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Aequs

AEQUS NSE
₹219.59 +10.20 (+4.87%)
P/E
Not meaningful: loss-making over the last twelve months
View as Markdown
MCP
Close 4 Nov 2026 ₹219.59 +68.30 +45.1% since 10 Dec 2025
Start ₹151.29

Key Fundamentals

SmallcapAerospace & DefenseCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
1.69%
Debt to Equity
0.47
EPS (TTM)
−₹2.57
Book Value
₹20.77
Market Cap
—
P/E (TTM)
Not meaningful: loss-making over the last twelve months
P/B
10.57
ROE
−9.96%
Dividend Yield
0.00%
EBITDA
₹154 Cr
52W High
₹294.70
52W Low
₹113.30
Day Range
₹207.16 – ₹220.50
Volume
42,95,367

Peer Comparison

Industrials › Aerospace & Defense

Aequs peer comparison
Hindustan Aeronautics
₹5,079.1036.44₹3,35,230 Cr8.280.91%24.00%32.00%₹33,785 Cr₹9,322 Cr
Bharat Electronics
₹398.0045.49₹2,84,935 Cr11.080.66%27.40%36.40%₹30,253 Cr₹6,401 Cr
Bharat Dynamics
₹1,075.0075.65₹37,987 Cr9.290.48%10.20%13.90%₹2,766 Cr₹521 Cr
Garden Reach Shipbuilders
₹2,143.4030.66₹24,395 Cr9.350.92%31.60%42.80%₹7,507 Cr₹801 Cr
Data Patterns
₹4,078.0085.21₹22,179 Cr13.150.25%15.20%21.90%₹941 Cr₹267 Cr
Sigma Advanced System
₹938.70103.38₹17,375 Cr18.900.00%−4.03%11.70%₹861 Cr₹166 Cr
Aequs (this company)
₹219.59—₹14,236 Cr10.570.00%−9.96%1.69%₹1,370 Cr−₹171 Cr
Median 7 companies₹1,075.0060.57₹24,395 Cr10.570.48%15.20%21.90%₹2,766 Cr₹521 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

38 Weak

Data confidence 91/100

Category scores

Quality
11
Poor
Returns, margins, earnings quality 22% weight
Valuation
11
Poor
Cheap vs sector & own history 24% weight
Growth
79
Strong
Sales & profit trajectory 9% weight
Financial Health
30
Poor
Solvency, leverage, coverage 9% weight
Momentum
48
Average
Trend strength, vol-adjusted 12% weight
Ownership
69
Strong
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

6
  • Stock is trading at 11.8 times its book value
  • Company has low interest coverage ratio.
  • Company has a low return on equity of -9.43% over last 3 years.
  • Promoters have pledged 25.4% of their holding.
  • Earnings include an other income of Rs.65.5 Cr.
  • Debtor days have increased from 64.0 to 78.5 days.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1063
OscillatorsBearish261
Moving AveragesStrong Bearish802

Key readings

RSI (14)
39.33
Neutral
MACD (12,26,9)
−11.64
Bearish
SMA (50)
245.46
Bearish
SMA (200)
198.50
Bullish

As of

Analyst Rating

Based on 4 analysts
TIED50%

2 of 4 analysts rate Buy, 0 Hold, 2 Sell.

As of

BUY
2
50%
HOLD
0
0%
SELL
2
50%

Growth Rate

From the financial statements below. 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025.

Revenue

Revenue growth by window
3Y+14.85%
1Y+32.97%

Net profit

Net profit growth by window
3YLoss widened by ₹3 Cr
1YLoss widened by ₹11 Cr

Operating cash flow

Operating cash flow growth by window
3YTurned negative
1YTurned negative

Operating margin· change in pp

Operating margin growth by window
3Y+2.55 pp
1Y−1.06 pp

Trailing twelve months: Fewer than eight quarters are reported, so there is no trailing-twelve-month figure.

Revenue by year

Revenue by year, ₹ crore
Mar 2023₹812 Cr
Mar 2024₹965 Cr
Mar 2025₹925 Cr
Mar 2026₹1,230 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2023−₹110 Cr
Mar 2024−₹14.00 Cr
Mar 2025−₹102 Cr
Mar 2026−₹113 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹146 Cr −5.1% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

Aequs Ltd trades at ₹219.59 with a market cap of ₹14,236 Cr as of 2026-11-04. The company delivers strong revenue growth at 33% TTM but remains loss-making with a TTM EPS of -₹2.57 and a 3-year average ROE of -9%, while the stock trades at 10.57x book value.

Bull Case 7
  • TTM revenue growth of 33% signals strong top-line momentum, well above typical industrial sector averages
  • 3-year compounded sales growth of 15% indicates a sustained demand trajectory in the aerospace and defence segment
  • Debt-to-equity ratio stands at a manageable 0.47, suggesting the balance sheet is not overly leveraged despite ongoing losses
  • ROCE of 1.11% is positive, indicating the company is at least generating some return on total capital employed even as net earnings remain negative
  • The stock has rallied roughly 94% from its 52-week low of ₹113.30, reflecting significant investor confidence in the company's growth outlook
  • Operating in the aerospace and defence sector, the company is positioned in a space benefiting from rising Indian defence budgets and global supply chain diversification
  • Market cap of ₹14,236 Cr suggests the market is pricing in a meaningful scale-up in future earnings from the current revenue growth trajectory
Bear Case 7
  • TTM EPS of -₹2.57 means the company is currently loss-making, and TTM profit has declined 74%, representing a sharp deterioration in bottom-line performance
  • 3-year average ROE of -9% and last year ROE of -10% indicate persistent destruction of shareholder value
  • Promoters have pledged 25.4% of their holding, which raises governance risk and could lead to forced selling in a downturn
  • Earnings include other income of ₹65.5 Cr, meaning the core operating performance is weaker than headline numbers suggest
  • Debtor days have increased from 64.0 to 78.5 days, pointing to deteriorating working capital efficiency and slower collections
  • The company has a low interest coverage ratio, indicating operating profits are insufficient to comfortably service debt obligations
  • The stock trades about 25% below its 52-week high of ₹294.70, suggesting momentum has faded and the recent rally may have overshot fundamentals

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Aequs is channeling capital into its aerospace JV and seeking promoter-level infusion through convertible warrants, both signs of active investment in growth. A minor stake reduction by AmanSA is a modest headwind but the quantum is small. The near-term trend is stable with a slight positive tilt as the company builds out its defense capabilities, though investors should watch whether the promoter warrant conversion and JV spending translate into order flow.

