go ahead.
Aditya Jhawar
Yeah, thanks for the opportunity and congrats on good set of numbers, especially a delivery on margins. First question is on abs. So, you know, did I hear it correctly that you mentioned that you expect to have some clarity by end of this quarter, that is. Okay. Okay. Second, you know, just, you know, a little bit. If you can explain that if EBS comes through clearly, the path is very clear. However, if there is a situation where we move to, you know, electronic cbs, what is, you know, the opportunity for endurance in that situation?
Anurang Jain
Yes, so, so here what is happening is that if ABS comes, like I mentioned, will be for 120cc and below, up to 50cc vehicles. I believe there is a testing ongoing at ERIA, which I. Which I get from sources. I’m not 100% sure, but I’m definitely told by a customer that we hope to get some clarity on the final guideline by end of March. So let’s hope that happens now in case they go for a CBS which is not electronica, it is a mechanical cbs. What happens is all the vehicles who are on drum brakes will graduate to our hydraulic braking system which consists of a master cylinder caliper and a brake disc.
Now, if this happens also, it’s a huge increase in business because the value of a brake assembly of these three parts is even in value. Value is even higher than a ABS price. So we gain both ways. But of course, if the ABS does come in, the gain is much higher because the value goes higher.
Aditya Jhawar
Okay, okay, that’s good to know. Second question is that, you know, if you can, you know, break up the, you know, in Europe between Stoffle and Endurance, you talked about 80 million on an annualized basis. But in this quarter, what has been the growth of our European operation excluding Starfleet?
Anurang Jain
Yes. So I will request Mr. Massimo Benuti, Director and CEO for Europe, to answer this.
Massimo Venuti
Okay. So Endurance overseas in Europe closed the quarter with 93 million of Euro turnover, compared 76.8 of the previous financial year with an increase of 21% of which settler was 20 million of Euro. EBITDA 16.8 million of Euro, it means 18% compared 12.4 of the previous financial year 16.2% with an increase of 4.3 million between 34.9% compared to the previous year. In terms of net result, we closed with the 4.9 million of euro, it means 5.3%. Compare 3.8 million of euro of the previous financial year with an increase in terms of net profit of 1.1 million of euro 28.5%.
If I don’t consider Seferle, we have had a reduction of turnover of 2% but due to a reduction of tooling. Because if I compare the production compared to the previous financial year, also without Seferle, the European operation grew 5.1% compared to the previous year with or more or less all the customers, Cellantis, Mercedes and Volkswagen Group.
Aditya Jhawar
That’s helpful, Massimo. So it’s, you know, because. So excluding Storeflight, the growth would be about 6 to 7%. And Storeflare declined 2% because of tooling, right?
Anurang Jain
Yeah. Yes, this is that we grew 5.1%. If I consider the quarter and if you want, I can give you also the an idea about the nine months. In terms of year to date, the company grew 27.2%. If I consider only part 33.6% and without Cephalift, 5.1%.
Aditya Jhawar
Sure. Yeah. You know, the next question is on CapEx. So last couple of years we have seen that there has been a modest increase in capex from about 800 crores to about 1000 crore. So, you know, this year, if you can give a sense that what is the Capex that we will end up considering? You know, four to five big plants are coming on stream and directionally. How should we think about CapEx for the next couple of years?
Anurang Jain
So if you see FY26, I mean, we have been investing last three years, average CapEx of 400 crores. Of course, the previous year was about 600 crores. In FY25, where the new plants already the Capex had started, we had bought two lands, one in Oregon, Bitkin, Chandra and in Chennai, where our braking system plant is coming in. This year will be slightly less than 8,800crores. Largely because of these four new facilities plus expansions, which we are doing in, you know, in brakes, you know, this thing also. So going forward now what our plan is very clear.
Our investments will be on profitable growth products mainly to retain business. If I have to do products which are at existing margins I may do it, but going forward, and that’s why I specifically mentioned in my opening remarks that 530 crores. Of that 930 crores more than two thirds business is on four wheeler castings and on solar dampers which are much higher margin businesses. And this is the way we are going. So the capex will be mainly on such businesses. We are making a plan for this towards in the next week we will be more clear on that CapEx plan for next year.
