Aequs Limited

listedRefreshing

NSE · Source: NSE

DRHP2 Sept 2026completed
RHP2 Sept 2026completed
Price band2 Sept 2026completed
Opened3 Dec 2025completed
Closed5 Dec 2025completed
Allotteddate not on filereached, date not recorded
Listed10 Dec 2025completed

Price band

₹118–₹124

Issue size

₹921.81 Cr

Fresh issue

₹670 Cr

Offer for sale

₹251.81 Cr

What the company does

Business model: Vertically integrated precision component manufacturer serving Aerospace and Consumer segments through engineering-led manufacturing ecosystems. Aerospace manufacturing covers machining, forging, surface treatment and assembly, while the Consumer segment includes precision electronics components, plastics and consumer durables. (p.23, 278, 279, 281)
Revenue drivers: Aerospace is the dominant revenue driver, contributing net external revenue of Rs 8,246.41 million or 89.19% of revenue from operations in FY2025, versus 78.44% in FY2024 and 72.06% in FY2023. Revenue depends substantially on OEM production requirements and purchase orders under requirement-based customer arrangements. (p.41, 42, 43, 282)
products: Aerospace products include components for engine systems, landing systems, cargo and interiors, structures, assemblies and turnings. Consumer products include components for portable computers and smart devices, outdoor toys, figurines, toy vehicles, non-stick cookware and small home appliances. The Company produced over 4,500 aerospace products as of March 31, 2025. (p.23, 278, 279, 289)
Customers & concentration: The ten largest customer groups contributed 88.57% of FY2025 revenue from operations, the five largest contributed 73.17% and the three largest contributed 53.97%. Named customers in the document include Airbus, Boeing, Bombardier, Collins Aerospace, Spirit Aerosystems, Safran, GKN Aerospace, Honeywell, Eaton and Sabca in Aerospace, and Hasbro, Spinmaster, Wonderchef and Tramontina in Consumer. Customer arrangements are typically requirement-based and do not obligate customers to place fixed quantities. (p.42, 43, 281, 282, 289)
geography: The Company operates three manufacturing clusters in Karnataka at Belagavi, Hubballi and Koppal and dedicated aerospace facilities in France and the United States. FY2025 Aerospace Segment net external revenue was Rs 6,232.30 million from India operations, Rs 991.53 million from France and Rs 1,022.58 million from the USA.

KPI	Value	Period	Pages
Revenue from Operations	Rs 9,246.06 million / Rs 9,650.74 million / Rs 8,121.32 million	FY2025 / FY2024 / FY2023	—
Year on Year growth in Revenue from Operations	(4.19%) / 18.83% / 53.48%	FY2025 / FY2024 / FY2023	—
Net external revenue - Aerospace Segment	Rs 8,246.41 million / Rs 7,569.78 million / Rs 5,851.82 million	FY2025 / FY2024 / FY2023	—
Net external revenue - Consumer Segment	Rs 999.65 million / Rs 2,080.96 million / Rs 2,269.50 million	FY2025 / FY2024 / FY2023	—
Loss for the year	Rs (1,023.46) million / Rs (142.44) million / Rs (1,094.95) million	FY2025 / FY2024 / FY2023	—
Total Assets	Rs 18,598.40 million / Rs 18,229.83 million / Rs 13,216.91 million	FY2025 / FY2024 / FY2023	—
EBITDA	Rs 1,079.69 million / Rs 1,455.10 million / Rs 630.56 million	FY2025 / FY2024 / FY2023	—
EBITDA Margin	11.68% / 15.08% / 7.76%	FY2025 / FY2024 / FY2023	—
EBITDA - Aerospace Segment	Rs 1,597.75 million / Rs 1,743.73 million / Rs 833.59 million	FY2025 / FY2024 / FY2023	—
EBITDA - Aerospace Segment Margin	19.38% / 23.04% / 14.24%	FY2025 / FY2024 / FY2023	—
EBITDA - Consumer Segment	Rs (286.71) million / Rs (155.68) million / Rs (155.50) million	FY2025 / FY2024 / FY2023	—
EBITDA - Consumer Segment Margin	(28.68%) / (7.48%) / (6.85%)	FY2025 / FY2024 / FY2023	—
PAT Margin	(11.07%) / (1.48%) / (13.48%)	FY2025 / FY2024 / FY2023	—
Cash Conversion Cycle	253 days / 203 days / 157 days	FY2025 / FY2024 / FY2023	—
Return on Capital Employed	0.87% / 2.84% / (3.72%)	FY2025 / FY2024 / FY2023	—
Return on Equity	(14.30%) / (1.49%) / (40.68%)	FY2025 / FY2024 / FY2023	—
Net Debt to Equity Ratio	0.99x / 0.55x / 2.54x	FY2025 / FY2024 / FY2023	—
Fixed Asset Turnover	1.84x / 1.65x / 1.36x	FY2025 / FY2024 / FY2023	—
Consolidated Installed Capacity	2,919,058.00 / 2,868,185.00 / 2,799,736.00 machining or molding hours per annum	FY2025 / FY2024 / FY2023	—
Capacity utilization	41.77% / 44.40% / 39.19%	FY2025 / FY2024 / FY2023	—

Aequs Limited

What the company does

Aequs Limited

What the company does

Key performance indicators

Context

What the company does

Industry opportunity