Aequs Limited — Q2FY27 earnings call summary

• Q2 FY27 consolidated revenue INR4,091 mn (+45% y-y), EBITDA INR245 mn (6% margin); consumer segment EBITDA loss widened due to ramp-up costs
• Consumer ramp slower than expected; EBITDA breakeven milestone for consumer business recalibrated beyond Q4 FY27
• Consumer EBITDA breakeven at ~50% utilization; PAT positive expected by FY30
• Consolidated H1 FY27 revenue grew 50% y-y to INR8,046 mn; aerospace up 42%, consumer revenue doubled
• Aerospace utilization at 69%, capacity additions ongoing; Hosur facility commissioning planned FY29
• Capex guidance reduced from INR660 cr; focus shifting more to aerospace
• Aerospace order book at USD1.1 bn, up 9% this quarter; new Safran contracts expand scope
• Multiple analyst queries on consumer ramp-up scenarios; management to update after evaluation

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