Endurance Technologies reported strong financial results for Q3 FY26, showcasing a 26.5% YoY growth in consolidated total income, reaching ₹3,646 Crore. Standalone income grew 22.2%, driven by a robust 18.2% industry 2W sales growth. The European business demonstrated significant recovery with 39.5% YoY growth in INR terms, aided by the inclusion of Stöferle revenues. Furthermore, the company noted significant business wins across India and Europe.
Q3 FY26 Financial Snapshot
Endurance Technologies announced its unaudited financial results for the quarter and nine months ended December 31, 2025. The Consolidated Total Income for Q3 FY26 reached ₹3,646 Crore, marking a substantial Year-over-Year (YoY) growth of 26.5%.
Segmental Performance (Q3 FY26)
Standalone Performance:
- Total Income stood at ₹2,678 Crore, showing a 22.2% YoY growth. This was supported by the Indian industry’s 2W sales growth of 18.2%.
- EBITDA for Standalone operations grew by 18.0% YoY to ₹339 Crore (12.7% margin).
- PAT grew by 8.8% YoY to ₹171 Crore (6.4% margin).
Europe Performance:
- Total Income grew 39.5% YoY in INR terms (21% growth in EUR terms), reaching ₹965 Crore. This growth was aided by Stöferle revenues.
- Europe EBITDA saw a massive increase of 55.3% YoY, reaching ₹174 Crore (18.0% margin).
- PAT for Europe increased by 48.0% YoY to ₹51 Crore (5.3% margin).
Maxwell (Embedded Electronics):
- Total Income reached ₹40 Crore in Q3 FY26.
- EBITDA for the segment was ₹2 Crore, significantly up from ₹(-) 0.9 Crore in Q2 FY25.
Consolidated Profitability
Consolidated EBITDA grew by 30.4% YoY to ₹514 Crore (14.1% margin). Consolidated PAT grew by 20.2% YoY to ₹222 Crore (6.1% margin).
Standalone EBITDA Bridge Analysis
The Standalone EBITDA margin for Q3 FY26 stabilized at 12.4%, up from 12.5% in Q3 FY25. Key movements included a positive impact of 1.6% from Recurring Incentives. Negative factors included commodity inflation pass-through impacts (-0.4%), timing lag in commodity pass-on (-0.3%), and costs related to Ramp-up New Plants (-0.7%).
Nine Months (9M FY26) Highlights
For the nine months ending December 2025:
- Consolidated Total Income was ₹10,604 Crore (22.2% YoY growth).
- Consolidated EBITDA reached ₹1,492 Crore (23.2% YoY growth, 14.1% margin).
- Consolidated PAT grew by 14.2% YoY to ₹675 Crore.
- The Standalone business booked ₹112 Crore in incentives during this nine-month period.
Order Wins and Business Development
Standalone Business Order Wins
The cumulative order book from New Orders over the last five years totals ₹4,291 Crore. The order book is expected to be further boosted by ₹4,200 Crore of RFQs currently under discussion. In 9MFY26, 4W and non-auto segments accounted for 57% of business wins, including the first proprietary PV orders.
EV Order Growth
In the standalone EV space (excluding Battery-Pack and Bajaj Auto), cumulative orders stand at ₹1,242 Crore. EV orders comprised 24% of total orders in 9MFY26. Significant wins include large orders in excess of ₹400 Crore for e-4W applications from international customers like Valeo and Yazaki.
European Business Order Wins
Total cumulative orders won in Europe over the last five years is €244 Million. Of this, €94 Million (39%) is for EV applications and €111 Million (45%) for Hybrid Applications. The company anticipates ICE end-use revenues to reduce from the current ~40% to 25% by FY28, reflecting the shift towards EV/Hybrid.
New Energy and Electronics Milestones
Maxwell (Embedded Electronics) secured ₹45 Crore in new orders in FY26, including new BMS variants. The company also secured a LoI for a battery pack for an e-2W model from a large OEM, with an expected peak annual sale of ₹300 Crore.
Strategic Capital Expenditure (9MFY26 CAPEX)
Total CAPEX for 9MFY26 was substantial:
- Standalone: ₹657 Crore, with Expansion Capex and Dies accounting for ~80% of the total. This includes investment in a new battery pack plant.
- Europe: Euro 37.9 Million, dedicated to capacity expansion for customers like Stellantis and VW group. The European business also invested Euro 38 million to acquire a 60% stake in Stöferle.
Source: BSE
