Aequs Ltd. IPO Detail

Founded in 2006, Aequs Limited is an integrated precision manufacturing company specialising in high-complexity components for the global aerospace industry.

With end-to-end capabilities across forging, machining, surface treatment, assembly, and testing, the company operates as one of India's largest aerospace manufacturing clusters at its SEZ (Special Economic Zone) in Belagavi, Karnataka.

Backed by a fully captive ecosystem and advanced manufacturing technologies, Aequs delivers structural parts, landing-gear components, engine parts, and precision assemblies to leading global OEMs and Tier-1 suppliers.

Apart from this, the company also earns nearly 90% of its revenue from the aerospace segment and supplies to major customers across the US, Europe, and Asia. Their integrated cluster model enables faster turnaround, better quality control, and competitive cost efficiencies.

Aequs continues to expand its capabilities across aerospace, consumer products, and industrial manufacturing, supported by large-scale infrastructure and a growing global customer base.

The following are the upcoming IPO details of Aequs Limited.

Before applying for the IPO, investors should know which category they qualify for. For instance, the Aequs IPO retail quota is up to ₹2 lakhs. Likewise, for other categories, you can look at the table.

For each category, there is a specific lot size and shares available within it.

(Note: sNII refers to "Small Non-institutional investors" and bNII refers to "Big Non-institutional Investors." Likewise, RII is for retail institutional investors.)

The Net proceeds from the Aequs IPO shall be utilized for the following purposes:

The shareholding of Aequs Limited is divided among: Aequs Manufacturing Investments Private Limited, Melligeri Private Family Foundation, and Aravind Melligeri.

Here's the table showing Aequs Limited's financial performance from FY 2023 to FY 2025 and as of Sep 30, 2025.

Based on the consolidated financial statements of Aequs Limited, for FY 2024-25 and as of Sep 30, 2025, the following financial metrics can be considered.

(Note: The () indicates the losses incurred by the business in the respective period.)

Here's a brief business overview of the Aequs Limited IPO that explains the strengths and weaknesses to help you make informed decisions.

Strengths

• Fully Integrated Aerospace Manufacturing

  Aequs is the only precision component manufacturer in India operating within a single SEZ, offering end-to-end capabilities, including machining, forging, molding, surface treatment, and assembly.

• Unique Engineering-Led Ecosystem

  Its vertically integrated, co-located facilities improve supply-chain efficiency, reduce turnaround time, and enable seamless manufacturing workflows.

• Global Manufacturing Presence

  Aequs operates across India, the U.S., and France, offering strategic proximity to global OEMs and serving customers across three continents.

• Large, Diversified Product Portfolio

  With 5,000+ aerospace products, CNC machining, molding, and multi-axis capabilities, Aequs supports a wide range of manufacturing and assembly programs.

• Scaled Production Capacity

  The company has 2.92 million machining/molding hours, 200+ CNC machines, 161 molding machines, and 2.22 million sq. ft. of manufacturing space.

• Strong Workforce & Engineering Talent

  Aequs employs 4,538+ people, including 855 engineers, backed by continuous training to enhance precision manufacturing expertise.

• Proven OEM Relationships

  Long-standing ties with global aerospace customers, built on a deep understanding of complex component requirements and fast turnaround capabilities.

• High Local Value Addition

  For select products, Aequs delivers 100% in-country value addition, strengthening India’s aerospace supply chain.

Future Strategies

1. Deepen Business With Existing Aerospace Customers

In the upcoming period, the company plans to boost its existing customer base by;

• Moving up the value chain by manufacturing more complex, high-precision components (engine parts, landing systems).
• Using existing credibility to take on higher value-added work across customer platforms.
• Leveraging the Airbus D2P partnership to access a wider pool of long-term manufacturing and assembly contracts.
• Securing long-term Master Service Agreements (MSAs) with global OEMs for steady, predictable business.

2. Expand and Diversify Customer Base in Aerospace

• The company intends to target new global OEMs and Tier-1 suppliers across India, Europe, and the U.S.
• Also, they plan to establish capabilities that attract customers looking for cost-efficient, vertically integrated manufacturing.

3. Grow the Consumer Products Portfolio

• Expand into consumer electronics and new categories within durables.
• Increase product offerings in existing consumer goods lines.
• Explore deeper collaborations with Tramontina to launch additional co-developed or co-branded products.

Risks

• High Dependence on Aerospace

  Almost 90% of Aequs' revenue comes from the aerospace segment. If global aircraft demand slows, their business takes a direct hit.

• Customer Concentration

  A few big clients contribute a large share of revenue. If even one reduces orders or delays payments, it can impact cash flow.

• No Long-Term Volume Contracts

  Most orders are requirement-based, not guaranteed. This makes quarterly revenues unpredictable.

• Capital-Intensive Business

  Aequs needs heavy investments in machinery and infrastructure. If utilisation drops, profits fall sharply.

• Weak Cash Flows & High Debt

  The company has seen negative operating cash flows and rising borrowings. This increases financial pressure.

• Supply Chain & Raw Material Risks

  Any delay in sourcing metals or disruption in logistics can stall production and impact deliveries.

• Regulatory & Compliance Pressure

  Working with global aerospace OEMs means strict certifications. Any compliance slip can lead to loss of contracts.

• Geographic Concentration

  All plants are in Karnataka. A regional disruption, like floods, strikes, or policy changes, can shut down operations.

• Consistent Losses

  Aequs has been repeatedly reporting losses – ₹169.77 million (September 2025), ₹1,023.46 million (FY25), ₹142.44 million (FY24), and ₹1,094.95 million (FY23). It has also written down the value of some subsidiaries. If this trend continues, it could put more pressure on the company's finances.

• Global Economic Sensitivity

  Global slowdowns, geopolitical tensions, currency fluctuations, or supply-chain shocks can affect aerospace demand and customer orders.

Here's how you can check your IPO allotment status for Aequs Limited.

1. Visit the allotment portal https://ipostatus.kfintech.com
2. Select "Aequs Limited" from the company dropdown.
3. Enter any of these details - PAN, Application Number, DP/Client ID, or Account Number/IFSC.
4. Click on the "Submit" button to view your allotment status.

The Aequs IPO registrar, as per RHP, is KFin Technologies Limited.

Phone: 04067162222, 04079611000

Email: aequs.ipo@kfintech.com

The lead managers handling the IPO process of Aequs Ltd are;

• JM Financial Ltd.
• IIFL Capital Services Ltd.
• Kotak Mahindra Capital Co.Ltd.