Thank you, [Yashash?] .

Good morning, everyone. Welcome to Q4 FY26 post-results conference call of Endurance Technologies.

We are pleased to host the senior management of Endurance today. We have with us Mr.

Anurang Jain, Managing Director; Mr. Massimo Venuti, Director and CEO, Endurance Overseas; Mr.

Rajendra Abhange, Director and COO; Mr. Rajagopalan Sastry, Group CFO; and Mr.

Raj Mundra, Treasurer and Investor Relations. I'll now hand over the call to Mr.

Anurang for his opening remarks, post which we can start with the Q&A. Over to you, Mr.

Jain.

Yeah. Yes, thank you, and good morning to everyone.

As we close quarter four of FY26 and reflect on the full financial year, the global environment has become more complex. The escalation of conflict in the Middle East and disruptions in key shipping routes have led to volatility in energy, logistics, and supply chains, with implications for input costs and availability of raw materials and energy sources.

On the domestic front, India's economic performance has remained strong through FY26, supported by steady consumption and investment activity. The GST rate rationalization implemented in September 2025 continued to support demand across the automotive sector in the second half of the year.

Inflation remained within the RBI's tolerance band through most of the year. The RBI lowered the repo rate by a cumulative 125 basis points during FY26 to 5.25%, and in April 2026, kept the rates unchanged.

India's trade engagements also progressed during the year. Free trade agreements were signed with the UK and the European Union, and an interim arrangement was entered into with USA.

These measures are expected to improve market access over time. In the Indian automotive sector, as per SIAM, two-wheeler sales reached 7.2 million units in quarter four of FY26, up 25.4% year-on-year, with motorcycles at 19.8% growth and scooters at 37.1% growth.

The two-wheeler EV scooters grew 53.9% from 220,000 units to 339,000 units—339,000 units in quarter four FY26. Passenger vehicle sales increased by 14.4% to 1.6 million units, while three-wheeler sales rose 32.2% to 0.3 million units.

While end users look for more options, OEMs have targeted higher market share by way of product launches and pricing actions, even as the transition towards electric vehicles continues. In the European Union, new car sales saw a year-on-year rise of 4% in quarter four FY26, with Italy and Spain recording high single-percentage growth, while France recorded a degrowth.

In quarter four FY26 new car volumes in Europe, there was a 19.4% share of battery electric vehicles, 9.5% share of plug-in hybrids, and 38.6% share of hybrids. Roughly two out of three vehicles being sold in the European Union are either electric or hybrid.

In Europe, the operating environment was perhaps even more challenging, with sharp increase in energy cost, uncertainty around policies regarding electrification and localization, and rising presence of Chinese OEMs. In the current geopolitical and economic environment arising out of the Middle East situation, efficient management of operations required closer coordination across the supply chain, continuous monitoring of availability and costs of the raw materials, and regular interactions with customers to update them on input cost increases, including gas and oil.

Having spoken about the macro environment, I will now take you through key updates at Endurance. As you are aware, a draft guideline was issued by the government in June 2025 to extend ABS requirements to lower engine capacity vehicles.

In line with this guideline, we had announced expansion of our ABS capacity, adding 12 lakh units to our existing 6.4 lakh units per annum. Work has commenced on this expansion of 12 lakh units per annum, with SOP expected in September 2026.

This project is being implemented irrespective of the final regulations, as increasing customer preference for safety will continue to drive adoption. Instead of ABS, if the industry transitions towards hydraulic CBS, there would be increase in our addressable market of hydraulic braking systems comprising master cylinders, calipers, and brake discs.

For our dual-channel ABS, SOP will start in June 2026 for Bajaj Auto, with a sale of 120,000 units per annum, and another program of 120,000 units is scheduled to start in quarter two FY27. We are enhancing our product offering with the integration of new features such as traction control for improved stability and select applications, in line with evolving OEM requirements in the premium segment of 160 cc to 250 cc motorcycles.

From a backward integration and profit margin perspective, we have started in-house SOP of the electronic control units for single-channel ABS. The dual-channel ECU will start from dual-channel ABS SOP in June 2026.

This will help strengthen the value add in the ABS braking business. At our new Chennai site for disc brake assemblies, the civil construction is at a fairly advanced stage.

This new brakes plant will be in close proximity to certain important OEM customers. In the first phase, we are transferring most of the assembly and machining equipments from our Waluj plant.

From this plant, SOP for Royal Enfield is planned in July 2026, and that is in the plant of Chennai, and for other OEMs from quarter three of this financial year. This will help better service the South-based OEM customers and also lower our freight costs.

The Chennai plant will have a capacity of 3 million disc brake assemblies per annum and 4 million discs per annum, which is part of our total 7.6 million disc brake assemblies and 8.6 million brake discs per annum planned at Endurance. Our integrated R&D facility for brakes at Waluj, Chhatrapati Sambhajinagar, is fully operational.

The facility enhances our capabilities across two-wheeler brakes and ABS while also supporting four-wheeler brake assemblies with strengthened in-house testing and validation. We also established our assembly line for four-wheeler passenger vehicle drum brakes for Tata Motors.

Samples have been submitted and are currently undergoing testing at the OEM end, with SOP expected in quarter two of this year. We are also progressing with the planned increase in our three-wheeler brake assembly volumes, which will double from 0.6 million to 1.2 million units per annum by end of this year.

In view of our plans to manufacture electronic control units for ABS and with higher volumes of battery management system needs indicated by our OEM customers, we have ordered a new surface mounted technology line at Sambhajinagar plant, which is expected to be installed in June 2026. For our AURIC Shendra plant, we continue to win new business.

