Endurance Technologies Ltd. · NSE:ENDURANCE

Endurance Technologies — Q4 FY25 Earnings Presentation

29 slides from Endurance Technologies's earnings presentation, May 15, 2025

  1. Slide 1: Financial Results Presentation cover letter

    ENDURANCE TECHNOLOGIES LIMITED 2nd Floor, Kumar Solitaire, S. No. 216B/218A/215A, Near Aga Khan Palace, Shastri Nagar, Nagar Road, Pune-411 006 (M.S.), India Tel: +91-20-68284200 Fax: +91-20-26680894 Website: www.endurancegroup.com CIN No. L34102MH1999PLC123296 15th May, 2025 BSE Limited, National S

  2. Slide 2: Quarterly Results Presentation Q4FY25

    Quarterly Results Presentation Q4FY25 15th May 2025

  3. Slide 3: 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

  4. Slide 4: Capacity expansion and project updates

    Setting up AURIC Shendra project in Chh. Sambhajinagar, focused on machined castings for 4W and non-automotive. SOP expected in Q2FY26. Production commenced for machined casting expansion in Waluj/Pantnagar for EV, petrol, CNG models for 2W/3W OEM Increased Chakan Alloy wheel capacity from 4.5 to 5.

  5. Slide 5: Business won in FY25

    Business won in FY25: Rs 12.6 Bn in India*, including Rs. 0.6 Bn in Maxwell. Further, won business worth Euro 40.2 Mn in Europe. 16 new patents approvals received taking the total to 91. 26 new design registrations approvals received taking the total to 68. Production ramp up in new machining and as

  6. Slide 6: Order Wins

    Order Wins 5

  7. Slide 7: India order wins (Rupees Billion)

    (RUPEES BILLION) Last 5 years Orders Order Split last 5 years 46.92 30.5* 9.58 Replacement 25.0 Orders 14.3 6.8 11.99 11.99 37.33 Ramp Up of 3.3 9.35 7.45 6.14 New Orders New Orders FY23 FY24 FY25 FY26 FY27 FY21 FY22 FY23 FY24 FY25 Total TVS business wins for suspensions, brakes New orders from HMCL

  8. Slide 8: EV order value in India

    Excluding BAL FY22 FY23* FY24 FY25 EV order value Rs. 0.8 Bn Rs. 2.6 Bn Rs. 0.6 Bn Rs. 4.4 Bn Total Rs 8.4 Bn includes Rs 4.1 Bn for castings, Rs 3 Bn for brakes and Rs 0.8 Bn As % of total 10% 33% 5% 49% for suspensions. orders EV suspension orders from Ather, Cumulative orders of Rs. 10.2 Bn in Am

  9. Slide 9: Europe order wins (Euro Million)

    (EURO MILLION) 248 Last 5 years Orders 35 Replacement Orders 151* 144 108 84 74 213 65 New Ramp Up 31 40 Orders Schedule 19 FY 25 FY26 FY27 FY28 FY21 FY22 FY23 FY24 FY25 Total Owing to transition to EV/Hybrid in Europe, we Large orders in EV and hybrid segment from VW & BMW expect reduction in futur

  10. Slide 10: Europe orders by end-use: EV, hybrid, ICE

    (EURO MILLION) Out of Euro 248 Mn of cumulative orders won in the last 5 years, Euro 99 Mn (40%) are for EV applications and Euro 84 109 Mn (43%) 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 31 32% 19 58%

  11. Slide 11: Orders booked in last 3 years

    Won a major development project for a Motor Orders booked in last 3 years : Rs. 2.5* Bn of Control Unit, with a peak business potential peak annual sales of Rs 0.3 Bn Supplied close to 200K+ units of BMS to Secured a project with an international largest customer as they ramp up to full scale custom

