Aequs (AEQUS) Q2 26/27 earnings summary

Executive summary

• H1 FY27 revenue rose 50% YoY to ₹8,046.24 million, led by Aerospace growth and more than doubling Consumer revenue.

• Aerospace order book reached USD 1,096 million, up 9% QoQ; Consumer ramp-up lagged due to qualification timelines and supply constraints.

• Consumer break-even guidance is being recalibrated as utilisation and profitable growth remain priorities.

Financial highlights

• Q2 FY27 consolidated revenue was ₹4,090.79 million, up 45% YoY; H1 revenue was ₹8,046.24 million, up 50%.

• Q2 EBITDA was ₹244.68 million, with a 6% margin; H1 EBITDA was ₹460 million, down 45% YoY, with a 6% margin versus 16% in H1 FY26.

• Q2 net loss was ₹523.92 million versus ₹205.93 million in Q2 FY26; H1 net loss was ₹1,056.20 million versus ₹169.77 million.

• Including the stated JV share, H1 revenue was ₹8,781 million, up 48% YoY, and EBITDA was ₹638 million at a 7% margin.

• Standalone Q2 profit was ₹17.91 million and H1 profit was ₹58.57 million.

Outlook and guidance

• Consumer EBITDA break-even had previously been guided for Q4 FY27; ramp delays have prompted recalibration, with utilisation and profitable growth prioritised.

• Consumer utilisation target remains ~50% in Q4; consumer PAT positivity is expected in FY2030.

• Hosur Phase 1 investment is scheduled to start in Q4 FY27, with commercial production targeted for FY29.

• FY2031 growth ambition remains 4x–6x; a potential FY2028 capital raise may be needed to fund the plan.