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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹367 Cr
verified against source
Revenue YoY
33%
reported change
EBITDA
₹154.5 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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%. Q4 was the strongest quarter ever at ₹367 crore revenue (+47% YoY). Aerospace segment revenue grew 27% to ₹1,046 crore with EBITDA margins of 27% (including other income), while consumer segment revenue grew 84% to ₹184 crore but posted an EBITDA loss of ₹78 crore due to ramp-up costs. Management guided for FY27 consolidated revenue growth of 45-50%, with aerospace growing 25-30% at 20% segment EBITDA margins, and consumer targeting EBITDA breakeven by Q4 FY27. Key risks include consumer segment utilization ramp-up delays and potential supply chain disruptions from geopolitical tensions.
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Guidance to track
- Management expects consolidated topline growth of 45-50% in FY27, driven by aerospace and consumer segments.
- Aerospace to grow 25-30% in FY27 while maintaining segment EBITDA margins at 20% (excluding other income and corporate costs).
- Consumer revenue expected to grow 125-150% in FY27, with EBITDA breakeven targeted for Q4 FY27.
- Management aims to increase consumer capacity utilization from 23% to 40-50% by end of FY27.
Risks flagged
- Consumer utilization at 23% with heavy depreciation; failure to reach 40-50% utilization could delay EBITDA breakeven.
- Hasbro stopped sourcing from Aequs; management claims no material impact but loss of a major customer adds uncertainty.
- West Asia crisis has increased logistics lead times and working capital; prolonged disruption could affect margins.
- 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.
Key quotes
- FI26 has been a truly landmark year for Aequs defined by a strong execution, meaningful business expansion and our IPO.
- We are expecting approximately 45 to 50% topline revenue growth. More importantly, this growth is highly efficient.
- Hasbro has informed us that it has revised its manufacturing and sourcing strategy and told us they will stop raising POs to us. While this decision was unexpected, it will not impact the overall growth of the business.
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