Cumulative orders will translate into peak annual business potential of ₹513 crores. These orders are from a large US EV OEM for automotive as well as non-auto applications, from Jaguar Land Rover, as well as from Yazaki and Valeo for electric platforms of Mahindra and Tata Motors.

SOP for key programs are expected to be staggered between quarter one and quarter three of this financial year, with peak sales being reached by FY29. This plant has new OEM clients with highly sophisticated aluminum casting machines and surface treatment process and equipment.

In parallel, we are building depth across our existing casting operations. At our Chennai plant, we have secured orders for hybrid models of Isuzu, with SOP expected in quarter three or quarter four of this year.

Various orders won from Hyundai and Kia will have SOP in quarter four of this financial year and in quarter one of FY28. For this expansion, a new 1,600-ton die casting machine has been planned.

The presence of multiple global OEMs in this region enables deeper engagement, and we are in active discussions with new OEM players, for which the plant is undergoing audits and evaluations. At our Vallam plant, also in Tamil Nadu, we are seeing ramp-up in volumes from Ather Energy.

At our Chakan Pune die casting plant, we're expanding our business for machined aluminum castings across existing and new programs of Tata Motors and Mahindra. We are seeing strong traction at this plant, with demand from these OEMs increasing by approximately 34% to 40% in this year.

At our AURIC [Bidkin?] alloy wheel plant, the focus during the quarter has been on being ready and ramp up across multiple programs.

We have completed key customer validations. In January 2026, we crossed 100,000 wheel sales, marking an important milestone.

In addition to Bajaj, Royal Enfield, TVS, and Yamaha, we would also be now serving new OEM customers such as Honda Motorcycle and Scooter India, Ather, Suzuki, and Piaggio from our alloy wheel plants, both in Chakan and AURIC [Bidkin?] .

The total capacity in these plants is now 48 lakh wheel sets of front and rear wheels per annum. During quarter four, our battery pack manufacturing program near Pune progressed into the final validation phase.

Comprehensive regulatory compliance testing at the certification agency was successfully completed for the battery pack. During this phase, key improvement points identified through customer reviews were systematically addressed, leading to further enhancement of product performance, technical robustness, and overall product maturity.

In parallel, significant progress was made towards infrastructure and SOP ramp-up planning to support the upcoming SOP. Manufacturing process was further stabilized, and preparations for manpower and supply chain were aligned with the planned SOP timelines.

Going forward, with regulatory approvals and customer validations nearing completion, we are planning to start the SOP in week four of this month. While our first product is for the two-wheeler EV, we will continue to leverage this capability to pursue opportunities across two-wheelers, three-wheelers, and other high-potential segments.

In FY26, our wholly owned subsidiary Maxwell achieved a record turnover of ₹162 crores as against ₹70 crores in FY25. We have supplied 350,000 BMSs for scooters, three-wheelers, tractors, e-bikes, and construction equipment in FY26.

Beyond our current portfolio of battery management systems, motor controller units, and telematics units, we have also won our first order for a DC-DC converter, which will see SOP next month in June 2026. We are also focusing on a range of high-voltage BMSs for four-wheelers, commercial trucks, and buses, and are in close engagement with a key commercial vehicle OEM.

In the beginning of FY27, Maxwell achieved SOP with another leading two-wheeler OEM for motorcycle BMS. The program has a peak annual business potential of approximately ₹15 crores.

At Maxwell, we have won ₹56 crores of new business in FY26, which has taken the total cumulative orders won to ₹247 crores per annum, which will peak in quarter two of the next financial year. Further, we have a strong pipeline of RFQs of more than ₹300 crores for trucks and two-wheelers.

We continue to see strong traction in our suspension business, particularly in inverted front forks and mono shocks, with growing adoption across OEMs and a steady expansion of our customer base. With increasing offtake by OEMs, we are adding assembly lines which will take our monthly sales of inverted front forks from 60,000 units to 75,000 units per month by June 2026, and to 100,000 units per month by the end of FY27.

This is a huge increase. In oil and gas filled mono shocks, demand is also increasing, with platform transitions from twin shocks oil and gas filled shockers to mono shocks in the 150 cc to above bikes.

Our aluminum forging business continues to scale in view of higher captive consumption due to growth in our inverted front fork business, and our aluminum forging component product supplies to Royal Enfield, Jaguar Land Rover, and a leading German OEM. We are progressing with the addition of a fifth aluminum forging press.

All our presses will be set up in a new forging plant at Chhatrapati Sambhajinagar, which will start SOP in quarter three of this financial year. On the business front, execution is underway across key programs.

Supplies to Royal Enfield will begin in June 2026, which is next month, while supplies to Jaguar Land Rover is scheduled for August 2026. For the leading German OEM, samples have been submitted and the SOP is expected towards the end of this financial year.

These programs will support expansion of our customer base in the aluminum forging business. In the non-automotive segment, the solar damper business continues to remain steady.

We have won business of solar dampers from a Spanish client and one business for solar dampers and solar actuators from a US client. The total business won is ₹118 crores for solar dampers and ₹227 crores for solar actuators, totaling ₹345 crores of business.

The solar actuator business will start from half two of this financial year from our new building, which is at our Sanand plant in Gujarat. In the transmission segment, we had expanded our presence with the introduction of the assist and slip clutch assemblies for Kawasaki in quarter three FY26 and for Royal Enfield in quarter four FY26, introducing our Italian subsidiary Adler's technology into the Indian market.

The SOP for Bajaj Auto is expected in quarter two of this financial year. In our four-wheeler drive shaft program, we have installed the assembly line and completed internal validations.

The SOP for Tata Motors will start next month in June 2026. For three-wheeler drive shaft, we have won business from Bajaj, Mahindra, TVS, and Euler Motors.

