Aequs Limited has published the audio recording of its earnings conference call, which was conducted on July 29, 2026, at 6:00 p.m. (IST). The discussion focused on the company’s unaudited financial results for the quarter ended June 30, 2026 (Q1FY27). Investors and stakeholders can access the recording directly through the company’s website to review management’s commentary on the latest performance metrics.

The disclosure was made pursuant to Regulation 30 and Regulation 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Aequs Limited submitted the notice to both the National Stock Exchange of India Limited and BSE Limited, ensuring compliance with mandatory listing obligations regarding investor communication.

Ravi Mallikarjun Hugar, Company Secretary and Compliance Officer of Aequs Limited, signed the disclosure. The audio file is uploaded to the company’s digital repository, providing transparent access to the detailed financial review presented during the session.

Key Details

The availability of the recording allows market participants to analyze the qualitative aspects of the company’s performance, including strategic updates and operational highlights, alongside the quantitative data previously reported in the financial results.

Aequs Limited reported a consolidated revenue growth of 55% year-on-year to ₹3,955 million for the quarter ended June 30, 2026 (Q1FY27), marking an 8% sequential increase. The top-line expansion was primarily driven by strong momentum in the Aerospace segment and the scaling up of Consumer electronics programmes. Despite the revenue surge, the company posted a net loss of ₹532 million, compared to a net profit of ₹39 million in Q1FY26. The bottom-line pressure stemmed from higher depreciation charges and finance costs associated with capacity expansion, although underlying operational EBITDA improved significantly on a sequential basis.

The Board of Directors approved the unaudited financial results on July 29, 2026. Statutory auditors B S R & Co. LLP issued an unmodified limited review report. In corporate governance developments, the Board appointed Co-Founder and Managing Director Rajeev Kaul as the Compliance Officer and Chief Investor Relations Officer under SEBI's Prohibition of Insider Trading Regulations, 2015. The IPO Committee was dissolved following the successful completion of the Initial Public Offer.

Financial Performance Overview

Consolidated revenue from operations grew to ₹3,955 million from ₹2,556 million in the prior year period. Total income stood at ₹4,023 million, supported by other income of ₹67 million. EBITDA contracted by 46% year-on-year to ₹215 million, with margins compressing to 5% from 16%. This contraction reflects the accounting treatment of Consumer Electronics operating costs, which were expensed upon commencement of commercial operations in Q1FY27, whereas they were capitalized in Q1FY26.

Profit before tax swung to a loss of ₹398 million against a profit of ₹65 million in Q1FY26. Finance costs increased to ₹189 million from ₹101 million, while depreciation and amortization more than doubled to ₹453 million from ₹246 million.

Segment Analysis and Operational Metrics

The Aerospace segment remained the primary revenue driver, generating ₹3,222 million, up 40% year-on-year and 6% quarter-on-quarter. The segment’s order book crossed USD 1 billion, increasing by 13% sequentially from USD 889 million to USD 1,004 million. Aerospace EBITDA stood at ₹731 million, representing 35% YoY growth, though it declined sequentially from ₹1,010 million in Q4FY26 due to a lower base in other income.

The Consumer segment posted revenue of ₹734 million, nearly tripling year-on-year (up 190%) and rising 16% sequentially. Its contribution to consolidated revenue increased to 19% from 10% in Q1FY26. The Consumer segment EBITDA loss narrowed by approximately 24% sequentially to ₹361 million from ₹473 million in Q4FY26. Capacity utilization stood at 70% in Aerospace (78% in India) and 22% in Consumer.

What the Numbers Show

The divergence between reported profitability and underlying operational performance highlights the impact of Aequs’s aggressive capital expenditure cycle. While the reported PAT loss widened to ₹532 million, it improved sequentially from an adjusted loss of ₹631 million in Q4FY26 (which included a ₹90 million exceptional gain). Operational EBITDA, excluding other income, surged 3.5 times sequentially to ₹148 million from ₹42 million, indicating improving cost absorption in the Consumer segment. Cash flow from operations turned negative at ₹414 million, reflecting working capital pressures and capital expenditures of ₹830 million deployed to support future growth. Management reaffirmed targets for Consumer EBITDA breakeven by Q4FY27 and consolidated PAT breakeven by H1FY28.