Aequs (AEQUS) Q3 25/26 earnings summary

Executive summary

• Achieved highest-ever quarterly revenue in Q3 FY26, with 51% YoY growth, driven by strong performance in aerospace and rapid scaling in the consumer segment.

• Aerospace remains the core business, contributing 86% of nine-month revenues, supported by a robust $814 million order book and 195 new parts added.

• Consumer segment, including electronics and toys, is scaling rapidly with new customers like Mattel and industrialization of electronics programs.

• IPO was well received, enabling deleveraging, capital structure improvement, and net cash inflow.

• PAT losses narrowed significantly, with adjusted PAT for 9M FY26 at -426 Mn, a 62% YoY improvement.

Financial highlights

• Q3 FY26 revenue: INR 3,262 million, up 51% YoY; nine-month revenue: INR 8,633 million, up 28% YoY.

• Q3 EBITDA: INR 381 million (+353% YoY), margin at 12%; nine-month EBITDA: INR 1,222 million (+85% YoY), margin at 14%.

• Q3 PAT: INR -426 million (adjusted PAT: INR -259 million after one-time items); nine-month PAT loss reduced by 47% YoY to INR 593 million (adjusted: INR -426 million).

• Including JVs, Q3 adjusted revenue: INR 3,554 million (+49% YoY), EBITDA: INR 449 million (13% margin).

• Exports accounted for 90% of revenues, reflecting strong global OEM traction.

Outlook and guidance

• Aerospace order book of $814 million to be delivered over the next five years, with ongoing contract wins and capacity utilization at 71% in India.

• Consumer segment utilization improved to 31%, with profitability expected as utilization rises and capacity is fully committed.

• No specific revenue or margin guidance for FY27 provided at this time.

• Long-term goal to balance aerospace and consumer businesses, both targeting 18-20% EBITDA margins at scale.

• Management expects continued robust performance, supported by disciplined execution and a well-scaled operating footprint.