AEQUS's Q2 FY27 numbers came in soft. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 26, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 409.08 Cr (+45.30% YoY) |
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| PAT (Q2) | Rs. -52.39 Cr |
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| EBITDA margin | 6.00% (-970 bps YoY) |
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| EPS (Q2) | Rs. -0.80 |
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| Market cap | Rs. 16,357.54 Cr |
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| CMP | Rs. 243.90 |
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Quarter Snapshot
Revenue grew 45.3% YoY to Rs.409.08 Cr, on track with the guided 45-50% pace, and aerospace delivered a 22.3% segment margin above the >20% target. However, operational EBITDA fell 6.2% QoQ to Rs.13.86 Cr (3.4% margin), the consumer loss widened to (Rs.40.14) Cr, H1 operating cash flow was (Rs.80.83) Cr, and net debt rose to Rs.361.34 Cr, putting the FY27 operational-EBITDA doubling and Q4 FY27 consumer breakeven targets under strain. The Rs.650 Cr promoter warrant issue provides funding for the Rs.660 Cr capex plan, but execution on profitability milestones now requires H2 delivery of roughly 5.2x the H1 operational EBITDA level.
Key Investment Insights
Key Positives
- Consolidated revenue grew 45.3% YoY to Rs.409.08 Cr; H1 FY27 revenue of Rs.804.62 Cr grew 49.8% YoY, within the guided 45-50% range
- Aerospace revenue grew 44.2% YoY to Rs.351.41 Cr with a 22.3% segment EBITDA margin, above the guided >20% level
- Consumer revenue grew 52.0% YoY to Rs.57.67 Cr despite the sequential decline
- Finance costs fell 19.8% YoY to Rs.20.60 Cr
- Unallocated corporate expenses net of unallocated income narrowed to (Rs.3.29) Cr from (Rs.6.44) Cr YoY
- Rs.650 Cr promoter warrant issue approved, with Rs.325 Cr upfront on allotment, earmarked for capacity expansion including Hosur
Risk Factors
- Operational EBITDA fell 6.2% QoQ to Rs.13.86 Cr with margin at 3.4% vs 10.1% a year ago; H1 is only 32.1% of the FY26 base needed for the FY27 doubling target, requiring H2 to deliver ~5.2x the H1 level
- Consumer segment loss widened Rs.4.00 Cr QoQ to (Rs.40.14) Cr with margin at (69.6)% and revenue down 21.4% QoQ, reversing the Q4 FY27 breakeven path
- H1 operating cash flow was (Rs.80.83) Cr with a Rs.106.69 Cr inventory build; net debt rose from Rs.46.93 Cr to Rs.361.34 Cr in six months
- Reported EBITDA margin fell to 6.0% from 15.7% YoY; net loss widened to (Rs.52.39) Cr from (Rs.20.59) Cr
- Finance costs rose 9.3% QoQ, contradicting the prior quarter's stated debt-reduction trajectory
- Regional Director rejected the Scheme of Amalgamation of three wholly owned subsidiaries (order dated October 12, 2026)