Endurance Technologies Limited (ENDURANCE) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to Endurance Technologies Q4 FY26 Earnings Conference Call, hosted by Access Capital. As a reminder, all participants will be in the lesson-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then 0 on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nishet Jalan from Access Capital. Thank you, and over to you, sir.

Thank you, Yusuf. Good morning, everyone. Welcome to Q4 FY26 Post Results Conference Call of Endurance Technologies. We are pleased to host the Senior Management of Endurance today. We have with us Mr. Anurang Jain, Managing Director, Mr. Massimo Venuti, Director and CEO of Endurance OOC. Mr. Rajendra Bhange, Director and COO, Mr. Rajagopal Shastri, Group CFO, and Mr. Rajmundra, Treasurer and Investor Relations. I'll now hand over the call to Mr. Anurang for his opening remarks, of course, to which we can start with the Q&A.

Over to you, Mr. Dan.

Thank you, and good morning to everyone. As we close quarter four of FI26 and reflect on the full financial year, The global environment has become more complex. The escalation of conflict in the Middle East and disruptions in key shipping routes have led to volatility in energy, logistics, and supply chains, with implications for input costs and availability of raw materials and energy sources. On the domestic front, India's economic performance has remained strong through FI26, supported by steady consumption and investment activity. GST rate rationalization implemented in September 2025 continued to support demand across the automotive sector in the second half of the year. Inflation remained within the RBI's tolerance band through most of the year. The RBI lowered the repo rate by a cumulative 125 basis points during FY26 to 5.25% and in April 2026 kept the rates unchanged. Also progressed during the year, free trade agreements were signed with the UK and the European Union, and an interim arrangement was entered into with USA. These measures are expected to improve market access over time. As per CM, two-wheeler sales reached 7.2 million units in quarter four of FI26, up 25.4% year-on-year, with motorcycles at 19.8% growth and scooters at 37.1% growth. The two-wheel EV scooters grew 53.9% from 220k units to 339k units. While end-users look for more options, OEMs have targeted higher market share by way of product launches and pricing actions. Even as the transition towards electric vehicles continues. In Q4 FI26, there was a 19.4% share of battery electric vehicles, 9.5% share of plug-in hybrids, and 38.6% share of hybrids. So roughly two out of three vehicles being sold in the European Union are either electric or hybrid. In Europe, the operating environment was perhaps even more challenging, with sharp increase in energy cost, uncertainty around policies regarding electrification and localization, and rising presence of Chinese OEMs. In the current geopolitical and economic environment Arising out of the Middle East situation, efficient management of operations. Required close-up coordination across the supply chain, continuous monitoring of availability and cost of the raw materials, and regular interactions with customers to update them on input cost increases, including gas and oil. Having spoken about the macro environment, I will now take you through key updates at Endurance. The job guideline was issued by the government in June 2025 to extend ABS requirements to lower engine capacity vehicles. In line with this guideline, we had announced expansion of our ABS capacity, adding 12 lakh units to our existing 6.4 lakh units per annum. Work has commenced on this expansion of 12 lakh units per annum with SOP expected in September 2026. Thank you. A sale of 120K units per annum, and another program of 120K units is scheduled to start in Q2 FY27. We are enhancing our product offering with the integration of new features such as traction control for improved stability and select applications, in line with evolving OEM requirements in the premium segment of 160cc to 250cc motorcycles. From the integration and profit margin perspective, we have started in-house SOP of the electronic control units for single channel ABS. The dual channel ECU will start from dual channel ABS SOP in June 2026. to 1.2 million units by 3.62%.

Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on the touchtone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Mamuksh Mandilesha from Anandrati Institutional Liquities. Please go ahead.

Yeah, thank you, sir, for the opportunity, and congrats on the strong results. Sir, we have seen a notable growth of 38% YOY and also up 13% Q&Q on the consult revenue. I just want to check any one-time impact on the revenues in both standalone and euro. Anything to call out, like something like price hike, which impacted the numbers?

