External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

Endurance Technologies Ltd / Equity Bottom-Up

<ul><li>Strong Order Wins: As of Sep'24, the company has cumulative new business orders (over the last five years) worth ~Rs 2,927 Cr and cumulative replacement orders of Rs 874 Cr in India.</li><li>This includes a cumulative EV order of Rs 880 Cr (including Bajaj). In Europe, Endurance has secured €232 Mn in orders as of Sep'24 (last 5 years' cumulative value).</li><li>Out of this, €94 Mn (41%) are for EV applications, and €97 Mn (42%) are for Hybrid applications.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong Order Wins: As of Sep'24, the company has cumulative new business orders (over the last five years) worth ~Rs 2,927 Cr and cumulative replacement orders of Rs 874 Cr in India.This includes a cumulative EV order of Rs 880 Cr (including Bajaj). In Europe, Endurance has secured €232 Mn in orders as of Sep'24 (last 5 years' cumulative value).Out of this, €94 Mn (41%) are for EV applications, and €97 Mn (42%) are for Hybrid applications.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Endurance Technologies Ltd - Strong Q2FY25

Thematic (Sector/Industry)

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~12.7%/10.3%/10.6% YoY with a 30 bps decline expected in EBITDA Margins.</li><li>The growth will be driven by (i) High single-digit volume growth in 2Ws and tractors, (ii) Low to mid-single digit growth for PVs being partly offset by a slight decline in CVs.</li><li>The expected YoY EBITDA margin decline is an outcome of (i) inferior product mix, (ii) higher discounts (PV), (iii) increased sales and marketing expenses being partly offset by RM softening and (iv) price hikes taken over the past one year. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~12.7%/10.3%/10.6% YoY with a 30 bps decline expected in EBITDA Margins.The growth will be driven by (i) High single-digit volume growth in 2Ws and tractors, (ii) Low to mid-single digit growth for PVs being partly offset by a slight decline in CVs.The expected YoY EBITDA margin decline is an outcome of (i) inferior product mix, (ii) higher discounts (PV), (iii) increased sales and marketing expenses being partly offset by RM softening and (iv) price hikes taken over the past one year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>As of Jun’24, the company has cumulative new business orders (last five years) worth ~Rs 2,836 Cr and cumulative replacement orders of Rs 841 Cr in India.</li><li>This includes a cumulative EV order of Rs 840 Cr (including Bajaj). In Europe, Endurance has secured €211 Mn orders as of Jun’24 (last 5 years' cumulative value).</li><li>Out of this, €76 Mn (36%) are for EV applications and €96 Mn (45%) for Hybrid Applications.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

As of Jun’24, the company has cumulative new business orders (last five years) worth ~Rs 2,836 Cr and cumulative replacement orders of Rs 841 Cr in India.This includes a cumulative EV order of Rs 840 Cr (including Bajaj). In Europe, Endurance has secured €211 Mn orders as of Jun’24 (last 5 years' cumulative value).Out of this, €76 Mn (36%) are for EV applications and €96 Mn (45%) for Hybrid Applications.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Endurance Technologies Ltd - Strong Q1FY25; Capacity Additions To Drive Topline

<ul><li>Strong Order Wins: In FY24, the company won new business orders worth ~Rs 1,199 Cr in India, bringing the total cumulative order book for the last five years to ~Rs 4,086 Cr.</li><li>This includes a cumulative EV order of Rs 714 Cr (including Bajaj).</li><li>In Europe, Endurance has secured €31 Mn orders in FY24, bringing the last 5 years' cumulative order book to €251 Mn. Out of this, €91 Mn (36%) are for EV applications and €120 Mn (48%) for Hybrid Applications. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong Order Wins: In FY24, the company won new business orders worth ~Rs 1,199 Cr in India, bringing the total cumulative order book for the last five years to ~Rs 4,086 Cr.This includes a cumulative EV order of Rs 714 Cr (including Bajaj).In Europe, Endurance has secured €31 Mn orders in FY24, bringing the last 5 years' cumulative order book to €251 Mn. Out of this, €91 Mn (36%) are for EV applications and €120 Mn (48%) for Hybrid Applications. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Endurance Technologies Ltd - Q4FY24 Robust EBITDA Margins

<ul><li>Endurance is focused on building long-term capacities to meet industry demand and increasing the utilization of existing facilities.</li><li>We view Endurance favourably as an auto sector investment, primarily due to its strong EV product portfolio, robust order book, and capacity expansion projects, the benefits of which are expected in H2FY25 and beyond.</li><li>We forecast a Revenue/EBITDA/PAT CAGR of 15%/20%/26% over FY23-26E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Endurance is focused on building long-term capacities to meet industry demand and increasing the utilization of existing facilities.We view Endurance favourably as an auto sector investment, primarily due to its strong EV product portfolio, robust order book, and capacity expansion projects, the benefits of which are expected in H2FY25 and beyond.We forecast a Revenue/EBITDA/PAT CAGR of 15%/20%/26% over FY23-26E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Endurance Technologies Ltd - Q3FY24 EBITDA Miss

India

Endurance Technologies Limited designs, develops, manufactures, and exports auto parts. The Company provides casting, suspension, transmission, and braking products for the automobile industry. Endurance Technologies conducts business worldwide.

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Endurance Technologies Ltd (ENDU IN)

Endurance Technologies Ltd - Strong Q2FY25

Strong Order Wins: As of Sep'24, the company has cumulative new business orders (over the last five years) worth ~Rs 2,927 Cr and cumulative...

Axis Direct

Q3FY25 Earnings Preview - Automobile

We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~12.7%/10.3%/10.6% YoY with a 30 bps decline expected in EBITDA Margins.

Axis Direct

Endurance Technologies Ltd - Strong Q1FY25; Capacity Additions To Drive Topline

As of Jun’24, the company has cumulative new business orders (last five years) worth ~Rs 2,836 Cr and cumulative replacement orders of Rs 841 Cr in...

Axis Direct

Endurance Technologies Ltd - Q4FY24 Robust EBITDA Margins

trong Order Wins: In FY24, the company won new business orders worth ~Rs 1,199 Cr in India, bringing the total cumulative order book for the last...

Axis Direct

Endurance Technologies Ltd - Q3FY24 EBITDA Miss

Endurance is focused on building long-term capacities to meet industry demand and increasing the utilization of existing facilities.

Axis Direct

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