What Aequs does

Aequs Limited is an India-headquartered vertically integrated precision component manufacturer serving global aerospace OEMs and consumer products brands. Founded in 2006 by Aravind Melligeri (with the legal entity registered in Karnataka in 2000 per CIN L80302KA2000PLC026760), the company operates a single-SEZ integrated manufacturing platform at its 250–300-acre Belagavi Aerospace Cluster, complemented by consumer products clusters in Hubballi and Koppal, and aerospace facilities in Paris, Texas (USA) and Cholet (France). Aequs listed on the NSE and BSE on December 10, 2025, after raising ₹921.81 crore via an IPO oversubscribed 101.63x.

The company's core technology stack centers on vertically integrated precision engineering — from a 10,000-ton hydraulic forging press and a 1,200-ton screw press at the SQuAD Forging joint venture with Aubert & Duval, through machining, heat treatment, and surface treatment, to aerostructure assembly — within a ~500-meter radius at Belagavi, enabling ~100% in-country value addition on parts including aircraft wheels. It holds NADCAP accreditation for forging (metallic materials manufacturing), heat treatment, and non-destructive testing, and supplies detailed parts, bench assemblies, wheels, spinners, landing systems, and structural components to Airbus, Boeing, Safran, Collins Aerospace, Spirit AeroSystems, Honeywell, GKN, and SAAB. The consumer ecosystem spans toys (Koppal Toy Cluster), cookware, durables, and — since July 31, 2025 — portable computer components, smart devices, and wearables (Hubballi Durable Goods Cluster, ₹600 crore invested).

Aequs generates revenue through transaction/contract-based manufacturing on multi-year supply agreements. Aerospace was ~89–90% of FY25 net external revenue and the consumer vertical ~10.81%; FY26 consolidated revenue reached ₹1,230 crore (+33% YoY) with an $889 million aerospace order book, but the company swung to a ₹113.25 crore consolidated net loss (versus a ₹102.34 crore profit in FY25) and EBITDA margin compressed from 17% to 9% as the consumer electronics ramp absorbed costs. CEO Aravind Melligeri has publicly targeted ₹2,000–2,100 crore revenue and a return to profitability by FY28, with a 50:50 aerospace-consumer mix.

Name

Aequs

Legal name

Aequs Limited

Website

https://aequs.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Aequs Limited is an India-based vertically integrated precision manufacturer serving global aerospace OEMs (Airbus, Boeing, Safran) as a Detailed Parts Partner for aircraft structures and wheels, and consumer OEMs in toys, durables, and electronics, from single-SEZ hubs in Belagavi, Hubballi, and Koppal.

Ownership category

akta.pro rank

Product category

Aerospace Component Manufacturing

NAICS

Other Aircraft Parts and Auxiliary Equipment Manufacturing (336413), Aerospace Product and Parts Manufacturing (33641)

SIC

Aircraft & Parts (3720), Aircraft Parts & Auxiliary Equipment, Nec (3728)

akta.pro primary industry

Aerospace Electrical Wiring Interconnect Systems (EWIS) & Harnesses (IMABANAD)

akta.pro secondary industries

Business & General Aviation Aircraft Manufacturing (IMABAAAC), Avionics Software, Certification & Safety-Critical Systems (DO-178/DO-254) (IMABAFAK), Avionics Integration, Wiring Harnesses & Installation Kits (IMABAFAL)

Keywords

• Aerospace component manufacturing
• Precision engineering manufacturing
• Consumer contract manufacturing
• Aerospace forging services
• Aerostructure assembly services

Headquarters

HQ city

Belgami

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Technology or R&D, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Aerospace contract manufacturing: Long-term supply contracts with global OEMs (Airbus, Boeing, Safran, Collins Aerospace, Spirit AeroSystems) for precision-forged and machined aircraft components, aerostructure assemblies. Around 89–90% of FY25 net external revenue (₹959 crore). Predominantly transaction/contract-based with multi-year framework agreements.
2. Consumer products contract manufacturing: Custom manufacturing of consumer products (toys, cookware, household appliances, plastics, metals, electronics) on client specifications for OEM customers. ~10.81% of FY25 revenue; growing rapidly with new consumer electronics vertical.
3. Consumer electronics manufacturing services: Mass production of portable computer components (started July 31, 2025); expansion into smart devices and wearables. ₹600 crore capex over two years; ₹230 crore follow-on investment to reduce debt and fund capex.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

