Investors love a good sprint. Minda Corporation gave them that. Gabriel India had its burst too. Endurance Technologies did not sprint. It just kept jogging at a steady pace while adding muscle where it mattered.
That quiet pace may be about to pay off.
Cycles reward those who show up prepared.
Endurance has used the last two years to add capacity, clean up its Europe business, deepen its braking and die-casting franchises and seed a new energy-electronics business. The picture that emerges is not a flashy pivot. It is a set of practical moves that can change its earnings profile over the next few years.
Regulation turns into opportunity
From January 2026, anti-lock braking systems are expected to become mandatory on all two-wheelers above 50 cc and on e-2Ws with motor power above 4 kilowatt (kW).
Endurance was early on this trend, having launched single-channel Anti-lock Braking System (ABS) in 2021 and preparing dual-channel units for roll-out. The company’s installed ABS capacity (single and dual) is about 6.4 lakh units and an expansion of 24 lakh units is on track for completion by March 2026.
Management sees a potential ten-fold increase in volumes once the regulation kicks in. That is the kind of operating leverage story equity markets understand.
Riding the disc-brake wave
ABS adoption naturally lifts demand for disc brakes. Endurance is adding a new disc-brake assembly facility in Chennai to serve Original Equipment Manufacturers (OEMs) like TVS, Royal Enfield and Yamaha.
When a policy change raises content per vehicle, margins tend to improve. Scale spreads fixed costs and in braking systems, Endurance already has deep relationships across large customers. The expansion underway is based on committed demand.
Four-wheelers take centre stage
The other growth lever is a deliberate move into four-wheelers. Historically weighted toward two- and three-wheelers, Endurance wants the four-wheeler share to rise from 25% to 45% by FY30.
- The AURIC Shendra die-casting plant is scheduled for start-of-production in Q4 FY26 and is already shipping pre-SOP (Start of Production) lots to a European OEM.
- The AURIC Bidkin alloy-wheel project, with 36 lakh-wheel annual capacity, begins SOP in Q2 FY26.
- A lithium-ion battery-pack plant near Pune will go live in Q4 FY26, backed by a letter of intent worth Rs 300 crore peak annual revenue from a leading domestic 2W OEM.
Each project has a defined customer and timeline, a rare clarity in a capital-heavy sector.
Europe regains its balance
The European arm, once a drag, is turning accretive.
The €51 million acquisition of Stöferle GmbH in Germany adds precision-machining strength and access to premium customers.
Stöferle’s in-house machine-tooling also reduces future capital intensity as Endurance shifts from Internal Combustion Engine (ICE) parts to hybrid and Electric Vehicles (EV) components.
Around 41% of new European orders are for EVs and 42% for hybrids. ICE exposure should drop to 25% of revenue by FY28, with regional revenue projected to grow 11% annually through FY28. This is not about volume recovery alone but a higher-margin mix.
A deeper product bench
At home, the R&D and product pipeline are widening.
A new suspension R&D centre is operational at Waluj. The company has a technical arrangement to develop 4W suspension systems. Its first 4W drum-brake order from Tata Motors marks entry into passenger-vehicle foundation brakes. A driveshaft program is under testing and the forging division, now with a fifth press, is preparing to supply Jaguar Land Rover.
These are incremental steps that collectively shift Endurance toward higher-value components.
Energy-electronics finds traction
Endurance now owns 100% of Maxwell Energy, its battery-management arm.
Maxwell’s revenue jumped sharply in Q1 FY26 as a key customer scaled up.
Cumulative Battery Management System (BMS) orders peak through Q1 FY27, with new leads across 2W, 3W and off-highway vehicles.
The battery-pack business mentioned earlier adds another growth layer, aligning with plans for ABS Electronic Control Units (ECUs) and new SMT (Surface-Mount Technology) lines. The goal is not to turn into an electronics company but to weave enough electronics into the portfolio to preserve margins as mechanical parts become more commoditised.
Spending smartly
All this expansion would be risky with leverage. However, Endurance is funding it internally. FY25 capex stood at Rs 610 crore in India and €51 million in Europe. FY26 spend is guided to exceed Rs 800 crore, driven by Shendra, Bidkin and the battery-pack line. European capex will moderate to €20–25 million as major programs for Stellantis, Mercedes and VW mature. The disciplined use of cash allows room for small acquisitions if opportunities arise.
A clean scorecard
The Q1 FY26 results show steady progress. Consolidated revenue rose 17% year-on-year to Rs 3,319 crore, with Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) up 19% and margin stable near 13%.
Europe grew 39% in rupee terms, helped by Stöferle integration and even without it, revenue outpaced weak car registrations. Maxwell turned EBITDA-positive. This was not a blow-out quarter but a balanced one, showing the base is solid.
Why investors are watching
The case for Endurance is building around four visible pillars.
- The ABS mandate brings policy-driven volume and margin gains.
- Four-wheeler exposure will nearly double as new plants ramp up.
- Europe is turning from cyclical to structural, with a premium mix.
- Add to that a growing electronics component through Maxwell and ECUs, self-funded capex and a debt-free balance sheet and you have a rare combination of growth and safety.
The next lap
Compared with peers, Minda remains the face of reinvention and Gabriel a focussed specialist. Endurance is charting its own path. It is quiet, deliberate and grounded in engineering depth.
Markets that often chase the next shiny idea may rediscover value in a company that simply executes.
With three new plants coming on stream between FY26 and FY27, a robust order book and a clear regulatory tailwind, earnings surprises look likely.
What could go wrong
Endurance’s next lap will have its share of uncertainties. The ABS rollout could be pushed back if smaller OEMs seek more time to comply. The new alloy wheel and battery pack plants might take longer to stabilise. Europe’s recovery still hinges on how quickly premium carmakers scale hybrid and EV production and whether energy costs stay manageable. Maxwell’s growth in battery management is promising, but it is still early and needs consistent execution to matter meaningfully.
Valuation
At a price to earnings (P/E) of about 47 times, Endurance trades roughly in line with peers.
It is not exactly cheap, but neither is it overextended considering its cleaner balance sheet and improving mix.
The stock’s current valuation already builds in steady earnings growth; any further re-rating will depend on how quickly the new capacities translate into margin gains.
The last word
For now, Endurance is doing the quiet work of strengthening its base. It is adding capacity, tightening relationships and investing where its expertise runs deep. That does not make it a guaranteed outperformer, but it does make it a company that seems to be getting its timing right.
The market will decide when to notice. What stands out today is direction. Endurance is not chasing excitement. It is building endurance — the kind that keeps a company in the race long after others have run out of breath.
Disclaimer:
Note: We have relied on data from www.Screener.in throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information.
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Manvi Aggarwal has been tracking the stock markets for nearly two decades. She spent about eight years as a financial analyst at a value-style fund, managing money for international investors. That’s where she honed her expertise in deep-dive research, looking beyond the obvious to spot value where others didn’t. Now, she brings that same sharp eye to uncovering overlooked and misunderstood investment opportunities in Indian equities. As a columnist for LiveMint and Equitymaster, she breaks down complex financial trends into actionable insights for investors.
Disclosure: The writer and her dependents do not hold the stocks discussed in this article.
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