Yes, so of course I'll talk about the standalone and then Massimo can talk about the overseas euro. So, of course, standalone was driven by commodity inflation. If I talk about, I think I'll talk about the whole year. So, if I see the whole year, the raw material increased by 160 crores, which is in absolute terms 1.5%, the RMC increase. So, if you see, our RMC percentage went up from 65.3% to 66.82%. This I'm talking about the Indian operations. If you see, 73.70 crores out of this was for aluminum alloy and steel increase, which is a non-value-add increase. We don't make any money on this value-add increase. And we had 31.3 crores from outsourcing cost due to large increase in volumes, as you know, post-GST guidelines. We never expected such growth, to be honest. But with the 10% lowering of GST. The volumes really went and we did not have enough capacity in-house. For example, for products we do in-house like bottom cases for our front forks. So we had to outsource them at higher prices. That was the impact of 31.3 crores. 13 crores, we had a quarter lag in the proprietary business, especially from Bajaj, which was started first time. That means the previous three months we should get in the next three months. We had an impact of 13 crores. 25 crores, there were some one-timers, like you asked me, which was last year, which was in a conversion cost increase, which was about 13.2 crores, and there was also a 12.3 crore reversal of a cost provision due to, you know, due to a higher, you know, pricing by OEMs. That was about, so totaling about 25 crores. So, it was for conversion cost increase as well as price correction by some of the OEMs. It was 25 crores, which did not happen this year. I mean, in FI26. 9.5 crores were corrections due to decrease in price due to some adjustments in components like springs, for example. And the 5.2 crores were the impact of the new plant at Auric Bitkin, which is for, I mean, two-wheeler alloy wheels. So, I consider everything as RMC impact. If I just take the 73.7 crore impact of alloy and steel, which is completely a non-value act. So if you see the numbers from that angle, our EBITDA margin instead of 12.6 should have been 13.3%. So just to give you some idea what has happened.

Got it. Got it. So in a way, sir, RMC 73.7 crore was also on the top line, it would have impacted that much percentage.

Correct. Correct. Absolutely. Absolutely. So if you take that out and you take a margin divided by net of that for the year, then the margin will look at 13.3% instead of 12.6%.

Got it, sir. Sir, on the, I was checking on the PPT, SPO-PPT, electricity and gas costs in Europe has gone up. Do you see any further increase on it? And also, how is the pass-through happening, sir?

So, as you know, the government has increased petrol and diesel prices this morning, as well as the LPG. I'm sure that you heard about that. Of course, this will impact us. We are in touch with all our customers for these increases. On these conversion cost increases, you know, conversion cost increases, not very easy to get from customers. But we are doing our best because these increases are quite high. Fuel prices already have gone up by 50%. So this is something we are engaging with every OEM as a price increase for this. So as far as conversion cost is concerned, that's the reason. As far as... The aluminum alloy, where we've been largely affected also since March 26, has been on the aluminum alloy. Apart from shortages, there have been large increases in the rupees per kg costs. March as well as April. This we are totally engaged with the OEMs. Many OEMs have already confirmed the rates. Some have given the emails or PO, PO, PO amendments. Some are still awaited. You know, it's a challenge when you ask for large increases from customers. It's not that easy. So it's a WIP, I would say. But we are quite confident that our customers would be fair and we would get these increases. On the conversion costs, we'll put our full efforts. That's not a normal thing to get conversion costs, but these are very, very abnormal increases. And this is something we are assertively, after all the OEMs, to give these increases to us.

Thank you, sir.

