Aequs IPO – Company Analysis
Aequs IPO is a Mainboard book-built issue of ₹921.81 crore by Aequs Ltd., a company known for offering fully vertically integrated manufacturing capabilities in the aerospace sector while also operating a Special Economic Zone (SEZ) in India.
The company’s extensive product portfolio includes components for engine systems, landing systems, cargo and interior systems, structures, assemblies, and precision turning for its global aerospace clients. While aerospace remains its core business, Aequs has gradually diversified into consumer electronics, plastics, and consumer durables over time.
As of September 30, 2025, the company has produced over 5,000 products in the aerospace segment through various manufacturing and assembly programs, including single-aisle aircraft programs, developed in collaboration with its aerospace customers.
Product Line
- Structures
- Cargo and Interiors
- Landing Systems
- Actuation Systems
Aequs IPO Details
The Aequs Ltd IPO will open for subscription from December 03 to December 05, 2025. The IPO allotment is scheduled for December 08, and refunds will be initiated on December 09, 2025.
This ₹921.81 crore Mainboard IPO consists of:
- Fresh issue: 5.40 crore shares (₹670 crore)
- Offer for sale (OFS): 2.03 crore shares (₹251.81 crore)
The Aequs IPO is tentatively expected to list on Wednesday, December 10, 2025, on both the BSE and NSE. The price band for the issue is set at ₹118 to ₹124 per share.
| Events | Date |
| IPO Opening Date | December 03, 2025 |
| IPO Closing Date | December 05, 2025 |
| IPO Allotment Date | December 08, 2025 (Tentative) |
| Refund Initiation | December 09, 2025 (Tentative) |
| Tentative IPO Listing Date | December 10, 2025 |
Industry Outlook
Company Financial
(Amount in Cr)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 1,859.84 | 1,822.98 | 1,321.69 |
| Total Income | 959.21 | 988.30 | 840.54 |
| PAT | -102.35 | -14.24 | -109.50 |
| EBITDA | 107.97 | 145.51 | 63.06 |
| Net Worth | 707.53 | 807.17 | 251.91 |
| Reserves & Surplus | 135.09 | -15.31 | -146.15 |
| Total Borrowing | 437.06 | 291.88 | 346.14 |
Cash Flows for Various Activities
The company’s cash flows from different activities are as follows:
(Amount in Mn)
| Net Cash Flow In Multiple Activities | FY25 | FY24 | FY23 |
| Net Cash Flow Operating Activities | 261.41 | (191.08) | 98.11 |
| Net Cash Flow Investing Activities | (738.20) | (3,433.68) | (888.50) |
| Net Cash Flow Financing Activities | 254.01 | 3,934.90 | 543.74 |
Revenue Bifurcation
(Source RHP)
Objectives of the Issue
1. Repayment and/or Prepayment of Certain Borrowings
Total: ₹433.17 crore, allocated as follows:
- Company: ₹17.55 crore
- Wholly-owned subsidiaries: ₹415.62 crore
- AeroStructures Manufacturing India Private Limited – ₹174.82 crore
- Aequs Engineered Plastics Private Limited – ₹231.16 crore
- Aequs Consumer Products Private Limited – ₹9.63 crore
2. Funding Capital Expenditure for Purchase of Machinery and Equipment
Total: ₹64 crore, allocated as follows:
- Company: ₹8.11 crore
- AeroStructures Manufacturing India Private Limited (wholly-owned subsidiary) – ₹55.89 crore
3. General Corporate Purposes
Click to check the IPO application status.
Listed Peers of Aequs Ltd.
| Company Name | Face Value (₹) | EPS (₹) | P/E (x) |
| Azad Engineering Limited | 2 | 14.66 | 115.48 |
| Unimech Aerospace and Manufacturing Limited | 5 | 17.59 | 55.73 |
| Amber Enterprises India Limited | 10 | 72.01 | 100.40 |
| Kaynes Technology India Limited | 10 | 45.82 | 129.59 |
| Dixon Technologies (India) Limited | 2 | 205.70 | 73.87 |
| PTC Industries Limited | 10 | 41.37 | 417.03 |
Valuation
| KPI | Values |
| ROE | -14.30 |
| ROCE | 0.87 |
| Debt/Equity | 0.99 |
| RoNW | -14.47 |
| PAT Margin | -11.07% |
| EBITDA Margin | 11.68% |
| Price to Book Value | 9.94 |
Aequs IPO Strengths
- Advanced and vertically integrated precision manufacturing capabilities.
- Operations built on distinct, vertically integrated engineering-driven ecosystems.
- Manufacturing presence across three continents, offering strategic proximity to end customers.
- A diverse range of precision products in high-value segments.
- Long-standing relationships with global clients, supported by significant entry barriers in the industry.
Aequs IPO Weaknesses
- Heavy dependence on a limited number of major international aerospace OEMs (including suppliers to Airbus and Boeing). Any decline in orders, delays in approvals, or contract cancellations could impact revenue significantly.
- The company’s operations are affected by the aerospace and defense sector's long certification cycles, raw material challenges, and cyclical demand. Delays in defense procurement or aircraft production directly impact performance.
- Exposure to foreign exchange fluctuations and geopolitical risks.
- Execution risks related to scaling operations and capacity expansion.
Aequs IPO GMP
Aequs IPO GMP today is ₹₹41, as of 05 December 2025, at the time of writing this information.
Aequs Limited IPO Summary
| IPO Opening & Closing Date | Dec 03, 2025 to Dec 05, 2025 |
| Face Value | Rs. 10 per Share |
| Issue Price | Rs. 118 to Rs. 124 |
| Lot Size | 120 Shares |
| Issue Size | 7,43,39,651 Shares (Rs. 921.81 Cr) |
| Offer for Sale | 2,03,07,393 Shares (Rs. 251.81 Cr) |
| Fresh Issue | 5,40,32,258 Shares (Rs. 670 Cr) |
| Listing At | BSE, NSE |
| Issue Type | Book Built Issue IPO |
| Registrar | Kfin Technologies Ltd. |
Aequs IPO Lot Size
Retail investors can apply for a minimum of 1 lot (120 shares), costing ₹14,880, and a maximum of 13 lots (1,560 shares), amounting to ₹1,93,440.
| Minimum Lot Investment (Retail) | 1 Lot |
| Maximum Lot Investment (Retail) | 13 Lots |
| SHNI (Minimum) | 14 Lots |
| SHNI (Maximum) | 67 Lots |
| BHNI (Minimum) | 68 Lots |
Aequs IPO Reservation
| Institutional Share Portion | 75% |
| Retail Investors' Share Portion | 10% |
| Non-Institutional Shares Portion | 15% |
Aequs IPO Allotment Status
To check the Aequs IPO allotment status, investors can visit the official registrar’s website or the BSE website. You can use the respective online allotment check pages on these platforms to verify your application status.
Using BSE Website - BSE IPO allotment status
Promoters and Management of Aequs Ltd.
- Aravind Shivaputrappa Melligeri
- Aequs Manufacturing Investments Private Limited
- Melligeri Private Family Foundation
- The Melligeri Foundation
| Pre-Issue Promoter Shareholding | 64.48% |
| Post-Issue Promoter Shareholding | - |
Aequs IPO Lead Managers
- JM Financial Ltd.
Dividend Policy
Aequs Ltd. has not declared or paid any dividends in the past three financial years.
Conclusion
The Aequs IPO represents a strong, vertically integrated aerospace manufacturing ecosystem with operations across multiple continents and established global client relationships. However, potential investors should consider the risks associated with ongoing losses, high debt levels, and dependence on a limited number of key OEMs before investing.
