Aequs Limited, an engineering-led, vertically integrated precision manufacturer operating within a single SEZ, with a presence across aerospace and consumer segments, announces its financial results for the quarter ended 30 June 2026.
Key Financial Highlights (Consolidated):
| Particulars (Rs Mn) | Q1FY2027 | Q1FY2026 | YoY | Q4FY2026 | QoQ |
| Revenue from Operations | 3,955 | 2,556 | 55% | 3,671 | 8% |
| EBITDA | 215 | 399 | (46)% | 321 | (33)% |
| EBITDA Margin % | 5% | 16% | >(100)bps | 9% | >(100)bps |
| PAT | (532) | 39 | >(100)% | (541) | 2% |
| PAT Margin % | (13)% | 1% | >(100)bps | (14)% | 100bps |
Key Financial Highlights – Q1 FY27
Revenue grew 55% YoY and 8% QoQ to ₹3,955 million, driven by continued Aerospace momentum and the scale-up of Consumer programmes.
EBITDA stood at ₹215 million, with a margin of 5%. The year-on-year comparison reflects Consumer Electronics operating costs being expensed following the commencement of commercial operations, compared with their capitalisation in Q1 FY26.
Underlying operating performance improved sequentially, with Operational EBITDA, excluding other income, increasing from ₹42 million in Q4 FY26 to ₹148 million in Q1 FY27. The approximately 3.5 times improvement was supported by narrowing Consumer segment losses and improving cost absorption.
Aerospace EBITDA stood at ₹731 million, representing growth of 35% YoY. The sequential decline from ₹1,010 million in Q4 FY26 reflects the elevated Q4 base, which included a higher contribution from other income.
PAT loss stood at ₹532 million in Q1 FY27, improving sequentially. The reported Q4 FY26 PAT loss of ₹541 million included an exceptional gain of ₹90 million. Excluding this gain, the adjusted Q4 FY26 PAT loss was ₹631 million. On a comparable basis, the PAT loss improved sequentially from ₹631 million to ₹532 million.
Consumer contribution increased to 19% of consolidated revenue, compared with 10% in Q1 FY26, reflecting increasing production volumes and the continued scale-up of the business.
Business Highlights:
Strong Aerospace momentum, with revenue growing 40% YoY and 6% QoQ to ₹3,222 million, supported by higher customer build rates and the progression of additional parts into production.
Aerospace order book crossed USD 1 billion, increasing by 13% sequentially from USD 889 million to USD 1,004 million expanding the scale of committed programmes and reinforcing the segment’s long-term growth trajectory.
Consumer revenue nearly tripled YoY, increasing by 190% YoY and 16% QoQ to ₹734 million as production volumes increased across the portfolio.
Consumer segment EBITDA loss narrowed by ₹112 million, or approximately 24%, sequentially, from ₹473 million in Q4 FY26 to ₹361 million in Q1 FY27.
Capacity utilisation stood at 70% in Aerospace and 22% in Consumer, with Aerospace capacity utilisation in India at 78%.
The Company incurred capital expenditure of ₹830 million during the quarter to support future growth.
Strengthened the Aerospace growth pipeline through long-term agreements with two new Aerostructures Tier-1 customers and the first contract for fully assembled Airbus A320 wheels with Safran Landing Systems with 100% in-country manufacturing value addition on the flight-critical product.
Aravind Melligeri, Executive Chairman and Chief Executive Officer, Aequs Limited said, “Q1 marks a strong start to FY27 – the year we committed to translating expanded capacity into financial returns. Revenue grew 55% YoY to ₹3,955 Mn, led by Aerospace with higher build rates and an expanding portfolio. Customer confidence in our execution is reflected in our order book crossing USD 1 billion, up 13% sequentially. Consumer revenue nearly tripled YoY as our new facilities moved up the production curve.
“The operating leverage we described at our Investor Day is now visible: operational EBITDA improved 3.5x sequentially to ₹148 Mn as Consumer segment losses narrowed 24%, with volumes and cost absorption building each month. During the quarter we invested ₹830 Mn in capex to support future growth. Our milestones stand – Consumer EBITDA breakeven by Q4 FY27 and consolidated PAT breakeven by H1 FY28 – and this quarter is the first proof point on that path, reinforcing our Vision 2031 roadmap of 4–6x revenue growth, 18–22% EBITDA margin and 20% steady-state RoCE,” Melligeri added.
