• Warrant fund raise: Aequs is raising approximately ₹650 crore through a preferential issue of warrants, with ₹300–₹350 crore coming in upfront to accelerate its long-term growth plan and fund capex over the next 18 months.
• Capex and debt: The company has committed about ₹666 crore in capex this year and will raise approximately ₹800 crore in fresh debt to support growth, using the equity infusion as the equity contribution toward these term loans.
• Future QIP plans: Management ruled out a QIP currently due to the post-IPO one-year window and execution focus, but noted a potential QIP around calendar year 2028 as part of an overall $150 million to $200 million equity requirement.
• Hosur and defense: Growth is accelerating at the Hosur aero engine component ecosystem for landing gear and engine parts, while defense traction is building through the Ajna drone joint venture and programs with HAL and other defense entities.