{"id":183077,"date":"2026-05-15T02:48:06","date_gmt":"2026-05-15T06:48:06","guid":{"rendered":"https:\/\/alphastreet.com\/india\/endurance-technologies-limited-endurance-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-15T02:51:37","modified_gmt":"2026-05-15T06:51:37","slug":"endurance-technologies-limited-endurance-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/endurance-technologies-limited-endurance-q4-2026-earnings-call-transcript\/","title":{"rendered":"Endurance Technologies Limited (ENDURANCE) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Endurance Technologies Limited (NSE: ENDURANCE) Q4 2026 Earnings Call dated May. 15, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Anurang Jain<\/strong> \u2014 Managing Director<\/em><\/p>\n

Massimo Venuti<\/strong> \u2014 Director and Chief Executive Officer, Endurance Overseas<\/em><\/p>\n

Raja Gopal Satri<\/strong> \u2014 Group Chief Financial Officer<\/em><\/p>\n

Rajendra Abhange<\/strong> \u2014 Director and Chief Operating Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Nishit Jalan<\/strong> \u2014 Analyst<\/em><\/p>\n

Mumuksh Mandlesha<\/strong> \u2014 Analyst<\/em><\/p>\n

Aditya Jhawar<\/strong> \u2014 Analyst<\/em><\/p>\n

Rajit Aggarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Arvind Sharma<\/strong> \u2014 Analyst<\/em><\/p>\n

Pramod Amthe<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome TO Endurance Technologies Q4 FY26 earnings conference call hosted by Access Capital. 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 the conference call, please signal an operator by pressing Star Pin zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr.<\/p>\n

Nishit Jalan from Access Capital. Thank you. And over to you sir.<\/p>\n

Nishit Jalan<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you, Yusuf. Good morning everyone. Welcome to Q4FY26 Post Results Conference call of Endurance Technologies. We are pleased to host the senior management of Endurance today We have with us Mr. Anurang Jain, Managing Director, Mr. Massimo Venuti, Director and CEO Endurance Overseas, Mr. Rajendra Bhange, Director and COO Mr. Raja Gopal Satri Group CFO and Mr. Raj Mundra, Treasurer and Industrial Issues. I’ll now hand over the call to Mr. Anrang for his opening remarks post which we can start with the Q and A.<\/p>\n

Over to you Mr. Jain.<\/p>\n

Anurang Jain<\/strong> \u2014 Managing Director<\/em><\/p>\n

Thank you and good morning to everyone. As we close quarter four of FY26 and reflect on the full financial year, the global environment has become more complex. The escalation of conflict in the Middle east and disruptions in key shipping routes have led to volatility in energy logistics and supply chains with implications for input costs and availability of raw materials and energy sources. On the domestic front, India’s economic performance has remained strong through FY26 supported by steady consumption and investment activity.<\/p>\n

The GST rate rationalization implemented in September 2025 continued to support demand across the automotive sector in the second half of the year. Inflation remained within the RBI’s tolerance band through most of the year. The RBI lowered the repo rate by a cumulative 125 basis points during FY26 to 5.25% and in April 2026 kept the rates unchanged. India’s trade engagements also progressed during the year. Free trade agreements were signed with UK and the European Union and an interim arrangement was entered into with usa.<\/p>\n

These measures are expected to improve market access over time. In the Indian automotive sector as per CM, two wheeler sales reached 7.2 million units in quarter four of FY26 up 25.4% year on year with motorcycles at 19.8% growth and scooters at 37.1% growth. The two wheeler EV scooters grew 53.9% from 220k units to 339k units, 339,000k units in quarter four FY26 passenger vehicle sales increased by 14.4% to 1.6 million units while three wheeler sales rose 32.2% to 0.3 million units. While end users look for more options, OEMs have targeted higher market share by way of product launches and pricing actions even as the transition towards electric vehicles continues.<\/p>\n

In the European Union, new car sales saw year on year rise of 4% in quarter 4 FY26 with Italy and Spain recording high single percentage growth while France recorded a degrowth in quarter 4 FY26 new car volumes. In Europe there was a 19.4% share of battery electric vehicles, 9.5% share of plug in hybrids and 38.6% share of hybrids, so roughly 2 out of 3 vehicles being sold in the European Union are either electric or hybrid. In Europe the operating environment was perhaps even more challenging with sharp increase in energy cost, uncertainty around policies regarding electrification and localization, and rising presence of Chinese OEMs in the current geopolitical and economic environment arising out of the Middle east situation.<\/p>\n

Efficient management of operations required closer coordination across the supply chain, continuous monitoring of availability and cost of the raw materials and regular interactions with customers to update them on input cost increases including gas and oil. Having spoken about the macro environment, I will now take you through key updates at Endurance as you are aware, a draft guideline was issued by the government in June 2025 to extend AB requirements to lower engine capacity vehicles. In line with this guideline we announced expansion of our abs capacity, adding 12 lakh units to our existing 6.4 lakh units per annum.<\/p>\n

Work has commenced on this expansion of 12 lakh units per annum with SOP expected in September 2026. This project is being implemented irrespective of the final regulations as increasing customer preference for safety will continue to drive adoption instead of abs. If the industry transitions towards hydraulic cbs, there would be increase in our addressable market of hydraulic braking systems comprising master cylinders, calipers and brake discs for a dual channel ABS. SOP will start in June 2026 for Bajaj Auto with a sale of 120k units per annum and another program of 120k units is scheduled to start in quarter 2 FY27.<\/p>\n

We are enhancing our product offering with the integration of new features such as traction control for improved stability and select applications in line with evolving OEM requirements in the premium segment of 160cc to 250cc motorcycles from a backward integration and profit margin Perspective, we have started in House SOP of the electronic control units for single channel ABS. The dual channel ECU will start from dual channel ABS SOP in June 2026. This will help strengthen the value add in the ABS braking business.<\/p>\n

At a new Chennai site for disc brake assemblies, the civil construction is at a fairly advanced stage. This new brakes plant will be in close proximity to certain important OEM customers. In the first phase we are transferring most of the assembly and machining equipment from our Baluch plant from this plant. SOP for Royal Enfield is planned in July 2026 that is in the plant of Chennai and for other OEMs from quarter three of this financial year. This will help better service the south based OEM customers and also lower our freight costs.<\/p>\n

The Chennai plant will have a capacity of 3 million disc brake assemblies per annum and 4 million discs per annum which is part of our total 7.6 million disc brake assemblies and 8.6 million brake discs per annum planned at Endurance. Our integrated R and D facility for breaks at Vallo Chhatrapaji Swammaji Nagar is fully operational. The facility enhances our capabilities across two wheeler brakes and ABS while also supporting four wheeler brake assemblies with strengthened in house testing and validation.<\/p>\n

