OPERATIONS
You should read the following discussion of our financial condition and results of operations in conjunction with our Restated Consolidated Financial Information included in this Red Herring Prospectus as of and for the six months period ended September 30, 2025 and 2024, and the Financial Years 2025, 2024 and 2023, including the related notes, schedules and annexures beginning on page 383. Our Restated Consolidated Financial Information has been prepared in accordance with Ind AS, Section 26 of the Companies Act, the SEBIICDR Regulations and the Guidance Note. Ind AS differs in certain material respects from IFRS and U.S. GAAP. See " Risk Factors - External Risk Factors - Risks related to India - Significant differences exist between the Indian Accounting Standards used to prepare our financial information and other accounting principles, such as the United States Generally Accepted Accounting Principles and the International Financial Reporting Standards, which may affect investors assessments of our financial condition " on page 91.
This discussion contains certain forward-looking statements that involve risks and uncertainties and reflect our current view with respect to future events and financial performance, many of which are beyond our control, which may cause the actual results to be different from those expressed or implied by the forward-looking statements. See " Forward-Looking Statements " and " Risk Factors " on pages 36 and 37, respectively.
We have included certain non-GAAP financial measures and other performance indicators relating to our financial performance and business in this Red Herring Prospectus, each of which is a supplemental measure of our performance and liquidity and not required by, or presented in accordance with, Ind AS, IFRS or U.S. GAAP. Furthermore, such measures and indicators are not defined under Ind AS, IFRS, U.S. GAAP or other accounting standards, and therefore should not be viewed as substitutes for performance, liquidity, or profitability measures under such accounting standards. In addition, such measures, and indicators are not standardized terms and a direct comparison of these measures and indicators between companies may not be possible. Other companies may calculate these measures and indicators differently from us, limiting their usefulness as a comparative measure. Although such measures and indicators are not a measure of performance calculated in accordance with applicable accounting standards, our management believes that they are useful to an investor in evaluating our operating performance.
Unless otherwise indicated, industry and market-related data used in this section have been derived from the report titled " An Assessment of Aerospace and Consumer PEC Industry " dated November 14, 2025 (the " F&S Report " ), prepared and released by Frost & Sullivan (India) Private Limited ( " F&S " ), which has been exclusively paid for and commissioned by our Company pursuant to an engagement letter dated December 10, 2024, as supplemented by a subsequent engagement letter dated September 8, 2025, for the purpose of confirming our understanding of the industry we operate in, in connection with the Offer, as no report is publicly available which provides a comprehensive industry analysis, particularly for our Company s services. The F&S Report shall be made available on the website of our Company at until the Bid/Offer Closing Date and has also been included in " Material Contracts and Documents for Inspection - Material Documents " on page 682. The industry and market-related data included herein includes excerpts from the F&S Report and may have been re-ordered by us for the purposes ofpresentation. There are no material parts, data or information (which may be relevantfor the Offer), that has been left out or changed in any manner. See " Certain Conventions, Use of Financial Information and Market Data and Currency of Presentation - Industry and Market Data " and " Risk Factors - Internal Risk Factors - This Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, Frost & Sullivan (India) Private Limited, which we have commissioned and paidfor purposes of confirming our understanding of the industry exclusively in connection with the Offer . " on pages 32 and 85, respectively.
Our Company s financial year commences on April 1 and ends on March 31 of the immediately subsequent year. Unless otherwise indicated or the context otherwise requires, the financial information included herein is derived from the Restated Consolidated Financial Information included in this Red Herring Prospectus.
Overview
We are the only precision component manufacturer operating within a single special economic zone in India to offer fully vertically integrated manufacturing capabilities in the Aerospace Segment, which sets us apart from other contract manufacturers with selective manufacturing capabilities amongst our peers (Source: F&S Report, see " Industry Overview " , para 4 on page 238). Precision components are precisely machined parts that are designed and manufactured to exact specifications and are commonly supplied to OEM customers and system
integrators. We had one of the largest portfolios of aerospace products in India, as of March 31, 2025 ( Source: F&S Report, see " Industry Overview " , para 2 on page 246). Our diverse product portfolio includes components for engine systems, landing systems, cargo and interiors, structures, assemblies and turning for our aerospace clients. For the six months period ended September 30, 2025 and the Financial Year 2025, our net external revenue from the Aerospace Segment was Rs4,739.53 million and Rs8,246.41 million, respectively.
Our advanced manufacturing capabilities also enable us to enter into new business segments by leveraging existing capabilities. While we primarily operate in the Aerospace Segment, over the years, we have expanded our product portfolio to include consumer electronics, plastics, and consumer durables for our consumer clients. Our diverse consumer product portfolio includes consumer durables such as cookware and small home appliances, plastics such as outdoor toys, figurines, toy vehicles and components for consumer electronics such as portable computers and smart devices.
We are one of the few manufacturers in India with niche metallurgy capabilities, specializing in precision machining of high-end alloys, including titanium alloys for our aerospace clients (Source: F&S Report, see " Industry Overview " , para 8 on page 235). Further, we are the leading company within a single special economic zone in terms of end-to-end manufacturing capabilities (machining, forging, surface treatment and assembly) for the Aerospace Segment in India, based on the number of capabilities and approvals ( Source: F&S Report, see " Industry Overview " , para 2 on page 236).