Aequs is a vertically integrated precision engineering contract manufacturer operating two ecosystems. Its Aerospace Ecosystem delivers precision-forged and machined components and aerostructure assemblies — wings, fuselage, pylons, spinners, aircraft wheels, engine components and landing gear — for global aerospace OEMs (Airbus, Boeing, Safran, Collins Aerospace, Spirit AeroSystems, Honeywell) from a single Special Economic Zone at Belagavi. Its Consumer Ecosystem provides custom manufacturing of toys, cookware, household appliances, engineered plastics and consumer electronics (portable computers, smart devices, wearables) for OEM customers across India.

Product overview

Aequs Limited is a single, unified vertically integrated precision component manufacturing platform organized around two core ecosystems — the Aerospace Ecosystem (centered on the Belagavi Aerospace Cluster / Aequs SEZ) and the Consumer Ecosystem (Koppal Toy Cluster, Hubballi Durable Goods Cluster, and electronics manufacturing). These ecosystems are supported by wholly owned subsidiaries and joint ventures including Aequs Engineered Plastics Private Limited (AEPPL), AeroStructures Manufacturing India Private Limited (ASMIPL), and the SQuAD Forging India joint venture with Aubert & Duval. Aequs Infra handles industrial cluster/SEZ development and Aequs Foundation is the CSR arm. The company supplies global OEM customers including Airbus, Boeing, Safran, Spirit AeroSystems, Collins Aerospace, and Honeywell with aerospace components (wings, fuselage, pylons, engine spinners, aircraft wheels), and operates in toys, cookware, consumer durables, and consumer electronics.

Differentiator

Problem solved

Functional benefit

Brands

• SQuAD Forging India: Aerospace precision-forged components joint venture brand with Aubert & Duval; rolled out 25,000th aircraft wheel in September 2025 and earned NADCAP accreditation for forging process
• Aequs Foundation
• Aequs Infra

Products and services

• Aerospace Ecosystem (Belagavi Aerospace Cluster) Vertically integrated aerospace precision component manufacturing ecosystem at the Aequs SEZ in Belagavi, Karnataka. Produces detailed parts, sub-assemblies, engine components, landing gear, cargo and interior systems, wheels, spinners, wings, fuselage and pylons for global aerospace OEMs. Operates within a single SEZ enabling near-100% in-country value addition. Customers include Airbus, Boeing, Safran, Collins Aerospace, Spirit AeroSystems, Honeywell, GKN, UTC Aerospace Systems, SAAB and Dynamatic Technologies.
• Consumer Ecosystem (Toys, Consumer Durables, Electronics) Custom contract manufacturing platform for consumer products — toys, cookware, household appliances, engineered plastics, metals and consumer electronics (portable computer components, smart devices, wearables). Spans Koppal Toy Cluster (KTC), Hubballi Durable Goods Cluster (HDC), and Aequs Engineered Plastics. Customer-facing offerings developed to client specifications for consumer OEMs.
• SQuAD Forging India (Aerospace Forging) Precision-forged aerospace components joint venture with Aubert & Duval. Equipped with separate forging lines including a 1,200-ton screw press and a 10,000-ton hydraulic press with associated heat treatment lines. Manufactures aircraft wheels, engine components, landing gear, turbine, structural parts and braking systems. Holds NADCAP accreditation for forging process, heat treatment and NDT.
• Aequs Engineered Plastics (AEPPL) Wholly owned subsidiary of Aequs Limited focused on engineered plastics manufacturing within the consumer ecosystem. Provides plastic component manufacturing to OEM customers across consumer durables and other industries.
• Aequs Infra (Industrial Cluster Development) Industrial cluster developer arm of Aequs building 12 million sq. ft. of manufacturing and warehousing parks across South India with planned investment of over ₹2,000 crore. Provides SEZ infrastructure (including Hubballi Durable Goods Cluster and Dharwad Electronics SEZ) for consumer electronics and industrial tenants.

