Aequs Limited (AEQUS) Financial Results — Revenue ₹12,304 Cr

Investor Takeaways

FY26 consolidated revenue grew 33% YoY to ₹12,304 million, driven by aerospace (27% growth) and consumer segments (84% growth)

EBITDA increased 43% YoY to ₹1,545 million, with aerospace contributing 76% growth

INR4,756 crores in new investments announced, including INR1,900 crores in Tamil Nadu and INR2,856 crores in Karnataka

CFO Dinesh Iyer will depart in June 2026, with Harish Bang appointed interim replacement

FY27 consolidated revenue growth projected at 45-50%, with aerospace revenue growth of 25-30% and consumer EBITDA break-even by Q4 FY27

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹12,304 Cr	33%
Net Profit	₹-1,133 Cr	N/A
EBITDA	₹1,545 Cr	43%
EPS	₹-0.8	N/A
OPM	1.14%	N/A

What Changed

Aequs Limited reported strong top-line growth in FY26, with consolidated revenue rising 33% to ₹12,304 million and EBITDA expanding 43% to ₹1,545 million. The growth was primarily driven by aerospace (27% revenue growth, 76% EBITDA growth) and consumer segments (84% revenue growth). The company announced INR4,756 crores in new capital investments across Tamil Nadu and Karnataka, signaling expansion in manufacturing infrastructure. Additionally, CFO Dinesh Iyer will transition out in June 2022026, with Harish Bang appointed as interim replacement. FY27 guidance projects consolidated revenue growth of 45-50%, aerospace revenue growth of 25-30%, and consumer segment EBITDA break-even by Q4 FY27. The company’s current market capitalization stands at ₹13,582.32 crores.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Aequs Limited	N/A	N/A	N/A	13,582.32
Bharat Electronics Limited (BEL)	62.03	N/A	N/A	3,09,678.78
Hindustan Aeronautics Limited (HAL)	33.73	N/A	N/A	2,93,338.09
Cummins India Limited (CUMMINSIND)	74.38	N/A	N/A	1,49,466.24

Aequs Limited’s valuation metrics are not directly comparable to peers due to negative net profit and lack of disclosed ROE/ROCE. However, its market capitalization is significantly lower than major capital goods peers like BEL and HAL, reflecting its smaller scale and developmental stage in the aerospace and consumer segments.

Risks & Concerns

Consumer segment remains loss-making with no EBITDA break-even achieved yet

FY26 net profit was negative at ₹-1,133 crores

High investment outlay may pressure near-term cash flows

CFO transition could introduce short-term leadership uncertainty

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q4FY26	367.1	-53.72	1.14
Q3FY26	326.17	-42.68	8.9

The quarterly trend shows sequential improvement in revenue and margin expansion, with OPM increasing from 8.9% in Q3FY26 to 1.14% in Q4FY26. However, profitability remains negative across both quarters, with net losses narrowing slightly in Q4FY26 compared to Q3FY26. The company continues to invest heavily in growth initiatives, which is reflected in ongoing losses despite revenue expansion.

📄 View Original Announcement (PDF)

📊 Stock Analysis — AEQUS ✨ Ask AI About This