Loading…
Contract manufacturer of aerospace precision components for global OEM suppliers, and consumer products like toys, from India.
Contract manufacturer of aerospace precision components for global OEM suppliers, and consumer products like toys, from India.
Moat: narrow (customer qualification, cost advantage). Aerospace-grade quality certification plus India's lower-cost manufacturing base for global supply chains.
Headquarters: Belagavi, India · Employees: 4,646
Size Aequs (AEQUS.NS) is an India Industrials company (Aerospace & Defense) with a market value of $1.56B, the 454th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹219.54 on 6 Nov 2026.
Performance Over six months the shares gained 8.3%, against -11.5% for the median peer and 0.0% for the India market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 33.1% over the last twelve months (peer median +14.7%); the operating margin is -7.5% (peer median 4.2%).
Valuation It trades at 10.3× enterprise value to sales against a peer median of 3.4× (4th most expensive of 21).
Capital Return on invested capital runs 24.1 points below its cost of capital (20.0% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹15.0B | ₹12.3B | ₹9.25B | ₹9.65B | ₹8.12B |
| Revenue growth | — | +33% | -4% | +19% | — |
| Gross profit | ₹4.55B | ₹638M | ₹613M | ₹871M | ₹59.1M |
| EBITDA | ₹604M | ₹925M | ₹799M | ₹1.30B | ₹393M |
| Net income | -₹2.02B | -₹1.13B | -₹1.02B | -₹108M | -₹988M |
| Free cash flow | n/a | -₹5.08B | -₹2.93B | -₹2.56B | -₹1.18B |
| Capital expenditure | n/a | ₹3.43B | ₹2.65B | ₹1.82B | ₹856M |
| Total debt | ₹8.36B | ₹7.01B | ₹7.85B | ₹6.99B | ₹7.36B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Aequs AEQUS.NS | $1.56B | +8% | +33% | -7% | 10.3× | n/a |
| Dynamatic Technologies DYNAMATECH.NS | $922M | +3% | +17% | 7% | 5.2× | n/a |
| MTAR Technologies MTARTECH.NS | $1.77B | -18% | +108% | 20% | 12.5× | 48.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AEQUS.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.8% | -6.1% | 4th lowest of 21 |
| 6-month return | +8.3% | -11.5% | 4th highest of 20 |
| Distance from 52-week high | -25.5% | -37.5% | 2nd highest of 21 |
| Revenue growth (TTM) | +33.1% | +14.7% | 7th highest of 21 |
| Operating margin | -7.5% | 4.2% | 4th lowest of 21 |
| EV / Sales | 10.3× | 3.4× | 4th most expensive of 21 |
| ROIC minus cost of capital | -24.1 pp | -5.3 pp | 2nd lowest of 21 |
| Net debt / EBITDA | 10.5× | 0.3× | most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aequs AEQUS.NS | India | $1.56B | +8% | +33% | -7% | 10.3× | n/a | n/a |
| Avio AVIO.MI | Italy | $1.60B | -2% | +14% | 1% | 1.5× | 26.1% | +10.6% |
| Xi'an Triangle Defense 300775.SZ | China | $1.50B | -39% | -29% | 2% | 8.3× | 31.7% | +21.0% |
| Beijing Beimo High-tech Frictional Material 002985.SZ | China | $1.46B | -17% | +36% | 28% | 10.4× | n/a | n/a |
| Aerospace Industrial Development 2634.TW | Taiwan | $1.46B | +3% | +3% | 6% | 1.7× | 4.1% | +11.0% |
| Applied Aerospace & Defense AADX | United States | $1.67B | n/a | +35% | -10% | 3.6× | n/a | n/a |
| Beijing Highlander Digital Technology 300065.SZ | China | $1.44B | -48% | -32% | -1% | 18.5× | n/a | n/a |
| Montana Aerospace AERO.SW | Switzerland | $1.69B | -2% | -36% | 7% | 1.5× | 6.1% | +6.3% |
| Cadre CDRE | United States | $1.40B | +9% | +20% | 11% | 2.5× | 16.9% | +8.6% |
| Beijing LeiKe Defense Technology 002413.SZ | China | $1.39B | -46% | -5% | -6% | 6.5× | n/a | n/a |
| Hefei Jianghang Aircraft Equipment 688586.SS | China | $1.38B | -11% | -4% | 2% | 9.2× | 49.7% | +2.6% |
| MTAR Technologies MTARTECH.NS | India | $1.77B | -18% | +108% | 20% | 12.5× | 48.5% | +29.2% |
| Redwire RDW | United States | $1.80B | -35% | +63% | -41% | 3.3× | n/a | n/a |
| China Marine Information Electronics 600764.SS | China | $1.82B | -28% | +9% | -2% | 3.1× | n/a | n/a |
| Cirrus Aircraft 2507.HK | Hong Kong | $1.85B | +5% | +14% | 13% | 0.9× | -1.4% | +18.3% |
| AEVEX AVEX | United States | $1.29B | -59% | +143% | 11% | 3.4× | n/a | n/a |
| Magellan Aerospace MAL.TO | Canada | $1.29B | +17% | +15% | 9% | 1.7× | n/a | n/a |
| Chemring CHG.L | United Kingdom | $1.92B | +13% | -4% | 13% | 3.1× | n/a | n/a |
| North Electro-Optic 600184.SS | China | $1.26B | -34% | +23% | 0% | 4.0× | n/a | n/a |
| Ligeance Aerospace Technology 000697.SZ | China | $1.94B | -9% | +24% | -10% | 5.7× | n/a | n/a |
| H&k MLHK.PA | France | $1.25B | -10% | +36% | 18% | 2.5× | -4.2% | +7.4% |