Endurance Technologies Ltd

India continues to shine as one of the world's fastest-growing economies, supported by robust governmental initiatives and prudent monetary policies by the Reserve Bank of India (RBI). The industrial production index grew by 5.0% in March 2025, signalling a strong recovery in manufacturing.*^

It is with immense pride and gratitude that I present the Annual Report for FY 2024-25, a year marked by resilience, innovation and strategic advancements. This year was defined not merely by outcomes, but by our ability to broaden our perspective, respond to shifting realities with clarity and extend the limits of what we once considered possible. In many ways, we are expanding horizons to engage with a wider, more dynamic future.

India continues to shine as one of the world's fastest-growing economies, supported by robust governmental initiatives and prudent monetary policies by the Reserve Bank of India (RBI). The industrial production index grew by 5.0% in March 2025, signalling a strong recovery in manufacturing. The Union Budget's increased capital expenditure and the RBI's 100-basis-point repo rate cut as of June 2025 are expected to stimulate consumption and investment further, thereby boosting economic growth.

The Indian automotive sector demonstrated resilience in FY 2024-25. According to the Society of Indian Automobile Manufacturers (SIAM), twowheeler sales grew by 11.1% year-on- year, passenger vehicle sales achieved a 3% growth, and three-wheeler sales rose by 5.7%. These trends, coupled with forecasts of a favourable monsoon, strong demand for replacement and government support for electric vehicles, indicate the sector's promising outlook.

Our financial performance in FY 2024- 25, reflects our expertise in creating value for our stakeholders. Standalone total income reached ? 89.1 billion, marking a 12.5% year-on-year growth, while consolidated total income stood at ? 116.8 billion, up 13.1 %. Profit After Tax (PAT) grew to ? 6.79 billion on a standalone basis and ? 8.36 billion on a consolidated basis. Our consolidated earnings per share (EPS) more than doubled to ? 59.46 in FY25 from ? 23.48 in FY17 (our IPO year), indicating our sustained growth.

We secured orders worth ? 11.99 billion in our India business during FY 2024- 25*, with ? 10.82 billion arising from new business and ? 1.17 billion from replacement business. Notably, 34% of these orders were for four-wheeler applications, and 37% were for the

EV segment. Since FY 2021-22, our cumulative EV orders in India have reached ? 8.35 billion, and surpassed ? 10 billion with the inclusion of Bajaj Auto orders. In Europe, we booked orders worth € 40.2 million, including € 5.2 million machining orders at our Stoferle plants.

Our initiatives in FY 2024-25 have strengthened our presence across key segments, laying the groundwork for continued progress and gradually extending the scope of what we are positioned to achieve.

Electric Vehicle (EV) Leadership: We

are capitalising on the rapidly growing EV market with the establishment of a technically superior lithium-ion battery pack manufacturing plant near Pune, announced in April 2025, where we are set to commence production in January 2026. This modular, automated facility shall use our in-house battery technology and Maxwell's expertise in Battery Management Systems (BMS). We have secured a ? 3 billion annual order from a leading two-wheeler EV OEM.

Our product will offer superior thermal stability, lifespan and safety with features tailored for Indian conditions. End-use extends beyond automotive to non- automotive sectors like telecom, battery energy storage systems, and inverters.

Four-Wheeler Expansion: We signed a technical assistance agreement for four-wheeler suspension with a leading Korean partner and are engaging with major passenger car OEMs. We are actively pursuing orders for shock absorbers and other components, with discussions underway for light commercial vehicles (LCVs) and medium commercial vehicles (MCVs). We are taking decisive steps to increase our market share to 45% of our consolidated turnover by FY 2029-30. Our four- wheeler order book includes ? 4.11 billion new orders in FY 2024-25, with significant EV-related orders, including orders from globally renowned OEMs for the AURIC Shendra casting plant.

Our new R&D facility in Waluj, is set to be fully operational by June 2025. It will enhance our capabilities in two, three and four-wheeler suspension systems. Similarly, we are expanding our brakes R&D centre by including four-wheeler testing facilities. We have also begun the testing of 4W products at our 29-acre test track.

