# Aequs share price today (Aequs Ltd, NSE: AEQUS)

> Aequs share price today: ₹209.39 at the NSE close on 3 November 2026, up 42.4% in a year. Aequs (NSE: AEQUS) is worth ₹14,047 crore and has closed between ₹115.11 and ₹288.15 over the past 52 weeks. > Aequs Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. AEQUS · Aerospace & Defence - Equipments · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/aequs-ltd

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## Key numbers

- Price: ₹209.39 (+42.4% in a year)
- Revenue (Sep 2026): ₹409 Cr (+45.0% on a year ago)
- Profit (Sep 2026): −₹52.0 Cr
- Operating margin: 3.4% (−6.6 points on a year ago)
- ROCE: 2%, FY26
- ROIC: −3.5%, against a 12.0% cost of capital: −15.5 points

Biggest thing to watch: the price has already been rising for 26 weeks, so timing is the risk more than the business. ## What is the Aequs share price today? Aequs Ltd's share price was ₹209.39 at the close on 3 November 2026. It has been rising for 26 weeks. That is 0.8% below 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. Since its first close in our records, on 12 December 2025, it has traded between ₹115 and ₹288, and at that close it sat 54% of the way up from that low. Over the last 11 months the share price moved +42% 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. ## What changed at Aequs this quarter? 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. ## What are Aequs' latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹409 crore | ₹282 crore | +45.0% |
| Profit | loss of ₹52.0 crore | loss of ₹21.0 crore | n/a |
| Earnings per share | ₹−0.78 | ₹−0.34 | n/a |
| Operating margin | 3.4% | 10.0% | −6.6 points |

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.)

## What is the Aequs share price history? Aequs closed at ₹209.39 on 3 November 2026, up 42.4% 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

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹235.55 | −11.1% |
| 1 month ago · 1 Oct 2026 | ₹275.05 | −23.9% |
| 6 months ago · 30 Apr 2026 | ₹187.85 | +11.5% |
| 1 year ago · 12 Dec 2025 | ₹147.05 | +42.4% |
| Earliest weekly close in our records · 12 Dec 2025 | ₹147.05 | +42.4% |
| Highest weekly close since December 2025 · 1 Oct 2026 | ₹275.05 | −23.9% |
| Lowest weekly close since December 2025 · 13 Mar 2026 | ₹116.80 | +79.3% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (55 weekly closes from 12 December 2025 to 3 November 2026.)

## What is the latest news on Aequs? 3 Nov 2026: Aequs closed at ₹209.39, down 11.1% on the week and down 23.9% 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. ## What dividend does Aequs pay? 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 4 November 2026.)

## What did Aequs management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/59478/Conference Call/CC-Oct26.pdf). (From the call for July to September 2026, 26 October 2026.)

## What to watch in Aequs' next results? 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. - What to check (from the call)
- Consumer Electronics cycle times and Mattel shipments - check for utilization recovery after qualification and component disruptions. - Revised Consumer FY27 revenue and operating profit framework - check whether management supplies quantified scenarios and a replacement profitability timetable. - Aerospace order execution - check whether shipped parts and segment profitability track customer and program ramps. - Inventory and cash conversion - check for normalization as Aerospace programs continue to scale. ## Which stock lists is Aequs on? Aequs is on 2 of our India lists: Small & mid cap stocks and Defence stocks. - [Small & mid cap stocks Size rank in India: 450](https://www.sectoralpha.in/small-cap-stocks-india)
- [Defence stocks Group on the list: Defence equipment and electronics](https://www.sectoralpha.in/sectors/aerospace-defence-equipments)

