Aequs Ltd made its stock market debut on Wednesday, 10 December 2025, with a “decent but below‑hype” listing that has immediately put the aerospace precision manufacturer on traders’ radar. The stock listed at ₹140 on both NSE and BSE, about 12.9% above the IPO price of ₹124, valuing the company at roughly ₹9,400–9,500 crore. [1]
By early afternoon, Aequs Ltd share price was trading around ₹142–₹143, up roughly 14–15% versus the issue price, with heavy volumes and more than ₹100 crore in turnover on the listing day. [2]
Aequs Ltd Share Price Today: Listing Day Action
- Listing price: ₹140 on NSE and BSE (12.9% premium to IPO price ₹124). [3]
- Intraday levels (so far): Day’s low near ₹135.4 and high near ₹151, indicating volatile trade as early investors book profits and new buyers enter. [4]
- Current price (around 1:10 PM IST): ~₹142.3 on BSE and ~₹142.3 on NSE, up ~14.7% from the issue price. [5]
- Market cap: About ₹9,500 crore. [6]
- Volumes: Over 75 lakh shares traded with value exceeding ₹100 crore on BSE alone. [7]
For IPO allottees, one lot of 120 shares bought at ₹124 (cost ₹14,880) is worth ₹16,800 at the ₹140 listing price – an unrealised gain of about ₹1,920 per lot, before costs and taxes. [8]
IPO Recap: Size, Structure, Subscription and Price Band
The Aequs IPO was one of the more aggressively subscribed issues in the current IPO cycle:
- Issue size: ₹921.81 crore
- Fresh issue: ₹670 crore
- Offer for sale (OFS): ₹251.81 crore (by promoters and existing investors). [9]
- Price band: ₹118–₹124 per share. [10]
- Lot size: 120 shares; minimum retail investment at upper band: ₹14,880. [11]
- Subscription (overall):101.63× the offer size. [12]
Category-wise subscription (NSE data): [13]
- QIBs (qualified institutional buyers): 120.92×
- NIIs (non-institutional investors): 80.62×
- Retail investors: 78.05×
Anchor investors had already committed ₹413.92 crore ahead of the issue, with participation from large domestic mutual funds and global investors such as BlackRock and Steadview Capital. [14]
Timeline
- Issue open: 3–5 December 2025
- Allotment finalised: 8 December 2025
- Listing on NSE & BSE: 10 December 2025 [15]
Grey Market vs Reality: Why Aequs Listed Below GMP Expectations
Ahead of listing, grey-market premium (GMP) had hinted at a flashier debut:
- Mint and other trackers reported a GMP in the ₹31–₹34 range, implying an expected listing price near ₹155, or about 25–27% premium over the issue price. [16]
In reality, Aequs listed at ₹140, delivering a ~13% pop, clearly decent but below speculative GMP chatter. Business Standard similarly noted that the stock “missed GMP trend” despite the strong subscription. [17]
This pattern – robust subscription but more measured listing – has become increasingly common in Indian IPOs as primary-market enthusiasm meets more sober secondary-market pricing.
What Aequs Does: Vertically Integrated Aerospace Precision Manufacturing
Aequs is not a generic engineering play. It’s positioned as an integrated precision manufacturing platform with a strong tilt toward aerospace:
- Founded in 2000, with its flagship aerospace ecosystem centred at Belagavi, Karnataka. [18]
- Described in the DRHP and data platforms as the only precision component manufacturer in India operating a fully vertically integrated aerospace ecosystem within a single SEZ, offering forging, machining, surface treatment and assembly under one platform. [19]
- It has produced over 5,000 aerospace products across major global programmes. [20]
- Operations span India, France and the USA, giving it a multi-continent manufacturing footprint. [21]
Revenue mix
According to brokerage research cited in Moneycontrol’s coverage, around 89% of FY25 revenue came from the aerospace segment and about 11% from consumer products (toys, cookware, appliances and electronics plastics). [22]
Key aerospace and consumer customers include:
- Airbus, Boeing, Bombardier, Collins Aerospace, Spirit AeroSystems, Safran, GKN Aerospace, Mubea, Honeywell and Eaton in aerospace. [23]
- Hasbro, Spinmaster, Wonderchef and Tramontina in toys and consumer durables. [24]
This client list places Aequs squarely inside global supply chains tied to huge aircraft order books and multi‑year demand cycles.
