Aequs Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹14,635 Cr
- ROE
- -9.96%
- Price to sales
- 10.68
- Debt to equity
- 0.47
- 52W high / low
- ₹288 / ₹115
- EBITDA margin
- 5.58%
- Net profit margin
- -8.92%
- Promoter holding
- 59.09%
- Sales (last year)
- ₹1,370 Cr
Founded in 2000, Aequs focuses on high-precision, high-complexity components and assemblies for global OEMs and Tier-1 suppliers, especially in civil aviation.[1]
Guidance scorecard · Q2 FY27 call
What Aequs Ltd's management guided
and where it ranks in Aerospace & Defense
Aerospace & Defense
RevenueQ1 FY27 call
40%+- Aerospace segment expected to grow at 25% to 30% over FY26.
- Consumer segment poised for rapid growth of 125% to 150% over FY26.
- For FY27, total top-line guidance around INR1,700 to 1,800 crores.
- Consumer segment’s revenue share targeted to grow from ~19% in Q1 FY27 to 40%-60% over next 5 years.
- Utilization in consumer electronics projected to increase from ~23% towards 40%-50% by Q4 FY27, aiming for EBITDA break-even.
- Capacity expansion investments ongoing, including INR660 crores capex planned for FY27 split between aerospace and consumer.
- Long-term capex plan of USD 350-400 million over five years (FY27-FY31) to support growth.
2 more points from Aequs Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Aequs Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- FY27 planned capex is INR 660 crores, split approximately INR 500 crores for consumer and INR 160 crores for aerospace, subject to utilization ramp-up and optimization.
- INR 1,900 crores capex planned for the Hosur aerospace facility over 10 years, focused on engine and landing gear components, with first phase operational between Sep FY27 and Mar FY28.
- Additional INR 2,800 crores investment planned between consumer and aerospace in Karnataka (not finalized for next year).
- 5-year capex plan from FY27 to FY31 targets USD 350-400 million overall.
- Expectation to raise approximately USD 150 million externally; internal accruals to fund remaining investments.
2 more points from Aequs Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what Aequs Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Aerospace order book crossed USD 1 billion, with a 13% sequential increase from USD 889 million in the previous quarter.
- New contracts, including the fully integrated Airbus A320 wheels with Safran Landing Systems, will reflect in the next quarter’s order book.
- The company signed a 15-year agreement for the wheels contract, marking one of the longest agreements in Aequs' history.
2 more points from Aequs Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Aerospace & Defense
on management's own guidance
- Strong growth2
- Strong growth1
- 3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Aerospace & Defense companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹5,744 Cr | 216.9 | |
| 2 | 40%+ | Up 0–2% | ₹1,197 Cr | 55.6 | |
| 3 | Aequs LtdThis stock | 40%+ | Flat | ₹17,585 Cr | — |
| 4 | 40%+ | Flat | ₹15,942 Cr | 131.4 | |
| 5 | 40%+ | Flat | ₹9,001 Cr | 274.4 | |
| 6 | 20–40% | Up 0–2% | ₹1,775 Cr | 43.3 |
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Pro shows every company guiding 40%+ revenue growth →Full Aerospace & Defense rankingAequs Ltd announcements
All announcements →- Order winMajor development· Adverse for the businessAequs Limited Q2 FY27 Revenue Grows 45% YoY to ₹409.1 Crore; H1 Revenue Up 50%
- Order winNotable· Adverse for the businessAequs Limited’s Scheme of Amalgamation rejected by Regional Director on Oct 12, 2026
- Fundraise / allotmentNotableAequs board approves preferential issue of 28,071,690 warrants to Mellwood Trustee
Financials of Aequs Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Aequs Ltd
Shareholding breakup across reporting periods.
| Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|
| Promoters + | 59.08% | 59.08% | 59.09% | 59.09% |
| FIIs + | 4.05% | 3.90% | 5.17% | 5.93% |
| DIIs + | 11.63% | 11.39% | 8.85% | 9.28% |
| Public + | 22.88% | 23.29% | 24.62% | 23.46% |
| Others + | 2.36% | 2.36% | 2.29% | 2.26% |
| No. of Shareholders | 46,797 | 40,774 | 53,564 | 1,00,201 |
Financials of Aequs Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales + | 216 | 249 | 256 | 282 | 326 | 367 | 396 | 409 |
| Expenses + | 209 | 225 | 228 | 253 | 297 | 363 | 381 | 395 |
| Operating Profit | 7 | 25 | 27 | 29 | 29 | 4 | 15 | 14 |
| OPM % | 3.4% | 10% | 11% | 10% | 9% | 1.1% | 3.7% | 3.4% |
| Other Income + | 3 | 19 | 14 | 18 | -6 | 44 | 10 | 12 |
| Interest | 18 | 13 | 10 | 26 | 21 | 36 | 19 | 21 |
| Depreciation | 26 | 24 | 25 | 33 | 35 | 46 | 45 | 47 |
| Profit before tax | -34 | 6 | 6 | -12 | -33 | -33 | -40 | -41 |
| Tax % | 17% | -54% | 42% | 72% | 29% | 63% | 34% | 28% |
| Net Profit + | -40 | 9 | 4 | -21 | -43 | -54 | -53 | -52 |
| EPS in Rs | -0.94 | 0.15 | 0.06 | -0.34 | -0.64 | -0.80 | -0.79 | -0.78 |
Financials of Aequs Ltd
Profit & Loss
Annual income statement trend
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|
| Sales + | 812 | 965 | 925 | 1,230 | 1,498 |
| Expenses + | 773 | 836 | 845 | 1,139 | 1,436 |
| Operating Profit | 40 | 129 | 79 | 92 | 62 |
| OPM % | 4.9% | 13% | 9% | 7% | 4.1% |
| Other Income + | 25 | 44 | -6 | 69 | 60 |
| Interest | 69 | 69 | 64 | 94 | 96 |
| Depreciation | 100 | 108 | 103 | 138 | 172 |
| Profit before tax | -103 | -4 | -94 | -71 | -147 |
| Tax % | 6% | 233% | 9% | 58% | |
| Net Profit + | -110 | -14 | -102 | -113 | -202 |
| EPS in Rs | -2.33 | -0.26 | -1.76 | -1.69 | -3.01 |
| Dividend Payout % | 0% | 0% | 0% | 0% |
Financials of Aequs Ltd
Balance Sheet
Capital structure and asset base
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 425 | 425 | 582 | 671 | 671 |
| Reserves | -146 | -15 | 135 | 816 | 722 |
| Borrowings + | 664 | 1,106 | 785 | 701 | 836 |
| Other Liabilities + | 410 | 337 | 401 | 545 | 544 |
| Total Liabilities | 1,352 | 1,852 | 1,903 | 2,733 | 2,774 |
| Fixed Assets + | 686 | 660 | 525 | 1,070 | 1,062 |
| CWIP | 0 | 175 | 395 | 79 | 124 |
| Investments | 58 | 92 | 77 | 106 | 117 |
| Other Assets + | 609 | 924 | 906 | 1,478 | 1,471 |
| Total Assets | 1,352 | 1,852 | 1,903 | 2,733 | 2,774 |
Financials of Aequs Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Cash from Operating Activity + | 10 | -19 | 26 | -99 |
| Cash from Investing Activity + | -95 | -346 | -70 | -365 |
| Cash from Financing Activity + | 54 | 393 | 25 | 704 |
| Net Cash Flow | -31 | 28 | -18 | 241 |
| Free Cash Flow | -76 | -175 | -239 | -440 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 27% | -12% | 48% | -80% |
Financials of Aequs Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 48 | 52 | 62 | 78 |
| Inventory Days | 313 | 336 | 420 | 450 |
| Days Payable | 215 | 177 | 215 | 238 |
| Cash Conversion Cycle | 146 | 210 | 267 | 290 |
| Working Capital Days | -45 | 10 | 12 | 49 |
| ROCE % | 4% | 1% | 2% |
Guidance history
How Aequs Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 40%+ | Flat | Planned | Planned | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Aequs Ltd's management said in earlier quarters
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