Aequs
Aequs
Aerospace & DefenseKey Fundamentals
SmallcapAerospace & DefenseTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Weaknesses
5- Stock is trading at 10.2 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of -9.43% over last 3 years.
- Earnings include an other income of Rs.65.5 Cr.
- Debtor days have increased from 64.0 to 78.5 days.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAequs Ltd is a recently listed aerospace contract manufacturer with FY26 revenue of Rs 1,230 crore (up 33% YoY), but it remains loss-making with a net loss of Rs 113.3 crore in FY26 (widening from Rs 102.4 crore in FY25). The stock trades at a P/B of 10.4x with a negative PE of -90.6x and a market cap of roughly Rs 15,076 crore, reflecting the market's bet on future profitability rather than current earnings.
- Revenue grew 33% YoY in FY26 to Rs 1,230 crore from Rs 925 crore in FY25, with Q4 FY26 revenue surging 47% YoY to Rs 367 crore, indicating accelerating top-line momentum
- Aequs is India's only vertically integrated aerospace SEZ in Belagavi, covering forging, machining, surface treatment, and assembly under one roof — a structural moat that is difficult to replicate
- Blue-chip customer base includes Airbus, Boeing, Safran, Honeywell, and Spirit AeroSystems, with approximately 89% of FY25 revenue from the aerospace segment, providing long-term revenue visibility
- Global aerospace supply chains are diversifying away from China, and India's aircraft component industry is growing at double-digit rates, positioning Aequs to capture share of what is estimated to be a USD 3 billion addressable market
- Aerospace (India) segment had installed capacity of ~740,944 machining hours as of September 2025 with only 66% utilization, leaving significant room for revenue growth on existing infrastructure without proportional capex
- The IPO raised Rs 922 crore in December 2025 and was fully subscribed within hours, providing the company with capital to fund capacity expansion and debt reduction
- TTM sales CAGR of 33% and 3-year compounded sales growth of 15% demonstrate a consistent trajectory of top-line expansion across cycles
- Portfolio of over 5,000 aerospace products across aerostructures, landing gear, engines, and actuation systems provides diversification within the aerospace value chain
- Company reported a net loss of Rs 113.3 crore in FY26, widening from Rs 102.4 crore in FY25, with negative PAT margin of approximately -9%, showing no clear path to near-term profitability
- Negative PE of -90.6x and 3-year average ROE of -9.43% indicate the company has been destroying shareholder value on an earnings basis over a sustained period
- Stock trades at 10.4x book value despite being loss-making, implying extremely stretched valuations that leave no margin of safety if growth disappoints
- Low interest coverage ratio flagged as a concern, suggesting debt-servicing costs are consuming a disproportionate share of operating income and elevating financial risk
- Earnings include other income of Rs 65.5 crore, meaning the reported loss would have been significantly worse on a core operating basis without this non-operational cushion
- Debtor days increased from 64 to 78.5 days, signalling deteriorating working capital efficiency and potentially rising collection risk from customers
- Compounded profit growth is deeply negative at -74% TTM and -5% over 3 years, showing that revenue growth has not translated into improving profitability
- Q4 FY26 swung to a net loss of Rs 54 crore versus a profit of Rs 9 crore in Q4 FY25, with the company citing higher depreciation, taxation, and one-time expenses — raising questions about cost control
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- New CFO with 19yr experience Aug 29
Aequs appointed Reenah Simon Joseph as CFO effective August 31, 2026. She brings 19 years of finance leadership experience from PDS Limited and Future Group.
- AGM approves RSU and ESOP changes Sep 4
Aequs held its 26th AGM on September 4, 2026, approving a new RSU plan, ESOP amendments, and changes to the Memorandum of Association.
- Belagavi plant visit for investors Aug 20
Aequs scheduled an analyst and investor plant visit at its Belagavi facility on August 26, 2026, with no unpublished price-sensitive information to be shared.
TL;DR: Aequs is making steady governance and leadership moves, appointing an experienced CFO and refreshing its equity incentive plans at its 26th AGM. The investor plant visit signals openness to institutional engagement. No material headwinds surfaced in the period. The near-term outlook is stable, with the new CFO appointment potentially strengthening financial discipline as the company scales its aerospace and defense operations.
Quarterly Results
| Particulars | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|
| Sales | 216 | 249 | 256 | 282 | 326 | 367 | 396 |
| Expenses | 209 | 225 | 228 | 253 | 297 | 363 | 381 |
| Operating Profit | 7 | 25 | 27 | 29 | 29 | 4 | 15 |
| OPM % | 3.4% | 10% | 11% | 10% | 9% | 1.1% | 3.7% |
| Other Income | 3 | 19 | 14 | 18 | -6 | 44 | 10 |
| Interest | 18 | 13 | 10 | 26 | 21 | 36 | 19 |
| Depreciation | 26 | 24 | 25 | 33 | 35 | 46 | 45 |
| PBT | -34 | 6 | 6 | -12 | -33 | -33 | -40 |
| Tax % | 17% | -54% | 42% | 72% | 29% | 63% | 34% |
| Net Profit | -40 | 9 | 4 | -21 | -43 | -54 | -53 |
| EPS in Rs | -0.94 | 0.15 | 0.06 | -0.34 | -0.64 | -0.8 | -0.79 |
Profit & Loss
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|
| Sales | 812 | 965 | 925 | 1,230 | 1,370 |
| Expenses | 773 | 836 | 845 | 1,139 | 1,294 |
| Operating Profit | 40 | 129 | 79 | 92 | 76 |
| OPM % | 4.9% | 13% | 9% | 7% | 6% |
| Other Income | 25 | 44 | -6 | 69 | 65 |
| Interest | 69 | 69 | 64 | 94 | 101 |
| Depreciation | 100 | 108 | 103 | 138 | 158 |
| PBT | -103 | -4 | -94 | -71 | -118 |
| Tax % | 6% | 233% | 9% | 58% | — |
| Net Profit | -110 | -14 | -102 | -113 | -170 |
| EPS in Rs | -2.33 | -0.26 | -1.76 | -1.69 | -2.57 |
| Div. Payout % | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 425 | 425 | 582 | 671 |
| Reserves | -146 | -15 | 135 | 816 |
| Borrowings | 664 | 1,106 | 785 | 701 |
| Other Liabilities | 410 | 337 | 401 | 545 |
| Total Liabilities | 1,352 | 1,852 | 1,903 | 2,733 |
| Fixed Assets | 686 | 660 | 525 | 1,070 |
| CWIP | 0 | 175 | 395 | 79 |
| Investments | 58 | 92 | 77 | 106 |
| Other Assets | 609 | 924 | 906 | 1,478 |
| Total Assets | 1,352 | 1,852 | 1,903 | 2,733 |
Cash Flow
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Operating | 10 | -19 | 26 | -99 |
| Investing | -95 | -346 | -70 | -365 |
| Financing | 54 | 393 | 25 | 704 |
| Net Cash Flow | -31 | 28 | -18 | 241 |
| Free Cash Flow | -76 | -175 | -239 | -440 |
| CFO/OP | 27 | -12 | 48 | -80 |
Ratios
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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48 extracted metrics + investor summaries across FY23–FY27.
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Company Information
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]
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