Aequs share price today

Aequs Ltd's share price was ₹219.59 at the close on 4 November 2026. It has been rising for 26 weeks. That is 4.0% above its average price over the last 200 trading days. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 2 weeks running.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Aequs Ltd is in stage 2. The phase helps read everything below.

Since its first close in our records, on 12 December 2025, it has traded between ₹115 and ₹288, and at that close it sat 60% of the way up from that low.

Over the last 11 months the share price moved +49% while the NIFTY 500 moved −7%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 23 October 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

6 points on a year earlier, revenue up on a year earlier for 4 quarters in a row (every quarter we can compare) and profit down on a year earlier for 4 quarters in a row (every quarter we can compare).

1. Operating margin down 6.6 points on a year earlier

   3.4% in the September 2026 quarter, from 10%.

   Why: The margin fell because the consumer business sold less than expected while many costs stayed fixed, and new factory capacity and extra staff added costs.

   Next results: check whether the Consumer business uses more factory capacity after qualification and component problems.

   From the earnings call on 26 Oct 2026.

2. Revenue up on a year earlier for 4 quarters in a row (every quarter we can compare)

   In the September 2026 quarter revenue was ₹409 crore, +45% on a year earlier.

   Why: Revenue rose because aerospace customer work expanded, including new Safran work.

   Next results: check whether aerospace parts shipped and segment profit keep pace with customer and program schedules.

   From the earnings call on 26 Oct 2026.

3. Profit down on a year earlier for 4 quarters in a row (every quarter we can compare)

   In the September 2026 quarter profit was ₹-52 crore, -147.6% on a year earlier.

   Why: The loss grew because the consumer business lost much more money as lower sales did not reduce many of its costs.

   Next results: check whether management gives a new date for when the Consumer business stops losing money.

   From the earnings call on 26 Oct 2026.

For July to September 2026 (the quarter ended 30 September 2026), Aequs reported revenue of ₹409 crore, up 45.0% from ₹282 crore a year earlier, and a loss of ₹52.0 crore.

Aequs results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Aequs' management discussed these results on a call held on 26 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Aequs closed at ₹219.59 on 4 November 2026, up 49.3% from ₹147.05 a year earlier (12 December 2025). Its highest weekly close since December 2025 was ₹275.05 on 1 October 2026.

Aequs share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

55 weekly closes from 12 December 2025 to 4 November 2026.

4 Nov 2026: Aequs closed at ₹219.59, up 3.1% on the week and down 20.2% on the month. 26 Oct 2026: Aequs held its results call for July to September 2026. Management guided: FY27 Aerospace growth trajectory remains on track, without a revised quantified outlook.

Earlier

• Results for July to September 2026: Revenue up 45.0% on a year earlier.

Aequs has paid no dividend on the NSE since its first NSE close in our records (12 December 2025), the start of the period we checked.

No. Aequs Ltd paid out 0% of its profit as dividends in each of its last 4 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for July to September 2026, held on 26 October 2026, Aequs' management guided: FY27 Aerospace growth trajectory remains on track, without a revised quantified outlook.

“We are not moving away from the 4-6x guidance for 2031, so capital will be required.”Aravind Melligeri, on the call for July to September 2026

What management guided

• Consumer utilization planned around 50% in Q4, also identified as the approximate operating profit break-even level; Consumer profit-positive in FY30.
• FY27 capital spending may finish well below the initial ₹660 crore plan; H2 deployment expected near H1 levels and weighted toward Aerospace.
• Inventory normalization expected around Q1 next year, with working capital maintained near 120 days.
• Promoter warrants total ₹6,500 million, including ₹3,250 million upfront; allocations include ₹289 crore capital spending, ₹100 crore working capital, ₹100 crore JV and strategic initiatives, with the balance for GCP; approximately ₹800 crore term loans.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 26 October 2026.

When Aequs reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: Consumer Electronics cycle times and Mattel shipments - check for utilization recovery after qualification and component disruptions.

Aequs is on 2 of our India lists: Small & mid cap stocks and Defence stocks.

Aequs Ltd posted a net loss of ₹52.0 Cr in the Sep 2026 quarter. The full FY26 year was a loss of ₹113 Cr. That loss is 12.7% of the quarter's revenue. The same quarter a year earlier lost ₹21.0 Cr. 6 of the last 8 reported quarters were loss-making.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

Aequs Ltd reported ₹409 Cr of revenue in the Sep 2026 quarter, +45.0% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 3 years it has grown 14.8% a year on average. The last full year, FY26, came in at ₹1,230 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹1,498 Cr.

FY26 revenue was ₹1,230 Cr, +33.0% on the year before.

