Aequs (AEQUS) Q3 25/26 earnings summary

Executive summary

• Achieved highest-ever quarterly revenue in Q3 FY26, up 51% YoY, driven by strong growth in both aerospace and consumer segments.

• EBITDA for Q3 FY26 increased 353% YoY to INR 381 million, with margin improving to 12%.

• Nine-month FY26 revenue rose 28% YoY to INR 8,633 million, with EBITDA up 85% YoY and margin at 14%.

• Aerospace remains the core business, contributing 86% of nine-month revenues, with a robust $814 million order book.

• Consumer segment is scaling rapidly, with new customer additions and industrialization of programs, but remains loss-making due to low utilization.

Financial highlights

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

• Q3 FY26 EBITDA: INR 381 million (12% margin, up 353% YoY); nine-month EBITDA: INR 1,222 million (14% margin, up 85% YoY).

• Adjusted PAT for Q3: INR -259 million, after excluding one-time labor code and IPO expenses; nine-month adjusted PAT: INR -426 million, a 62% YoY improvement.

• Including JVs, Q3 adjusted revenue: INR 3,554 million (+49% YoY), EBITDA: INR 449 million (+228% YoY), margin 13%.

• 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 35%, expected to turn profitable as utilization improves and capacity is fully committed by customers.

• No formal revenue or margin guidance for FY26 or FY27 provided at this time.

• Long-term goal to balance aerospace and consumer businesses, with both expected to have similar margin profiles at scale.

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