A
Aequs
Book Building issueMainboardNSE₹922 Cr issue
+12.90%
Listing gain over issue price
Issue size
₹922 Cr
1 lot at cut-off
₹14,880
Lot size
120shares
Open
03 Dec 2025
Close
05 Dec 2025
Allotment
08 Dec 2025
Listing
10 Dec 2025
Listing performance
Issue price
₹124
Listed at
₹140
Listing-day close
₹151.50
Latest price
₹230.44
Listing gain
+12.90%
Return since listing
+85.84%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹24
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 10 Dec 2025 | ₹24 | +19.35% | ₹2,200 | ₹148 | ₹2,880 |
| 09 Dec 2025 | ₹31 | +25.00% | ₹2,800 | ₹155 | ₹3,720 |
| 08 Dec 2025 | ₹34 | +27.42% | ₹3,100 | ₹158 | ₹4,080 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 03 Dec 2025 – 05 Dec 2025
- Listing date
- 10 Dec 2025
- Face value
- ₹10 per share
- Issue price
- ₹124 per share
- Lot size
- 120 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹922 Cr
- Market cap at offer price
- ₹8,316 Cr
- Promoter holding
- 64.48% → 59.09% pre-issue → post-issue
- ISIN
- INE947N01017
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- Aequs Tower, No.55, Whitefield Main Road, Mahadevapura Post, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 3,33,80,262 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 120 shares per lot, in multiples, at ₹124
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 120 | ₹14,880 |
| Retail (max) | 13 | 1,560 | ₹1,93,440 |
| S-HNI (min) | 14 | 1,680 | ₹2,08,320 |
| S-HNI (max) | 67 | 8,040 | ₹9,96,960 |
| B-HNI (min) | 68 | 8,160 | ₹10,11,840 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
3,33,80,262
Anchor portion
₹414 Cr
at ₹124 per share
Valuation and performance
Valuation at offer price
₹124 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | −1.66 | −0.51 |
| Price to book (×) | 9.94 | — |
| Market cap | — | ₹8,316 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period
- Return on net worth
- −14.47%
- ROCE
- 0.87%
- Debt / equity
- 0.99
- PAT margin
- −11.07%
- EBITDA margin
- 11.68%
- NAV per share
- ₹12.47
- Price to book
- 9.94
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Aequs
Aequs Limited, formerly incorporated as Mechanical Training Academy Private Limited in March 2000 and subsequently renamed through several iterations, is a precision engineered components manufacturer. The company operates three manufacturing clusters in Karnataka, India, enabling production of complex products for global OEM customers. Its product portfolio includes components for engine systems, landing systems, cargo and interiors, structures, assemblies and turnings for aerospace clients, and consumer electronics, plastics and consumer durables for consumer clients. The company derives 88.23% of net external revenue from the Aerospace Segment (as of September 30, 2025). The company has undergone multiple structural changes including conversion to public limited status in May 2025.
Company Analysis
from RHPAequs is a vertically integrated precision component manufacturer serving the aerospace and consumer sectors with advanced manufacturing capabilities across multiple clusters.
Aequs Limited, formerly incorporated as Mechanical Training Academy Private Limited in March 2000 and subsequently renamed through several iterations, is a precision engineered components manufacturer. The company operates three manufacturing clusters in Karnataka, India, enabling production of complex products for global OEM customers. Its product portfolio includes components for engine systems, landing systems, cargo and interiors, structures, assemblies and turnings for aerospace clients, and consumer electronics, plastics and consumer durables for consumer clients. The company derives 88.23% of net external revenue from the Aerospace Segment (as of September 30, 2025). The company has undergone multiple structural changes including conversion to public limited status in May 2025.