Recent pace: the last four quarters grew +49.5% on average, against 14.8% a year over the longer run, so this year is growing faster than its own long-run rate.

Aequs Ltd's operating margin was 3.4% in the Sep 2026 quarter, 6.6 percentage points lower than the same quarter a year ago. Across 4 years it has been between 4.9% and 13.0%. The latest quarter is below every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed −6.7 percentage points on the year while gross margin changed −0.2 points. So the drop came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

Aequs Ltd's cash-flow history is too short to judge how much of its profit turns into cash. In FY26 its operations used ₹99.0 Cr of cash, against −₹113 Cr of profit. After ₹367 Cr of spending on assets, free cash was −₹466 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

What to look at next: the bigger use of cash is spending on new assets, at 2.3× depreciation over three years. The next section checks what that spending is building.

Aequs Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 290 days in FY26, up from 146 days in FY23. It spent ₹812 Cr on assets over the last 3 years. Customers take 78 days to pay, and stock sits for 450 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹1,230 Cr, each day of that cycle ties up about ₹3.4 Cr, so roughly ₹977 Cr is tied up in the business at any time.

FY26: customers took 78 days to pay and stock sat for 450 days, about 14.8 months of sales sitting as stock, for a full cycle of 290 days, longer than FY23's 146.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 450 days. Customers pay about 78 days after that. Suppliers are paid at 238 days. Together that makes the 290-day cycle.

Spending on assets: ₹812 Cr over the last 3 years, against ₹349 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹79.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Aequs Ltd has no P/E right now, because its earnings are negative. The revenue and margin sections are where a turn would show first. Measured against sales instead, the market values Aequs Ltd at 12.0× its FY26 revenue of ₹1,230 Cr. The P/E comes back here once profit turns positive.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Aequs Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 5 quarters of 1 measure, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: with too little history, we say so rather than guess a direction.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Aequs Ltd earned a ROCE of 2% in FY26. That is up from a low of 1% in FY25. Its return on capital used (ROIC) is 15.5 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

It comes from a −9.2% net margin and 0.45× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a −9.2% net margin × 0.45× asset turnover × 1.84× leverage (assets divided by equity) ≈ −7.6% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: −3.5% − 12.0% = −15.5 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

Aequs Ltd has total debt of ₹836 Cr against shareholder equity of ₹1,392 Cr as of Sep 2026, so its debt is 0.60× its equity. Year by year, that ratio went from 1.10 in FY25 to 0.47 in FY26. Keep that borrowing in mind when reading the returns on this page.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

No group of Aequs Ltd's owners changed its stake by a full percentage point over the last 4 quarters. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

For Aequs Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

28.8 out of 100, rank 22 of 25 in Aerospace & Defence - Equipments, with 51% of the evidence available.

Aequs Ltd scores 28.8 out of 100 against the 25 companies it is compared with in Aerospace & Defence - Equipments, ranking 22. Some evidence is missing, so the score is pulled toward the middle on purpose.

The three scored parts add up to the total exactly: 15 + 1.3 + 12.5 = 28.8 (no relative-strength reading this week; its 20 points are shared across the other three). This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Aequs ranks 22 of 25 Aerospace & Defence - Equipments companies on the 4-Factor Sector Score, with 28.8 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Aerospace & Defence - Equipments, all 25 compared on one page.

Aequs is the 12th largest of 25 Aerospace & Defence - Equipments companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Apollo Micro Systems, Astra Microwave Products and Zen Technologies. Just below it: Paras Defence and Space Technologies, AXISCADES Technologies and Dynamatic Technologies.

Aerospace & Defence - Equipments companies close in size

9. Apollo Micro Systems Ltd ₹14,818 crore
10. Astra Microwave Products Ltd ₹14,381 crore
11. Zen Technologies Ltd ₹14,342 crore
12. Aequs Ltd ₹14,289 crore
13. Paras Defence and Space Technologies Ltd ₹10,071 crore
14. AXISCADES Technologies Ltd ₹7,979 crore
15. Dynamatic Technologies Ltd ₹7,878 crore

All 25 Aerospace & Defence - Equipments companies, largest first

Companies close in size in other industries

458. Astra Microwave Products Ltd ₹14,381 crore · Aerospace & Defence - Equipments
459. Zen Technologies Ltd ₹14,342 crore · Aerospace & Defence - Equipments
460. Aequs Ltd ₹14,289 crore
461. Kansai Nerolac Paints Ltd ₹14,259 crore · Building Materials - Paints
462. Graphite India Ltd ₹14,181 crore · Electrodes - Welding Equipment

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

See the plain-text version of this page.