Aequs Ltd's Q1 FY27 numbers came in soft. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | July 29, 2026 |
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| Quarter | Q1 FY 2026-2027 |
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| Revenue (Q1) | Rs. 395.55 Cr (+54.80% YoY) |
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| PAT (Q1) | Rs. -53.23 Cr |
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| EBITDA margin | 5.43% (-1016 bps YoY) |
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| EPS (Q1) | Rs. -0.81 |
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| Market cap | Rs. 15,359.61 Cr |
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| CMP | Rs. 229.12 |
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Quarter Snapshot
Revenue grew 54.8% YoY driven by strong aerospace and consumer segment growth, but EBITDA margin collapsed 1,016 bps to 5.43% as costs outpaced revenue. Consumer segment losses widened to Rs.361.44 Mn, putting the Q4 FY27 breakeven target at risk. PAT swung to a loss of Rs.532.28 Mn from a profit of Rs.36.17 Mn in Q1 FY26, with depreciation and finance costs nearly doubling.
Key Investment Insights
Key Positives
- Consolidated revenue grew 54.8% YoY to Rs.3,955.45 Mn, driven by both aerospace and consumer segments.
- Aerospace segment revenue grew 39.9% YoY to Rs.3,221.59 Mn, with EBITDA margin of 22.7% above the 20% target.
- Consumer segment revenue surged 190.4% YoY to Rs.733.86 Mn, reflecting successful capacity additions.
- Aerospace order book stood at USD 889 Mn as of Q4 FY26, providing multi-year revenue visibility.
- Net debt-to-equity improved to 0.23x as of March 31, 2026 from 0.99x at FY25, following IPO proceeds.
Risk Factors
- EBITDA margin collapsed 1,016 bps YoY to 5.43% as total expenses grew 66.8% YoY, outpacing revenue growth by 12 percentage points.
- Consumer segment EBITDA loss widened from Rs.74.40 Mn to Rs.361.44 Mn YoY, with margin deepening to -49.2%, putting the Q4 FY27 breakeven target at risk.
- PAT swung from a profit of Rs.36.17 Mn in Q1 FY26 to a loss of Rs.532.28 Mn in Q1 FY27, driven by a 84.7% YoY surge in depreciation and 87.5% rise in finance costs.
- Depreciation nearly doubled to Rs.453.42 Mn, reflecting heavy capex that has not yet generated proportional revenue.