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Quarterly Results Presentation Q2FY27 03rd Nov 2026
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The presentation may contain, without limitation, certain statements that could be considered forward- looking. Such forward-looking statements do not guarantee future performance; and may involve risks and uncertainties that could cause actual performance or results to be materially different from those anticipated in these forward-looking statements. The Company is under no obligation to update any forward-looking statements contained herein, should material facts change due to new information, future events or otherwise. For historical financial numbers, readers are advised to refer to the financial statements approved by the Board of Directors of the Company, as appearing in the Annual Reports and quarterly Stock Exchange filings. The financial numbers in this presentation are from financial statements prepared and reported under Indian GAAP. Financial ratios have been calculated based on customary definitions. CAUTIONARY STATEMENT 2
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ETL 2.0 Achieving Quality & Engineering Excellence in Profitable Ventures 3 STRENGTHENING THE CORE, EXPLORING NEW OPPORTUNITIES
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ABS V2X Controlled braking (4Ws) Passenger vehicles Commercial vehicles Exports Ramp-up existing products Batteries: 2Ws/3Ws & 4Ws New products Under consideration Data Centers Railways Robots & AMRs Power-back-up Solar Aviation Defence Endurance business verticals Die-casting Embedded Electronics (Maxwell) Brakes Die-casting Suspension Brakes Batteries Die Casting Brakes Suspension Embedded Electronics (Maxwell) Die Casting Suspension Embedded Electronics (Maxwell) Regulations & Road Safety Four-wheeler Electrification Non-auto Autonomous Mobile Robot (AMR) Data Centers 4 STRENGTHENING THE CORE, EXPLORING NEW OPPORTUNITIES
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5 6% 7% 9% 8% 9% 11% 0% 2% 4% 6% 8% 10% 12% 0 200 400 600 800 1000 1200 1400 1600 1800 FY21 FY22 FY23 FY24 FY25 FY26 Total Capex (Rs crore) Capex as % of sales CAPEX INVESTMENT TREND* STRONG BALANCE SHEET Consistent FCF generation -9% -12% -10% -10% -15% -8% -20% -15% -10% -5% 0% 0 500 1,000 1,500 2,000 FY21 FY22 FY23 FY24 FY25 FY26 Cash and Bank (Rs crore) Net Debt / Equity (%) (RHS)*includes Capex and Investments in subsidiaries 0 100 200 300 400 500 FY21 FY22 FY23 FY24 FY25 FY26 FCF (Rs crore) STRATEGIC PRIORITIES SUPPORTED BY STRONG BALANCE SHEET
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KEY EVENTS TILL DATE IN FY27 6 Supplies of dual channel ABS commenced in Oct 2026. Setting up additional capacities for ABS. Also setting up additional Disc Brake capacities in Chennai, SOP expected in Q4 FY27. Second SMT line for electronics installed to cater to in-house ABS ECU and higher BMS volumes. New infrastructure setup at Sanand, Gujarat to cater to large volume orders for Solar Dampers and Actuators. SOP for Solar Damper took place in Q2 FY27, Actuators expected in Q4 FY27. Production commenced at the AURIC Shendra plant in Chh. Sambhajinagar, in Sept 2026. Facility to cater to 4Ws EV OEMs & exports. Production commenced at the Battery Pack plant in Pune in Q1FY27, full ramp up of 2W business in Q3 FY27. Expect SOP for newly nominated 4W Battery Pack business in H1 FY28. New plant being constructed to meet growing Aluminium Forging production. SOP expected in Q4FY27. Expanding 4W machined aluminium casting capacity across Chennai, Vallam and Chakan. Facilities to increase penetration in Indian and Korean OEMs.
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KEY EVENTS TILL DATE IN FY27 Stake in Stöferle entities in Germany raised to 100% with accelerated acquisition. Acquired 100% shareholding in Fondalpress SpA, Italy. Fondalpress specialises in aluminium die-casting and machining. 7 102 total patents and 119 design registrations. *excludes orders from Bajaj Auto Business won in H1FY27: Rs 801 Cr in India*, including Rs. 53 Cr in Maxwell. Further, won business worth Euro 28 million in Europe. Divested 100% of shareholding in Veicoli Srl, Italy.