You're up for Massimo about the

gas and aluminium. So, first of all, I answer to the first question regarding the turnover of Europe. In the quarter, the European company closed with 106.9 million euro turnover compared 80 million of the previous financial year, with a growth of 33.6% in terms of turnover. Speaking about the year-to-date, the total financial year, Europe closed with 391.7 million euro. Compare 303.9% of the previous financial year. Please consider that the company grew 28.9% total financial year, and also without considering the acquisition of Stefferly. In the quarter, in the total financial year, the company grew up compared to the previous year. The market, as Mr. Jane told you, closed with 4% of increase compared to the previous year in the quarter 4 and 3% total year. But please consider that. Without considering the imports from other countries, the market was more or less stable. And so, also in this financial year, the U.S. overseas overperformed in terms of... We have had an increase in the last... But as you know, a 4, 2, or 3, if... If we compare the situation compared to the previous year, also in the previous year was very bad due to the war in Ukraine, so every day we fight with this kind of problem, but I repeat, despite the increase of energy costs in the previous quarter in Europe, due to the important increase of volume, we have been able to optimize the bid, and we close with 21.9 million of euros, and that means 20.5% of the bid in the quarter, and with an increase of 49.1% compared to the previous year. This was the best quarter of endurance overseas in history. And speaking about the year today, we closed with 72.4 million euros of EBITDA, it means 18.5%, with an increase of 41.7% compared to the previous year. So in this moment, despite the situation and the environment is not positive, we are performing very well.

So, I mean, you are able to basically manage it through the growth and some parts of it, the energy cost.

Yes, we are managing the situation and we are discussing for the customer for the future months. For sure, if the situation continues like this, we have to ask the support of them, but in the past we received from them availability to discuss, we are optimistic. And let me say, in the quarter, in the previous quarter, if I compare the energy cost... Of the quarter, compared to the previous financial year, there was an increase of 5%. Nothing special. We are managing the situation. More in the gas compared to the energy. The big increase was in the month of March. April is, in this moment, is more or less under control.

Got it. And just on this quarter, we have done a very good margin, more than 20%. Anything to call on, sir? What draw? Is it more for revenue growth, sir?

I explained to you why the margin was positive in Europe. Because usually we try to do an analysis of the turnover compared to the registration. But in this case, it's important to analyze the volume compared to the production. What does it mean? In the previous quarter, compared to quarter three, the production in Europe was higher, more or less 6%. Even if the registrations are 2% compared to the previous quarter, the production was 5.7%, and this is the reason why, in the European market, we grew, compared to the previous quarter, 15%, and this is the reason why we increased the bid in an important way, because with the stable fixed cost, this is the demonstration that, in Europe, Thank you, sir, for the answer.

Just want to check on the ABS side, sir. If you can help us for the ABS, just to indicate what kind of revenues we are doing correctly, sir. And with the due channel SOP starting, sir, how should we answer the revenue for next year, sir?

See, ABS, what we have planned... See, the ABS in FY26, we had about 280,000 basic ABSs, which were single channel. This year we are doubling, but we feel this figure will go up also, looking at the line of sight and looking at the dual channel, which we are starting, which I mentioned from July. So I think the growth will be, it can be 100 to 150 percent compared to last year. Of course, we went ahead with the 12 lakh, 1.2 million ABS line looking at the draft guidelines. But we believe, and in the sense which we are getting from most of the OEM customers, many of them will anyway go ahead and implement the ABSs. So, of course, I mean, it will not be fully used, this 12 lakh per annum line. But definitely, a plan is to see how fast we can fill up the capacity on this line. That's our focus with single channel and dual channel. Just to give you an idea. And the value of business was how much okay? I mean, I can't give you the value because you know the price, you know, so I can't give you the value. I'm giving you the numbers.

Sure, sure. So basically, on EBS, in terms of the volume, sir, without the regulation, we can double in FY27.

It will be more than double.

It will be more than.

50 to 150 percent is what we are planning.

Noted. And just on the other side, please request you to rejoin the queue, sir. Thank you.

Ladies and gentlemen, in order to ensure that the management is able to address questions from all the participants in the question queue, please restrict yourself to two questions only. Should you have a follow-up question, please rejoin the queue. Next question is from the line of Aditya Jhavar from Investec. Please go ahead.

Yeah, congrats on a great set of performance. A couple of questions here. Number one, if you can just, you know, talk us through that, the four greenfield facilities, what are the timelines of them coming on stream? And when is the export to U.S. EVOEM and JLR expected to start? And a related question to this is that in terms of a four-wheeler revenue, it was about 6% in 26. How should we see this number in the next two to three years, given that order book is about 60%, you know, 60% of the share of four-wheelers in FA26? That is the first question.

