Aequs Limited (AEQUS) share price

₹225.97 on NSE as of 2026-09-11. -1.74% on the day. 52-week range ₹115.11 to ₹262.45. Capital Goods.

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 Ltd reported June-quarter revenue of ₹396 crore, up from ₹256 crore in the same quarter last year — a 55% increase, and 8% above the ₹367 crore of the preceding quarter. Operating profit came in at ₹15 crore, against ₹27 crore a year earlier, taking operating margin to 3.7% from 11%. Net loss for the quarter was ₹53.2 crore, compared with a ₹3.6 crore profit in the June 2025 quarter. Quarterly EPS was ₹-0.79.

Management attributes the year-on-year EBITDA decline to consumer electronics operating costs being expensed in Q1 FY27 versus capitalised in Q1 FY26. Depreciation rose to ₹45 crore from ₹25 crore a year earlier, which management links to the expanded consumer electronics asset base. Finance cost fell to ₹19 crore from ₹36 crore in the March quarter, following loan repayments of roughly ₹253 crore.

Segment-wise, aerospace revenue grew 40% year-on-year and consumer revenue nearly tripled, lifting consumer to 19% of the mix from 10%. The company reported that its aerospace order book crossed USD 1,004 million, up 13% sequentially from USD 889 million. It also signed a first contract for fully assembled Airbus A320 wheels with Safran Landing Systems, described by management as a 15-year agreement.

For the full year FY26, revenue was ₹1,230 crore and net loss ₹113 crore. Market capitalisation stands at ₹15,369 crore. The gap between a company growing revenue 55% and one reporting a widening loss is where the rest of this entry lives.

Introduction

Aequs was founded in 2000 and, per its own account, entered the aerospace manufacturing business in 2006-07 when Aravind Melligeri started QuEST Global Manufacturing in Bengaluru. That entity was rebranded "Aequs" in 2014. The company makes high-precision, high-complexity components and assemblies for global OEMs and Tier-1 suppliers, particularly in civil aviation.

The build-out has been methodical to the point of stubbornness. Belagavi SEZ from 2008. US expansion in 2015 via the acquisition of T&K Machine, now Aequs Aero Machine. Europe in 2016 through the SIRA Group acquisition in Cholet, France. Consumer durables manufacturing in Bengaluru from 2021, the Koppal cluster, then Hubballi, then plastic toys, then — in 2025 — components for smart devices for one of the largest global consumer electronics players. Twenty-five years of adding one more capability to the pile.

The company entered public markets in December 2025, raising ₹922 crore in total with a ₹670 crore fresh issue earmarked for debt repayment, subsidiary investment, machinery capex, inorganic growth and general corporate purposes. CARE records cumulative equity of ₹814 crore raised through the IPO and pre-IPO rounds, on top of ~₹586 crore of CCPS from private equity in March 2023 and FY24, and ₹128 crore via a rights issue in April 2025. That is a company that has been very good at one specific thing: convincing people to fund the next facility.

Since listing, the announcement flow has been dense. Non-binding MoUs of ₹1,900 crore for aircraft components over ten years and ₹2,856 crore with Karnataka over five years. A UAV joint venture with Accel and Vagus signed in January 2026. A scheme of amalgamation for three wholly-owned subsidiaries, approved by the board in April 2026 and put to postal ballot in July. In April 2026 the company disclosed that Hasbro intends to stop purchase orders from Aequs Engineered Plastics, with impact under assessment. CFO Dinesh Iyer resigned in March 2026 and was relieved on June 30.

Business model

Aequs describes itself as the only precision component manufacturer in India operating a fully vertically integrated aerospace ecosystem within a single SEZ — forging, machining, surface treatment and assembly, all inside one fence. The pitch is that components travel less than 500 metres instead of 5,000 kilometres. Somewhere in Belagavi there is a bracket that has never seen a highway.

The aerospace catalogue runs to 5,740 SKUs: 4,231 in structures, 601 in interiors and cargo, 283 assemblies, 244 in actuation systems, 187 in landing systems, 121 turnings, 73 in engine systems. These are objects with names like "cable quadrant," "corner fitting," "jack head," and "outer pawl" — a product list that reads less like a catalogue and more like the inventory of a very specific hardware shop staffed entirely by aerospace engineers. Platforms include the A320, A220, B737, A330, A350, B767, B777 and B787. Customers include Airbus, Boeing, Safran, Collins Aerospace and SAAB; the top three have an average relationship tenure of 15 years, and the top five customer groups contributed 63% of Q1 FY27 revenue.

Then there is the consumer segment, which is where the story stops being about titanium. The same company that machines landing gear also makes non-stick cookware, toy vehicles, figurines, interactive learning toys, and — since 2025 — components for portable computers and smart devices. Customers named include Mattel, Spin Master, Tramontina and Wonderchef. The molding floor runs 172 machines between 80T and 450T, seven blow molding machines, and 46 assembly lines. A single corporate entity that can shot-peen a wing bracket in the morning and blow-mould a lunchbox after lunch is either an extraordinary demonstration of manufacturing leverage or the world's most over-engineered toy factory, and the company has spent about five years arguing for the former.

Geographically: three India clusters (Belagavi 1.23 mn sq ft, Hubballi 0.30 mn, Koppal 0.55 mn), plus Cholet in France and Paris, Texas. Exports were 88% of Q1 FY27 revenue. Total footprint is 2.22 mn sq ft with 438 CNC machines and 179 molding machines.

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

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