Endurance Technologies Limited has announced strong financial results for Q3FY26, demonstrating robust growth across its global operations. The company's consolidated total income surged 26.5% year-on-year to Rs 3,646 crore, driven by strong performance in both domestic and international markets.

Financial Performance Overview

The company's financial metrics showed consistent improvement across key parameters during Q3FY26:

Standalone Business Performance

The standalone operations delivered strong results with total income growing 22.2% to Rs 2,678 crore in Q3FY26, significantly outpacing the industry 2W sales growth of 18.2%. The company booked Rs 42 crore in incentives during the quarter. EBITDA for standalone operations increased 18.0% to Rs 339 crore, though margins compressed slightly to 12.7% from 13.1% in the previous year.

European Operations Excel

The European business segment demonstrated exceptional performance with total income growing 39.5% in INR terms to Rs 965 crore, representing 21% growth in EUR terms against EU new car registration growth of just 4.6%. EBITDA surged 55.3% to Rs 174 crore with margins expanding to 18.0% from 16.2%. The strong performance was aided by Stöferle revenues and continued despite lower tooling sales.

Order Wins and Business Development

Endurance Technologies secured substantial new business during FY26, winning orders worth Rs 1,283 crore in India, including Rs 300 crore for battery-pack solutions and Rs 45 crore in Maxwell. The company also won business worth Euro 15 million in Europe. Key highlights include:

• Alloy wheel orders aggregating Rs 168 crore from Royal Enfield, Suzuki, Yamaha and Ather Energy
• Orders of Rs 250 crore from 2 global clients for Solar Dampers and Actuators
• Multiple new orders taking cumulative HMCL Brakes business to Rs 208 crore
• 4W and non-auto forming 57% of business wins in 9MFY26

Strategic Initiatives and Expansion

The company made significant progress on multiple strategic fronts during the period. Production commenced at the Alloy Wheel plant at AURIC Bidkin in October 2025, with 3.6 million wheels per annum capacity fully booked. Commercial production of the Adler technology Assist and Slip APTC Clutch commenced in Q2FY26.

Several new facilities are under development, including the AURIC Shendra project focused on Machined Castings for 4W and non-automotive applications with SOP expected in Q2FY27, and a lithium-ion Battery Pack plant in Pune with SOP expected in Q4FY26.

Nine-Month Performance

For the nine-month period ended December 31, 2025, consolidated total income grew 22.2% to Rs 10,604 crore. EBITDA increased 23.2% to Rs 1,492 crore with margins improving to 14.1% from 14.0%. Consolidated PAT rose 14.2% to Rs 675 crore, reflecting the company's strong operational performance across all business segments.

Endurance Technologies disclosed the execution of an Inter Se Shareholders' Agreement among its promoter group members on February 11, 2026. The agreement involves members of the Jain family and family trusts, all of whom are promoters or members of the promoter group of the company.

Agreement Parties and Structure

The shareholders' agreement includes seven key parties from the promoter group. The Jain family members comprise Anurang Jain, Varsha Jain, Rhea Jain Kapoor, and Rohan Jain. Additionally, three family trusts are party to the agreement: NC Trust (through trustee Suman Nareshchandra Jain), Anurang Rhea Trust (through trustee Nareshchandra Jain), and Anurang Rohan Trust (through trustee Anurang Jain).

Key Provisions and Transfer Conditions

The agreement establishes comprehensive provisions for share transfers and transmission. No party can transfer or encumber their shareholding in contravention of the stipulated conditions, except for Anurang Jain individually or as trustee of family trusts. Any non-compliant transfer or encumbrance is deemed null and void.

The agreement permits gift or transfer without monetary consideration only to identified classes of family members and family trusts, unless prior consent is received from the surviving Jain family members. Sale of shares among the parties is allowed, with specific provisions for third-party sales only in emergencies or for new business establishment purposes.

Ownership and Control Safeguards

A critical provision requires that after Anurang Jain's demise, the parties must collectively maintain at least 51% of the company's share capital. Varsha Jain faces additional restrictions on the sale of certain identified shares. The agreement also governs testamentary bequests, allowing parties to bequeath shares only to identified family members and family trusts in accordance with the agreement terms.

Governance and Amendment Rights

The agreement grants Anurang Jain sole authority to amend or terminate the agreement during his lifetime. After his demise, amendments require consent from all parties, and no party can terminate the agreement either by mutual consent or unilaterally. All share transfers must comply with the company's articles of association, applicable SEBI regulations, and other relevant laws.

Impact Assessment

Endurance Technologies emphasized that the agreement does not impact the company's management or control, nor does it impose restrictions or create liabilities for the company. The agreement does not contemplate changes in the board of directors or key managerial personnel. The disclosure was made in compliance with SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, to ensure transparency for stakeholders.