Our diversification strategy is gaining strong momentum as we leverage our engineering and manufacturing capabilities to tap into high-growth non- automotive sectors.

In FY 2024-25, we secured notable non- automotive orders, including aluminium castings for generator applications and our first solar damper order from a leading Spanish customer.

Furthermore, our upcoming lithium-ion battery pack plant near Pune will cater to non-automotive segments such as telecom, battery energy storage systems, and inverters, with production scheduled to commence in January 2026.

The company is positioned as a complete solution provider across multiple product categories. This presents us with significant opportunities for growth as we continue offering our existing and expanding product and solution range to all our customers. The recent government notification mandating anti-lock braking systems for smaller two-wheelers presents a significant opportunity for us, strengthening our position as a complete solutions provider across multiple product categories.

The Company acquired 60% stake in the two Stoferle entities in April 2025. Earlier in the year, the Company had acquired Ingenia Automation. These are strategically important acquisitions, with Stoferle coming with a strong track record of top line and profit growth along with the capability to build its own machines and Ingenia bringing in the all-important automation capabilities.

The growth of our European operations through acquisition of carefully selected

companies is resulting in profitable out- performance against the market.

We accelerated the acquisition of our stake in Maxwell Energy, achieving full ownership in May 2025. This strategic move strengthens our control over Maxwell's innovative BMS technology, positioning us to capitalise on the growing demand for EV components. Our outlook for Maxwell's business remains positive, providing a strong foundation for the Company's continued profitable growth.

The AURIC Bidkin two-wheeler alloy wheel plant, with a capacity of 3.6 million wheels per annum, is expected to commence production in August 2025, serving multiple OEMs. Our four-wheeler casting plant at AURIC Shendra, scheduled to start production in September 2025, is a green building committed to zero waste to landfill. Equipped with fully automated diecasting machines (1,100 to 2,500 tons), it has already secured orders worth ? 2.75 billion annually.

Aftermarket Growth: In FY 2024-25, we embarked on a two-year aftermarket growth strategy in partnership with a global consultancy firm. We have revamped our distributor policies, introduced new products, and targeted new markets to enhance regional market share. Our aftermarket exports grew by 29%, with value-added products contributing over 14% to sales. We are on a positive trajectory to achieve our target of aftermarket sales accounting for 10% of our domestic revenue by FY 2027-28.

I am proud to highlight the pivotal role of our Endurance Vendor Association (EVA) in driving our success. This forum enables efficient issue resolution and supports supplier development. Each year, we conduct the Endurance Vendors' meet, providing partners with a platform to engage on business outlook, share feedback, present progress, and connect with senior leadership. By promoting innovation, quality, and efficiency, EVA strengthens

our ecosystem, ensuring we remain a preferred tier-1 supplier for OEMs.

Endurance Proving Ground: We are the

first tier-1 supplier in India to establish a state-of-the-art test track (Endurance Proving Ground) for direct on-vehicle product testing. Spread across 29 acre, the Endurance Proving Ground features diverse track surfaces to evaluate suspension, transmission and braking systems. Managed from a central operations hub with workshops and rider facilities, EPG is supported by certified test riders trained by global experts, enabling comprehensive performance assessment under controlled and varied real-world conditions.

Sustainability and social responsibility are at the core of our operations. We achieved 45% carbon neutrality in FY 2024-25, with a target to exceed 50% by FY 2029-30, aligned with the Science Based Targets initiative (SBTi) guidelines. We also enhanced our renewable power share from 23% in FY 2023-24 to 25.2% in FY 2024-25 through higher utilisation of solar and wind energy sources. We reduced specific electrical, thermal energy, and water consumption, achieving 96% recycling rates for water and hazardous waste. Six of our plants earned platinum ratings in third-party zero waste to landfill assessments.

Through our CSR arm, Sevak Trust, we impacted over 22,000 lives in FY 2024-25. We transformed three schools with solar energy and hygiene-focused facilities, trained 900 adolescent girls in health and skills, and empowered more than 1,000 farmers through sustainable agriculture programmes. Our ECoVE Vocational Training Centre in Chhatrapati Sambhajinagar trained more than 200 youth, securing over 74% employment. Our health programmes have benefitted 4,850 villagers, and we built 32 toilets to improve sanitation.