We operate in three unique, engineering-led vertically integrated precision manufacturing " ecosystems " in India (Source: F&S Report, see " Industry Overview " , para 4 on page 238). These manufacturing ecosystems comprise our Company, few of our suppliers and our Joint Ventures, which allow us to manufacture products in accordance with our clients specifications. Global aerospace companies, such as Airbus and Boeing are focused on enhancing their supply chain efficiency and accordingly, prefer suppliers who are able to offer " one-stop-shop " capabilities to support their complex manufacturing and integration needs, due to the benefits associated with quality management, cost and working capital efficiencies (for instance, on account of reduced logistics and warehousing costs as a result of co-located facilities), reduced lead times and reduced global carbon footprint ( Source: F&S Report, see " Industry Overview " , para 2 on page 236). Our manufacturing ecosystems enable large-scale, timely production of complex products, meeting global OEMs stringent requirements in both Aerospace Segment and Consumer Segment. In recent years, we have strategically prioritized the selective outsourcing of lower value- added activities, including 3-axis and 4-axis machining, within and outside our manufacturing ecosystem to third- party subcontractors, allowing us to concentrate on producing more complex and higher value components through higher value-added activities, including 5-axis machining. While we continue to maintain our capacity in 3-axis and 4-axis machining, our focus going forward is on expanding our capabilities in 5-axis machining, as we move up the value chain. Further, we aim to leverage our existing aerospace manufacturing capabilities to diversify customer base in Aerospace Segment by pursuing opportunities to develop new relationships and strengthening our presence in the Aerospace Segment.
As of September 30, 2025, we produced over 5,000 products within the Aerospace Segment under a variety of manufacturing and assembly programs established with our aerospace customers, including programs for single aisle (such as A220, A320, B737) and long range (A330, A350, B777, B787) commercial aircrafts. We had one of the largest portfolios of aerospace products in India, as of March 31, 2025 (Source: F&S Report, see " Industry Overview " , para 2 on page 246). The combination of our scale, vertically integrated manufacturing ecosystems and qualified engineering talent enables us to scale production while meeting contracted timelines with stringent quality and safety standards. This has also allowed us to achieve 100% in-country value addition for select products. We perform our own quality checks on suppliers, by regularly monitoring and ensuring that the raw materials supplied to us meet our and our customers stringent quality standards, which in turn provides us with an ability to have better control over our quality and increase our competitive ability. Our Company has instituted a quality assurance framework to ensure that all materials and products meet both international standards and those of our customers. We conduct quality checks on suppliers, sourcing raw materials exclusively from approved and qualified vendors. Each manufacturing facility is supported by a dedicated quality assurance team that conduct thorough inspections at all stages of production, from raw material intake to final output. Our manufacturing facilities within our manufacturing clusters hold multiple internationally recognized certifications such as ISO 9001:2015, AS9100D, and NADCAP. Our quality control infrastructure, including inspection equipment such as coordinate measuring machines, optical measuring machines and non-destructive testing equipment, supports precise validation of product specifications. In addition, our manufacturing facilities are periodically inspected and audited by regulatory authorities and customers.
We commenced manufacturing of aero-structure components and aero-engine components, for aerospace clients in our units in the Belagavi Manufacturing Cluster in 2009. Over the past 15 years, we have consistently grown
our business by developing and acquiring new manufacturing capabilities, and diversifying our product portfolio and customer base across the Aerospace Segment and Consumer Segment. We strategically expanded our manufacturing operations in North America and France, through acquisitions in 2015 and 2016, respectively, which have allowed us to acquire new capabilities in the Aerospace Segment, grow our footprint in North America and Europe, and expand our portfolio of products.
We leverage our engineering capabilities to create innovative products and engineering solutions for our OEM customers. Our manufacturing capabilities allow us to develop fully manufactured products based on initial concepts and technical specifications from customers. Further, we have been able to enter into new business segments by leveraging existing core capabilities. As a platform for custom manufacturing based on specific client requirements, we are committed to developing innovative manufacturing processes while continuously improving existing ones to produce high-quality and reliable products in an efficient manner.
We have also entered into joint ventures to enhance our capabilities to develop new products and deliver engineering solutions, by harnessing the complementary expertise of our joint venture entities for production of complex and niche products required by our customers. Our joint venture SQuAD Forging India Private Limited ( " SQuAD " ), has equipped us with enhanced capabilities to, among others, forge small to medium-sized aero- structural parts for engines, landing gear and braking system components in aluminium, steel, titanium or nickel- based alloys. Further, our joint venture with Magellan Aerospace Limited, Canada formed in 2007, Aerospace Processing India Private Limited ( " API " ), has enabled us to provide innovative surface treatment solutions. Further, our joint venture with Tramontina, Aequs Cookware Private Limited equips us with technical capabilities to develop innovative consumer products. However, our existing joint ventures may be discontinued in the future, and our future joint ventures expose us to other potential risks, including risks associated with unforeseen or hidden liabilities, sharing proprietary information, among others. For details, see " Risk Factors - Any difficulties in identifying, consummating and integrating acquisitions, investments or alliances or undertaking any internal restructuring may expose us to potential risks and have an adverse effect on our business, results of operations, financial condition and cash flows " on page 76.
We operate within precision manufacturing vertical for electronic components which is specifically notified as eligible sectors under various Production Linked Incentive ( " PLI " ) schemes promulgated by the Government of India as well as corollary incentive frameworks introduced by several State Governments. In furtherance of our growth plan and with a view to enhancing domestic value addition, backward integration and import substitution, our Company intends to participate in and secure incentives available under (i) the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors for establishing and expanding its electronics manufacturing services line for precision sensor modules and control units, and (ii) complementary State-level capital subsidy, interest subsidy, stamp duty exemption, electricity duty exemption and SGST reimbursement programmes, thereby optimising its capital expenditure structure, accelerating capacity expansion and reinforcing its competitive cost position. By systematically leveraging these initiatives, each designed to reward incremental sales, promote scale, foster technological innovation and cultivate globally competitive manufacturing capabilities, our Company expects to enhance its return on invested capital, diversify its customer base, deepen localisation of its supply chain and fortify its status as a preferred partner to original equipment manufacturers.