And of course our focus will be more on automation for better consistency in quality and lowering contract labor which is there. We will also be also, I mean so on capex I would say it’ll be more on, more on automation, on environment, health and safety or some statutory compliances on improvement of quality or it will be on profitable growth, expansions or new plants.
Aditya Jhawar
Yeah, so just you know, to you know, repeat my question. Now the capex, when you look at it, you know India and Europe separately, is it fair to assume that the capex in India would be the tune of about 800 crore and roughly about say 700 crore in Europe for 26 because of Stoffle acquisition and total about 1500 crore for 26. And as we progress into 27, can you confirm that the capex intensity of about 800 crore would continue in India for the next couple of years or it would increase?
Anurang Jain
No. According to me we are going to sweat our assets. We are going to make sure because see if you see the impact on RoC. Because in India the customers don’t give you any take or pay contracts. There are high risk on volumes, high risk on uncertainties. So though we are going to in house some of the high cost outsourced components but definitely there are certain components where we may use a balance about outsourcing and doing it in house and controlling capex. Okay, unless there is, I mean, I mean, I mean a M and A which, which we are already in, I mean in process with.
But I. But according to me In India the capex will be controlled much below this figure of 800 crores. Okay. And this is our focus and I cannot speak from FY28 onwards. I can say FY27 is what we are seeing right now in India as far as Europe is concerned. I think let Massimo give you the answer.
Rajendra Abhange
Okay. Speaking about Europe for Sure, we spent 38 million of euro to buy 60% share of Seferle and for the ongoing business and investment we spend more or less 36 million of euro. The expectation for next financial year is to stabilize the total investment with more or less 25, 30 billion euro. This is the expectation for this financial year. But I want to underline that despite the acquisition of Sefer on the 1st of April 2020 5th, we continue to be cash free. And certainly that we closed the financial year with more or less 20 million of euro.
At the end of December we reached 30 million of euro despite the acquisition of Cephal and also the normal investment. And so it means that the cash profit is growing 3,4% compared to a previous financial year, reached at 17% in this financial year.
Aditya Jhawar
Okay, that’s quite helpful. So that’s it from my side. All the best. I’ll join back in queue. Thank you.
Anurang Jain
Thank you so much.
operator
Thank you. The next question is from the line of Muksh Manlesha from Anandrati Institutional Equities. Please go ahead.
Mumuksh Mandlesha
Yeah, thank you sir for the opportunity and congrats on the good results. Since this first thing. Just want to carry on the previous partition question on the EBS part. So you mentioned it. In case the EBS doesn’t come, what could be the alternate option?
Anurang Jain
Sir, so what happens is that electronic ABS has to have a hydraulic brake system. I have not seen it working with a mechanical brake system or a drum brake system. So the opportunity which is there for us that even if a combined braking system comes instead of a drum brake system, they will need to use a master cylinder caliper and a disc brake system rather than a drum brake system. And this is what is our major brakes business apart from abs. So this definitely will be an opportunity for us to expand further which will be in the bracket of 125cc vehicles and below.
Mumuksh Mandlesha
Got it. Any, any abroad what kind of content would be that for this one? Hydraulic bridge.
Anurang Jain
See, I can only say it will be higher than ABS because I cannot give you numbers. But let me tell you, that is higher than abs.
Mumuksh Mandlesha
Got it, Got it. So thank you for this. So on the whole suspension, just want to understand any update how. How the. How things are working with the Korean OEMS and Korean partnership.
Anurang Jain
Sorry, no, I didn’t hear that question. Sorry.
Mumuksh Mandlesha
Yeah, on the. Yeah. On the four wheeler suspension area, just want to know what are the updates there. So how are you seeing the traction with the coding OEMs concerning the relationship with the Korean fragmentation.
Anurang Jain
I will request Mr. Rajendra Bangya, Director and CEO for India to reply to this.
Rajendra Abhange
Yes, so thank you for the question. As you know, it’s been a while that we have joined hands with this Korean party to supply us the technology to cater to our customers in India. And from the time we have moved on to work on three proof of concept projects with different customers in India. So one project has almost come to a situation where customer will have to give us his opinion on the superiority of the technology that we are offering. This should happen in this quarter.
The job is already done and there are two projects in the pipeline which are still going on of which one we are doing by our own and the second one we are going to do again with this Korean party. So the things are advancing well. It’s a high technology product line so customers will be very careful and we have to meet the requirements better than what the current suppliers are doing. So that’s the current state. But the good part is the progress is very good.
