Endurance Technologies Reports 33% Q2 FY27 Income Growth

Endurance Technologies Ltd reported consolidated total income of ₹4,811 crore in Q2 FY27, a 33% year-on-year increase, while net profit rose 21% to ₹274.29 crore. The performance reflected higher Indian automotive volumes, growth in the company’s standalone business and contributions from its expanding vehicle and electric-vehicle product programmes.

What did Endurance Technologies report for Q2 FY27?

Endurance Technologies reported consolidated revenue of ₹4,786.18 crore for the September-quarter period, while consolidated total income, including other income, stood at ₹4,811 crore. Total income increased 33% year-on-year, according to management’s earnings-call presentation. Net profit increased 20.7% year-on-year to ₹274.29 crore from ₹227.3 crore in the corresponding quarter of the previous year.

EBITDA rose 17.3% year-on-year to ₹584 crore. The company reported an EBITDA-based operating margin of 12.2%. Its results also included an exceptional gain of ₹35.63 crore related to the derecognition of deferred consideration. The auditors’ limited review did not report a material misstatement.

On a sequential basis, consolidated revenue rose 10.9%, while net profit increased 12.2%. For the first half of FY27, Endurance reported consolidated revenue of ₹9,101.07 crore and net profit of ₹518.81 crore. These figures provide the financial context for a quarter in which growth was led by Indian automotive demand and the company’s product expansion across vehicle categories.

What drove Endurance Technologies' quarterly growth?

Endurance said India’s automotive market recorded broad-based volume growth during the quarter, creating a favourable operating environment for component suppliers. Indian two-wheeler sales increased 18% year-on-year, including 13% growth in motorcycles and 30% growth in scooters. Passenger-vehicle sales grew 24%, while three-wheeler sales rose 25%, according to the company’s commentary.

Against this backdrop, the India standalone business recorded 40% topline growth and an 18% increase in absolute EBITDA, according to Managing Director Anurang Jain. Indian operations, including Maxwell, accounted for 76% of consolidated total income including other income in the first half, with European operations contributing the remaining share.

The India aftermarket business also expanded during the quarter. Its revenue increased 36% year-on-year and represented 4% of consolidated income. Management described the aftermarket operation as margin-accretive, making it relevant to the company’s operating mix even though it remains a relatively small portion of total income.

New business wins added to the growth pipeline. Endurance secured orders worth ₹748 crore in the first half of FY27. The electric-vehicle share of these orders rose to 24%, while four-wheeler applications accounted for 23%, indicating a higher contribution from areas beyond the company’s established two-wheeler exposure.

How is Endurance Technologies expanding in EVs and manufacturing?

Endurance is increasing its presence in electric vehicles, four-wheelers and selected non-automotive applications through new product programmes and manufacturing investments. India standalone EV sales grew 185% year-on-year to ₹229 crore in Q2 FY27 and represented 5% of net sales. Management said the overall EV business was margin-accretive.

The company commissioned its AURIC Shendra plant during the period. The facility is intended to manufacture aluminium die-casting components for Indian and global four-wheeler original equipment manufacturers across EV and internal-combustion-engine platforms. It is also designed to serve non-automotive applications, linking the plant to Endurance’s stated diversification efforts.

Management noted that four greenfield facilities had an estimated impact of around 0.5 percentage point on EBIT margin during Q2. It expects this impact to ease and turn positive in the next financial year as these facilities progress towards commercial production. This is a management outlook tied to the ramp-up of new operations rather than a reported FY27 margin result.

The company has guided for FY27 capital expenditure of ₹1,100 crore in India and ₹1,250 crore on a consolidated basis. For comparison, India capital expenditure was ₹800 crore in FY26, compared with ₹611 crore in FY25. The planned investment shows that Endurance is continuing to fund capacity and technology additions alongside the current demand cycle.

What do the results mean for investors and operations?

The quarter shows that Endurance’s income growth outpaced its EBITDA growth, with total income up 33% and EBITDA up 17.3%. The reported 12.2% EBITDA-based operating margin and the stated greenfield-facility impact are therefore important operating indicators. Pricing relief and new growth programmes were also cited in the earnings-call summary as factors underpinning the margin outlook.

For investors, the financial update combines stronger revenue, profit growth and a higher order contribution from EV and four-wheeler programmes. The company’s 76% first-half income contribution from Indian operations also means domestic automotive volumes remain central to its consolidated performance. Changes in two-wheeler, passenger-vehicle and three-wheeler production can consequently influence demand for its components.

The aftermarket business offers a separate revenue stream, with 36% quarterly growth and a 4% share of consolidated income. Meanwhile, the AURIC Shendra facility and the other greenfield projects are operationally significant because their commissioning and ramp-up involve costs before their full revenue and margin contribution is realised.

Endurance Technologies shares closed at ₹2,408.55 on the BSE on November 3, 2026, up ₹58.55 or 2.49%. The market movement followed the company’s Q2 FY27 result announcement, which disclosed the consolidated revenue and profit figures ahead of the November 4 earnings call.

Conclusion

Endurance Technologies delivered higher Q2 FY27 income, EBITDA and net profit as Indian automotive demand improved and its standalone business expanded. The quarter also highlighted faster growth in the aftermarket business, a rising EV contribution and order wins across EV and four-wheeler applications, while operating margins reflected investment in new facilities.

The next areas to watch are the execution of ₹1,100 crore of India capital expenditure and ₹1,250 crore of consolidated capital expenditure planned for FY27, along with the ramp-up of four greenfield facilities. Management has said their margin impact should ease and become positive in the next financial year, making their commercial progress a key disclosed operational milestone.