AerospaceConsumer ElectronicsPrecision Engineering ComponentsManufacturing
Objects of the Issue
- Repayment/prepayment in full or in part, of certain outstanding borrowings and prepayment penalties for the Company and three wholly-owned Subsidiaries (ASMIPL, ACPPL, AEPPL) ₹4,331.67 million p.23
- Funding capital expenditure for purchase of machinery and equipment by the Company and its wholly-owned Subsidiary ASMIPL ₹640.02 million p.23
- Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes [●] p.23
- Funding the capital expenditure to be incurred on account of purchase of machinery and equipment by the Company and its wholly-owned Subsidiary, AeroStructures Manufacturing India Private Limited ₹640.02 million p.75
- Repayment of borrowings and funding inorganic growth through unidentified acquisitions and strategic initiatives p.76
- Repayment and/or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by our Company and three wholly-owned Subsidiaries (AeroStructures Manufacturing India Private Limited, Aequs Consumer Products Private Limited and Aequs Engineered Plastics Private Limited) ₹4,331.67 million p.151
- Funding capital expenditure to be incurred on account of purchase of machinery and equipment by our Company and one wholly-owned Subsidiary (AeroStructures Manufacturing India Private Limited) ₹640.02 million p.151
- Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes p.151
- Repayment and/or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by the Company and three wholly-owned Subsidiaries (ASMIPL, ACPPL, and AEPPL), through investment in such Subsidiaries ₹4,331.67 million p.154
- Funding the capital expenditure to be incurred on account of purchase of machinery and equipment by the Company and one wholly-owned Subsidiary ASMIPL, through investment in such Subsidiary ₹640.02 million p.160
- Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes p.164
- Fresh Issue of Equity Shares ₹6,700.00 million p.620
Issue Structure
- Total Issue
- [●] Equity Shares bearing face value of ₹10 each aggregating up to ₹[●] million
- Fresh Issue
- [●] Equity Shares bearing face value of ₹10 each aggregating up to ₹6,700.00 million
- Offer for Sale
- Up to 20,307,393 Equity Shares bearing face value of ₹10 each aggregating to ₹[●] million
- Price Band
- [●] per Equity Share (to be finalized)
- Lot Size
- [●] Equity Shares (Bid Lot) and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
The company manufactures precision engineered components on a requirement basis for OEM customers across aerospace and consumer segments. Revenue is derived from manufacturing and sale of aerospace components (engine systems, landing systems, structures, assemblies) and consumer products (portable computer components, plastics, consumer durables). The company operates on a build-to-print model and maintains long-standing relationships with OEM customers who issue purchase orders based on their requirements.
Business Segments
Manufacturing of precision engineered components for engine systems, landing systems, cargo and interiors, structures, assemblies and turning for aerospace clients
Manufacturing of products such as components for portable computers and smart devices, plastics such as outdoor toys, figurines and toy vehicles and consumer durable products such as non-stick cookware and small home appliances
Manufacturing of aerospace components including machining and molding operations at Belagavi cluster including AeroStructures Manufacturing India Private Limited, units of Aequs Limited, AeroStructures Assemblies India Private Limited, Aerospace Processing India Private Limited, and SQuAD Forging India Private Limited
Manufacturing of aerospace components at Cholet facility
Manufacturing of aerospace components at Paris, Texas facility
Manufacturing of consumer products through multiple subsidiaries at Hubballi and Belagavi and Koppal clusters in Karnataka
Manufacturing of precision-engineered components and assemblies for aerospace applications
Manufacturing of consumer products including laptop bottom base units, smartwatch enclosures, and other consumer electronics components
Manufactures precision components including engine parts, pylon parts, assembly, actuation parts, interiors parts, landing gear, forgings, landing systems, and wing & fuselage parts for commercial aircraft programs (A220, A320, B737, A330, A350, B777, B787). Produces over 5,000 products within the Aerospace Segment.
Manufactures consumer durables including cookware and small home appliances; plastics including outdoor toys, figurines, and toy vehicles; and components for consumer electronics such as portable computers and smart devices.
Manufactures precision components for commercial and military aircraft including engine systems, landing systems, structures, interiors and cargo, assemblies, and turning components. Operates advanced manufacturing facilities including machining, forging, surface treatment, and aerostructure assembly capabilities.
Manufactures consumer electronics components (portable computers and smart devices), plastic toys and figurines, and non-stick cookware. Includes consumer electronics, plastics, and consumer durables sub-segments.
Manufacturer of aerostructure assemblies made out of procured metallic and composite components
Manufacture of consumer products including toys, kitchen and home appliances, and related components from various materials
Manufacturers of polythene, polypropylene, ABS, nylon products and auxiliary plastic products through extrusion, injection molding, blow molding and related processes
Manufacturing of aerospace parts and supply of products for drilling, completion and production for oil and gas services and aerospace companies
Industrial engineering and manufacture of mechanical parts for civil and military aeronautics market
Surface treatment, heat treatment, vacuum brazing and electron beam welding of aerospace, automotive, industrial and engineering components
Forging of aerostructural parts, landing gear and braking system components in various alloys and manufacture of critical parts for automotive and power generation markets
Manufactures precision-engineered components and assemblies for aerospace applications
Manufactures consumer products
Manufactures and supplies aerospace components and assemblies to aircraft manufacturers and suppliers globally
Produces consumer durable goods and related products
Contract manufacturing for aerospace components and assemblies
Manufacturing of consumer appliances and home products
Tooling, molding, and specialized manufacturing services
Manufactures precision components including engine systems, landing systems, cargo and interiors, structures, and assemblies for commercial aircraft including single aisle (A220, A320, B737) and long-range aircraft (A330, A350, B777, B787). The company produces over 5,000 products within the Aerospace Segment under various manufacturing and assembly programs.