Mumuksh Mandlesha
Got it. And so it would be a passive area or will be something a passive plus or semi active area. All passive. Got it sir, thank you for the answer. So wanted to come on the oric ORIC plant order book there sir and just want to understand your reason for the change in SOP data.
Anurang Jain
Yes, so I think there has been a delay mainly from the UK based this thing OEM that was a SOP which was to start in this quarter actually so. And there has been a delay of this OEM and now they will be starting in the second quarter only. In fact we have the schedules and the US based OEM should start by the end of quarter one. So that is the line of sight we have. But in the meantime we are also going to start orders for other customers like Valeo for example. And so I think the plant will start from April.
But these two large OEM customers will come in end of quarter one and quarter two. So the US base was. The US base was always end of quarter one. It was this UK based OEM where there’s a delay of two quarters.
Anurang Jain
And. The order book remains similar in terms of what earlier mentioned around 230. Sunny, you have to talk about total business one. Yeah, total business one order book sir. So it is 388 crores per annum with the peak value value I’d say it was FY29. But as we speak we are also getting you know, new business from from this quarter onwards also. So which we will report in the May this thing meeting.
Mumuksh Mandlesha
Understood? Understood. Thank you for this. And finally sir, just want to understand on the. We have this others in our segmental breakup which has been growing about more than two weeks in last last time. Must just want to understand what are key products that are driving the growth. Sir.
Anurang Jain
There is all the other products which are not included in our. In our two wheeler, three wheelers, four wheeler which is not included there. We are right now grouping them in others and as soon as they become bigger we’ll start grouping separately. For instance, even if the solar suspension panels and all the other businesses which are getting we group it within that.
Mumuksh Mandlesha
Got it sir. Thank you so much for the opportunity.
operator
Thank you. Ladies and gentlemen, to ensure management can answer all questions from the participants, please limit your questions to two per participant. The next question is on the line of Jishnu from LFC securities. Please go ahead.
Jishnu
Hello.
Anurang Jain
Yes. Yes, we can hear you.
Jishnu
So I wanted to ask a specific question related to the Europe India deal. So what is the specific advantage that we’ll be getting that that was not in our sight just before the deal was signed. And now since the deal has been signed what are the new advantages specific that specifically endurance would be getting? Since it has a huge exposure to the Europe business and specifically it would have in terms of Indian auto auto and companies we have the largest exposure. So what are the advantages that we’ll get specifically from this deal which was not expected before the deal.
Anurang Jain
So I think what I would like to say is we are at a stage where we are still trying to gather more information and earlier for us taking a call on what is the strategy we have to adopt for the future. But we are not, I mean though we have the guidelines and rules but we are going to the specifics because I believe this agreement will be only effective within the next nine months to a year though it has been signed. So I think as this has just happened, in fact both the sides are European and our team planning to meet and we will.
So maybe we can throw some more light in the next quarter call in case we are ready.
Jishnu
Okay, so that was it. But are we having any advantage right now since our plants are located in Europe? So are we having any specific advantages right now in Europe? Like we would already have the relative access before the deal. Right. Since our plant there in the Europe.
Anurang Jain
I think it was how much was it? Two and a half percent because we were producing local for local in Europe. Yeah. And also in India there was no cross border transactions as of now. But we are studying the overall deal to see what we can do going forward.
Jishnu
Okay, that’s. Thank you.
operator
Thank you very much. The next question is from the line of Pramod Amtay from Incarnate Capital. Please go ahead.
Pramod Amthe
Yeah, thanks for taking my question. So if I have to look at your slide 9 with regard to Europe order inflow, it seems to be dwindling down for last couple of years. And I think in spite of German acquisition, it’s pretty low for the nine month period. What is really happening there? Either the end market situation or you are evaluating your own strategies to get new orders.
Anurang Jain
So we are evaluating our own strategy, especially on the M and A front. But I think. Let’s let Massimo answer that. Massimo, sure.
Massimo Venuti
Yes. In the previous quarter, in nine months of this financial year, we acquired only 15 million of euro business. This is true compared for 40 million of euro de Puyo Financial. But please consider that in this moment the market is in a very bad situation. As probably you know, in December 2025, the European Commission proposed to review the 2035 rules not yet finalized, suggesting a potential shift from 100% to 90% of emission reduction target, allowing some residual emission to be offset through measures like green steel production or biofuels. And the market, as you can imagine, the reaction was not so positive.
