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Aequs IPO
Price Band
₹118.0–124.0
Issue Size
₹921.81 Cr
Lot Size
120 shares
Min Investment
₹14,880
GMP
+₹24.0 (19.35%)
Issue Price
₹124.0
Subject to Sauda
₹2200
Paid only if allotted
Aequs IPO AI Summary
- Aequs IPO is listed on BSE, NSE in the Aerospace & Defense sector.
- Price band: ₹118.0–₹124.0 per share, lot size 120 shares (min. investment ₹14,880).
- Subscription window: 03 Dec–05 Dec 2025, listing on 10 Dec 2025.
- Current GMP is +₹24.0 (19.35%), an estimated listing price of ₹148 — unofficial and can change daily.
Aequs Ltd. is an aerospace and defense company with a diverse product portfolio and advanced manufacturing capabilities. The IPO aims to raise funds for debt repayment and capital expenditure. Investors should carefully consider the company's financial performance and market conditions before participating.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Aequs IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 05 Dec 2025 — not a current signal.
Reviewers are split — see individual calls below.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Aequs IPO Grey Market Premium (GMP) Today
GMP
+₹24.0
GMP %
+19.35%
Est. Listing
₹148.0
Updated: 25 Jul 2026 14:15
About the Company
Incorporated in 2000, Aequs Ltd. is engaged in manufacturing and operating a special economic zone in India to offer fully vertically integrated manufacturing capabilities in the Aerospace Segment. The company's diverse product portfolio includes components for engine systems, landing systems, cargo and interiors, structures, assemblies and turning for the aerospace clients. The company primarily operate in the Aerospace Segment, over the years, they have expanded their product portfolio to include consumer electronics, plastics, and consumer durables for their consumer clients. As of September 30, 2025, the company produced over 5,000 products within the Aerospace Segment under a variety of manufacturing and assembly programs established with their aerospace customers, including programs for single aisle (such as A220, A320, B737) and long range (A330, A350, B777, B787) commercial aircrafts. Product Portfolio: Structures: Bracket, corner fitting, cable quadrant, triangular bracket, wing flap support, coupling, gearbox bracket, floorboard, latch assembly, bracket structure Interiors and cargo: Power distribution unit tray, side panel, pawls, base, pan-seat, beam-back support, panel-side top, seat stay, outer pawl, housing left, bracket offset Landing systems: Main landing gear, main fitting, bracket assembly, front panel, front assembly uplock, rim, half wheel, main fitting assembly. Actuation Systems: Housing, manifold, mounting foot, mounting flange, actuator piston, housing, jack head, radarbox As of September 30, 2025, the company had 1,892 full-time employees, 1,834 employees on a contractual basis, 55 trainees, 432 apprentices and 325 fixed term employees. Competitive Strengths: Advanced and vertically integrated precision manufacturing capabilities Operations in unique, engineering-led vertically-integrated precision manufacturing ecosystems Manufacturing presence across three continents with strategic proximity to end customers Comprehensive precision product portfolio across high value segments Long-standing relationships with high entry barrier global customers Founder-led business supported by an experienced management team and a qualified employee base
Company Financials (₹ Cr)
As of 2025-09-30
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|---|
| Assets | 2,134.35 | 1,859.84 | 1,863.50 | 1,822.98 | 1,321.69 |
| Total Income | 565.55 | 959.21 | 475.51 | 988.30 | 840.54 |
| Profit After Tax | -16.98 | -102.35 | -71.70 | -14.24 | -109.50 |
| EBITDA | 84.11 | 107.97 | 57.82 | 145.51 | 63.06 |
| NET Worth | 796.04 | 707.53 | 731.65 | 807.17 | 251.91 |
| Reserves and Surplus | 200.43 | 135.09 | -90.83 | -15.31 | -146.15 |
| Total Borrowing | 533.51 | 437.06 | 384.79 | 291.88 | 346.14 |
Key Ratios
EPS
₹-1.66
NAV
₹12.47
ROE
-14.30%
ROCE
0.87%
RoNW
-14.47%
P/B Value
9.94
P/E Ratio
-74.71
Market Cap
₹8316.06 Cr
PAT Margin
-11.07%
Debt/Equity
0.99
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Ptc Industries Limited | 940.03 | 4.4% | 417.03 | 41.37 | 41.33 |
| Dixon Technologies (india) Limited | 494.74 | 47.5% | 73.87 | 205.7 | 202.58 |