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8 Order Wins
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9 KEY ORDER WINS- Q2 FY27 EUROPE MACHINED ALUMINIUM DIE CASTING CUSTOMER Mercedes Hybrid LCV ORDER VALUE € 6.5 million MACHINED ALUMINIUM DIE CASTING CUSTOMER Mercedes Hybrid LCV ORDER VALUE € 7.6 million INDIA MACHINED ALUMINIUM DIE CASTING CUSTOMER Tata Motors Multiple machined castings ORDER VALUE ₹ 66 crore SUSPENSION CUSTOMER HMSI Front and rear suspension ORDER VALUE ₹ 185 crore CUSTOMER HMCL Front fork ORDER VALUE ₹ 53 crore SUSPENSION 9
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ORDER WINS IN STANDALONE BUSINESS (RUPEES CRORE) Last 6 years Orders Order Split last 6 years FY24 FY25 FY26 FY27 FY28 FY29 192 491 1,048 2,973 4,030 4,846* Ramp Up of New Orders 10 Excludes orders from Bajaj Auto. Includes Rs 300 Cr battery pack order received in FY26. All values cited above are on expected peak per-annum basis. *Projected peak value from new orders, considering certain OEM projections not being met, or program peaking prior to FY29 Order book expected to be boosted further with Rs. 3,650 Cr of RFQs under discussion with various customers 5125 1247 New Orders Replacement Orders Rs.532 Cr of business won from HMSI in H1FY27. Brakes business won from TVS in H1FY27, taking their annual brakes business to Rs.250+ Cr Business won from a leading US OEM, taking their annual business potential for Shendra to Rs. 223 Cr/annum Rs. 30 Cr order win for suspension products from Ather & Ultraviolette in H1FY27 FY22 FY23 FY24 FY25 FY26 H1FY27 Total 1540 935 1198 1205 748745 6372
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ORDER WINS IN STANDALONE BUSINESS (RUPEES CRORE) 11% 89% 24% 76% Split of order wins by EV & ICE EV ICE FY22 80% 1% 16% 4% 70% 2% 23% 5% Split of order win by end segment 2W 3W 4W Non-Auto FY22 Cumulative FY22 – H1FY27 Cumulative FY22 – H1FY27 11
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EV ORDERS IN STANDALONE BUSINESS 12 . All values cited above are on expected peak per-annum basis *Includes Rs 300 Cr battery pack order received in FY26. Large orders aggregating >Rs 500 Cr for e-4W applications from 4 renowned international customers, including Valeo and Yazaki. Casting and proprietary orders for e-3W from Bajaj, Euler, TVS, Mahindra & Eka Mobility. Casting, Suspension, Brakes, and Alloy Wheel orders for e-2W from Ampere, Ather, Bajaj, HMSI, HMCL, Kinetic Green, Mahindra, Royal Enfield, TVS and Ultraviolette Segment EV order (Rs Crore) Castings 599 Suspension 154 Brakes 398 Battery Packs 300 Alloy Wheels 31 Total non Bajaj 1,530 Bajaj Auto Limited 310 Total with Bajaj 1,840 Includes Rs 1,002 Cr for 2W/3W OEMs and Rs 528 Cr for 4W OEMs FY22 FY23 FY24 FY25 FY26* H1FY27 Total non-Bajaj Order value (Rs Crore) 78 258 59 440 650 45 1,530
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ORDER WINS IN EUROPEAN BUSINESS (EURO MILLION) FY23 FY24 FY25 FY26 H1FY27 Total 84 31 40 16 28 199 Last 5 years Orders Stöferle business won prior to FY26 not included above Fondalpress business not included above. All values cited above are on expected peak per-annum basis. *Euro 167m new orders are expected to reach peak invoicing of Euro 105m, due to certain orders peaking in earlier years Ramp Up Schedule 13 167 46 Replacement Orders New Orders FY26 FY27 FY28 FY29 FY30 68 77 93 105 105*
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EV AND HYBRID SHARE INCREASING IN EUROPE BUSINESS (EURO MILLION) . All values cited above are on expected peak per-annum basis Out of Euro 199 Mn of cumulative orders won in the last 5 years, Euro 87 Mn (44%) are for EV applications and Euro 87 Mn (44%) for Hybrid Applications 14 ICE end-use, currently at ~30% of Endurance Europe revenues, is expected to reduce to 25% in FY28. FY23 FY24 FY25 FY26 H1FY27 Non Auto ICE/Common Hybrid EV 40 16 28 84 3132% 49% 26% 16% 66% 58% 37% 89% 28% 72%
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Dispatches of 2W battery pack commenced, full ramp-up in Q3 FY27. Announced capacity expansion for 4W battery packs. EMBEDDED ELECTRONICS & NEW ENERGY 15 . All values cited above are on expected peak per-annum basis. Embedded Electronics New Energy- Battery Packs Nominations received from 2 OEMs for 4W battery packs, SOP expected in H1 FY28. Cumulative orders at peak Rs 256 Cr per annum. Leads worth Rs 400 Cr+ being pursued for BMS, TPMS and DC-DC converter. Continuing large volume business for our AVA BMS. Won Rs 53 Cr orders in H1FY27, including new BMS variants- CT-Lite, CT-Safe and isolated DC-DC converter.
