Integrated Filing — IndAS



General information about company

Scrip Code 544634
NSE Symbol AEQUS
MSEI Symbol NOTLISTED
ISIN INE947N01017
Name of company AEQUS LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2026
Date of end of financial year 31-03-2027
Date of board meeting when results were approved 26-10-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 21-10-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 26-10-2026   14:50:00
End date and time of board meeting 26-10-2026   15:35:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2026 01-04-2026
B Date of end of reporting period 30-09-2026 30-09-2026
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 40,907.90 80,462.40
Other income 1,061.30 1,733.50
Total income 41,969.20 82,195.90
2 Expenses
(a) Cost of materials consumed 18,462.40 35,197.80
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (2,253.40) (2,134.90)
(d) Employee benefit expense 7,578.90 14,478.00
(e) Finance costs 2,059.80 3,944.90
(f) Depreciation, depletion and amortisation expense 4,653.20 9,187.40
(f) Other Expenses
1 Impairment (reversals)/ losses on financial assets (5.10) (8.80)
2 Other expenses 15,739.60 30,068.40
Total other expenses 15,734.50 30,059.60
Total expenses 46,235.40 90,732.80
3 Total profit before exceptional items and tax (4,266.20) (8,536.90)
4 Exceptional items 0.00 0.00
5 Total profit before tax (4,266.20) (8,536.90)
6 Tax expense
7 Current tax 1,207.90 2,460.30
8 Deferred tax (73.40) 16.50
9 Total tax expenses 1,134.50 2,476.80
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations (5,400.70) (11,013.70)
12 Profit (loss) from discontinued operations before tax (19.60) (19.60)
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax (19.60) (19.60)
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 181.10 471.30
16 Total profit (loss) for period (5,239.20) (10,562.00)
17 Other comprehensive income net of taxes (80.40) 186.30
18 Total Comprehensive Income for the period (5,319.60) (10,375.70)
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent (5,239.20) (10,562.00)
Total profit or loss, attributable to non-controlling interests 0.00 0.00
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent (80.40) 186.30
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0.00 0.00
21 Details of equity share capital
Paid-up equity share capital 67,066.60 67,066.60
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations -0.8 -1.61
Diluted earnings (loss) per share from continuing operations -0.8 -1.61
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations -0.8 -1.61
Diluted earnings (loss) per share from continuing and discontinued operations -0.8 -1.61
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) Notes to unaudited consolidated financial results for the quarter and six months ended September 30, 2026 1. The above consolidated financial results of Aequs Limited (referred to as the 'Parent' or the 'Company'), its Aequs Stock Option Plan Trust and its subsidiaries (Company, its Aequs Stock Option Plan Trust and its subsidiaries together referred to as “the Group”) and its associate and joint ventures for the quarter and six months ended September 30, 2026, have been prepared in accordance with the Indian Accounting Standard (referred to as 'Ind AS') prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time and in terms of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. 2. These consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 26, 2026. The Statutory auditors of the Company have conducted a 'Limited Review' of the consolidated financial results in accordance with Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations') and have issued an unmodified review report thereon. 3. The figures for the corresponding quarter ended September 30, 2025, as reported in these consolidated financial results, have been approved by the Company's Board of Directors but have not been audited or reviewed by the statutory auditors. This statement of consolidated financial results is being prepared and submitted in compliance with Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended. 4. The results of the corresponding six months ended September 30, 2025 are extracted from the audited special purpose interim financial statements. The audit of special purpose interim financial statements for the six months ended September 30, 2025 was conducted for the purpose of Initial Public Offering (IPO). 5. The consolidated financial results include the results of the following entities: Holding Company Aequs Limited (Formerly known as Aequs Private Limited) Indian Subsidiaries Aerostructures Manufacturing India Private Limited (ASMIPL) Aerospace Manufacturing Holdings Private Limited (AMHPL) Aequs Force Consumer Products Private Limited (AFCPPL) Aequs Engineered Plastics Private Limited (AEPPL) Aequs Consumer Products Private Limited (ACPPL) Aequs Manufacturing Private Limited (AMPL) (Formerly known as Aequs Toys Private Limited) Koppal Toys Moulding COE Private Limited (KTMCPL) Aerostructures Assemblies India Private Limited (AAIPL) Aequs Rajas Extrusion Private Limited (AREPL) Foreign Subsidiaries Aequs Aerospace France SAS (AAF SAS) Aequs Aerospace BV (AABV) Aequs Holdings France, SAS (AHF) Aequs Aero Machine Inc. (AAM) Aequs Oil and Gas LLC (AOGLLC) Aequs Toys Hong Kong Private Limited (ATHPL) (Dissolved w.e.f. September 17, 2026) Indian Joint Ventures SQuAD Forging India Private Limited (SQuAD) Aerospace Processing India Private Limited (API) Aequs Cookware Private Limited (ACPL) Ajna Aerospace & Defence Private Limited (Ajna) Indian Associate Aequs Foundation 6. During the year ended March 31, 2026, the Company has incurred Rs. 476.22 Mn towards Initial Public Offer ('IPO') expenses including Pre-IPO. Of this, Rs. 39.02 Mn has been expensed off to Statement of Profit and Loss as an exceptional loss and the balance Rs. 437.20 Mn has been reduced from Securities Premium as cost of fresh issue. 