Should You Invest in Aequs IPO 2025?

India’s aerospace manufacturing sector accelerates with Aequs Ltd’s ₹922 crore IPO, opening December 3, 2025, at ₹118-124/share, valuing the precision components leader at ~₹10,000 crore post-issue. As the sole fully integrated aerospace player in India, serving Boeing, Airbus, and Collins, Aequs eyes debt reduction and capex amid narrowing losses and 35% GMP buzz. This investor-centric analysis unpacks financials, competitive moat, risks, and subscription strategy for portfolios targeting defence/industrial growth. 

Aequs IPO: Timeline and Structure 

Aequs IPO runs December 3-5, 2025, with allotment December 8, refunds/credit December 9, and BSE/NSE listing December 10. Minimum lot: 120 shares (₹14,880 at upper band); retail max 13 lots (₹1,93,440), S-HNI 14-67 lots, B-HNI 68+ lots. Reservation: 75% QIB (ex-anchor), 15% NII, 10% retail; anchor bidding December 2. Proceeds (~₹922 Cr): debt repayment (self/subsidiaries), capex on machinery (Aequs/AeroStructures), acquisitions, corporate purposes. GMP at ₹43 (34.67% premium) signals robust listing gains. 

Financial Track Record: Resilience Amid Volatility 

FY25 revenue dipped 4% to ₹959 Cr (from ₹988 Cr FY24), with PAT swinging to ₹102 Cr profit (vs ₹14 Cr FY24); H1 FY26 revenue surged 17% to ₹537 Cr, loss narrowed 76% to ₹17 Cr, EBITDA up 45% to ₹84 Cr. FY23 peaked at ₹841 Cr revenue/₹110 Cr PAT, assets grew to ₹1,860 Cr FY25. Margins: EBITDA 11.68%, PAT -11.07% FY25; RoE -14.3%, RoCE 0.87%, debt/equity 0.99, EPS -₹1.80, NAV ₹12.47. Order book strength and OEM ties drive recovery in high-barrier aero sector.​ 

Aequs produced 4,500+ products by March 2025 across engines, landing gear, structures; diversification into consumer electronics/plastics cushions aero cyclicality (88% revenue). 

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Strategic Moat in Aerospace Supply Chain 

Aequs excels as India’s largest precision aero portfolio holder, with integrated manufacturing (design-to-assembly) for global OEMs, 4,000 employees, 3 facilities. Certifications and 3 product lines yield entry barriers; clients include Spirit AeroSystems, Triumph. Expansion into consumer durables leverages capabilities, positioning for India’s “Make in India” defence push. 

Quick Competitor Snapshot 

Metric (FY25 Est.)	Aequs	Azad Engg.	Unimech Aero	HAL (Peer)
Revenue (₹ Cr)	959	457	243	30,000+
PAT Margin	-11% (H1 +)	N/A	N/A	~15-20%
P/B (IPO/Listing)	~9.9x	15-20x	~10x	8-10x
RoNW	-14%	6%	12%	20%+
Sector Focus	Precision Aero	Aero Engines	Aero Mfg	Full Aircraft

Aequs offers discounted P/B vs peers, with integrated edge in niche aero supply. 

Valuation and Subscription Verdict 

Post-issue P/B ~9.9x FY25 (vs 15-20x peers), justified by order pipeline and sector tailwinds (India aircraft parts market booming). Swastika: “Subscribe” for aggressive long-term investors despite losses/negative returns; conservative skip due to debt focus over growth capex. GMP implies ₹168 listing; target 2-3x in 2-3 years on profitability inflection.​ 

Key Risks: 

• Revenue volatility, customer concentration. 

• Negative RoNW, high debt. 

• Execution on acquisitions/capex. 

Growth Catalysts: 

• Defence PLI schemes, OEM ramp-ups. 

• H1 FY26 momentum sustains. 

• Inorganic expansion. 

Retail/HNI: Subscribe 5-10% allocation for theme play; QIBs for listing pop. 

Seize Aequs’ Aerospace Ascent with Expert Guidance

Position your portfolio in India’s aero manufacturing surge via Aequs IPO. Rits Capital delivers tailored strategies, unlisted access, and IPO execution.
 
Visit Rits Capital or call  9911090800  now – invest smarter, grow bolder! 

FAQs: 

1. Aequs IPO price band and lot size? 
    ₹118-124; 120 shares min (₹14,880).​ 

2. Is Aequs profitable?  
   FY25 PAT ₹102 Cr; H1 FY26 loss ₹17 Cr (down 76%).​ 

3. What is current GMP?  
   ₹43 (34.67%), eyeing ₹168 listing.​ 

4. Proceeds allocation? 
    Debt repayment, capex, acquisitions.​ 

5. Aequs vs Azad Engineering?  
   Aequs integrated aero; peers higher multiples but narrower focus.​ 

6. Listing date? 
    December 10, 2025.​ 

7. RoE and debt levels? 
    -14.3%, D/E 0.99 – improving trajectory.​ 

8. Who are top clients? 
    Boeing, Airbus, Collins Aerospace.​ 

9. Subscription rating? 
    Subscribe long-term (aggressive); risks for conservatives.​ 

10. Post-IPO target? 
     2-3x on defence boom, monitor Q3 FY26.