AEQUS
Aequs share price & financials
- Price
- ₹222.13
- Market cap
- ₹15.5k Cr
- Sector
- Capital Goods
- Calls analysed
- 3
Aequs Limited Q1 FY27
What went well
- Consolidated revenue grew 55% year-on-year to INR 3,955 million, demonstrating a strong start to the year.
- Aerospace segment revenue increased by 40% year-on-year and 6% sequentially to INR 3,222 million, supported by higher customer build rates and additional parts into production.
- Consumer segment revenue nearly tripled, growing 190% year-on-year and 16% sequentially to INR 734 million, with its contribution to total revenue increasing from 10% to 19%.
What to watch
- Reported EBITDA at INR 215 million (5% margin) was lower than Q4 FY26 due to lower other income, primarily foreign exchange gains.
- The company reported a PAT loss of INR 532 million for Q1 FY27, although it was an improvement from the adjusted Q4 FY26 loss of INR 631 million.
What Aequs Limited does
Aequs operates a vertically integrated precision-manufacturing ecosystem — forging, machining, surface treatment and assembly under one roof — serving global aerospace OEMs (Airbus, Boeing, Safran, Collins Aerospace, SAAB) with aerostructures, engine components and landing-gear parts, and consumer-goods customers (Mattel, Tramontina and a large global electronics brand) with toys, cookware and electronics enclosures. It earns as a long-cycle contract manufacturer: qualifying on OEM programs, then scaling production volumes and value-added processes across co-located clusters in Karnataka, with a new aero-engine and landing-gear site coming up in Hosur, Tamil Nadu. The business also runs several joint ventures — API (aerospace surface treatment) with Magellan Aerospace, SQuAD (forging) with Aubert & Duval, ACPL (cookware) with Tramontina, and Ajna Aerospace & Defence with Accel India and Vagus Defence for UAV manufacturing.
Segments
- Aerospace
- Consumer
- Aerospace parts portfolio
- 5,654 SKUs qualified (as of Q4 FY26)
- Aerospace machining capacity
- 1.83 million machining hours per year — India's largest aerospace machining facility
- Belagavi aerospace-consumer ecosystem (Karnataka)
- ~450-acre integrated campus (400-acre SEZ + DTA)
- Combined consumer manufacturing space
- 800,000+ sq ft across the Hubballi (consumer durables) and Koppal (toys) clusters
- New Hosur aero-engine and landing-gear site (Tamil Nadu)
- 250 acres (125-acre SEZ), under development per Feb 2026 MoU with Tamil Nadu government
- Hydraulic forging press
- 10,000-tonne press — largest for aerospace components in India
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 1 delivered 1 missed 16 open- Aerospace EBITDA Margin delivered said Q3 FY26 Promised: 20% plus range Q1 FY27: The aerospace segment delivered a 23% EBITDA margin, continuing to perform above the '20% plus' target. Management reiterated guidance for margins to be 'above 20%' for FY27.
- Aerospace Utilization in India went quiet said Q3 FY26 Promised: Reach 75% Q1 FY27: No specific update was provided on the aerospace utilization metric for India for the second consecutive quarter.
- Consumer Capacity Utilization at risk said Q4 FY26 Promised: 40% to 50% by end of FY27 Q1 FY27: Reported utilization dipped slightly from 23% in Q4 to 22% in Q1. While management cited improved yield for higher revenue, the headline metric moved in the wrong direction relative to the year-end target.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 54.7%, net profit down 1425.0% against the same quarter last year.