Now, apparently in the second week of March there will be the official position of the European government and we will see. But in this moment everybody stopped in important weight investment in the internal combustion engine and also in the electric. This is the reason why in this moment we are not acquiring business. But let me say this is a of the market. Unfortunately, on top of this, please consider that even if you see the registration that is growing compared to the previous year, the previous quarter we closed with 4% of increase compared to the previous year in Europe and the year to date is more or less 3%.
You have to consider also that the mix of these registration are completely different compared to the past. Because only to give you an idea, in the calendar year 20, 20, 50, we have had an increase of importance from China and from the rest of the world of 200,000 car. And we lost 200,000 car of production in terms of export. And so it means 4% of reduction if I consider more or less 10 million vehicle per year. The situation in Europe is very difficult in this moment. But despite this situation, we have been able to close 4.2% without considering the acquisition of SEFL.
And the trend for the future of bounce is more or less aligned compared to the previous quarter. And so we are optimistic, even if the situation is very tough.
Pramod Amthe
Sure, thanks for the detailed answer. And related to the same again, looking at that the M and A which you have done and turnaround in Maxwell and also the German equation going smooth, how are you Approaching are you more confident now to do larger size deals or how is your M and a strategy going to plan out for next 3, 4 years?
Anurang Jain
See the firstly is that the MA strategy will be mainly in areas for example our existing areas going into like we have done for example, you know solar business for example it is suspension by going to solar. So non auto applications it could be car streams in other than automotive. So basically it will be our strategy will be in those segments where the margins are much higher, you know and also which has a good target market. It’s very important we enter our new areas where there is a target market, you know. So question is we are already working on a deal right now and we’ll see how that goes.
And so we are always looking for these MA opportunities but of course we will be aggressively going ahead with it but we’ll only do it if it makes sense to our business. But I just gave you these examples that definitely high on our minds is not only automotive but also non automotive applications which will be partly in our products like suspension or castings or we could be something else, you know. Sure.
Pramod Amthe
Thanks and all the best.
Anurang Jain
Thanks.
operator
Thank you. The next question is on the line of Rajit Agarwal from Nilgiri Investment managers. Please go ahead.
Rajit Aggarwal
Just a quick clarification on the Capex plans. There are two new Capex which have been mentioned in the slide. One is the Sanum expansion and there’s another one of aluminum forging at Oric Bitkin. So and both guys are going to be commissioned in Q1 and Q2. So what is the total CapEx on these two expansions?
Anurang Jain
He’s talking, he’s asking the Capex for. The aluminum for solar dampers and actuators and the dampers. I don’t have the figures offhand right now. 25 crores or because these are existing about 25 crores each but I don’t know the figure but I mean a Treasury head. Okay, to be honest it’s not correct to give you any wrong figures. We don’t have the figures right now, you know and we don’t want to give you a lower or higher but these, but these are not very high capex. These will be both below 50 crores each.
Rajit Aggarwal
Okay, Right, right. All right, understood. And just following up from a previous participants question on the other wins in Laura and congratulations for being able to sustain the growth despite the environment being so high. But going forward, let’s say one year or two years if there is no inorganic expansion, I mean do you see the Growth rate coming down or do you see a chance of a degrowth in Europe business?
Anurang Jain
See, we don’t like to think on those lines, you know. No, we only think of profitable growth. So we, of course we have to see the downside. But there have been many downsides since 2008 also, as you know, the global financial crisis, we have faced it, we have grown. So we will find our solutions because. Because we believe in endurance to find solutions, being positive and going this thing ahead, you know, because if you think in those lines, then you won’t ever grow, you know, I’m saying. So. So our thinking is a very. Because we have really been. We have faced some very tough times since 2008. So. So when we reach that, we will face it and we’ll do something about it.
Rajit Aggarwal
Right. Appreciate that. Thank you. Thank you.
Anurang Jain
Thank you.
operator
Thank you. The next question is on the line of Mihir from Aquarius. Please go ahead.