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16 Q2 Industry Data & ETL Financials
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Indian Vehicle Sales (in Mn) Total Vehicles Q2 FY27 8.11 5.05 2.90 0.45 1.95 10.51 Q2 FY26 6.86 4.48 2.24 0.35 1.55 8.76 % Change 18.3% 12.8% 29.8% 27.2% 25.9% 20.0% 31% ETL Total Income (Rs. Mn) growth % 40% 101% 27% 71% 40% Total 2W Motorcycles Scooters 3W Total 4W 17 INDIA INDUSTRY VOLUMES Source: Society of Indian Automobile Manufacturers (SIAM)
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18 EU new Car registration (in 000) Q2 FY27 Q2 FY26 % Change France 9.6% Germany 4.2% Italy 6.2% Spain 8.0% Others 4.4% Total EU 345 708 313 245 871 2,480 378 737 332 264 909 2,620 5.6% Energy Prices Q2FY27 Q2FY26 % Change EUROPE MACRO/INDUSTRY FACTORS Electricity price (PUN) – Euro / MWH 110 +65% Gas –PSV – Euro cents/ cubic meter 36 +86% % Change from Q2 FY19 -20.5% -17.3% -13.8% -3.1% -6.2% -12.4% +314% +408% % Change from FY21 Source: National Automobile Manufacturer Associations * Growth in registrations excluding Chinese OEMs was 0.7% 67 182
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Q2 FINANCIALS- STANDALONE 19 (RUPEES CRORE) Q2FY26 Q2FY27 336 395 12.5% 10.5% YoY: 18% Q2FY26 Q2FY27 188 213 7.0% 5.7% YoY: 14% Total Income EBIDTA PAT Q2FY26 Q2FY27 2,692 3,761 YoY: 40% Rs 40 Cr incentive booked in Q2FY27. EBIDTA margin would be up 120bps if metal prices were at last year levels.
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Q2 FINANCIALS- EUROPE 20 (RUPEES CRORE) 17.8% 17.8% YoY: 14% YoY: 40% Total Income EBIDTA PAT 2692 3761YoY: 13% 5.6% growth in Euro terms. Q2FY26 Q2FY27 908 1,029 PAT growth supported by gain from Stöferle acquisition accounting Rs 36 Cr, partly offset by accelerated depreciation pertaining to OEM programs being phased out Rs 31Cr. Q2FY26 Q2FY27 161 183 Q2FY26 Q2FY27 41 574.5% 5.5%
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Q2 FINANCIALS- MAXWELL 21 (RUPEES CRORE) YoY: 203% -2.2% 3.9% Total Income EBIDTA PAT 2692 YoY: 94% Q2FY26 Q2FY27 44 85 Q2FY26 Q2FY27 2 6 4.4% 6.9% Q2FY26 Q2FY27 -1 3
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Q2 FINANCIALS- CONSOLIDATED 22 (RUPEES CRORE) 13.8% 12.1% YoY: 17% 6.3% 5.7% YoY: 21% Total Income EBIDTA PAT 2692 3761YoY: 34% Q2FY26 Q2FY27 3,604 4,811 Q2FY26 Q2FY27 498 584 Q2FY26 Q2FY27 227 274
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23 H1 Industry Data & ETL Financials
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Indian Vehicle Sales (in Mn) Total Vehicles H1FY27 15.29 9.69 5.30 0.81 3.74 19.81 H1FY26 12.67 8.37 4.04 0.61 3.01 16.32 % Change 20.7% 15.8% 31.1% 32.6% 24.4% 21.8% ETL Total Income (Rs. Mn) growth % 39% 32% 78% 32% 48% 38% Total 2W Motorcycles Scooters 3W Total 4W 24 INDIA INDUSTRY VOLUMES Source: Society of Indian Automobile Manufacturers (SIAM)
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25 EU new Car registration (in 000) H1FY27 H1FY26 % Change France 7.3% Germany 5.3% Italy 8.3% Spain 6.3% Others 6.8% Total EU 833 1,522 783 612 1,944 5,694 777 1,446 723 575 1,821 5,342 6.6% Energy Prices H1FY27 H1FY26 % Change EUROPE MACRO/INDUSTRY FACTORS Electricity price (PUN) – Euro / MWH 106 Gas –PSV – Euro cents/ cubic meter 37 +53% % Change from H1FY19 -23.4% -18.2% -15.8% -5.7% -5.1% -13.4% +249% +332% % Change from FY21 Source: National Automobile Manufacturer Associations * Growth in registrations excluding Chinese OEMs was 1.9% +44% 57 153