Since the commencement of our operations, we have cultivated long-standing relationships with customers, including marquee global OEM customers across the aerospace and consumer industries, and we have over the years established ourselves as key global suppliers for such customers. Our key clients include Airbus, Boeing, Bombardier, Collins Aerospace, Spirit Aerosystems Inc, Safran, GKN Aerospace, Mubea Aerostructures, Honeywell, Eaton and Sabca in the Aerospace Segment, and, Hasbro, Spinmaster, Wonderchef, and Tramontina in the Consumer Segment.
Due to the collaborative nature of the manufacturing which we undertake along with our OEM customers, who have very specific product requirements and stringent quality standards, we have been able to maintain high levels of client stickiness and retention. Our deep understanding of our OEM customers requirements allows us to continuously innovate and upgrade our capabilities in order to develop complex products with quick turnaround times. Extensive testing and validation processes required to fulfil very specific product requirements and stringent quality requirements by aerospace OEM customers create a significant barrier to entry for new market entrants (Source: F&SReport, see " Industry Overview " , para 8 on page 235). Once a contract is awarded by an OEM, significant amount of time is spent on design, manufacturing and first article inspection of the product. Onboarding a new supplier will make the OEM undergo the same processes and this is why OEMs are often reluctant to switch suppliers. We have won the Ramp-up Champion Award for outstanding contribution to the Airbus ramp-up at the Airbus Global Supplier Conference 2024. This recognition rewards operational excellence and resilience in a volatile, uncertain, complex, and ambiguous (VUCA) environment, and is a testament to our ability to
manufacture complex and critical components while consistently delivering quality and on-time performance for our clients.
We are led by our Individual Promoter, Executive Chairman and Chief Executive Officer, Aravind Shivaputrappa Melligeri, who provides strategic vision and leadership to the Aequs group. Further, we also benefit from a seasoned management team with significant industry experience. Further, we are also backed by our investors, Amicus Capital Private Equity I LLP, Amicus Capital Partners India Fund I, Amicus Capital Partners India Fund II, Amansa Investments Ltd, Steadview Capital Mauritius Limited, Catamaran Ekam (acting through its trustee Catamaran Advisors LLP), Sparta Group LLC, SBI Emergent India Fund, DSP India Fund - India Long / Short Strategy Fund with Cash Management Option, SBI Optimal Equity Fund - Long Term and Think India Opportunities Master Fund LP which collectively hold 25.05% of our pre-Offer Equity Share capital.
Significant Factors Affecting our Results Of Operations
Our customer relationships and growth of business from customers
We have established relationships with customers, including marquee global OEM customers across the aerospace and consumer industries, and we have over the years established ourselves as key multi-national suppliers for such customers. Our ten largest customer groups collectively accounted for 82.51%, 85.56%, 88.57%, 86.51% and 86.48% of our revenue from operations for the six months period ended September 30, 2025 and 2024, and the Financial Years 2025, 2024 and 2023 respectively. Our established relationships with our large customer groups provide us with predictability of revenues, and our results of operations would depend on our ability to grow our relationships with such customers. For details, see " Risk Factors - We are dependent on our ten largest customer groups, which comprise a significant portion of our revenue from operations (82.51% for the six months period ended September 30, 2025, 85.56% for the six months period ended September 30, 2024, 88.57% for the Financial Year 2025, 86.51 %for the Financial Year 2024 and 86.48%for the Financial Year 2023). Any failure to maintain our relationship with these customer groups or any adverse changes affecting their financial condition will have an adverse effect on our business, results of operations, financial condition and cash flows. " on page 38.
Accordingly, our revenue from operations and financial performance will depend on the performance of our large customers groups and the demand for their products in their respective end-markets, as well as our ability to meet such customers quality, cost and delivery requirements. Due to the collaborative nature of the manufacturing which we undertake along with our OEM customers, who have very specific product requirements and stringent quality requirements, we have been able to maintain high levels of client stickiness and retention. Our understanding of our OEM customers requirements allow us to continuously innovate and upgrade our capabilities in order to develop complex products with quick turnaround times. Extensive testing and validation processes required to fulfil very specific product requirements and stringent quality requirements by aerospace OEM customers create a significant barrier to entry for new market entrants (Source: F&S Report, see " Industry Overview " , para 8 on page 235). Thus, our customized capabilities, developed in close coordination with our customers and supported by our geographic presence across India, the United States and France, positions us favorably to cater to global OEM customers in the Aerospace Segment and Consumer Segment.
Moreover, to increase our wallet-share from existing customers and diversify our customer base in the Aerospace Segment, we intend to move up the value chain and increase our manufacturing of more critical and complex parts, such as engine and landing systems, as well as venture into the production of new engine and landing systems such as torque tube, engine nacelles and blades. Further, we intend to leverage our credibility with existing customers to increase amount of value addition across customers platform going forward. As a " Detailed Parts Partner Award (D2P) " partner for Airbus, we have access to a pool of contracts which they roll out for various manufacturing and assembly programs, thereby providing us with a competitive advantage over non-D2P partners for Airbus in securing such contracts. For details, see " Our Business - Our Strategies - Continue to increase wallet share with our existing customers in the Aerospace Segment by moving up the manufacturing value chain and diversify our customer base in the Aerospace Segment . " on page 302.