We also established our assembly line for four wheeler passenger vehicle drum brakes for Tata Motors. Samples have been submitted and are currently undergoing testing at the OEM end. With SOP expected in quarter two of this year, we are also progressing with the planned increase in our three wheeler brake assembly volumes which will double from 0.6 million to 1.2 million units per annum by end of this year. In view of our plans to manufacture electronic control units for ABS and with higher volumes of battery management system needs indicated by our OEM customers, we have ordered a new surface mounted technology line at Sambhaji Nagar plant which is expected to be installed in June 2026 for our orech Chandra plant, we continue to win new business.<\/p>\n

Cumulative orders will translate into peak annual business potential of rupees 513 crore. These orders are from a large US EV OEM for automotive as well as non auto applications from Jaguar Land Rover as well as from Yasaki and Valeo for electric platforms of Mahindra and Tata Motors. SOP for key programs are expected to be staggered between quarter one and quarter three of this financial year with peak sales being reached by FY29. This plant has new OEM clients with highly sophisticated aluminum casting machines and surface treatment process and equipment.<\/p>\n

In parallel, we are building depth across our existing casting operations at our Chennai plant, we have secured orders for hybrid models of Isuzu with SOP expected in quarter three or quarter four of this year. Various orders won from Hyundai and Kia will have SOP in quarter four of this financial year and in quarter one of FY28. For this expansion a new 1600 ton die casting machine has been planned. The presence of multiple global OEMs in this region enables deeper engagement and we are in active discussions with new OEM players for which the plant is undergoing audits and evaluations.<\/p>\n

At our Vallam plant also in Tamil Nadu, we are seeing ramp up in volumes from Ather Energy. At our Chakan Pune die casting plant, we are expanding our business for machined aluminium castings across existing and new programs of Tata Motors and Mahindra, we are seeing strong traction at this plant with demand from these OEMs increasing by approximately 34 to 40% in this year. At the Orec Vitkin alloy wheel plant, the focus during the quarter has been on being ready and ramp up. Across multiple programs we have completed key customer validations.<\/p>\n

In January 2026 we crossed 100,000 wheel sales marking an important milestone. In addition to Bajaj, Royal Enfield, TBS and Yamaha, we would also be now serving new OEM customers such as Honda Motors and Scooters India, Ather, Suzuki and Piaggio from our alloy wheel plants both in Chacan and Oreg Bitkin. The total capacity in these plants is now 48 lakh wheel sets of front and rear wheels per annum. During quarter four our battery pack manufacturing program near Pune progressed into the final validation phase.<\/p>\n

Comprehensive regulatory compliance testing at the certification agency was successfully completed for the battery pack. During this phase, key improvement points identified through customer reviews were systematically addressed leading to further enhancement of product performance, technical robustness and overall product maturity. In parallel, significant progress was made towards infrastructure and sop. Ramp up planning to support the upcoming SOP manufacturing process was further stabilized and preparations for manpower and supply chain were aligned with the planned SOP timelines.<\/p>\n

Going forward. With regulatory approvals and customer validations nearing completion, we are planning to start the SOP in week four of this month. While our first product is for the two wheeler ev, we will continue to leverage this capability to pursue opportunities across two wheelers and three wheelers and other high potential segments. In FY26 our wholly owned subsidiary Maxwell achieved a record turnover of rupees 162 crores as against rupees 70 crores. In FY25 we have supplied 350,000 BMSS for scooters, three wheelers tractors E bikes and construction equipment in FY26.<\/p>\n

Beyond our current portfolio of battery management system, motor controller units and telematic units, we have also won our first order for a DC DC converter which will see SOP next month in June 26th. We are also focusing on high range. We are also focusing on a range of high voltage bmss for four wheelers, commercial trucks and buses and are in close engagement with a key Commercial Vehicle OEM. In the beginning of FY27 Maxwell achieved SOP with another leading two wheeler OEM for motorcycle BNS.<\/p>\n

The program has a peak annual business potential of approximately 15 crore at Maxwell. We have won rupees 56 crores of new business in FY26 which has taken the total cumulative orders 1 to Rs 247 crores per annum which will peak in quarter two of the next financial year. Further, we have a strong pipeline of RFQs of more than rupees 300 crore for trucks and two wheelers. We continue to see strong traction in our suspension business particularly in inverted front forks and mono shocks. With growing adoption across OEMs and a steady expansion of our customer base with increasing offtake by OEMs.<\/p>\n

We are adding assembly lines which will take our monthly sales of inverted front forks from 60,000 units to 75,000 units per annum per month by June 2026 and to 100,000 units per month by the end of FY27. This is a huge increase in oil and gas milled monoshocks. Demand is also increasing with platform transitions from twin shocks, oil and gas mill shockers to monoshocks in the 150cc to above bikes. Our aluminum forging business continues to scale in view of higher captive consumption due to growth in our inverted front fork business and aluminium forging component product supplies to Royal Enfield, Jaguar, Land Rover and the leading German OEs.<\/p>\n

We are progressing with the addition of a fifth aluminum forging press. All our presses will be set up in a new forging plant at Chhatrapati Sambhaji Nagar which will start SOP in quarter three of this financial year. On the business front, execution is underway across key programs. Supplies to all Enfield will begin in June 2026 which is next month while supplies to Jaguar Landover is scheduled for August 2026 for the leading German OEM. Samples have been submitted and the SOP is expected towards the end of this financial year.<\/p>\n

These programs will support expansion of our customer base in the aluminum forging business. In the non automotive segment, the solar damper Business continues to remain steady. We have one business of solar dampers from a Spanish client and one business for solar dampers and solar actuators from a US client. The total business won is rupees 118 crore for solar dampers and rupees 227 crores for solar actuators totaling rupees 345 crores of business. The solar actuator business will start from half two of this financial year from our new building which is at our Sanan plant in Gurgarat.<\/p>\n

In the transmission segment we had expanded our presence with the introduction of the assist and slip clutch assemblies for Kawasaki in quarter three FY26 and for Royal Enfield in quarter four FY26 introducing our Italian subsidiary Atlas Technology into the Indian market. The SOP for Bajaj Auto is expected in quarter two of this financial year. In a four wheeler drive shaft program we have installed the assembly line and completed internal validations. The SOP for Tata Motors will start next month in June 2026.<\/p>\n

For three wheeler driveshaft we have one business from Bajaj Mahindra TVS and ECA Motors. With the above, the drive shaft business will cross rupees 100 crores in this financial year. A key focus area of IFR27 CAPEX budget is automation. We are undertaking these targeted investments across existing plants to enhance quality, improve consistency and drive operating efficiency. Our India Capex in FY26 was approximately Rupees 800 crores compared to Rupees 600 crores in the previous year which is FY25 and was driven by new plants and investments in new growth areas.<\/p>\n

