Aequs Ltd(AEQUS)

NSE: AEQUSBSE: 544634

₹ 235.8-4.03%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 15,814 crNext results: 26 Oct 2026Website: www.aequs.comUpdated: 24 Oct 2026

About

Aequs Limited is a global precision manufacturing company serving leading OEMs in the Aerospace and Consumer sectors, with manufacturing operations across India, France and the United States. Its main manufacturing ecosystems are at Belagavi (aerospace), Hubballi (consumer durables) and Koppal (toys) in Karnataka. In FY26 aerospace contributed 85% of revenue and consumer 15%, and the company held an aerospace order book of USD 1,004 Mn as of Q1 FY27. Aequs says it is the only precision component manufacturer in India offering fully vertically integrated aerospace manufacturing within a single SEZ.^[1][2][3]

Business segments

Aerospace: revenue grew 27% to ₹10,464 million in FY26, 85% of revenue; covers aero engine systems, landing systems, aerostructures, assemblies, cargo and interiors.^[1][3]
Consumer: revenue grew 84% to ₹1,840 million in FY26, 15% of revenue; makes enclosures for portable computers and smart devices, toys, and non-stick and tri-ply cookware and pressure cookers.^[1][3]
In Q1 FY27 consumer mix lifted to 19% of consolidated revenue from 10% a year earlier, as the consumer electronics ramp at Hubballi accelerated.^[4]

Aerospace order book and portfolio

Aerospace order book crossed USD 1,004 Mn in Q1 FY27, a 13% sequential increase from USD 889 Mn at end-FY26 (March 31, 2026), and up from USD 814 Mn at Q3 FY26.^[4][1]
Aerospace parts portfolio stood at 5,740 SKUs in Q1 FY27 (+7% YoY), versus 5,654 at end-FY26 (itself +26% YoY); 433 new parts were added in Q4 FY26 alone.^[4]
Order book contracts are typically 5-7 years in duration; as of Q3 FY26 the USD 814 Mn book was contracted for delivery through 2031.^[5]

Operations and installed capacity

As of FY26 the company operates 7 plants and 4 offices in India, with manufacturing plants covering 2.22 Mn sq. ft.^[1]
Total installed capacity of 4.70 Mn machining/moulding hours per year as of FY26, of which aerospace machining capacity was 1.83 Mn hours/year (up from 1.72 Mn in FY25).^[2][1]
Capacity utilisation in FY26 was 62% in aerospace and 23% in consumer; in Q1 FY27 aerospace utilisation was 70% overall (India: 78%) and consumer 22%.^[1][4]
Home to India's largest hydraulic presses for aerospace component manufacturing, at 10,000 tons, per the FY26 annual report.^[1]
The API JV runs India's first surface treatment facility approved by both Airbus and Boeing, per the FY26 annual report.^[1]
Consumer gross block reached INR 830 Cr as of FY26; consumer electronics moved from pilot to commercial production at Hubballi in Q3 FY26.^[2][1]
An advanced materials R&D ecosystem was set up with IIT Dharwad, focused on material characterisation, failure analysis and manufacturing process simulation.^[2][1]
Workforce was 3,153 as at March 31, 2026.^[1]

Key operating metrics

Aerospace segment EBITDA was INR 731 Mn in Q1 FY27 (+35% YoY) at a ~23% segment EBITDA margin; segment ROCE was 21.69% in Q1 FY27, up from 20% for FY26.^[4]
Consumer segment EBITDA loss narrowed by INR 112 Mn (24%) QoQ to INR 361 Mn in Q1 FY27; the FY26 consumer EBITDA loss was INR 783 Mn.^[4]
Net working capital days were 125 in Q1 FY27, versus 151 in FY26 and 132 in FY25.^[4]
93-94% of consolidated revenues are USD-linked as of FY26.^[2]

Customers

Aerospace customers named in the FY26 annual report include Airbus, Boeing, Safran, Collins Aerospace, Honeywell, SAAB, GKN Aerospace, Eaton, DTL and Bombardier.^[1]
Relationships with the top 3 customers average 15 years, per the FY26 annual report.^[1]
Toy customers include Mattel (long-term agreement, shipments began Q3 FY26) and Spin Master; Hasbro exited in FY26 after revising its sourcing strategy.^[2][1]
Consumer electronics capacity is fully committed to a single primary customer, a leading consumer electronics OEM; in Q1 FY27 entry into additional programs beyond the original scope was confirmed.^[4][1]
MeitY PLI approval under the Electronics Components Manufacturing Scheme for mechanical enclosures was received in Q3 FY26, with PLI income eligibility from FY27.^[5]

Expansion and capex

Karnataka MoU (March 2026): INR 2,856 Cr committed over five years across the Belagavi and Hubballi clusters for aerospace and consumer capacity.^[2][1]
Tamil Nadu MoU (February 2026): INR 1,900 Cr over 10 years at Hosur (250 acres, SIPCOT) for aero-engine and landing gear components; first machining facility due September 2026-March 2027, revenue from FY29.^[2][1]
Full vertical integration at Hosur targeted by 2030; five-year group capex plan of USD 350-400 Mn for FY27-FY31 per the Q1 FY27 call (USD 350-450 million in the FY26 annual report).^[4][1]
FY27 capex guided at approximately INR 660 Cr (consumer ~INR 500 Cr, aerospace ~INR 160 Cr).^[4]
Ajna Aerospace & Defence, set up in 2026 as an equal three-way JV with Accel India and Vagus, aims to build unmanned aerial systems including MALE/HALE types.^[1][5]
FY26 annual report targets Consumer EBITDA breakeven by Q4 FY27 and, under Vision 2031, revenue of 4-6x with EBITDA margins of 18-22%.^[1]

Recent developments

September 25, 2026: Board approved a preferential issue of 2,80,71,690 warrants at INR 231.55 each to promoter entity Mellwood Trustee Services, raising INR 650 Cr; promoter holding moves from 59.09% to 60.73%.^[6]
Q1 FY27: 15-year single-source contract with Safran Landing Systems for fully assembled Airbus A320 wheels made end-to-end at Belagavi.^[4]
Farnborough 2026: two new Tier-1 aerostructure customers won; not yet reflected in the Q1 FY27 order book.^[4]
FY26: Board approved amalgamation of wholly owned subsidiaries ASMIPL, AEPPL and AFCPPL into Aequs Ltd, with approvals pending.^[1]
Ravi Kumar Assudani (16 years at Apple Inc.) joined as head of engineering for the consumer segment effective Q1 FY27.^[2]

Market Cap

₹15,814 Cr

High / Low

₹295 / 114

Stock P/E

-139.5

Price / Book

10.6

Book Value

₹22

EPS

₹-1.7

No. of Shares

67.07 Cr

ROCE

0.8%

ROE

-7.6%

OPM

1.3%

Debt / Equity

0.27

Sales

₹1,230 Cr

Net Profit

₹-113 Cr

Promoter holding

59.1%

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