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Systematix Research Report
Endurance Technologies Ltd.'s Q4 FY22 operating performance was ahead of consensus estimate, as Ebitda margin at both its India and Europe operations surprised.
Endurance Technologies announced entry into the E-powertrain segment (battery management system, telematics, other power electronics) with the acquisition of Maxwell industries.
This, coupled with the addition of driveshaft (engine agnostic) for the three wheeler/light commercial vehicle segments should aid revenue growth.
We expect domestic two-wheeler demand to stabilise in FY23E, after sharp decline over last two years.
Further, Endurance Technologies should benefit from superior product mix and commodity price pass through as well. Its electric vehicle order book (including Maxwell) is at Rs 3 billion, as it begins supplies to various pure-play EV original equipment manufacturers and incumbents.
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