We expect capital expenditure in FY27 to remain similar to FY26 under the Maharash Package Scheme of Incentives 2019 scheme we had received an addendum taking our incentive up from Rupees 600 crore to Rupees 858 crore. These incentives will be availed through the industrial promotion subsidy by way of a state GST refund broadly over a seven year period. We are uniquely placed to avail more incentives with several of our plants located in Chhatrapati Samaji Nagar and serving OEM customers within the state of Maharashtra.<\/p>\n

Let me now give you a gist of orders run during FY26. Please note that the business value for new orders is without including new orders from Bajaj Auto, the overall order win in FY26 in India business was rupees 1596 crore of which 1579 crore is new business. So it’s largely new business. This includes the business win of rupees 300 crores per annum for battery packs at a Talega Pune plant and rupees 56 crores per annum of new business wins at Maxwell. A four wheeler non automotive business win in FY26 stands at rupees 743 crores is almost half of the total order intake.<\/p>\n

These wins include orders from Tata motors, a large USA four wheeler EV, OEM, Hyundai, Kia, Isuzu, Mahindra, Graziano and the two clients in the non auto solar space. During quarter four FY26 we won rupees 316 crore of new business of which rupees 2.27crores was in the four wheeler and non automotive space. These customers included Tata Motors, Mahindra, the large USA EB OEM for four wheeler castings, Ether Energy and Greaves for two wheeler brakes and Royal Enfield and Piaggio for two wheeler alloy wheels and the two clients in the solar space were for dampers and actuators.<\/p>\n

Cumulative India business wins for electric vehicles in the conventional product areas stand at rupees 11. 85 crore without considering Bajaj auto wins auto wins this reaches Rs. 13. 68 crore per annum of orders. If we include the Bajaj Auto Business EV Business the total Electric Vehicle business win is Rupees 17. 24 Crore per annum. If we add Maxwell and the battery pack business the overall total orders won now in products other than Maxwell and battery pack orders since FY22 stands at rupees 5323 crores out of which rupees 4593 crore is a new business and this will peak by FY 29th in Europe.<\/p>\n

The industry continues to operate in a challenging environment shaped by the Middle east crisis, high energy costs and interest rates, duties imposed by USA, increased competition from Chinese OEMs and muted automotive market growth. In spite of this backdrop, our Yorubean operations have continued to sustain profitable growth through both the existing business as well as through MA. Our acquisition of Stepele was completed in April 2025 so in our Europe business we have booked orders worth 15.8 million euro in FY26.<\/p>\n

This includes large machine casting orders from Volkswagen and Porsche and certain prices. Injection molding parts for EVs. Aftermarket business in India is a strategic priority for us. We have set ambitious growth goals since 2030. We have prepared a comprehensive long term capability focused blueprint incorporating the voice of our team, our channel, partners, retailers and mechanics. We are focusing on building long term partnerships with distributors who have the right mindset and are aligned to Endurance’s vision.<\/p>\n

In addition, we are driving secondary demand generation with retailers and mechanics for the domestic business. We have launched a mechanic loyalty program conducting trainings with certifications on BS4 to BS6, trainings on EVs as well as product treatment, organizing health camps and providing scholarships to children of our top mechanics. We are the first in the industry to deploy AI enabled tech platform to drive secondary order maximization. We’ve understood the voice of our stakeholders in each country we are present in and have created a unique value proposition.<\/p>\n

Our customized offerings provide us a competitive edge in each geography. Our teams are based locally in each continent to be in close proximity of our key stakeholders and to build capabilities to meet the changing requirements. We are also driving a holistic program to build capability of our aftermarket sales team and to empower them with the right tools and skills to become strong business leaders. Coming to our financial performance of course, the information has been uploaded at the stock exchanges last evening along with our presentation explaining the numbers.<\/p>\n

I will however highlight some key numbers. During the full year FY26, the company recorded a standalone total income of Rupees 10,696 crore a year on year growth of 20% from Rupees 8,913 crore. In the previous year, EBITDA grew 11% from Rupees 1218 crores to Rs. 13. 51 crore with a margin of 12.6%. The profit after tax grew 8.1% from Rupees 679 crores to Rupees 734 crores. The profit after tax was at 6.9% in the full year FY26. Our consolidated total income grew 26.1% over last year from Rupees 11,678 crores to Rupees 14,000 crores.<\/p>\n

The EBITDA grew 25.3% from Rupees 16. 68 crores to Rupees 2,090 crore and our margin was at 14.2%. The consolidated profit after tax after the impact of the new labor codes in India and on the Indian operations grew 13.8% from rupees 836 crore to rupees 952 crores at a 6.5% flat margin. During quarter four of FY26, the company recorded a standalone total income of rupees 2,975 crores a year on year growth of 31.1% from rupees 2,269 crore in the previous year. EBITDA grew 13.7% from rupees 326 crores to rupees 371 crore with a margin of 12.5%.<\/p>\n

The pad grew 20.5% from rupees 174 crores to rupees 210 crores. The pad was at 7.1% in quarter four FY26. Our consolidated total income grew 37.3% over quarter four of the previous year from rupees 29. 98 crore to rupees 4,116 crore. The EBITDA grew 30.8% from rupees 457 crore to Rs. 598 crores. Our margin was at 14.5%. The consolidated PAT after the impact of the new labour ports on the Indian operations grew 12.8% from rupees 245 crores to rupees 276 crores at 6.7% PAT margin. The company’s growth during the year was supported by a continuous focus on strengthening talent, capability and organizational depth.<\/p>\n

Through hiring for key positions, succession planning, job rotation, we are building a future ready talent pipeline. We accelerated capability building across technical, managerial and behavioral domains with a focused emphasis on on shop floor and mid level management to improve execution and productivity. We also strengthened our performance management framework through sharper KPI alignment enabling closer linkage between individual contribution and the organizational priorities. Continued investments in employee engagement and well being supported improved retention including lowering in white collar attrition.<\/p>\n

Progress on gender diversity remains steady with increasing representation across roles and a continued focus on building an inclusive workplace. In parallel we worked on adoption of technology enabled learning platforms, enhancing organizational agility, people analytics and overall employee experience. On the sustainability front we continue to make progress during the year in line with our long term goals. We are committed to the Science based Targets Initiative which is sbti. Aligning our decarbonization roadmap with globally accepted standards.<\/p>\n

