Aequs Q2 FY27: consolidated loss widens to ₹52 Cr as EBITDA nearly halves YoY

Aequs' consolidated revenue grew 45.3% YoY to ₹409.1 Cr (₹281.6 Cr a year ago) and 3.4% QoQ, keeping first-half growth at 49.8% YoY (₹804.6 Cr) — inside the company's guided 45-50% FY27 revenue growth band, though a step down from Q1's pace. Profitability moved the other way: consolidated net loss widened to ₹52.4 Cr from ₹20.6 Cr a year ago (loss grew roughly 2.5x YoY), even as it narrowed marginally from Q1's ₹53.2 Cr. Operating EBITDA (before finance cost, D&A and JV share) fell 44.7% YoY to ₹24.5 Cr from ₹44.3 Cr, taking operating margin from 15.7% to 6.0% of revenue from operations. Standalone (parent-only) results were profitable — PAT of ₹1.8 Cr on revenue of ₹35.5 Cr — but the consolidated, group-wide numbers are the primary read given the scale gap, and they tell a materially weaker story. The divergence traces to segment mix. Aerospace revenue grew 44.2% YoY to ₹351.4 Cr at a 22.3% EBITDA margin — comfortably inside management's >20% margin guide and above its 25-30% revenue growth target. Consumer, however, grew just 52.0% YoY to ₹57.7 Cr against a guided 125-150% pace, and its segment loss widened to ₹91.7 Cr from ₹37.5 Cr a year ago — worsening sequentially too (₹91.7 Cr vs ₹85.5 Cr in Q1), the opposite of the "loss narrowing toward Q4 FY27 breakeven" trajectory management had laid out on the last call. H1 operating cash flow also swung negative, to -₹80.8 Cr from +₹47.9 Cr a year ago, as working-capital build and continued capex (₹164.8 Cr in H1) consumed cash. No quarter-specific Street consensus for revenue or PAT could be found; the only available analyst figure is a FY27 full-year consensus of roughly ₹1,940 Cr revenue and ₹-0.85 EPS cited in pre-result coverage (Univest, sharpely.in), so a clean beat/miss call on this single print isn't possible. Against management's own prior guidance, the quarter is mixed-to-missed: revenue growth is tracking the 45-50% band, but the "doubling of operational EBITDA" target was missed outright (EBITDA fell rather than doubled) and Consumer's path to Q4 FY27 breakeven moved further away, not closer. The quarter's board actions compound the read: directors approved a ₹650 Cr preferential warrant issue to promoter entity Milligree Private Family Foundation (cleared by shareholders on October 22) even as the same promoter pledged 14.99% of its holding for ₹200 Cr of financing in mid-October, and the Regional Director rejected the company's proposed internal amalgamation of three wholly-owned subsidiaries (October 13) — management states this has no material operational impact. No management press release accompanying this result was available to cross-check tone against the numbers.