Aequs Limited is a precision manufacturing company running integrated aerospace and consumer product ecosystems — forging, machining, surface treatment and assembly for aerospace components, plus consumer electronics, toys and durable goods. The Q2 FY 2026-2027 print will speak to whether the consumer segment's EBITDA loss keeps narrowing toward the guided Q4 FY27 breakeven, and whether the Safran wheels contract and two Tier-1 wins lift the aerospace order book above USD 1,004 Mn.
| Results date | October 26, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 3,955 Mn |
| Previous quarter PAT | Rs. (532) Mn |
| Previous quarter EBITDA margin | 5% |
| Market cap | Rs. 16,556.02 Cr |
| CMP | Rs. 247.1 |
The board will meet on October 26, 2026 to approve the Q2/H1 FY27 financial results; the trading window has been shut since October 1, 2026.
An earnings call for Q2 FY27 results is scheduled for October 26, 2026 at 6:00 PM IST.
The quarter's test is whether the H2-weighted profitability inflection management laid out on July 29, 2026 — FY27 revenue growth of 45%-50%, operational EBITDA doubling versus FY26, and consumer EBITDA breakeven by Q4 FY27 — starts showing up in the numbers. Aerospace entered the quarter with a USD 1,004 Mn order book, up 13% QoQ and past the USD 1 billion mark, with management having said the Safran A320 wheels contract and two Tier-1 long-term agreements would reflect in the next quarter's order book. Aerospace delivered 40% YoY revenue growth at a 23% segment margin in Q1 FY27, above the guided above-20% level, while the consumer segment's EBITDA loss narrowed 24% sequentially to Rs. (361) Mn with utilization at 22% against a 40%-50% Q4 target. The rupee's 1.2% depreciation over July-September is a tailwind to USD-linked revenue and other income — the swing lever that took reported EBITDA from Rs. 279 Mn of other income in Q4 FY26 to Rs. 67 Mn in Q1 FY27. Finance costs entered the quarter after a Rs. 169 Mn sequential reduction on debt reduction, and depreciation is guided to stay at similar levels to Q1's Rs. 453 Mn for the next three quarters. The call will also be the first results under new CFO Reenah Simon Joseph, effective August 31, 2026.
Guidance scorecard: consumer breakeven path and FY27 targets: Management's July 29, 2026 guidance set the markers this print will be measured against.
Order book and Safran wins
Capex deployment and funding
Amalgamation scheme rejection and corporate events
Cash flow and finance costs
Management has guided consumer EBITDA breakeven by Q4 FY27, calling it 'a major inflection point in our consolidated profitability'. The Q1 FY27 consumer EBITDA loss of Rs. (361) Mn narrowed 24% sequentially, with utilization at 22% against a 40%-50% Q4 target.
Per the latest tracking, the Q1 FY27 consumer EBITDA loss of Rs. (361) Mn narrowed by Rs. 112 Mn (24%) sequentially, moving toward the Q4 FY27 breakeven target. Utilization at 22% remains below the 40%-50% Q4 FY27 target.
The aerospace order book stood at USD 1,004 Mn at Q1 FY27, up 13% QoQ and past USD 1 billion. Management confirmed the USD 814 Mn figure disclosed earlier was total contract value to be delivered between now and 2031, and said new wins including the Safran wheels contract will reflect in the next quarter's order book.
FY27 capex of Rs. 660 crores — Rs. 500 Cr consumer electronics and Rs. 160 Cr aerospace — is to be funded via borrowings and internal accruals. Management also noted that if consumer utilization does not materialize, some portion of the consumer capex will not happen.
Management has stated its steady-state ROCE targets remain 18% to 20% for capital allocation. The Vision 2031 roadmap also sets a 20% steady-state ROCE alongside an 18%-22% EBITDA margin.