AEQUS Q3 FY26 Revenue Surges 51% to INR 3,262 Million Despite Net Loss Widening
AEQUUS Limited delivered strong Q3 FY26 results in its first earnings call as a public company, with revenue jumping 51% to INR 3,262 million and EBITDA surging 353% to INR 381 million. Despite impressive top-line growth, net loss widened to INR 426 million due to one-time IPO expenses and labor code provisions. The aerospace segment contributed 82% of revenue with healthy margins, while the consumer segment showed 157% growth but remained in scale-up phase with current utilization at 31%.
*this image is generated using AI for illustrative purposes only.
AEQUS Limited held its first earnings conference call as a public company on January 29, 2026, reporting strong revenue growth in Q3 FY26 while facing continued profitability challenges. The precision manufacturing company, which went public with an IPO subscribed over 100 times, demonstrated robust operational performance across its aerospace and consumer segments.
Q3 FY26 Financial Performance
The company delivered impressive top-line growth in the third quarter, with consolidated financial metrics showing strong momentum:
| Metric | Q3 FY26 | Q3 FY25 | Change |
|---|---|---|---|
| Revenue from Operations | INR 3,262 million | INR 2,160 million | +51.00% |
| EBITDA | INR 381 million | INR 84 million | +353.00% |
| EBITDA Margin | 12.00% | - | - |
| Net Loss | INR 426 million | INR 398 million | +7.04% |
| Adjusted PAT (excluding one-time items) | INR 259 million loss | - | - |
Nine-Month FY26 Performance Overview
For the nine-month period ending December 31, 2025, AEQUS maintained strong growth trajectory:
| Parameter | 9M FY26 | 9M FY25 | Growth |
|---|---|---|---|
| Revenue | INR 8,633 million | INR 6,740 million | +28.00% |
| EBITDA | INR 1,222 million | INR 662 million | +85.00% |
| EBITDA Margin | 14.00% | 10.00% | +400 bps |
| PAT Loss | INR 593 million | INR 1,115 million | -47.00% |
Segment-wise Business Performance
Aerospace Segment Leadership
The aerospace division continued as the primary revenue driver, contributing 82% of Q3 consolidated revenue with INR 2,685 million. The segment demonstrated strong profitability with EBITDA of INR 633 million, representing 163% year-over-year growth. For nine months, aerospace revenue reached INR 7,424 million with segment EBITDA of INR 1,803 million, showing 62% growth.
The company maintains a robust aerospace order book of USD 814 million, expected to be delivered over the next five years through 2031. AEQUS supplies over 5,221 parts to global OEMs including Airbus, Boeing, Collins, Safran, and Honeywell, with over 90% single-source supplier status.
Consumer Segment Scale-Up
The consumer vertical reported revenues of INR 577 million in Q3, up 157% year-over-year, though EBITDA loss widened to INR 159 million due to ongoing scale-up phase. The company received MeitY approval for PLI incentives under the electronic component manufacturing scheme and commenced deliveries to new customer Mattel during the quarter.
Operational Metrics and Capacity Utilization
AEQUS operates with significant manufacturing capacity across its integrated clusters:
| Operational Parameter | Current Status |
|---|---|
| Annual Machining/Molding Hours | 3.96 million |
| CNC Machines | 424 units |
| Molding Machines | 161 units |
| Aerospace Utilization (India) | 71.00% |
| Consumer Electronics Utilization | 31.00% |
| Engineering Workforce | 725 engineers |
| Total Workforce | 2,968 employees |
Balance Sheet Strengthening
Following the successful IPO, AEQUUS significantly improved its financial position with total assets reaching INR 30.5 billion in December 2025 versus INR 18.6 billion in March 2025. Net debt to equity reduced sharply to 0.1X, reflecting deleveraging post-IPO. The aerospace segment achieved ROCE of 18.5% for nine-month FY26, improving from 14.3% in FY25.
Management emphasized the company's unique position as the only precision component manufacturer within a single SEZ in India offering fully vertically integrated manufacturing capabilities in aerospace, with partnerships including Magellan Aerospace, Aubert & Duval, and recent ventures with Accel India and Vagus Defense for UAV manufacturing.
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