Quantifiable outcome

• FY26 revenue grew 33% YoY to ₹1,230 crore
• +6 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Ten partnerships are on record, tiered core, flagship and minor.

• IIT Dharwad (Indian Institute of Technology – Dharwad)coreStrategic or Co-development Partner · 15 May 2026Set up advanced materials R&D ecosystem at IIT-D campus — facility supports advanced material characterization, failure analysis, manufacturing process simulation and optimization. Foundation laid for dedicated 'IIT Dharwad – Aequs Research and Development Center'. Operationalization announced May 15, 2026. Prof. Venkappayya R. Desai (Director, IIT-D) and Aravind Melligeri (Aequs CEO) jointly announced the partnership.
• Government of KarnatakacoreStrategic or Co-development Partner · 30 March 2026Investment memorandum signed with Government of Karnataka worth ₹285.6 crore for aerospace and electronics manufacturing expansion. MoU document filed on aequs.com investor relations. Part of broader ₹2,856 crore Karnataka expansion plan to enhance aerospace and electronics manufacturing.
• Government of Tamil NaduflagshipStrategic or Co-development Partner · 16 February 2026MoU signed in February 2026 in presence of Chief Minister M. K. Stalin in Chennai. Aequs Group to invest ₹4,000 crore in Krishnagiri district for aerospace and defence manufacturing cluster (aircraft engines, precision engineering parts) creating ~7,000 jobs. Part of combined ₹5,980 crore MoU (alongside MinebeaMitsumi ₹1,980 crore) signed by Tamil Nadu government for semiconductor and aerospace sectors. Earlier Phase 1 ₹1,900 crore over 10 years announced (₹200-300 crore initial, commercial production by FY28).
• Aequs Engineered Plastics Private Limited (AEPPL)coreStrategic or Co-development Partner · 30 January 2026Wholly-owned subsidiary of Aequs Limited. Aequs disclosed further investment in AEPPL through a rights issue (filed January 31, 2026). Routine internal corporate financing transaction within the group structure. AEPPL is part of the Aequs Engineered Plastics and Consumer products ecosystem.
• KFin Technologies LimitedcoreOthers · 8 December 2025Registrar and Share Transfer Agent (RTA) for Aequs Limited — handles IPO allotment, share registry, and investor grievance redressal. SEBI Reg No INR000000221. Contact: [email protected].
• Dynamatic TechnologiescoreStrategic or Co-development Partner · 18 December 20245-year contract for supply of complex structural parts for the Airbus A220 Door Program — Aequs will manufacture and deliver over 200 detailed parts requiring complex tool design, forgings, machining, and surface treatment. Builds on Dynamatic's earlier February 2024 Airbus A220 contract. Both companies described as 'prominent players in the global aerospace supply chain'.
• AirbusflagshipStrategic or Co-development Partner · 15 November 2023Long-term Detailed Parts Partner (D2P) for over a decade. In November 2023, Aequs secured a 10-year contract with Airbus for supply of critical components for the A320, A330neo, and A350 — detailed parts and parts with bench assembly for wings, fuselage, and pylons. Contract signed by Gunnar Hansen (Airbus), Nils Witt (Airbus Aerostructures CPO), and Mohamed Bouzidi (Aequs President Aerospace) in Belagavi. Multiple recognitions: Airbus Innovation Award 2016, Operational Excellence Award 2023, D2P CHALLENGER Award 2023, and PACT project recognition 2024.
• Aubert & Duval (SQuAD Forging India JV)flagshipOEM/ Whitelabel/ Licensing Partner · 1 January 2018Joint venture SQuAD Forging India Private Limited ('SQuAD') — manufacturing precision-forged aerospace components including aircraft wheels, engines, landing gear, turbine, structural parts, braking systems. Equipped with separate forging lines of 1,200-ton screw press and 10,000-ton hydraulic press. SQuAD has been manufacturing aircraft wheels since 2018; rolled out its 25,000th aircraft wheel in September 2025. Holds NADCAP accreditation for forging, heat treatment, and NDT. Aubert & Duval is Europe's leading forging manufacturer.
• TramontinaminorStrategic or Co-development Partner · 1 January 2018Joint venture partner for consumer durables (cookware) cluster. Listed as one of three JV partners (alongside Magellan and A&D) in CEO's IPO listing speech.
• Magellan AerospacecoreStrategic or Co-development Partner · 1 January 2011Magellan Aerospace partnership since 2011 for surface treatment and MRO facilities. MoU signed to establish a sand-casting facility at the Belagavi Aerospace Cluster (BAC) in Karnataka. A groundbreaking ceremony for a new MRO facility in partnership with Magellan in Belagavi is expected. Joint venture aims to meet sand casting demands in the growing aerospace industry.

