Aequs Limited (AEQUS) share price

₹268.00 on NSE as of 2026-10-08. -6.99% on the day. 52-week range ₹115.11 to ₹288.15. Capital Goods.

www.aequs.com

What the company does

Melligeri entered the manufacturing segment in aerospace ecosystem and started QuEST Global Manufacturing (QGM) in Bengaluru. In 2014 , QGM was rebranded as “Aequs”. Aequs is a diversified contract manufacturing company, operating manufacturing facilities in India, France, and the US. The company provides vertically integrated product solutions for aerospace, toys and consumer durables industries. It specialises in precision machining for AeroSystems, Aerostructures, landing gear and engine components, forging, surface treatment, aerostructure assembly, testing and prototyping of components at its Belagavi unit. Apart from this, the company has also setup consumer durable and toy manufacturing clusters in Hubbali and Koppal, Karnataka.

Filed by CARE Ratings, page 5.

Aequs Q1 FY27: Revenue Up 55%, Operating Margin Down to 3.7%, Order Book Past USD 1 Billion

At a glance

Aequs makes precision metal parts for aircraft and moulded goods for consumer brands. Revenue for the three months to June 2026 came to ₹396 crore. The same quarter a year earlier brought ₹256 crore, so sales rose 55 per cent. Revenue was also 8 per cent above the ₹367 crore of the preceding quarter.

Operating profit fell to ₹15 crore from ₹27 crore a year earlier. Operating margin, or trading profit as a share of sales, dropped to 3.7 per cent from 11 per cent. The company reported a net loss of ₹53.2 crore for the quarter. In the June 2025 quarter it had made a profit of ₹3.6 crore. Earnings for the quarter worked out at minus ₹0.79 for each share.

Management attributes the year-on-year fall in operating earnings to consumer electronics running costs. Those costs were charged against profit this time, and added to asset value a year ago. Depreciation, the annual write-down of plant and machinery, rose to ₹45 crore from ₹25 crore. Management links that rise to the company's enlarged consumer electronics asset base. Finance cost fell to ₹19 crore from ₹36 crore in the March quarter. The company had by then repaid loans of roughly ₹253 crore.

Aerospace revenue grew 40 per cent over the year, and consumer revenue nearly tripled. Consumer work is now 19 per cent of the mix, up from 10 per cent. The company reported an aerospace order book above USD 1,004 million at the quarter end. That is 13 per cent higher than the USD 889 million reported three months earlier. It also signed a first contract for fully assembled Airbus A320 wheels with Safran Landing Systems. Management describes that arrangement as an agreement running for fifteen years.

Revenue for the full year to March 2026 was ₹1,230 crore. The net loss over that year came to ₹113 crore. The company's market capitalisation, the worth of all its shares together, stands at ₹15,369 crore.

Introduction

Aequs was founded in 2000 and, by its own account, entered aerospace manufacturing in 2006-07. Aravind Melligeri started QuEST Global Manufacturing in Bengaluru, and that entity was renamed Aequs in 2014. The company makes high-precision components and assemblies for aircraft makers and their largest direct suppliers. That work is concentrated in civil aviation, meaning passenger and cargo aircraft.

The build-out has been methodical to the point of stubbornness. A special economic zone at Belagavi, a tax-favoured export enclave, opened in 2008. The United States followed in 2015, through the purchase of T&K Machine, now Aequs Aero Machine. Europe came in 2016 with the SIRA Group acquisition at Cholet in France. Consumer durables manufacturing began in Bengaluru in 2021, then the Koppal cluster, then Hubballi. Plastic toys followed, and in 2025 came parts for smart devices for one of the largest global consumer electronics firms. Twenty-five years of adding one more capability to the pile.

The company joined the public markets in December 2025, raising ₹922 crore in all. A fresh issue of ₹670 crore was earmarked for repaying debt and investing in subsidiaries. Machinery spending, acquisitions and general corporate purposes made up the rest of that list. CARE, a credit-rating agency, records cumulative equity of ₹814 crore from the IPO and pre-IPO rounds. Private equity put in about ₹586 crore of preference shares that must later convert into equity. Those came in March 2023 and the year to March 2024. A rights issue in April 2025, offered to existing holders, added ₹128 crore.

The flow of announcements since listing has been dense. Non-binding memorandums of understanding cover ₹1,900 crore of aircraft components over ten years. A further understanding with Karnataka is worth ₹2,856 crore over five years. A drone joint venture with Accel and Vagus was signed in January 2026. The board approved a scheme merging three wholly-owned subsidiaries in April 2026. The scheme went to a postal ballot of shareholders in July. In April 2026 the company disclosed that Hasbro intends to stop purchase orders from Aequs Engineered Plastics. The company said the impact of that was under assessment. Dinesh Iyer resigned as chief financial officer in March 2026 and was relieved on 30 June.

Business model

Aequs describes itself as the only precision component maker in India with one fully integrated aerospace site. Forging, machining, surface treatment and assembly all sit inside a single fence at Belagavi. The pitch is that components travel under 500 metres between steps, rather than 5,000 kilometres. Somewhere in Belagavi there is a bracket that has never seen a highway.

The aerospace catalogue runs to 5,740 separate part numbers. Structures account for 4,231 of them, and interiors and cargo fittings for 601. There are 283 assemblies and 244 parts for actuation systems, which move an aircraft's controls. Landing systems account for 187 part numbers and turnings for 121. Engine systems add another 73 to the catalogue. The names include cable quadrant, corner fitting, jack head and outer pawl. It reads less like a catalogue and more like a hardware shop staffed by aerospace engineers.

The parts fly on platforms including the A320, A220, B737 and A330. The A350, B767, B777 and B787 also appear on the list. Customers include Airbus, Boeing and Safran, alongside Collins Aerospace and SAAB. The top three relationships have run for fifteen years on average. The largest five customer groups provided 63 per cent of revenue in the latest quarter.

The consumer segment is where the story stops being about titanium. The same company that machines landing gear also makes non-stick cookware and toy vehicles. Figurines and interactive learning toys follow, and since 2025 parts for portable computers and smart devices. Named customers include Mattel, Spin Master, Tramontina and Wonderchef. The moulding floor runs 172 injection moulding machines of varying size. Their clamping force ranges from 80 to 450 tonnes. Seven blow moulding machines and 46 assembly lines sit alongside them. Shot-peening hammers a metal surface with small beads to toughen it. One entity shot-peens a wing bracket in the morning and blow-moulds a lunchbox after lunch. The company has spent about five years making the case that one business can do both.

Three Indian clusters carry the floor space, with Belagavi at 1.23 million square feet. Hubballi adds 0.30 million square feet and Koppal 0.55 million. Cholet in France and Paris, Texas complete the map. Total footprint is 2.22 million square feet, holding 438 computer-controlled cutting machines. Another 179 moulding machines are counted across the group. Exports were 88 per cent of revenue in the three months to June 2026.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Aequs Limited.

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