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H1 FINANCIALS- STANDALONE 26 (RUPEES CRORE) 12.7% 10.8% YoY: 17% 7.0% 5.9% YoY: 16% Total Income EBIDTA PAT H1FY26 H1FY27 5,043 6,955 YoY: 38% Rs 75 Cr incentive booked in H1FY27. EBIDTA margin would be up 120bps if metal prices were at last year levels. H1FY26 H1FY27 642 752 H1FY26 H1FY27 353 408
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H1 FINANCIALS- EUROPE 27 (RUPEES CRORE) 17.6% 18.0% YoY: 17% 5.4% 4.8% YoY: 2% Total Income EBIDTA PAT 5043 6955 YoY: 14% 3% growth in EUR terms. H1FY26 H1FY27 1,910 2,175 PAT impacted by accelerated depreciation pertaining to OEM programs being phased out Rs 54 Cr, partly offset by gain from Stöferle acquisition accounting Rs 36 Cr. H1FY26 H1FY27 336 391 H1FY26 H1FY27 103 105
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H1 FINANCIALS- MAXWELL 28 (RUPEES CRORE) 3.4% 6.8%YoY: 285% Total Income EBIDTA PAT 5043 6955 YoY: 91% H1FY26 H1FY27 74 141 -4% 3.2% H1FY26 H1FY27 3 10 H1FY26 H1FY27 -3 5
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H1 FINANCIALS- CONSOLIDATED 29 (RUPEES CRORE) 14% 12.6% YoY: 18% 6.5% 5.7% YoY: 14% Total Income EBIDTA PAT 5043 6955 YoY: 32% H1FY26 H1FY27 6,958 9,159 H1FY26 H1FY27 977 1,153 H1FY26 H1FY27 454 519
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CONSOLIDATED TOTAL INCOME By Entity By Products By Vehicles Europe 24% H1FY’27 Maxwell 1% Suspension 25% Die Casting 44% Disc Brake 11% Alloy Wheel 9% Others 4% Transmission 3%After Market 4% H1FY’27 Others 2% 4 Wheeler 26% Scooter 12% H1FY’27 Motorcycle 52% 3 Wheeler 8% Standalone 75% Europe 28% H1FY’26 Maxwell 1% Suspension 25% Die Casting 46% Disc Brake 11% Alloy Wheel 7% Others 4% Transmission 3%After Market 4% H1FY’26 Others 1% 4 Wheeler 30% Scooter 9% H1FY’26 Motorcycle 52%3 Wheeler 8% Standalone 71% 30
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STANDALONE TOTAL INCOME By Products By Vehicle Type Suspension 33% Die Casting 30% Disc Brake 15% Alloy Wheel 11% Others 4% Transmission 3%After Market 4% H1FY’27 Others 2% 4 Wheeler 6% Scooter 15% H1FY’27 Motorcycle 67% 3 Wheeler 10% 31 Others 2% 4 Wheeler 6% Scooter 11% H1FY’26 Motorcycle 70% 3 Wheeler 11% Suspension 34% Die Casting 29% Disc Brake 16% Alloy Wheel 9% Others 3% Transmission 4%After Market 5% H1FY’26
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H1FY27- CAPEX Expansion Capex and Dies account for >80% of total capex. Includes additional land bank, capacity addition in brake assemblies, al. alloy wheels, al. casting and machining. Includes production capacity expansion to cater to new orders from customers including Stellantis, Daimler and VW group (including Porsche and Audi). Standalone: Rs. 401 Cr. Europe: Euro 9M 32 Further, our European business has invested Euro 24.24 million in H1FY27 to acquire remaining stake in Stöferle.
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34 Summary Financials Rs. Crore Q1 Q2 H1 Q3 Q4 Full Year Q1 Q2 H1 Total Income ETL-Standalone 2,351 2,692 5,043 2,678 2,975 10,696 3,194 3,761 6,955 Maxwell 31 43 74 40 47 161 57 85 141 Europe 1,002 908 1,910 965 1,138 4,012 1,146 1,029 2,175 Consolidated Adjustments -28 -40 -69 -38 -43 -149 -48 -64 -112 Consolidated 3,355 3,603 6,958 3,646 4,116 14,720 4,348 4,811 9,159 EBITDA ETL-Standalone 306 336 642 339 371 1,351 358 395 752 Maxwell 1 2 3 2 -4 1 4 6 10 Europe 174 161 336 174 230 741 208 183 391 Consolidated Adjustments -1 -1 -2 -1 1 -3 -0 -0 -0 Consolidated 480 498 977 514 598 2,090 569 584 1,153 PAT ETL-Standalone 166 188 353 171 210 734 195 213 408 Maxwell -2 -1 -3 -1 -7 -10 1 3 5 Europe 62 41 103 51 72 226 48 57 105 Consolidated Adjustments 1 -0 1 1 1 2 1 1 2 Consolidated 226 227 454 222 276 952 245 274 519 FY26 FY27