With the above, the drive shaft business will cross ₹100 crores in this financial year. A key focus area of our FY27 CapEx budget is automation.

We're undertaking these targeted investments across existing plants to enhance quality, improve consistency, and drive operating efficiency. Our India CapEx in FY26 was approximately ₹800 crores, compared to ₹600 crore crores in the previous year, which is FY25, and was driven by new plants and investments in new growth areas.

We expect capital expenditure in FY27 to remain at similar to FY26. Under the Maharashtra Package Scheme of Incentives 2019 scheme, we had received an addendum taking our incentive up from ₹600 crores to ₹858 crores.

These incentives will be availed through the Industrial Promotion Subsidy by way of a state GST refund, broadly over a seven-year period. We are uniquely placed to avail more incentives, with several of our plants located in Chhatrapati Sambhajinagar and serving OEM customers within the state of Maharashtra.

Let me now give you a gist of orders won during FY26. Please note that the business value for new orders is without including new orders from Bajaj Auto.

The overall order win in FY26 in India business was ₹1,596 crores, of which ₹1,579 crores is new business, it's largely new business. This includes the business win of ₹300 crores per annum for battery packs at our Talegaon, Pune plant, and ₹56 crores per annum of new business wins at Maxwell.

Our four-wheeler and non-automotive business win in FY26 stands at ₹743 crores, which is almost half of the total order intake. These wins include orders from Tata Motors, a large USA EV four-wheeler EV OEM, Hyundai, Kia, Isuzu, Mahindra, Graziano, and the two clients in the non-auto solar space.

During quarter four FY26, we won ₹316 crores of new business, of which ₹227 crores was in the four-wheeler and non-automotive space. These customers included Tata Motors, Mahindra, a large USA EV OEM for four-wheeler castings, Ather Energy, and Greaves for two-wheeler brakes, and Royal Enfield and Piaggio for two-wheeler alloy wheels.

The two clients in the solar space were for dampers and actuators. Cumulative India business wins for electric vehicles in the conventional product areas stand at ₹1,185 crores, without considering Bajaj Auto order wins.

This reaches ₹1,368 crores per annum of orders if we include the Bajaj Auto EV business. The total electric vehicle business win is ₹1,724 crores per annum if we add Maxwell and the battery pack business.

The overall total orders won now in products other than Maxwell and battery pack orders since FY22 stands at ₹5,323 crores, out of which ₹4,590 ₹4,593 crores is new business, and this will peak by FY29. In Europe, the industry continues to operate in a challenging environment shaped by the Middle East crisis, high energy costs and interest rates, duties imposed by USA, increased competition from Chinese OEMs, and muted automotive market growth.

In spite of this backdrop, our European operations have continued to sustain profitable growth through both the existing business as well as through M&A. Our acquisition of Stumpp Schuele was completed in April 2025.

In our Europe business, we have booked orders worth €15.8 million in FY26. This includes large machine casting orders from Volkswagen and Porsche and certain plastic injection molding parts for EVs.

Aftermarket business in India is a strategic priority for us. We have set ambitious growth goals till 2030.

We have prepared a comprehensive long-term capability-focused blueprint incorporating the voice of our team, our channel partners, retailers, and mechanics. We are focusing on building long-term partnerships with the distributors who have the right mindset and are aligned to Endurance's vision.

In addition, we are driving secondary demand generation with retailers and mechanics for the domestic business. We've launched a mechanic loyalty program, conducting trainings with certifications on BS-IV to BS-VI, trainings on EVs as well as product fitment, organizing health camps, and providing scholarships to children of our top mechanics.

We are the first in the industry to deploy AI-enabled tech platform to drive secondary order maximization. We've understood the voice of our stakeholders in each country we are present in and have created a unique value proposition.

Our customized offerings provide us a competitive edge in each geography. Our teams are based locally in each continent to be in close proximity of our key stakeholders and to build capabilities to meet the changing requirements.

We're also driving a holistic program to build capability of our aftermarket sales team and to empower them with the right tools and skills to become strong business leaders. Coming to our financial performance, of course, the information has been uploaded at the stock exchanges last evening, along with our presentation explaining the numbers.

I will however highlight some key numbers. During the full year FY26, the company recorded a stand-alone total income of ₹10,696 crores, a year-on-year growth of 20% from ₹8,913 crores in the previous year.

EBITDA grew 11% from ₹1,218 crores to ₹1,351 crores, with a margin of 12.6%. The profit after tax grew 8.1% from ₹679 crores to ₹734 ₹734 crores.

The profit after tax was at 6.9%. In the full year FY26, our consolidated total income grew 26.1% over last year from ₹11,678 crores to ₹14,720 crores.

The EBITDA grew 25.3% from ₹1,668 crores to ₹2,090 crores, and our margin was at 14.2%. The consolidated profit after tax, after the impact of the new labor codes on the Indian operations, grew 13.8% from ₹836 crores to ₹952 crores, at a 6.5% PAT margin.

During quarter four of FY26, the company recorded a stand-alone total income of ₹2,975 crores, a year-on-year growth of 31.1% from ₹2,269 crores in the previous year. EBITDA grew 13.7% from ₹326 crores to ₹371 crores, with a margin of 12.5%.

The PAT grew 20.5% from ₹174 crores to ₹210 crores. The PAT was at 7.1%.

In quarter four FY26, our consolidated total income grew 37.3% over quarter four of the previous year from ₹2,998 crores to ₹4,116 crores. The EBITDA grew 30.8% from ₹457 crores to ₹598 crores.

