1. Hosur aerospace ecosystem - Aequs signed a non-binding MoU with Tamil Nadu in February 2026 to invest ₹1,900 crore over ten years in a vertically integrated aero-engine and landing gear components ecosystem at Hosur, with the first facility commencing between September FY27 and March FY28. Engine components are expected to start contributing to revenue from FY28, extending the Belagavi model into new, higher-value product categories.
2. Safran A320 wheels contract - Signed a 15-year, single-source contract with Safran Landing Systems to deliver fully assembled Airbus A320 wheels, 100% made in India within the Belagavi ecosystem. This is the first time Safran has moved this capability outside its own facilities, adding a flight-critical, high-value product line with long-term revenue visibility.
3. New Tier-1 aerostructure customers - At the Farnborough airshow, signed long-term agreements with two new aerostructure Tier-1 customers, expanding the global customer base. These wins are not yet reflected in the current order book and will appear next quarter, with management evaluating an acceleration of aerospace capex to meet delivery requirements.
4. Consumer segment utilization ramp - Consumer capacity utilization was 23% in Q1 FY27, with management targeting 40-50% by Q4 FY27 and EBITDA breakeven in the same quarter. At 1.5x asset turns on a ₹1,330 crore gross block, this implies roughly ₹2,000 crore of revenue potential, with a long-term EBITDA margin goal of 18-20%.
5. Consumer electronics scale-up - Consumer revenues grew 190% YoY to ₹73.4 crore in Q1 FY27, driven by production for one of the largest global consumer electronics players, with capacity fully committed by customer demand. PLI approval under the ECMS scheme makes FY27 the first eligible year for incentive income, adding a new earnings stream.
6. Karnataka expansion (₹2,856 crore MoU) - Signed a non-binding MoU with the Government of Karnataka in March 2026 for ₹2,856 crore of investment over five years across Belagavi aerospace and Hubballi consumer clusters. This formalizes the next phase of capacity build-out, with consumer segment revenue expected to grow 125-150% in FY27.
7. Mattel toys partnership - Signed a long-term agreement with Mattel, with shipments started in Q3 FY26 and volumes expected to absorb the capacity impact from Hasbro's revised sourcing strategy. Mattel is scaling up well and is a strategic customer, supporting the consumer segment's path to higher utilization.
8. Aerospace portfolio expansion - Added 86 new parts in Q1 FY27, bringing the total aerospace portfolio to 5,740 SKUs, following 1,154 parts added in FY26. This 26% YoY increase in portfolio breadth, combined with 100% in-country value addition for select products, drives wallet-share growth with existing customers.
9. Ajna Aerospace UAV JV - Executed a JV agreement with Accel India and Vagus Defence in January 2026, with Aequs investing ₹10 crore for a 33.33% stake in Ajna Aerospace for UAV design and manufacturing, primarily for Indian defense requirements. This opens a new defense vertical with system-level participation, supported by Aequs's existing aerospace manufacturing capabilities.