Aequs Limited (AEQUS)
₹262.20 +1.16% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Aequs' revenue was ₹396 Cr (+54.5% year on year, +7.8% on the previous quarter), and net profit ₹-53.2 Cr (against a profit a year earlier); the operating margin was 3.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹396 | +54.5% | +7.8% |
| Operating profit | ₹14.8 | -45.3% | +269.1% |
| Net profit | ₹-53.2 | to loss | loss narrowed |
| EPS (₹) | -0.81 | to loss | loss widened |
| Operating margin | 3.7% | — | — |
AEQUS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.07% of the AEQUS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.83%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 39.6% · 38.1% · 45.1% · 41.3% · 43.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Aequs Limited issued a corrigendum to its October 22, 2026 EGM Notice, clarifying the pricing formula and post-issue shareholding for a proposed preferential warrant issue to promoter Mellwood Trustee Services. The floor price has been set at Rs 231.55 per warrant, based on SEBI ICDR regulations and an independent valuation by Best Valuers Private Limited. If all warrants are exercised, the promoter allottee's stake will increase from 14.99% (100,513,070 shares) to 18.40% (128,584,760 shares), representing 28,071,690 new shares. Overall promoter group holding will expand from 59.09% to 60.73%.
- Floor price established at INR 231.55 per warrant based on SEBI ICDR Regulations and independent valuation
- Promoter allottee (Mellwood Trustee Services) equity holding to rise from 100,513,070 shares (14.99%) to 128,584,760 shares (18.40%) upon conversion
- Represents an issuance of 28,071,690 convertible warrants, translating to approx. Rs 650 Cr at the floor price
- Total promoter and promoter group shareholding to increase from 59.09% to 60.73% post-conversion
- EGM scheduled for October 22, 2026, to seek shareholder approval
The Regional Director (South Western Region), MCA, rejected Aequs Limited's fast-track Scheme of Amalgamation with three wholly owned subsidiaries under Section 233 of the Companies Act, 2013. The rejection cited non-compliance with the 90% approval threshold, as votes polled represented only 88.9% (Rs 596.76 cr of Rs 670.67 cr share value including the ESOP Trust). Additional issues included pending Labour Court cases and absence of Stock Exchange NOCs. The company is evaluating next steps, including refiling or transitioning to the Section 232 NCLT merger route, noting no material impact on operations.
- Scheme rejected under Section 233 by order dated October 12, 2026 due to procedural non-compliances.
- Shareholder voting threshold fell short at 88.9% (Rs 596.76 cr polled) against the statutory 90% requirement on Rs 670.67 cr total share value.
- Merger covers 3 wholly owned subsidiaries: AeroStructures Manufacturing India, Aequs Engineered Plastics, and Aequs Force Consumer Products.
- Regulator granted liberty to either refile under Section 233 upon compliance or pursue NCLT route under Section 232.
- Other reasons cited included 7 pending Labour Court matters against Transferor Company 1 and absence of NOCs from BSE and NSE.
Aequs has signed long-term supply agreements with Safran covering critical components across commercial aircraft programs including Airbus A320, A330, A350, and Boeing 787. The agreements extend Aequs' relationship to 6 Safran entities, including Safran Aerosystems and Safran Electronics & Defense alongside Safran Landing Systems. Manufacturing will be carried out at the Belagavi Aerospace Cluster and the upcoming Aequs Engine Components Ecosystem (AECE) in Hosur, Tamil Nadu. While contract values are not disclosed, this follows a July 2026 contract for fully assembled A320 wheels running through 2042.
- Expands partnership across 6 Safran entities, adding Safran Aerosystems and Safran Electronics & Defense
- Covers landing gear components and superalloy machining for Airbus A320, A330, A350, and Boeing 787 programs
- Production to be executed at Belagavi cluster and the upcoming AECE facility in Hosur, Tamil Nadu
- Builds on the July 2026 serial production agreement extending beyond 15 years through 2042
Aequs Limited has signed long-term supply agreements with Safran to manufacture critical aerospace components, expanding from Safran Landing Systems into Safran Aerosystems. The contracts cover superalloys machining, complex coating, and assembly of landing gear parts for the Airbus A320, A330, A350, and Boeing 787 platforms. Production will be driven by its Belagavi Aerospace Cluster and the upcoming Aequs Engine Components Ecosystem in Hosur. Total contract value is not disclosed, but it builds on a July 2026 serial production pact that extends beyond 15 years through 2042.
