Consumer segment ramp-up delays
Consumer utilization at 23% with heavy depreciation; failure to reach 40-50% utilization could delay EBITDA breakeven.
AEQUS / bear-case history
Track the concerns that keep returning.
Aequs · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Hasbro discontinuation impact
Hasbro stopped sourcing from Aequs; management claims no material impact but loss of a major customer adds uncertainty.
Geopolitical supply chain disruptions
West Asia crisis has increased logistics lead times and working capital; prolonged disruption could affect margins.
Capex funding and leverage
Planned capex of ₹660 crore in FY27 (₹500 crore consumer, ₹160 crore aerospace) will increase debt; net debt-to-equity at 0.23x may rise.