India’s precision manufacturing space is witnessing a renaissance, with the upcoming Aequs IPO marking a significant milestone for the domestic aerospace supply chain. Positioned as India’s only fully integrated aerospace manufacturer operating from a single SEZ, Aequs brings a distinctive blend of engineering depth and scale integration — attributes that place it alongside notable listed peers across aerospace, electronics, and advanced manufacturing.
Below, we present an extensive Aequs IPO peer comparison analysis juxtaposing with its closest listed comparables: Azad Engineering, Unimech Aerospace, Amber Enterprises, Kaynes Technology, Dixon Technologies, and PTC Industries.
Aequs Vs Azad Vs Unimech Vs Amber — Financials and Profitability
| Company | Revenue | EBITDA Margin (%) | PAT Margin (%) | ROE (%) | ROCE (%) |
| Aequs | 924.6 | 11.68 | (11.07) | (14.30) | 0.87 |
| Azad Engineering | 457.3 | 35.27 | 18.92 | 8.58 | 12.2 |
| Unimech Aerospace | 242.9 | 37.90 | 34.35 | 33.08 | 25.16 |
| Amber Enterprises | 9,973.0 | 7.98 | 2.52 | 11.30 | 19.50 |
| Kaynes Technology | 2,721.3 | 15.09 | 10.78 | 19.40 | 19.20 |
| Dixon Technologies | 38,860.1 | 3.93 | 3.17 | 32.8 | 40.0 |
| PTC Industries | 308.1 | 35.51 | 19.81 | 6.07 | 7.74 |
While Aequs reported a loss for FY 2025, its operational profile shows mid-teen EBITDA margins that compare favourably with diversified manufacturers. The temporary compression in profitability stems largely from its expansionary investments and heavy R&D in high-end aerospace machining.
Peers like Unimech and Azad enjoy structurally higher margins due to a specialised focus on forged and machined aerospace components. In contrast, Dixon and Amber operate on lower but stable margins due to volume-driven consumer electronics segments.
Importantly, Aequs’s EBITDA trajectory (FY 2024: 15.08 % → FY 2025: 11.68 %) shows resilience despite temporary downturns in its consumer segment — a sign that its aerospace core remains healthy.
Aequs IPO Peer Comparison Analysis — Valuation and Balance Sheet Ratios
| Company | D/E (x) | Current Ratio (x) | P/E (x) | P/B (x) | P/S (x) |
| Aequs | 0.99 | 1.10 | N/A | 9.94 | 8.99 |
| Azad | 0.20 | 4.48 | 95.3 | 7.29 | 20.8 |
| Unimech | 0.16 | 5.62 | 62.8 | 7.08 | 20.2 |
| Amber | 0.77 | 1.22 | 111.0 | 6.78 | 2.26 |
| Kaynes | 0.19 | 2.09 | 96.1 | 7.81 | 11.3 |
| Dixon | 0.34 | 1.01 | 68.4 | 21.7 | 1.83 |
| PTC Industries | 0.13 | 4.92 | 439.0 | 19.5 | 67.1 |
- Leverage and Liquidity: Aequs’s D/E ratio of 0.99× indicates a moderate gearing level — higher than electronics peers like Dixon (0.34×) or Kaynes (0.19×), yet still within a prudent range for capital-intensive aerospace manufacturing. Liquidity at 1.1× remains manageable and expected to improve post-IPO proceeds earmarked for debt reduction.
- Valuation Benchmarks: On a P/B of 9.94× and P/S of 8.99×, Aequs enters the market priced broadly in line with growth manufacturing peers such as Kaynes and Unimech, and considerably cheaper than PTC Industries, which trades at an extraordinary multiple reflecting its niche titanium leadership.
- Absence of P/E (due to FY 2025 losses) should not be seen as a weakness; the company is at an inflection point, and valuation is better benchmarked on sales and asset multiple bases, as investors do with high-growth defense and aerospace plays globally.
Aequs IPO Peer Comparison Analysis — IPO Snapshot
| Parameter | Details |
|---|---|
| Aequs IPO Dates | 3 – 5 December 2025 |
| Issue Size | INR 909.63 – 921.81 crore |
| Fresh Issue | INR 670 crore |
| Offer for Sale | 2,03,07,393 shares |
| Price Band | INR 118 – 124 per share (Employee Discount – INR 11 per share) |
| Listing Date | 10 December 2025 |
Verdict
Aequs is investing aggressively in capacity and process automation — a short-term drag on profits but one that builds a durable competitive moat. Its proximity to global OEMs and 100% in-country value addition uniquely position it as a strategic Make-in-India aerospace enabler.
While peers such as Unimech and Azad currently outperform on return metrics, they remain more specialised and less vertically integrated. Aequs’s broader value chain participation — from forging to final assembly — justifies its premium P/B and P/S multiples relative to pure-play component peers.
Valuation-wise, Aequs offers investors a balanced entry:
- Not excessively leveraged like traditional heavy-manufacturing firms,
- Not overvalued to the extent of niche defense peers (PTC Industries), and
- Supported by robust long-term aerospace visibility via Airbus and Boeing contracts.
Post-listing, any movement toward profit normalisation in FY 2026–27 could catalyse a rapid re-rating, much as seen earlier with Kaynes or Azad Engineering.
Conclusion
The Aequs IPO brings the spotlight back to India’s aerospace manufacturing ambitions. Despite short-term losses, the company’s vertically integrated SEZ model, diversified segment base, and credible global clientele differentiate it from peers.
While traditional investors may hesitate at its current valuation, those with a strategic and medium-term horizon will likely view Aequs as a unique gateway to India’s precision engineering future — combining the depth of a metal-machining specialist with the scalability of an export-oriented OEM partner.
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