We have achieved a carbon neutral percent of 50.62% supported by a renewable energy share of 28.22%. We continue to improve resource efficiency across operations. We lowered specific electric and thermal energy as well as specific water consumption while hazardous waste recycling stood at 98% during the year. 14 of our plants have achieved zero waste to landfill status with third party certifications. Three of our plants the K120 Varu suspension plant, the K22652 Walu disc brake plant and The Pannagar plants have received the prestigious CII Green Coke Gold ratings.<\/p>\n

This is reflected in the improvement in our ESG ratings during the year. NSE has assigned us a score of 69 up from 64. Earlier SES has rated us at 74.9 up from 70.4 and Gliesel has revised our score from 56 to 59. Our CSR work also continues to focus on improving quality of life across the communities we engage with with sustained progress during the year across education, livelihoods, healthcare and environmental interventions. During FY26 our healthcare work supported more than 5000 beneficiaries through medical camps and mobile healthcare van while our mobile veterinary services treated over 8000 animals.<\/p>\n

Over 2000 individuals benefited from education and skill development work including school infrastructure upgrade and vocational programs. We also provided bicycles to 105 students to improve access to education and trained over 300 youth through eCope, which is our vocational training center in Chhatrapati Sambhaji Nagar. More than 700 farmers were supported through training and agriculture inputs contributing to improved productivity and income opportunities. Our environmental efforts included planting over 4 lakh trees leading to two dense forests across 37 acres.<\/p>\n

We also provided 100% rooftop solar system to two villages in Chhatrapati Samaji Nagar. Basic infrastructure across villages was strengthened through water management and sanitation interventions including construction of household toilets and soak pits in response to the floods in the Marathwada region. We have also supported over 600 families with essential supplies and assisted farmers with seeds to help restore the livelihoods. During the year the company continued to win recognition from customers and industry forums for quality, performance and operational excellence.<\/p>\n

Key recognitions include the Quality Excellence Award from Tata Motors and recognition as a top supplier at the Stellantis Global Supplier award conference. Our K120 suspension plant and the Driveline plant at Chhatrapati Samaji Nagar were also recognized at the Frost and Sullivan India Manufacturing Excellence Awards. In March 2026 we won an award for quality assurance, stay and support from Honda Motorcycles and Scooters India Private Limited at the Annual Supply Convention and in April 2026. This year we won the award for the Best Delivery at the Suzuki Annual Supplier Convention.<\/p>\n

With these opening remarks I would now like to invite questions from all of you. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much sir. 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 withdraw yourself from the question queue, you may press star and two participants are requested to use handset while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. First question is from the line of Mamuksh Manlesha from Anandrati Institutional Equities. Please go ahead.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Yeah. Thank you sir for the opportunity and congrats on the strong results. Sir. We have seen a notable growth of 30% YoY and also up 13% Q&Q on the console revenue. I just want to check any one time impact on the revenues in both standalone and Europe. Anything to call out like something like price hike which impacted the numbers.<\/p>\n

Anurang Jain<\/strong><\/p>\n

Yes. So. So of course I’ll talk about the standalone and then Massimo can talk about the overseas, you know. So of course standalone was driven by commodity inflation. If I talk about, I think I talk about the whole year. So if I see the whole year the raw material increased by 160 crores which is in absolute terms 1.5% the RMC increase. So if you see our RMC percentage went up from 65.3% to 66.82%. This I’m talking about the Indian operations. If you see 73.70 crores out of this was for aluminum alloy and steel increase which is a non value add increase.<\/p>\n

We don’t make any money on this value add increase. We had 31.3 crore from outsourcing cost due to large increase in volumes. As you know post GST guidelines we never expected such growth to be honest. But with the 10% lowering of GST the volumes really went. And we did not have enough capacity in house. For example for products we do announce like bottom cases for our front forks. So we had to outsource them at higher prices. That was the impact of 31.3 crore, 13 crore. We had a quarter lag in the proprietary business especially from Bajaj which was started first time.<\/p>\n

That means the previous three months we used to get in the next three months this had an impact of 13 crores, 25 crores. There were some one timers like you asked me which was last year which was in a conversion cost increase which was about 13.2 crores. And there was also a 12.3 crore reversal of a cost provision due to, you know, due to a higher, you know pricing by they think OEMs that was about so totaling about 25 crore. So it was for conversion cost increase as well as price correction by some of the OEMs.<\/p>\n

It was 25 crore which did not happen this year. I mean in FY26, 9.5 crores were corrections due to decrease in price due to some adjustments in components like springs for example. And the 5.2 crores were the impact of the new plant at Oric Bitkin which is for. I mean two wheeler alloy wheels. So but I cannot consider everything as RMC impact. If I just take the 73.7 crore impact of alloy and steel which is completely a non value add. So if you see the numbers from that angle, our EBITDA margin instead of 12.6 should have been 13.3%.<\/p>\n

So just to give you some idea what has happened.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Got it, got it. So in a way sir, as RMC 73.7 crore was the also on the top line, it would have impacted that much percentage.<\/p>\n

Anurang Jain<\/strong><\/p>\n

Absolutely, absolutely. So if you, if you take that out and you take a margin divided by net of that for the year then the margin will look at 13.3% instead of 12.6%.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Got it sir. So on the. I was checking on the PPT SPD electricity gas cost in Europe has gone up. Do you see any further increase on it? And also how is the pass through acting sir?<\/p>\n

Anurang Jain<\/strong><\/p>\n

So. So. So as you know the government has increased petrol and diesel prices this morning as well as the lpg. I’m sure that you heard about that. Of course this will impact us. We are in touch with all our customers for these increases on these conversion cost increases. You know conversion cost increases not very easy to get from customers. But we are doing our best because these increases are quite high. Fuel prices already have gone up by 50%. So this is something we are engaging with every OEM as a price increase for this.<\/p>\n

So as far as conversion cost is concerned, that’s the reason as far as the aluminum alloy where we’ve been largely affected also since March 26 has been on the aluminium alloy. Apart from shortages there have been large increases in the rupees per kg costs. March as well as April. This we are totally engaged with the OEMs. Many OEMs have already confirmed, some have given the emails or PO PO amendments. Some are still awaited. You know it’s challenge when you ask for such large increases from customers.<\/p>\n

It’s not that easy. So it’s a WIP I would say. But we are quite confident that our customers would be fair and we would get these increases on the conversion cost. We’ll put our full efforts. But that’s not a normal thing to get conversion costs. But these are very very abnormal increases. And this is something we are assertively after all the OEMs to give these increases to us. Europe. So Massimo, about the gas and aluminium. Okay,<\/p>\n