Our margin was at 14.5%. The consolidated PAT, after the impact of the new labor codes on the Indian operations, grew 12.8% from ₹245 crores to ₹276 crores, at 6.7% PAT margin.

The company's growth during the year was supported by a continuous focus on strengthening talent, capability, and organizational depth. Through hirings for key positions, succession planning, job rotation, we are building a future-ready talent pipeline.

We accelerated capability building across technical, managerial, and behavioral domains, with a emphasis on shop floor and mid-level management to improve execution and productivity. We also strengthened our performance management framework through sharper KPI alignment, enabling closer linkage between individual contribution and the organizational priorities.

Continued investments in employee engagement and well-being supported improved retention, including lowering in white-collar attrition. Progress on gender diversity remained steady, with increasing representation across roles and a continued focus on building an inclusive workplace.

In parallel, we worked on adoption of technology-enabled learning platforms, enhancing organizational agility, people analytics, and overall employee experience. On the sustainability front, we continued to make progress during the year in line with our long-term goals.

We had committed to the Science Based Targets initiative, which is SBTi, aligning our decarbonization roadmap with globally accepted standards. We have achieved a carbon-neutral percent of 50.62%, supported by a renewable energy share of 28.22%.

We continued to improve resource efficiency across operations. We lowered specific electric and thermal energy as well as specific water consumption, while hazardous waste recycling stood at 98% during the year.

14 of our plants have achieved zero waste to landfill status with third-party certifications. Three of our plants, the K120 Waluj suspension plant, the K226/2 Waluj disc brake plant, and the Pantnagar plants, have received the prestigious CII GreenCo Gold ratings.

This is reflected in the improvement in our ESG ratings during the year. NSE has assigned us a score of 69, up from 64 earlier.

SES has rated us at 74.9, up from 70.4. CRISIL has revised our score from 56 to 59.

Our CSR work also continues to focus on improving quality of life across the communities we engage with, with sustained progress during the year across education, livelihoods, healthcare, and environmental interventions. During FY26, our healthcare work supported more than 5,000 beneficiaries through medical camps and mobile healthcare van, while our mobile veterinary services treated over 8,000 animals.

Over 2,000 individuals benefited from education and skill development work, including school infrastructure upgrade and vocational programs. We also provided bicycles to 105 students to improve access to education and trained over 300 youth through e-COPS, which is our vocational training center in Chhatrapati Sambhajinagar.

More than 700 farmers were supported through training and agriculture inputs, contributing to improved productivity and income opportunities. Our environmental efforts included planting over 4 lakh trees, leading to two dense forests across 37 acres.

We also provided 100% rooftop solar system to two villages in Chhatrapati Sambhajinagar. Basic infrastructure across villages was strengthened through water management and sanitation interventions, including construction of household toilets and soak pits.

In response to the floods in the Marathwada region, we have also supported over 600 families with essential supplies and assisted farmers with seeds to help restore the livelihoods. During the year, the company continued to win recognition from customers and industry forums for quality, performance, and operational excellence.

Key recognitions include the Quality Excellence Award from Tata Motors and recognition as a top supplier at the Stellantis Global Supplier Award conference. Our K120 suspension plant and the driveline plant at Chhatrapati Sambhajinagar were also recognized at the Frost & Sullivan India Manufacturing Excellence Awards.

In March 2026, we won an award for quality assurance, stay, and support from Honda Motorcycle and Scooter India Private Limited at their annual supplier convention. In April 2026 this year, we won the award for the best delivery at the Suzuki annual supplier convention.

With these opening remarks, I would now like to invite questions from all of you. Thank you.

Thank you, sir, for the opportunity and congrats on the strong results.

Sir,

we have seen a notable growth of 30% Y-o-Y and also up 13% Q-o-Q on the consol revenue. I just wanted to check any one-time impact on the revenues in both standalone and Europe.

Anything to call out something like price hike which impacted the numbers?

Yes, of course I'll talk about the standalone, and then Massimo can talk about the overseas. Of course, standalone was driven by commodity inflation.

If I talk about I think I'll talk about the whole year. If I see the whole year, the raw material increased by ₹160 crores, which is in absolute terms 1.5%, the RMC increase.

If you see, our RMC percentage went up from 65.3% to 66.82%. This I'm talking about the Indian operations.

If you see, ₹73.70 crores out of this was for aluminum alloy and steel increase, which is a non-value add increase. We don't make any money on this value add increase.

We had ₹31.3 crores from outsourcing cost due to large increase in volumes, as you know post GST guidelines. We never expected such growth, to be honest.

With the 10% lowering of GST, the volumes really went, and we did not have enough capacity in-house. For example, for products we do in-house like bottom cases for our front forks, we had to outsource them at higher prices.

That was the impact of ₹31.3 crores. ₹13 crores, we had a quarter lag in the proprietary business, especially from Bajaj, which was started first time.

That means the previous three months we used to get in the next three months. This had an impact of ₹13 crores.

₹25 crores, there were some one-timers like you asked me, which was last year, which was in a conversion cost increase, which was about ₹13.2 crores, and there was also a ₹12.3 crore reversal of a cost provision due to a higher pricing by this thing, OEMs. Totally about ₹25 crores.

It was for conversion cost increase as well as price correction by some of the OEMs, which is ₹25 crores, which did not happen this year. In FY26.

₹9.5 crores were corrections due to decrease in price due to some adjustments in components like springs, for example. The ₹5.2 crores were the impact of the new plant at AURIC [Bidkin?]

, which is for two-wheeler alloy wheels. I cannot consider everything as RMC impact.

If I just take the 70 the ₹73.7 crore impact of alloy and steel, which is completely a non-value add, if you see the numbers from that angle, our EBITDA margin instead of 12.6% should have been 13.3%. Just to give you some idea what has happened.

