Incorporated in 2000, Aequs Ltd. is engaged in manufacturing and operating a special economic zone in India to offer fully vertically integrated manufacturing capabilities in the Aerospace Segment.
The company’s diverse product portfolio includes components for engine systems, landing systems, cargo and interiors, structures, assemblies and turning for the aerospace clients.
The company primarily operate in the Aerospace Segment, over the years, they have expanded their product portfolio to include consumer electronics, plastics, and consumer durables for their consumer clients.
As of September 30, 2025, the company produced over 5,000 products within the Aerospace Segment under a variety of manufacturing and assembly programs established with their aerospace customers, including programs for single aisle (such as A220, A320, B737) and long range (A330, A350, B777, B787) commercial aircrafts.
Product Portfolio:
As of September 30, 2025, the company had 1,892 full-time employees, 1,834 employees on a contractual basis, 55 trainees, 432 apprentices and 325 fixed term employees.
Competitive Strengths:
Aequs Ltd.’s revenue decreased by 3% and profit after tax (PAT) dropped by 619% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|---|
| Assets | 2,134.35 | 1,859.84 | 1,863.50 | 1,822.98 | 1,321.69 |
| Total Income | 565.55 | 959.21 | 475.51 | 988.30 | 840.54 |
| Profit After Tax | -16.98 | -102.35 | -71.70 | -14.24 | -109.50 |
| EBITDA | 84.11 | 107.97 | 57.82 | 145.51 | 63.06 |
| NET Worth | 796.04 | 707.53 | 731.65 | 807.17 | 251.91 |
| Reserves and Surplus | 200.43 | 135.09 | -90.83 | -15.31 | -146.15 |
| Total Borrowing | 533.51 | 437.06 | 384.79 | 291.88 | 346.14 |
| Amount in ₹ Crore | |||||
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| ROE | -14.30 |
| ROCE | 0.87 |
| Debt/Equity | 0.99 |
| RoNW | -14.47 |
| PAT Margin | -11.07% |
| EBITDA Margin | 11.68% |
| Price to Book Value | 9.94 |
| Market Capitalization | ₹8,316.06 Cr. |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | -1.66 | -0.51 |
| P/E (x) | -74.71 | -244.92 |
The Company Aequs IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by: | 433.17 |
| 2 | The Company | 17.55 |
| 3 | three of the wholly-owned Subsidiaries, through investment in the below Subsidiaries | 415.62 |
| 4 | AeroStructures Manufacturing India Private Limited | 174.82 |
| 5 | Aequs Consumer Products Private Limited | 231.16 |
| 6 | Aequs Engineered Plastics Private Limited | 9.63 |
| 7 | Funding capital expenditure to be incurred on account of purchase of machinery and equipment by: | 64.00 |
| 8 | Company | 8.11 |
| 9 | one of the wholly-owned Subsidiaries, AeroStructures Manufacturing India Private Limited, through investment in such Subsidiary | 55.89 |
| 10 | Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes |
| IPO Date | December 3, 2025 to December 5, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹118 to ₹124 per share |
| Lot Size | 120 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 7,43,39,651 shares (aggregating up to ₹921.81 Cr) |
| Fresh Issue | 5,40,32,258 shares (aggregating up to ₹670.00 Cr) |
| Offer for Sale | 2,03,07,393 shares of ₹10 (aggregating up to ₹251.81 Cr) |
| Employee Discount | ₹11.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 61,66,17,677 shares |
| Share Holding Post Issue | 67,06,49,935 shares |
The Promoters of the company are Aravind Shivaputrappa Melligeri, Aequs Manufacturing Investments Private Limited, Melligeri Private Family Foundation and The Melligeri Foundation.
| Share Holding Pre Issue | 64.48% |
| Share Holding Post Issue | 56.25% |
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As per our analysis and Based on the information we have, this is the output.
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