Our Vet Van programme treated 8,050 animals across 47 villages. We also initiated a green energy village project, providing rooftop solar coverage to 100% of households in one village. Additionally, we have developed dense forests across 22.5 acre in three villages, planting over 2,20,000 native saplings from 63 species. These efforts support biodiversity regeneration and contribute to measurable benefits such as reduced temperatures and longer monsoon spells.

At the heart of Endurance Technologies' success are our Endurians, whose dedication and passion drive us forward. We continue to build a high-performance culture that propels us forward and reinforces global trust.

We believe holistic well-being is the driving force of sustained productivity and innovation. Building on our work- life balance efforts launched in 2021, we continued to strengthen initiatives that support our people. Our Family Engagement Initiative invites employees' families to our facilities, fostering connection and safety awareness. We also launched the Endurance Health Benefit Plan in collaboration with a leading health-tech platform, offering comprehensive healthcare to employees and their families. A dedicated 1 -to- 1 help hotline continues to support employees in navigating personal and professional challenges. These initiatives, along with actions informed by insights from our annual engagement survey, have contributed to a measurable increase in our Net Promoter Score (NPS), reflecting stronger employee engagement and loyalty.

We see diversity as a driver of innovation and sustainable growth. In FY 2024-25, we celebrated the milestone of a 100 + women employees in the white-collar workforce, reaffirming our commitment

by setting ambitious gender diversity targets·15% for white-collar and 10% for blue-collar roles by 2030.

By embracing varied perspectives, addressing bias, and fostering inclusivity, we continue to build a culture that challenges convention and creates longterm advantage.

Developing future-ready leaders remains a strategic priority. Through our succession planning initiative, we identified high-potential talent across levels and empowered them with holistic assessments, personalised career plans, and strategic project assignments under senior mentorship. The Endurance Youth Leadership Programme (EYLP) enabled cross-functional teams to work on impactful projects, discover new skills, and drive cultural transformation. We expanded supervisory development at our casting plants and deepened partnerships with external experts, focusing on technical upskilling, quality mindset, and behavioural development through Action Learning Projects (ALPs).

Our Managerial Effectiveness programme enhanced leadership competencies across the organisation, equipping even first-time managers with tools to lead effectively. Internal trainers played a key role in translating learnings into real- world results·from improved review mechanisms to measurable cost savings following lean and Shainin trainings.

We continue to foster a result-oriented culture anchored in internal customer centricity, robust review mechanisms, and end-to-end accountability. Instant recognition celebrates achievements reinforcing our focus on innovation and performance.

Safety and sustainability remain foundational to our culture. Our Management of Change initiative mandates EHS certification for all major projects. We rotate daily safety

champions across plants, conduct contractor safety programmes, and enforce a zero-tolerance policy for unsafe acts through a clearly defined consequence management framework. We also actively benchmark and share best practices across locations to drive continuous improvement in EHS performance.

Expanding our horizons demands strategic endeavours, refined policies and razor-sharp focus on excellence.

Our commitment to excellence has been recognised through prestigious accolades, including the Oil Intellectual Property Award 2024, Platinum and Gold quality awards from Bajaj Auto for our two brake plants and the Mahindra Innovation Award in February 2025. We were also recognised with the DET Hurun India Manufacturing Excellence Award and ranked 32^nd among Fortune India magazine's Future-ready workplaces, reflecting our progress in advanced manufacturing practices and product innovation.

As we conclude FY 2024-25, I am filled with optimism for the future of Endurance Technologies. We are growing from strength to strength, synergising our core competencies and challenging the status quo. Our strategic acquisitions, expansion projects and focus on EVs and four-wheeler segments position us as a leader in the automotive industry.

Our commitment towards sustainability, innovation and employee well-being ensures that we build a legacy that stands the test of time.

Thank you, dear shareholders, for your continued trust and support. Together, we will build a future that is prosperous, sustainable and inclusive.