Mihir Vora
Yeah, thank you for taking my question. So, sir, just one thing. On the previous. So you don’t mention the so called. Business wins prior to FY26. So what would be that quantum? Would it be something which would be good in terms of numbers or that is something which is. Actually, we could understand the first part of the question because your voice is not very clear now. Yes, yes, now it’s better. Yeah. So for my question basically on the social business wins prior to FY26 which we are not mentioning into our order book status. So what would be that quantum and. Or is it something which is negligible?
Anurang Jain
No. So Stephele was not included in FY25 because we only did the. The. We only acquired the company and we consolidated into our books only from April 25th. That was only showing up in FY26. We did not have staple it earlier to April 25th.
Mihir Vora
Yeah, but what would be the order book there as well? There would be some order book, right, which would be.
Anurang Jain
Okay, you’re saying order book of Stephele. You are saying.
Mihir Vora
Yeah, yeah.
Anurang Jain
So Massimo. Massimo, can you.
Massimo Venuti
I can ask. Yes. In starting from considering that more or less the total turnover of Stephen is 75, 80 million of Euro total financial year. In this financial year we acquire 5 million of euro with the final customer BMW pass through Magna. And please consider that in this moment STEFL as the stability of volume more or less till 2030, 2032. And so in this moment I don’t see any kind of issue and the company is really profitable. And demonstrate now we can say that we integrate 100% of the company in our organization. And we are trying to do a lot of economy of scale because as you know, Seferle is buying raw parts from the market, but we have the opportunity also to produce raw part for them in our foundry.
And this is the second step of the integration that will start in the next financial year.
Mihir Vora
Okay, okay. And the second question on the Europe front is there are many Chinese OEMs now are putting up plants in Europe now, so how are we engaging with those customers there? And some kind of thoughts on, you know, approaching the Chinese OEMs now.
Anurang Jain
Yes, this is true, we are discussing with them, with some of these oem. But I repeat, in my opinion, we need to wait a clear position about the strategy from the European government. Because these guys are coming here, they are opening new plant, but they want to assemble the car. And so we need to understand if they will import the component, the powertrain component and also the batteries case component and will assemble here or in order to avoid it to reduce the tariff, they will be obliged to produce here. In this moment, as you know, we are discussing, as I told you in the previous call conference with byd, he will start at the end of financial year in Hungary and in the next financial year in Turkey, but only assembling the car.
And so for our product range in this moment there are no benefit, even if for sure we are quoting different scenario because if they will be obliged to produce this part here in Europe could be an opportunity for us. But I want to say one thing also regarding the previous question regarding the agreement between India and Europe. This could be from my point of view a big opportunity for us for Endurance group because as you can imagine this moment we are receiving a lot of attack from the Chinese supplier because they are coming in Europe also in the supply chain and the possibility to buy and to move production capacity and to acquire new business with a level of competitiveness that our competitor have it here in Europe.
Using our production capacity in Europe, for me is a positive, is an opportunity in front of our customer. Our footprint, our industrial footprint in India is a big opportunity, not for sure, for the continuous growth for Wheeler in India, but also for Europe. I’m pretty sure about this.
Massimo Venuti
Thank you. I just wanted to clear one point to. I mean everybody on the call, when I talked about ABS and the brake systems pricing, I had considered some other items and I took mainly for bikes of higher cc. So I think the pricing would be quite similar because there would be no stainless steel braid hoses and some some other items which are there in the higher end bikes. So I would say the prices of the brake system would be similar in some cases or even slightly lower. So I just want to clear my statement where I said earlier that they would be higher than abs, the master cylinder caliper and the brake discs.
So please make a note note of that. It may be same a bit lower.
operator
Thank you very much. As there are no further questions from the participants, I now hand the conference over to the management for the closing comments.
Anurang Jain
Yes, so in fact I’ve already, I think, mentioned my points in my opening remarks and in the question and answer I will just say that we at Endurance, both in India and Europe are fully focused on profitable growth and trying to improve both sales growth as well as our margins. So we’ll continue to focus on that in spite of challenging conditions, I would say in Europe mainly. But we’ll try and take whatever opportunities we get and make the best out of them. So thank you for all your support and see you in the next call.
Meet you in the next call.
operator
Thank you very much, sir. On behalf of Access Capital Ltd. That concludes this conference. Thank you for joining us. You may now disconnect your lines. It.