Got it. In a way, sir, this RMC ₹73.7 crore was the also on the top line it would have impacted that much percentage, right?

Correct. Absolutely.

If you take that out and you take our margin divided by net of that for the year, then the margin will look at 13.3% instead of 12.6%.

Got it, sir. Sir, on the this I was checking on the PPT.

As per PPT, this electricity, gas cost in Europe has gone up. Do you see any further increase on it?

Also how is the pass-through happening, sir?

As the government has increased petrol and diesel prices this morning, as well as the LPG. I'm sure that you heard about that.

Of course, this will impact us. We are in touch with all our customers for these increases on these conversion cost increases.

Conversion cost increases not very easy to get from customers, but we are doing our best because these increases are quite high. Fuel prices already have gone up by 50%.

This is something we are engaged with every OEM as a price increase for this. As far as conversion cost is concerned, that's the reason.

As far as the aluminum alloy, where we have been largely affected also since March '26, has been on the aluminum alloy. Apart from shortages, there have been large increases in the rupees per kg costs March as well as April.

This we are totally engaged with the OEMs. Many OEMs have already confirmed the raise rates.

Some have given the emails or PO amendments. Some are still awaited.

It's challenged when you ask for such large increases from customers. It's not that easy.

It's a WIP, I would say. We are quite confident that our customers would be fair and we would get these increases.

On the conversion cost, we'll put our full efforts. That's not a normal thing to get conversion costs, but these are very, very abnormal increases.

This is something we are assertively after all the OEMs to give these increases to us.

European

Europe. Massimo, about the gas and aluminum.

Okay. I answer to the first question regarding the turnover of Europe.

In the quarter, the European company closed with €106.9 million of turnover compared €80 million of the previous financial year, with the growth of 20 33.6% in terms of turnover. Speaking about the year to date, the total financial year, Europe closed with the €391.7 million compared €303.9 of the previous financial year.

Please consider that the company grew a 28.9% total financial year, and also without consider the acquisition of Stumpp Schuele, in the quarter and in the total financial year, the company grew compared to the previous year. The market, as Mr.

Jain told you, closed with the 4% of increase compared to the previous year in the quarter four, and 3% total year. Please consider that without consider the import from other country, the market was more or less stable.

Also in this financial year, Endurance Overseas is overperforming in terms of turnover compared to the previous financial year. Speaking about the energy, for sure we had an increase in the last two months due to the war in Iran.

As unfortunately, if we compare the situation compared to the previous year, also in the previous year was very bad due to the war in Ukraine. Every day we fight with this kind of problem.

I repeat, despite the increase of energy cost in the previous quarter in Europe, due to the important increase of volume, we have been able to optimize the EBITDA. We closed with 21.9% €21.9 million, and so it means 20.5% of EBITDA in the quarter, and with an increase of 49.1% compared to the previous year.

This was the best quarter of Endurance Overseas in the history. Speaking about the year to date, we closed with 72 €72.4 million of EBITDA.

It means 18.5%, with an increase of 41.7% compared to the previous year. In this moment, despite the situation and as Jain is speaking, the environment is not positive, we are performing very well.

Massimo sir, just basically, you are able to basically manage it through the growth and also some pass-through, right, the energy costs?

We are managing the situation and we are discussing for the for the customer for for the future months. For sure, if the situation continues like this, we have to ask a support of them.

As in the past, we received some from them availability to discuss, we are optimistic. Let me say, in the in the quarter, in the previous quarter, if I compare the energy cost of the quarter compared to the previous financial year, we are there was an increase of 5%, nothing special.

We are managing the situation, more in the gas compared to the energy. The The big increase was in the month of March.

April is in this moment is more or less under control.

Got it. Just on this quarter, we have got a very good margin, more than 20%.

Anything to call out, sir, is it more for revenue growth, sir?

I explained to you why the margin was positive in Europe, because usually we try to do an analysis of the turnover compared to the registration. In this case, it's important to analyze the volume compared to the production.

What does it mean? That in the previous quarter compared to the quarter three, the production in Europe was higher more or less 6%.

It means that even if the registration are 2% compared to the previous quarter, the production was 5.7%. This is the reason why in the European market we grew compared to the previous quarter 15%.

This is the reason why we increased the EBITDA in important way, because with the stable fixed cost, this is the demonstration that if in Europe we have volume, we can make a lot of money with good profitability.

Got it, sir. Thank you, sir, for the answer.

Sir, just wanted to check on the on the ABS side, sir. If you can help us for the ABS just if you can indicate what kind of revenues we are doing currently, sir?

With the dual-channel SOP starting, sir, how soon when should turn the revenue for next year, sir? See,

ABS, what we have planned, I'll just tell you. See, the ABS in FY26 we did about 280,000 this thing ABSs, which was single-channel.

This year, we are doubling, but we feel this figure will go up also, looking at the line of sight and looking at the dual-channel, which we are starting, which I mentioned, from July. I think the growth it can be 100% to 150% compared to last year.

Of course, we went ahead with a 12 lakh 1.2 million ABS line, looking at the draft guidelines. We believe, and the sense which we are getting from most of the OEM customers, many of them will anyway go ahead and implement the ABSs.

Of course, it will not be fully used, this 12 lakh per annum line, but definitely our plan is to see how fast we can fill up the capacity on that line. That's our focus with single-channel and dual-channel, to just to give you an idea.

The value of business was how much Okay, I can't give the value because you'll know the price. I can't give the value.

I'm giving you the numbers.

Sure. Basically, sir, on ABS, in terms of the volume, sir, without the regulation, we can double in FY27?