- Covers landing gear parts and superalloy machining for Airbus A320, A330, A350, and Boeing 787 programs
- Expands Safran relationship beyond Landing Systems to include Safran Aerosystems
- Follows a July 2026 contract for fully assembled A320 wheels extending beyond 15 years through 2042
- Contract financial value and ramp-up volumes are not disclosed
Aequs Limited has invested ₹15.75 crore in its joint venture, Ajna Aerospace & Defence Private Limited (AADPL), under a rights issue offer. The company was allotted 45,00,000 partly paid-up equity shares at ₹100 per share, with ₹35 per share paid initially and the balance ₹65 per share (₹29.25 crore) payable within 12 months. AADPL develops and manufactures Unmanned Aerial Vehicles (UAVs) and posted a turnover of ₹0.02 crore and a loss of ₹0.99 crore for FY 2025-26. Aequs's shareholding percentage in the JV remains unchanged.
- Initial cash investment of ₹15.75 crore paid as application money (₹35 per share).
- Allotted 45,00,000 partly paid-up equity shares at an issue price of ₹100 per share, implying a total commitment of ₹45 crore.
- Balance ₹65 per share (₹29.25 crore) payable via subsequent calls within 12 months of October 09, 2026.
- JV target AADPL reported FY 2025-26 turnover of ₹0.02 crore, net loss of ₹0.99 crore, and net worth of ₹28.84 crore.
- Capital allocated for capex, operational expenditure, and general business needs in the UAV manufacturing segment.
Aequs Limited has issued an Extraordinary General Meeting (EGM) notice scheduled for October 22, 2026, seeking shareholder approval for a preferential issue of warrants to promoter entity Mellwood Trustee Services Private Limited. The company plans to issue up to 28,071,690 convertible warrants at Rs 231.55 each, aggregating to approximately Rs 650 crore. An upfront payment of 50% (Rs 115.78 per warrant, totaling Rs 325.01 crore) is payable upon subscription, with the remainder due upon conversion. Upon full conversion, promoter shareholding will increase from 59.09% to 60.73%, expanding the equity base to 698,737,325 shares.
- Preferential issuance of up to 28,071,690 convertible warrants at Rs 231.55 per warrant to a promoter trust.
- Total capital raise of Rs 6,499,999,819.50 (~Rs 650 crore), with 50% upfront (Rs 325.01 crore).
- Promoter group holding will rise from 59.09% to 60.73% post full conversion.
- Issue price of Rs 231.55 sits below the current market price of Rs 271.60.
- Remote e-voting opens on October 19, 2026, and closes on October 21, 2026, ahead of the EGM on October 22, 2026.
Aequs Limited's board has approved a preferential issue of up to 2,80,71,690 convertible warrants to promoter entity Mellwood Trustee Services Private Limited at ₹231.55 per share, raising approximately ₹650 crore. Upfront payment stands at 50% (₹325 crore), well above the regulatory requirement of 25%, with the remainder payable on or before December 31, 2027. The proceeds will fund aerospace and consumer manufacturing expansion, including a new Hosur facility, and support debt borrowing. Following full conversion, total promoter holding will rise from 59.09% to 60.73%.
- Preferential issue of up to 2,80,71,690 convertible warrants aggregating to approximately ₹650 crore
- Floor price set at ₹231.55 per share as per SEBI ICDR regulations
- 50% upfront payment (₹325 crore) with balance payable upon exercise on or before December 31, 2027
- Promoter and Promoter Group shareholding will increase from 59.09% to 60.73% post-conversion
- Proceeds earmarked for aerospace and consumer capex, including the Hosur facility development
Aequs Limited has submitted an intimation under Regulation 30(5) of the SEBI Listing Regulations specifying authorized Key Managerial Personnel. The Board of Directors has authorized Mr. Rajeev Kaul (Co-Founder & Managing Director) and Ms. Reenah Simon Joseph (Chief Financial Officer) to determine the materiality of events and disclose them to stock exchanges. This is a routine administrative compliance update with no financial or operational impact.
