Aequs plunges as Q2 net loss widens to Rs 52 crore

Aequs tumbled 10.37% to Rs 217 after the company?s consolidated net loss widened to Rs 52.39 crore in Q2 FY27 compared with net loss of Rs 20.59 crore in Q2 FY26.

Revenue from operations soared 45.27% year-on-year (YoY) to Rs 409.07 crore in Q2 FY27, supported by growth across its aerospace and consumer businesses.

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.

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