ENDURANCE · Automobile and Auto Components
Endurance Technologies Ltd. reported revenue of ₹4,786 cr for July to September 2026, +33.6% on the year and +10.9% on the quarter. That is faster than this quarter has grown in recent years (+18.7% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹16,795 cr, +32.0% on the four before.
Operating profit (EBITDA) was ₹559 cr, a margin of 11.7%, −163 bps on the year and −74 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 11.7% to 14.2%). Operating costs grew +36.1%, faster than revenue at +33.6%, so operating profit grew less than sales.
Net profit was ₹274 cr, +20.7% on the year and +11.8% on the quarter, with earnings per share of ₹19.50. Profit before other income, one-offs and tax grew 4.2%, so 16 points of the headline growth came from outside the core business. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹1,017 cr, +15.3% on the four before.
Of the 28 companies in Automobiles and components that have reported Q2 FY27 so far, Endurance Technologies Ltd. ranks 12th on revenue growth; the sector median is +26.9%. Its margin moved −163 bps on the year against a sector median of −111 bps.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹72.29 over the last four quarters, the stock at ₹2,486.00 trades at 34.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
Operating margin slipped on the year.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,561 cr | ₹2,685 cr | ₹2,826 cr | ₹2,913 cr | ₹2,859 cr | ₹2,963 cr | ₹3,319 cr | ₹3,583 cr | ₹3,608 cr | ₹4,086 cr | ₹4,315 cr | ₹4,786 cr |
| YoY | — | — | +15% | +14% | +12% | +10% | +17% | +23% | +26% | +38% | +30% | +34% |
| EBITDA margin | 11.7% | 14.5% | 13.2% | 13.1% | 13.0% | 14.2% | 13.4% | 13.3% | 13.2% | 13.9% | 12.4% | 11.7% |
| Other income, % of PBT | 13% | 10% | 13% | 10% | 9% | 15% | 12% | 7% | 5% | 8% | 10% | 17% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 24% | 24% | 24% | 25% | 22% | 25% | 25% | 26% | 25% | 26% | 23% |
| Net profit | ₹152 cr | ₹210 cr | ₹204 cr | ₹203 cr | ₹184 cr | ₹245 cr | ₹226 cr | ₹227 cr | ₹222 cr | ₹276 cr | ₹245 cr | ₹274 cr |
| YoY | — | — | +24% | +31% | +21% | +17% | +11% | +12% | +21% | +13% | +8% | +21% |
| Core profit YoY | — | — | +18% | +26% | +29% | +8% | +14% | +18% | +27% | +28% | +12% | +4% |
| EPS | ₹10.83 | ₹14.94 | ₹14.49 | ₹14.43 | ₹13.11 | ₹17.43 | ₹16.09 | ₹16.16 | ₹15.76 | ₹19.65 | ₹17.38 | ₹19.50 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Endurance Technologies Ltd. reported revenue of ₹4,786 cr (+33.6% on the year) and net profit of ₹274 cr (+20.7% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +4.2% on the year, against +20.7% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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