Aequs Limited — Q4 FY26
Aequs delivered a landmark FY26 with consolidated revenue of ₹1,234 crore (+33% YoY) and EBITDA of ₹154.5 crore (+43% YoY), with margins expanding 100bps to 13%.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
75%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Capex plans for FY27-28 by segment and toy business ramp-up after Hasbro discontinuation.
Asked by ML J, IFL Capital
Management provided specific capex numbers and confirmed a new agreement with Metal to replace Hasbro volumes.
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Question
my question is regarding KPIX segmental capex what are the plans capex for f 2728 uh in both the segment separately and on the second question after discontinuation with hashgrow on the toy business any road map of ramp up expected with metal
Harish (CFO) and Rajeev (CEO)
in our aerospace segment we have planned about rups 160 cr approx and in our consumer segment we have planned about rupes 500 cr approx for the full year fi27... we have signed a long-term agreement with metal and both sides are fully committed to scaling volumes
Answered
Medium priority
Any PLI income booked for FY26?
Asked by ML J, IFL Capital
Clear yes/no answer with timing of first PLI eligibility.
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Question
Answer any PLI income booked for FI26?
Harish (CFO)
No. So FI27 will be our first year uh where we will be eligible for the PLI.
Answered
High priority
Revenue and margin guidance for FY27.
Asked by ML J, IFL Capital
Provided specific growth percentages and margin guidance for both segments.
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Question
And broadly your guidance across revenue, margins and fix uh sorry KP you have given on revenue and margins.
Arun (CEO)
On aerospace uh we are expecting a growth of 25 to 30% and maintaining the AITA numbers at about 20% level. On consumer uh we see a revenue growth of about 125 to 150% uh and Q4 is the quarter wherein we will hit the AITA break even.
Partial answer
Medium priority
Impact of West Asia crisis on margins and fundamental margins without one-offs.
Asked by Priyanker Biswas, JM Financial
Acknowledged logistics cost increase but did not quantify margin impact or provide fundamental margin estimate.
no specific margin impact quantifieddownplayed impact without numbers
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Question
would that be a right assessment and if that had happened what sort of margin impacts we would have seen... what would have been our fundamental margins.
Rajeev (CEO)
we are not seeing the significant impact on the work... margin perspective because... material prices and all are long-term agreements... logistics costs have gone up a bit but that's not a material in our view
Answered
Medium priority
Percentage of sales linked to USD.
Asked by Priyanker Biswas, JM Financial
Provided a specific percentage.
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Question
what percentage of your over overall sales would be uh let's say USD linked even that the currency is depreciating so far.
Rajeev (CEO)
So including deemed exports uh it would be about 93 to 94% uh uh overall in US dollar.
Answered
Medium priority
Current gross block in consumer electronics and expected asset turns.
Asked by Suraj Malu, Katamaran
Provided specific gross block number.
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Question
can you help understand what is the current gross block uh in consumer electronics?
Harish (CFO)
So at a consumer overall level uh we have a gross block about uh 830 crro approx.
Partial answer
High priority
Reconciliation of aerospace EBITDA margin from 27% to guided 20%.
Asked by Suraj Malu, Katamaran
Explained the difference but did not provide numbers to reconcile the 7% gap.
did not quantify the impact of other income and unallocated costs
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Question
in FI 26 in aerospace we have delivered ana margin of 27%. And now for next year we are guiding at 20%. So just can you help understand the reconciliation?
Harish (CFO)
So 27% is the segment EITA uh which includes other income and uh uh it excludes the unallocated corporate costs.
Partial answer
Medium priority
Reason for high aerospace margins and sustainability with new products.
Asked by Bika Singh
Attributed margins to complexity but did not quantify contribution of high-margin products or provide specific margin expansion expectations.
no specific margin breakdown by productvague on margin expansion
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Question
is it because uh of um the high margin products uh we are getting this margin or it's u and going forward can we expect the margins be improved with the new products adding in please?
Rajeev (CEO)
this is a normal course of business of complexity what we do and uh we expect this margins to be there as we grow... we do expect some margin expansion but uh aeros structures predominantly... 20% operating value is our focus area
Partial answer
High priority
Reason for additional capex in consumer at 23% utilization and expected volumes.
Asked by Bika Singh
Explained rationale but did not provide specific volume expectations or product details.
no specific volume numbers providedvague on product details
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Question
why we are going with um like additional kex when we are already underutilized at 23% is we are seeing the additional products getting added... and also if you can provide me in terms of uh what exactly we are doing on the consumer electronic side and what volumes
Rajeev (CEO)
the customer wants us to have a meaningful share of their requirements... this capital additional capital is basically you know driven by clear customer demand... we have 23% utilization it'll go up
Answered
Medium priority
Focus on utilization vs. demanding more product lines from customer.
Asked by Pravin Kumar, Equitas Capital Advisors
Clearly stated both utilization and expansion are simultaneous priorities.
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Question
does this imply that over the next few quarters your focus will be more on ramping up uh rather than you know uh demanding more from the customer in terms of more product lines etc.
Rajeev (CEO)
we are currently you know obviously the focus always is to maximize the utilization. At the same time we are also investing this year... about 500 cr new capital... So it's a combination
Partial answer
High priority
Long-term aerospace growth CAGR and margin sustainability.
Asked by Ashish Podar, Motilal Oswal
Affirmed long-term growth potential but did not commit to a specific CAGR for 5-10 years.
no specific long-term CAGR commitment beyond FY27vague on margin improvement
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Question
what kind of you know growth PGR we can know expect from a longerterm perspective I'm talking about 5 to 10 you know years perspective can we see the similar rate of 25% CGR for the next 10 years
Rajeev (CEO)
we don't see any reason the 20 plus% we are guided in the past in the long term and we are you know improve that... with a similar uh rate of eida margin which you are guiding yeah that has been our guidance always
Partial answer
Medium priority
Risk of margin compression in consumer electronics and China equipment dependency.
Asked by Nikil Chri, Toro Wealth Managers RLP
Expressed confidence but did not quantify margin sustainability or provide concrete alternate vendor plans.
no specific margin trajectory providedvague on equipment sourcing alternatives
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Question
when we see Chinese precision for our uh probably the product uh we see that probably the margin compression has happened... will we also have a similar trajectory... are we facing any issues in updating those equipments
Rajeev (CEO)
we feel confident of our capital and... value addition what we do in these products we should be able to sustain our ITA margins in a long run... it's a highly complex you know huge amount of value ad... we have had you know uh gone through some of these challenges in the past
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Aerospace revenue growth guidance 25-30% for FY27 | 27.5% | 33% | Understated vs filing |
| Aerospace EBITDA margin guidance ~20% for FY27 | 20% | 1% | Overstated vs filing |
| Consumer revenue growth guidance 125-150% for FY27 | 137.5% | 33% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.