Massimo Venuti<\/strong><\/p>\n

So first of all, I answer to the first question regarding the turnover of Europe. In the quarter, the European company closed with 106.9 million of Europe turnover compared 80 million of the previous financial year with the growth 33.6% in terms of turnover. Speaking about the year to date, the total financial year euro closed with 391.7 million of euro compared 303.9 of the previous financial year. Please consider that the company grew 28.9% total financial year. And also without considering the acquisition of Stepperle in the quarter.<\/p>\n

And in the total financial year the company grew compared to the previous year. The market, as Mr. Jain told you, closed with 4% of increase compared to the previous year in the quarter 4 and 3% total year. But please consider that without consider the imports from other countries, the market was more or less stable. And so also in this financial year and unsolved overperformed in terms of turnover compared to the bills financial year. Speaking about the energy for sure we have had an increase in the last two months due to the war in Iran.<\/p>\n

But as you know, unfortunately if we compare the situation compared to the previous year, also in the previous year was very bad due to the war in Ukraine. And so every day we fight with this kind of problem. But I repeat, despite the increase of energy costs in the previous quarter in Europe, due to the important increase of volume, we have been able to optimize the bid and we closed with 21.9 million of euro and certainly 20.5% of EBITDA in the quarter. And with an increase of 49.1% compared to the previous year.<\/p>\n

This was the best quarter of endurance overseas in the history. And speaking about the year to date, we closed with 72.4 million of Euro EBITDA, it means 18.5% with an increase of 41.7% compared to the previous year. So in this moment, despite the situation and the generally speaking, the environment is not positive. We are performing very well.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

I mean, you are able to basically manage it through the growth and also some parts, right? The energy cost?<\/p>\n

Massimo Venuti<\/strong><\/p>\n

Yes, we are managing the situation and we are discussing for the customer for the future months. For sure, if the situation continues like this, we have to ask a support of them. But as in the past, we received some from them availability to discuss. We are optimistic. And let me say in the quarter, in the previous quarter, if I compare the energy cost of the quarter compared to the previous financial year, there was an increase of 5%, nothing special. We are managing the situation more in the gas compared to the energy.<\/p>\n

The big increase was in the month of March. April is in this moment is more or less under control.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Got it. And just on this quarter we have done a very good margin, more than 20%. Anything to call on, sir? What drove is it more for revenue growth? Sir,<\/p>\n

Massimo Venuti<\/strong><\/p>\n

I explained to you why the margin was positive in Europe. Because usually we try to do an analysis of the turnover compared to the registration. But in this case it’s important to analyze the volume compared to the production. What does it mean that in the previous quarter compared to quarter 3, the production in Europe was higher, more or less 6%. Certainly that even if the registration are 2% compared to the previous quarter, the production was 5.7%. And this is the reason why in the European market we grew on practically to the previous quarter 15%.<\/p>\n

And this is the reason why we increased the bidder important way because with the stable fixed cost, this is the demonstration that if in Europe we have volume, we can make a lot of money with good profitability.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Got it sir. Thank you sir for the answer. So just want to check on the. On the EV sector. If you can help us for the abs. Just you can indicate what kind of revenues we are doing currently, Sir. And with the dual channel SOP starting, sir, how should one should the revenue for next year, sir,<\/p>\n

Anurang Jain<\/strong><\/p>\n

See ABS what we have planned. See the ABS in FY26 we did about 280,000 this big ABS which was single channel. This year we are doubling but we feel this figure will go up. Also looking at the line of sight and looking at the dual channel which we are starting, which I mentioned from July. So I think the growth will be. It can be 100 to 150% compared to last year. Of course we went ahead with the 12 lakh 1.2 million ABS line looking at the drop guidelines. But we believe and the sense which we are getting from most of the OEM customers, many of them will anyway go ahead and implement the abss.<\/p>\n

So of course, I mean it will not be fully used this 12 lakh per annum line. But definitely a plan is to see how fast we can fill up the capacity on that line. That’s our focus with single channel and dual channel. Just to give you an idea and the the value of business was how much? Okay. I mean I can’t give the value because you know the price, you know, so I can’t give the value. I’m giving you the numbers.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Sure, sure. So basically it’s on ABS in terms of the volume side. Without the regulation we can double in FY27.<\/p>\n

Anurang Jain<\/strong><\/p>\n

Be more than double. 150 is what we are planning.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

And just on the alloy. Sorry to interrupt. Mr.<\/p>\n

Operator<\/strong><\/p>\n

Mallesha. May we please request you to reject the queue sir. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the question queue please restrict yourself to two questions only. Should you have a follow up question please rejoin the queue. Next question is from the line of Aditya Jawar from Investec. Please go ahead.<\/p>\n

Aditya Jhawar<\/strong><\/p>\n

Yeah, congrats on a great set of performance. A couple of questions here. Number one, if you can just you know talk us through that. The four greenfield facilities, what are the the timelines of them coming on stream and when is the exporter to US ev, OEM and JLR expected to start? And a related question to this is that in terms of a four wheeler revenue it was about 6% in 26. How should we see this number in the next two to three years given that order book is about 60%. You know 60% of the share of four wheelers in FY26.<\/p>\n

That is the first question<\/p>\n

Anurang Jain<\/strong><\/p>\n

Aditya. I didn’t get the last part. You mentioned the 60%.<\/p>\n

Aditya Jhawar<\/strong><\/p>\n

Yeah. No, no. When you look at our order book or order one and 26, 60% are for four wheelers. So how should we see that number? 6% of revenue from four wheeler and 26 going in the next two to three years.<\/p>\n

Anurang Jain<\/strong><\/p>\n

Okay. So as far as the four wheeler business is concerned already this is I just want to tell you is both for aluminum castings which includes our plant at Chendra which also includes Hyundai Kia Isuzu in South India<\/p>\n

Raja Gopal Satri<\/strong><\/p>\n

As<\/p>\n

Anurang Jain<\/strong><\/p>\n

Well as Tata Motors in Mahindra at a Chakan plant in Pune which is growing I said between 37 to 41%. So includes castings, largely casting. As far as proprietary is concerned I said the foundation breaks for Tata Motors is starting in June. The drive shop business is starting in quarter two. That’s also for Tata Motors. And so this is what we are starting with. The non auto is a solar damper and actuator business. The solar damper. I said we have 118 crores of orders. Okay. And for the solar and the actuator is 240 watt crore.<\/p>\n

That will start in half two of the next year. So the way I would like to put it is that the four wheeler orders which we have won of course the peak will be like I said for the Orange chandra. We won 500 crores. But this is not all the business we won last year. So if your question is pertaining only to last year.<\/p>\n

Aditya Jhawar<\/strong><\/p>\n

No, I think just, you know Anrang, just to you know when you look at our four wheeler contribution it’s about 6%. Putting all the things into perspective how that 6% will look like in three years down the line.<\/p>\n