Engineering capabilities and our ability to develop innovative products and engineering solutions
We leverage our engineering capabilities to create innovative products and engineering solutions for our OEM customers. Our engineering expertise allows us to develop fully manufactured products, starting from fundamental principles. This includes a wide range of functional and structural products within the Aerospace Segment (e.g., interior cargo, engine, landing gear, and actuation systems), consumer products (e.g., toys, cookware, and appliances), and components for portable computers and smart devices, among others. There is a high barrier to
enter precision manufacturing business segments, due to the substantial investment required to establish advanced precision manufacturing capabilities, develop proof of concept and cultivate relationships with global OEMs (Source: F&S Report, see " Industry Overview ", para 1 on page 240). Thus, our revenue from operations will depend on our engineering capabilities and our ability to continue to develop innovative products and engineering solutions which meet the niche requirements of our global OEM customers, which will affect our ability to retain existing customers and attract new customers. For details, see " Risk Factors - Our success depends on our ability to develop new products within the Aerospace Segment and Consumer Segment in accordance with our customers niche requirements, in a timely manner. If our design, engineering and development, and execution efforts do not succeed in a timely manner or at all, or if the products we develop do not perform as expected, our business, financial condition, results of operations and cash flows could be adversely affected . " on page 84.
Further, the large scale, advanced manufacturing ecosystems have allowed us to develop a platform that can identify and capitalize on opportunities for future expansion of product lines. We have leveraged our core capabilities (such as surface treatment, forging, assembly, among others) in manufacturing products within the Aerospace Segment to manufacture consumer products. The consumer electronics products that we manufacture (portable computers and smart devices) have high barriers to entry (Source: F&S Report, see " Industry Overview ", para 1 on page 261). We also aim to leverage our platform to further grow our portfolio of consumer electronics and consumer durable products. As a platform for custom manufacturing based on specific client requirements, we are committed to developing innovative manufacturing processes while continuously improving existing ones to produce high-quality and reliable products in an efficient manner. Moreover, we have a manufacturing presence across India, USA and France, with strategic proximity to global OEMs, which enables us to create innovative products and engineering solutions for these OEMs. We are the only company in India in the Aerospace Segment with a presence in three continents, which enables us to access skilled workforce with diverse backgrounds and expertise ( Source : F&S Report, see " Industry Overview", para 2 on page 242). Our ability to access qualified workforce with diverse backgrounds and expertise through our global presence is critical to our ability to continue driving innovative manufacturing processes across our platform.
We have also entered into joint ventures to enhance our capabilities to develop new products and deliver engineering solutions. Our joint venture SQuAD, has equipped us with enhanced engineering capabilities to, among others, forge small to medium-sized aero-structural parts for engines, landing gear and braking system components in aluminium, steel, titanium or nickel-based alloys. Further, Aerospace Processing India Private Limited ( " API "), which is our joint venture with Magellan Aerospace Limited, Canada formed in 2007 has enabled us to provide innovative surface treatment solutions.
As of September 30, 2025 our engineering and new product development team includes over 300 professionals, including process, testing, and tool engineers. We also utilize advanced quality assurance tools and methods to ensure the quality and reliability of our aerospace products, ensuring they meet customer requirements. We expect to continue our investments in improving our engineering capabilities and focus on continuing to improve our ability to develop innovative products and engineering solutions for our customers.
Vertical integration at our manufacturing ecosystems and facilities, and diversity of our product mix
We are the only precision component manufacturer operating within a single special economic zone in India to offer fully vertically integrated manufacturing capabilities in the Aerospace Segment (Source: F&S Report, see " Industry Overview ", para 4 on page 238). Our capabilities and the success of our manufacturing ecosystems and facilities are the result of over two decades of experience and collaboration with customers and suppliers, providing us competitive advantages within the precision component manufacturing industry. Our ability to improve our profitability thus depends on our ability to continue to offer fully vertically integrated manufacturing capabilities which meet the evolving needs of our global OEM customers within the precision component manufacturing industry.
Our manufacturing ecosystems enable us to produce complex products at a large scale and in a timely manner to meet our global OEM customers requirements across the Aerospace Segment and Consumer Segment. As of September 30, 2025, we produced over 5,000 products within the Aerospace Segment under a variety of manufacturing and assembly programs, including programs for single aisle (such as A220, A320, B737) and long range (such as A330, A350, B777, B787) commercial aircrafts, established with our aerospace customers. In addition to our ability to manufacture a wide range of products, the vertical integration between different stages of the value-addition lifecycle at the manufacturing ecosystems, which comprise co-located manufacturing facilities (operated either by us, our joint ventures or by our contract manufacturers), together with our workforce of skilled engineers, enable us to scale the production of components for customers within contracted timelines,
while continuing to meet their quality, delivery and safety standards. Further, over the past few years, we have selectively outsourced lower value added activities within and outside our manufacturing ecosystem to third-party sub-contractors co-located within our manufacturing ecosystem, which has allowed us to focus more on the manufacture of higher value added products.
We also maintain a healthy availability of manufacturing space for bespoke manufacturing requirements of our customers, with 2,201,098 square feet of aggregate manufacturing area (as of September 30, 2025) across the units in three manufacturing clusters in India we operate in and two manufacturing facilities outside India available for expansion and scaling production in a timely manner. Further, we are also proactive in integrating new technologies to align with the evolving technological demands of the aerospace and consumer industries, to ensure that we are equipped with capabilities to fulfil the niche product requirements by our customers. Our use of technology and investments in vertical integration across the manufacturing clusters we operate in and facilities enable us to maintain our operating margins and profitability, and a decline in such investments or the use of such technology could adversely affect our operating margins. See " Risk Factors - Significant disruptions of information technology systems or breaches of data security could have an adverse effect on our business, results of operations, financial condition and cashflows . " on page 80.