Manufactures consumer products including durables such as cookware and small home appliances, plastics such as outdoor toys, figurines and toy vehicles, and components for consumer electronics such as portable computers and smart devices.
SWOT Analysis
Strengths
- • Vertically integrated precision manufacturing with advanced capabilities across Aerospace and Consumer segments(p.22)
- • Long-standing customer relationships with 15 OEM customer groups globally, averaging 11 years per major customer(p.43)
- • Established positions in high-value aerospace and consumer sectors with proven manufacturing excellence(p.22)
- • Debt reduction capability through IPO proceeds(p.154)
- • Improved debt servicing and internal accrual utilization(p.154)
- • Enhanced capital raising ability post-IPO(p.154)
- • Established aerospace manufacturing presence with specialized equipment(p.160)
- • Track record of successful acquisitions and market expansion(p.164)
- • Only precision manufacturer in single SEZ with fully vertically integrated aerospace capabilities in India(p.292)
- • One of largest aerospace product portfolios in India with 5,000+ products(p.292)
- • Niche metallurgy capabilities specializing in high-end alloys including titanium(p.292)
- • Three continents geographic presence enabling customer proximity(p.293)
- • 100% in-country value addition for select products(p.293)
- • Leading end-to-end manufacturing capabilities in Belagavi aerospace cluster(p.242)
- • Leading vertically integrated precision manufacturing capabilities in single SEZ(p.298)
- • Unique vertically integrated manufacturing ecosystems across three continents(p.300)
- • Advanced manufacturing capabilities enabling entry into new business segments(p.300)
- • Significant global customer relationships with long tenure and high stickiness(p.304)
- • High client stickiness due to collaborative manufacturing and stringent quality standards(p.305)
- • Comprehensive product portfolio across high-value aerospace segments(p.304)
- • Experienced founder-led management with significant industry expertise(p.306)
- • Strategic geographic presence serving major end markets across three continents(p.302)
- • Recognized aerospace manufacturing expertise with 25+ years in the sector(p.362)
- • First precision manufacturing SEZ in India, providing competitive operational advantages(p.362)
- • Diversified business portfolio across aerospace and consumer products segments(p.362)
- • Strong joint venture partnerships with international players(p.360)
- • Diversified customer base across aerospace, defense, and consumer sectors with major global customers(p.467)
- • Multi-geography operations with manufacturing presence in India, USA, and France(p.474)
- • Segment leadership in aerospace manufacturing with sustained revenue contribution(p.472)
- • Only precision component manufacturer in single SEZ with fully vertically integrated aerospace capabilities(p.543)
- • One of largest aerospace product portfolios in India with 5,000+ products across major aircraft programs(p.544)
- • Niche metallurgy capabilities specializing in high-end alloys including titanium for aerospace(p.544)
- • Only company in India with three-continent presence enabling access to diverse global workforce(p.547)
- • Leading company within single SEZ with end-to-end manufacturing capabilities for aerospace(p.544)
- • Strong customer relationships with marquee global OEMs providing revenue predictability(p.546)
Weaknesses
- • Heavy dependence on Aerospace Segment (88.23% of revenue for H1 FY2026; 72.06-89.19% across prior years)(p.27)
- • Concentrated customer dependency with top 10 customers representing 82.51% of revenue (H1 FY2026)(p.27)
- • Requirement-based contracts with no guaranteed purchase quantities or timeframes(p.27)
- • Significant capital expenditure requirements for equipment and machinery maintenance/upgrades(p.27)
- • Negative operating cash flows in past periods(p.27)
- • Losses in recent years (FY2025: ₹1,023.46 million; FY2024: ₹142.44 million; FY2023: ₹1,094.95 million)(p.25)
- • All manufacturing units concentrated in Karnataka state, exposing to regional risks(p.27)
- • Significant capital expenditure requirements for equipment and machinery(p.44)
- • Underutilized capacity in Consumer Segment due to demand fluctuations(p.45)
- • Concentration of all Indian manufacturing units in Karnataka state(p.48)
- • History of negative operating cash flows(p.48)
- • Multiple subsidiaries with consistent losses(p.54)
- • Company and parent level losses over multiple years(p.54)
