• Vision 2031 targets: Aequs is targeting a 4x to 6x revenue expansion by FY31, accompanied by consolidated EBITDA margins of 18–22%, a 20% ROCE, and a 10% PAT margin for mature businesses. Achieving this plan requires an estimated $350 to $450 million in capex, which may trigger a fundraising round in FY28.
• Segment revenue mix: Aerospace currently accounts for 80% of revenue and is already operating at 18–20% EBITDA margins with a 20% ROCE. The remaining 20% comes from the consumer vertical, which management expects to scale 10x to 15x as a second growth engine.
• Consumer segment turnaround: Bottom-line losses are driven by over 600 crore invested in the consumer vertical over the past 24 months, where capacity utilization is currently around 20%. Management expects the consumer business to reach EBITDA break-even by Q4 FY27 as order execution ramps up.
• Geopolitical supply headwinds: External geopolitical issues remain the primary business risk, having recently lengthened raw material lead times by four weeks and air shipments by five days, thereby increasing working capital requirements.