  12. Slide 12: Q4 Industry Data & ETL Financials

    Q4 Industry Data & ETL Financials 11

  13. Slide 13: Indian vehicle sales and ETL growth, Q4

    ETL Total % change ETL TI (Rs. Indian Vehicle Sales Income (Rs. from Q4 Mn) Q4 FY19 Q4 FY25 Q4 FY24 % Change (in Mn) Mn) growth % FY19 growth % Total 2W 5.70 5.42 5.3% 7.7% 5.3% 78.0% Motorcycles 3.82 3.70 3.3% 5.8% 2.2% 63.4% Scooters 1.77 1.60 10.9% 20.4% 21.5% 293.2% 3W 0.26 0.23 9.1% 3.0% -19.4%

  14. Slide 14: EU car registrations and energy prices, Q4

    EU new Car registration % Change from Q4 FY25 Q4 FY24 % Change (in 000) Q4 FY20 France 410 445 -7.8% 12.5% Germany 665 695 -4.3% -5.2% Italy 444 451 -1.6% 27.8% Spain 279 245 14.1% 27.7% Others 917 933 -1.7% 8.1% Total EU 2,715 2,769 -1.9% 9.5% Source: National Automobile Manufacturer Associations %

  15. Slide 15: Q4 total income

    (RUPEES BILLION) Standalone Maxwell Consolidated Europe 27.11 22.69 29.98 20.93 7.28 6.15 0.21 0.11 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25 8.4% YOY growth. Industry 2W YOY growth of 97%. sales growth of 5.3%. 18.3% YOY growth in INR terms. Key customer recorded healthy YOY growth of

  16. Slide 16: Q4 EBITDA

    (RUPEES BILLION) YoY: 4.5% Consolidated YoY: 9.9% 3.12 3.26 Standalone 4.57 4.16 14.9% 14.4% Q4FY25 Standalone 15.3% 15.2% EBITDA would be up ~35bps if metal prices were at last year levels. Q4FY24 Q4FY25 Q4FY24 Q4FY25 YoY: 22.5% Europe 1.34 1.09 Maxwell Q4FY25 EBITDA Rs. 1mn vs 18.4% Q4FY24 Rs. (-)

  17. Slide 17: Q4 PAT

    (RUPEES BILLION) YoY: -4.5% Consolidated YoY: 16.6% Standalone 1.82 1.74 2.45 2.10 8.7% 7.7% 8.2% 7.8% Q4FY24 Q4FY25 Q4FY24 Q4FY25 YoY: 21.5% Europe 0.36 0.43 5.9% Maxwell Q4FY25 PAT Rs. (-)24 mn vs 5.8% Q4FY24 Rs. (-)37 mn. Q4FY24 Q4FY25 16

  18. Slide 18: FY25 Industry Data & ETL Financials

    FY25 Industry Data & ETL Financials 17

  19. Slide 19: Indian vehicle sales and ETL growth, FY25

    ETL Total ETL TI (Rs. Indian Vehicle Sales % change FY25 FY24 % Change Income (Rs. Mn) FY19 (in Mn) from FY19 Mn) growth % growth % Total 2W 23.81 21.43 11.1% 13.5% -2.7% 72.6% Motorcycles 15.87 14.60 8.7% 10.9% -3.6% 61.9% Scooters 7.42 6.35 16.9% 31.6% 4.5% 184.5% 3W 1.05 0.99 5.7% 11.1% -17.4% 29

  20. Slide 20: EU car registrations and energy prices, FY25

    EU new Car registration % Change from FY25 FY24 % Change (in 000) FY20 France 1684 1799 -6.4% -16.9% Germany 2787 2873 -3% -18.7% Italy 1552 1592 -2.5% -10.1% Spain 1051 957 9.9% -9.4% Others 3504 3446 1.7% -8.6% Total EU 10,579 10,666 -0.8% -13.1% Source: National Automobile Manufacturer Associatio