| Line item | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 216 | 249 | 256 | 282 | 326 +51% | 367 +47% | 396 +55% |
| EBITDA | 7 | 25 | 27 | 29 | 29 +314% | 4 −84% | 15 −44% |
| Net profit | -40 | 9 | 4 | -21 | -43 −7% | -54 −700% | -53 −1425% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +63.5% YTD
YTD: ₹138.19 on 1 Jan 2026 → ₹225.97. High ₹262.45 (19 Aug 2026), low ₹115.11 (16 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.4%
- 29 Jul
- Q4 FY26
- −1.9%
- 26 May
- Q3 FY26
- +1.9%
- 29 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹1.2k Cr |
| Operating profit | ₹89 Cr |
| Operating margin | 7.2% |
| Interest | ₹93 Cr |
| Depreciation | ₹139 Cr |
| Net profit | ₹-114 Cr |
| Net margin | -9.3% |
| Cash from operations | ₹-99 Cr |
| Free cash flow | ₹-440 Cr |
| ROCE | 2.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity capital | ₹425 Cr | ₹425 Cr | ₹582 Cr | ₹671 Cr |
| Reserves | ₹-146 Cr | ₹-15 Cr | ₹135 Cr | ₹816 Cr |
| Borrowings | ₹664 Cr | ₹1.1k Cr | ₹785 Cr | ₹701 Cr |
| Other liabilities | ₹410 Cr | ₹337 Cr | ₹401 Cr | ₹545 Cr |
| Total liabilities | ₹1.4k Cr | ₹1.9k Cr | ₹1.9k Cr | ₹2.7k Cr |
| Fixed assets | ₹686 Cr | ₹660 Cr | ₹525 Cr | ₹1.1k Cr |
| Capital work in progress | ₹0 Cr | ₹175 Cr | ₹395 Cr | ₹79 Cr |
| Investments | ₹58 Cr | ₹92 Cr | ₹77 Cr | ₹106 Cr |
| Other assets | ₹609 Cr | ₹924 Cr | ₹906 Cr | ₹1.5k Cr |
| Total assets | ₹1.4k Cr | ₹1.9k Cr | ₹1.9k Cr | ₹2.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Dec 2025, DIIs trimmed −2.78 pp while the public added +1.74 pp. The shareholder count grew 14% to 53,564.
- Promoters
- 59.1%
- FIIs
- 5.2%
- DIIs
- 8.8%
- Public
- 24.6%
- Others
- 2.3%
Since Dec 2025
- DIIs −2.78 pp
- Public +1.74 pp
- FIIs +1.12 pp
How it drifted, 3 quarters
Over this window DIIs fell from 11.6% to 8.8% — −2.8 pp.
Ownership split by quarter, oldest first. Dec '25: Promoters 59.1%, FIIs 4.0%, DIIs 11.6%, Public 22.9%, Others 2.4%.Mar '26: Promoters 59.1%, FIIs 3.9%, DIIs 11.4%, Public 23.3%, Others 2.4%.Jun '26: Promoters 59.1%, FIIs 5.2%, DIIs 8.8%, Public 24.6%, Others 2.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Melligeri Private Family Foundation (Mellwood Trustee Services Private Limited) newly disclosed 14.99% held
- SBI Children'S Fund - Investment Plan Mutual fund newly disclosed 1.89% held
- Amman Portfolio Investments Pvt Ltd newly disclosed 0.00% held
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Aequs Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Aequs Manufacturing Investments Private Limited | 43.35% | unchanged |
| Melligeri Private Family Foundation (Mellwood Trustee Services Private Limited) | 14.99% | newly disclosed |
| Amansa Investments Ltd | 7.48% | unchanged |
| Steadview Capital Mauritius Limited FPI fund | 3.40% | unchanged |
| Catamaran Ekam AIF | 2.83% | unchanged |
| Sparta Group Llc | 2.35% | unchanged |
| Smallcap World Fund, Inc Global fund house | 2.21% | unchanged |
| SBI Children'S Fund - Investment Plan Mutual fund | 1.89% | newly disclosed |
| Mayflower Investments Llc | 0.21% | unchanged |
| Aravind Shivaputrappa Melligeri | 0.15% | unchanged |
| Jagadish Melligeri | 0.15% | unchanged |
| Akkamahadevi Aravind Melligeri | 0.12% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in AEQUS
Filings to Aug 2026
0 new, 0 added, 1 trimmed, 1 sold out — net −42.01 L shares (−22.7%).
- Held by funds
- ₹345 Cr
- 4 schemes
- Biggest holder
- SBI Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP)
- ₹244 Cr · 3.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP) SBI Mutual Fund | ₹244 Cr | held | Dec '25 |
| SBI MNC Fund SBI Mutual Fund | ₹49 Cr | held | Dec '25 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹41 Cr | held | Dec '25 |
| HDFC Defence Fund HDFC Mutual Fund | ₹11 Cr | −35.01 L | Dec '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 1 trimmed — net −42.01 L shares (−22.7%)
- Funds are sitting on
- +61%
- vs est. average cost
- Held by funds
- ₹345 Cr
- 4 schemes · ≈ 2.0% of the company
- Biggest holder
- SBI Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP)
- ₹244 Cr · 3.1% of that fund
Shares held by these funds −31%
Dec '25 1.50 cr shares Jul '26
All earnings calls (3)
Read the Q1 FY27 call →Learn to analyse Aequs Limited
Guides on how to read this kind of business and the numbers that matter.