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.

Aequs Limited will host a conference call for analysts and institutional investors on July 29, 2026, at 6:00 PM IST to discuss its unaudited financial results for the quarter ended June 30, 2026. The event provides stakeholders with direct access to management commentary on the company’s performance in Q1 FY27, followed by a question-and-answer session. This disclosure was made pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The conference call will feature key executives from Aequs Limited, including Aravind Melligeri, Executive Chairman and CEO; Rajeev Kaul, Cofounder and Managing Director; and Harish Bang, Vice President Finance. The management team will initiate the call with a brief discussion on business performance before opening the floor for investor queries. The intimation regarding the schedule was submitted to the National Stock Exchange of India Limited and BSE Limited on July 23, 2026.

Ernst & Young LLP, the statutory auditor, will also be represented during the proceedings to address any audit-related inquiries. Representatives from the firm include Diwakar Pingle, Kunal Bhoite, and Manav R Poal. Their presence ensures that investors can seek clarification on accounting treatments or financial reporting standards applied in the quarterly results.

Investors can access the conference call through multiple dial-in options, including universal and international toll-free numbers. A pre-registration link is available for participants who prefer to join via digital platforms. Detailed instructions and contact information for investor relations are provided below.

Conference Call Participation Details

The full intimation and invitation details are available on the company’s investor relations website at https://www.aequs.com/investor/ . For further assistance, investors may contact Harish Bang at Investor.relations@aequs.com or reach out to the Ernst & Young LLP team via their respective contact numbers.