Aequs Limited IPO

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Aequs Limited is a precision manufacturing company with deep expertise in the aerospace sector. Established in 2000, it is the only precision component manufacturer operating within a single SEZ in India to offer fully vertically integrated capabilities in aerospace, enabling machining, forging, surface treatment and assembly under one ecosystem. The company serves leading global OEMs with complex and high-value engineered components.

Aerospace Manufacturing Leadership

Aequs holds one of the largest aerospace product portfolios in India, producing over 5,000 precision components across engine systems, landing gear, aircraft structures, cargo and interiors. For FY 2025, it generated ₹8,246.41 million in revenue from the Aerospace Segment. Its unique SEZ-based cluster in Belagavi is recognized as India’s first precision manufacturing zone, designed to support global OEM supply chains efficiently.

Diversification into Consumer and Electronic Components

Leveraging its core engineering capabilities, Aequs has expanded beyond aerospace into consumer electronics, plastics and consumer durables. It manufactures cookware, small appliances, toys, figurines, electric components, and laptop and smart device components. This diversification helps the company optimize existing capacity and broaden its customer base.

Global Presence and Strategic Expansion

Aequs has expanded internationally through acquisitions in North America and France, allowing proximity to major aerospace OEMs and access to new technologies. Its multi-continent presence strengthens relationships with leading clients such as Airbus, Boeing, Collins Aerospace, Safran, Eaton, and Honeywell.

Joint Ventures for Innovation

The company has forged joint ventures to expand capabilities:

i) SQuAD Forging India Pvt. Ltd. – Forging for aero engines, landing gear, braking systems in aluminium, steel, titanium and nickel alloys.
ii) Aerospace Processing India Pvt. Ltd. (API) – Surface treatment solutions with Magellan Aerospace.
iii) Aequs Cookware Pvt. Ltd. – JV with Tramontina for innovative consumer products.

These partnerships enable advanced manufacturing of niche products while building technology depth.

Objects of the Aequs Limited IPO:

The Net Proceeds of the Fresh Issue will be used for the following purposes:

1. Repayment or prepayment of borrowings (including any applicable penalties) of the Company (₹ 1.75 cr) and its wholly-owned subsidiaries — i) AeroStructures Manufacturing India Pvt Ltd (₹174.8 cr) ii) Aequs Consumer Products Pvt. Ltd. (₹231.2 cr) iii) Aequs Engineered Plastics Pvt. Ltd. (₹9.6 cr) 2. Capital expenditure for purchase of machinery and equipment for the i) Company (₹8.1 cr) ii) AeroStructures Manufacturing India Pvt. Ltd. (₹55.9 cr) 3. Funding inorganic growth through acquisitions, strategic initiatives, and general corporate purposes

DRHP of Aequs Limited IPO
RHP of Aequs Limited IPO

Aequs Limited IPO Details:

Open Date: Dec 03 2025
Close Date: Dec 05 2025
Total Shares: 7,43,39,651
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 921.81 Cr.
Lot Size: 120 Shares
Issue Price: ₹ 118 - 124 Per Equity Share
Listing At: NSE,BSE
Listing Date: Dec 10 2025

Promoters And Management:

1. Aravind Shivaputrappa Melligeri, Executive Chairman & CEO, Promoter and founder, he has over 25 years of experience in aerospace and has led the company since its inception in 2000. He spearheaded the Belagavi Manufacturing Cluster, India’s first precision manufacturing SEZ. He holds a Mechanical Engineering degree from Mangalore University and a Master’s from Pennsylvania State University, where he was recognized as an “Outstanding Engineering Alumnus” in 2023. 2. Rajeev Kaul, Managing Director, a Chartered Accountant with a bachelor’s degree in Mathematics from the University of Delhi, he oversees operations across aerospace and consumer durable verticals. With over 22 years of experience in finance and aerospace, he has been associated with the company since 2007 and previously worked with QuEST Global and A.F. Ferguson & Co. 3. Ajay Aravind Prabhu, Non-Executive Director, he holds a B.E. in Electronics and Communication from Mangalore University, a master’s degree in Electrical and Computer Engineering, and a PhD from the University of Massachusetts, USA. With more than 23 years of experience in operations and technology, he is currently associated with QuEST Global Engineering Services Private Limited.

Financials of Aequs Limited IPO:

Particulars 6M FY2025-26 6M FY2024-25 FY 2024-25 FY 2023-24 FY 2022-23
Revenue from Operations (Cr) 537.10 458.90 924.60 965.00 812.10
EBITDA (Cr) 84.10 57.80 107.90 145.50 63.00
EBITDA Margins 15.66% 12.60% 11.68% 15.08% 7.76%
PAT (Cr) -16.97 -71.68 -102.35 -14.28 -109.47
PAT Margins -3.16% -15.62% -11.07% -1.48% -13.48%
ROCE 1.81% 0.67% 0.87% 2.84% -3.72%
OPerating Cash Flow 47.90 -11.70 26.10 -19.1 9.80
Debt to Equity Ratio(In Times) 0.98 0.86 0.99 0.55 2.34

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Aequs Limited 924.60 11.68% -11.07% 0.87% 0.99 8316.05 In loss
Azad Engineering Limited 453 36% 20% 12.20% 0.20 10826 95.50
Unimech Aerospace and Manufacturing Limited 243 38% 34% 22.20% 0.16 4963 62.40
Amber Enterprises India Limited 9973 7% 3% 14.50% 0.77 24990 112.00
Kaynes Technology India Limited 2722 15% 11% 14.30% 0.19 36883 97.40
Dixon Technologies (India) Limited 38860 4% 3% 40.00% 0.34 88721 68.60
PTC Industries Limited 308 24% 20% 8% 0.13 27066 431

Lead Manager of Aequs Limited IPO:

  1. IIFL Securities Ltd
  2. JM Financial Consultants Private Limited
  3. Kotak Mahindra Capital Company Limited

Registrar of Aequs Limited IPO:

  1. Kfin Technology Private Limited

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