Aequs (AEQUS) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 consolidated revenue rose 55% year-on-year to ₹3,955 million, with strong growth in Aerospace and a tripling of Consumer segment revenue; operational EBITDA improved more than threefold sequentially to ₹148 million as Consumer losses narrowed.

• The aerospace order book surpassed USD 1 billion, up 13% sequentially, supported by new long-term contracts, including a 15-year agreement for Airbus A320 wheels with Safran Landing Systems.

• PAT loss improved sequentially to ₹532 million from an adjusted Q4 FY26 loss of ₹631 million.

• Capex investment of ₹830 million in the quarter supports future growth initiatives.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, were approved, with statutory auditors issuing an unmodified limited review report.

Financial highlights

• Revenue from operations increased 55% year-on-year and 8% sequentially to ₹3,955 million; including JV share, revenue was ₹4,301 million, up 53% YoY.

• Reported EBITDA was ₹215 million (5% margin), down year-on-year due to Consumer Electronics costs now expensed; operational EBITDA (excluding other income) at ₹148 million, up 252% QoQ.

• PAT loss improved to ₹532 million from an adjusted Q4 FY26 loss of ₹631 million.

• Aerospace revenue was ₹3,222 million, up 40% YoY; Consumer revenue was ₹734 million, up nearly 3x YoY.

• Exports accounted for 88% of revenue in Q1 FY27.

Outlook and guidance

• Full-year revenue growth guidance remains at 45%-50%, with operational EBITDA expected to double, weighted toward H2 as Consumer utilization ramps up.

• Consumer EBITDA breakeven targeted by Q4 FY27, consolidated PAT breakeven by H1 FY28.

• Aerospace revenue targeted to grow 25%-30% with segment EBITDA margins above 20%.

• Vision 2031 targets: 4-6x revenue growth, 18-22% EBITDA margin, and 20% steady-state RoCE.

• Long-term, consumer business aims for 1.5x asset turns and 18%-20% ROIC, with PAT breakeven by FY 2030.