Anurang Jain<\/strong><\/p>\n

Okay. Okay. You’re talking about three years down the line. Okay. Okay. So definitely our plan Is to reach 10%. But the question in the 10% is because it will look as a lower number but the sales are also growing. I mean if you see the sales growth which we have planned in the next three to five years is very large. So today if it’s 6%, 10% will be. Now if you want a figure from me, that’s a figure I have to think link and tell you later. Okay. But the percentage I have is that. Because it depends on the sales number which I do on that.<\/p>\n

No, which I know but I’d rather not talk about the future three years from now. You know. But definitely you will see with Oryx Chandra, with Tata Mahindra with our plants in Chennai and Vallam and the proprietary business you will see a very good traction towards the four wheeler percentage. That’s for sure.<\/p>\n

Aditya Jhawar<\/strong><\/p>\n

That’s very good to know. And you know the first part of my question that the timing of the four greenfield facilities and the start of commercial production for US EV OEM and jlr.<\/p>\n

Anurang Jain<\/strong><\/p>\n

Yes, yes. Okay. So as far as the ore BITKIN facility for two wheeler alloy wheel is concerned it started in October 2025. Okay. Already operational. I think it will reach peak sales by end of quarter three or beginning of quarter four of this financial year. And when I say sales I think it’s around 600 crores per annum is what we are looking at because there are many platforms of Suzuki Ether which will be coming till then. Right now we have started only with Bajaj Auto. So this is one plant which we have started in orec Bitkin.<\/p>\n

The second plant is the Orec Chendra plant where we have one business from this US EV four wheeler OEM which the SOP which is which SOP is in which month.<\/p>\n

Rajit Aggarwal<\/strong><\/p>\n

So,<\/p>\n

Anurang Jain<\/strong><\/p>\n

So the SOP is in June 2026. This is for the US EB OEM and for JLR it is Jaguar. JLR is between. It’s I think July, August of 2026 for Jaguar land Rover and, and. And then of course we have other businesses or value of. And so just to let you know we are planning to cross 200 crores this year from Orexchendra plant. It’s a profitable business. I’ll not tell you the margins but this is what is our plan for this year for the Orex Chandra plant. Now coming to the next plant is a battery pack plant where we are going to order from a two wheeler EV oem.<\/p>\n

That plant is starting from the last week of, of this month. This is an order which is Approximately, I’ve said 300 but I think it’s about 350. 360 crores per annum and of course this order will go up to 600 crores per annum by next financial year based on the commitments of the customer. And so this is starting end of this month. Week four of this month is a battery pack. The Chennai plant, the large plant coming up in Chennai for breaks which will cater to the south Indian customers of TVS and Royal Enfield for example that will be starting first with we are starting in July and then I mentioned the customer name also in July.<\/p>\n

Just a minute. So there’s one customer in July. I think it’s Royal Enfield. Royal Enfield is in July and the balanced customers will be in the, in quarter three. This is what I mentioned. Okay so these are the four plants coming up.<\/p>\n

Aditya Jhawar<\/strong><\/p>\n

Perfect. As the final question on from a standalone margin perspective we understand that FY26 had few headwinds like the startup cost of the new plant that you talked about. The consultant charges that you had mentioned in the previous calls. RB is largely behind and FY27 should be see a much more normalized margin trajectory.<\/p>\n

Anurang Jain<\/strong><\/p>\n

Well I would say that quarter one will still be a bit volatile because as the war goes on the prices are not going down. Whether it’s oil, whether it’s gas, whether it’s alloy they continue to rise. So we will see a bit of volatility. I don’t, I’m not, I’m not at all this thing concerned about the growth but I’m definitely concerned about these cost increases in raw material and gas and oil and to be able to pass those on to our customers which I said earlier that we have been very very assertive on that and I think, I mean I hope this war ends by next month at least and then I think once the war ends it will take some time to normalize but I see much better numbers from co.<\/p>\n

But that doesn’t take away the fact that we are focusing on profit improvement. So those actions are already on.<\/p>\n

Aditya Jhawar<\/strong><\/p>\n

That’s, that’s good to know. I’ll just fall back in Queue. Thank you and all the best.<\/p>\n

Anurang Jain<\/strong><\/p>\n

Thank you.<\/p>\n

Aditya Jhawar<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Arvind Sharma from Citigroup. Please go ahead.<\/p>\n

Arvind Sharma<\/strong><\/p>\n

Good morning, sir. Thank you for taking my question. Sir, first on the domestic business, as you highlighted energy costs and gas availability, what are the situation right now in terms of both availability and the cost of the gas and will it impact the first quarter FY27 numbers?<\/p>\n

Anurang Jain<\/strong><\/p>\n

See today I think our dependence on gas has gone down because when the gas availability issue happened in March, we have switched not only our plants but Even our tier 2 supplier plants from gas to furnace oil and diesel oil. So our dependence on gas to that respect has gone down. But of course we need gas for our surface treatments and all sorts of gases is required. But I don’t think the availabilities are concerned as far as the industrial gases are concerned. But I think the main concern is on the cost increases and how we can pass them on to our customers.<\/p>\n

I think that’s a concern which we are really speaking to our customers and working with them.<\/p>\n

Arvind Sharma<\/strong><\/p>\n

Got it, sir. Staying on India Maxwell margins this quarter, is there something that impacted the margin this quarter inventory provision? Yes,<\/p>\n

Raja Gopal Satri<\/strong><\/p>\n

I’ll request Mr. Raja Sasri of Group CVAPO to speak on this.<\/p>\n

Rajendra Abhange<\/strong><\/p>\n

So we had inventory in our books and you must have noticed that there was a recent decision, the revolution process for Hero Electric had failed and the inventory pertaining to Hero Electric we have taken a provision using the right accounting standards and that impact, that’s a one time impact which is impacting the rate of this quarter.<\/p>\n

Arvind Sharma<\/strong><\/p>\n

So sir, in terms of gross margin it’s fairly okay.<\/p>\n

Rajendra Abhange<\/strong><\/p>\n

Yeah, the gross margin is safe and this is a number of 6.5 crores.<\/p>\n

Arvind Sharma<\/strong><\/p>\n

One last question on the European front if I could ask. Very strong margins this quarter. Massimo did talk about it. But the sustainability of the margins from the current numbers and if you could enumerate the Stephen revenue and ebitda, is it possible to share that?<\/p>\n

Massimo Venuti<\/strong><\/p>\n

Yeah, for sure. So quarter four of Stephele was 21 million of euro in terms of turnover, 4.9 million of euro in terms of EBITDA and 2.6 million of euros in terms of net result. And speaking about year to date, the company closed with 82.1 million of euro turnover, 17.9 million of euro of EBITDA and 8 million of euro net result. And so completely aligned with our expectation better compared to our expectation 1% more in terms of EBITDA. The company performed very well and not only from the income statement point of view.<\/p>\n