## Is Aequs profitable? 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. ## How much revenue does Aequs make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Aequs keep? 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. 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. ## Is Aequs' profit turning into cash? 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. 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. ## Where does Aequs' cash go? 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. 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. ## What is Aequs' P/E ratio, and how does it compare with its own history? 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 11.4× its FY26 revenue of ₹1,230 Cr. The P/E comes back here once profit turns positive. ## Is the Aequs business getting better or worse? 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. 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. ## How much does Aequs earn on its capital? 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. 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. ## Does Aequs have too much debt? 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. ## What is the Aequs shareholding pattern? 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. ## How far is Aequs from balance-sheet trouble? 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. ## How does Aequs rank in its industry? 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. ## Which companies is Aequs compared with? Aequs ranks 22 of 25 Aerospace & Defence - Equipments companies on the 4-Factor Sector Score, with 28.8 out of 100. 1. [Apollo Micro Systems Ltd](https://www.sectoralpha.in/stocks/apollo-micro-systems-ltd) APOLLO · turning · Most evidence points up · 100% evidence 70.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.9/35 · Revenue 77% · Profit 63.8% · Operating margin change 3 points · 100% evidence Capital efficiency 15.8/25 · ROCE 14.5% · Operating margin 29% · 100% evidence Valuation 9.2/20 · P/E 107× · PEG 1.7 · 100% evidence Relative strength 16.4/20 · Lead over its industry 10% · Lead over NIFTY 500 31% · 1 year 44.1% · 100% evidence · 4 of 12 weeks ahead Exact sum: 28.9 + 15.8 + 9.2 + 16.4 = 70.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [MTAR Technologies Ltd](https://www.sectoralpha.in/stocks/mtar-technologies-ltd) MTARTECH · breaking out · Most evidence points up · 90% evidence 70.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.3/35 · Revenue 53.5% · Profit 100% · Operating margin change 10.2 points · 100% evidence Capital efficiency 15.6/25 · ROCE 15.1% · Operating margin 23.2% · 100% evidence Valuation 7.4/20 · P/E 155× · PEG n/a · 50% evidence Relative strength 14.9/20 · Lead over its industry 18.6% · Lead over NIFTY 500 37.1% · 1 year 168.4% · 100% evidence · 5 of 12 weeks ahead Exact sum: 32.3 + 15.6 + 7.4 + 14.9 = 70.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Rossell Techsys Ltd](https://www.sectoralpha.in/stocks/rossell-techsys-ltd) ROSSTECH · leader · Evidence leans up · 79% evidence 64.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.5/35 · Revenue 82.9% · Profit 68.8% · Operating margin change 1.8 points · 88% evidence Capital efficiency 8.2/25 · ROCE 11.5% · Operating margin 14.4% · 100% evidence Valuation 8.8/20 · P/E 194× · PEG n/a · 15% evidence Relative strength 19.5/20 · Lead over its industry 28.7% · Lead over NIFTY 500 52.7% · 1 year 107.2% · 100% evidence · 11 of 12 weeks ahead Exact sum: 27.5 + 8.2 + 8.8 + 19.5 = 64 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Paras Defence and Space Technologies Ltd](https://www.sectoralpha.in/stocks/paras-defence-and-space-technologies-ltd) PARAS · breaking out · Evidence leans up · 82% evidence 63.