**Aequs Limited IPO** ka detailed review karenge —  
IPO structure, business model, aerospace vs consumer segment ka performance, losses, debt repayment plan, GMP, red flags & green flags…

Agar aapko aerospace sector ya high GMP wale IPOs pasand aate hain, ye video end tak zaroor dekhna 👇



# 💡 IPO Snapshot – 

* **Total Issue Size:** \~₹921.81 crore (Fresh Issue + OFS)
* **Fresh Issue:** ₹6,700M (paisa company ko, mainly loan repayment ke liye)
* **OFS:** 2.03 crore shares (paisa selling shareholders ko)
* **Price Band:** ₹118 – ₹124 per share
* **Lot Size (Retail):** 120 shares (minimum amount \~₹14,000 ke aas-paas)

Ye IPO **book-building process** se aa raha hai, jisme final price demand ke basis pe decide hota hai.



# 🛠️ Business Model – Aequs Kya Karta Hai?

**Aerospace Segment (Core Strength):**

* Precision engineered components banata hai aircrafts ke liye
* Vertically integrated ecosystem in SEZ – machining, forging, surface treatment, assembly etc.
* Revenue steady grow ho raha hai & margins healthy (20–25% EBITDA range recently)

**Consumer Segment (Weak Link):**

* Toys, plastics, cookware, small appliances ke parts wagairah
* Revenue gir raha hai, losses badh rahe hain
* FY25 me goodwill impairment bhi hua – clear sign ki segment struggle kar raha hai

Overall, **Aequs ki jaan Aerospace segment hai**, Consumer segment abhi drag ban raha hai.



# 📊 Financial Performance – Short Summary

* Revenue FY23–FY25: **₹8,121M → ₹9,651M → ₹9,246M** (recent dip)
* Har saal **net loss**: FY23, FY24, FY25 + latest 6M sabme loss
* FY25 loss (\~₹1,023M) me **₹482M ka exceptional loss** (goodwill impairment) include hai
* FY24 me ek baar ka **building sale gain** ne loss thoda kam dikhaya

SEBI ke normal profit criteria (Reg 6(1)(b)) meet nahi hue, isliye IPO Regulation 6(2) ke under aa raha hai — iska matlab company abhi tak steady profit-making nahi hai.



# 💰 Use of Issue Proceeds – Paisa Kahan Jayega?

**Fresh Issue ka paisa mainly teen jagah:**

1️⃣ **Debt Repayment / Prepayment – ₹4,331.67M**

* Company & kuch subsidiaries ke loans ko repay/prepay karne ke liye
* Isse interest cost kam ho sakti hai & balance sheet thodi clean hogi

2️⃣ **Capex for Aerospace – ₹640.02M**

* New machinery & equipment for aerospace manufacturing
* Higher capacity & value-added work ke liye

3️⃣ **Inorganic Growth / General Corporate Purposes**

* Future acquisitions, strategic initiatives, working capital, etc.
* Combined limit: **35% se zyada nahi** (aur GCP alone 25% se zyada nahi)



# 📈 GMP Update (Unofficial Sentiment)

* **GMP (1 Dec 2025):** \~₹43.5
* **Upper Band:** ₹124 per share
* **Expected Listing:** \~₹167.5
* Approx **Listing Premium:** \~35%

Yaad rakho: **GMP grey market ka number hai**, SEBI regulated nahi, sirf sentiment ka indicator hai – guarantee nahi.



# 🔴 Red Flags (Risks – Dhyaan Se Padho)

* Har period me **net loss** \+ kuch periods me **negative operating cash flow**
* SEBI ka standard profit eligibility criteria meet nahi hua (Reg 6(2) route)
* Consumer segment continuous losses & goodwill impairment – drag on business
* Promoter & company ne **₹5,400M+ guarantees** diye hue hai – defaults ka risk indirect hai
* Inorganic growth & capex plans **bank/appraiser approved nahi**, sirf management estimates
* Future tax benefits (SEZ/EOU) kam ya change hue toh margins impact ho sakte hain



# 🟢 Green Flags (Positives)

* Aerospace segment me **specialization + strong margins**
* Ek hi SEZ me integrated aerospace ecosystem – high entry barrier
* Fresh Issue ka sabse bada hissa **debt reduction** me ja raha hai
* Aerospace revenue & profitability dono improving trend par
* High GMP – market sentiment abhi positive dikh raha hai



Aequs Limited IPO 2025 | Aerospace Story, Heavy Debt & 35% GMP Explained...