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Motilal Oswal Report
Endurance Technologies Ltd. reported an in-line operating performance in Q1 FY25 with the India business underperforming the overall two-wheeler industry growth mainly due to the uneven growth of its key customers.
The Europe outperformance was led by the tooling sales for new orders booked and sales of machined components. Endurance Technologies continues to focus on acquiring new businesses and targets 45% revenue from passenger vehicles by FY30 (versus 25% at present).
We reduce our FY25E/FY26E EPS by 5% each owing to weakness in the EU demand environment. Reiterate Buy with a target price of Rs 2,945 (premised on 34 times June-26E earnings per share).
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