- Intimation submitted under Regulation 30(5) of SEBI LODR Regulations, 2015
- Designated 2 Key Managerial Personnel to evaluate event materiality
- Authorized officials: Mr. Rajeev Kaul (Co-Founder & MD) and Ms. Reenah Simon Joseph (CFO)
- Filing dated September 25, 2026
Aequs Limited's Board has approved a preferential issue of up to 28,071,690 convertible warrants to promoter entity Mellwood Trustee Services Private Limited at an issue price of ₹231.55 each, aggregating to ₹650 crore (₹6,499,999,819.50). At least ₹325 crore (50%) will be received upfront upon warrant subscription, with the remainder payable upon conversion on or before December 31, 2027. Upon full conversion, promoter and promoter group shareholding will increase from 59.09% to 60.73%. An Extra-Ordinary General Meeting (EGM) is scheduled for October 22, 2026, to seek shareholder approval.
- Preferential issuance of up to 28,071,690 warrants convertible into equity shares at ₹231.55 per warrant.
- Total fundraising of ₹6,499,999,819.50 (~₹650 crore) from promoter entity Mellwood Trustee Services.
- Minimum upfront cash inflow of ₹325 crore at subscription, with conversion exercisable until December 31, 2027.
- Promoter group holding will rise from 59.09% to 60.73% post full conversion.
- EGM convened for shareholder approval on October 22, 2026.
Aequs Limited's Board has approved a preferential issue of up to 28,071,690 convertible warrants to promoter entity Mellwood Trustee Services Private Limited at an issue price of ₹231.55 each, aggregating to ₹650 crore (₹6,499,999,819.50). At least ₹325 crore (50%) will be received upfront upon warrant subscription, with the remainder payable upon conversion on or before December 31, 2027. Upon full conversion, promoter and promoter group shareholding will increase from 59.09% to 60.73%. An Extra-Ordinary General Meeting (EGM) is scheduled for October 22, 2026, to seek shareholder approval.
- Preferential issuance of up to 28,071,690 warrants convertible into equity shares at ₹231.55 per warrant.
- Total fundraising of ₹6,499,999,819.50 (~₹650 crore) from promoter entity Mellwood Trustee Services.
- Minimum upfront cash inflow of ₹325 crore at subscription, with conversion exercisable until December 31, 2027.
- Promoter group holding will rise from 59.09% to 60.73% post full conversion.
- EGM convened for shareholder approval on October 22, 2026.
Aequs Limited announced that its step-down wholly owned subsidiary, Aequs Toys HongKong Private Limited (ATHPL), was wound up and dissolved via members' voluntary winding up effective September 17, 2026. ATHPL contributed NIL to consolidated turnover, revenue, income, and net worth for FY 2025-26. The company noted that this planned dissolution was previously disclosed in its prospectus and will have zero impact on ongoing operations, profitability, or business.
- Aequs Toys HongKong Private Limited dissolved voluntarily with effect from September 17, 2026
- ATHPL contributed NIL to consolidated turnover, revenue, or net worth in FY 2025-26
- Dissolution intimation received by the company on September 18, 2026 at 14:49 HRS IST
- Zero financial consideration or cash impact involved as it is a voluntary dissolution
Aequs Limited announced the voting results and Scrutinizer's Report for its 26th Annual General Meeting held on September 04, 2026. All 12 resolutions were passed with requisite majorities, including the adoption of FY26 financial statements, the re-appointment of Managing Director Rajeev Kaul, and the implementation of the 'Aequs Restricted Stock Unit Plan 2026'. Shareholders also approved amendments to the ESOP 2025 scheme, a change in the Memorandum of Association's main object clause, and material related-party transactions with Aequs SEZ Private Limited.
