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Profit before tax (PBT) surged 241.84% YoY to Rs 40.85 crore in the quarter ended 30th September 2026.
Operating performance remained under pressure, with EBITDA declining 45% YoY to Rs 24.5 crore in Q2 FY27 from Rs 44.25 crore in the corresponding quarter of the previous financial year. EBITDA margin contracted to 6% from 16% in Q2 FY26.
Including proportionate JV contributions, Q2 revenue reached Rs 448.0 crore, up 44% YoY, while EBITDA stood at Rs 33.1 crore, down 36% YoY.
Aerospace revenue grew 44% YoY to Rs 351.4 crore in Q2. EBITDA increased 24% YoY to Rs 78.3 crore in Q2 FY27. Consumer revenue increased 52% YoY to Rs 57.7 crore in Q2 FY27. EBITDA loss widened to Rs 40.1 crore in Q2 FY27 from Rs 7.7 crore in Q2 FY26
Aravind Melligeri, executive chairman and CEO, Aequs, said: “The first half of FY27 marked continued progress in expanding our business and strengthening our long-term growth opportunities. Revenue grew 50% YoY to Rs 804.6 crore, driven by 42% growth in Aerospace and more than doubling of Consumer revenue on a YoY basis. Our Aerospace order book stood at $1,096 million, providing long-term revenue visibility. The Safran A320 aircraft wheels agreement marks our first serialproduction contract with a tenure exceeding 15 years. Together, these milestones give substance to the long-term business we are building.
Aerospace continued to deliver strong growth and profitability, supported by healthy demand and program execution. In Consumer, the Q2 volume ramp progressed slower than anticipated due to extended qualification timelines and supply chain constraints. We view this as a timing-related shift rather than a change in the underlying opportunity, with customer programs continuing to progress. Given these factors, we are recalibrating the path to Consumer EBITDA breakeven, with our near-term focus on improving utilization and translating installed capacity into profitable growth.
To support this next phase of growth, we continue to invest in our manufacturing capabilities. H1 FY27 capital expenditure stood at Rs 159.7 crore, and the Rs 650.0 crore promoter warrant is intended to support the next phase of expansion, including Hosur. Following quarter-end, new Safran agreements expanded our relationships to six entities. As these capabilities and partnerships grow, our focus remains on disciplined execution and stronger returns.”
Aequs is an engineering-led, vertically integrated precision manufacturing company operating within a single Special Economic Zone (SEZ) in India, with a presence in the aerospace and consumer segments. The company has an integrated manufacturing ecosystem that brings together forging, precision machining, surface treatment and assembly capabilities at a single location, enabling end-to-end production of complex, high-precision components.
Aequs announced the signing of long-term supply agreements with Safran, a global leader in the aerospace industry for critical components.
The agreements build on Aequs' longstanding engagement with Safran Landing Systems and extend the relationship to Safran Aerosystems, broadening the scope of collaboration. The awards cover the machining of superalloys parts, along with the supply of complex machining coating, and assembly of landing gear components for the Airbus A320, A330, A350 and Boeing 787 programs.
Aequs will leverage its integrated aerospace manufacturing ecosystem and end-to end capabilities across forging, precision machining, special processes, surface treatment, and assembly to manufacture these products. The agreements further strengthen the role of Aequs' Belagavi Aerospace Cluster as an integrated manufacturing base serving global aerospace supply chains. This capability base will be further expanded with the upcoming Aequs Engine Components Ecosystem (AECE) in Hosur, Tamil Nadu, where the manufacture of as all medium and large parts will be taken up.
Today's announcement comes close on the heels of the agreement signed between Aequs and Safran Landing Systems in July 2026 for the supply of fully assembled A320 family aircraft wheels. The wheels agreement is Aequs' first serial production agreement extending beyond 15 years, through 2042, and will see complete aircraft wheels manufactured entirely in India – from Indian-sourced aluminum to final assembly and testing, creating 100% in-country manufacturing value addition.
The Board of Directors of Aequs has approved the preferential issue of up to 2,80,71,690 warrants, each convertible into one fully paid-up equity share of face value Rs 10, to Mellwood Trustee Services (Trustee of the Melligeri Private Family Foundation) (Promoter), a member of the Promoter Group, aggregating to approximately Rs 650 crore. The issue is subject to the shareholders' approval and such other statutory and regulatory approvals as may be required.
Of the total issue size of approximately Rs 650 crore, Rs 325 crore will be payable upfront upon allotment of the warrants, representing 50 per cent of the issue size, and twice the regulatory minimum. The balance will be payable upon exercise of the warrants. In accordance with applicable regulations, warrant may be exercised within 18 months from the date of allotment. However, conversion of warrants into equity shares, by making payment of balance consideration, shall take place on or before 31 December 2027. Promoter has undertaken to pay the balance consideration in full, irrespective of the market price of the Company's shares at the time of exercise. The Company has received an investment commitment letter dated 25 September 2026, from Promoter to this effect.
On full conversion of the warrants, the aggregate holding of the Promoter and Promoter Group in the Company will increase from 59.09 per cent to 60.73 per cent.
The proceeds will fund capacity expansion across the aerospace and consumer businesses, including the development of the Hosur facility, investment in subsidiaries and joint ventures supporting that expansion, and general corporate purposes. The equity will also provide the base against which the Company raises its term borrowings for the expansion. The Board has assessed the Company's current equity requirement through FY28 and has decided to meet it through this issue. A broader capital raise will be considered as and when required by the Company's growth plans.