7. On November 21, 2025, the Government of India notified the four Labour Codes - The Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing labour laws. The Ministry of Labour and Employment published Central Rules and FAQs to enable assessment of the financial impact due to the changes in regulations. The Group has assessed and disclosed the incremental impact of these changes on the basis of actuarial opinion obtained and the best information available, consistent with the guidance provided by the Institute of Chartered Accountants of India. Considering the materiality and regulatory-driven, non-recurring nature of this impact, the Group has presented such incremental impact under 'Exceptional items' in the Statement of consolidated financial results for year ended March 31, 2026. The incremental impact on gratuity of Rs. 37.93 Mn is primarily arising due to change in wage definition. 8. The Parent, vide its board resolution dated April 23, 2026, had approved the Scheme of Amalgamation of certain wholly owned subsidiaries i.e., AeroStructures Manufacturing India Private Limited, Aequs Engineered Plastics Private Limited and Aequs Force Consumer Products Private Limited with itself. Subsequently, the Office of the Regional Director, South Western Region, Ministry of Corporate Affairs, Government of India, vide its order dated October 12, 2026, rejected the proposed Scheme of Amalgamation. The Group is evaluating the available course of actions in this regard. As the proposed amalgamation forms part of an internal restructuring exercise involving the parent company and its wholly owned subsidiaries, the rejection of the scheme does not have any material impact on the business operations of the Group. 9. On September 25, 2026, the Board of Directors of the Company approved a preferential issue of up to 28,071,690 warrants to Melligeri Private Family Foundation, one of the Promoters, for an aggregate consideration of INR 6,500 million, subject to receipt of requisite regulatory approvals. The proposal was subsequently approved by shareholders at the Extraordinary General Meeting held on October 22, 2026. The warrants are convertible into an equivalent number of equity shares and are proposed to be converted on or before December 31, 2027. 10. The Group's Chief Operating Decision Maker (CODM) is identified to be the Executive Chairman and Chief Executive Officer of the Parent, who plans the allocation of resources and assess the performance of the segments. The Group has two reportable segments 'Aerospace' and 'Consumer' to be reported in this consolidated financial results. All expenses which are not attributable or allocable to segments or are non-recurring in nature have been disclosed as unallocable expenses. 11. The consolidated financial results for quarter and six months ended September 30, 2026, are available on the BSE Limited website (URL: www.bseindia.com), the National Stock Exchange of India Limited website (URL: www.nseindia.com) and on the Company's website (URL: www.aequs.com/investors/).



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2026
Date of end of reporting period 30-09-2026
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 79,721.90
Capital work-in-progress 12,356.00
Investment property 0.00
Goodwill 1,729.10
Other intangible assets 608.80
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 11,739.30
Non-current financial assets
Non-current investments 9.90
Trade receivables, non-current 0.00
Loans, non-current 0.00
Other non-current financial assets
1 Other financial assets 7,990.00
Total of other non-current financial assets 7,990.00
Total non-current financial assets 7,999.90
Deferred tax assets (net)
Other non-current assets
1 Contract assets 1,339.50
2 Deferred tax assets (net) 3,157.60
3 Current tax assets 170.70
4 Other non-current assets 4,800.40
5 Right of use assets 24,143.80
Total of other non-current assets 33,612.00
Total non-current assets 1,47,767.00
2 Current assets
Inventories 68,318.10
Current financial asset
Current investments 0.00
Trade receivables, current 29,874.90
Cash and cash equivalents 17,097.00
Bank balance other than cash and cash equivalents 2,888.40
Loans, current 0.00
Other current financial assets
Total of other current financial assets 2,380.00
Total current financial assets 52,240.30
Current tax assets (net)
Other current assets
1 Contract assets 996.10
2 Other current assets 8,071.70
Total of other current assets 9,067.80
Total current assets 1,29,626.20
3 Non-current assets classified as held for sale 0.40
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 2,77,393.60
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 67,066.60
Other equity 72,240.40
Total equity attributable to owners of parent 1,39,307.00
Non controlling interest (93.90)
Total equity 1,39,213.10
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 28,089.40
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities
1 Other financial liabilities 473.40
Total of other non-current financial liabilities 473.40
Total non-current financial liabilities 28,562.80
Provisions, non-current 0.00
