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About
Aequs Ltd (AEQUS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544634 NSE: AEQUS Aerospace & Defense | Small Cap | Aequs Share Price
₹246.20 3.35 (1.38%)
As on 25-Sep'26 16:59
Aequs Ltd (AEQUS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544634 NSE: AEQUS Aerospace & Defense | Small Cap | Aequs Share Price
₹246.20 3.35 (1.38%)
As on 25-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹16,512 Cr.
Current Price
₹246.2
52-Week Low / High
₹114 / 275
TTM EPS
₹-1.7
TTM Sales
₹1,230 Cr.
Book Value per Share
₹21.2
P/E Ratio
0.00
Industry PE
46.1
Price to Book (P/B)
11.62
Higher than its 5-year historical median
Price to Sales (P/S)
13.42
Lower than its 5-year historical median
EV/EBITDA
105.79
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
-10.36%
Underperforms industry median
Return on Capital Employed (ROCE)
1.50%
Underperforms industry median
Return on Assets (ROA)
-5.05%
Operating Profit Margin
7.3%
Net Profit Margin
-9.21%
Gross Profit Margin
5.1%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
34.28%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
14.19%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
59.09%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹751 Cr.
Equity
₹670.7 Cr.
Face Value
₹10
All Time Low / High
₹113.65 / 274.60
Check Before You Invest
Quality
Not GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Aequs Ltd a good quality company?
Aequs Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Aequs Ltd performance compare with that of its Peers?
Revenue growth of Aequs Ltd vs industry peers?
Aequs Ltd revenue CAGR is 25.11%, compared to the industry median CAGR of 12.65%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Aequs Ltd?
Promoters hold 59.09% of the Aequs Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Aequs Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Aequs Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 0% | 0% | 0% | -6.9% | -35.7% | -36.2% | -6% | -14.9% | -6.6% | 4.6% | - |
| Value Creation Index ⓘ | NA | NA | NA | -1.5 | -3.6 | -3.7 | -1.4 | -2.1 | -1.5 | -0.7 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 0 | 0 | 0 | 72.2 | 38.5 | 51.7 | 69.7 | 74.2 | 92.2 | 124 | 124 |
| Sales YoY Gr. | - | NA | NA | NA | -46.7% | 34.3% | 34.8% | 6.5% | 24.3% | 34.3% | - |
| Adj EPS ⓘ | 0 | 0 | 0 | -0.1 | -2.2 | -1.6 | -0.4 | -0.6 | -0.3 | 0.8 | 0.7 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | NA | NA | - |
| BVPS (₹) ⓘ | 0 | 0 | 0 | 18 | 13.9 | 12.5 | 12.6 | 13.3 | 15.5 | 27.7 | 27.8 |
| Adj Net Profit ⓘ | 0 | 0 | 0 | -1.5 | -57.9 | -63.4 | -16.5 | -26.2 | -18.6 | 51.3 | 50 |
| Cash Flow from Ops. ⓘ | 0 | 0 | 0 | -8 | 5.3 | 16.8 | 14.2 | -6.9 | 0.3 | -4.8 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | -3.3 | 4.3 | 1.9 | 6.9 | -3.3 | 82.8 | -2.4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | 26.3% | 21.1% | 34.3% | ||||
| Adj EPS ⓘ | NA | NA | NA | NA | ||||
| BVPSⓘ | NA | 14.8% | 30.2% | 78.5% | ||||
| Share Price | - | - | - | - | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0 | 0 | 0 | -0.4 | -14.9 | -14.6 | -3.2 | -3.5 | -2 | 3.7 | 2.7 |
| Op. Profit Mgn % ⓘ | 0 | 0 | 0 | 2.1 | -28.8 | 2.7 | 2.9 | 12.3 | 9.8 | 1 | 0.2 |
| Net Profit Mgn % ⓘ | 0 | 0 | 0 | -2 | -150.4 | -122.7 | -23.7 | -35.3 | -20.2 | 41.4 | 40.1 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0.1 | 0.1 | 0.1 | 0.2 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 0 | 0 | 0 | 0 | 870 | 428 | 334 | 291 | 380 | 638 | 133 |
| Cash Conv. Cycle ⓘ | 0 | 0 | 0 | 0 | 314 | 172 | 88 | 69 | 101 | 102 | 86 |
Valuation of Aequs - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|
| Sales | 549 | 402 | 529 | 812 | 965 | 925 | 1,230 |
| Operating Expenses ⓘ + | 490 | 427 | 516 | 774 | 837 | 846 | 1,140 |
| Operating Profit ⓘ | 59 | -26 | 13 | 39 | 128 | 79 | 90 |
| Operating Profit Margin (%) | 10.7% | -6.4% | 2.5% | 4.8% | 13.2% | 8.5% | 7.3% |
| Other Income ⓘ + | 18 | 31 | 9 | 28 | 23 | 35 | 66 |
| Interest ⓘ | 48 | 50 | 44 | 69 | 69 | 64 | 94 |
| Depreciation ⓘ | 59 | 78 | 75 | 100 | 108 | 103 | 138 |