Cost and availability of materials
We are a resource-intensive manufacturing business. Cost of materials consumed comprise a significant portion of our total expenses, as detailed below for the periods/years indicated:
| Particulars | For the six months period ended September 30, | For the Financial Year | |||
| 2025 | 2024 | 2025 | 2024 | 2023 | |
| Cost of materials consumed (t in million) | 2,328.94 | 2,285.19 | 4,082.60 | 4,390.72 | 4,168.95 |
| Cost of materials consumed, as a percentage of total expenses (%) | 48.37 | 54.71 | 47.96 | 52.10 | 53.62 |
Further, we source our raw materials on a purchase order basis, and do not enter into long term contracts with suppliers. We purchase a portion of our materials from suppliers located in India and outside India (including China, Germany, France, the United States of America, United Kingdom, Taiwan and South Korea), as detailed below for the periods/years indicated:
We typically select our suppliers based on a variety of factors, including customer preference and our internal assessment of suppliers. Our customers typically provide us with a list of preferred raw materials suppliers, which we use to further filter and select our suppliers based on our own internal assessment of such suppliers by benchmarking their product quality, pricing, timing of delivery, among others. For details, see " Risk Factors - Our business is subject to fluctuations in the prices and disruptions in the availability of raw materials, which may have an adverse effect on our business, results of operations, financial condition and cash flows. " on page 41.
The principal raw materials that we use in our manufacturing processes include aluminum, steel and titanium. Any significant increase in the prices of these or other critical raw materials could significantly affect our cost structure, which in turn could adversely affect our profit margins, disrupt our production schedules, and ultimately lead to a deterioration in our financial condition and results of operations. Given the sensitivity of our operations to raw material costs, effective management of our supply chain and strategic sourcing remains crucial to
| Particulars | For the six months | For the Financial Year | |||
| period ended September 30, | |||||
| 2025 | 2024 | 2025 | 2024 | 2023 | |
| Cost of materials sourced from suppliers located in India (t in million) | 1,081.59 | 1,346.75 | 2,222.05 | 2,312.78 | 2,683.19 |
| Cost of materials sourced from suppliers located in India, as a percentage of total cost of materials sourced (%) | 45.27 | 50.69 | 49.88 | 49.75 | 56.79 |
| Cost of materials sourced from suppliers located outside India (t in million) | 1,307.68 | 1,309.97 | 2,232.85 | 2,336.07 | 2,041.56 |
| Cost of materials sourced from suppliers located outside India, as a percentage of total cost of materials sourced (%) | 54.73 | 49.31 | 50.12 | 50.25 | 43.21 |
mitigating these risks. See also " Our Business - Description of Our Business - Raw Materials and Suppliers " on page 317.
Further, disruptions in the availability of quality raw materials from suppliers may lead to a deterioration in quality of our products, as the quality of our products is primarily derived from the quality of our raw materials. The availability of quality raw materials is affected by several factors, including production capacity constraints, trade restrictions, import tariffs and geopolitical factors that impact supply chain operations. The overall economic downturn and global uncertainty and instability have caused disruptions to the global supply chain. Some of the critical materials used in our manufacturing operations is sourced from China and any disruptions in supply chains involving China could adversely affect our business, results of operations, financial condition and cash flows.
Capacity utilization and operating efficiencies
As of September 30, 2025, we operate units in three manufacturing clusters in India, and operate two manufacturing facilities in France and the USA. Across our three manufacturing ecosystems and two dedicated aerospace facilities, that we operate in, we had an aggregate capacity of 2,919,058 annual machining/molding hours for products within the Aerospace Segment and Consumer Segment, as of September 30, 2025. Higher production capacity utilization results in greater production volumes and higher sales and allow us to spread our fixed costs over a higher quantity of products sold, thereby increasing our profit margins. We utilize advanced automation across the manufacturing clusters we operate in and facilities, including inventory management and record-keeping, to improve operational efficiencies. We also plan to upgrade our existing machinery and purchase new machinery with modern technology, as and when required, to achieve better productivity and minimize our wastage. For details of our installed capacity and capacity utilization, see " Our Business - Description of Our Business -Manufacturing Clusters and Facilities " on page 312. Also see " Risk Factors - While we intend to use a portion of the Net Proceeds to purchase and install machinery and equipment for our Company and our subsidiary, AeroStructures Manufacturing India Private Limited, to expand our existing capacities, we cannot assure you that we will be able to maintain the existing levels of capacity utilization within the segments of our manufacturing clusters we operate in or facilities, which may adversely affect our results of operations. Further, a slowdown or shutdown in our manufacturing operations could have an adverse effect on our business, results of operations, financial condition and cashflows . " on page 43.
Availability of duty exemptions and income tax deductions
Manufacturing facilities in special economic zones ( " SEZs " ) are granted several fiscal incentives including a relaxation from income tax and indirect taxes for a specified period of time. We avail duty exemptions and income tax deductions arising from our operations in the SEZ in Belagavi (Karnataka), Koppal (Karnataka) and export- oriented unit ( " EOU " ) at Hubballi (Karnataka) such as those available to us under Income Tax Act, GST Act and Customs Act, as detailed in the table below for the six months period ended September 30, 2025 and 2024 and the periods/years indicated:
| Particulars | For the six months period ended September 30, | For the Financial Year | |||
| 2025 | 2024 | 2025 | 2024 | 2023 | |
| Duty exemptions and income tax deductions arising from operations in SEZ and EOU (^ in million) | 1,467.50 | 1,009.51 | 2,135.32 | 2,059.67 | 1,807.00 |
| Duty exemptions and income tax deductions arising from operations in SEZ and EOU, as a percentage of revenue from operations (%) | 27.32 | 21.99 | 23.09 | 21.34 | 22.25 |
Thus, in case these duty exemptions and income tax deductions arising from our operations in SEZ and EOU which are currently available to us are discontinued in the future for any reason, our results of operations may be affected.