It'll be more than double.

Got it,

sir. 100% to 150% is what we are planning.

Got it. Just on the alloy

Yeah. Congrats on a great set of performance.

A couple of questions here. Number one, if you can just talk us through that the four greenfield facilities, what are the timelines of them coming on stream, and when is the export to US EV OEM and JLR expected to start?

A related question to this is that in terms of our four-wheeler revenue, it was about 6% in '26. How should we see this number in the next two to three years, given that order book is about 60%, 60% is the share of four-wheelers in FY26?

That is the first question.

No, Aditya, I didn't get the last part you mentioned, the 60%

Yeah. alloy.

Yeah. When you look at our order book, our order won in '26, 60% are for four-wheelers.

How should we see that number of 6% of revenue from four-wheeler in '26 going in the next two to three years?

Okay. As far as the four-wheeler business is concerned, already this is I just want to tell you, it's both for aluminum castings, which includes our plant at Shendra, which also includes Hyundai, Kia, Isuzu in South India, as well as Tata Motors and Mahindra at our Chakan plant in Pune, which is growing, I said, between 37% to 41%.

Includes castings, largely castings. As far as proprietary is concerned, I said the foundation brakes for Tata Motors is starting in June, the driveshaft business is starting in quarter two, that's also for Tata Motors, and so this is what we are starting with.

The non-auto is a solar damper and actuator business. The solar damper, I said, we have ₹118 crores of orders.

Okay. For the solar and the actuator, which is ₹240-odd crores, that will start in half two of the next year.

The way I would like to put it is that the four-wheeler orders which we have won, of course, the peak will be like I said, for the AURIC Shendra, we won ₹500 crores, but this is not all the business we won last year. If your question is pertaining only to last year

No. No, I think just, Anurang, when you look at our four-wheeler contribution, it's about 6%.

Putting all the things into perspective, how that 6% will look like in three years down the line?

Okay. You're talking about three years down the line.

Okay. Definitely our plan is to reach 10%, but the question in the 10% is because it may look as a lower number, but the sales are also growing.

If you see the sales growth which we have planned in the next three to five years is very large. Today, if it's 6%, 10% will be Now, if you want a figure from me, that's a figure I have to think and tell you later, okay?

Sure.

The percentage I have is that because it depends on the sales number, which I know, but I'd rather not talk about the future three years from now. Definitely, you will see with AURIC Shendra, with Tata, Mahindra, with our plants in Chennai and Vallam, and the proprietary business, you will see a very good traction towards the four-wheeler percentage.

That's for sure.

That's very good to know. The first part of my question, that the timing of the four greenfield facilities and the start of commercial production for US EV OEM and JLR?

Yes, Shendra. Yes.

Okay. As far as the AURIC [Bidkin?]

facility for two-wheeler alloy wheel is concerned, it started in October 2025. Okay.

Already operational. I think it will reach peak sales by end of quarter three or beginning of quarter four of this financial year.

When I say sales, I think it's around ₹600 crores per annum is what we are looking at because there are many platforms of Suzuki, Ather, which will be coming. Till then, right now we've started only with Bajaj Auto.

This is one plant which we have started in AURIC [Bidkin?] .

The second plant is the AURIC Shendra plant, where we have won business from this US EV four-wheeler OEM, which Which SOP is in which month? Just a minute, Aditya, huh?

Next month.

The SOP is in June 2026. This is for the US EV OEM.

For JLR, it is Jaguar

Quarter two.

JLR is between it's I think July, August of 2026 for Jaguar Land Rover. Then, of course, we have other businesses of Valeo and Yazaki.

To just to let we are planning to cross ₹200 crores this year from AURIC Shendra plant. It's a profitable business.

I'll not tell you the margins, but this is what is our plan for this year for the AURIC Shendra plant. Now, coming to the next plant is a battery pack plant, where we have got a order from a two-wheeler EV OEM.

That plant is starting from the last week of this month. This is an order which is approximately, I've said 300, but I think it's about ₹350, ₹360 crores per annum.

Of course, this order will go up to ₹600 crores per annum by next financial year, based on the commitments of the customer. This is starting end of this month, week four of this month, the battery pack.

The Chennai plant, the last plant coming up in Chennai for brakes, which will cater to the South Indian customers of TVS and Royal Enfield, for example, that will be starting first with we are starting in July. Then I mentioned the customer name also, in July.

Just a minute. There's one customer in July, I think it's Royal Enfield.

Royal Enfield

is in July, and the balance customers will be in in quarter three, is what I mentioned. Okay.

These are the four plants coming up.

Perfect. My final question.

From a standalone margin perspective, we understand that FY26 had few headwinds, like the startup cost of the new plant that you talked about, the consultant charges that you have mentioned in the previous calls. Are these largely behind, and FY27, should we see a much more normalized margin trajectory?

I would say that quarter one will still be a bit volatile because, as the war goes on, the prices are not going down, whether it's oil, whether it's gas, whether it's alloy. They continue to rise.

We will see a bit of volatility. I'm not at all this thing concerned about the growth, but I'm definitely concerned about these cost increases in raw material and gas and oil, and to be able to pass those on to our customers, which I said earlier that we are being very, very assertive on that.

I think, I hope this war ends by next month at least. Then, I think once the war ends, though it will take some time to normalize, but I'd see much better numbers from quarter two.

That doesn't take away the fact that we are focusing on profit improvement. Those actions are already on.

Sure. That's good to know.

I'll just fall back in queue. Thank you and all the best.

Thank you. Thank you.