| Profit Before Tax ⓘ | -31 | -123 | -108 | -103 | -2 | -94 | -72 |
| Tax ⓘ | -20 | -9 | -5 | 6 | 10 | 8 | 42 |
| Profit After Tax | -12 | -114 | -103 | -109 | -12 | -102 | -113 |
| PAT Margin (%) | -2.1% | -28.4% | -19.5% | -13.4% | -1.3% | -11.1% | -9.2% |
| Adjusted EPS (₹) | -3.4 | -3.0 | -2.7 | -2.3 | -0.3 | -1.8 | -1.7 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 93 | 175 | 289 | 274 | 811 | 710 | 1,477 | ||||
| Debt + | 292 | 224 | 279 | 316 | 269 | 388 | 341 | ||||
| Minority Interest | -4 | -5 | -0 | -11 | -1 | -1 | -1 | ||||
| Trade Payables | 143 | 114 | 177 | 226 | 203 | 231 | 322 | ||||
| Others Liabilities ⓘ | 350 | 327 | 350 | 487 | 509 | 499 | 519 | ||||
| Total Liabilities ⓘ | 873 | 835 | 1,094 | 1,291 | 1,791 | 1,827 | 2,659 | ||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 374 | 395 | 541 | 677 | 660 | 525 | 1,070 | ||||
| CWIP ⓘ | 2 | 2 | 3 | 2 | 175 | 395 | 79 | ||||
| Investments ⓘ | 56 | 49 | 50 | 58 | 92 | 77 | 106 | ||||
| Inventories | 217 | 174 | 215 | 298 | 354 | 408 | 567 | ||||
| Trade Receivables | 81 | 61 | 105 | 107 | 137 | 157 | 265 | ||||
| Cash Equivalents | 16 | 88 | 86 | 57 | 252 | 80 | 357 | ||||
| Others Assets ⓘ | 127 | 66 | 94 | 91 | 120 | 185 | 216 | ||||
| Total Assets ⓘ | 873 | 835 | 1,094 | 1,291 | 1,791 | 1,827 | 2,659 | ||||
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 44 | 66 | -1 | 10 | -19 | 26 | -99 |
| Cash Flow From Investing Activity ⓘ + | -30 | 44 | -87 | -89 | -343 | -74 | -371 |
| Cash Flow From Financing Activity ⓘ + | -6 | -29 | 84 | 54 | 393 | 25 | 704 |
| Net Cash Flow ⓘ | 7 | 80 | -3 | -25 | 31 | -22 | 235 |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -15.3 | -97.77 | -48.03 | -41.22 | -3.68 | -18.4 | -10.36 | |||
| ROCE (%) | 4.46 | -17.51 | -12.71 | -5.78 | 7.82 | -2.64 | 1.5 | |||
| Asset Turnover Ratio | 0.63 | 0.47 | 0.55 | 0.68 | 0.63 | 0.51 | 0.55 | |||
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||
| Working Capital Days | ||||||||||
| Receivable Days | 53.80 | 64.60 | 57.40 | 47.70 | 46.10 | 57.90 | 62.50 | |||
| Inventory Days | 144 | 177.60 | 134 | 115.30 | 123.40 | 150.50 | 144.70 | |||
| Payable Days | 322.30 | 247.80 | 216.50 | 191.30 | 187.60 | 201.70 | 204.10 | |||
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Aequs Ltd FAQs
The current trading price of Aequs on 25-Sep-2026 16:59 is ₹246.2.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 24-Sep-2026 the market cap of Aequs stood at ₹16,511.8 Cr
The latest P/E ratio of Aequs as of 24-Sep-2026 is 331.6.
The latest P/B ratio of Aequs as of 24-Sep-2026 is 8.86.
The 52-week high of Aequs is ₹274.6 and the 52-week low is ₹113.7.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Aequs is ₹124 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Aequs Ltd is a below average quality company.
The key valuation ratios of Aequs Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Aequs Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Aequs Ltd
Aequs Limited was originally incorporated as ‘Mechanical Training Acadamy Private Limited’ on March 27, 2000, as a private limited company. The name of the company was changed to ‘QuEST Machining & Manufacturing Private Limited’, pursuant to a resolution passed by the Board dated February 24, 2006, and a special resolution passed by the shareholders dated march 24, 2006. Subsequently, pursuant to a resolution passed by the board dated February 22, 2011, and a special resolution passed by the shareholders dated march 7, 2011, the name of the company was changed to ‘QuEST Global Manufacturing Private Limited’ on March 24, 2011. Thereafter, pursuant to a resolution passed by the Board dated January 23, 2014 and a special resolution passed by the shareholders dated February 25, 2014, the name of the company was changed to ‘Aequs Private Limited’. Upon the conversion of the company into a public limited company, pursuant to a resolution passed by the Board on April 9, 2025 and a special resolution passed by the Shareholders on April 25, 2025, the name of the company was changed to ‘Aequs Limited’ on May 7, 2025.