Material Accounting Policies
Basis ofpreparation and presentation
The Restated Consolidated Financial Information of the Group, its associate and its joint ventures comprise the Restated Consolidated Statement of Assets and Liabilities as at September 30, 2025, September 30, 2024, March 31, 2025, March 31, 2024 and March 31, 2023, the Restated Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Restated Consolidated Statement of Changes in Equity and Restated Consolidated Statement of Cash Flows for the six months period ended September 30,
545
2025 and September 30, 2024 and for the years ended March 31, 2025, March 31, 2024 and March 31, 2023, the Material Accounting Policies and Explanatory Information and Notes (hereinafter referred to as " Restated Consolidated Financial Information " ).
The Restated Consolidated Financial Information have been prepared on a going concern basis. The accounting policies are applied consistently to all the periods/years presented in the Restated Consolidated Financial Information. These Restated Consolidated Financial Information have been prepared by the management of our Company as required under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ( " ICDR Regulations " ) issued by the Securities and Exchange Board of India ( " SEBI " ), in pursuance of the Securities and Exchange Board of India Act, 1992, for the purpose of inclusion in the Red Herring Prospectus ( " RHP " ) and Prospectus in connection with proposed initial public offering of our Company s equity shares. Accordingly, the Restated Consolidated Financial Information may not be suitable for any other purpose and this report should not be used, referred to or distributed for any other purpose.
These Restated Consolidated Financial Information, have been prepared by our Company in terms of the requirements of:
a. Section 26 of Part I of Chapter III of the Companies Act, 2013, as amended ( " the Act " );
b. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended; and
c. The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (ICAI) (the " Guidance Note " ).
The Restated Consolidated Financial Information have been prepared to comply in all material respects with the Indian Accounting Standards ( " Ind AS " ) as specified under Section 133 of the Act rea with the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time), presentation requirements of Division II of Schedule III to the Act, as applicable to the consolidate financial statements and other relevant provisions of the Act.
The Restated Consolidated Financial Information has been compiled by the management of our Company from:
- Audited special purpose consolidated interim financial statements of the Group and its joint ventures as at and for the six months period ended September 30, 2025 prepared in accordance with Indian Accounting Standard (Ind AS) 34 " Interim Financial Reporting " as specified under section 133 of the Act and other accounting principles generally accepted in India and presentation requirements of Schedule III of the Act, except for presenting statements of profit and loss for the current interim three months period ended september 30, 2025 and its comparative interim period of the immediately preceding financial year as required by Ind AS 34, which have been approved by the Board of Directors at their meeting held on November 14, 2025;
- Audited special purpose consolidated interim financial statements of the Group and its joint ventures as at and for the six months period ended September 30, 2024 prepared in accordance with Ind AS as specified under section 133 of the Act and other accounting principles generally accepted in India and presentation requirements of Schedule III of the Act except for presenting comparative financial information as required by Ind AS 34, which have been approved by the Board of Directors at their meeting held on November 14, 2025;
- Audited Consolidated financial statements of the Group and its joint ventures as at and for the years ended March 31, 2025 and 31 March 2024 prepared in accordance with the Ind AS as specified under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on August 12, 2025 and October 4, 2024, respectively ; and
- Audited Consolidated financial statements of the Group and its associate and joint ventures as at and for the years ended March 31, 2023 prepared in accordance with Ind AS as specified under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended, and other accounting principles generally accepted in India, which have been approved by the Board of Directors at their meeting held on September 23, 2023.
The Restated Consolidated Financial Information:
a) have been prepared after incorporating adjustments for the changes in accounting policies, material errors, and regrouping / reclassifications retrospectively in the six months period ended September 30, 2024 and financial years ended March 31, 2025, March 31, 2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the year ended September 30, 2025;
b) does not contain any modification requiring adjustments. Moreover, matters in the Auditor s report, which do not require any corrective adjustments in the Restated Consolidated Financial Information have been disclosed in Part B of Annexure VI of the Restated Consolidated Financial Information; and
c) have been prepared in accordance with the Act, ICDR Regulations and Guidance Note
These Restated Consolidated Financial Information are presented in Indian Rupees (INR), which is also our Parent Company s functional currency. All amounts have been rounded to the two decimal nearest millions, unless otherwise indicated.
The Restated Consolidated Financial Information are approved for issue by the Company s Board of Directors on November 14, 2025
These Restated Consolidated Financial Information are prepared in accordance with Indian Accounting Standards (Ind AS) under the historical cost convention on the accrual basis, except for th following which have been measured at fair value:
- Certain financial assets and liabilities are measured at fair value (refer Note 27)
- Share-based payments
- Defined employee benefit plans; and
- Assets held for sale measured at lower of cost and fair value less cost to sell.
Functional and presentation currency
The Restated Consolidated Financial Information of our Group and our associate and joint ventures are presented in Indian Rupees (INR / Rs), which is the functional currency of the Parent Company and the presentation currency for the Restated Consolidated Financial Information. All amounts disclosed in the Restated Consolidated Financial Information have been rounded to the two decimal of nearest millions (Mn) as per the requirement of Schedule III of Companies Act, 2013, unless otherwise stated. Amounts mentioned as " 0.00 " in the financial statements denote amounts rounded off being less than Rs 0.005 Mn.
Accounting policy on EBITDA
As permitted by the Guidance Note on Division II - Ind AS Schedule III to the Companies Act 2013, we have elected to present earnings before interest, tax, depreciation and amortization (EBITDA) as a separate line item on the face of the Restated Consolidated Statement of profit and loss. We measure EBITDA on the basis of profit/(loss) from continuing operations. In its measurement, we do not include depreciation and amoritization expense, finance costs, share of net profit/(loss) of associate and joint ventures accounted for using the equity method net of tax, exceptional items gain/(loss) and income tax expenses.
