Aequs Limited is the only precision component manufacturer operating within a single special economic zone in India to offer fully vertically integrated manufacturing capabilities in the Aerospace Segment. They had one of the largest portfolios of aerospace products in India, as of March 31, 2025. The diverse product portfolio includes components for engine systems, landing systems, cargo and interiors, structures, assemblies and turning for the aerospace clients. Company's advanced manufacturing capabilities also enable them to enter into new business segments by leveraging existing capabilities. While they primarily operate in the Aerospace Segment, over the years, they have expanded the product portfolio to include consumer electronics, plastics, and consumer durables for the consumer clients. Their diverse consumer product portfolio includes consumer durables such as cookware and small home appliances, plastics such as outdoor toys, figurines, toy vehicles and components for consumer electronics such as portable computers and smart devices. As of September 30, 2025, they produced over 5,000 products within the Aerospace Segment under a variety of manufacturing and assembly programs established with the aerospace customers, including programs for single aisle (such as A220, A320, B737) and long range (A330, A350, B777, B787) commercial aircrafts. The manufacturing facilities within thier manufacturing clusters hold multiple internationally recognized certifications such as ISO9001:2015, AS9100D, and NADCAP. Our quality control infrastructure, including inspection equipment such as coordinate measuring machines, optical measuring machines and non-destructive testing equipment, supports precise validation of product specifications. In addition, the manufacturing facilities are periodically inspected and audited by regulatory authorities and customers. Company commenced manufacturing of aero-structure components and aero-engine components, for aerospace clients in the units in the Belagavi Manufacturing Cluster in 2009. Over the past 15 years, they have consistently grown their business by developing and acquiring new manufacturing capabilities, and diversifying the product portfolio and customer base across the Aerospace Segment and Consumer Segment. They strategically expanded the manufacturing operations in North America and France, through acquisitions in 2015 and 2016, respectively, which have allowed them to acquire new capabilities in the Aerospace Segment, grow their footprint in North America and Europe, and expand the portfolio of products. Since the commencement of the operations, company has cultivated long-standing relationships with customers, including marquee global OEM customers across the aerospace and consumer industries. Their key clients include Airbus, Boeing, Bombardier, Collins Aerospace, Spirit Aerosystems Inc, Safran, GKN Aerospace, Mubea Aerostructures, Honeywell, Eaton and Sabca in the Aerospace Segment, and, Hasbro, Spinmaster, Wonderchef, and Tramontina in the Consumer Segment. As per financial performance, Aequs Limited has posted total income / net profits of Rs 840.53 Cr / Rs (108.72) Cr (FY23), Rs 988.30 Cr / Rs (12.14) Cr (FY24), Rs 959.21 Cr / (102.41) Cr (FY25) and Rs 565.54 Cr / (16.84) Cr (upto Q2 FY26). So as per previous financials data, company has shown steady growth. Company has an average EPS of Rs (1.37) and average RoNW of (15.07)% for last three fiscals. Issue is priced at a P/BV of 9.12 as per NAV of Rs 13.6/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around (684.62), (81.20) and (249.22) respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, JM Financial Limited, IIFL Capital Services Limited, Kotak Mahindra Capital Company Limited IPO are associated with this IPO, and has handled 151 IPOs in last three fiscal years. ( As on 28.11.25 ) As per financials, Aequs Limited has shown steady growth, RoNW is (14.47)% and P/E is (684.62), (81.20) and (249.22) respectively as per FY24, FY25 and annualised FY26 earnings. Company is the only precision component manufacturer operating within a single special economic zone in India to offer fully vertically integrated manufacturing capabilities in the Aerospace Segment, which is niche business segment. So, we give SUBSCRIBE rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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