Good morning, sir, and thank you for taking my question. Sir, first on the domestic business, as you highlighted energy costs and gas availability, what is the situation right now in terms of both availability and the cost of the gas, and will it impact the first quarter FY27 numbers?

See, today, I think our dependence on gas has gone down because when the gas availability issue happened in March, we have switched not only our plants, but even our tier two supplier plants from gas to furnace oil and diesel oil. Our dependence on gas to that respect has gone down, but of course we need gas for our surface treatments and also so gas is still required.

I don't think the availability is a concern as far as the industrial gases are concerned. I think the main concern is on the cost increases and how we can pass them on to our customers.

I think that's a concern which we are really speaking to our customers and working with them.

Got it, sir. Staying on India, Maxwell margins this quarter, is there something that impacted the margins this quarter?

Inventory provision, ₹7

crores. I'll request Mr.

Raja Sastry, our Group CFO, to speak on this.

We had inventory in our books, and you would have noticed that there was a recent decision, the resolution process for Hero Electric had failed, and the inventory pertaining to Hero Electric we have taken a provision using the right accounting standards. That's a one-time impact which is impacting the EBITDA of this quarter.

Sir, in terms of gross margin, it's fairly okay?

The gross margin is safe, and this is the number of ₹6.5 crores is that value

of that one-time impact. All right, sir.

Sir, one last question on the European front, if I could ask. Very strong margins this quarter.

Massimo did talk about it, but the sustainability of the margins from the current numbers, and if you could enumerate the Stumpp Schuele revenue and EBITDA, is it possible to share that?

For sure. Quarter four of Stumpp Schuele was €21 million in terms of turnover, €4.9 million in terms of EBITDA, and €2.6 million in terms of net result.

Speaking about year to date, the company closed with €82.1 million of turnover, €17.9 million of EBITDA, and €8 million of net result. Completely aligned with our expectation, better compared to our expectation 1% more in terms of EBITDA.

The company performed very well, and not only from the income statement point of view, but also speaking about the cash because they did more or less €20 million of cash in the years. Regarding the total result of Endurance Overseas, I repeat, the quarter was the best of our history.

If you ask me regarding the sustainability in the medium-long term, I can tell you that April was apparently a good month. We don't see particular problem if, for sure, we maintain this level of volume.

If the market grow and the production grow, we are able to optimize our contribution margin to improve our EBITDA. For sure, energy continues to be a problem, please consider that if we compared to the previous year, more or less we are in the same condition, 5 6% more.

I remind to you that if I compare with the 20 2021, we are paying the energy three times, €140 per megawatt compared €44, and the gas €42 compared €13, three times compared to 3 years ago. Every day we have initiation, as unfortunately, in Europe.

Last year was the war in Ukraine, now there is also the situation in Iran. We have to try to overcome this problem in some way, making efficiency and increasing the productivity in our plants.

In the last quarter, we have been able to do this. For the future, I'm not worried about the situation of the market, I'm worried about the situation of volume, this is for sure.

All right. Thank you so much, sir.

That's all from my side. Thanks again.

Hi. Congrats on good set of numbers.

This is with regard to the aluminum casting business. You operate in Europe substantially, and the way you have scaled up your profitability post the merger, and also now you seems to have won good business from India for the global clients.

Was keen to know, and some of them is to US, would you anytime in the future look for entering into US territory for manufacturing, considering the cost of energy is very high in Europe? That's one.

Second, the way the margin profile has improved in Europe, does it still make sense to export from India, considering that energy cost anytime in the future ease off in Europe, or you look at a derisking strategy from India supplies to the global market? No,

firstly, let me tell you the customers who are coming to us are part of the China plus one strategy, and they want to buy from India. They do not want to buy locally, whether it's in US or in Europe.

They want to bring that down. This is more of a China plus one strategy what they're coming in.

Our focus will be to supply from India, and that's why this new plant at AURIC Shendra has been set up. Our aim is to really grow the business.

We have enough land there, in fact, we can expand the existing 11 acres and another 24 acres of land, where we want to expand here. This is our focus, if we do a good job of supply and quality, there's a tremendous potential of growth in this business.

That's how we are going about it. We have no intention to put up any plant in US or Europe because this is not what the customers are looking at.

They're looking at a best cost base in a country like China or India, and we become a part of the China plus one strategy which they've already planned and they're going ahead.

Sure, that's useful. Second, considering the wide fluctuation in the raw material cost, how do the cost escalation clauses are different for India versus European business, if we are to get the nitty-gritty right?

As far as castings is concerned in India, the same quarter increases we get it. The question is the negotiation of what we pay to suppliers versus what customers sometimes think the price should be.

That is a negotiation which normally we do arrive at the right solution. That is the same quarter.

The issue happens in the proprietary products. Now with Bajaj, like I said, with a quarter lag, which has impacted a bit of our cash flow also, is that the three months we get in the next three months.

Here what we are requesting the customers are for the spot increases because fluctuations are very high. We cannot wait for three months to get these increases.

That is where the work is on right now. Some have agreed, some are still to agree.

Similar contracts work for Europe, or they are different?

What about Massimo? Yes, in Europe is more or less the same.

As we have clear agreement with our customer, and we change the price quarter per quarter considering the average of the price of the previous quarter. It means that in our profit and loss, where is the impact?

Only if the price of aluminum continues to grow. At the end of the day, it's rolling.

We have a particular impact. We try to fix the price with the same index also with our supplier.

In this moment, absolutely it's not a risk. The only problem is that, as if the price of material continues to go up, only for a window dressing, let me say, the percentage of EBITDA go down, but in total value continues to grow.

No particular issue.

Sure. Thanks and all the best.

Thank you.

Thanks for the opportunity, sir. In coming years, can we expect a similar order book run rate similar to FY26?