Principles of consolidation and equity accounting
The Restated Consolidated Financial Information incorporate the financial statements of our Parent Company and entities controlled by our Parent Company i.e., our subsidiaries. It also includes our share of profits/(loss), net assets and retained post acquisition reserves of joint ventures and associates that are consolidated using the equity method of consolidation.
Control is achieved when our Company is exposed to or has rights to the variable returns of the entity and the ability to affect those returns through its power to direct the relevant activities of the entity.
The results of subsidiaries, joint ventures and associates acquired or disposed off during the year are included in the restated consolidated statement of profit and loss from the effective date of acquisition or up to the effective date of disposal, as appropriate.
Wherever necessary, adjustments are made to the financial statements of subsidiaries, joint ventures and associates to bring their accounting policies in line with those used by other entities of ours.
Subsidiaries
Subsidiaries are entities controlled by us. We control an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the restated consolidated financial statements from the date on which control commences until the date on which control ceases.
Items of assets, liabilities, equity, income, expenses and cash flows of the parent with those of its subsidiaries are combined like to like basis. For this purpose, income and expenses of the subsidiary are based on the amounts of the assets and liabilities recognized in the consolidated financial statements at the acquisition date.
Non-controlling interests (NCI)
Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from our equity. The interest of non-controlling shareholders may be initially measured either at fair value or at the non-controlling interests proportionate share of the fair value of the acquiree s identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying value of non-controlling interests is the amount of those interests at initial recognition plus the noncontrolling interests share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if it results in the non-controlling interests having a deficit balance.
Transactions eliminated on consolidation
Intra Group balances and transactions, and any unrealised income and expenses arising from intra-Group transactions, are eliminated. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of our interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
Business combination
A common control business combination, involving entities or businesses in which all the combining entities or businesses are ultimately controlled by the same party or parties both before and after the business combination and where the control is not transitory, is accounted for using the pooling of interest method in accordance with Ind AS 103 Business Combinations. Other business combinations, involving entities or businesses are accounted for using acquisition method. Consideration transferred in such business combinations is measured at fair value, which is calculated as the sum of the acquisition date fair values of the assets transferred by us, liabilities incurred by us to the former owners of the acquiree and the equity interests issued by us in exchange of control of the acquiree. Goodwill is recognised and is measured as the excess of the sum of the (i) consideration transferred, (ii) the amount of any non-controlling interests in the acquiree, and (iii) the fair value of the acquirers previously held equity interest in the acquiree, over the net of the consideration date amounts of the identifiable assets acquired and the liabilities assumed. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised in other comprehensive income and accumulated in equity as capital reserve provided there is clear evidence of the underlying reasons for classifying the business combination as a bargain purchase. In other cases, the bargain purchase gain is recognised directly in equity as capital reserve.
Goodwill
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill is allocated to each of our cashgenerating units or our cash generating units that are expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit s value may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying value of any goodwill allocated to the unit and then to the other assets of the unit in proportion to the carrying value of each asset in the unit. An impairment loss recognised for goodwill is
not reversed in a subsequent period. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of profit or loss on disposal. Goodwill is not amortised but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired.
Investment in associates
Associates are those enterprises over which the we has significant influence but does not have control or joint control. Investments in associates are accounted for using the equity method and are initially recognised at cost from the date significant influence commences until the date that significant influence ceases. Subsequent changes in the carrying value reflect the post-acquisition changes in our share of net assets of the associate and impairment charges, if any. When our share of losses exceeds the carrying value of the associate, the carrying value is reduced to nil and recognition of further losses is discontinued, except to the extent that we have incurred obligations in respect of the associate. Unrealised gains on transactions between us and our associates are eliminated to the extent of our interest in the associates, unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred and where material, the results of associates are modified to conform to our accounting policies.
Investment in joint ventures
A joint arrangement is a contractual arrangement whereby we and other parties undertake an economic activity where the strategic financial and operating policy decisions relating to the activities of the joint arrangement require the unanimous consent of the parties sharing control.
Joint arrangements that involve the establishment of a separate entity in which each co venturer has an interest are referred to as joint ventures. We report our interests in joint ventures using the equity method of accounting whereby an interest in joint venture is initially recorded at cost and adjusted thereafter for postacquisition changes in our share of net assets of the joint venture. The consolidated statement of profit and loss reflects our share of the results of operations of the joint venture.
When our share of losses exceeds the carrying value of the joint venture, the carrying value is reduced to nil and recognition of further losses is discontinued, except to the extent that we have incurred obligations in respect of the joint venture. Unrealized gains on transactions between us and our joint ventures are eliminated to the extent of our interest in the joint venture, unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred and where material, the results of joint ventures are modified to confirm to our accounting policies.
Segment reporting
Operating segment reflect our management structure and the way the financial information is regularly reviewed by the Executive Chairman and Chief Executive Officer (our Chief Operating Decision Maker ( " CODM " )). The CODM considers the business from both business and product perspective based on the dominant source, nature of risks and returns and the internal organisation and management structure.
Segment revenue, segment expenses, segment assets and segment liabilities have been identified to the segment on the basis of their relationship to the operating activities of the segment.
Revenue, expenses, assets and liabilities which relate to us as a whole and are not allocable to segments on reasonable basis have been included under unallocated revenue / expenses / assets / liabilities.
Our CODM is identified to be the Executive Chairman and Chief Executive Officer of our Company, who plans the allocation of resources and assess the performance of the segments. We have two reportable segments Aerospace and Consumer to be reported in its financial statements.
Foreign currency transactions
In preparing the Restated Consolidated Financial Information, transactions in currencies other than the entity s functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are re-translated at the rates prevailing at the end of the reporting period. Non-monetary items carried at fair value that are
denominated in foreign currencies are re-translated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not translated.
