Key Metrics of Aequs Limited
About Aequs Limited
Company details
- Registered office
- No. 55,whitefield Main Road,, Bengaluru, Mahadevapura Post,, Bangalore, In-ka, 560048
- Listed
- NSE: AEQUS · ₹211.95
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
NoteRating watch (CARE, 08 Jul 2026)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 08 Jul 2026 | CARE | Watch | — | — | Positive | ₹30.0 Cr | View |
| 06 May 2026 | CARE | Watch | BBB- | — | Developing | ₹25.0 Cr | View |
| 07 Jul 2025 | CARE | Reaffirmed | BBB- | — | Stable | ₹25.0 Cr | View |
| 05 Jul 2024 | CARE | Assigned | BBB- | — | Stable | ₹26.1 Cr | View |
Credit strengths (CARE, Jul 2026)
+ Strong promoter group with demonstrated ability to raise funds
Aravind Melligeri, Founder, Chairman and Chief Executive Officer, has decades of experience in the aerospace segment and is the co-founder of QuEST Global Engineering Private Limited, one of the largest engineering services companies globally. Aequs has received significant equity infusion over the years from its promoters to scale operations. Due to its high growth prospects and presence of vertically integrated product solution facilities, the company was able to raise external funding in the
+ Diversified operations in business segments of aerospace, toys and consumer durable goods
In the last decade under the leadership of Aravind Melligeri, Aequs has built a vertically integrated aerospace ecosystem, wh ich delivers end-to-end value streams. The company provides vertically integrated product solutions, including precision machining, sheet metal fabrication, assembling, forging, and surface treatment in the aerospace segment. The company has also built an end-to-end manufacturing value stream in toys and consumer durables. Aequs has a diversified product portfolio across
+ Long-term agreements with reputed global customers
The company has established relationships with renowned customers in all three segments and has a strong order book position with long-term agreements. Aequs caters to orders of major industry players, including Airbus and Mattel, among others. The company has a strong order book position for the next three years in the aerospace segment. Owing to Aequs’ expertise in manufacturing integrated product solutions, it has received an order from a global consumer electronics manufacturing company ,
+ Strong orderbook in aerospace segment
The company’s aerospace segment continues to report Y-o-Y revenue growth and has strong orderbook of close to USD 890 million to be executed over 5-7 years. Being present in multiple value chain and aided by economies of scale, CareEdge Ratings segment margins are estimated to expand further.
Credit challenges
− Performance improved in FY26; however, losses in the consumer segment continued to weigh on profitability
Aequs witnessed a significant improvement in its operating performance in FY26 (FY refers to April 1 to March 31), supported by a healthy order book and strong execution in its aerospace segment. Consequently, the company’s total operating income (TOI) increased to ₹1,284 crore in FY26 from ₹938 crore in FY25. Despite the healthy growth in revenue, profitability remained under pressure due to delays in the commencement and ramp-up
− Slow ramp-up of ATP project and anticipated debt-funded capex in the near term
Aequs has undertaken a large ATP project, for which operations commenced in phases in July 2025 and December 2025. However, the ramp-up has been slower-than-envisaged, and the successful scale-up and stabilisation of the ATP project remain key monitorable. While the company has repaid the term loan availed for the ATP project using proceeds from its IPO, it is planning additional debt-funded capex in its consumer segment to expand capacity. Given the high operating costs associated with the cons
− Continuous net losses being incurred
The company continues to benefit from a diversified product portfolio spanning aerospace and consumer durables. While its aerospace segment has demonstrated improved operating margins, helping to partly offset the impact of investments in the consumer durables division. The consumer durables division is currently in a ramp -up and investment phase, which has resulted in suboptimal capacity utilisation and modest pressure on profitability. Over time, as utilisation levels improve, this segment is
Could lead to an upgrade
• Growth in scale of operations beyond 30% with profit before depreciation, interest and tax (PBDIT) margins above 15% and total debt/PBDIT of less than 4x.
Could lead to a downgrade
• Delay in ramp-up of ATP project and total debt/ PBDIT of over 5x on a sustained basis. 1Complete definition of ratings assigned are available at www.careratings.com and other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release
Agency-reported financials (CARE, 08 Jul 2026)
| Metric | March 31, 2025 | March 31, 2026 |
|---|---|---|
| Total operating income | ₹938 Cr | ₹1,285 Cr |
| PBILDT* | ₹97.61 Cr | ₹147 Cr |
| Profit after tax (PAT) | ₹-,102.42 Cr | ₹-,113.29 Cr |
| Overall gearing (x) | 1.13× | 0.47× |
| Interest coverage (x) | 1.52× | 1.55× |
| Revenue growth (YoY) | — | 36.9% |
| PAT margin | −10.9% | −8.8% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Watch Long Term Bank Facilities with | Working capital & bank lines | — | ₹30.0 Cr | — | — | Watch | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Cash Credit | ₹30.0 Cr | CARE BBB-; Positive |
| Term Loan | — | Withdrawn |
Lenders
| Fund-based - LT | Cash Credit | HDFC Bank Ltd. |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 52% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 68% chance the next rating action is stable or better
- Interest coverage 1.55×
What happened, step by step
- Jul 2026 — ₹128 cr raised through equity
- Jul 2026 — Full repayment of term debt
“In April 2025, the company raised ₹128 crore through a rights issue.”
Rated limits by facility
Timeline
From the report
The company has fully repaid the term debt associated with the ATP project through initial public offering (IPO) proceeds, easing liquidity pressure.
From the report
In April 2025, the company raised ₹128 crore through a rights issue.
From the report
Aequs raised cumulative equity of ₹814 crore through initial public offering and pre -initial public offering in Q3FY26 .
From the report
While the company has repaid the term loan availed for the ATP project using proceeds from its IPO, it is planning additional debt-funded capex in its consumer segment to expand capacity.
From the report
While the company has repaid the term loan availed for the ATP project using proceeds from its IPO, it is planning additional debt-funded capex in its consumer segment to expand capacity.
From the report
The company has cash and bank balance of ~₹ 300 crore.
From the report
The company raised ₹814 crore cumulatively through pre -initial public offer (IPO) and IPO issuances in Q3FY26, providing debt reduction and liquidity cushion to the group.
From the report
In April 2025, the company raised ₹128 crore through rights issue.
From the report
In April 2025, the company has raised ₹128 crore under rights issue to fund ongoing and upcoming capex plans and support operations of its subsidiaries.
From the report
On a consolidated basis, the company had cash and cash equivalent of ₹129.1 crore as on May 31, 2025. 2 CARE Ratings Ltd.
From the report
The average working capital utilisation of the company stood high at 85% in FY24.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.