No, no, no, Aditya, I didn't get the last part you mentioned, the 60%, right?

Yeah, yeah. So, when you look at our order book, order 1 and 26, 60% are for four-wheelers. So, how should we see that number, 6% of revenue from four-wheeler and 26 going in the next two to three years?

Okay. So, as far as the four-wheeler business is concerned, already this is, I just want to tell you, it's both for aluminum castings. Which includes our plant at Chandra, which also includes Hyundai, Kia, Isuzu in South India, as well as Tata Motors in Mahindra at our Chakan plant in Pune, which is growing, I said, between 37 to 41%. So it includes castings, largely castings. As far as proprietary is concerned, I said, the foundation breaks for Tata Motors is starting in June. The dry shop business is starting in quarter two. That's also for Tata Motors. And so this is what we are starting with. The non-auto is a solar damper and actuator business. The solar damper I said we have 118 crores of orders. Okay. And for the solar and the actuator is 240 odd crores. That will start in half two of the next year. So the way I would like to put it is that the four wheeler orders which we have won, of course, the peak will be Like I said, for the Oryx Chandra, we won 500 crores. But this is not all the business we won last year. So if your question is pertaining only to last year.

No. No, I think just, you know, when you look at our four-wheeler contribution, it's about 6%. Putting all the things into perspective, how that 6% will look like in three years down the line?

Okay, okay. You're talking about three years down the line. Okay, okay. So definitely our plan is to reach 10%, but the question in the 10% is because it will look at a lower number, but the sales are also growing. I mean, if you see the sales growth, which we have planned in the next three to five years is very large. So today, if it's 6%, 10% will be like, you want a figure from me? That's the figure I have to think and tell you later. Okay. But the percentage that you have is that because it depends on the sales number. Which I know, but I'd rather not talk about the future three years from now, you know, but definitely you will see with Oryx Chendra, with Tata Mahindra, with our plants in Chennai and Wallam, and the proprietary business, you will see a very good traction towards the four-wheeler percentage. That's for sure.

That's very good to know. And, you know, the first part of my question, that the timing of the four greenfield facilities and the start of commercial production for U.S. EVOEM and JLR.

Yes.

Okay, so... The Bitkin facility for two-wheeler alloy wheel is concerned. It started in October 2025. Okay, already operational. I think it will reach peak sales by end of quarter three or beginning of quarter four of this financial year. And when I say sales, I think it's around 600 crores per annum is what we are looking at because there are many platforms or Suzuki Ather, which will be coming till then. Right now, we have started only with Bajaj Auto. So this is one plant which we have started in Auric Bitkin. The second plant is the Auric Shendra plant, where we have one business from this U.S. EV four-wheeler OEM, which... SOP is in which month? So the SOP is in June 2026. This is for the US EV OEM and for JLR it is Jaguar. JLR is between, I think, July-August of 2026 for Jaguar Land Rover. And then, of course, we have other businesses or Valio and Iazaki. So, just to let you know, we are planning to cross 200 crores this year from Aurex Chendra plant. It's a profitable business. I'll not tell you the margins, but this is what is our plan for this year for the Aurex Chendra plant. Now coming to the next plant is a battery pack plant where we have got an order from a two-wheeler EV OEM. That plant is starting from the last week of this month. This is an order which is approximately, I've said 300, but I think it's about 350, 360 crores per annum. And, of course, this order will go up to 600 crores per annum by next financial year, based on the commitments of the customer. And so this is starting end of this month, week four of this month, the battery pack. The Chennai plant, the large plant coming up in Chennai for breaks which will cater to the South Indian customers of TVS and Royal MP, for example, that will be starting first Thank you, everyone, and welcome to the call. We are starting in July and then, I mentioned the customer name also in July. Just a minute. So there's one customer in July, I think it's Royal Enfield. Royal Enfield is in July and the balance customers will be in quarter three is what I mentioned. Okay, so these are the four plans coming up.