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.4/35 · Revenue 41.5% · Profit 58.8% · Operating margin change 1 points · 95% evidence Capital efficiency 17.5/25 · ROCE 17.2% · Operating margin 29% · 76% evidence Valuation 8.7/20 · P/E 98.6× · PEG n/a · 50% evidence Relative strength 13.3/20 · Lead over its industry 17.1% · Lead over NIFTY 500 37.9% · 1 year 76.3% · 100% evidence · 10 of 12 weeks ahead Exact sum: 24.4 + 17.5 + 8.7 + 13.3 = 63.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 5. [Sigma Advanced System Ltd](https://www.sectoralpha.in/stocks/sigma-advanced-system-ltd) SIGMAADV · leader · Evidence leans up · 78% evidence 58.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.4/35 · Revenue 100% · Profit 20.3% · Operating margin change 307 points · 83% evidence Capital efficiency 9.8/25 · ROCE 11.7% · Operating margin 16% · 76% evidence Valuation 6.9/20 · P/E 102× · PEG n/a · 50% evidence Relative strength 15.0/20 · Lead over its industry 96.2% · Lead over NIFTY 500 116.7% · 1 year 318.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 26.4 + 9.8 + 6.9 + 15 = 58.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Azad Engineering Ltd](https://www.sectoralpha.in/stocks/azad-engineering-ltd) AZAD · leader · Evidence leans up · 89% evidence 57.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.0/35 · Revenue 29% · Profit 41.4% · Operating margin change 1 points · 88% evidence Capital efficiency 12.6/25 · ROCE 11.9% · Operating margin 37% · 100% evidence Valuation 9.0/20 · P/E 114× · PEG 1.94 · 65% evidence Relative strength 14.9/20 · Lead over its industry 4.2% · Lead over NIFTY 500 24.6% · 1 year 44.1% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21 + 12.6 + 9 + 14.9 = 57.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Jaykay Enterprises Ltd](https://www.sectoralpha.in/stocks/jaykay-enterprises-ltd) JAYKAY · breaking out · Too little evidence to rank firmly · 51% evidence 56.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 34.3/43.75 · Revenue 100% · Profit 100% · Operating margin change 1.8 points · 83% evidence Capital efficiency 9.2/31.25 · ROCE 4.8% · Operating margin 14.2% · 76% evidence Valuation 12.9/25 · P/E 72.3× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 34.3 + 9.2 + 12.9 = 56.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 8. [Sika Interplant Systems Ltd](https://www.sectoralpha.in/stocks/sika-interplant-systems-ltd) SIKA · quiet · Evidence leans up · 81% evidence 55.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.1/35 · Revenue 0.5% · Profit 9.8% · Operating margin change 1.1 points · 88% evidence Capital efficiency 21.7/25 · ROCE 34.6% · Operating margin 19.5% · 100% evidence Valuation 12.9/20 · P/E 51.9× · PEG 1.01 · 100% evidence Relative strength 7.8/20 · Lead over its industry n/a · Lead over NIFTY 500 -9.8% · 1 year -27.7% · 25% evidence · 5 of 12 weeks ahead Exact sum: 13.1 + 21.7 + 12.9 + 7.8 = 55.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Data Patterns (India) Ltd](https://www.sectoralpha.in/stocks/data-patterns-indialtd) DATAPATTNS · quiet · Evidence leans up · 96% evidence 55.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.8/35 · Revenue 33.9% · Profit 24.2% · Operating margin change -5 points · 88% evidence Capital efficiency 21.3/25 · ROCE 21.9% · Operating margin 27% · 100% evidence Valuation 7.4/20 · P/E 78.7× · PEG 3.94 · 100% evidence Relative strength 5.5/20 · Lead over its industry -9.4% · Lead over NIFTY 500 8.8% · 1 year 38.5% · 100% evidence · 5 of 12 weeks ahead Exact sum: 20.8 + 21.3 + 7.4 + 5.5 = 55 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [High Energy Batteries (India) Ltd](https://www.sectoralpha.in/stocks/high-energy-batteries-indialtd) losing its lead · Evidence leans up · 72% evidence 53.