Subscribe for Aequs Ltd IPO; Anand Rathi

Anand Rathi, Aequs Ltd

Aequs Limited are the only precision component manufacturer operating within a single special economic zone in India to offer fully vertically integrated manufacturing capabilities in the Aerospace Segment, which sets them apart from other contract manufacturers with selective manufacturing capabilities amongst their peers. Precision components are precisely machined parts that are designed and manufactured to exact specifications and are commonly supplied to OEM customers and system integrators. They had one of the largest portfolios of aerospace products in India, as of March 31, 2025. Their diverse product portfolio includes components for engine systems, landing systems, cargo and interiors, structures, assemblies and turning for their aerospace clients. For the six months period ended September 30, 2025, and the Financial Year 2025, their net external revenue from the Aerospace Segment was ₹4,739.5 million and ₹8,246.4 million, respectively.

Valuation and Outlook

The consumer business adds significant upside though smooth execution is required which will help them achieve profitability in future. Considering these factors, the IPO appears fully valued and is rated “Subscribe – Long Term.”