An Indian aerospace supplier’s filings show how far its customer relationships have become revenue in four places: how much of sales rests on a few customers, whether an agreement obliges anyone to order, how much is sold abroad, and whether new capacity is in use. Aequs Limited’s filings show all four.
Aerospace parts are approved before they are made, so a supplier can be a large business with few customers. That makes the customer name the most quoted fact in a press release and the least informative on its own. The filings say what the paperwork commits anyone to do. Technical terms are explained where they first appear.
Start with how much of Aequs is aerospace
Aequs Limited listed in December 2025. It makes precision parts for aerospace and, increasingly, for consumer products. Aerospace was 89.19% of its revenue in FY2025 (the year to 31 March 2025) and 85.04% in FY2026 (the year to 31 March 2026). The FY2026 figure is aerospace net external revenue, meaning sales to customers outside the company, of ₹10,463.75 million out of ₹12,304.36 million. Both come from its Red Herring Prospectus (the offer document a company files before its shares are listed) and its FY2025-26 annual report. The figures below therefore mostly describe the aerospace business, and each one says where it covers both segments, the two business lines Aequs reports separately.
Source: Aequs Limited, Red Herring Prospectus dated 26 November 2025, page 38 (FY2025); FY2025-26 annual report, note 36, page 289 (FY2026). The FY2026 share is our arithmetic.
How much rests on a few customers
Customer concentration means how much of a company’s revenue comes from a few customers. The prospectus names it as a risk: Aequs says it is “dependent on our ten largest customer groups”, a group being a customer and its related companies counted together. The annual report goes the other way and lists its largest aerospace customers, without naming them.
| Document | Period | Covers | Share of revenue |
|---|---|---|---|
| Prospectus | FY2025 | Three largest customer groups, both segments | 53.97% |
| Prospectus | FY2025 | Ten largest customer groups, both segments | 88.57% |
| Prospectus | Six months to 30 Sep 2025 | Three largest customer groups, both segments | 53.39% |
| Prospectus | Six months to 30 Sep 2025 | Ten largest customer groups, both segments | 82.51% |
| Annual report | FY2026 | Four aerospace customers in note 36 | 22.87%, 19.07%, 5.88%, 10.15%. About 58% together |
| Annual report | FY2025 | The four aerospace customers listed in note 36 | 23.74%, 19.82%, 9.78%, 9.55%. About 63% together |
Source: Aequs Limited, Red Herring Prospectus, page 39; FY2025-26 annual report, note 36, page 291. The combined shares are our arithmetic.
The two documents measure different things: customer groups across both segments in one, individual aerospace customers in the other. Do not read them as one series. What they share is the shape: a handful of names carry most of the revenue. The prospectus says Collins, Eaton and Hasbro are among the ten largest and that other names are withheld because consent was not given, so the filings do not say who is who. Most of these customers are what the prospectus calls OEMs, original equipment manufacturers: the companies that build the aircraft, engines or consumer products the parts go into.
Concentration is not a verdict. The annual report lists it among the risks and also says the company benefits from “strong client stickiness and high retention levels”. The useful questions are narrower. How much does the largest single customer represent? Is a share falling because others grew or because orders shrank? Are newer customers already paying?
A long-term agreement is not a purchase order
On 12 October 2026, Aequs filed a revised press release with the stock exchanges, NSE and BSE, under Regulation 30, announcing long-term supply agreements with Safran. Regulation 30 is the part of SEBI’s listing rules that requires a listed company to tell the exchanges promptly about material events. Read the release for what it states and what it leaves out.
| The filing says | The filing does not say |
|---|---|
| Long-term supply agreements with Safran, including Safran Landing Systems, Safran Aerosystems and Safran Electronics & Defense | A contract value |
| Machining of superalloy parts (heat-resistant metal alloys), supply of complex machining coating, and assembly of landing gear components, for the Airbus A320, A330 and A350 and Boeing 787 programmes (a programme is one aircraft model’s production run) | The duration of these agreements, annual volumes or minimum quantities |
| Major work to be carried out at the “upcoming” Hosur facility | When that facility will be ready, or when production starts |
| A separate July 2026 agreement for A320 family wheels, through 2042 | Nothing further on value or volumes |
Source: Aequs Limited, revised press release dated 12 October 2026, filed with NSE and BSE under Regulation 30.
Why the gaps matter: without a value a reader cannot size the revenue, and without a duration or a minimum volume the word “long-term” cannot be tested against anything.
None of this is unusual for a release. The prospectus explains why it matters. It says Aequs’s agreements with OEM customers are for specific products and “do not obligate our customers to place an order with us”, that actual orders arrive as purchase orders, the customer’s actual instruction to buy a stated quantity, and that those orders “may be amended or cancelled prior to finalization”. The annual report’s sustainability report calls the same relationships “long-term, program-based agreements”, meaning agreements tied to particular aircraft programmes. Both are true together. “Long-term” describes duration, not volume.
