Aequs Limited (AEQUS)
Micro CapIndustrials stocks · Micro cap · NSE
Aequs Limited is an Indian precision manufacturing company with integrated ecosystems in Aerospace and Consumer durables. It operates India's first Precision Engineering SEZ in Belagavi and has expanded into consumer manufacturing clusters. The company leverages its capabilities for global customers, including major aerospace OEMs and consumer electronics brands.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 2/100PAT -1425% YoY · margin compression · Rev +55% YoY · +8% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹396 Cr | +54.7% | +7.9% |
| EBITDA | ₹15 Cr | -44.4% | +275.0% |
| Operating margin | 3.7% | -730 bps | +260 bps |
| PAT | ₹-53 Cr | -1425.0% | NDF |
| PAT margin | -13.4% | -1494 bps | +133 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Aequs outlines Vision 2031, targeting significant revenue and profitability growth through diversified precision manufacturing ecosystems, emphasizing aerospace and consumer verticals.
Aequs is positioning itself as a diversified precision manufacturing platform, leveraging integrated ecosystems and strategic partnerships. The Vision 2031 targets are ambitious, relying on successful execution of new initiatives in aero-engines, UAVs, and consumer electronics, alongside continued aerospace ramp-up.
Aerospace Vertical Growth
Management targets 4X – 5X revenue growth for Aerospace, with 18% to 22% EBITDA and 20% RoCE.
Consumer Vertical Operating Leverage
Management targets 10x – 18x revenue growth for Consumer, with 18% to 20% EBITDA and 18% to 20% RoCE.
Aero-Engine Component Ecosystem (AECE)
MoU with TN Govt. for India’s first Aero Engine Ecosystem at Hosur, focusing on engine components and landing gear.
Ajna Aerospace & Defence JV
JV with Accel India Fund and Vagus to manufacture, assemble, and sell unmanned aerial vehicles (UAVs) for India and global markets.
Koppal Manufacturing Cluster
Operationalized in 2021 as India's first Toys Cluster.
Hubballi Manufacturing Cluster
Operational in 2022 as India’s First Consumer Durables Manufacturing Cluster.
Hosur Aero-Engine Ecosystem
New 250-acre site (125-acre SEZ) in Tamil Nadu for aircraft engines, landing gear, and systems components.
10KT Hydraulic Press
Installed India’s largest 10,000-ton Hydraulic Press for Aerospace components.
India as a Manufacturing Powerhouse
India is positioned to gain from geopolitical and economic trends driving diversification of Asia’s manufacturing supply chain.
Long-term Commercial Aerospace Demand
Airbus & Boeing forecast demand for nearly 43,000 new aircraft over the next 20 years, with passenger traffic crossing 5 bn in 2026.
Large Indian Consumer Market
The electronics outsourced manufacturing opportunity in India is projected to grow significantly by 2030.
Supportive Government Policies
PLI and state incentives, along with a supportive government policy framework, aid manufacturing growth.
Long Qualification Cycles
Precision manufacturing involves long qualification cycles, potentially leading to low to negative initial ROCE.
Delayed Operating Leverage
Ecosystem buildout requires upfront planning, which can result in delayed operating leverage.
Talent & Leadership Evolution
Sustained growth requires continuous development of precision talent and leadership across the Aequs ecosystem.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
This investor presentation focuses on strategic vision and future targets rather than current period financial results. For future monitoring, both YoY for long-term growth trends and QoQ for sequential operational performance and project execution will be crucial.
EBITDA Margin Target
Vision 2031 targets 18% to 22% EBITDA for Aerospace and 18% to 20% for Consumer.
Return on Capital Employed (ROCE) Target
Vision 2031 targets 20% ROCE for Aerospace and 18% to 20% for Consumer.
Capital Expenditure Plan
Management plans $350-$450 Mn in capital expenditure.
Execution Track Record
The company has a record of consistent on-time deliveries across multi-year OEM programs.
Vision 2031 Consolidated Targets
Management targets 4x to 6x revenue, 18% to 22% EBITDA, and 20% ROCE by FY31.
Cluster Value Add (CVA) Target
Aequs aims for >50%+ Cluster Value Add (CVA) as a platform compounding moat.
Consumer EBITDA Breakeven Timeline
Management expects the Consumer segment to achieve EBITDA breakeven by Q4FY27.
Consolidated PAT Breakeven Timeline
Management expects consolidated PAT breakeven by H1FY28.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consumer EBITDA Breakeven | Not yet achieved | Achievement by Q4FY27 as targeted by management. |
| Consolidated PAT Breakeven | Not yet achieved | Achievement by H1FY28 as targeted by management. |
| Aerospace – Hosur – Revenue Kick-off | Project in development | Commencement of revenue generation by FY29 as targeted. |
| Ajna Aerospace UAV Programs | IP licensing finalized, lining up trials for specialized medium and heavy lift drones. | Successful trials, commencement of deliveries to armed forces, and progress on indigenous subsystem development. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +6.5% / mo · MACD − · near 52W high
Technical chart
AEQUSdaily · 1Y · AUTO+78.0%Daily history is available from 2025-12-10; the requested 1Y window is partially covered.
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 47. Wait for confirmation.
- SMA20 rising (~6.1% over last month) — short-term momentum positive.
- RSI(14) at 47 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 12% off 52W high · 114% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 11 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 11 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Balance sheet contributes 8/15 to the score.
- Growth contributes 2/25 to the score.
- Valuation contributes 0/30 to the score.
Main drags
- Fair-value margin of safety is negative at -3960.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
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.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: 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.
Mixed Trust Lite: Promoter holding is 59.1%. Key concern: Operating cash flow is negative at ₹-5 Cr.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
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
How to read this Trust Score
Weak Trust · low confidenceRead 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.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 59.1%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.02.
Trust risks
- ▸Operating cash flow is negative at ₹-5 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Only 0 years of positive FCF.
- ▸ROCE is low at 3.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 491.00
- P/B
- 8.71
- EV/EBITDA
- 1808.56
- Market Cap
- 16242.00Cr
Profitability
- ROE
- 2.09%
- ROCE
- 3.24%
- ROA
- 4.74%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 1.00%
- EPS 5Y
- 1.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 2.50%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- -0.12×
- Altman Z
- 8.12
- Book Value
- 27.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -5.00 Cr
- EPS TTM
- 0.74
Shareholding
- Promoter Hold
- 59.09%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 80%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Industrials, ranked by similarity
Peers
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.