Industrials stocks · Micro cap · NSE
Aequs Limited is an engineering-led, vertically integrated precision manufacturer in Aerospace and Consumer segments. It operates across 3 manufacturing ecosystems in India, including a single SEZ for end-to-end aerospace manufacturing, and holds one of India's largest aerospace product portfolios (5,740 SKUs).
SMA20 +9.8% / mo · MACD −
Latest mapped FPI equity flow was not positive. View sector evidence
Daily history is available from 2025-12-10; the requested 1Y window is partially covered.
Adjusted completed-session prices, rebased to 100
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +35.5% · PAT +5.7% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
margin compression · Rev +35% YoY · PAT +6% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹38.5 Cr | +35.5% | +4.9% |
| EBITDA | ₹-0.7 Cr | -146.7% | +56.5% |
| Operating margin | -1.8% | -710 bps | +257 bps |
| PAT | ₹4.1 Cr | +5.7% | -92.2% |
| PAT margin | 10.6% | -297 bps | -13152 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 19/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Signals are conflicting — long-term uptrend intact. RSI 48. Wait for confirmation.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 9 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
Q1 FY27 revenue grew 55% YoY to 3,955 Mn, driven by strong Aerospace (40% YoY) and Consumer (>100% YoY) growth. Operational EBITDA improved 3.5x QoQ to 148 Mn, with Consumer losses narrowing 24% QoQ. However, reported EBITDA declined 46% YoY to 215 Mn (5% margin), and PAT loss widened to 532 Mn.
While Q1 FY27 shows sequential operational improvement with narrowing Consumer losses and strong order book growth, the significant YoY decline in reported EBITDA and widening PAT loss indicate the thesis is under stress. High capex and increased debt are weighing on profitability and balance sheet metrics. Management's breakeven targets are key.
Latest issuer-disclosed distribution across 2 reported categories.
Aerospace order book crosses USD 1 billion, up 13% sequentially, reinforcing long-term growth trajectory.
Signed long-term agreements with two new Aerostructures Tier-1 customers, expanding global base.
Signed first contract for fully assembled Airbus A320 wheels with Safran Landing Systems, manufactured end-to-end in India.
Consumer revenue nearly tripled YoY as our new facilities moved up the production curve.
4.78 Mn (machining/molding hours) (Q1 FY27)
220 CNC machines (Q1 FY27)
218 CNC machines (Q1 FY27)
172 Molding Machines with capacity between 80T to 450T (Q1 FY27)
Aerospace with higher build rates and an expanding portfolio.
Customer confidence in our execution is reflected in our order book crossing USD 1 billion.
Consumer revenue nearly tripled YoY as our new facilities moved up the production curve.
Operational EBITDA improved 3.5x sequentially, with volumes and cost absorption building each month.
Decline in EBITDA YoY attributed to Consumer Electronics operating costs being expensed in Q1FY27 vs. capitalisation in Q1FY26.
Consumer segment performance remained impacted by low utilisation.
Higher depreciation on the expanded Consumer Electronics asset base impacting PAT.
PAT loss stood at 532 Mn, reflecting EBITDA movement and higher depreciation on expanded Consumer Electronics asset base.
Consumer segment performance improved QoQ but remained impacted by low utilisation.
Net Debt/Equity increased from 0.88x in Q1 FY26 to 2.07x in Q1 FY27.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison assesses overall growth against previous periods, especially for long-cycle Aerospace. QoQ tracks sequential momentum, utilization ramp-up in new Consumer facilities, and narrowing losses, crucial for management's path to profitability.
USD 1,004 Mn, up 13% QoQ
4% in Q1 FY27, improved from 1% in Q4 FY26
125 days in Q1 FY27
830 Mn invested in Q1 FY27 to support future growth
Q1 marks a strong start to FY27 - the year we committed to translating expanded capacity into financial returns.
Consumer EBITDA breakeven by Q4 FY27 and consolidated PAT breakeven by H1 FY28.
Reinforcing Vision 2031 roadmap of 4–6x revenue growth, 18–22% EBITDA margin and 20% steady-state RoCE.
Building towards a broader role with customers - from component supply today to integrated kit supplies and new-product co-development through FY31.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consumer EBITDA | Loss of - 361 Mn (Q1 FY27) | Achieving breakeven by Q4 FY27 |
| Consolidated PAT | Loss of - 532 Mn (Q1 FY27) | Achieving breakeven by H1 FY28 |
| Consumer Capacity Utilisation | 22% (Q1 FY27) | Continued ramp-up to improve profitability |
| Operational EBITDA Margin | 4% (Q1 FY27) | Improvement towards Vision 2031 target of 18-22% |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 13th percentile of the scored universe and 10th percentile within Industrials. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Industrials: 10th pctile, median 68 · Micro: 9th pctile, median 73
19 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
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