Guided for moderate growth in FY25 with acceleration in FY26 and FY27. Overall 20-25% growth over the next 4-5 years.

Notes from Q3FY24 Conf Call [Link]:

• ARS implementation reached a good level of maturity.
• Channel inventory level is still high compared to expected levels.
• Discounting intensity from competitors has reduced in Q3 compared to H1.
• Demand remains subdued. Not sure how long it will take to normalize. Margins were on the lower level of the aspired range (19~21%) as still selling high cost inventory. Fresh inventory has lower cost raw material.
• Athleisure category volume degrew in Q3. Also, its channel inventory remains high. Competitors (not Page) using discounting push to flush out their inventory.
• eCom grew 28% in 9 months and 32% in Q3.

With such a robust result, share price should have been at more higher that what it is. Some disconnect , it seems

Endurance : Q3FY24

• They added Jaguar Land Rover as a new client new customer for the EV passenger car with an export business value for rupees 240 million
• Strong order wins : new 568Cr + replacement 373Cr
• Capex : 245Cr has been incurred for capacity addition in brake assemblies, aluminium alloy wheels, aluminium casting and machining , suspensions and BMS Line.
• 460Cr cash can be used if needed for funding capex.
• EBITDA : 2W recovery might help in utilisation levels. today 12% it can go to 13% or 14%
• Looking to increase share of 4W from 26% to 45%
• If bajaj grows – Endurance grows with them – they have definite SOP with them.
• Looking to increase share of advanced electronics or embedded electronics business by becoming a significant player for the BMS and new electronic products required for EV applications.
• Royal enfield + BMS Supplies + Maxwell energy from Jan 25