Slide 1: Quarterly Results Presentation Q2FY26
Quarterly Results Presentation Q2FY26 12th Nov 2025
Slide 2: Forward-looking statements disclaimer
The presentation may contain, without limitation, certain statements that could be considered forward- looking. Such forward-looking statements do not guarantee future performance; and may involve risks and uncertainties that could cause actual performance or results to be materially different from
Slide 3: New projects and capacity additions
Setting up AURIC Shendra project in Chh. Sambhajinagar, focused on Machined Castings for 4W and non-automotive. SOP expected in Q4FY26. Setting up lithium-ion battery pack plant in Pune. SOP expected in Q4FY26 Production commenced at the Alloy Wheel plant at AURIC Bidkin in Oct 2025, with 3.6 Mn whe
Slide 4: Business won in FY26 and corporate updates
Business won till date in FY26: Rs 909 Cr in India*, including Rs. 300 Cr for battery-pack and Rs. 21 Cr in Maxwell. Further, won business worth Euro 12.7 million in Europe. 91 total patents and 79 design registrations. Next-generation Suspension R&D centre operational; setting up new R&D centre for
Slide 5: Order Wins
Order Wins 5
Slide 6: Last 5 years orders
(RUPEES CRORE) Last 5 years Orders 3300 3500* Order Split last 5 years 4671 2600 717 Replacement Orders 1442 1199 1205 471 935 3953 Ramp Up of 745 588 New Orders 138 New Orders FY23 FY24 FY25 FY26 FY27 FY28 FY22 FY23 FY24 FY25 H1FY26 Total Initiated discussions with multiple OEMs for large Disc Brak
Slide 7: Cumulative orders in India EV space
Excluding BAL & FY22 FY23* FY24 FY25 H1FY26 Battery-Pack Total Rs 1012 Cr (excluding Battery-Pack) includes Rs 519 Cr for Castings, Rs 300 EV order value Rs. 78 Cr Rs. 258 Cr Rs. 59 Cr Rs. 440 Cr Rs. 177 Cr Cr for Brakes, Rs 114 Cr for Suspensions and Rs 31Cr for Alloy Wheels. As % of total 10% 33%
Slide 8: Europe orders ramp up schedule
(EURO MILLION) 242 Last 5 years Orders 35 Replacement Orders 150* 148 130 115 84 74 207 65 New Ramp Up 40 Schedule 31 Orders 13 FY25 FY26 FY27 FY28 FY29 FY22 FY23 FY24 FY25 H1FY26 Total Owing to transition to EV/Hybrid in Europe, we expect reduction in future revenues from currently serviced ICE ord
Slide 9: Europe orders by end-use: EV, Hybrid, ICE
(EURO MILLION) Out of Euro 242 Mn of cumulative orders won in the last 5 years, Euro 94 Mn (41%) are for EV applications and Euro 84 109 Mn (45%) for Hybrid Applications 74 ICE end-use, currently at ~40% of Endurance Europe 11% revenues, is expected to reduce to 25% in FY28. 49% 65% 40 32% 31 66% 58
Slide 10: Embedded Electronics and New Energy Battery Packs
Embedded Electronics New Energy- Battery Packs Continuing large volume business for our AVA LoI for battery pack of e-2W model of a large BMS. This year, we have won Rs 21 Cr orders for OEM with peak annual sale of Rs 300 Cr. HP-Safe, CT-Lite and LT+PRI variants. Leads worth Rs 137 Cr being pursued.
Slide 11: Q2 Industry Data & ETL Financials
Q2 Industry Data & ETL Financials 11
Slide 12: Indian vehicle sales Q2
ETL Total % change ETL TI (Rs. Indian Vehicle Sales Income (Rs. from Q2 Mn) Q2 FY19 Q2 FY26 Q2 FY25 % Change (in Mn) Mn) growth % FY19 growth % Total 2W 6.86 6.21 10.3% 15.0% 1.5% 93.8% Motorcycles 4.48 4.08 9.6% 18.6% 0.4% 87.8% Scooters 2.24 1.99 12.4% -4.4% 8.8% 146.5% 3W 0.35 0.29 21.4% 21.5% 4.
