Endurance projects Rs 4,846 crore standalone peak by FY29

Endurance projects new standalone orders to reach Rs 4,846 crore of expected peak annual value in FY29, up from Rs 2,973 crore in FY27 and Rs 4,030 crore in FY28. The projection follows Rs 5,125 crore of new standalone orders won from FY22 through H1FY27, excluding Bajaj Auto orders.

What does Endurance's FY29 standalone-order projection mean?

Endurance's Rs 4,846 crore FY29 figure is the projected annual value when new standalone programmes reach their expected peak, rather than reported revenue or an order-book balance at a particular date. The ramp schedule rises from Rs 192 crore in FY24 to Rs 1,048 crore in FY26, before increasing to Rs 2,973 crore in FY27.

Management qualifies the FY29 estimate by stating that it considers the possibility that certain original equipment manufacturer, or OEM, projections may not be met and that some programmes could peak before FY29. The Rs 4,846 crore projection therefore reflects management's programme-ramp assumptions, including a Rs 300 crore battery-pack order received in FY26.

How has Endurance's standalone order-win record changed?

Endurance won Rs 6,372 crore of standalone business from FY22 through H1FY27, with annual wins increasing from Rs 745 crore in FY22 to Rs 1,540 crore in FY26. H1FY27 contributed Rs 748 crore, which was slightly higher than the full FY22 total but represents only a half-year period.

New orders made up Rs 5,125 crore of the Rs 6,372 crore total, while replacement orders accounted for Rs 1,247 crore. The distinction is relevant because the FY24-to-FY29 schedule tracks the ramp-up of new orders, not replacement programmes.

Endurance separately disclosed Rs 801 crore of business won in India during H1FY27, including Rs 53 crore at Maxwell, as well as Euro 28 million of European business. The India disclosure differs from the Rs 748 crore shown in the standalone order-win series, and the presentation does not provide a reconciliation between the two figures.

Which segments are behind Endurance's standalone orders?

Electric vehicle, or EV, applications represented 76% of cumulative standalone order wins from FY22 through H1FY27, while internal-combustion-engine, or ICE, applications represented 24%. In FY22 alone, the mix was 89% EV and 11% ICE, so the cumulative period has a higher ICE proportion than that first year.

Two-wheelers accounted for 70% of cumulative wins, followed by four-wheelers at 23%, non-auto applications at 5% and three-wheelers at 2%. The FY22 mix was 80% two-wheelers, 16% four-wheelers, 4% non-auto and 1% three-wheelers, indicating a 7-percentage-point increase in the four-wheeler share in the cumulative mix.

EV orders excluding Bajaj Auto totalled Rs 1,530 crore from FY22 through H1FY27, led by castings at Rs 599 crore and brakes at Rs 398 crore. Battery packs contributed Rs 300 crore, suspension Rs 154 crore and alloy wheels Rs 31 crore; including Rs 310 crore of Bajaj Auto orders brought the EV total to Rs 1,840 crore.

What programmes and capacity milestones support the ramp?

Endurance says its order book could receive a further boost from Rs 3,650 crore of requests for quotation, or RFQs, under discussion with customers. These RFQs are prospective opportunities rather than won orders, so the presentation does not include them in the Rs 6,372 crore standalone-win total or the FY29 ramp schedule.

In Q2 FY27, Endurance disclosed Rs 66 crore of machined aluminium die-casting business for Tata Motors, Rs 185 crore of front and rear suspension business for HMSI, and Rs 53 crore of front-fork business for HMCL. It also reported two Mercedes hybrid light-commercial-vehicle machined-casting awards in Europe, valued at Euro 6.5 million and Euro 7.6 million.

Production at the AURIC Shendra plant in Chhatrapati Sambhajinagar began in September 2026 for four-wheel EV OEMs and exports, while dual-channel anti-lock braking system supplies began in October 2026. Endurance expects additional disc-brake capacity in Chennai and a new aluminium-forging plant to start production in Q4 FY27, while four-wheel battery-pack programmes nominated by two OEMs are expected to start production in H1FY28.

How does Endurance's European order ramp develop?

Endurance's European business recorded Euro 199 million of orders from FY23 through H1FY27, compared with Rs 6,372 crore of standalone orders from FY22 through H1FY27. The European series comprises Euro 167 million of new orders and Euro 46 million of replacement orders, while the presentation states the Euro 199 million cumulative total separately.

The European ramp schedule increases from Euro 68 million in FY26 to Euro 77 million in FY27, Euro 93 million in FY28 and Euro 105 million in FY29. Endurance expects the Euro 105 million peak-invoicing level to remain in FY30, noting that Euro 17 million of new orders can produce that peak because some programmes reach their high point in earlier years.

EV applications represented Euro 87 million, or 44%, of the Euro 199 million cumulative European orders, and hybrid applications accounted for another Euro 87 million, or 44%. Management expects ICE end-use, which was about 30% of Endurance Europe revenue at the time of the presentation, to reduce to 25% in FY28; the European figures exclude Stöferle business won before FY26 and Fondalpress business.

Conclusion

Endurance's Rs 4,846 crore FY29 projection is founded on a new-order ramp that rises from Rs 1,048 crore in FY26 and on Rs 5,125 crore of new standalone wins within the Rs 6,372 crore total since FY22. The cumulative mix is led by two-wheelers at 70%, while EV applications account for 76% of standalone order wins.

The next disclosed milestones are the Q3 FY27 full ramp-up of two-wheel battery packs, Q4 FY27 starts of additional disc-brake and aluminium-forging capacity, and H1FY28 start of production for nominated four-wheel battery-pack business. Management's Rs 3,650 crore RFQ pipeline and the FY29 peak-value projection remain dependent on customer awards, OEM volume assumptions and programme timing.