Perfect. Now, this is the final question. From a standalone margin perspective, we understand that FR26 had a few headwinds, like the startup cost of the new plant that you talked about, the consultant charges that you had mentioned in the previous calls. Are these largely behind? And FR27, should we see a much more normalized margin trajectory?

Well, I would say that quarter one will still be a bit volatile because as the war goes on. The prices are not going down, whether it's oil, whether it's gas, whether it's alloy. They continue to rise. So we will see a bit of volatility. I'm not at all concerned about the growth, but I'm definitely concerned about these cost increases in raw material and gas and oil, and to be able to pass those on to our customers, which I said earlier that we are being very, very assertive of that. And I think, I mean, I hope this war ends by next month at least. And then I think once the war ends, though it will take some time to normalize, but I see much better numbers from quarter two. But that doesn't take away the fact that we are focusing on profit improvement. So those actions are already on.

So, that's good to know. I'll just fall back in queue. Thank you and all the best. Thank you.

Thank you. Next question is from the line of Arvind Sharma from Citigroup. Please go ahead.

Good morning, sir. Thank you for taking my question. Sir, first on the domestic business, As you highlighted energy cost and gas availability, what is the situation right now in terms of both availability and the cost of the gas, and will it impact the first quarter F527 numbers?

See, today I think our dependence on gas has gone down because when the gas availability issue happened in March, we have switched not only our plants. But even our tier 2 supply of plants, from gas to furnace oil and diesel oil. So our dependence on gas to that respect has gone down, but of course we need gas for our surface treatments and all sorts of gas is still required. But I don't think the availabilities are concerned as far as the industrial gases are concerned. But I think the main concern is on the cost increases. And how we can pass them on to our customers. I think that's a concern which we are really speaking to our customers and working with them.

Got it, sir. Staying on India, Maxwell margins this quarter, is there something that impacted the margins this quarter? Inventory provision, sir,

I'll request Mr. Raja Shastri, Aboop, CFO to speak on this.

So we had inventory in our book, and you must have noticed that In fact, there was a recent resolution. Process for Hero Electric had failed, and the inventory pertaining to Hero Electric, we have taken a provision, using the right accounting standards, and that impact, that's a one-time impact, which is impacting the rig of this quarter. So, sir, in terms of gross margin, it's fairly okay? Yeah, the gross margin is safe, and this is the number of 6.5 crores.

Thank you. I have one last question on the European front, if I could ask. Very strong margins this quarter. Massimo did talk about it, but the sustainability of the margins from the current numbers, and if you could enumerate the Sheffield Revenue and EBITDA, is it possible to share that?

Yeah, for sure. Quarter four of Stefferle was 21 million of euro in terms of turnover, 4.9 million of euro in terms of EBITDA, and 2.6 million of euro in terms of net result. And speaking about year-to-date, the company closed with 82.1 million of euro turnover, 17.9 million of euro EBITDA, and 8 million of euro net result. And so, completely aligned with our expectation, better compared to our expectation, 1% more in terms of EBITDA. The company performed very well and not only from the income statement point of view but also speaking about the cash because they did more or less 20 million of cash in the years. And regarding the total result of endurance overseas, I repeat, the quarter was the best of our history. If you ask me regarding the sustainability in the medium and long term, I can tell you that April was apparently a good month, we don't see a particular problem if, for sure, we maintain this level of volume. If the market grows and the production grows, we are able to optimize our contribution margin to improve our EBITDA. For sure. Every day we have issues, you know, unfortunately in Europe. Last year was, they were in Ukraine, and now there is also the situation in Iran. So we have to try to overcome this problem in some way, making efficiency and increasing the productivity in our process. In the last quarter we have been able to do this. For the future, I'm not worried about the situation of the market, I'm worried about the situation of volume. This is for sure.

All right. Thank you so much, sir. That's all from my side. Thanks again.

Thank you. Next question is from the line of Pramod Amte from Incred Capital. Please go ahead.