When we mention peak sales, does it mean the complete realization of sales orders, sir?

Yes, yes. When I say peak sales is a complete realization, if I say ₹513 crores in AURIC Shendra is in FY29, that's a peak sales.

That doesn't mean that we are not taking more orders. To answer your question, our target would be to have the same run rate and we'll do our best for that because, like I've said in the past, that we have to also supply all our product segment now with this electronics included, which includes BMS and includes battery packs also.

We have to supply to all the customers which we are not doing today. That itself is a growth driver for us.

Apart from getting more share of business, also when you look at the technology products like ABS, inverted front forks, braking systems for the high-cc bikes, this is really on the growth. There you have higher sales and the margins are good.

Also if you see, if I just have to throw some numbers of FY26, I've always said we are higher than industry growth. These factors which I told you is what is helping us to grow higher than industry, what I just told you, which we want to sustain.

For example, if you see Bajaj, they grew I think 11.56% last year, we grew 16.1%. If you see Honda, 16.9% was our growth versus their 7.86%.

For Royal Enfield, we grew 32.7% versus their 23.9%. TVS, against their 21.17, we grew 29.1.

It's because we are entering new products, increasing share of business, and this is happening because of our strength of technology, our experience in these products, and the comfort which the customers have for us to do the investment for them and to supply these products to them because most of these products we are there between 15 to 25 years, whereas you say brakes, suspensions mainly. Castings for 35 years.

To answer your question, yes, that's our focus, to keep growing. Keep growing higher than industry.

Understood, sir. Glad to know that.

I'm asking this for a better understanding, sir. Isn't some OEMs themselves backward integrating battery packing, and even in BMS, the market looks fragmented.

What edge do we have in these segments, sir? See,

I think our edge is the technology we have. I think the connect with the customer, the trust we have of the customer.

Even if it's a new product, they would depend on us compared to others which I'm saying. Let me tell you, in both battery packs and BMS, there are very, very few players, very few.

It'll be a handful.

Sir. Understood, sir.

Thanks.

Hello, sir. Thank you so much for the opportunity.

Sir, we have mentioned that we have received this ₹300 crores order on the battery pack side, and we have received this from a customer. Sir, we also mentioned few calls back that basically this is a very different way of basically doing this, you mean CCS wire-free battery pack.

How novel is this technology? Is anyone else doing this in India?

Sorry, hello. No, can you just repeat?

I'm sorry. Can you just repeat the question,

please? What is the novelty of our battery pack?

Sir, the wire-free technology, I wanted to know if anyone else is doing it in India.

I will request Mr. Abhange, our Director and COO, to answer that.

See,

this has been always the impression about the investor community that what is so great in making the battery pack assemblies, because the cells we everyone imports it, and then we do the pack assembly. The differentiator that we bring here is first and foremost that our product is highly reliable.

It is produced on a full automatic line. In the battery pack, you must understand it's a safety product, it has got the fire hazard situation, and if the product manufacturing is not reliable, it can lead to problems in the field.

That we have first of all taken care of with completely untouched production of the battery pack lines. The second part is, as the pack is nothing but an assembly of cells done in a battery box, and then you have to connect it with the busbars.

The design of busbars is the key to the battery design. Our design is very special.

It has got couple of patents into it. That means it has a very low possibility of getting into a fire-like situation because of the heavy current densities into certain parts of the battery pack, and our products are superior in that context.

This is our know-how, this is our development, and this is our IP. These two parameters differentiate us from the other battery pack manufacturers who are in the country.

Hope this answers your question.

Yes, sir. Just one more thing on this.

Sir, did you develop this with someone, and basically does OEM demand this solution, and basically are you also going to talk to other OEMs, just holistically on this? Correct.

This is fully in-house developed solution by our R&D team. We have a sizable number of R&D engineers in the battery pack business which are from best of the best from the industry, and this is our IP.

Nobody in the industry currently can offer this kind of IP to the OEMs. The product is yet to go to the market, and we will prove it once it goes to the market.

Sir, on this, are you talking to other OEMs as well, and does OEM demand this solution?

Yes, we are talking to other OEMs.

We are. We are talking to other OEMs.

We are. We are.

OEM demand this solution?

No, no. See, this solution is for this OEM we are supplying to.

There could be different solutions being asked by different customers.

Okay.

It won't be the same. It may be the same, but it may not be the same also.

Got it, sir. Thank you so much, sir.

Yeah. Thanks for the opportunity, sir.

Most of my questions are answered, but there's one question here. In terms of Europe order book, do we see some kind of stagnation there?

That also we are not including the Stumpp Schuele order book. Is it possible to quantify that what order book would Stumpp Schuele be having here, and how we see the European revenue growth ahead?

Sure.

Speaking about the quarter, as I told you before, the total turnover, in the quarter, the company grew 30 33.6% compared to the previous year, but without Stumpp Schuele, 7.4%, speaking about the quarter. If I speak about the total financial year, the company grew 28.9% compared to the previous financial year, and 2% without Stumpp Schuele.

Please consider that this 2% is the total increase of volume in total increase of turnover. Considering only the part without tooling, the increase of turnover was 6.4% compared to the previous year.

Okay. Sir, my question was on the order book front.

In terms of Stumpp Schuele, can you quantify that number as well? In

the new business acquired from Stumpp Schuele in the previous financial year is more or less €7 million with final customer Magna and BMW.

When we had acquired the company, it had an annual run rate of around €70 to €80 million.

Sir, that's all from my side. Thank you.

No, I've just said everything in my opening remarks. I have no further comments to make, but just like to thank everybody for their time for this call which we just had.

Thank you.