Endurance EV and India 4W shares rise in cumulative wins

Endurance’s cumulative order wins of Rs 6,372 crore as of H1 FY27 had shifted toward EVs and Indian four-wheelers: EVs accounted for 24%, versus 11% in FY22, while Indian 4W reached 23.5%, versus 16%; Rs 3,798 crore of the wins remained to be realised.

How has Endurance’s cumulative-win mix changed since FY22?

Endurance’s cumulative-win mix changed by 13 percentage points for EVs and 7.5 percentage points for Indian four-wheelers, or 4W, between FY22 and H1 FY27. Management said EVs represented 24% of total wins as of H1 FY27, compared with 11% in FY22, while India 4W represented 23.5%, compared with 16%.

The comparison applies to Rs 6,372 crore of total business won since FY22, of which Rs 5,125 crore was new business. Endurance said Rs 3,798 crore of the total win value was still to be realised, but it did not disclose the EV or India 4W proportions specifically within that unexecuted balance.

Endurance won Rs 748 crore of business in H1 FY27, largely from Honda Motorcycle and Scooter India, Tata Motors, Hero MotoCorp, TVS, Ather and a US EV original equipment manufacturer, or OEM. Management said this business-win figure excludes orders from Bajaj, while it indicated that Bajaj accounted for about 35% of group income during the first two quarters.

What supports Endurance’s higher Indian 4W exposure?

Endurance is supporting India 4W wins with aluminium-casting expansion at Shendra, Chakan, Chennai and Vallam, as well as newer suspension, braking and driveshaft programmes. The AURIC Shendra facility began start of production, or SOP, on September 25, 2026, and serves 4W OEMs in India, the UK and the US with high-pressure and low-pressure die casting, machining and powder coating.

The Shendra plant had started supplies to a US EV OEM, while Endurance said its domestic casting expansion includes Tata Motors and Mahindra and Mahindra and localisation work for Korean OEMs. The call did not assign revenue values to those individual programmes, but the plant additions provide production capacity alongside the increase in India 4W’s share of cumulative wins.

Management expects cumulative SOP value from 4W suspension, brakes and driveshafts to rise from Rs 100 crore in FY28 to Rs 800 crore in FY31. For 4W suspension, Endurance cited advanced engagement with two Indian customers and one overseas customer, with one SOP expected in H1 FY28 and another in H2 FY29.

Driveshaft launches are closer in the disclosed timetable. Endurance expected SOP for its Tata Motors 4W driveshaft programme during the quarter of the call, while supplies for Bajaj, Mahindra and TVS three-wheeler driveshaft programmes had already begun; management expects total driveshaft revenue to exceed Rs 100 crore in FY27.

How is Endurance converting EV wins into sales?

Endurance reported India standalone EV sales of Rs 229 crore in Q2 FY27, up 185% year on year and equal to 5% of total net sales. This sales measure is separate from the 24% EV share of cumulative wins, but it shows that some EV programmes were already contributing revenue in Q2 FY27.

Battery packs are one route for expanding EV content. Endurance had begun SOP of battery packs for a leading two-wheeler OEM, with full ramp-up expected in Q3 FY27, and had letters of nomination from two passenger-vehicle OEMs for 4W battery packs scheduled to start in Q1 and Q2 of the next financial year.

Management said battery-pack production can increase Endurance’s sales of battery-management systems and aluminium castings. Its wholly owned Maxwell subsidiary reported Rs 85 crore of revenue in Q2 FY27, up 95% year on year and 50% quarter on quarter, while H1 FY27 turnover was Rs 141 crore against Rs 161 crore for full-year FY26.

Maxwell’s Bengaluru research and development work covers high-voltage battery-management systems for 4W and electric buses, as well as Internet of Things, vehicle-to-everything and tyre-pressure monitoring system products. Elsewhere, Endurance said volumes were expected to rise in its Bajaj EV driveshaft programme, although it did not quantify the expected volume increase.

What capital spending and capacity additions support the pipeline?

Endurance expects India capital expenditure of about Rs 1,100 crore in FY27, after approximately Rs 800 crore in FY26 and Rs 611 crore in FY25. Consolidated capital expenditure is expected to be Rs 1,250 crore in FY27, with management linking the increase to investments in new growth areas.

Four greenfield facilities represented cumulative capital expenditure of about Rs 1,100 crore and had a negative profit-before-tax margin impact of about 0.5% in Q2 FY27, management said. Management expects that drag to decline progressively and the facilities to make a positive contribution in the next financial year as commercial production increases.

By Q4 FY27, Endurance expects annual capacity of 1.54 million single- and dual-channel anti-lock braking systems, or ABS, with 70% already booked by Bajaj Auto and Royal Enfield. Dual-channel ABS supplies to Bajaj began in October 2026, and a second Royal Enfield programme is expected to begin in Q4 FY27.

When could newer order wins reach production?

Endurance has disclosed several production milestones spanning FY27 to FY29. Its Chennai disc-brake assembly facility is scheduled to begin SOP in March 2027, while the two nominated 4W battery-pack programmes are scheduled for Q1 and Q2 of the next financial year.

The company also expects one 4W suspension customer SOP in H1 FY28 and another in H2 FY29. These dates show that the Rs 3,798 crore unrealised business value will be converted over multiple periods, rather than through a single near-term launch cycle.

The cumulative-win data show a changing composition of additions to Endurance’s pipeline, not a full replacement of its established business base. Bajaj represented about 35% of group income in the first two quarters, while India standalone EV sales accounted for 5% of total net sales in Q2 FY27.

Conclusion

Endurance’s disclosed order-win data show that EVs and India 4W became larger parts of cumulative wins by H1 FY27, rising to 24% and 23.5%, respectively, from 11% and 16% in FY22. The Rs 3,798 crore still to be realised provides a sizeable execution pool, although Endurance has not disclosed its category-level mix.

The next milestones are the two-wheeler battery-pack ramp-up in Q3 FY27, ABS capacity of 1.54 million units by Q4 FY27, the Chennai brake-system SOP in March 2027 and 4W battery-pack launches in the next financial year. Management also expects FY27 India capital expenditure of about Rs 1,100 crore as greenfield facilities move toward positive contribution in the following year.