Aequs Ltd. is a vertically integrated precision manufacturing company with a strong presence in the Aerospace Segment, supported by its operations inside a dedicated Special Economic Zone (SEZ) in India.
The company operates advanced manufacturing ecosystems that offer end-to-end capabilities — from forging and machining to assembly and testing — designed to meet the highly stringent requirements of global aerospace OEMs.
Aequs began as an aerospace-focused manufacturer but has evolved into a diversified precision engineering company. While aerospace remains its primary business, the company has strategically expanded into consumer electronics, plastics, and consumer durable products, leveraging its engineering depth and large-scale manufacturing clusters.
As of September 30, 2025, Aequs had produced over 5,000 aerospace components across multiple global aircraft programs. These include major single-aisle platforms such as A220, A320, B737, and long-range programs such as A330, A350, B777, and B787.
The products are supplied under long-term manufacturing and assembly programs with leading aerospace customers, supported by strict quality certifications like AS9100D, ISO 9001, and NADCAP.
Product Portfolio:
- Structures: Key structural aircraft parts such as brackets, corner fittings, cable quadrants, wing-flap supports, couplings, gearbox brackets, floorboards, and latch assemblies.
- Interiors & Cargo: Components for aircraft cabins and cargo systems, including PDU trays, side panels, pawls, bases, pan-seats, beam supports, seat stays, and housing/bracket parts.
- Landing Systems: Critical landing gear components like main landing gear units, fittings, bracket assemblies, front panels, rims, half wheels, and uplock/front assemblies.
- Actuation Systems: Precision parts for motion and control systems—housings, manifolds, mounting flanges, actuator pistons, jack heads, and radar box components.
Aequs has expanded its precision manufacturing capabilities into consumer electronics, plastics & toys, and cookware/home appliances, supported by its integrated manufacturing clusters in Belagavi, Hubballi, and Koppal for large-scale, cost-efficient production.
As of September 30, 2025, Aequs had a flexible and scalable workforce of 1,892 full-time employees, supported by 1,834 contractual staff, 55 trainees, 432 apprentices, and 325 fixed-term employees, enabling efficient, high-precision, high-volume production.
Aequs IPO – Details
| IPO Opening Date | 03 December 2025 |
| IPO Closing Date | 05 December 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 7,43,39,651 Shares Worth ₹921.81 Crore Fresh Issue: 5,40,32,258 Shares Worth ₹670.00 Crore Offer For Sale: 2,03,07,393 Shares Worth ₹251.81 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹118 – ₹124 per share |
| Market Lot | 120 Shares |
| Min Order | 120 Shares [ 1 Lot ] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Aequs IPO – Date Schedule
| IPO Open Date | 03 December 2025 |
| IPO Close Date | 05 December 2025 |
| Basis of Allotment | 08 December 2025 |
| Initiation of Refund | 09 December 2025 |
| Credit of Shares to Demat Account | 09 December 2025 |
| IPO Listing Date | 10 December 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 05, 2025 |
Aequs IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 120 | ₹14,880 |
| Retail (Max) | 13 | 1,560 | ₹1,93,440 |
| S-HNI (Min) | 14 | 1,680 | ₹2,08,320 |
| S-HNI (Max) | 67 | 8,040 | ₹9,96,960 |
| B-HNI (Min) | 68 | 8,160 | ₹10,11,840 |
Competitive Strength
- Advanced and vertically integrated precision manufacturing capabilities.
- Operations in unique, engineering-led vertically-integrated precision manufacturing ecosystems.
- Manufacturing presence across three continents with strategic proximity to end customers.
- Comprehensive precision product portfolio across high value segments.
- Long-standing relationships with high entry barrier global customers.
- Founder-led business supported by an experienced management team and a qualified employee base.
