ENDURANCE

Fundamental: Revenue +37.9% YoY | PAT +12.8% YoY | FY26 PAT ₹952 Cr (+14%) | EBITDA Margin 14.2% | P/E 36x vs 10 years Average P/E 40x (in-line) | ROE 14.1% | Net Cash positive | Rating 7.5 Technical: Recovering from ₹2,600 zone — above all key EMAs, positive broader structure | HH-HL formation intact — renewed buying interest post-bounce | RSI 58 — healthy momentum, not overbought | ADX 22 — trend gradually strengthening | MACD positive — further upside supported Moat: India's leading multi-product auto component manufacturer with a scaled European presence — dominant in 2W suspension, brakes, and aluminium die-casting with a ₹1,185 Cr domestic EV order book and net cash balance sheet, positioning it as a rare auto ancillary with genuine India + Europe diversification. View: Record quarterly revenue at ₹4,086 Cr, net cash balance sheet, and a growing EV pipeline — the recovery from ₹2,600 support with improving trend strength offers a clean re-entry into a structurally strong business trading in-line with peers.