Aequs Ltd
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]
- Market Cap ₹ 15,968 Cr.
- Current Price ₹ 238
- High / Low ₹ 295 / 113
- Stock P/E
- Book Value ₹ 20.8
- Dividend Yield 0.00 %
- ROCE 1.69 %
- ROE -9.96 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
Cons
- Stock is trading at 11.5 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.59.8 Cr.
- Debtor days have increased from 64.0 to 78.5 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|
| 812 | 965 | 925 | 1,230 | 1,498 | |
| Sales growth | +19% | -4% | +33% | +49% | |
| 773 | 836 | 845 | 1,139 | 1,436 | |
| Operating Profit | 40 | 129 | 79 | 92 | 62 |
| OPM % | 4.9% | 13% | 9% | 7% | 4.1% |
| 25 | 44 | -6 | 69 | 60 | |
| Interest | 69 | 69 | 64 | 94 | 96 |
| Depreciation | 100 | 108 | 103 | 138 | 172 |
| Profit before tax | -103 | -4 | -94 | -71 | -147 |
| Tax % | 6% | 233% | 9% | 58% | |
| -110 | -14 | -102 | -113 | -202 | |
| EPS in Rs | -2.33 | -0.26 | -1.76 | -1.69 | -3.01 |
| Dividend Payout % | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 15% |
| TTM: | 49% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -5% |
| TTM: | -311% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -9% |
| Last Year: | -10% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 425 | 425 | 582 | 671 | 671 |
| Reserves | -146 | -15 | 135 | 816 | 722 |
| 664 | 1,106 | 785 | 701 | 836 | |
| 410 | 337 | 401 | 545 | 544 | |
| Total Liabilities | 1,352 | 1,852 | 1,903 | 2,733 | 2,774 |
| 686 | 660 | 525 | 1,070 | 1,062 | |
| CWIP | 0 | 175 | 395 | 79 | 124 |
| Investments | 58 | 92 | 77 | 106 | 117 |
| 609 | 924 | 906 | 1,478 | 1,471 | |
| Total Assets | 1,352 | 1,852 | 1,903 | 2,733 | 2,774 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 10 | -19 | 26 | -99 | |
| -95 | -346 | -70 | -365 | |
| 54 | 393 | 25 | 704 | |
| Net Cash Flow | -31 | 28 | -18 | 241 |
| Free Cash Flow | -76 | -175 | -239 | -440 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 27% | -12% | 48% | -80% |
Ratios
Consolidated / View Standalone
| 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
In beta| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Aerospace India Capacity Utilization % ・Standalone data |
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| Aerospace Revenue Share % |
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| Consumer Segment Capacity Utilization % ・Standalone data |
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| Installed Annual Capacity (Machining & Molding Hours) Mn hours |
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| Aerospace Order Book USD Mn |
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| Aerospace Portfolio (SKUs) Number |
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| Manufacturing Footprint Mn sq. ft. |
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| Total Equipment (CNC + Molding Machines) Number |
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Extracted by Screener AI
Documents
Announcements
- Revised Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
- Intimation of participation in analysts/institutional investors meet/conference - "JM Financial India Xchange 2026"
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
- Management to attend Avendus Spark INDX Annual Investor Conference on November 16, 2026 in Mumbai.
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Announcement under Regulation 30 (LODR)-Scheme of Arrangement
- RD sanctioned Aequs merger with three WOS effective April 1, 2026.
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Announcement under Regulation 30 (LODR)-Allotment
- Aequs allotted 28.07 million warrants worth ₹650 crore to promoter trust on 5 Nov 2026.
Concalls
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Oct 2026Transcript PPT REC
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Aug 2026Transcript PPT REC
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Jun 2026Transcript PPT
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May 2026PPT REC
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Feb 2026Transcript PPT
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Jan 2026PPT
Business Profile [1]
Aequs is the only precision component manufacturer in India operating a fully vertically integrated aerospace ecosystem within a single SEZ, covering forging, machining, surface treatment, and assembly. It has produced over 5,000 aerospace products across major global platforms.