- • Guarantees extended to subsidiaries and joint ventures(p.73)
- • Dependence on SEZ and EOU schemes for tax benefits(p.58)
- • High reliance on top 10 suppliers(p.46)
- • Reliance on foreign borrowings with currency risk(p.72)
- • Regulatory compliance burden from new data protection laws(p.94)
- • Increased financial burden from new labour codes(p.94)
- • Complexity in deemed remuneration calculations under Social Security Code(p.94)
- • Foreign investment restrictions limiting investor base(p.96)
- • Constraints on foreign currency borrowing(p.97)
- • Difficulty enforcing foreign judgments(p.97)
- • No established trading market and price volatility risk(p.97)
- • Significant accumulated losses across reporting periods(p.175)
- • Negative return on equity and profitability challenges(p.176)
- • Consumer segment operational losses(p.175)
- • High debt-to-equity ratio indicating leverage risk(p.176)
- • Low capacity utilization efficiency(p.176)
- • Negative PAT margins indicating operational challenges(p.176)
- • High cash conversion cycle indicating working capital constraints(p.287)
- • Operating losses in recent years with negative PAT margins(p.286)
- • Negative Return on Equity despite improvements(p.287)
- • Low capacity utilization rates relative to installed capacity(p.288)
- • Declining revenue growth with negative YoY performance(p.285)
- • High dependence on Aerospace Segment with declining Consumer Segment contribution(p.296)
- • Negative profitability and persistent losses despite revenue growth(p.296)
- • Low and declining capacity utilization across manufacturing facilities(p.297)
- • High debt burden with increasing leverage ratio(p.297)
- • Deteriorating working capital position with extended cash conversion cycle(p.297)
- • Significant losses in Consumer Segment operations(p.297)
- • Heavy reliance on joint ventures exposing company to additional risks(p.295)
- • Substantial concentration in top customer groups creating revenue dependency(p.304)
- • Significant accumulated losses in consumer products subsidiaries(p.350)
- • Repeated losses in toy manufacturing operations(p.352)
- • Negative reserves in multiple subsidiaries indicating accumulated deficits(p.353)
- • Inconsistent profitability across key subsidiaries(p.358)
- • Foreign currency payable settlement issues and FEMA compliance concerns(p.389)
- • Persistent losses across reporting periods with negative earnings per share(p.470)
- • High leverage with net debt to equity ratio of 0.98, approaching 1:1(p.469)
- • Significant loan covenant breaches in consumer segment subsidiaries(p.451)
- • Material impairment losses on goodwill and investments, particularly in consumer segment(p.463)
- • Contingent income tax liabilities of ₹861.22 million relating to assessment years 2017-18 and 2018-19(p.469)
- • Significant recurring cash losses across multiple financial years(p.532)
- • Consumer segment operations generating negative EBITDA margins(p.542)
- • High dependence on top 10 customer groups for majority of revenue(p.546)
- • Material impairment loss on goodwill indicating subsidiary performance deterioration(p.570)
- • Discrepancies in quarterly bank returns versus books of account across multiple periods(p.532)
- • Heavy dependence on top 10 customers for revenue generation(p.578)
- • Concentration risk in supplier base(p.578)
- • Significant variable rate borrowings exposure(p.577)
- • Tax litigation pending with income tax authorities(p.586)
Opportunities
- • Growing global aerospace and precision component markets driven by technological advancement and China+1 strategies(p.22)
- • Capacity expansion through Fresh Issue proceeds (₹6,700 million) for machinery, equipment and growth initiatives(p.27)
- • Growth in global consumer electronics market (laptops, tablets, wearables) driven by technological advancements(p.22)
- • Leverage existing manufacturing capabilities to enter new business segments and products(p.22)
- • Funded growth strategy including ₹4,331.67 million for debt repayment and ₹640.02 million for capex to improve utilization(p.23)
- • Global OEM customers expect manufacturers to have sufficient capacity(p.45)
- • IPO net proceeds for machinery and capacity expansion(p.45)
- • Opportunities for inorganic growth through acquisitions(p.76)
- • Diversification and wallet share expansion with existing customers(p.53)
- • Revenue growth demonstrated in aerospace and international markets(p.53)
- • Machinery and equipment expansion to meet growing demand(p.160)
