Price
Financials
Consolidated, Rs crore| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 216 | 249 | 256 | 282 | 326 | 367 | 396 |
| Expenses | 209 | 225 | 228 | 253 | 297 | 363 | 381 |
| Operating Profit | 7 | 25 | 27 | 29 | 29 | 4 | 15 |
| OPM % | 3.4% | 10% | 11% | 10% | 9% | 1.1% | 3.7% |
| Other Income | 3 | 19 | 14 | 18 | -6 | 44 | 10 |
| Interest | 18 | 13 | 10 | 26 | 21 | 36 | 19 |
| Depreciation | 26 | 24 | 25 | 33 | 35 | 46 | 45 |
| Profit before tax | -34 | 6 | 6 | -12 | -33 | -33 | -40 |
| Tax % | 17% | -54% | 42% | 72% | 29% | 63% | 34% |
| Net Profit | -40 | 9 | 4 | -21 | -43 | -54 | -53 |
| EPS in Rs | -0.94 | 0.15 | 0.06 | -0.34 | -0.64 | -0.80 | -0.79 |
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|
| Sales | 812 | 965 | 925 | 1,230 | 1,370 |
| Expenses | 773 | 836 | 845 | 1,139 | 1,294 |
| Operating Profit | 40 | 129 | 79 | 92 | 76 |
| OPM % | 4.9% | 13% | 9% | 7% | 6% |
| Other Income | 25 | 44 | -6 | 69 | 65 |
| Interest | 69 | 69 | 64 | 94 | 101 |
| Depreciation | 100 | 108 | 103 | 138 | 158 |
| Profit before tax | -103 | -4 | -94 | -71 | -118 |
| Tax % | 6% | 233% | 9% | 58% | |
| Net Profit | -110 | -14 | -102 | -113 | -170 |
| EPS in Rs | -2.33 | -0.26 | -1.76 | -1.69 | -2.57 |
| Dividend Payout % | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | % | 15% | 33% | ||
| Compounded Profit Growth | % | % | -5% | -74% | ||
| Stock Price CAGR | % | % | % | % | ||
| Return on Equity | % | % | -9% | -10% |
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 425 | 425 | 582 | 671 |
| Reserves | -146 | -15 | 135 | 816 |
| Borrowings | 664 | 1,106 | 785 | 701 |
| Other Liabilities | 410 | 337 | 401 | 545 |
| Total Liabilities | 1,352 | 1,852 | 1,903 | 2,733 |
| Fixed Assets | 686 | 660 | 525 | 1,070 |
| CWIP | 0 | 175 | 395 | 79 |
| Investments | 58 | 92 | 77 | 106 |
| Other Assets | 609 | 924 | 906 | 1,478 |
| Total Assets | 1,352 | 1,852 | 1,903 | 2,733 |
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Cash from Operating Activity | 10 | -19 | 26 | -99 |
| Cash from Investing Activity | -95 | -346 | -70 | -365 |
| Cash from Financing Activity | 54 | 393 | 25 | 704 |
| Net Cash Flow | -31 | 28 | -18 | 241 |
| Free Cash Flow | -76 | -175 | -239 | -440 |
| CFO/OP | 27% | -12% | 48% | -80% |
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 48 | 52 | 62 | 78 |
| Inventory Days | 313 | 336 | 420 | 450 |
| Days Payable | 215 | 177 | 215 | 238 |
| Cash Conversion Cycle | 146 | 210 | 267 | 290 |
| Working Capital Days | -45 | 10 | 12 | 49 |
| ROCE % | 4% | 1% | 2% |
| Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|
| Promoters | 59.08% | 59.08% | 59.09% |
| FIIs | 4.05% | 3.90% | 5.17% |
| DIIs | 11.63% | 11.39% | 8.85% |
| Public | 22.88% | 23.29% | 24.62% |
| Others | 2.36% | 2.36% | 2.29% |
| No. of Shareholders | 46,797 | 40,774 | 53,564 |
Fundamentals
Market Cap₹ 18,217 Cr.
Current Price₹ 272
Book Value₹ 22.2
ROCE1.69 %
ROE-9.96 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)33%
Compounded Profit Growth (TTM)-74%
Consolidated figures.
Ownership
Promoter holding59.09%
Computed by MarketFriction from the consolidated statements. Returns use average balances.
Not enough history to build valuation bands (needs two years of profits and prices).
| Period | AEQUS | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +13.3% | -2.8% | +16.1 pts |
| 1 month | +11.1% | -6.8% | +17.9 pts |
| 3 months | +16.3% | -7.6% | +23.9 pts |
| 6 months | +127.4% | +0.4% | +127.0 pts |
28 mutual fund schemes hold about ₹668 Cr.
Over three months 1 bought more and 27 sold (share counts, price move removed).
| Fund | Weight | Est. Cr | 3m shares |
|---|---|---|---|
| SBI Children's Fund-Investment Plan | 3.15% | 244 | -20% |
| SBI MNC Fund | 0.73% | 49 | -16% |
| HDFC Manufacturing Fund | 0.40% | 43 | -14% |
| Motilal Oswal Nifty India Defence Index Fund | 0.70% | 39 | -12% |
| Bank of India Small Cap Fund | 1.10% | 36 | -30% |
| Baroda BNP Paribas Mid Cap Fund | 1.31% | 35 | -10% |
| ICICI Pru Multi Cap Fund | 0.18% | 35 | -17% |
| ICICI Pru Multi Cap Fund | 0.18% | 33 | -17% |
| ICICI Pru Innovation Fund | 0.35% | 27 | -15% |
| Edelweiss Recently Listed IPO Fund | 1.99% | 24 | -21% |
| HDFC Innovation Fund | 0.54% | 17 | -22% |
| Baroda BNP Paribas Manufacturing Fund | 1.45% | 12 | -10% |
| HDFC Defence Fund | 0.11% | 12 | -90% |
| Bank of India Business Cycle Fund | 2.13% | 10 | -10% |
| Aditya Birla SL Nifty India Defence Index Fund | 0.70% | 10 | -12% |
| Baroda BNP Paribas Business Cycle Fund | 1.43% | 8 | -7% |
| Baroda BNP Paribas Innovation Fund | 0.87% | 8 | -14% |
| Motilal Oswal Nifty Microcap 250 Index Fund | 0.29% | 7 | -17% |
| Edelweiss Equity Savings Fund(M | 0.41% | 7 | -22% |
| Edelweiss Equity Savings Fund(M | 0.41% | 6 | -22% |
| Axis Nifty India Defence Index Fund | 0.70% | 2 | -12% |
| The Wealth Company Small Cap Fund | 1.75% | 2 | +100% |
| Groww Nifty Total Market Index Fund | 0.01% | 0 | -14% |
| Angel One Nifty Total Market Index Fund | 0.01% | 0 | -14% |
| Mirae Asset Nifty Total Market Index Fund | 0.01% | 0 | -14% |
Red flags
| look | Regulator order or action Regulator order or action 2025-12-26: Aequs Limited has informed the Exchange about Action(s) taken or orders passed |
| look | On NSE surveillance On NSE surveillance: ASM long-term |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹396 Cr +54.7% vs Jun 2025.
Net loss ₹53 Cr.
Activity
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No bulk or block deals on record.
No corporate actions on record.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
| Trade date | Shares sold short |
|---|---|
| 2026-09-30 | 1 |
| 2026-09-29 | 301 |
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
EPS in the scrip is zero (4 trailing quarters)Long Term Additional Surveillance Measure (Long Term ASM): stage 1