Slide 13: EU car registrations and energy prices Q2
EU new Car registration % Change from Q2 FY26 Q2 FY25 % Change (in 000) Q2 FY19 France 345 351 -1.8% -27.4% Germany 708 644 9.8% -20.6% Italy 313 317 -0.9% -18.7% Spain 245 209 16.9% -10.3% Others 871 782 11.3% -10.1% Total EU 2,481 2,303 7.7% -17.1% Source: National Automobile Manufacturer Associat
Slide 14: Total income Q2
(RUPEES CRORE) Standalone Europe Maxwell Consolidated 2692 908 3604 2317 617 2939 44 19 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 16.2% YOY growth. Industry 2W 47.1% YOY growth in INR terms. Sharp YoY growth, as key sales growth of 10.3%. 32.5% growth in EUR terms. customer recorded he
Slide 15: EBITDA Q2
(RUPEES CRORE) YoY: 6.3% Consolidated YoY: 21.9% Standalone 316 336 409 498 13.6% 12.5% 13.9% 13.8% Q2FY25 Q2FY26 Q2FY25 Q2FY26 YoY: 63.5% Europe 99 161 Maxwell Q2FY26 EBITDA Rs. 1.9Cr vs 17.8% Q2FY25 Rs. (-) 1.7Cr. 16% Q2FY25 Q2FY26 15
Slide 16: PAT Q2
(RUPEES CRORE) YoY: 1.5% YoY: 12.0% 185 Consolidated Standalone 188 203 227 8.0% 7.0% 6.9% 6.3% Q2FY25 Q2FY26 Q2FY25 Q2FY26 YoY: 52.2% Europe 27 41 Maxwell Q2FY26 PAT Rs. (-) 0.95 Cr vs Q2FY25 (-)4.35Cr. 4.5% 4.3% Q2FY25 Q2FY26 16
Slide 17: H1 Industry Data & ETL Financials
H1 Industry Data & ETL Financials 17
Slide 18: Indian vehicle sales H1
ETL Total % change ETL TI (Rs. Indian Vehicle Sales Income (Rs. from H1 Mn) H1 FY19 H1FY26 H1FY25 % Change (in Mn) Mn) growth % FY19 growth % Total 2W 12.67 12.12 4.5% 11.9% -4.7% 89.5% Motorcycles 8.37 8.05 4.0% 12.7% -5.5% 81.5% Scooters 4.04 3.81 6.1% 7.7% 1.6% 159.7% 3W 0.61 0.53 16.5% 19.3% -4.
Slide 19: EU car registrations and energy prices H1
EU new Car registration % Change from H1FY25 H1FY26 % Change (in 000) H1FY19 France 821 777 -5.4% -16.9% Germany 1,421 1,446 1.7% -18.7% Italy 751 724 -3.6% -10.1% Spain 500 575 15.1% -9.4% Others 1,725 1,821 5.6% -8.6% Total EU 5,218 5,342 2.4% -13.1% Source: National Automobile Manufacturer Associ
Slide 20: Total income H1
(RUPEES CRORE) Standalone Maxwell Consolidated Europe 74 6958 5043 1910 5799 4452 1338 23 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 13.3% YOY growth. Industry 2W 42.7% YOY growth in INR terms. Sharp YoY growth, as key sales growth of 4.5%. 30.4% growth in EUR terms. customer recorded h
Slide 21: EBITDA H1
(RUPEES CRORE) YoY: 6.1% Consolidated YoY: 19.7% Standalone 605 642 816 977 13.6% 12.7% 14.0% 14.1% H1FY25 H1FY26 H1FY25 H1FY26 YoY: 54% Europe 336 218 Maxwell H1FY26 EBITDA Rs. 2.5Cr vs 17.6% H1FY25 Rs. (-) 5.9Cr. 16.3% H1FY25 H1FY26 21
Slide 22: PAT H1
(RUPEES CRORE) YoY: 1.6% Consolidated YoY: 11.5% Standalone 348 353 407 454 7.8% 7.0% 7.0% 6.5% H1FY25 H1FY26 H1FY25 H1FY26 YoY: 45.8% Europe 70 103 Maxwell H1FY26 PAT Rs. (-)3Cr vs 5.3% 5.4% H1FY25 Rs. (-) 11 Cr. H1FY25 H1FY26 22
Slide 23: Revenue by entity, products and vehicles
By Entity By Products By Vehicles Transmission 3.3% Others After Market Maxwell 1.2% 4.3% Others Europe 1.1% 4.1% 27.5% Alloy Wheel 4 Wheeler 7.0% 29.6% Suspension Disc Brake 24.5% India 11.4% H1FY’26 71.4% H1FY’26 H1FY’26 3 Wheeler Motorcycle 7.8% Die Casting 51.9% 45.4% Scooter Transmission 9.4% 4
Slide 24: Europe revenue by products and vehicle type
By Products By Vehicle Type Transmission 4 Wheeler After Market 4.1% Others 5.7% 4.8% 2.0% Others 3 Wheeler 2.9% 10.8% Alloy Wheel 9.7% Suspension Scooter H1FY’26 33.8% 11.5% H1FY’26 Disc Brake Motorcycle 15.8% 70.0% Die Casting 28.9% Transmission 4 Wheeler Others 4.6% 5.8% 1.6% After Market Others
Slide 25: Expansion capex
Expansion Capex and Dies account for >80% of total capex. Standalone: Rs. 460 Cr. Includes additional land bank, capacity addition in brake assemblies, al. alloy wheels, al. casting and machining. Europe: Includes production capacity expansion to cater to new orders from customers including Stellant
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Slide 27: Quarterly financials by entity (Rs. Crore)
Rs. Crore FY25 FY26 Q1 Q2 H1 Q3 Q4 Full Year Q1 Q2 H1 Total Income ETL-Standalone 2135 2317 4452 2192 2269 8913 2351 2692 5043 Maxwell 3 19 22 26 21 70 31 44 74 Europe 721 617 1338 692 728 2758 1002 908 1910 Consolidated Adjustments 0 -15 -15 -28 -21 -63 -28 -40 -69 Consolidated 2859 2938 5797 2881