Deferred tax liabilities (net) 0.00
Deferred government grants, Non-current 0.00
Other non-current liabilities
1 Lease liabilities 20,323.40
2 Provision for employee benefits 2,638.90
3 Other non-current liabilities 268.00
4 Contract liabilities 690.80
Total of other non-current liabilities 23,921.10
Total non-current liabilities 52,483.90
Current liabilities
Current financial liabilities
Borrowings, current 28,029.60
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 714.90
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 37,549.90
Total Trade payable 38,264.80
Other current financial liabilities
1 Other financial liabilities 4,893.40
Total of other current financial liabilities 4,893.40
Total current financial liabilities 71,187.80
Other current liabilities 11,438.60
1 Lease liabilities 7,199.80
2 Provision for employee benefits 895.50
3 Other current liabilities 2,017.70
4 Contract liabilities 1,325.60
Total of other current liabilities 11,438.60
Provisions, current 0.00
Current tax liabilities (Net) 3,070.20
Deferred government grants, Current 0.00
Total current liabilities 85,696.60
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 1,38,180.50
Total equity and liabilites 2,77,393.60
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-07-2026 01-04-2026
Date of end of reporting period 30-09-2026 30-09-2026
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Aerospace 35,141.10 67,357.00
2 Consumer 5,766.80 13,105.40
Total Segment Revenue 40,907.90 80,462.40
Less: Inter segment revenue 0.00 0.00
Revenue from operations 40,907.90 80,462.40
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Aerospace 5,921.60 11,418.40
2 Consumer (6,756.60) (13,096.00)
Total Profit before tax (835.00) (1,677.60)
i. Finance cost (2,059.80) (3,944.90)
ii. Other Unallocable Expenditure net off Unallocable income 5,309.90 10,332.90
Profit before tax (4,085.10) (8,065.60)
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Aerospace 1,50,008.90 1,50,008.90
2 Consumer 1,24,779.50 1,24,779.50
Total Segment Asset 2,74,788.40 2,74,788.40
Un-allocable Assets 2,605.20 2,605.20
Net Segment Asset 2,77,393.60 2,77,393.60
4 Segment Liabilities
Segment Liabilities
1 Aerospace 55,822.50 55,822.50
2 Consumer 80,010.90 80,010.90
Total Segment Liabilities 1,35,833.40 1,35,833.40
Un-allocable Liabilities 2,347.10 2,347.10
Net Segment Liabilities 1,38,180.50 1,38,180.50
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2026 01-04-2026
B Date of end of reporting period 30-09-2026 30-09-2026
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss
3 Amount of items that will be reclassified to profit and loss
1 Exchange differences on translating financial results of foreign operations (109.40) 157.30
2 Remeasurements of post-employment benefit obligations, net of tax 29.00 29.00
Total Amount of items that will be reclassified to profit and loss (80.40) 186.30
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income (80.40) 186.30



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2026
B Date of end of reporting period 30-09-2026
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax (8,536.90)
Adjustments for reconcile profit (loss)
Adjustments for finance costs 3,813.10
Adjustments for decrease (increase) in inventories (10,669.10)
Adjustments for decrease (increase) in trade receivables, current (4,205.10)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (237.00)
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current (175.50)
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 5,732.20
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities (2,158.60)
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 9,187.40
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss (8.80)
Adjustments for provisions, current 795.30
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 641.50
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 499.80
Adjustments for dividend income 0.00
Adjustments for interest income 735.30
Adjustments for share-based payments 391.60
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow (139.50)
Other adjustments to reconcile profit (loss) (19.60)
Other adjustments for non-cash items (984.20)
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 1,728.20
Net cash flows from (used in) operations (6,808.70)
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 1,274.40
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities (8,083.10)
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 930.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 513.50
Purchase of property, plant and equipment 16,483.30
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 73.60
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 735.30
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 1,126.50
Net cash flows from (used in) investing activities (14,964.40)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 162.90
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 23,728.60
Repayments of borrowings 3,572.90
Payments of lease liabilities 2,599.10
Dividends paid 0.00
Interest paid 4,030.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (3,802.40)
Net cash flows from (used in) financing activities 9,887.10
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (13,160.40)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 108.40
Net increase (decrease) in cash and cash equivalents (13,052.00)
Cash and cash equivalents cash flow statement at beginning of period 30,149.00
Cash and cash equivalents cash flow statement at end of period 17,097.00