Aequs
Aequs (AEQUS) share price was ₹211.95 at the 28 Oct 2026 close; market capitalisation ₹14,215 Cr; sector Aerospace & Defense. In the Jun 2026 quarter, revenue rose 54.7% year on year to ₹395.5 Cr and net profit was −₹53 Cr, against ₹4 Cr a year earlier (compared with Jun 2025). Promoters held 59.09% of Aequs in Sep 2026, unchanged from Jun 2026. Its Tapetide Score is 39/100 (Weak) as of 28 Oct 2026.
Key Fundamentals
SmallcapAerospace & DefenseCapital GoodsPrice-based figures as of 29 Oct 2026, 10:55 IST · EPS basis: Consolidated · TTM
Peer Comparison
Industrials › Aerospace & Defense
| ₹4,795.30 | 34.40 | 3,20,698 Cr | 7.81 | 0.93% | 22.21% | 13.80% | 37,682 Cr | 9,322 Cr | |
| ₹365.75 | 43.54 | 2,67,355 Cr | 11.14 | 0.68% | 25.09% | 31.88% | 29,290 Cr | 6,148 Cr | |
| ₹1,001.20 | 70.46 | 36,700 Cr | 8.65 | 0.49% | 9.91% | 7.22% | 3,207 Cr | 521 Cr | |
| ₹4,026.00 | 84.12 | 22,539 Cr | 12.98 | 0.24% | 3.53% | 11.06% | 966 Cr | 267 Cr | |
| ₹1,910.40 | 27.33 | 21,884 Cr | 8.33 | 1.02% | 28.48% | 36.76% | 7,808 Cr | 801 Cr | |
| ₹897.00 | 98.79 | 16,998 Cr | 18.06 | 0.00% | 57.22% | 53.16% | 974 Cr | 166 Cr | |
| Aequs (this company) | ₹215.65 | — | 14,463 Cr | 10.38 | 0.00% | -7.63% | 1.11% | 1,453 Cr | -171 Cr |
| Median 7 companies | ₹1,001.20 | 57.00 | 22,539 Cr | 10.38 | 0.49% | 22.21% | 13.80% | 3,207 Cr | 521 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Data confidence 91/100
Category scores
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Weaknesses
6- Stock is trading at 11.8 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of -9.43% over last 3 years.
- Promoters have pledged 25.4% of their holding.
- Earnings include an other income of Rs.65.5 Cr.
- Debtor days have increased from 64.0 to 78.5 days.
Technical Indicators
Oscillators
Bullish
Overall
Bearish
Moving Averages
Bearish
Analyst Rating
2 of 3 analysts rate Buy, 0 Hold, 1 Sell.
Updated 29 Oct 2026
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year Operating margin 3.7% · Jun 2026
Analyst Forecasts
AI Analysis — Bull vs Bear
Aequs Ltd trades at ₹219.1 as of 2026-10-27 with a market cap of ₹14,694 Cr. The company is loss-making with a TTM EPS of -₹2.57 and negative ROE of -7.63%, but has delivered strong TTM sales growth of 33%. The stock trades at 9.89x book value and sits roughly 25.6% below its 52-week high of ₹294.7 while being 93.3% above its 52-week low of ₹113.3.
- Strong TTM revenue growth of 33%, significantly above the 3-year compounded sales CAGR of 15%, indicating accelerating top-line momentum in the Aerospace & Defense sector
- Debt-to-equity ratio of 0.47 is moderate, suggesting the balance sheet is not over-leveraged relative to many capital-intensive A&D peers
- Stock is 25.6% below its 52-week high of ₹294.7, offering a potential entry window if operational improvements materialise
- ROCE stands at 1.11%, which while low is positive, indicating the company is at least generating some return on deployed capital even as net profits remain negative
- The stock has rallied 93.3% from its 52-week low of ₹113.3, reflecting strong market interest and re-rating potential in the Indian aerospace and defence manufacturing theme
- India's defence and aerospace manufacturing sector is a policy priority with rising domestic procurement mandates, positioning Aequs in a structural growth corridor
- TTM sales growth of 33% compared to a TTM profit decline of -74% suggests significant operating leverage potential — if margins recover, profit growth could be disproportionately high
- The company is loss-making with TTM EPS of -₹2.57, rendering the PE ratio not meaningful and signalling an inability to convert revenue growth into bottom-line profit
- ROE is deeply negative at -7.63% (current) and -9.43% on a 3-year average basis, indicating persistent destruction of shareholder value
- Stock trades at 9.89x price-to-book (cited as 11.8x book in known concerns), an extremely elevated valuation for a loss-making company
- Promoters have pledged 25.4% of their holdings, creating overhang risk — a sharp price decline could trigger forced selling or margin calls
- TTM compounded profit has declined 74%, meaning losses have widened sharply even as revenue grew 33%, pointing to severe margin compression or one-off charges
- Earnings include other income of ₹65.5 Cr, which flatters the reported numbers — core operating performance is weaker than headline figures suggest
- Debtor days have increased from 64.0 to 78.5 days, indicating deteriorating working capital efficiency and potential collection issues with customers
- Zero dividend yield with no payout, combined with negative earnings, means investors are entirely dependent on capital appreciation with no income cushion
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Key investor trims stake Oct 8
AmanSA Investments and related entities sold 9.34 lakh shares on the secondary market, reducing combined holding from 5.49% to 5.35%. Signals reduced conviction from a notable institutional holder.
- ₹15.75cr investment in Ajna JV Oct 9
Aequs invested ₹15.75 crore in joint venture Ajna Aerospace & Defence via rights issue allotment of 45 lakh partly paid-up shares. Signals continued commitment to aerospace & defense expansion.
- Promoter warrant issue for capital Oct 22
EGM held on Oct 22 with 56 members to approve convertible warrant issue to promoter entity Mellwood Trustee Services. Promoter-level capital infusion with governance safeguards signals confidence and balance sheet support.
- Promoter pledge temporarily released Oct 10
Melligeri Private Family Foundation released pledge on 1,00,51,307 Aequs shares on Oct 8 to meet regulatory requirements. The release was temporary and administrative in nature.
TL;DR: Aequs is actively deploying capital into its aerospace JV and seeking promoter-level infusion through convertible warrants, both signaling a growth-oriented stance in the A&D sector. AmanSA's minor stake reduction is a modest negative but the sell-down is small in magnitude. Promoter pledge activity appears procedural. Overall the trend is mildly constructive, with the Ajna JV investment and promoter capital commitment worth watching for execution over the next few quarters.
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 (₹) | -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 (₹) | -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/EBITDA | 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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60 extracted metrics + investor summaries across FY21–FY27.
Documents
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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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