Aequs Q3: Loss Rises 7% YoY To INR 43 Cr

Contract manufacturing company Aequs’ consolidated net loss zoomed 7% to INR 42.7 Cr in the December quarter of 2025 (Q3 FY26) from INR 39.8 Cr in the year-ago quarter. On a sequential basis, loss more than doubled from INR 20.6 Cr.

Operating revenue zoomed 51% YoY and 16% QoQ to INR 326.2 Cr. Including other income of INR 9.1 Cr, total income for the period stood at INR 335.2 Cr.

Meanwhile, the company’s EBITDA skyrocketed 353% YoY to INR 38.1 Cr while EBITDA margin expanded by 800 bps to 12%.

Founded in 2006 by, Aequs is a diversified contract manufacturer that caters to clients like Airbus, Boeing, Safran, Collins Aerospace, Hasbro, Spin Master, Wonder Chef, among others.

It earns its revenue primarily from two business segments – aerospace manufacturing and consumer manufacturing. While the former contributed 86% of its total revenue, growing by 39% YoY to INR 268.4 Cr, the consumer segment’s revenue surged 157% YoY to INR 57.7 Cr.

However, the loss incurred by the latter doubled YoY to INR 53.2 Cr, while the aerospace business reported a profit of INR 39.1 Cr.

Its orderbook for the aerospace segment stood at $814 Mn during the period and it added manufacturing capabilities for 195 parts.

“The aerospace JV continued to contribute to profitability and cash flows, while the cookware JV remained in its scale-up phase. Across the portfolio, key programs advanced through planned production milestones, supported by improving utilisation levels alongside capacity additions,” CEO Aravind Melligeri said.

Aequs is now looking to expand in the consumer electronics segment, investing INR 637.7 Cr toward developing this business till December 2025. It is looking to scale up production of portable computers, smart devices, wearables, and other electronic components.

It has started production for an undisclosed client, which it characterised as being “among the largest global consumer electronics players”.

During the quarter under review, It also entered into a joint venture with Tramontina to supply non-stick pans for the Brazilian houseware company.

Total expenses, before finance cost and depreciation and amortisation expenses, grew 42% YoY to INR 297.2 Cr. Its biggest expense head continued to be the cost of materials consumed, which jumped 42% to INR 128.5 Cr in Q3 FY26 from INR 90.6 Cr in the same period the year prior.

The company also incurred an exceptional loss of INR 16.7 Cr during the quarter under review. The company’s exceptional expenses during the quarter included an INR 9 Cr bonus paid to executive director and CEO Melligeri upon fulfilling Aequs’ IPO during the quarter as well as incremental impact on gratuity of INR 3.8 Cr primarily arising due to change in wage definition under the new Labour Codes.

It also incurred a loss of INR 3.1 Lakh due to discontinued operations.

Aequs was listed on the bourses in December last year. Shares of Aequs ended today’s trading session 2.13% higher at INR 139.1 on the BSE, while market capitalisation stood at INR 9,328.96 Cr (about $1.01 Bn).

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