Approval sits earlier on the same ladder. The prospectus says Aequs must obtain “a range of infrastructure, technical, and quality-related approvals” from certain customers before commercial manufacturing, and that in one instance delays in process development and customer approvals postponed qualification and process validation. Qualification is the customer’s testing and approval of a part before it can be supplied; process validation is proving that the production process makes the part to specification. The prospectus also says Aequs has been associated with Airbus since 2010 and approved as a Tier-1 supplier by customers such as Boeing since 2017, a Tier-1 supplier being one that sells directly to the aircraft maker and not through another supplier. Put the stages side by side and each filing has its own place.
| Stage | Where it shows up | What Aequs’s filings say |
|---|---|---|
| Approved | Prospectus, pages 84 and 301 | Customer approvals before commercial manufacturing; Boeing Tier-1 since 2017 |
| Agreed | 12 October 2026 filing | Long-term agreements with Safran, no value or duration |
| Ordered | Annual report, page 6; Q1 FY27 presentation, slide 7 | Aerospace order book US$889 million at 31 March 2026, US$1,004 million in Q1 FY27 |
| Shipped | Annual report, page 289 | Aerospace net external revenue ₹10,463.75 million in FY2026, up 27% |
| Using capacity | Annual report, page 4; Q1 FY27 presentation, slide 7 | Aerospace capacity utilisation 62% in FY2026, 70% in Q1 FY27 |
Source: Aequs Limited, Red Herring Prospectus; FY2025-26 annual report; Q1 FY27 investor presentation of 29 July 2026; revised press release of 12 October 2026. Growth is the annual report’s figure, 27%, and matches our arithmetic.
Neither the annual report nor the Q1 FY27 investor presentation says over what period the order book converts to revenue. An order book is, as companies commonly count it, orders received but not yet delivered, so it shows scale and not timing.
Agreements like this reach the exchange as Regulation 30 disclosures, often before an annual report reflects them. For how to read an announcement of that kind, see what counts as material in an order announcement. BSE publishes the filing. StockTool.AI’s plain-English summary is live one minute later, with the original source available for verification. The rest of the modules are on the StockTool.AI features page.
Export share: a wide footprint is not low concentration
The annual report’s sustainability report gives exports as 88.13% of turnover, on a reporting boundary it says covers about 90% of revenue (the boundary being the part of the group the report covers), and lists 57 countries served. The prospectus says the business depends on global aerospace demand, “particularly in the U.S., France and India”. A wide footprint and a concentrated customer base can sit together: 57 countries, and four customers at about 58% of revenue.
Source: Aequs Limited, FY2025-26 annual report, Business Responsibility and Sustainability Report, page 118; Red Herring Prospectus, page 38.
Capacity: is the factory ahead of the orders?
A long approval cycle means a supplier often builds before the volume arrives, and Aequs’s annual report says so. Its Managing Director writes that the company intends to “phase investment in line with customer requirements, program visibility and capability needs”. The same message gives the principal drivers of the FY2026 net loss as depreciation and finance costs on capacity commissioned over the last twenty-four months, and a consumer electronics business still ramping. Depreciation is the cost of equipment spread over its working life, and finance costs are mainly interest. It is a clear example of capacity costs arriving before the revenue.
Capacity utilisation is how much of a factory’s available capacity is in use. Aerospace utilisation was 62% in FY2026 and 70% in the June 2026 quarter, with the Indian facilities averaging 70% and 78%. The next step is announced. The annual report records an MoU, a memorandum of understanding recording what the parties intend to do, with the Government of Tamil Nadu “setting out our intent to invest” ₹1,900 crore over ten years at Hosur and, “separately, and as a firm commitment”, ₹2,856 crore approved across Belagavi and Hubballi. It also describes a five-year plan with capital expenditure (money spent on plant and equipment) of about US$350 to 450 million between FY2026-27 and FY2030-31. A plan is not spending to date. The company draws the line between intent and commitment itself, and the Safran filing says the major work will be done at the Hosur site, which it calls upcoming.
Source: Aequs Limited, FY2025-26 annual report, pages 4, 6 and 8; Q1 FY27 investor presentation, slide 7.
A checklist for the next aerospace filing
| Check | What to look for |
|---|---|
| 1. Scope | Which business and which period each figure covers |
| 2. Concentration | The share of the largest customers, and whether names are given |
| 3. The agreement | Value, duration, volumes, where the work will be done, and when it starts |
| 4. Approval | Parts approved or still in qualification, and any delay disclosed |
| 5. Markets | Export share, and the countries the business depends on |
| 6. Capacity | New plant against the order book, and use of what is already built |
Method: our own, from the stages above.
What the filings can and cannot tell you
The documents cover different periods and scopes, and none gives revenue customer by customer. They show stages: approved, agreed, ordered, shipped, used. They do not show how long each stage takes, or whether an agreement will be fully taken up. Aequs is one worked example, not a view on the company and not a template for every supplier.
In aerospace, the customer name opens the story. The filings show how much of that story has actually become a business.
Disclaimer
StockTool.AI is a research and information platform and is not a SEBI-registered investment adviser or research analyst. Its AI-generated insights are based on public filings, transcripts, annual reports and other publicly available information. Summaries may not be exhaustive or error-free, and the original source document should always be treated as authoritative. Nothing here is investment advice or a recommendation to buy, sell or hold any security. Any decision taken on the basis of this information is the reader’s own. Investments in securities are subject to market risks.