Aequs shares tumble 19% as Q2 loss expands to ₹52 crore, EBITDA margin contracts; check numbers

The company reported its earnings for the latest September quarter, posting a consolidated net loss (attributable to the owners of the company) of ₹52.39 crore, compared with a loss of ₹20.59 crore in the same period of the preceding fiscal year.

However, its net loss narrowed sequentially, from ₹52.23 crore in the quarter-ago period, according to a regulatory filing.

Its consolidated revenue from operations soared 45.3% year-on-year (YoY) to ₹409.08 crore for the reporting period, as against ₹281.59 crore in the September quarter of the 2025-26 fiscal year (Q2 FY26). The surge in its revenue was supported by growth across the aerospace and consumer segments.

At an operational level, the firm’s EBITDA, also known as operating profit, stood at ₹24.5 crore in Q2 FY27, registering a 45% YoY fall from ₹44.3 crore in the year-ago period.

“The year-on-year comparison reflects consumer electronics costs now being expensed, compared with the pre-operative phase in FY26,” Aequs said.

Its EBITDA margin contracted by 1,000 basis points (bps) YoY to 6% during the quarter under review, in comparison to 16% in the second quarter of FY26.

Business highlights

Its aerospace revenue grew 44% YoY to ₹351.4 crore in the July-September quarter of FY27, while its EBITDA increased 24% YoY to ₹78.3 crore during the quarter. and 29% YoY to ₹1,514 Mn, respectively.

The aerospace business continued to broaden its manufacturing scope and deepen customer relationships, the firm said.

Its consumer segment revenue increased by 52% YoY to ₹57.7 crore in the second quarter of the current fiscal year, while its EBITDA loss widened to ₹40.1 crore.

What the management said

Commenting on the earnings, Aravind Melligeri, Executive Chairman and CEO, Aequs, said: “The first half of FY27 marked continued progress in expanding our business and strengthening our long-term growth opportunities. Revenue grew 50% YoY to ₹8,046 million, driven by 42% growth in Aerospace and more than doubling of Consumer revenue on a YoY basis.”

Melligeri further stated the company’s Aerospace order book stood at $1,096 million, providing long-term revenue visibility. The Safran A320 aircraft wheels agreement marked its first serial production contract with a tenure exceeding 15 years. Together, he said, these milestones give substance to the long-term business they’re building.

“Aerospace continued to deliver strong growth and profitability, supported by healthy demand and program execution. In Consumer, the Q2 volume ramp progressed slower than anticipated due to extended qualification timelines and supply chain constraints,” Melligeri added.

He further said that the company views this as a timing-related shift rather than a change in the underlying opportunity, with customer programs continuing to progress. “Given these factors, we are recalibrating the path to Consumer EBITDA breakeven, with our near-term focus on improving utilisation and translating installed capacity into profitable growth,” he said.

He added that the company continues to invest in its manufacturing capabilities to support the next phase of growth. Its capital expenditure for the first half of FY27 (H1 FY27) stood at ₹159.7 crore, with the ₹650 crore promoter warrant intended to support the next phase of expansion, including Hosur.

“Following quarter-end, new Safran agreements expanded our relationships to six entities. As these capabilities and partnerships grow, our focus remains on disciplined execution and stronger returns,” Melligeri stated.

Aequs share performance

At around 11:25 AM, the stock of Aequs was trading 15.88% lower at ₹203.90 per equity share.

The scrip has lost more than 20% in the past week and 17% over the month. However, on a year-to-date (YTD) basis, it has surged over 47%.

While the shares hit a 52-week high of ₹294.70 per unit on October 6, 2026, they touched a year’s low of ₹113.30 apiece on March 16, 2026.

Aequs has a total market capitalisation of ₹14,087 crore as of October 27, 2026, according to data on the NSE.