- • Inorganic growth through strategic acquisitions(p.164)
- • Advanced Technology Plant (ATP) ramp-up and new product lines(p.157)
- • India's strong GDP growth and manufacturing push(p.226)
- • General corporate purpose flexibility including marketing and brand building(p.166)
- • India emerging as major beneficiary of China+1 strategy for aerospace manufacturing(p.228)
- • Aerospace supply chain expansion with OEMs targeting India(p.241)
- • Indian aerospace manufacturing market growing at 11.96% CAGR to reach ₹257.09 Bn by 2030(p.254)
- • Global aerospace backlog creating sustained demand for 14+ years(p.284)
- • Expansion into high-margin consumer electronics segment(p.256)
- • India positioned as hub for electronics manufacturing with PLI incentives(p.266)
- • Government incentives through Production Linked Incentive schemes for electronics manufacturing(p.295)
- • Expanding consumer electronics business with leading global OEM customers(p.307)
- • Increasing wallet share and higher value-added products within existing aerospace customer base(p.306)
- • Growing outsourcing by OEMs enabling suppliers with integrated capabilities(p.302)
- • India as beneficiary of Europe+1 and China+1 strategies attracting FDI(p.302)
- • Expansion of consumer durables portfolio through joint ventures(p.307)
- • Leveraging integrated end-to-end manufacturing to capture environmental/ESG benefits(p.301)
- • Expansion of aerospace segment through established international partnerships(p.361)
- • Growth in joint venture cookware appliances business(p.362)
- • Revenue growth trajectory in aerospace assembly operations(p.349)
- • International expansion through European manufacturing operations(p.359)
- • Capital expenditure commitments of ₹1,178.84 million for segment expansion plans(p.469)
- • Undrawn borrowing facilities of ₹1,087.93 million available for working capital expansion(p.466)
- • Government grant support for capital investments and operational subsidies(p.462)
- • PLI schemes and state-level incentives for electronics manufacturing and value-added services(p.545)
- • Move up value chain to produce more critical and complex aerospace components(p.546)
- • Access to D2P partner status with Airbus providing competitive advantage for new contracts(p.546)
- • Leverage aerospace capabilities to diversify and expand consumer electronics portfolio(p.547)
- • Global OEM preference for integrated supply chain and one-stop-shop manufacturing(p.544)
Threats
- • Aerospace industry cyclicality and pandemic-driven demand disruptions (COVID-19 impact demonstrated)(p.42)
- • Raw material price volatility and supply chain disruptions(p.27)
- • Intense competition from domestic and international precision manufacturing competitors(p.43)
- • Risk of capacity utilization decline if expansion capex does not translate to order growth(p.27)
- • Exposure to foreign exchange and interest rate fluctuations(p.36)
- • Regulatory and policy changes affecting aerospace, automotive and manufacturing sectors(p.36)
- • Potential credit rating downgrade affecting future capital raising ability(p.27)
- • Exposure to global demand fluctuations and competition(p.57)
- • U.S. tariffs and trade policy uncertainty(p.57)
- • Geopolitical risks affecting supply chains(p.47)
- • Dependence on China for critical equipment(p.47)
- • Raw material price volatility(p.69)
- • Pricing pressure from OEM customers(p.78)
- • Intense competition from global competitors(p.82)
- • Exposure to foreign exchange fluctuations(p.70)
- • Regulatory changes in export jurisdictions(p.57)
- • Skill shortage in manufacturing sector(p.69)
- • Adverse changes in tax and fiscal policy affecting India's sovereign credit(p.95)
- • Deterioration in India's credit ratings increasing borrowing costs(p.95)
- • Accounting standards differences affecting investor assessment(p.95)
- • Regulatory uncertainty and evolving compliance landscape(p.94)
- • Risk of stock exchange surveillance measures(p.98)
- • Market price volatility from various external factors(p.98)
- • Global trade tensions and tariff uncertainties(p.224)
- • Geopolitical tensions affecting supply chains and investment(p.224)
- • Moderate global growth forecasts limiting demand expansion(p.223)
- • Inflation risks in emerging and developed economies(p.225)
- • Potential shortfall in funds for unidentified acquisitions(p.165)
- • Heavy reliance on aerospace OEM customers (Airbus/Boeing) creating concentration risk(p.250)
- • Long aerospace supplier onboarding creates barriers and supplier lock-in(p.237)
