Endurance targets ₹800 crore in 4W systems SOPs by FY31

Endurance Technologies Limited targets ₹800 crore of cumulative start-of-production, or SOP, value from four-wheeler suspension, brakes and driveshaft programmes by FY31, up from ₹100 crore in FY28. Management said the first four-wheeler driveshaft SOP is expected this quarter, while brake and suspension programmes are scheduled to begin from FY28.

How will Endurance reach ₹800 crore in 4W systems SOPs?

Endurance expects cumulative SOP value from four-wheeler suspension, brakes and driveshafts to increase eightfold from ₹100 crore in FY28 to ₹800 crore in FY31. The disclosed measure reflects the value of programmes entering production and is distinct from revenue reported in a particular quarter.

The planned increase centres on proprietary systems alongside the existing four-wheeler aluminium casting business. Management said Endurance is expanding casting capacity at Shendra, Chakan, Chennai and Vallam, while developing driveshafts, braking and suspension products for passenger and commercial-vehicle original equipment manufacturers, or OEMs.

The ₹800 crore target does not include four-wheeler battery packs or the wider casting business discussed during the November 4, 2026 earnings call. Managing Director Anurang Jain said proprietary four-wheeler products could cross ₹1,500 crore by FY31, while adding that the eventual value could be lower or higher as certain programmes currently involve only one customer.

When will Endurance's 4W programmes start production?

Endurance expects SOP for its Tata Motors four-wheeler driveshaft programme this quarter, making it the first named proprietary four-wheeler launch in the disclosed schedule. Management expects four-wheeler brakes to begin SOP from H1 FY28, while one suspension customer is planned for H1 FY28 and another for H2 FY29.

Endurance said it has advanced suspension engagement with two Indian customers and one overseas customer. The SOP timeline for the third customer is expected to be finalised in Q4 FY27, leaving one element of the suspension rollout dependent on customer confirmation.

The Tata Motors programme follows existing driveshaft supplies for Bajaj, Mahindra and TVS three-wheelers. Endurance expects its total driveshaft revenue to cross ₹100 crore in FY27, supported by those programmes and an expected increase in volumes for its Bajaj electric-vehicle driveshaft business.

Battery packs are an adjacent four-wheeler programme but are outside the stated ₹800 crore target for suspension, brakes and driveshafts. Endurance has received nominations from two passenger-vehicle OEMs, with SOPs scheduled for Q1 FY28 and Q2 FY28, respectively; management said the business can also support sales of battery-management systems and aluminium castings.

How does Endurance's 4W strategy extend beyond castings?

Endurance's current four-wheeler business is largely casting-led, while the planned driveshaft, braking, suspension and battery-pack programmes add proprietary product categories. Jain told analysts that these products will begin incrementally, starting with driveshafts this quarter and followed by brakes, suspension and battery packs in FY28.

The casting business is expanding separately. Endurance's AURIC Shendra plant began SOP on September 25, 2026, with high-pressure and low-pressure die casting, critical machining and powder-coating capabilities. The plant will serve four-wheeler OEMs in India, the UK and the US, and supplies to a US electric-vehicle OEM had already begun by the Q2 FY27 call.

Endurance cited Tata Motors, Mahindra and Mahindra and Korean OEM localisation as areas of four-wheeler casting expansion. It is also in active dialogue with multiple commercial-vehicle OEMs, while capacity expansion at several locations is already under way.

The order book indicates that four-wheelers have become a larger part of awarded business. India four-wheelers represented 23.5% of Endurance's ₹6,372 crore order wins since FY22 as of H1 FY27, compared with 16% in FY22, while ₹3,798 crore of that total order-win value remained to be realised.

What investment supports Endurance's 4W expansion?

Endurance expects India capital expenditure of about ₹1,100 crore in FY27 and consolidated capital expenditure of ₹1,250 crore, after India capex of about ₹800 crore in FY26. Management linked the higher FY27 spending to new growth areas including four-wheelers, electric vehicles and non-automotive applications.

Four greenfield facilities accounted for cumulative capex of about ₹1,100 crore and created a negative profit-before-tax margin effect of about 0.5 percentage points in Q2 FY27, management said. It expects this drag to decline as production ramps up and said the facilities should make a positive contribution in the next financial year.

Endurance reported consolidated net cash of ₹436 crore as of September 30, 2026. Consolidated total income rose 33% year on year to ₹4,811 crore in Q2 FY27, while earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 17.3% to ₹584 crore and profit after tax increased 21% to ₹274 crore.

The company also recorded ₹748 crore of business wins in H1 FY27, excluding Bajaj orders, from customers including HMSI, Tata Motors, Hero MotoCorp, TVS, Ather and a US EV OEM. Electric vehicles accounted for 24% of the order book at H1 FY27, up from 11% in FY22.

Why does the FY31 SOP target matter for Endurance's mix?

The FY31 target indicates Endurance's plan to add systems to its component and casting portfolio. Management said it intends to use its engineering and manufacturing base, add electronics and software capabilities, and partner selectively where technology gaps exist.

This approach is also visible in two-wheelers. Dual-channel anti-lock braking system supplies to Bajaj Auto began in October 2026, and Endurance expects annual ABS capacity of 1.54 million single- and dual-channel units by Q4 FY27; 70% of that capacity was already booked by Bajaj Auto and Royal Enfield.

India standalone EV sales grew 185% year on year to ₹229 crore in Q2 FY27, equal to 5% of total net sales. Maxwell, Endurance's wholly owned subsidiary, reported Q2 FY27 revenue of ₹85 crore, up 95% year on year and 50% quarter on quarter, as the group developed battery packs and high-voltage battery-management systems.

Management has set a separate non-automotive SOP path of ₹250 crore in FY28 and ₹650 crore in FY31 for solar, railways and industrial applications. Solar damper SOP for a European client began in Q2 FY27 at Sanand, while SOP for a US solar customer is expected in H2 FY27 and solar actuators are expected to begin in Q4 FY27.

Conclusion

Endurance's ₹800 crore FY31 target sets out a move from a four-wheeler business led mainly by aluminium castings towards a broader mix that includes proprietary driveshaft, brake and suspension systems. The plan sits alongside higher four-wheeler representation in the order book, rising EV business and investment in new manufacturing facilities.

The next disclosed milestones are the Tata Motors four-wheeler driveshaft SOP expected this quarter, finalisation of the third suspension customer's timing in Q4 FY27, and brake and battery-pack launches from FY28. Management also expects the four greenfield facilities to move from their 0.5 percentage-point Q2 FY27 profit-before-tax margin drag to a positive contribution in the next financial year.