Belagavi, Karnataka: Aequs Limited (Aequs or the Company), the only engineering led, vertically integrated precision manufacturer operating within a single SEZ, with a strong presence across aerospace and consumer segments, on July 30 announced its financial results for the quarter ended June 30, 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.”
He added, “ 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.”