Scale indicators13 records

Recent moves12 records

Expansion highlights7 records

Direct peers

• Dynamatic Technologies: Indian Tier-1 aerostructures and precision engineering company that supplies Airbus (including A220 door program) and Boeing. Aequs is a supplier to Dynamatic on A220, and the two are direct peers serving global aerospace OEMs from India with similar forging, machining, and assembly capabilities.
• Bharat Forge: India's largest listed forging company with growing aerospace exposure. Comparable to Aequs as a large-scale Indian precision forger pursuing the same aerospace vertical-integration thesis, including heavy press capabilities and global OEM relationships.
• Sansera Engineering: Listed Indian precision components manufacturer with significant aerospace and auto exposure. Highly comparable to Aequs in business model (precision machined/forged components for global OEMs), scale (~₹2,000+ crore revenue), and India-centric manufacturing footprint.
• Tata Advanced Systems: Aerospace and defence manufacturing arm of the Tata Group producing aerostructures, components, and platforms for global OEMs (Lockheed Martin, Airbus, Boeing). Comparable to Aequs as an India-based tier-1/2 aerospace manufacturer targeting the same global supply chain diversification theme.
• Magellan Aerospace: Canadian aerospace components manufacturer and existing Aequs JV partner (sand-casting JV at Belagavi since 2011). Closely comparable as a global tier-2/3 aerospace precision components supplier with forging, machining, and assembly capabilities for the same OEM customer base.
• Senior plc: UK-listed precision engineering group serving aerospace, defence, and industrial markets with fluid conveyance and structural components. Comparable to Aequs in business model (precision engineered components for global aerospace OEMs), multi-segment exposure, and tier-2 supplier positioning.
• Cyient: Indian listed engineering, manufacturing, and digital services company with growing aerospace manufacturing exposure. Comparable to Aequs as an India-headquartered aerospace precision components and engineering services supplier serving global aerospace OEMs (including engine and avionics adjacencies).

Broad incumbents

• Hindustan Aeronautics (HAL): India's state-owned aerospace giant — a much larger incumbent producing complete aircraft, engines, and accessories. Relevant peer for Aequs's aerospace expansion because HAL is a likely customer/partner for the Tamil Nadu engine cluster and represents the Indian aerospace supply chain context.
• Spirit AeroSystems: One of the world's largest aerostructures manufacturers (fuselage, wings, pylons) and a direct Aequs customer. Comparable as the kind of large Tier-1 player Aequs supplies into; Spirit's scale and scope set the bar for Aequs's higher-value aerostructure ambitions.
• Howmet Aerospace: Global leader in aerospace engineered products — engine components, fastening systems, and forged aerospace parts. Comparable to Aequs's SQuAD Forging business in particular (heavy aerospace forging and engine components); illustrates the longer-term scale and margin profile Aequs's forging JV could aspire to.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/AequsLimited
• YouTubeyoutube.com/channel/UC1an_2efdyg4W0M1TVd8Bjw
• LinkedInlinkedin.com/company/aequs-pvt-ltd
• Instagraminstagram.com/aequslimited
• Facebookfacebook.com/aequspvtltd

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries6 records

Funding overview

Funding rounds5 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aequs