Endurance Technologies Limited

Consumer Cyclical — Auto Parts · NSE

₹2,410.00+₹2.20 (+0.09%)

DalalBaazaar Score

72 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

No individual risk factor stands out on this snapshot.

In simple words: Strong business and financial position, with modest growth. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:28 pm

Understanding the Business

Company site ↗

The 60-second version of Endurance Technologies Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Endurance Technologies Limited manufactures and sells automotive components for original equipment manufacturers (OEM) in India and internationally.

IndustryAuto Parts

SectorConsumer Cyclical

Employees4,586

Annual revenue₹14,340 Cr

How does it make money?

Turns over ₹14,340 Cr a year. Of every ₹100 of sales, about ₹7 reaches shareholders as profit, with ₹14 left at the operating level before interest, tax and depreciation. Each of its 4,586 employees supports ₹3.13 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹3.13 Cr

Who are its competitors?

The closest listed comparisons in its industry are BOSCH LIMITED, MARUTI SUZUKI INDIA LTD., TVS MOTOR COMPANY LTD, EICHER MOTORS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 16.3% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE23.0%

What is the outlook?

14 analysts covering the stock expect revenue to grow about 13.6% and earnings to grow about 27.7% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+13.6%

Est. earnings growth+27.7%

Analysts14

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +65% while net margin moved +20% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+65%

Margin effect+20%

DalalBaazaar Score

72/ 100

Good

Weighted across six categories. Every point is explained below.

✓ ROCE of 16.3% is comfortably above a typical cost of capital
• ROCE has been broadly stable
• EBITDA margin of 14.4% is respectable
✗ Net margin of 6.2% is slim
• Revenue has compounded at 18.2% a year, which is the base these returns are earned on

Quality vs. Valuation

Company Quality

74/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

70/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

35.0x

3Y Median

46.8x

40 monthly readings · mean 48.5x · range 35.6x–78.6x

Sector Median

45.7x

median of 4 sector peers

🟢Current valuation is approximately 25% below its 3y median of 46.8x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 24% below the peer median of 45.7x.

vs. its own history

Cheap

46.8x median over 40 months · -25%

vs. sector peers

Cheap

45.7x median of 4 peers · -24%

vs. generic bands

Fair

15x–35x

EV/EBITDA

16.7x

PEG

1.36

What's Good / What's Bad

🟢 What's Going Well6

Margins are improving
EBITDA margin is up from 12.2% to 14.4% over 3 years.
Cash generation is improving
Free cash flow is up 146% over 3 years.
Return on equity is rising
ROE has improved from 10.9% to 13.9%.
Return on capital is rising
ROCE has improved from 13.3% to 16.3%.
Very low debt
Debt/Equity of 0.19x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴Debt has risen sharplyFinancial
Total debt is up 158% over 3 years, from ₹515 Cr to ₹1,327 Cr.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 12.2% to 14.4%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 25% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 24% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹555 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

No clear risk case emerges from the available numbers — which is not the same as there being none.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 14% a year✓ 18.2% CAGR
Latest reported year was 30.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 12%✓ 14.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹555 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 13%✓ 16.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 6 neutral · 0 weak

Market Cap

₹33,900 Cr

Mid Cap

Mid-sized — more growth headroom, but sharper swings than large caps

P/E (Trailing)

35.0x

Fair

Fairly valued against the generic band

P/B Ratio

4.96x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹68.95

Profitable

Profitable on a per-share basis

ROE

13.9%

Moderate

Moderate capital efficiency

ROCE

16.3%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.19x

Low

Conservative leverage

Revenue Growth (YoY)

30.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

8.0%

Modest

Slow profit growth

Dividend Yield

0.48%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹555 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

23.7x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

7.3%

Average

Average margins

Net Margin

6.2%

Average

Average bottom-line conversion

Current Ratio

1.55

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.72

Defensive

Steadier than the market

52W Range Position

29%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

2562.6 / 2746.8

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

18.9

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹8,676 Cr	₹10,082 Cr	₹11,371 Cr	₹14,340 Cr	+18.2%
EBITDA	₹1,060 Cr	₹1,360 Cr	₹1,609 Cr	₹2,061 Cr	+24.8%
EBITDA Margin	12.2%	13.5%	14.1%	14.4%	—
PAT (Net Profit)	₹480 Cr	₹680 Cr	₹836 Cr	₹952 Cr	+25.7%
EPS	₹34.09	₹48.38	₹59.46	₹67.66	+25.7%
ROE	10.9%	13.7%	14.6%	13.9%	—
ROCE	13.3%	16.6%	17.7%	16.3%	—
Total Debt	₹515 Cr	₹765 Cr	₹944 Cr	₹1,327 Cr	+37.1%
Free Cash Flow	₹226 Cr	₹222 Cr	₹478 Cr	₹555 Cr	+35.0%

🟢 Revenue has grown at 18.2% a year over 3 years.

🟢 EBITDA has grown at 24.8% a year over 3 years.

🟢 EBITDA Margin has risen from 12.2% to 14.4% over 3 years (+2.2 pts).

🟢 PAT (Net Profit) has grown at 25.7% a year over 3 years.

🟢 EPS has grown at 25.7% a year over 3 years.

🟢 ROE has risen from 10.9% to 13.9% over 3 years (+3.0 pts).

🟢 ROCE has risen from 13.3% to 16.3% over 3 years (+3.0 pts).

🔴 Total Debt has grown at 37.1% a year over 3 years.

🟢 Free Cash Flow has grown at 35.0% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹11,627 Cr

Total Liabilities

₹4,787 Cr

Cash & Equivalents

₹875 Cr

Operating Cash Flow

₹1,851 Cr

Capex

-₹1,296 Cr

Shareholding (proxy)

Institutional Holding

19.4%

Insider Holding

75.0%

Corporate Actions

Dividend Rate

₹11.5

Ex-Dividend Date

31 Jul 2026

Analyst Consensus

Recommendations

10 Buy · 2 Hold · 2 Sell

Target Price (Mean)

₹3,159.93

+31.1% vs CMP

Target Range

₹2,700 – ₹3,740

Peer Comparison

Company	P/E	ROE
BOSCH LIMITED	56.9x	15.9%
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TVS MOTOR COMPANY LTD	56.8x	35.8%
EICHER MOTORS LTD	34.7x	23.0%

Recent News

3 mixed3 general

Endurance Technologies (BSE:540153) - Stock Analysis

Simply Wall Street, 14 Oct

Endurance Technologies Share Price Rise: Key Numbers Today

Univest, 30 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Endurance Technologies acquires Italian die-caster for €12.34 million

scanx.trade, 06 Oct

Endurance Tech shares lower even after positive Q1 results, healthy growth led by India biz

CNBC TV18, 14 AugPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Diwali stock picks: Urban Company among 5 stock ideas from Ambareesh Baliga for up to 38% upside

The Economic Times, 30 Sept

Endurance Technologies shares fall 2.11%; stock among top losers on Nifty Midcap 150

Moneycontrol.com, 14 AugPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Risk

MiddlingBusiness Quality · Profitability · Valuation

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