  21. Slide 21: FY25 total income

    (RUPEES BILLION) Standalone Maxwell Consolidated Europe 79.21 89.13 0.63 0.70 27.58 103.26 116.78 23.63 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 12.5% YOY growth. Industry 2W sales growth of 11.1% with a key customer recording only 4% 16.7% YOY growth in INR terms. YOY growth of 10.9%. YOY growth of

  22. Slide 22: FY25 EBITDA

    (RUPEES BILLION) YoY: 15.3% Consolidated YoY: 18.0% Standalone 10.56 12.18 16.68 14.14 13.7% 14.3% 13.3% Y25 Standalone 13.7% EBITDA would be up ~19bps if metal prices were at last year levels. FY24 FY25 FY24 FY25 YoY: 22.2% Europe 4.64 3.79 Maxwell FY25 EBITDA Rs. (-)67mn vs FY24 Rs. (-)118mn. 16.8

  23. Slide 23: FY25 PAT

    (RUPEES BILLION) YoY: 15.5% Consolidated YoY: 22.9% Standalone 5.88 6.79 8.36 6.81 7.6% 7.4% 7.2% 6.6% FY24 FY25 FY24 FY25 YoY: 18.2% Europe 1.25 1.48 Maxwell FY25 PAT Rs. (-)168 mn vs 5.3% 5.4% FY24 Rs. (-)205 mn. FY24 FY25 22

  24. Slide 24: Revenue by entity, product and vehicle

    By Entity By Products By Vehicles Transmission After Market 4.0% Others Maxwell 5.1% 2.5% Others Europe 0.6% 3.7% 23.6% Alloy Wheel 4 Wheeler 7.6% 25.5% Suspension Disc Brake 25.5% India 11.7% FY’25 75.8% FY’25 FY’25 3 Wheeler Motorcycle 7.9% Die Casting 54.9% 42.4% Scooter Transmission 9.2% 4.5% Ot

  25. Slide 25: India revenue by product and vehicle type

    By Products By Vehicle Type Transmission 4 Wheeler 4.6% 5.9% Others After Market 1.6% 3 Wheeler 5.7% Others 10.4% 1.9% Alloy Wheel 10.0% Scooter Suspension 11.8% FY’25 33.4% FY’25 Motorcycle Disc Brake 70.3% 15.3% Die Casting 29.1% 4 Wheeler Others Transmission 6.5% 1.6% 4.9% Aftermarket – After Mar

  26. Slide 26: Capex

    Expansion Capex and Dies account for >75% of total capex. Standalone: Includes capacity addition in brake assemblies, aluminium alloy Rs. 6,111M wheels, aluminium casting and machining, aluminium forging, suspensions, and SMT line. Europe: Includes production capacity expansion to cater to new order

  27. Slide 27: Share in total income by customer

    Share in Total Income FY25 FY24 Bajaj auto Ltd 38.0% 39.4% Honda MC & Scooters 9.1% 8.3% VW-Audi-Porsche 8.9% 7.1% Stellantis 5.5% 5.6% Royal Enfield India 5.7% 5.1% India Yamaha Motors 3.7% 4.0% Hero Motorcorp 3.5% 3.5% Mercedes 2.6% 2.7% TVS Motors 2.6% 2.5% Tata Motors 1.5% 1.4% Hyundai/ Kia 1.7%

  28. Slide 28: Value _ ). pees

    Value _ ). pees » = ~ ‘a HM

  29. Slide 29: Quarterly total income, EBITDA and PAT by entity

    FY24 FY25 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Total Income ETL-Standalone 18.36 19.84 20.07 20.93 79.21 21.35 23.17 21.92 22.69 89.13 Maxwell 0.16 0.17 0.19 0.11 0.63 0.03 0.19 0.26 0.21 0.70 Europe 6.15 5.65 5.68 6.16 23.63 7.21 6.17 6.92 7.28 27.58 Consolidated Adjustments - -0.06 -0.06 -0

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