Aequs Q1: revenue +55% YoY but consumer burn drags group to ₹53 Cr consolidated loss
revenue +54.8% · margins compressing
₹395.55 Cr
+54.8% YoY
₹-53.23 Cr
-13.23%
₹-0.81
Aequs reported strong topline momentum in its first quarter as a listed company, with consolidated revenue up ~54.8% YoY to ₹395.5 Cr (+7.7% QoQ), but the group swung to a net loss of ₹53.2 Cr from a small ₹3.6 Cr profit a year ago. The divergence is entirely below the revenue line: consolidated operational EBITDA actually fell to ₹21.5 Cr from ₹39.9 Cr a year earlier, and depreciation (₹45.3 Cr, +85% YoY) and finance costs (₹18.9 Cr, +88% YoY) — both reflecting the aggressive capacity build-out in the Consumer business — pushed the group into the red. Note the sharp basis split: standalone (the parent, essentially aerospace) stayed profitable at ₹4.07 Cr; the loss lives in the subsidiaries.
Q1 FY-2027 vs prior quarters
No year-ago quarter on record — YoY cells may be blank.
The segment detail tells the story. Aerospace revenue rose ~40% YoY to ₹322.2 Cr with a healthy segment result of ₹73.1 Cr (up ~35%), running ahead of management's 25-30% aerospace growth guidance. Consumer revenue nearly tripled (+190% YoY to ₹73.4 Cr, beating the 125-150% guide), but the segment result loss widened almost five-fold to ₹36.1 Cr from ₹7.4 Cr as the toys/durables capacity (Koppal Toys, Rajas Extrusion, plus a fresh €3M French-arm investment this quarter) scales ahead of absorption. Management had flagged Consumer EBITDA break-even only by Q4 FY27, so the Q1 burn is on the expected timeline — but it is the whole reason the group prints a loss.
The stock went into the print at ₹228.94, down 2.4% over the past month of trading.
What the summary numbers don't show
Operational EBITDA fell to ₹21.5 Cr from ₹39.9 Cr YoY — NPM -13.5% vs +1.4%, OPM ~5.4% vs ~15.6% — margins compressed hard
Aequs forecasts robust performance for FY27, with aerospace segment revenue expected to grow 25-30% while maintaining 20% EBITDA margins. The consumer segment is projected for substantial revenue growth of 125-150%, aiming for EBITDA break-even by Q4 FY27, and targeting overall 20% EBITDA margins in the long term. Cons
— This quarter: met
Against its own FY27 guidance the picture is mixed: consolidated revenue growth of ~55% is already ahead of the 45-50% full-year target, yet the promise to 'double operational EBITDA' looks challenged when Q1 group EBITDA is down YoY — the H2 ramp will have to do heavy lifting. There is no published Street consensus for this recently-IPO'd name to grade against. Sequentially the loss was flat (₹53.2 Cr vs ₹53.7 Cr in Q4 FY26), so there is no deterioration quarter-on-quarter, but also no visible turn yet. The board separately dissolved its IPO committee and named MD Rajeev Kaul as Compliance & Chief IR Officer post-listing.
W1
Consumer segment EBITDA break-even guided for Q4 FY27 — track the ₹36.1 Cr quarterly segment loss narrowing through the year
W2
Group operational EBITDA ₹21.5 Cr is DOWN YoY vs the FY27 'double EBITDA' guidance — needs a sharp H2 recovery to hold
W3
Depreciation (+85%) and finance costs (+88%) from the Consumer capex ramp — watch cost absorption as utilization rises
Source in ₹ Millions, converted to ₹ Cr (÷10). Consolidated PBT (-39.81 Cr) already includes +2.90 Cr share of JV/associate profit; loss driven by Consumer segment (-36.14 Cr segment result) plus D&A +85% and finance cost +88% YoY. No exceptional items this quarter or year-ago (clean YoY); prior Q4 FY26 had one-offs. Standalone (parent, mainly aerospace) is profitable ₹4.07 Cr — diverges sharply from group loss. Some OCR text garbled but figures cross-checked vs segment schedule and prior-quarter DB record (₹367.10 Cr matches).
Informational and educational content only. Not investment advice.