Aequs (AEQUS) Q4 25/26 earnings summary

Executive summary

• FY 2026 marked a transformative year with 33% YoY revenue growth to INR 12,304 million and a 43% YoY increase in EBITDA, driven by business expansion, a successful IPO, and robust order book in both aerospace and consumer segments.

• Aerospace segment maintained steady growth with a strong USD 899 million order book; Consumer segment revenue surged 84% YoY as programs scaled to full production.

• Major investments and leadership hires, including MoUs with Tamil Nadu and Karnataka governments, set the stage for future growth and geographic expansion.

• Board approved audited standalone and consolidated financial results for FY26, with unmodified opinions from statutory auditors.

• IPO and pre-IPO rounds raised INR 8,140 million, expanding the equity base and supporting growth initiatives.

Financial highlights

• FY26 consolidated revenue grew 33% YoY to INR 12,304 million; EBITDA increased 43% YoY to INR 1,545 million with margin expansion to 13%.

• Q4 FY26 revenue reached a record INR 3,671 million, up 47% YoY; Q4 EBITDA margin was 9%.

• Full-year PAT loss was INR 1,133 million, with margin improving to -9% from -11% YoY.

• Including JV share, FY26 revenue was INR 13,466 million (+34% YoY), EBITDA INR 1,830 million (14% margin).

• Net debt-to-equity improved to 0.23x from 0.99x; cash and equivalents at INR 3,015 million.

Outlook and guidance

• Aerospace segment targets 25%-30% revenue growth with 20% EBITDA margin for FY27.

• Consumer segment expects 125%-150% revenue growth and EBITDA breakeven by Q4 FY27.

• Consolidated revenue growth projected at 45%-50% for FY27; operational EBITDA expected to double.

• Long-term, both segments aim for 20% EBITDA margins at steady state utilization.

• Company is monitoring regulatory changes, including new labor codes, and plans amalgamation of certain subsidiaries.