Endurance Technologies Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 4,786.18 Cr (+33.59% YoY) and PAT growth of +20.69% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 03, 2026 |
|---|---|
| Revenue (Q2) | Rs. 4,786.18 Cr (+33.59% YoY) |
| PAT (Q2) | Rs. 274.29 Cr (+20.69% YoY) |
| EBITDA margin | 12.14% (-167 bps YoY) |
| EPS (Q2) | Rs. 19.50 (+20.67% YoY) |
Revenue grew 33.59% YoY consolidated and 40.12% standalone, but EBITDA margin compressed 167 bps YoY consolidated and 199 bps standalone as the raw-material ratio surged, contradicting management's 'better Q2' margin guidance. Reported PAT growth of 20.69% was flattered by Rs.48.11 Cr of one-time gains; normalized PAT grew only 4.39%. Margin recovery now hinges on the December quarter, with Shendra ramp and Fondalpress integration as forward catalysts.
| Driver | What happened | Verdict |
|---|---|---|
| Revenue ahead | Consol revenue +33.59% YoY; standalone +40.12% | Played out |
| Margins expanding off the Q1 trough | Standalone EBITDA margin 10.49% vs 11.20% Q1 | Contradicted |
| Steel spike vs settled basket is the main risk | Standalone RMC ratio 72.42% (+284 bps QoQ); margin −71 bps QoQ | Played out |
| Rs.12–17/kg aluminium softening gain, back-loaded | No disclosure in the filing | Not observable |
| Stöferle/Fondalpress near-term impact modest | Rs.35.63 Cr exceptional gain locked; Fondalpress post-quarter; subsidiary contribution Rs.60.81 Cr | Partially |
| Battery-pack margin update at this call | Not in the filing | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| India (standalone) margin "better Q2 and Q3 for sure" vs Q1's 11.2% | Q1 FY27 earnings call, 14 Aug 2026 | Standalone EBITDA margin 10.49% (company definition) vs 11.20% in Q1 FY27 | Missed |
| Underlying growth 23.5–24% ex raw-material content | Q1 FY27 earnings call, 14 Aug 2026 | Consolidated revenue +33.59% YoY reported (incl. commodity content) | On Track |
| FY27 group capex Rs.800 Cr, flexible upward | Q1 FY27 earnings call, 14 Aug 2026 | H1 consol capex Rs.500.02 Cr; standalone (India) Rs.401.04 Cr (≈Rs.802 Cr annualized) | On Track |
| Shendra production start; Rs.200 Cr FY27 revenue; large increase from Q4 FY27 | Q4 FY26 call (May 2026); company announcement 25 Sep 2026 | Production started 25 Sep 2026; revenue impact not yet visible | Too Early |
| Battery-pack margin update / Bidkin full utilization / Mercedes SOP Jan 2027 / order wins >Rs.1,500 Cr | Q1 FY27 & Q3 FY26 calls | Not addressable in this filing | Too Early / Cannot assess |
| "Definitely, we see a better Q2 and Q3 for sure" (margins) | Q1 FY27 earnings call | Standalone EBITDA margin fell to 10.49% from 11.20% in Q1; consolidated 12.14% from 13.09% | Contradicted |
| Full raw-material pass-through effective in Q2 | Q1 FY27 earnings call | RMC ratio rose ~630 bps YoY / ~280 bps QoQ standalone; margin compressed — for Q2; catch-up claimed only "partly Q2, partly Q3" | Contradicted |
| "Growth runway" from OEM capacity expansions | Q1 FY27 press release per prior-quarter notes | Revenue +33.59% YoY consolidated, +10.92% QoQ, against 2W wholesale industry growth of +15.2% in Q2 (per pre-call note, web-sourced, dated) | Confirmed |
| "We are going to sweat our assets" / capex discipline | Q3 FY26 call per notes | H1 consol capex Rs.500.02 Cr, CWIP converting to PP&E | Confirmed |
| 2W commitment ("not going to lag behind") / European profitability "maintain and improve" / battery-pack margins | prior calls | Share and Europe-specific margin data not in this filing | Too Early |
| Metric | Q2 FY26 | Q3 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|
| Shock absorbers share | 44% | — | 37% | not disclosed |
| Front fork share | 43% | — | 44% | not disclosed |
| SIAM 2W volume growth | +10.3% | +14.7% | +23.6% | not disclosed |
| Maxwell | — | — | PAT Rs.1 Cr; income Rs.57 Cr | not disclosed |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.