Aequs Limited (AEQUS) Financial Results — Revenue ₹1,783.92 Cr

Investor Takeaways

Revenue reached ₹18,710.16 crores in FY2026, up from ₹17,839.20 crores in FY2025

₹89.87 crore bonus provision was reversed during the fiscal

₹39.02 crore exceptional loss was recorded due to labour code changes

Company faces material uncertainty regarding going concern status

Net profit stood at ₹497.99 crores for the fiscal

Overall Tone: Cautious based on the numbers only.

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹18,710.16 Cr	+4.9%
Net Profit	₹497.99 Cr	N/A
EBITDA	Not available	N/A
EPS	Not available	N/A
OPM	Not available	N/A

What Changed

The filing reveals a mixed financial picture for Aequs Limited in FY2026. Consolidated revenue grew to ₹18,710.16 crores from ₹17,839.20 crores in the previous fiscal, indicating modest top-line expansion. However, the company reversed an ₹89.87 crore bonus provision, which contributed positively to reported figures. Simultaneously, it disclosed a ₹39.02 crore exceptional loss linked to changes in labour code regulations. The financial statements also highlight material uncertainty regarding the company’s ability to continue as a going concern, suggesting potential operational or financial instability. Net profit for the fiscal was reported at ₹497.99 crores, though profitability metrics such as OPM and EPS were not provided in the disclosed data. The reversal of the bonus provision appears to have improved reported earnings, but the presence of exceptional losses and going concern doubts temper the overall interpretation of performance.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Aequs Limited (AEQUS)	Not available	Not available	Not available	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 market capitalization is significantly smaller than its peers, reflecting its niche positioning within the aerospace and defense sector. However, direct comparative metrics such as P/E, ROE, and ROCE are not available for Aequs in the provided data, limiting the depth of peer benchmarking. The company operates with a much lower scale relative to large-cap defense firms like BEL and HAL.

Risks & Concerns

Material uncertainty around going concern status

₹39.02 crore exceptional loss due to labour code changes

Reversal of ₹89.87 crore bonus provision may not be sustainable

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 but persistent losses. While revenue increased from ₹326.17 crore in Q3FY26 to ₹367.10 crore in Q4FY26, the company remained unprofitable both quarters, with net losses widening in absolute terms. OPM declined from 8.9% in Q3FY26 to 1.14% in Q4FY26, indicating margin pressure in the latest quarter. EPS was negative in both quarters, reinforcing the unprofitable trajectory. The data suggests ongoing operational challenges despite revenue growth.

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