Endurance Technologies - A Best Proxy For The Indian Two-Wheeler Industry: Motilal Oswal
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Motilal Oswal Report
After a slow recovery post lifting of Covid-19-related restrictions, we believe that the underlying demand drivers for two-wheelers are still intact and expect two-wheelers demand to return to 6-8% compound annual growth rate over the next five years.
We prefer Endurance Technologies Ltd. over two-wheeler original equipment manufacturers as the best way to play the two-wheeler industry, given that the company has a strong positioning with all OEMs and is the beneficiary of the underlying trend in premiumization, scooterization, and electrification.
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