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Aequs IPO
Aequs Ltd
₹14,160 /120 sharesMinimum Investment
Aequs IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 3 Dec ‘25 - 5 Dec ‘25 | ₹14,160 | 120 | ₹118 - ₹124 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 921.81 Cr | RHP PDF | 08 Dec ‘25 | 10 Dec ‘25 |
| Face value |
|---|
| 10 |
About Aequs
Founded in
2000
MD/CEO
Mr Rajeev Kaul
Parent organisation
Aequs Ltd
Strengths & Risks of Aequs
Strengths
Risks
Aequs Limited claims to operate one of the most comprehensive precision manufacturing setups within a single special economic zone (SEZ), with machining, forging, surface treatment and assembly under one network. As of September 30, 2025, the company reports having over 200 CNC machines and 161 molding machines, supporting more than 29 lakh machining/molding hours annually. These capabilities allow the company to perform 3-axis, 4-axis and 5-axis machining for complex aerospace components as well as consumer electronics and plastics.
The company operates three integrated precision manufacturing ecosystems in India, supported by suppliers and joint ventures. These ecosystems enable it to manufacture aerospace and consumer components from start to finish, including advanced machining and assembly. The model also supports co-located production, which reduces logistics time and aligns with global OEM preferences for consolidated suppliers.
Aequs Limited claims to maintain facilities in three countries, India, the US, and France, placing it in proximity to major aerospace OEMs. Past acquisitions such as T&K Machine in the US and the SIRA Group in France have provided capabilities in machining, assembly, fabrication, and testing. This geographic network helps the company service customers such as Boeing, Spirit, Safran, and Collins Aerospace more closely.
As of September 30, 2025, the company claims to manufacture over 5,000 aerospace components across engine systems, landing systems, aircraft structures, cargo assemblies, and interiors. It also supplies components for single-aisle and long-range aircraft, such as A320, B737, A350, and B787. In the consumer segment, it produces components for portable electronics, toys, figurines, and cookware, leveraging the same precision machining capabilities.
The company reports relationships with major aerospace clients, including Airbus, Safran, Collins Aerospace, Boeing, and Spirit Aerosystems, many of which span an average of 15 years.
Aequs Limited claims that its core aerospace expertise, particularly in high-end alloys and 5-axis machining, allows it to diversify into consumer electronics, plastics, and home appliances. By selectively outsourcing lower-value-added processes, the company focuses internal capacity on complex components with higher value potential, aligning with its strategy to move up the precision manufacturing value chain.
utstanding financial indebtedness of Rs 630.86 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.Aequs has recorded losses of Rs 16.98 crore in the period ended September 30, 2025, Rs 102.35 crore in FY25, Rs 14.24 crore in FY24, and Rs 109.49 crore in FY23. The company has also made impairment provisions for goodwill in subsidiaries. Ongoing losses or additional impairment requirements could further impact the company’s financial condition and cash flows.
The company derives a major share of its revenue from the aerospace business. For the period ended September 30, 2025, net external revenue from this segment was Rs 473.95 crore (88.23 percent) of the company’s total revenue, compared to Rs 824.64 crore (89.19 percent) in FY25; Rs 756.98 crore (78.44 percent) in FY24; and Rs 585.18 crore (72.06 percent) in FY23. This concentration makes the business highly sensitive to global aerospace demand, especially in the US, France, and India.
The company remains dependent on its largest customer groups for a significant share of revenue. For the six months ended September 30, 2025, revenue from the top three customer groups was Rs 286.77 crore (53.39 percent) of the company’s total revenue, compared to Rs 499.05 crore (53.97 percent) in FY25; Rs 489.79 crore (50.75 percent) in FY24; and Rs 416.16 crore (51.24 percent) in FY23. Loss or financial weakening of any such customer could materially impact the company’s performance.
The company’s agreements with OEMs do not require customers to place fixed or minimum orders. Orders are issued through purchase orders that can be amended or cancelled. Any reduction or cancellation, similar to the declines seen during the pandemic, may disrupt production plans and affect financial results.
The company relies on third-party suppliers for key raw materials such as aluminium, stainless steel, and titanium, which exposes it to fluctuations in prices and potential supply disruptions. The cost of materials consumed accounted for Rs 232.89 crore (48.37 percent) of the company’s total expenses for the period ended September 30, 2025; Rs 408.26 crore (47.96 percent) in FY25; Rs 439.07 crore (52.10 percent) in FY24; and Rs 416.89 crore (53.62 percent) in FY23. Although certain customer contracts allow the company to pass on raw material price increases, these adjustments may only partially mitigate short-term pressure on cash flows. Any sustained volatility or unavailability of raw materials could adversely affect the company’s operations, profitability, and financial condition.
The total value of goods purchased from the 10 largest suppliers accounted for Rs 96.72 crore (40.48 percent) of the company’s total purchases for the period ended September 30, 2025; Rs 178.97 crore (40.17 percent) in FY25; Rs 219.13 crore (47.14 percent) in FY24; and Rs 209.09 crore (44.25 percent) in FY23. Although the company claims its supplier base is diversified, it cannot assure continuity of supply or consistent quality from its existing vendors, as these suppliers also serve other customers, including competitors. Any unforeseen shortages or quality issues may require the company to procure materials from alternative suppliers who may not meet the required standards. Such disruptions could adversely affect product quality, operational performance, and overall financial condition.
All three Indian manufacturing clusters – Belagavi, Hubballi, and Koppal – are located within Karnataka. This concentration exposes the company to regional risks such as infrastructure disruptions, natural disasters, regulatory changes, or political instability that could disrupt operations.
The company recorded negative cash flow from operating activities amounting to Rs 19.11 crore in FY24. This was primarily driven by a loss before tax, coupled with significant working capital movements such as increases in inventories, trade receivables, and other assets. Although operating cash flows were positive in other periods, there is no assurance that similar negative trends will not recur in the future. Continued pressure on cash generation may affect the company’s ability to fund operations, manage working capital, and meet financial obligations.
The company, its directors, and subsidiaries are involved in certain ongoing legal proceedings, including criminal and tax disputes. Any adverse judgment in any of these cases can be detrimental to the company’s business prospects.
The company’s consumer-facing business experiences seasonal fluctuations, with demand typically peaking around year-end festive periods and varying across export markets based on local consumption cycles. These patterns may cause uneven quarterly performance, rendering period-to-period comparisons unreliable.
As of September 30, 2025, the company had trade receivables of Rs 181.26 crore. This is an increase from Rs 156.60 crore in FY25, Rs 136.88 crore in FY24, and Rs 107.13 crore in FY23. High receivable levels expose the company to delayed payments or non-payment, which may strain cash flows and working capital. Macroeconomic pressures or financial difficulties faced by customers could further increase the likelihood of defaults or extended credit cycles. Any sustained increase in trade receivables may adversely affect the company’s liquidity, financial condition, and operational stability.
Aequs Financials
*All values are in Rs. Cr
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Application Details of Aequs IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Regular | ₹118 - 124 | Upto ₹2 Lakh | 120 |
| Employee | ₹107 - 113 | Upto ₹2 Lakh | 120 |
| High Networth Individual | ₹118 - 124 | ₹2 - 5 Lakh | 120 |
For Aequs IPO, eligible investors can apply as Regular & Employee.