- • Aerospace component manufacturing complexity and precision requirements create high entry barriers(p.239)
- • Severe skill shortage in aerospace sector affecting workforce availability(p.248)
- • Supply chain disruptions from geopolitical tensions impacting aerospace sector(p.248)
- • Trump tariffs impacting engineering goods exports from India to US(p.290)
- • Exposure to raw material price fluctuations and supply disruptions(p.321)
- • Significant export exposure creating currency and geopolitical risks(p.316)
- • High competition in aerospace and consumer industries with multiple competitors(p.326)
- • Cyclicality in aerospace and consumer industries affecting demand(p.78)
- • Dependence on key customers creating supplier concentration risk(p.326)
- • Risk of product recalls and insufficient insurance coverage(p.325)
- • Unaudited subsidiaries with inadequate financial information for key period(p.391)
- • Dependence on related party transactions creating conflict of interest risks(p.363)
- • Risk of major customer concentration affecting revenue stability(p.56)
- • Foreign currency volatility exposure with significant USD and EUR liabilities (INR 2,300.39 million net exposure in USD)(p.467)
- • Dependence on limited major customers with top 4 customers representing 61.12% of revenue(p.474)
- • Interest rate risk on variable rate borrowings of ₹4,933.84 million with 50 bps impact of ₹17.81 million(p.468)
- • Consumer segment operational challenges with negative segment result of ₹(626.51) million in H1 FY2026(p.472)
- • Pending labour and income tax disputes with contingent liability of ₹73.10 million and ₹861.22 million respectively(p.469)
- • High dependence on commercial aircraft build rates and OEM customer demand volatility(p.546)
- • Significant decline in consumer segment revenue impacting overall performance(p.569)
- • Foreign exchange fluctuation exposure impacting borrowing costs and operations(p.568)
- • Extensive testing and validation requirements creating barriers but also operational complexity(p.545)
- • Risks associated with joint ventures and potential difficulties in integration and management(p.545)
- • Business subject to seasonality in consumer products(p.578)
- • Exposure to foreign exchange fluctuations(p.577)
- • Exposure to raw material price volatility and supply disruptions(p.578)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Aravind Shivaputrappa Melligeri | Individual Promoter | 0.16% | — |
| Aequs Manufacturing Investments Private Limited | Promoter/Corporate Promoter | 47.16% | — |
| Melligeri Private Family Foundation | Promoter/Corporate Promoter | 16.50% | — |
| The Melligeri Foundation | Corporate Promoter | — | — |
| Aravind Shivaputrappa Melligeri | Promoter | — | — |
| Aequs Manufacturing Investments Private Limited | Promoter | 47.16% | — |
| Melligeri Private Family Foundation | Promoter | 16.50% | — |
| Aravind Shivaputrappa Melligeri | Promoter | 0.16% | — |
| Steadview Capital Mauritius Limited | Promoter Group | — | — |
| Aequs Manufacturing Investments Private Limited | Corporate Promoter | — | — |
| Amicus Capital Private Equity I LLP | Investor | Part of 25.05% collective holding | — |
| Aravind Shivaputrappa Melligeri | Individual Promoter | — | — |
| Aequs Manufacturing Investments Private Limited | Corporate Promoter | — | — |
| Melligeri Private Family Foundation | Promoter | — | — |
| The Melligeri Foundation | Promoter | — | — |
| Aequs Manufacturing Investments Private Limited | Promoter | 46.78% | 48.07% |
| Melligeri Private Family Foundation | Promoter Group | 18.26% | 16.82% |
| Aravind Melligeri | Promoter | 0.12% | 0.17% |
| Aequs Inc, Cayman Islands | Ultimate Holding Company (100% beneficially owned and controlled by the Melligiri Foundation) | — | — |
| Aequs Manufacturing Investments Private Limited, Mauritius | Holding Company | — | — |
| Amicus Capital Private Equity I LLP, Amicus Capital Partners India Fund I, Amicus Capital Partners India Fund II, Amansa Investments Ltd, Steadview Capital Mauritius Limited, Catamaran Ekam (acting through its trustee Catamaran Advisors LLP), Sparta Group LLC, SBI Emergent India Fund, DSP India Fund - India Long / Short Strategy Fund with Cash Management Option, SBI Optimal Equity Fund – Long Term and Think India Opportunities Master Fund LP | Investor Group | 25.05% | — |
Leadership
Aravind Shivaputrappa Melligeri · Executive Chairman and Chief Executive Officer/Individual Promoter
Ravi Mallikarjun Hugar · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.