Aequs Limited Releases Q4 & FY26 Earnings Call Transcript; Outlines FY27 Growth Strategy
Aequs Limited released its Q4 & FY26 earnings call transcript. FY26 consolidated revenue grew 33% to ₹12,304 million, with EBITDA up 43% to ₹1,545 million. The company announced significant investments in Tamil Nadu (₹1,900 crore) and Karnataka (₹2,856 crore). For FY27, Aequs projects 45-50% revenue growth and doubling of operational EBITDA. Key management changes include CFO Dinesh Iyer stepping down.
The announcement details significant capital investments, strategic expansion plans across two states, positive financial performance, and a robust outlook for future growth. These factors are highly material for investors and stakeholders.
The company reported strong financial growth in FY26, significant strategic investments for future expansion, and provided an optimistic outlook for FY27 with substantial revenue and EBITDA growth projections. The successful IPO and expansion plans indicate positive momentum.
Aequs Limited has released the transcript of its Earnings Conference Call held on May 26, 2026, pertaining to the financial results for the quarter and financial year ended March 31, 2026.
During the call, Executive Chairman and CEO, Mr. Aravind Melligeri, highlighted FY26 as a landmark year, marked by strong execution, business expansion, and a successful IPO. The company reported a 33% year-on-year consolidated revenue growth to ₹12,304 million and a 43% increase in EBITDA to ₹1,545 million, with margins expanding to 13%. The fourth quarter of FY26 was the strongest in the company's history, with revenue of ₹3,671 million, showing a 47% year-on-year growth.
Significant strategic investments were detailed, including an MoU with the Tamil Nadu government in February 2026 to invest ₹1,900 crore over 10 years for a vertically integrated aerospace manufacturing ecosystem in Hosur. Additionally, an MoU with the Karnataka government in March 2026 committed ₹2,856 crore over five years for expansions in Belagavi and Hubballi.
The company also announced the appointment of Ravi Kumar Assudani as Head of Engineering for the consumer segment, effective Q1 FY2027. The call also noted the upcoming departure of CFO, Dinesh Iyer, at the end of June 2026, with Harish Bang stepping in as the interim contact.
Looking ahead to FY27, Aequs projects approximately 45% to 50% consolidated top-line revenue growth and a doubling of operational EBITDA. The aerospace segment is expected to grow 25% to 30% with EBITDA margins maintained at 20%. The consumer segment aims to achieve EBITDA break-even by Q4 FY27, with revenue growth of 125% to 150% and capacity utilization targeted to increase from 23% to 40-50%.
Rajeev Kaul, Co-Founder and Managing Director, elaborated on the operational performance, with the aerospace segment achieving ₹10,464 million in full-year revenue (27% growth) and a robust order book of USD $889 million. The consumer segment contributed 15% to the full-year revenue, with plans to scale capacity and increase utilization. The company also confirmed a long-term agreement with Mattel to offset the impact of Hasbro's revised strategy.
Dinesh Iyer, CFO, provided a detailed financial review, noting a full-year consolidated revenue of ₹13,466 million (including JVs) and EBITDA of ₹1,830 million. He highlighted the significant capital investment in consumer electronics capacity and an improved net debt-to-equity ratio of 0.23. The company expects consolidated PAT to break-even by H1 FY28.
During the Q&A, the company outlined planned capex of approximately ₹160 crore for aerospace and ₹500 crore for consumer segments in FY27. It was clarified that PLI income eligibility begins in FY27. The company also discussed strategies for managing raw material procurement, particularly for aerospace components like titanium and steel, with lead times up to 75 weeks, and the impact of geopolitical events on logistics and working capital.
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