Aequs Q2 FY27 Results: Consolidated Net Loss ₹52.20 Crore on Total Income of ₹420 Crore

Earnings
Aerospace and consumer products manufacturing

Blacklitt Research26 October 20263 min read

Aequs (NSE: AEQUS) reported consolidated total income of ₹419.69 crore and a net loss of ₹52.20 crore for the quarter ended 30 Sep 2026, it said in a filing on 26 Oct 2026. Standalone total income was ₹45.86 crore and standalone net profit ₹1.79 crore.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹419.69 crore, up 41.2% YoY and 4.3% QoQ
Net profit and EPS: Net loss of ₹52.20 crore against ₹20.60 crore a year earlier; EPS -₹0.80
Finance costs: ₹20.60 crore, down 19.8% YoY and up 11.6% QoQ

Standalone

The company on its own, without its subsidiaries

Total income: ₹45.86 crore, up 33.4% YoY and down 4.2% QoQ
Net profit and EPS: Net profit of ₹1.79 crore against ₹0.17 crore a year earlier; EPS ₹0.03
Tax: Tax credit of ₹0.31 crore against a tax expense of ₹1.78 crore a year earlier

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	419.69	297.33	+41.2%	402.27	+4.3%
Revenue from operations	409.08	281.59	+45.3%	395.55	+3.4%
Other income	10.61	15.74	-32.6%	6.72	+57.9%
	-52.20	-20.60	-153.4%	-53.23	+1.9%
Profit before tax	-40.85	-11.95	-241.8%	-39.81	-2.6%
Finance costs	20.60	25.70	-19.8%	18.45	+11.6%
Depreciation	46.53	32.60	+42.7%	45.34	+2.6%
Tax expense	11.35	8.65	+31.2%	13.42	-15.5%
Net profit margin	-12.44%	-6.93%	-5.51 pp	-13.23%	+0.80 pp
EPS, basic (₹)	-0.80	-0.35	-128.6%	-0.81	+1.2%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Consolidated total income rose 41.2% year on year to ₹419.69 crore, while the net loss widened from ₹20.60 crore to ₹52.20 crore. Revenue from operations rose 45.3% year on year, and other income fell 32.6% to ₹10.61 crore. Other income is 2.5% of total income this quarter.

Finance costs were ₹20.60 crore, or 4.9% of total income, down 19.8% from ₹25.70 crore a year earlier but up 11.6% on the previous quarter. Depreciation rose 42.7% year on year to ₹46.53 crore.

Consolidated results include a subsidiary whose unreviewed figures, before consolidation adjustments, show six-month revenues of ₹71.24 crore and a net loss after tax of ₹7.39 crore. The auditors did not review that subsidiary's interim financial information.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	45.86	34.37	+33.4%	47.85	-4.2%
Revenue from operations	35.55	27.82	+27.8%	38.52	-7.7%
Other income	10.31	6.55	+57.5%	9.33	+10.5%
	1.79	0.17	+966.1%	4.07	-56.0%
Profit before tax	1.48	1.95	-24.2%	5.20	-71.6%
Finance costs	1.66	2.34	-29.2%	0.98	+69.3%
Depreciation	2.82	2.39	+18.0%	2.45	+15.1%
Tax expense	-0.31	1.78	n/a	1.14	n/a
Net profit margin	3.91%	0.49%	+3.42 pp	8.50%	-4.59 pp
EPS, basic (₹)	0.03	0.00	n/a	0.06	-50.0%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone net profit was ₹1.79 crore against ₹0.17 crore a year earlier, although profit before tax fell 24.2% to ₹1.48 crore. A tax credit of ₹0.31 crore, against a tax expense of ₹1.78 crore a year earlier, took net profit above pre-tax profit.

Other income of ₹10.31 crore is 22.5% of total income and 697.3% of profit before tax. Revenue from operations fell 7.7% from the previous quarter to ₹35.55 crore, while finance costs of ₹1.66 crore were 3.6% of total income.

Inference

The Board has approved a warrant issue of up to 28,071,690 warrants to Melligeri Private Family Foundation, a Promoter, for an aggregate ₹650 crore. Shareholders approved it on 22 Oct 2026, and the warrants are convertible into equity shares on or before 31 Dec 2027.

The Regional Director, South Western Region, Ministry of Corporate Affairs rejected the proposed Scheme of Amalgamation of certain wholly owned subsidiaries by order dated 12 Oct 2026; the company says the rejection has no material impact on business operations.

The filing does not say why the consolidated loss widened or why finance costs and depreciation rose against the year-earlier quarter, and it does not say whether the amalgamation will be re-filed.

Reference: Original filing (PDF)

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