- All 12 resolutions passed with requisite majority at the 26th AGM held on September 04, 2026
- Approval granted for the adoption, funding, and implementation of the 'Aequs Restricted Stock Unit Plan 2026' via Trust (97.31% votes in favor)
- Approved material related party transactions with Aequs SEZ Private Limited with 99.9998% approval among votes polled
- Total number of shareholders on record date (August 28, 2026) was 95,584 with 81.75% total voting turnout on Resolution 1
Aequs Limited conducted its 26th Annual General Meeting (AGM) on September 04, 2026, through video conferencing with 41 members in attendance. The company placed 12 resolutions before shareholders, including the adoption of FY2026 audited standalone and consolidated financial statements. Key special business items included the approval and implementation of the 'Aequs Restricted Stock Unit Plan 2026', amendments to the 'ESOP 2025' scheme, an amendment to the main object clause of the Memorandum of Association, and material related-party transactions with Aequs SEZ Private Limited. Voting results will be submitted separately upon receipt of the scrutinizer's report.
- 26th AGM conducted on September 04, 2026, with 41 members present via video conferencing
- A total of 12 resolutions (ordinary and special) were transacted via remote and AGM e-voting
- Shareholder approval sought for implementation and trust funding of the 'Aequs Restricted Stock Unit Plan 2026'
- Approval sought for material related-party transactions with Aequs SEZ Private Limited
Aequs Limited's Nomination and Remuneration Committee approved the grant of 350,000 employee stock options under its ESOP 2025 scheme, effective August 31, 2026. The exercise price is fixed at Rs 246.00 per option, matching the closing price on the NSE as of August 28, 2026. The options carry a minimum vesting period of one year and must be exercised within three years from the date of respective vesting. Assuming full vesting and exercise, this will result in the issuance of 350,000 equity shares of face value Rs 10 each.
- Approved grant of 350,000 stock options under the Aequs Employee Stock Option Plan 2025 (ESOP 2025).
- Exercise price set at INR 246.00 per share based on NSE closing price as of August 28, 2026.
- Minimum vesting period of 1 year, with an exercise window of 3 years post-vesting.
- Each option confers the right to acquire 1 equity share of face value INR 10.
Aequs Limited has approved the appointment of Ms. Reenah Simon Joseph as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective August 31, 2026. She brings around 19 years of corporate finance, M&A, and investor relations experience, most recently serving as Deputy Group CFO at PDS Limited. The leadership addition comes as the company continues to scale its aerospace and toy manufacturing clusters following a Q1 FY27 (Jun 2026) revenue of ₹395.55 cr.
- Appointed as Chief Financial Officer and Key Managerial Personnel effective August 31, 2026
- Candidate brings around 19 years of experience across corporate strategy, fundraising, M&A, and financial governance
- Previous experience includes leadership roles at PDS Limited, Future Group, and Credit Suisse Securities
- Board meeting approving the appointment was conducted on August 29, 2026, from 5:20 PM to 5:35 PM IST
Financial Performance
Revenue Growth by Segment
Total Operating Income decreased by 3.94% YoY to INR 927.00 Cr in FY25 (Provisional) from INR 965.02 Cr in FY24. While segment-specific growth percentages are not explicitly broken down, the company operates across Aerospace, Toys, and Consumer Durables, with growth expected to be driven by confirmed order books in these divisions.
Geographic Revenue Split
The company operates manufacturing facilities in India, France, and the United States. Specific percentage splits per region are not disclosed, but the international facilities complement Indian operations to serve global aerospace and consumer markets.
Profitability Margins
The company reported a Net Loss (PAT) of INR 101.70 Cr in FY25 (Provisional), a significant decline from a loss of INR 14.28 Cr in FY24. PAT margin deteriorated from -1.45% to -10.53% YoY. This decline is attributed to high interest costs and operational overheads during the scale-up of new business segments.
EBITDA Margin
EBITDA margin contracted to 8.21% in FY25 (Provisional) from 12.83% in FY24. Absolute EBITDA fell by 38.54% to INR 76.10 Cr from INR 123.82 Cr, reflecting pressure on core operating profitability due to increased costs in the contract manufacturing segments.
Capital Expenditure
Not explicitly disclosed in absolute INR Cr for future periods, but the company has historically invested in the 400-acre Koppal Toy Cluster and vertically integrated aerospace facilities in Belagavi, France, and the US.
