• Safran agreement: A new long-term deal covers components not currently made in India, with initial machining, surface treatment and finishing at the new Hosur ecosystem; forgings may be added later. Some activity is expected at Belagavi from FY27, with Hosur production revenue starting in FY28.
• Aerospace growth: Management said aerospace revenue of about ₹1,000 crore in 2026 is expected to grow 4 to 5x over 5 years. The order book is above 1 billion, and has increased by almost 8 to 10% each quarter for the last 3 quarters.
• Industry outlook: Melligeri described aerospace fundamentals as strong, citing Airbus and Boeing order books that leave no capacity for new orders for the next 10 years. He said India’s capacity and engineering capabilities position Aequs to support rising production, while treating interest rates and other disruptions as manageable over its 5- to 15-year contracts.
• Consumer break-even: Consumer durables accounted for about 15% of revenue last quarter, up from 10% at the time of the IPO, and is growing faster than aerospace from a lower base. Utilization remains in a similar range, and management is targeting EBITDA break-even around Q4 of FY27 or by the end of FY27.
• Growth funding: Aequs has committed about a 450 million dollar investment through 2031, with 650 crore of capex planned this year across aerospace and consumer. The 650 crore promoter warrant issue forms part of a planned 150 to 200 million dollar of equity through 2031; management said the money is committed before the end of December next year.