Headwinds 1
  • Investor trims Aequs stake Oct 08

    AmanSA Investments and related entities sold 9.34 lakh shares on the secondary market, reducing their combined holding from 5.49% to 5.35%. Signals reduced conviction from a notable investor.

Positives 2
  • ₹15.75 crore Ajna Aerospace investment Oct 09

    Aequs invested ₹15.75 crore in its JV Ajna Aerospace & Defence via a rights issue allotment of 45 lakh partly paid-up shares, deepening its commitment to the aerospace & defense vertical.

  • Promoter warrant issue for capital Oct 22

    EGM held on Oct 22 with 56 members to approve convertible warrants to promoter entity Mellwood Trustee Services. CFO outlined governance safeguards, signaling structured promoter-led capital infusion.

Neutral 1
  • Promoter pledge temporarily released Oct 10

    Melligeri Private Family Foundation released pledge on 1,00,51,307 Aequs shares on Oct 8 to meet regulatory requirements. The release was explicitly described as temporary.

Quarterly Results

₹ Cr
AEQUS quarterly results, ₹ crore
Particulars Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
216
249
256
282
326
367
396
409
Expenses
209
225
228
253
297
363
381
395
Operating Profit
7
25
27
29
29
4
15
—
OPM %
3.4%
10%
11%
10%
9%
1.1%
3.7%
—
Other Income
3
19
14
18
−6
44
10
—
Interest
18
13
10
26
21
36
19
21
Depreciation
26
24
25
33
35
46
45
47
PBT
−34
6
6
−12
−33
−33
−40
−41
Tax %
17%
−54%
42%
72%
29%
63%
34%
28%
Net Profit
−40
9
4
−21
−43
−54
−53
−52
EPS (₹)
−0.94
0.15
0.06
−0.34
−0.64
−0.8
−0.79
—

Sep 2026: from the results filed on 26 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
AEQUS profit and loss, annual, ₹ crore
Particulars Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
812
965
925
1,230
1,370
Expenses
773
836
845
1,139
1,294
Operating Profit
40
129
79
92
76
OPM %
4.9%
13%
9%
7%
6%
Other Income
25
44
−6
69
65
Interest
69
69
64
94
101
Depreciation
100
108
103
138
158
PBT
−103
−4
−94
−71
−118
Tax %
6%
233%
9%
58%
—
Net Profit
−110
−14
−102
−113
−170
EPS (₹)
−2.33
−0.26
−1.76
−1.69
−2.57
Div. Payout %
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
AEQUS balance sheet, annual, ₹ crore
Particulars Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
425
425
582
671
Reserves
−146
−15
135
816
Borrowings
664
1,106
785
701
Other Liabilities
410
337
401
545
Total Liabilities
1,352
1,852
1,903
2,733
Fixed Assets
686
660
525
1,070
CWIP
0
175
395
79
Investments
58
92
77
106
Other Assets
609
924
906
1,478
Total Assets
1,352
1,852
1,903
2,733

Cash Flow

₹ Cr
AEQUS cash flow, annual, ₹ crore
Particulars Mar 2023Mar 2024Mar 2025Mar 2026
Operating
10
−19
26
−99
Investing
−95
−346
−70
−365
Financing
54
393
25
704
Net Cash Flow
−31
28
−18
241
Free Cash Flow
−76
−175
−239
−440
CFO/EBITDA
27
−12
48
−80

Ratios

AEQUS financial ratios, annual
Particulars Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
48
52
62
78
Inventory Days
313
336
420
450
Days Payable
215
177
215
238
Cash Conversion Cycle
146
210
267
290
Working Capital Days
−45
10
12
49
ROCE %
—
4%
1%
2%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Aequs insights

60 extracted metrics across FY21–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 59.09%
  • Others 18.29%
  • DIIs 9.27%
  • Public 7.42%
  • FIIs 5.93%

24.43% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Aequs

What does Aequs Ltd do?
Founded in 2000, Aequs focuses on high-precision, high-complexity components and assemblies for global OEMs and Tier-1 suppliers, especially in civil aviation.
Where is Aequs Ltd (AEQUS) listed?
Aequs Ltd trades as AEQUS on the NSE and under code 544634 on the BSE.
Which sector does Aequs Ltd belong to?
Aequs Ltd is classified under the Aerospace & Defense sector.
What is the 52-week high and low of Aequs Ltd?
Over the last 52 weeks Aequs Ltd has traded between ₹113.3 and ₹294.7 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Aequs Ltd?
Aequs Ltd reported a return on equity of -9.96%. Its debt-to-equity ratio is 0.47.

Company Information

Founded in 2000, Aequs focuses on high-precision, high-complexity components and assemblies for global OEMs and Tier-1 suppliers, especially in civil aviation.

Website aequs.com
CEO Mr. Aravind Shivaputrappa Melligeri
Employees 1,891
Listed 10 Dec 2025
Face Value ₹10

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