AEQUS
Micro CapAequs Limited
Industrials
Aequs is an engineering-led, vertically integrated precision manufacturer operating in Aerospace and Consumer segments within single SEZs in India. It offers end-to-end manufacturing capabilities for complex parts and products, serving global OEMs with a diversified portfolio and a focus on high-value-added components.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 32/100margin compression · Rev +70% YoY · +13% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹367 Cr | +69.9% | +12.6% |
| EBITDA | ₹4 Cr | -84.0% | -86.2% |
| Operating margin | 1.0% | -900 bps | -800 bps |
| PAT | ₹-54 Cr | NDF | NDF |
| PAT margin | -14.7% | -1832 bps | -152 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Aequs reported strong FY26 revenue growth of 33% YoY to ₹12,304 Mn and EBITDA growth of 43% YoY to ₹1,545 Mn. Q4 FY26 revenue grew 47% YoY to ₹3,671 Mn, but EBITDA declined 23% YoY to ₹321 Mn due to low consumer electronics utilization post-capitalization cessation.
While Aequs delivered robust top-line growth in both Aerospace and Consumer segments for FY26, Q4 profitability was impacted by low utilization in the newly commercialized Consumer Electronics segment. The strong Aerospace order book provides visibility, but scaling the Consumer business profitably and managing associated costs will be critical for overall margin improvement and bottom-line trajectory.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Increase Wallet Share & Diversify Aerospace Customers
Continue to increase wallet share with existing customers and diversify customer base in the Aerospace Segment, moving up the value chain to more critical and complex parts.
Grow Consumer Product Portfolio
Expand portfolio of consumer electronics products, including components for portable computers and smart devices, and scale mass production shipments.
Enhance Profitability in Aerospace
Enhance profitability and margins by diversifying into higher value-added products and highly complex structural components, and increasing domestic RM procurement.
Improve Consumer Margins & Market Share
Improve margins through higher value manufacturing and operational efficiencies, leveraging existing capabilities to increase market share in current segments and sector adjacencies.
Aerospace Ecosystem Investment
Signed MoU with Govt of Tamil Nadu for ₹1,900 Cr investment in Hosur for an integrated Aerospace ecosystem.
Karnataka Manufacturing Expansion
Signed MoU with Govt of Karnataka for ₹2,856 Cr investment to expand aerospace and consumer electronics manufacturing across Belagavi & Hubballi.
Consumer Electronics Capacity Expansion
Significant capacity expansion in Consumer Electronics during Q4 & FY26, with additional investments planned in FY27, including ongoing construction of a new facility.
Strong Aerospace Order Book
Aerospace order book grew to USD 889 Mn, indicating strong customer traction and improving revenue visibility heading into FY27.
Export Positioning
Export positioning reinforced by continued traction with global OEMs, with exports contributing 88% of FY26 revenue.
R&D and Innovation Partnership
Partnership with IIT Dharwad to build an advanced materials R&D ecosystem focused on applied research, failure analysis, process simulation, and manufacturing innovation.
Government Schemes
Leverage PLI scheme and scheme for promotion of electronic components and semiconductors.
Consumer Electronics Profitability Impact
Q4 EBITDA declined due to cessation of capitalization in Consumer Electronics in Q3, resulting in full operating costs being charged to P&L while utilization remained low.
Widened Net Loss
Reported PAT loss widened to ₹541 Mn in Q4 FY26 and ₹1,133 Mn in FY26, reflecting higher depreciation, taxation, and ₹76 Mn in one-time expenses.
Low Utilization in Consumer Segment
The Consumer segment's low capacity utilization (23% in FY26) is impacting profitability, as full operating costs are now expensed.
Increased Depreciation and Finance Costs
Higher depreciation (₹1,377 Mn in FY26) and finance costs (₹924 Mn in FY26) are significant factors contributing to the net loss.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential for assessing overall annual growth and the impact of maturing programs. QoQ comparison is crucial for monitoring sequential momentum, especially in the Consumer segment where new operations commenced and utilization ramp-up is a key factor.
Aerospace Order Book
Aerospace order book grew to USD 889 Mn in FY26, indicating strong customer traction and improving revenue visibility.
Aerospace Capacity Utilisation (India)
Aerospace Capacity Utilisation (India) was 62% in FY26.
Consumer Capacity Utilisation
Consumer Capacity Utilisation was 23% in FY26.
EBITDA Margin (FY26)
EBITDA margin improved to 13% in FY26, up from 12% in FY25, driven by operating leverage.
Landmark Year & Strategic Milestones
FY26 has been a landmark year defined by strong execution, meaningful business expansion, and the IPO, marking a new chapter.
Deepening Manufacturing Presence
The company is deepening its manufacturing presence across key geographies, strengthening capabilities, and advancing its Aerospace portfolio toward higher-margin programs.
Confidence in Sustaining Growth
Management expresses confidence in sustaining growth momentum into FY27, underpinned by quality standards and delivery reliability.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consumer Segment Capacity Utilization | 23% (FY26) | Ramp-up in utilization rates and its positive impact on segment profitability. |
| Consolidated EBITDA Margin | 9% (Q4 FY26) | Improvement in margins as the Consumer segment scales and operating leverage takes effect. |
| Net Working Capital Days | 151 days (FY26) | Efficiency improvements in working capital management to support growth without excessive capital lock-up. |
| Aerospace Order Book Conversion | USD 889 Mn (FY26) | Consistent conversion of the strong order book into revenue and securing new high-value orders. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
51Neutrallabel neutral
Technical chart
AEQUSdaily · 1Y+21.7%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 47.
- SMA20 rising (~4.1% over last month) — short-term momentum positive.
- RSI(14) at 47 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 18% off 52W high · 62% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Balance sheet contributes 7/15 to the score.
- Growth contributes 2/25 to the score.
- Valuation contributes 0/30 to the score.
Main drags
- Fair-value margin of safety is negative at -2752.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 13th percentile of the scored universe and 10th percentile within Industrials. Main check: financial discipline is weak at 40/100.
Mixed Trust Lite: Promoter holding is 59.1%. Key concern: Only 0 years of positive FCF.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Industrials: 10th pctile, median 68 · Micro: 9th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 59.1%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Only 0 years of positive FCF.
- ▸Debt/equity is 1.09.
- ▸Interest coverage is 1.2x.
- ▸ROCE is low at 1.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 378.00
- P/B
- 6.73
- EV/EBITDA
- 1257.70
- Market Cap
- 12542.00Cr
Profitability
- ROE
- 2.39%
- ROCE
- 3.22%
- ROA
- 4.74%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 1.00%
- EPS 5Y
- 1.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 2.50%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 0.11×
- Altman Z
- 8.12
- Book Value
- 27.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -5.00 Cr
- EPS TTM
- 0.74
Shareholding
- Promoter Hold
- 59.08%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 67%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.