But also speaking about the cash because they did more or less 20 million relocation than and regarding the total result of endurance overseas, I repeat the quarter was the best of our history. If you ask me regarding the sustainability in the medium long term, I can tell you that April was apparently a good amount. We don’t see particular problem if for sure we maintain this level of volume. If the market grow and the production grow with we are able to optimize our contribution margin to improve our EBITDA for sure energy continues to be a problem.<\/p>\n

Please consider that if we compare compared to the previous year, more or less, we are in the same condition 5, 6% more. But I remind you that if I Compare with the 2021, we are paying the energy 3 times 140 Euro per megawatt compared 44 Euro and the gas 42 Euro compared 13, 3 times compared to every day we have an issue. As you know unfortunately in Europe last year was the war in Ukraine and now there is also the situation in Iran. So we have to try to overcome this problem in some way making efficiency and increasing the productivity in our cost.<\/p>\n

And the last quarter we have been able to do this for the future. I’m not worried about the situation of the market, I’m worried about the situation of volume. This is for sure.<\/p>\n

Arvind Sharma<\/strong><\/p>\n

Thank you so much sir. That’s all from my side. Thanks again.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Pramod Amte from Incred Capital. Please go ahead.<\/p>\n

Pramod Amthe<\/strong><\/p>\n

Yeah. Hi Congressman. Good set of numbers. So this is with regard to the aluminum casting business you operate in Europe substantially underway, scaled up your profitability post the merger and also now you seems to have won good business from India for the global clients. But was keen to know and some of them is to us. Would you anytime in the future look for entering into US territory for manufacturing? Considering the cost of energy is very high in Europe. That’s one second the way the margin profile has improved in Europe.<\/p>\n

Does it still make sense to export from India considering that energy cost anytime in the future ease off in Europe or you look at a de risking strategy from India supplies to the global market?<\/p>\n

Anurang Jain<\/strong><\/p>\n

No, firstly let me tell you the customers who are coming to us are part of the China plus one strategy and they want to buy from India. They don’t want to buy locally whether it’s in US or in Europe. They want to bring that down. This is more of a China plus one strategy what they are coming in. So our focus will be to supply from India and that’s why this new Plant at Orexchendra has been set up and our aim is to really grow the business. We have enough land there, in fact, we can expand in the existing 11 acres and we can another 24 acres of land where we want to expand here.<\/p>\n

And this is a focus, if we do a good job of supply and quality, there’s a tremendous potential of growth in this business. And that’s how we are going about it. So we have no intention to put up any plant in US or Europe because this is not what the customers are looking at. They’re looking at a best cost base in a country like China or India. And we become a part of the China plus one strategy which they have already planned and. And then they’re going ahead.<\/p>\n

Pramod Amthe<\/strong><\/p>\n

Sure, that’s useful. And second, considering the wide fluctuation in the raw material cost, how do the cost escalation clauses are different for India versus European business? If you are to get the nitty gritty right,<\/p>\n

Anurang Jain<\/strong><\/p>\n

As far as castings is concerned, in India, the same quarter increases. We get it. You know, the question is the negotiation of what we pay to suppliers versus what customers sometimes think the price should be. But that is a negotiation which normally we do arrive at the right solution. So that is the same quarter. The issue happens in the proprietary products now with Bajaj, like I said, with a quarter lakh, which has impacted a bit of our cash flow also is that the three months we get in the next three months.<\/p>\n

So here what we are requesting the customers are for the spot increases, you know, because the fluctuations are very high. We cannot wait for three months to get these increases. So that is where the work is on right now. Some have agreed, some are still too agreed.<\/p>\n

Pramod Amthe<\/strong><\/p>\n

And similar contracts work for Europe or they are different.<\/p>\n

Massimo Venuti<\/strong><\/p>\n

Yes, in Europe is more or less the same. As you know, we have a clear view with our customer and. And we changed the price quarter per quarter the leverage of the price<\/p>\n

Rajendra Abhange<\/strong><\/p>\n

Of the previous quarter.<\/p>\n

Massimo Venuti<\/strong><\/p>\n

So it means that in our profit and loss we are only if the price of aluminum continues to grow, but at the end of the day it’s rolling. And so we have a particular impact and we try to fix the price with the same index also with our supplier. So in this moment, absolutely not the risk. The only problem is that as you know, if the market the price of material continues to go up, only for window dressing, let me say, the percentage of EBITDA go down, but in total value continues to grow. So no particular issue.<\/p>\n

Pramod Amthe<\/strong><\/p>\n

Sure. Thanks and all the best.<\/p>\n

Massimo Venuti<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the Line of Eh Sriram Palanipal from I thought pms. Please go ahead.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Thanks for the opportunity. So in coming years can we expect a similar order book run rate similar to FY26 and when we mentioned peak sale does it mean the complete realization of sales on us?<\/p>\n

Anurang Jain<\/strong><\/p>\n

Yes, yes. When I say peak sales is a complete realization. If I say 5 and 13 crores Orex Chandra is in FY29 that’s a peak sales. But that doesn’t mean that we are not taking more orders. So to answer your question, the run rate, I mean our target would be to have the same run rate, you know and we will do our best for that because like I’ve said in the past that we have to also supply all our products have been now with electronics in included which includes BMS and includes the battery packs also we will supply to all the customers, you know, which we are not doing today.<\/p>\n

So that itself is a growth driver for us. And apart from getting more share of business also when you look at the technology products like ebs, inverted front forks, braking systems for the high security, this is really on the growth. So there you have higher sales and the margins are good, you know so and also if you see, if I just have to show some numbers of FY26 I’ve always said we are higher than industry growth. These factors which I told you is what is helping us to grow higher in industry.<\/p>\n

What I just told you, which we want to sustain. For example if you see Bajaj they grew I think 11.56% last year we grew 16.1. If you see Honda, 16.9% was our growth versus a 7.86% for oil. Enfield we grew 32.7% versus their 23.9% TBS against their 21.17 we grew 29.1. It’s because we are entering new products, increasing share of business and this is happening because of our strength of technology, our experience in these products and the comfort which the customers have for us to do the investment for them and to supply these products to them.<\/p>\n

Because most of these products we are there between 15 to 25 years. Whereas you say brakes, suspensions mainly castings for 35 years. So to answer your question, yes, I mean that’s our focus to keep growing, keep growing high hydro industry.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Understood sir, Great to know that. And I’m asking this for a better understanding sir. Isn’t some OEM themselves backward integrating battery packing? And even in the BMS the market looks fragmented. So what edge do we have in these Segments.<\/p>\n

