Event Type: Q4 and Full Year FY26 Earnings Conference Call

Date and Time: Tuesday, May 26, 2026 (time not specified)

Purpose: Discussion of financial results for quarter and financial year ended March 31, 2026, including business performance, strategic updates, and future outlook.

Management Participants:

  • Mr. Aravind Melligeri – Executive Chairman and Chief Executive Officer
  • Mr. Rajeev Kaul – Co-Founder and Managing Director
  • Mr. Dinesh Iyer – Chief Financial Officer
  • Mr. Harish Bang – Vice President-Finance

Availability of Materials: The transcript of the earnings conference call will be made available on the Company's website at https://www.aequs.com/investor/

Financial Period Discussed: Quarter and financial year ended March 31, 2026 (Q4 FY26 and Full Year FY26)

Key Financial Highlights:

  • Q4 FY26 Revenue: INR3,671 million (47% YoY growth)
  • Full Year FY26 Revenue: INR12,304 million (33% YoY growth)
  • Full Year FY26 EBITDA: INR1,545 million (43% YoY growth)
  • EBITDA Margin: 13% (100 basis point improvement from FY25)
  • Full Year PAT: Loss of INR1,133 million (negative PAT margin improved from -11% to -9%)
  • Including proportionate share of JVs: Full year revenue INR13,466 million (34% growth), EBITDA INR1,830 million (42% growth)

Segment Performance:

  • Aerospace Segment: FY26 revenue INR10,464 million (27% growth), EBITDA INR2,813 million (76% growth), ROCE 20%
  • Consumer Segment: FY26 revenue INR1,840 million (84% growth), EBITDA loss INR783 million
  • Q4 FY26: Aerospace revenue INR3,040 million (29% growth), Consumer revenue INR631 million

Strategic Updates:

  • Signed MoU with Tamil Nadu government for INR1,900 crores investment over 10 years for vertically integrated aerospace manufacturing ecosystem
  • Signed MoU with Karnataka government for INR2,856 crores investment over 5 years across Belagavi and Hubballi clusters
  • Total manufacturing footprint: 2.22 million square feet across three integrated clusters in India
  • Installed annual capacity: 4.70 million machining and molding hours
  • Manufacturing operations: 434 CNC machines and 179 molding machines
  • Aerospace order book: USD $889 million
  • Aerospace portfolio: 5,654 SKUs (26% increase YoY, 433 new parts added in Q4)

Management Change: CFO Dinesh Iyer will step down at the end of June 2026 for personal reasons. Harish Bang will serve as interim point of contact during search for replacement.

FY27 Guidance:

  • Consolidated revenue growth: 45-50%
  • Operational EBITDA: Expected to double
  • Aerospace segment: 25-30% revenue growth, 20% EBITDA margin maintained
  • Consumer segment: 125-150% revenue growth, targeting EBITDA break-even by Q4 FY27
  • Consumer utilization target: 40-50% (from current 23%)

Customer Updates:

  • Hasbro informed of revised manufacturing strategy and will stop raising purchase orders
  • Signed long-term agreement with Mattel, expected to absorb Hasbro capacity impact
  • Continuing to engage with other strategic customers

Balance Sheet Position (as of March 31, 2026):

  • Total assets: INR26,905 million (vs INR18,598 million year ago)
  • Net debt-to-equity: 0.23 (improved from 0.99x)
  • Fixed asset turnover: 1.18x (from 1.84x)
  • Net working capital days: 151 days (from 132 days)
  • Cash and cash equivalents: INR3,015 million (vs INR609 million)

FY27 Capex Plans:

  • Aerospace segment: INR160 crores approximately
  • Consumer segment: INR500 crores approximately

Additional Business Insights:

  • PLI income expected in FY27 (not booked in FY26)
  • West Asia crisis caused some supply constraints and increased logistics costs, leading to higher working capital requirements
  • Export revenue predominantly in US dollars (93-94%)
  • Consumer electronics gross block: INR830 crores approximately
  • Long-term target ROCE for consumer segment: Similar to aerospace segment (20%)
  • Steady-state consumer margins target: 20% EBITDA at 75-80% utilization

Additional Notes Section

Attachments: The regulatory filing includes the full transcript of the earnings conference call (19 pages).

Financial Data Disclosure: The announcement itself does not contain financial data, but refers to the detailed financial results discussed in the conference call transcript.

Compliance: The document is filed pursuant to Regulation 30 and 46 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.