Aequs, a precision engineering firm, saw its shares tumble as much as 18.9% to an intraday low of ₹196.50 on the National Stock Exchange on Tuesday, October 27, following the announcement of a consolidated net loss of ₹52.39 crore for the September quarter of FY27. The loss widened from ₹20.59 crore in the same period of the preceding fiscal year, although it narrowed sequentially from ₹52.23 crore in the quarter‑ago period. The company’s market capitalisation stood at ₹14,087 crore as of the reporting date.

Revenue from operations surged 45.3% year‑on‑year to ₹409.08 crore, up from ₹281.59 crore in Q2 FY26, driven by growth across aerospace and consumer segments. Aerospace revenue rose 44% YoY to ₹351.4 crore, while consumer revenue increased 52% YoY to ₹57.7 crore. Despite the revenue lift, the company’s EBITDA fell 45% YoY to ₹24.5 crore, down from ₹44.3 crore in the year‑ago period, reflecting higher consumer electronics costs now being expensed.

EBITDA margin contracted by 1,000 basis points YoY to 6% during Q2 FY27, compared with 16% in the second quarter of FY26. The firm’s aerospace business reported an EBITDA increase of 24% YoY to ₹78.3 crore, and its order book stood at $1,096 million, providing long‑term revenue visibility. The Safran A320 aircraft wheels agreement marked the first serial production contract with a tenure exceeding 15 years, expanding the company’s long‑term business prospects.

Executive Chairman and CEO Aravind Melligeri highlighted that the first half of FY27 saw continued progress in expanding the business and strengthening long‑term growth opportunities. He noted that revenue grew 50% YoY to ₹8,046 million, driven by 42% growth in aerospace and more than doubling of consumer revenue. Melligeri also stated that the company views the current consumer EBITDA loss as a timing‑related shift rather than a change in underlying opportunity.

Melligeri added that the company is recalibrating the path to consumer EBITDA breakeven, focusing on improving utilisation and translating installed capacity into profitable growth. He mentioned that capital expenditure for H1 FY27 stood at ₹159.7 crore, with a ₹650 crore promoter warrant intended to support the next phase of expansion, including Hosur. The company continues to invest in manufacturing capabilities to support the next phase of growth.

At 11:25 AM, the stock was trading 15.88% lower at ₹203.90 per equity share. The scrip has lost more than 20% in the past week and 17% over the month, yet it has surged over 47% year‑to‑date. The shares reached a 52‑week high of ₹294.70 on October 6, 2026, and a year’s low of ₹113.30 on March 16, 2026. The company’s share performance reflects the market’s reaction to the expanded loss and margin contraction reported in Q2 FY27.