Anurang Jain<\/strong><\/p>\n

See I think our edge is the technology we have, which we have and I think the connect with the customer, the trust we have of the customer. So even if it’s a new product they would depend on us compared to others. You know which I’m saying. And let me tell you, in both battery packs and BMs there are very very few players. Very few. It’ll be a handful.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Okay, thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Raj Agarwal from Nivesha Asset Management. Please go ahead.<\/p>\n

Rajit Aggarwal<\/strong><\/p>\n

Hello sir. Thank you so much for the opportunity. We had mentioned in our. We have mentioned that we have received this 300 crores order on the battery pack side and we have received this from a customer. So we also mentioned few calls back that basically this is a very different way of basically doing this UNCCS wire free battery pack. So how noble is this technology? Is anyone else doing this in India?<\/p>\n

Anurang Jain<\/strong><\/p>\n

Sorry. Hello.<\/p>\n

Rajit Aggarwal<\/strong><\/p>\n

Hello.<\/p>\n

Anurang Jain<\/strong><\/p>\n

Can you just repeat it? Sorry please. I’m sorry, can you just repeat the question? Our battery pack<\/p>\n

Rajit Aggarwal<\/strong><\/p>\n

Technology, I wanted to know if anyone else is doing it in India.<\/p>\n

Anurang Jain<\/strong><\/p>\n

Yeah. So. Okay. Okay. So I will request Mr. Abangay Director CEO to answer that.<\/p>\n

Rajendra Abhange<\/strong><\/p>\n

See this has been always the impression about the investor community that what is so great in making the battery pack assemblies because the cell we everyone imports it and then we do the pack assembly.<\/p>\n

Rajit Aggarwal<\/strong><\/p>\n

The<\/p>\n

Rajendra Abhange<\/strong><\/p>\n

Differentiator that we bring here is first and foremost that our product is highly reliable. It is produced on a full automatic line in the battery pack. You must understand it’s a safety product. It has got the fire hazard situation. And if the product product manufacturing is not reliable it can lead to problems the in in the field. So that we have first of all taken care of with completely untouched production of the battery pack lines. The second part is as you know the pack is nothing but an assembly of sails done in a battery box.<\/p>\n

And then you have to connect it with the bus bars.<\/p>\n

Anurang Jain<\/strong><\/p>\n

And the<\/p>\n

Rajendra Abhange<\/strong><\/p>\n

Design of bus bars is the key to the battery design. So our design is very special. It has got couple of patterns into it. That means it has a very low possibility of getting into a fire like situation because of the heavy current densities into certain parts of the battery pack. And our products are superior in that context. This is our know how, this is our development and this is our ip. So these two parameters differentiate us from the other battery pack manufacturers who are in the country.<\/p>\n

Hope this answers your question.<\/p>\n

Rajit Aggarwal<\/strong><\/p>\n

Yes, just one more thing on this. Did you develop this with someone? And basically does OEM demand this solution? And basically Are you also going to talk to other OEMs just, just holistically on this?<\/p>\n

Rajendra Abhange<\/strong><\/p>\n

So this is fully in house developed solution by our R and D team. We have a sizable number of R and D engineers in the battery pack business which are from best of the best from the industry and this is our IP and nobody in the industry currently can offer this kind of IP to the OEMs. The product is yet to go to the market and we will prove it once it goes to the market.<\/p>\n

Rajit Aggarwal<\/strong><\/p>\n

Are you talking to other OEMs as well? And does OEM demand a solution?<\/p>\n

Anurang Jain<\/strong><\/p>\n

Yes, we are talking to other. We are, we are.<\/p>\n

Rajit Aggarwal<\/strong><\/p>\n

OEM demand the solution.<\/p>\n

Anurang Jain<\/strong><\/p>\n

No, no. See this solution is for this OEM we are supplying to. There could be different solutions being asked by. By different customers.<\/p>\n

Rajit Aggarwal<\/strong><\/p>\n

So<\/p>\n

Anurang Jain<\/strong><\/p>\n

To be so. So it won’t be the same. It won’t be the same. It may be the same, but it may not be the same also.<\/p>\n

Rajit Aggarwal<\/strong><\/p>\n

Got it. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Mhir Vora from Equida Securities. Please go ahead.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Yeah, thanks for the opportunity, sir. So most of my questions are answered but just one question here in terms of Europe or the board, we do see some kind of stagnation there. But there also we are not including the TOEFL order book. So is it possible to quantify that what order book would Stoke Hill we have in here and how we see the European revenue growth ahead?<\/p>\n

Massimo Venuti<\/strong><\/p>\n

Sure. So speaking about the quarter, as I told you before, the total turnover in the quarter the company 33.6% compared to the previous year. But without suffering 7.4%. Speaking about the quarter, if I speak about the total financial year the company grew 28.9% compared to the previous financial year and 2% without Self Direct. But please consider that this 2% is the total increase of volume in total increase of 2. But considering only the part without tooling, the increase of turnover was 6.4% compared to the previous year.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

So my question was on the order book front in terms of toefl, can you quantify that number as well?<\/p>\n

Massimo Venuti<\/strong><\/p>\n

The new business acquired from Storefield in the previous financial year is more or less 7 million of euro with pilot, customer, magna and BMW.<\/p>\n

Rajit Aggarwal<\/strong><\/p>\n

And when we had acquired the company, it had an annual run rate of around 70 to 80 million of you.<\/p>\n

Mumuksh Mandlesha<\/strong><\/p>\n

Okay, so that’s all from my side. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen. As there are no further questions from the participants, I now hand the conference over to the management for the closing comments.<\/p>\n

Anurang Jain<\/strong><\/p>\n

Well, no, I’ve just said everything in my opening remarks. I have no further comments to make. I just like to thank everybody for their time for this call, which we’ve just had. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much, sir. On behalf of Access Capital, that concludes this conference. Thank you all for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Endurance Technologies Limited (NSE: ENDURANCE) Q4 2026 Earnings Call dated May. 15, 2026 Corporate Participants: Anurang Jain \u2014 Managing Director Massimo Venuti \u2014 Director and Chief Executive Officer, Endurance Overseas Raja Gopal Satri \u2014 Group […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":183077,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":146530,"url":"https:\/\/alphastreet.com\/india\/earnings-summary-of-endurance-technologies-limited-for-q4-fy23\/","url_meta":{"origin":183077,"position":1},"title":"Earnings Summary Of Endurance Technologies Limited For Q4 FY23","author":"Hardik Bhandare","date":"May 17, 2023","format":false,"excerpt":"Endurance Technologies Limited is a renowned Indian company engaged in the manufacturing and supply of automotive components. 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