Company Promoters
- Aravind Shivaputrappa Melligeri
- Aequs Manufacturing Investments Private Limited
- Melligeri Private Family Foundation
- The Melligeri Foundation
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹840.54 Cr | ₹777.48 Cr | -₹109.50 Cr | ₹346.14 Cr |
| 31 March 2024 | ₹988.30 Cr | ₹842.79 Cr | -₹14.24 Cr | ₹291.88 Cr |
| 31 March 2025 | ₹959.21 Cr | ₹851.24 Cr | -₹102.35 Cr | ₹437.06 Cr |
| 30 September 2025 | ₹565.55 Cr | ₹481.44 Cr | -₹16.98 Cr | ₹533.51 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | -14.30 |
| ROCE | 0.87 |
| Debt/Equity | 0.99 |
| RoNW | -14.47 |
| PAT Margin | -11.07% |
| EBITDA Margin | 11.68% |
| Price to Book Value | 9.94 |
| Market Capitalization | ₹8,316.06 Cr. |
| Pre IPO | Post IPO | |
| EPS (₹) | -1.66 | -0.51 |
| P/E (x) | -74.71 | -244.92 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by: | ₹433.17 |
| – The Company. | ₹17.55 |
| – Three of the wholly-owned Subsidiaries, through investment in the following Subsidiaries. | ₹415.62 |
| Funding capital expenditure to be incurred on account of the purchase of machinery and equipment by: | ₹64.00 |
| – The Company. | ₹8.11 |
| – One of the wholly-owned Subsidiaries, Aero Structures Manufacturing India Private Limited, through investment in such Subsidiary. | ₹55.89 |
| Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes. | – |
Aequs IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Azad Engineering Limited | 115.48 |
| 2 | 2 | Unimech Aerospace and Manufacturing Limited | 55.73 |
| 3 | 5 | Amber Enterprises India Limited | 100.40 |
| 4 | 10 | Kaynes Technology India Limited | 129.59 |
| 6 | 2 | Dixon Technologies (India) Limited | 73.87 |
| 7 | 10 | PTC Industries Limited | 417.03 |
✅Strengths
- Fully integrated SEZ manufacturing for aerospace (machining to assembly under one roof).
- Large product portfolio with 5,000+ aerospace components across major Airbus/Boeing programs.
- Three vertically integrated clusters (Belagavi, Hubballi, Koppal) enabling scale & cost efficiency.
- Global presence across India, France & USA, close to OEM customers.
- High technical capabilities, including machining of titanium alloys & full aerospace certifications (AS9100D, ISO 9001, NADCAP).
- Diversified growth into consumer electronics, toys, cookware & home appliances.
- Strong engineering workforce supporting high-precision manufacturing.
⚠️Risks
- High customer concentration — top 10 customers contribute 82–88% of revenue.
- Raw material dependency on imported metals; supply disruptions can hit margins.
- Heavy export exposure, creating forex, legal & geopolitical risks.
- Highly competitive aerospace market with strong global and Indian players.
- Bank covenant breaches by group entities pose financing risks.
- Cyclicality in both aerospace and consumer product demand.
- Dependence on skilled labour, making retention and training critical.
Aequs IPO Promoter Holding
| Pre Issue Share Holding | 64.49% |
| Post Issue Share Holding | 59.08% |
Aequs IPO Prospectus
Company Contact Information
| Aequs Ltd. Aequs Tower, No. 55, Whitefield Main Road, Mahadevapura Post Bengaluru, Karnataka, 560048 Phone: 91 96 3205 8521 Email: investor.relations@aequs.com Website: https://www.aequs.com/ |
Aequs IPO Registrar
| Kfin Technologies Ltd. Phone: 04067162222, 04079611000 Email: aequs.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Aequs IPO Lead Manager(s)
| 1. JM Financial Limited 2. IIFL Capital Services Limited 3. Kotak Mahindra Capital Company Limited |
Aequs IPO FAQs
| What is the Aequs IPO? Aequs IPO is a main-board IPO. The issue is priced at ₹118 to ₹124 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will Aequs IPO open? The IPO is to open on 03 December 2025 for QIB, NII, and Retail Investors. |
| What is Aequs IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| What is the Aequs IPO Size? Aequs IPO size is ₹921.81 Crore. |
| What is the Aequs IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 120 Shares with ₹14,880, while the maximum bid is 1,560 Shares with ₹1,93,440. |
| What is the Aequs IPO Allotment Date? Aequs IPO allotment date is 08 December 2025. |
| What is the Aequs IPO Listing Date? Aequs IPO listing date is 10 December 2025. The IPO is to be listed on the BSE and NSE. |