Sector Tailwinds: India’s Aerospace Manufacturing Boom
The Aequs IPO is also being read as a proxy for India’s aerospace ambitions:
- Moneycontrol’s deep-dive on the IPO notes that Boeing and Airbus together already source parts worth more than $1 billion annually from India, and both are looking to expand their supplier base here. [25]
- Angel One’s IPO note, quoted in that article, highlights that global aircraft backlog stands at over 14,000 units, and estimates India’s aerospace & defence precision engineering and components (A&D PEC) market to grow from ₹137.86 billion in 2024 to ₹362.08 billion by 2030, a ~17.5% CAGR. [26]
In this context, Aequs’ SEZ-based, export-oriented, vertically integrated ecosystem is seen by many analysts as structurally well placed to capture a slice of this long runway. [27]
Financial Snapshot: Loss-Making Today, Betting on Operating Leverage
Despite the premium listing and the glamorous client roster, Aequs is not yet profitable at the net level.
Economic Times data from the listing-day live blog show: [28]
- Revenue FY24: ₹988.30 crore
- Revenue FY25: ₹959.21 crore (≈3% year‑on‑year decline).
- Net loss FY24: ₹14.24 crore
- Net loss FY25: ₹102.35 crore (losses widened sharply).
- H1 FY26 (half-year ended September 2025):
- Revenue: ₹565.55 crore
- Net loss: ₹16.98 crore
On fundamentals, Business Standard and Groww show the following trailing metrics at today’s ~₹142 price: [29]
- EPS (TTM): –₹1.66
- P/E (TTM): negative (around –86x; not very meaningful since earnings are negative).
- Book value per share: ~₹16.77
- Price-to-book: ~8.5× at ~₹142.
- Sector P/E: ~50.7× for the broader engineering/precision manufacturing peer group.
Angel One, in its valuation commentary at the IPO price, had pegged Aequs at around 9.9× price-to-book at ₹124, noting that P/E is not a usable metric yet due to the losses. [30]
On the positive side, analysts also point out that the aerospace division operates with healthy EBITDA margins near 19–20%, and that the company is now using IPO money to meaningfully reduce debt, which can improve net profitability over the next 1–2 years. [31]
Use of IPO Proceeds: Deleveraging and Capacity Expansion
Across the DRHP, IPO notes and listing-day coverage, the use of funds is fairly consistent: [32]
- Debt reduction
- Roughly ₹433 crore earmarked to repay or prepay borrowings of Aequs and key subsidiaries, lowering interest costs and improving the balance sheet.
- Capex on machinery and equipment
- Around ₹64 crore for new machines and equipment at the parent and AeroStructures Manufacturing India, aimed at increasing capacity and capabilities.
- Capital infusion into subsidiaries
- Over ₹400 crore to be pumped into three wholly owned subsidiaries, including AeroStructures Manufacturing India and Aequs Consumer Products, to scale both aerospace and consumer product lines. [33]
- Inorganic growth and strategic initiatives
- A portion is reserved for future acquisitions and other strategic initiatives, alongside general corporate purposes. [34]
This structure means the post‑IPO story is heavily about deleverage + operating leverage: lowering finance costs while trying to sweat a larger asset base in a growing sector.
What Are Brokerages and Analysts Saying on 10 December 2025?
Most public commentary today comes either from IPO recommendations or listing-day trade notes.
1. Pre-listing: Strong institutional backing, but valuations flagged
- Economic Times’ live blog highlighted that as many as 14 brokerages had assigned a “subscribe” rating to Aequs, mainly citing:
- Integrated aerospace ecosystem,
- Strong global customer base, and
- High entry barriers in precision aerospace manufacturing. [35]
- However, they also flagged:
- Negative earnings,
- High leverage, and
- Valuation based on price-to-book rather than P/E, as key watchpoints. [36]
Angel One, quoted by Moneycontrol, framed the rich valuation as paying upfront for: [37]
- Vertically integrated aerospace ecosystem in a single SEZ,
- Global footprint and long‑cycle growth potential,
- High replacement cost of assets and strong entry barriers.