Yeah, hi. Congress on good set of numbers. So this is with regard to the aluminum casting business. You operate in Europe substantially and the way you have scaled up your profitability post the merger. And also now you seem to have one good business from India for the global clients. But I was keen to know, and some of them is to U.S., would you any time in the future look for entering into U.S. territory for manufacturing considering the cost of energy is very high in Europe? That's one. Second, the way the margin profile has improved in Europe. Does it still make sense to export from India considering that energy cost any time in the future is off in Europe? Or you look at it.

No, firstly, let me tell you, the customers who are coming to us are part of the China plus one strategy. And they want to buy from India. They don't want to buy locally, whether it's in US or in Europe. They want to bring that down. This is more of a China plus one strategy what they are coming in. So our focus will be to supply from India. And that's why this This new plant that Aurek Shindra has been set up. Our aim is to really grow the business. We have enough land there. In fact, we can expand in the existing 11 acres and we can give another 24 acres of land where we want to expand here. This is our focus. If we do a good job of supply and quality, there is a tremendous potential of growth in this business. That's how we are going about it. We have no intention to put up any plant in the U.S. or Europe. Because this is not what the customers are looking at. They are looking at a best cost base in a country like China or India. And we become a part of the China plus one strategy, which they have already planned. And then they are going ahead.

Sure, that's useful. And second, considering the wide fluctuation in the raw material cost. How do the cost escalation clauses are different for India versus European business, if we are to get the nitty-gritty right?

As far as casting is concerned in India, the same quarter increases we get it. The question is the negotiation of what we pay to suppliers versus what customers sometimes think the price should be. But that is the negotiation which normally we do arrive. So that is the same quarter. The issue happens in the proprietary products, and now with Bajaj, like I said, with the quarter lag, which has impacted a bit of our cash flow also, is that the three months we get in the next three months. So here what we are requesting, the customers are for the spot increases, you know, because the fluctuations are very high. We cannot wait for three months to get these increases. So that is where the work is on right now. Some have agreed, some are still working.

And similar contracts work for Europe, or they are different?

Yes, Europe is more or less the same. As you know, we have a clear rule with our customer, and we change the price quarter per quarter to see the leverage of the price of the previous quarter, so it means that in our profit and loss, it will impact only if the price of... At the end of the day, it's rolling, so we have a particular impact, and we try to fix the price with the same index, also with our supply. If the market, if the price of material continues to go up only for window dressing, let me say, the percentage of EBITDA goes down, but in total value continues to grow. So no particular issue.

Sure. Thanks, Nandamist. Thank you.

Thank you. Next question is from the line of A. Sriram Palhanipal from iThought PMS. Please go ahead.

Thanks for the opportunity.

In coming years, can we expect a Sinara order to generate Sinara 2 FI 26? And when we mention peak sales, does it mean the complete realization of sales owners, sir?

Yes, yes. When I say peak sales is a complete realization, if I say 513 crores, then Aurek Shindra is in FI 29. That's a peak sales. But that doesn't mean that we are not taking more orders. So to answer your question, The run rate, I mean, our target would be to have the same run rate, you know, and we will do our best for that because, like I've said in the past, that we have to also supply all our products have been now with electronics included, which includes BMS and includes the battery packs also. We will supply to all the customers, you know, which we are not doing today. So that itself is a growth driver for us. And apart from getting more share of business, also when you look at the technology products like EBS, inverted front forks, braking systems for the higher CC bike, this is really on the growth. So there you have higher sales and the margins are good, you know. And also if you see, if I just have to show some numbers of FI26, I've always said we are higher than industry growth. These factors which I told you is what is helping us to grow higher in industry, what I just told you, which we want to sustain. For example, if you see Bajaj, they grew, I think, 11.56% last year, we grew 16.1%. If you see Honda, 16.9% was our growth versus their 7.86%. For Royal Enfield, we grew 32.7% versus their 23.9%. TBS, again, their 21.17%, we grew 29.1%. It's because we are entering new products, increasing share of business, and this is happening because of our strength of technology, our experience in these products, and the comfort which the customers have for us to do the investment for them and to supply these products to them. Because most of these products, we are there between 15 to 25 years, you know, whereas you say brakes, suspensions, mainly. Castings for 35 years. So to answer your question, yes, I mean, that's our focus. So keep growing. Keep growing high-high the industry.

