Slide 1: Quarterly Results Presentation Q1FY26
Quarterly Results Presentation Q1FY26 13th Aug 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: Project and capacity setup updates
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 Setting up AURIC Bidkin, a greenfield project for Alloy Wheels with a capacity of 3.6Mn wh
Slide 4: Business won in Q1FY26
Business won in Q1FY26: Rs 560 Cr in India*, including Rs. 300 Cr for battery-pack and Rs. 8 Cr in Maxwell. Further, won business worth Euro 1.7 million in Europe. 91 total patents and 72 design registrations. Pilot lots for our Adler technology Assist and Slip APTC Clutch dispatched to two customer
Slide 5: Order Wins
Order Wins 5
Slide 6: Order wins and order book (Rupees Crore)
(RUPEES CRORE) Last 5 years Orders Order Split last 5 years 3300* 4329 2600 717 Replacement Orders 1442 471 1199 1199 935 Ramp Up of 138 745 3612 New Orders 252 New Orders FY23 FY24 FY25 FY26 FY27 FY22 FY23 FY24 FY25 Q1FY26 Total Initiated discussions with multiple OEMs for New Rs 68 Cr Alloy Wheel
Slide 7: EV order value excluding BAL and battery-pack
Excluding BAL & FY22 FY23* FY24 FY25 Q1FY26 Battery-Pack Total Rs 865 Cr includes Rs 410 Cr for EV order value Rs. 78 Cr Rs. 258 Cr Rs. 59 Cr Rs. 440 Cr Rs. 30 Cr Castings, Rs 300 Cr for Brakes, and Rs 108 Cr for Suspensions. As % of total 10% 33% 5% 49% 12% orders Cumulative orders of Rs. 1017 Cr E
Slide 8: Europe order wins (Euro Million)
(EURO MILLION) 231 Last 5 years Orders 35 Replacement Orders 142* 132 125 100 84 74 196 65 New Ramp Up 31 40 Orders Schedule 2 FY 25 FY26 FY27 FY28 FY29 FY22 FY23 FY24 FY25 Q1FY26 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 231 Mn of cumulative orders won in the last 5 years, Euro 94 Mn (41%) are for EV applications and Euro 84 98 Mn (42%) 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 Identified new opportunities and started LoI for battery pack of e-2W model of a large receiving orders for CT-Lite and LT+PRI variants OEM with peak annual sale of Rs 300 Cr Supplied 250K+ units of BMS to largest customer as they ramp up to full scale
Slide 11: Q1 Industry Data & ETL Financials
Q1 Industry Data & ETL Financials 11
Slide 12: Indian vehicle sales and ETL income growth
ETL Total % change ETL TI (Rs. Indian Vehicle Sales Income YOY from Q1 Mn) Q1 FY19 Q1 FY26 Q1 FY25 % Change (in Mn) growth % FY19 growth % Total 2W 5.81 5.91 -1.65% 8.6% -11.1% 84.9% Motorcycles 3.89 3.96 -1.81% 6.4% -11.5% 74.6% Scooters 1.81 1.82 -0.80% 22.5% -6.0% 173.8% 3W 0.26 0.24 10.43% 16.5%
Slide 13: EU new car registrations and energy prices
EU new Car registration % Change from Q1 FY26 Q1 FY25 % Change (in 000) Q1 FY20 France 432 470 -8.1% -29.5% Germany 738 777 -5.0% -23.8% Italy 411 435 -5.6% -24.6% Spain 330 291 13.7% -12.0% Others 950 943 0.8% -12.1% Total EU 2,862 2,915 -1.8% -20.1% Source: National Automobile Manufacturer Associa
Slide 14: Total income (Rupees Crore)
(RUPEES CRORE) Standalone Maxwell Consolidated Europe 31 3355 2351 1002 2859 2135 721 3 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 10.1% YOY growth. Industry 2W 39.0% YOY growth in INR terms. Sharp YoY growth, as key sales de-growth of 1.65%. 28.5% growth in EUR terms. customer recorded
Slide 15: EBITDA (Rupees Crore)
(RUPEES CRORE) YoY: 6.0% Consolidated YoY: 17.5% 288 306 Standalone 408 480 13.5% 13.0% Q1FY26 Standalone 14.3% 14.3% EBITDA would be up ~28bps if metal prices were at last year levels. Q1FY25 Q1FY26 Q1FY25 Q1FY26 YoY: 46.1% Europe 174 119 Maxwell Q1FY26 EBITDA Rs. 1Cr vs 17.4% Q1FY25 Rs. (-) 4Cr. 1
Slide 16: PAT (Rupees Crore)
(RUPEES CRORE) YoY: 1.8% Consolidated YoY: 11.0% Standalone 163 166 204 226 7.6% 7.1% 7.1% 6.7% Q1FY25 Q1FY26 Q1FY25 Q1FY26 YoY: 41.8% Europe 44 62 6.1% 6.2% Maxwell Q1FY26 PAT Rs. (-)2Cr vs Q1FY25 Rs. (-) 7 Cr. Q1FY25 Q1FY26 16
Slide 17: Revenue by vehicles, products and entity
By Entity By Products By Vehicles Transmission After Market 3.3% Others Maxwell 4.2% 2.0% Others Europe 0.9% 4.2% 29.9% Alloy Wheel 4 Wheeler 6.6% 31.4% Suspension Disc Brake 23.5% India 10.9% Q1FY’26 69.2% Q1FY’26 Q1FY’26 3 Wheeler Motorcycle 6.8% Die Casting 50.0% 47.3% Scooter Transmission 9.7% 4
Slide 18: India revenue by products and vehicle type
By Products By Vehicle Type Transmission 4.0% 4 Wheeler After Market Others 6.3% 4.8% Others 3 Wheeler 2.0% 2.8% 9.8% Alloy Wheel 9.5% Suspension Scooter 33.6% 12.6% Q1FY’26 Q1FY’26 Disc Brake Motorcycle 15.5% 69.3% Die Casting 29.8% Transmission 4 Wheeler Others 4.6% 6.0% 1.9% After Market Others 3
Slide 19: Expansion capex
Expansion Capex and Dies account for >80% of total capex. Standalone: Rs. 286 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
Slide 20: 20
20
Slide 21: Total income, EBITDA and PAT by entity
Rs. Crore Total Income Q1FY25 Q1FY26 YOY growth ETL-Standalone 2,135 2,351 10.1% Maxwell 3 31 840.7% Europe 721 1,002 39.0% Consolidated Adjustments 1 -28 Consolidated 2859 3355 17.3% EBITDA ETL-Standalone 288 306 6.0% Maxwell -4 1 -113.4% Europe 119 174 46.1% Consolidated Adjustments 5 -1 Consolida