2. Listing-day trade calls: Partial profit-taking, long-term hold
Economic Times’ story on the listing move (and accompanying commentary) suggested a balanced stance: [38]
- Investors who received allotment were advised by some analysts to book partial profits given the double‑digit listing premium.
- At the same time, the long-term thesis was kept intact, centred on India’s aerospace upcycle, Aequs’ unique integrated cluster model, and its marquee customer base.
Moneycontrol’s live coverage quoted a detailed note comparing Aequs with other recent listings, pointing out that: [39]
- The aerospace business delivered ~19.4% EBITDA margins in FY25,
- IPO proceeds could repay over ₹400 crore of debt, materially reducing interest costs,
- This could push Aequs toward PAT‑level profitability over the next 12–24 months, assuming order flows and capacity utilisation ramp up as expected.
Overall, the analyst tone today is cautiously optimistic: constructive on the structural story, but conscious of leverage, current losses and valuation multiple.
Key Risks Investors Are Watching
Media and brokerage commentary today converge on a few important risk factors: [40]
- High leverage and capital intensity
- Aerospace manufacturing is capex-heavy with long gestation periods. Debt levels, though expected to fall post-IPO, remain a central monitoring point.
- Customer concentration & cyclical sector
- A large portion of revenue is tied to a small number of global aerospace OEMs and Tier‑1s. Any slowdown in aircraft orders or platform-specific issues could impact Aequs disproportionately.
- Regulatory and quality compliance risk
- Operating in aerospace and consumer segments across India, US, France and other markets means Aequs is under stringent regulatory and quality regimes. Moneycontrol and ET both highlight that unfavourable inspection outcomes or quality lapses could have a serious impact on reputation and business continuity. [41]
- Execution risk in expansion
- The story depends heavily on flawless capacity ramp-up, successful integration of subsidiaries and potential acquisitions, and maintaining quality while scaling.
- Rich valuations on current financials
- With negative EPS, high price-to-book and limited operating history as a listed company, there is limited room for missteps before the market starts questioning valuations.
Short-Term Trading View: AEQUS After the Pop
Listing at ₹140 and trading near ₹142–₹143 places Aequs in an interesting zone: [42]
- For allottees
- Many analysts suggest booking at least partial profits to lock in double-digit listing gains, given the still‑loss‑making status and the fact that actual listing premium trails GMP expectations.
- Those willing to ride the long-term aerospace story may consider holding a portion, accepting interim volatility.
- For new entrants
- Several broker commentaries hint that aggressive new buying right after listing-day euphoria carries the usual IPO risk: price swings can be sharp once early gains are realised by short-term traders.
- Some suggest waiting to see where the stock stabilises after the initial sessions, or for clearer evidence of margin improvement and debt reduction in quarterly results.
No large domestic brokerage has yet (as of midday 10 December 2025) published a widely quoted post‑listing 12‑month target price in public news coverage; most views still reference IPO-day valuation and structural thesis rather than precise target levels. [43]
Medium-Term Outlook: Deleveraging + Aerospace Tailwinds vs Execution & Valuation
Putting today’s data points together, the Aequs Ltd (AEQUS) stock story currently rests on three big pillars:
- Macro tailwinds
- Global aircraft backlog, India’s ambition to be an aerospace manufacturing hub and the shift in supply chains away from single‑country dependence all favour specialists like Aequs. [44]
- Structural positioning
- Aequs’ integrated SEZ cluster, multi‑continent footprint and marquee clientele give it an edge that is not easily replicated, which partially justifies richer multiples on book value despite near‑term losses. [45]
- Balance-sheet repair and operating leverage
- Successful deployment of IPO proceeds into debt repayment and capacity expansion could translate into improved profitability over the next 1–2 years, especially if aerospace demand stays strong and consumer verticals scale up. [46]
Balancing this are the obvious caveats: rich valuation on negative earnings, execution risk in a complex, regulated industry, and the possibility that the market may not be as forgiving if future quarters show slower‑than‑expected improvement.
For now, Aequs has cleared its first market test with a solid listing premium and heavy trading interest. The real exam starts with the first few quarterly results as a listed company, when investors will be able to judge whether the aerospace fairy tale converts into durable earnings.
References
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