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Axis Securities Report
Endurance Technologies Ltd. is transforming itself into an auto ancillary with added, technology-based products viz., anti-lock braking system, continuously variable transmission (CVT), paper-based clutches, fully machined castings, etc.
Endurance Technologies has been in forefront of gaining business from the two-wheeler and four-wheeler majors for the critical components like front fork, high-end casting and machined products, etc.
The company has recently acquired its technology partners Grimeca—the two-wheeler brake company—and Adler—the two-wheeler clutch company—with all their know-how, patents, brand and trademarks, thus aiding it to conquer the 200 cc plus market for clutch assembly and brake system not only in India but also in Europe.
We expect Endurance Technologies to outperform the industry given its sticky relations with original equipment manufacturers, broad product basket, market leadership with market share of around 35% in suspensions, 25% in hydraulic braking system, 20% in disc braking system and 16% in transmission.
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