I understood, sir. Great to know that. And I'm asking this for a better understanding, sir. Isn't some OEMs themselves backward integrating, battery packing, and even in BMS, the market looks fragmented? So, what edge do we have in these segments, sir?

See, I think our age is the technology. I think they connect with the customer, the trust we have of the customer. So even if it's a new product, they would depend on us compared to others. And let me tell you, in both battery packs and BMS, there are very, very few players. Very few.

There will be a handful.

Thank you. Next question is from the line of Raja Karwal from Nivesha Asset Management. Please go ahead.

Hello, sir. Thank you so much for the opportunity. We have mentioned that we have received this 300 crores order on the battery pack side, and we have received this from a customer. So we also mentioned a few calls back that basically this is a very different way of basically doing this, even CCS wire-free battery pack. So how novel is this technology? Is anyone else doing this in India?

Battery pack. Hello? Hello? Please, I'm sorry, can you just repeat the question? Yes, sir.

This is wire-free technology, I wanted to know, if anyone else is doing it in India.

Yeah, so, okay, so I will request Mr. Abange, Director and CEO, to answer that.

This has been always the impression about the investor community that what is so great in making the battery pack assemblies, because the cells, everyone imports it and then we do the pack assembly. The differentiator that we bring here is, first and foremost, that our product is highly reliable. It is produced on a full automatic line. In the battery pack, you must understand it's a safety product. It has got the fire hazard situation, and if the product manufacturing is not reliable, it can lead to problems in the field. So that we have, first of all, taken care of with completely untouched production of the battery pack lines. The second part is, as you know, the The pack is nothing but an assembly of sails done in a battery box, and then you have to connect it with the busbars. And the design of busbars is the key to the battery design. So our design is very special. It has got couple of patterns into it. That means it has a very low possibility of getting into a fire-like situation because of the heavy current densities. Certain parts of the battery pack, and our products are superior in that context. This is our know-how, this is our development, and this is our IP. So this is a fully in-house developed solution by our R&D team. We have a sizable number of R&D engineers in the battery pack business, which are from best of the best from the industry. And this is our IP. And nobody in the industry currently can offer this kind of IP to the OEMs. The product is yet to go to the market, and we will prove it once it goes to the market.

Sir, are you talking to other OEMs as well? Does OEM demand this solution?

Yes, sir. We are talking to other OEMs. We are.

OEMs demand this solution.

No, no, see, this solution is for this OEM we are supplying to. There could be different solutions being asked by different customers. So, it won't be the same. It won't be the same. It may be the same, but it may not be the same also.

Got it. Thank you so much.

Thank you. Next question is from the line of Mihir Mora from Equira Securities. Please go ahead.

Yeah, thanks for the opportunity, sir.

So most of my questions are answered, but just one question here in terms of Europe order book, we do see some kind of stagnation there, but we there also, we are not, you know, including the store filled order book. So is it possible to quantify that what order book would still be having here and how we see the European revenue growth ahead?

As I told you before, the total turnover in the quarter of the company grew 33.6% compared to the previous year, but with that, 7.4%. It's been above the quarter. If I think about the total financial year, the company grew 28.9% compared to the previous financial year, and 2% without suffering. But please consider that this 2% is the total increase of volume, total increase of turnover, but considering only the part without tourism, the increase of turnover was 6.4% compared to the previous year.

So, my question was on the order book, Frank, in terms of TOEFL. Can you contact that number, sir?

The new business acquired from Sturperlake in the previous financial year is more or less 7 million of euros with final customer Magna and BMW. And when we had acquired the company, it had an annual run rate of around 70 to 80 million of euros.

Oh, okay.

Okay, so that's all from myself. Thank you.

Thank you. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to the management for the closing comments.

Well, no, I've just said everything in my opening remarks. I have no further comments to make. I'd just like to thank everybody for their time for this call.

Thank you very much, sir. On behalf of Access Capital, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.