The company is a precision component manufacturer operating within a single special economic zone in India to offer fully vertically integrated manufacturing capabilities in the Aerospace Segment. Precision components are precisely machined parts that are designed and manufactured to exact specifications and are commonly supplied to OEM customers and system integrators. The company is one of the few manufacturers in India with niche metallurgy capabilities, specializing in precision machining of high-end alloys, including titanium alloys for the aerospace clients.
Its advanced manufacturing capabilities also enable it to enter into new business segments by leveraging existing capabilities. The combination of its scale, vertically integrated manufacturing ecosystems and qualified engineering talent enables the company to scale production while meeting contracted timelines with stringent quality and safety standards. This has also allowed the company to achieve 100% in-country value addition for select products. While it primarily operates in the Aerospace Segment, over the years, it has expanded the product portfolio to include consumer electronics, plastics, and consumer durables for the consumer clients.
Business area of the company
The company, along with its subsidiaries and its associates and joint ventures, is engaged in the business of contract manufacturing catering to various industries. These units are registered to carry on the operations relating to manufacture of machined parts used in aerospace and products related to consumer market.
Products of the company
Aerospace segment
- Engine parts
- Interiors parts
- Landing gear
- Pylon parts
- Assembly
- Actuation parts
- Wings and fuselage parts
- Forgings landing systems
Consumer segment
- Electronic components
- Outdoor Toys
- Vehicle Toys
- Figurines/Others
- Non-stick Cookware
Awards, accreditations and recognition
- 2016: ‘Innovation Award’ by Airbus.
- 2016: ‘D2P Class B’ award by Airbus.
- 2017: ‘D2P 2017’ recognition for support to Airbus Programmes successes.
- 2018: ‘D2P Class B Challenger’ award by Airbus.
- 2020: ‘Casing Industrialisation Award’ by Safran.
- 2020: D2P 2020 recognition for support to Airbus Programmes successes.
- 2021: ‘D2P Challenger Award’ by Airbus.
- 2022: ‘Flawless Project Execution Award’ by Collins Aerospace at the Advanced Structures Asia Supplier Meet 2022.
- 2022: ‘Premier Award’ to Aequs Aero Machine Inc. by Raytheon Technologies, for its performance in 2021.
- 2022: ‘Excellence in Component Manufacturing (Aerospace)’ at the News 18 Business Leaders and Excellence Awards, 2022.
- 2023: ‘D2P Supplier Award 2023’ by Airbus.
- 2024: ‘Best Ecosystem Accelerator Award - Manufacturing/OEM’s’ (shared with Airbus) by the Federation of the Indian Chambers of Commerce and Industry.
- 2024: ‘SQIP Award - Supplier Chain & Quality Improvement Program’ by Airbus.
- 2024: ‘Special Award’ for procurement operations (material & parts) by Airbus.
- 2024: ‘Ramp-up Champion Award’ for outstanding contribution to the Airbus ramp-up at the Global Supplier Conference 2024.
- 2024: Recognized as one of the ‘Top 75 Innovative Companies in India’ by the Confederation of Indian Industry (CII) at the CII Industrial Innovation Awards, 2024.
- 2024: ‘Best Performer’ recognition to SQuAD Forging India Private Limited by Safran Landing Systems.
- 2025: ‘Ecosystem Enabler Award’ at Invest Karnataka 2025 for establishing the largest number of manufacturing clusters in emerging industrial regions, from the Commerce and Industries Department, Government of Karnataka.
- 2025: ‘Health & Safety Excellence’ award at the ESG Summit 2025.
- 2025: ‘SQIP Award - Best Performer’ by Airbus.
- 2025: ‘Golden Peacock Innovative Product/Service Award’ received by Aequs SEZ Private Limited.
- 2025: Nadcap certification awarded to SQuAD Forging India Private Limited under Aequs SEZ Private Limited.
History and milestones
- 2008: Establishment of unit in sector specific SEZ for precision engineering at Belagavi by Aequs SEZ Private Limited (formerly known as Quest SEZ Development Private Limited).
- 2015: Acquisition of Aequs Aero Machine Inc. (formerly known as T&K Machine, Inc.) by one of the company’s subsidiaries, Aequs Aerospace LLC, USA.
- 2016: Expansion into Europe through acquisition of SIRA Group by one of the company’s subsidiaries, Aequs Holdings France SAS.
- 2016: Delivered its first consignment of plastic toys and commenced operations of consumer manufacturing facilities in Belagavi.
- 2019: Inauguration of flexible manufacturing system at its unit in Aequs SEZ, extending its operations for soft metal machining of aero parts.
- 2021: Commencement of manufacturing of consumer durable goods in Bengaluru.
- 2021: Setting up the Koppal Manufacturing Cluster comprising Aequs Toys Private Limited, Koppal Toys Molding COE Private Limited and Aequs Rajas Extrusion Private Limited.
- 2021: Setting up the Hubballi Manufacturing Cluster.
- 2022: Invitation extended by Boeing Commercial Airplanes to ASMIPL to join the Boeing Premier Bidder Program.
- 2022: Commencement of operations at the Hubballi Manufacturing Cluster.
- 2025: Commencement of commercial production of laptop bottom base units at the Hubballi Manufacturing Cluster by ACPPL.
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