Credit Rating & Borrowing
The company's long-term bank facilities were rated IVR BB/Stable (Withdrawn in August 2025). Previous ratings were IVR BB/Negative under the 'Issuer Not Cooperating' category. Interest coverage ratio declined to 1.32x in FY25 from 1.94x in FY24, indicating reduced cushion for debt servicing.
Operational Drivers
Raw Materials
Specific raw material names like aluminum alloys or specialized plastics are not listed, but 'imported components' are identified as a major cost driver, particularly for the Toys and Consumer Durables segments.
Import Sources
Raw materials and components are sourced globally to support facilities in India, France, and the USA, with a high dependency on imports for the toy manufacturing ecosystem.
Capacity Expansion
The company operates the Koppal Toy Cluster, a 400-acre campus designed to house an entire toy manufacturing ecosystem. It also maintains specialized aerospace facilities for precision machining, forging, and surface treatment.
Raw Material Costs
Raw material costs are a significant portion of the cost structure, evidenced by high inventory holding requirements. Specific percentage of revenue is not disclosed, but procurement strategies focus on vertical integration to control the value chain.
Manufacturing Efficiency
Capacity utilization percentages are not disclosed, but the company demonstrated a ~90% average utilization of fund-based working capital limits, indicating high operational activity levels.
Strategic Growth
Growth Strategy
Growth is targeted through a 'cluster-based' manufacturing model, specifically the 400-acre Koppal Toy Cluster, and by leveraging long-term supply agreements with global aerospace and consumer durable OEMs to ensure steady revenue streams.
Products & Services
Precision machined AeroSystems, Aerostructures, landing gear, engine components, sheet metal fabrication, forged parts, toys, and consumer durable goods.
Brand Portfolio
Aequs, Koppal Toy Cluster.
New Products/Services
Contract manufacturing of consumer durable goods (commenced 2020) and the expansion of the toy manufacturing ecosystem are the primary new revenue drivers.
Market Expansion
Expansion is focused on scaling the India-based clusters while utilizing French and US facilities to provide 'near-shore' support to global aerospace clients.
Strategic Alliances
The company has entered into a Shareholders' Agreement with investors including Amicus Capital, Amansa Investments, and Catamaran Ekam (Catamaran Advisors LLP).
External Factors
Industry Trends
The industry is shifting toward integrated contract manufacturing where OEMs prefer 'end-to-end' partners. Aequs is positioned as a vertically integrated player to capture this shift from component supply to full assembly.
Competitive Landscape
Competes with global aerospace tier-1 and tier-2 suppliers and large-scale contract manufacturers in the toy and consumer durable space.
Competitive Moat
The company's moat is built on its specialized infrastructure (Koppal Toy Cluster) and aerospace certifications. These are sustainable because the capital intensity and regulatory requirements for aerospace manufacturing prevent rapid competitor entry.
Macro Economic Sensitivity
Highly sensitive to global aerospace cycles and consumer spending on toys and durables. A 1% decline in global air travel demand typically correlates with reduced orders for aerostructures and engine components.
Consumer Behavior
Demand for toys and consumer durables is driven by increasing outsourcing by global brands to Indian manufacturing hubs to diversify away from China.
Geopolitical Risks
Operations in the US, France, and India expose the company to trade policy changes and cross-border regulatory shifts in the aerospace and defense sectors.
Regulatory & Governance
Industry Regulations
Subject to strict aerospace manufacturing standards, surface treatment environmental norms, and toy safety standards for global exports.
Risk Analysis
Key Uncertainties
The primary uncertainty is the continued weak financial profile, with a PAT loss of INR 101.70 Cr in FY25. Failure to turn profitable could impact the ability to sustain the high debt of INR 416.87 Cr.
Geographic Concentration Risk
While diversified across India, France, and the US, a significant portion of manufacturing assets is concentrated in the Karnataka region (Belagavi and Koppal).
Third Party Dependencies
High dependency on global OEMs for orders and international suppliers for specialized components.
Technology Obsolescence Risk
Risk is mitigated by constant investment in precision machining and prototyping capabilities for next-generation aircraft components.
Credit & Counterparty Risk
The company faces information availability risk, as noted by its previous 'Issuer Not Cooperating' status, which can affect its ability to secure favorable credit terms.