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.9/35 · Revenue 1.5% · Profit -3.5% · Operating margin change 32.4 points · 95% evidence Capital efficiency 19.5/25 · ROCE 20.4% · Operating margin 28.1% · 95% evidence Valuation 11.8/20 · P/E 27.3× · PEG n/a · 50% evidence Relative strength 8.9/20 · Lead over its industry n/a · Lead over NIFTY 500 -2% · 1 year n/a · 25% evidence · 7 of 11 weeks ahead Exact sum: 12.9 + 19.5 + 11.8 + 8.9 = 53.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Hindustan Aeronautics Ltd](https://www.sectoralpha.in/stocks/hindustan-aeronautics-ltd) HAL · breaking out · Evidence leans up · 96% evidence 52.4 out of 100 Growth Capital Valuation Relative
12. [Dynamatic Technologies Ltd](https://www.sectoralpha.in/stocks/dynamatic-technologies-ltd) DYNAMATECH · breaking out · Evidence leans up · 79% evidence 50.9 out of 100 Growth Capital Valuation Relative
13. [Bharat Electronics Ltd](https://www.sectoralpha.in/stocks/bharat-electronics-ltd) BEL · turning · Evidence leans up · 100% evidence 50.8 out of 100 Growth Capital Valuation Relative
14. [Astra Microwave Products Ltd](https://www.sectoralpha.in/stocks/astra-microwave-products-ltd) ASTRAMICRO · quiet · Evidence leans down · 96% evidence 47.8 out of 100 Growth Capital Valuation Relative
15. [Zen Technologies Ltd](https://www.sectoralpha.in/stocks/zen-technologies-ltd) ZENTEC · turning · Evidence leans down · 60% evidence 47.6 out of 100 Growth Capital Valuation Relative
16. [Mishra Dhatu Nigam Ltd](https://www.sectoralpha.in/stocks/mishra-dhatu-nigam-ltd) MIDHANI · losing its lead · Evidence leans down · 96% evidence 42.5 out of 100 Growth Capital Valuation Relative
17. [AXISCADES Technologies Ltd](https://www.sectoralpha.in/stocks/axiscades-technologies-ltd) AXISCADES · breaking out · Evidence leans down · 89% evidence 41.6 out of 100 Growth Capital Valuation Relative
18. [BEML Ltd](https://www.sectoralpha.in/stocks/beml-ltd) BEML · breaking out · Evidence leans down · 88% evidence 40.9 out of 100 Growth Capital Valuation Relative
19. [Ideaforge Technology Ltd](https://www.sectoralpha.in/stocks/ideaforge-technology-ltd) IDEAFORGE · quiet · Evidence leans down · 71% evidence 39.8 out of 100 Growth Capital Valuation Relative
20. [Bharat Dynamics Ltd](https://www.sectoralpha.in/stocks/bharat-dynamics-ltd) BDL · basing · Evidence leans down · 96% evidence 35.6 out of 100 Growth Capital Valuation Relative
21. [Avantel Ltd](https://www.sectoralpha.in/stocks/avantel-ltd) AVANTEL · basing · Most evidence points down · 83% evidence 34.7 out of 100 Growth Capital Valuation Relative
22. Aequs Ltd this page AEQUS · losing its lead · Too little evidence to rank firmly · 51% evidence 28.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.0/43.75 · Revenue 49.4% · Profit -80% · Operating margin change -6.6 points · 74% evidence Capital efficiency 1.3/31.25 · ROCE 1.7% · Operating margin 3.4% · 100% evidence Valuation 12.5/25 · P/E n/a · PEG n/a · 0% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 15 + 1.3 + 12.5 = 28.8 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 23. [NIBE Ltd](https://www.sectoralpha.in/stocks/nibe-ltd) NIBE · quiet · Too little evidence to rank firmly · 53% evidence 27.8 out of 100 Growth Capital Valuation Relative
24. [DCX Systems Ltd](https://www.sectoralpha.in/stocks/dcx-systems-ltd) DCXINDIA · quiet · Most evidence points down · 61% evidence 23.8 out of 100 Growth Capital Valuation Relative
25. [Vinyas Innovative Technologies Ltd](https://www.sectoralpha.in/stocks/vinyas-innovative-technologies-ltd) VINYAS · turning · Too little evidence to rank firmly · 44% evidence 62.0 out of 100 Growth Capital Valuation Relative