| Kaynes Technology India Limited | 439.85 | 10.33% | 129.59 | 45.82 | 45.4 |
| Amber Enterprises India Limited | 672.61 | 10.99% | 100.4 | 72.01 | 71.67 |
| Unimech Aerospace And Manufacturing Limited | 141.01 | 12.48% | 55.73 | 17.59 | 17.59 |
| Azad Engineering Limited | 234.06 | 6.21% | 115.48 | 14.66 | 14.66 |
| Aequs Ltd. This IPO | 12.47 | -14.47% | — | -1.8 | -1.8 |
Promoters
Aravind Shivaputrappa Melligeri, Aequs Manufacturing Investments Pvt.Ltd., Melligeri Private Family Foundation and The Melligeri Foundation
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by The Company 17.55 2 Repayment and/ or prepayment, in full or in part, of certain outstanding borrowings and prepayment penalties, as applicable, availed by three of the wholly-owned Subsidiaries, through investment in the below Subsidiaries 415.62 3 Funding capital expenditure to be incurred on account of purchase of machinery and equipment by company & wholly-owned Subsidiaries, AeroStructures Manufacturing India Pvt.Ltd., through investment in such Subsidiary 64.00 4 Funding inorganic growth through unidentified acquisitions, other strategic initiatives and general corporate purposes 125.21 5 Issue Expenses 65.74 Total 688.12
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹475.51 Cr in the period ending 30 Sep 2024, rising to ₹959.21 Cr by 31 Mar 2025, but then decreased to ₹565.55 Cr by 30 Sep 2025. This indicates a fluctuation in revenue over the periods analyzed.
Profit Trend
Profit After Tax was -₹109.50 Cr for the year ending 31 Mar 2023, improving to -₹14.24 Cr by 31 Mar 2024, but then worsened to -₹102.35 Cr by 31 Mar 2025, and further to -₹16.98 Cr by 30 Sep 2025. This shows an initial improvement in losses followed by a deterioration in the most recent period.
Valuation
Aequs Ltd. has an implied P/E ratio of -74.71 at the issue price of ₹124.0, compared to peers with P/E ratios ranging from 55.73 to 417.03. This indicates that Aequs is priced at a significant loss compared to its peers.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the price at which shares are expected to trade in the unofficial market before listing. A positive GMP suggests strong demand for the shares, while a negative or low GMP may indicate weak interest.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals, risk tolerance, and market conditions. It's essential to consider the company's financial health and growth potential.
Who May Want to Wait
Investors who prefer stable, established companies with a proven track record of profitability may want to avoid this IPO, given Aequs' recent financial performance and negative profit margins.
IPO Timeline, Explained
The IPO opens for subscription on December 3, 2025, and closes on December 5, 2025. Allotment of shares is expected by December 8, 2025, with the listing date set for December 10, 2025.
Listing Gains — The Risk
Listing gains can be unpredictable and depend on market conditions, investor sentiment, and demand for the shares. While some IPOs may see significant gains on their first day, others may not perform as well, leading to potential losses.
This evaluation is generated from Aequs's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Aequs IPO GMP today?
Aequs IPO GMP today is +₹24.0 (19.35%), indicating an estimated listing price of ₹148. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Aequs IPO?
The price band of Aequs IPO is ₹118.0–₹124.0 per share.
When does Aequs IPO open and close?
Aequs IPO opens on 03 December 2025 and closes on 05 December 2025.
When does Aequs IPO list on the stock exchange?
Aequs IPO listed on 10 December 2025 at ₹148.0.
What is the lot size for Aequs IPO?
The lot size for Aequs IPO is 120 shares, requiring a minimum investment of ₹14,880.
What is the price band for Aequs IPO?
The price band for Aequs IPO is ₹118.0 to ₹124.0.
What is the minimum investment required?
The minimum investment required is ₹14,880.0.
What is the lot size for the Aequs IPO?
The lot size for the Aequs IPO is 120 shares.
When is the listing date for Aequs?
The listing date for Aequs is December 10, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected price at which shares may trade in the unofficial market before listing.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
03 Dec 2025
Close
05 Dec 2025
Allotment
08 Dec 2025
Listing
10 Dec 2025
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