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](https://www.sectoralpha.in/sectors/aerospace-defence-equipments), all 25 compared on one page. ## Which companies are close to Aequs in size? 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

1. [Apollo Micro Systems Ltd](https://www.sectoralpha.in/stocks/apollo-micro-systems-ltd) ₹14,818 crore
2. [Astra Microwave Products Ltd](https://www.sectoralpha.in/stocks/astra-microwave-products-ltd) ₹14,381 crore
3. [Zen Technologies Ltd](https://www.sectoralpha.in/stocks/zen-technologies-ltd) ₹14,342 crore
4. Aequs Ltd ₹14,289 crore
5. [Paras Defence and Space Technologies Ltd](https://www.sectoralpha.in/stocks/paras-defence-and-space-technologies-ltd) ₹10,071 crore
6. [AXISCADES Technologies Ltd](https://www.sectoralpha.in/stocks/axiscades-technologies-ltd) ₹7,979 crore
7. [Dynamatic Technologies Ltd](https://www.sectoralpha.in/stocks/dynamatic-technologies-ltd) ₹7,878 crore

[All 25 Aerospace & Defence - Equipments companies, largest first](https://www.sectoralpha.in/sectors/aerospace-defence-equipments#all-companies)

### Companies close in size in other industries

1. [Astra Microwave Products Ltd](https://www.sectoralpha.in/stocks/astra-microwave-products-ltd) ₹14,381 crore · Aerospace & Defence - Equipments
2. [Zen Technologies Ltd](https://www.sectoralpha.in/stocks/zen-technologies-ltd) ₹14,342 crore · Aerospace & Defence - Equipments
3. Aequs Ltd ₹14,289 crore
4. [Kansai Nerolac Paints Ltd](https://www.sectoralpha.in/stocks/kansai-nerolac-paints-ltd) ₹14,259 crore · Building Materials - Paints
5. [Graphite India Ltd](https://www.sectoralpha.in/stocks/graphite-india-ltd) ₹14,181 crore · Electrodes - Welding Equipment

## What else do people ask about Aequs? ### What is Aequs's share price today? Aequs Ltd's share price is ₹209.39, +42.4% over the past year. The whole company is worth ₹14,047 Cr on the market. In the last 52 weeks it traded between ₹115 to ₹288; today it is 54% of the way up from the low, 0.8% below its 200-day average (as of 3 November 2026). ### What were Aequs's latest quarterly results? Aequs Ltd reported revenue of ₹409 Cr and a net loss of ₹52.0 Cr for the Sep 2026 quarter. Earnings per share were −₹0.78. The operating margin was 3.4%, 6.6 percentage points lower than a year earlier (as of 3 November 2026). ### What is Aequs's market cap? Aequs Ltd's market capitalisation is ₹14,047 Cr at a share price of ₹209.39. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Aequs performing? Aequs Ltd's share price has been rising for 26 weeks. Over the past 13 weeks it has done worse than the NIFTY 500, for 2 weeks running. This describes what the data did, not a rating (as of 3 November 2026). ### Will Aequs's share price go up? This page does not forecast Aequs Ltd's share price. What it shows instead: the share price is ₹209.39, and it has been rising for 26 weeks. Nobody can reliably say which way a price will move, and this site does not try (as of 3 November 2026). ### Who owns Aequs? Promoters own 59.1% of Aequs Ltd, foreign institutions 5.9%, domestic institutions 9.3% and the public 23.5% (latest quarter). No group of owners changed its stake by a full point over the last two years (as of 3 November 2026). ### Does Aequs have too much debt? Aequs Ltd has a moderate amount of debt: its debt is 0.47× its equity, and its operating profit is 1 times its interest bill. FY26 borrowings were ₹701 Cr against equity of ₹1,487 Cr. Keep that borrowing in mind when reading the returns on this page (as of 3 November 2026). ### Where is Aequs in its business cycle? Aequs Ltd's FY26 operating margin was 7.0%, against a 4-year range of 4.9% to 13.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 3.4%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Aequs story? Biggest thing to watch: the price has already been rising for 26 weeks, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Aequs a stock worth studying right now? What the numbers show: Aequs Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Aequs share price forecast for 2026? What management itself guided: FY27 Aerospace growth trajectory remains on track, without a revised quantified outlook. ## Lists

- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- Defence stocks: https://www.sectoralpha.in/sectors/aerospace-defence-equipments

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