For the purpose of presenting the Restated Consolidated Financial Information, the assets and liabilities of our Parent Company s foreign subsidiaries, associates and joint ventures are expressed in using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in a separate component of equity. On the disposal of a foreign operations, all of the accumulated exchange differences in respect of that operations attributable to our Company are reclassified to the consolidated statement of profit and loss.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operations and translated at the closing rate.
Revenue recognition
We earn our revenue from sale of manufactured goods and rendering of services. We have determined that it is a principal in all its arrangements with its customers.
We recognise revenue when control of goods has transferred to customers and there are no unfulfilled obligations that could affect the customers acceptance of the products. Control of goods is considered to be transferred at a point-in-time when goods have been despatched or delivered, as per the terms agreed with the customer as that is when the legal title, physical possession and risks and rewards of goods transfers to the customers.
Revenue from services is recognised in the accounting period in which services are rendered.
We do not have any contracts where the period between the transfer of goods or services to the customer and payment by the customer exceeds one year. Accordingly, we do not adjust any of the transaction prices for time value of money.
Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price allocated to that performance obligation. As a practical expedient, we have opted not to disclose the information in respect of performance obligations that are part of contracts that has an original expected duration of one year or less.
A contract asset is recognised when we get the right to consideration in exchange for goods or services that it has transferred to the customers and the right is conditional upon acts other than passage of time.
When the payment exceeds the value of goods supplied or services rendered, a contract liability (advance from customers) is recognised.
Government grants
Government grants are recognised when there is reasonable assurance that the we will comply with the relevant conditions and the grant will be received. Government grants are recognised in the statement of profit and loss, either on a systematic basis when we recognize, as expenses, the related costs that the grants are intended to compensate or, immediately if the costs have already been incurred. Government grants related to assets are deferred and amortised over the useful life of the asset.
Income tax
The income tax expense or credit for the year is the tax payable on the current years taxable income based on the applicable income tax rate applicable adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting year in the countries where the parent company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with
respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. We measure our tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.
Deferred income tax is provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting profit nor taxable profit (tax loss). Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Deferred tax assets are reviewed at each reporting date.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Leases
At inception of a contract, we assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
As a lessee
Leases are recognised as a right of use asset and a corresponding liability at the date at which the leased asset is available for use by us. Contracts may contain both lease and non-lease components. We allocate the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:
- Fixed payments (including in-substance fixed payments), less any lease incentives receivable.
- Variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date.
- Amounts expected to be payable by us under residual value guarantees.
- The exercise price of a purchase option if we are reasonably certain to exercise that option.
- Payments of penalties for terminating the lease, if the lease term reflects us exercising that option.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in our estimate of the amount expected to be payable under a residual value guarantee, if we change our assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right- of-use asset has been reduced to zero.
Lease payments to be made under reasonably certain extensions options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If the rate cannot be readily determined, as in the case of lease of buildings, our incremental borrowing rate is used,
being the rate that we would have to pay to borrow the funds necessary to obtain the asset of similar value to the right of use asset in a similar economic environment with similar terms, security and conditions.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right of use assets are measured at cost comprising of the following:
- The amount of the initial measurement of lease liability
- Any lease payments made on or before the commencement date less any lease incentives received
- Any initial direct cost
- Restoration cost
Right of use assets are generally depreciated over the shorter of the assets useful life and the lease term on a straight line basis. Where we are reasonably certain to exercise the purchase option, the right of use asset is depreciated over the underlying assets useful life.
Payment associated with short-term lease of equipment and all leases of low-value assets are recognised on a straight line basis as an expense in profit or loss. Short term leases are leases with a lease term of 12 months or less.
Impairment of assets
At each balance sheet date, we review the carrying value of our property, plant and equipment, intangible assets and right of use assets to determine whether there is any indication that the carrying value of those assets may not be recoverable through continuing use. If any such indication exists, the recoverable amount of the asset is reviewed in order to determine the extent of impairment loss, if any. Where the asset does not generate cash flows that are independent from other assets, we estimate the recoverable amount of the cash generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. An impairment loss is recognised in the consolidated statement of profit and loss as and when the carrying value of an asset exceeds its recoverable amount.
Where an impairment loss subsequently reverses, the carrying value of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, so that the increased carrying value does not exceed the carrying value that would have been determined had no impairment loss been recognised for the asset (or cash generating unit) in prior years. A reversal of an impairment loss is recognised in the consolidated statement of profit and loss immediately.
Cash and cash equivalents
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business and reflects our unconditional right to consideration (that is, payment is due only on the passage of time). Trade receivables are recognised initially at the transaction price as they do not contain significant financing components. We hold the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method, less loss allowance.
Inventories
Inventories include raw materials (including stores, spares and packing material), work in progress and finished goods. Inventories are stated at the lower of cost and net realizable value. Cost of raw materials comprise of cost of purchases, freight and other expenses incurred in bringing the raw materials to the manufacturing location, excluding rebates and discounts.
Cost of work in progress and finished goods comprises direct materials, direct labour and an appropriate portion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity.
Costs are assigned to individual items on weighted average cost basis which is calculated on the basis of total cost of raw materials divided by the quantities purchased. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.
Investments and other financial assets
Classification
We classify our financial assets in the following measurement categories:
- those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and
- those measured at amortised cost.
The classification depends on the entitys business model for managing the financial assets and the contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For investments in equity instruments (not held for trading purpose), this will depend on whether we have made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income.
Recognition
Regular way purchases and sales of financial assets are recognised on trade-date, the date on which we commit to purchase or sale the financial assets.
Measurement
At initial recognition, we measure a financial asset (other than trade receivables) at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.
(a) Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method (refer note 28 for asset details).
(b) Fair value through other comprehensive income ( " FVOCI " ): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses which are recognised in profit and loss. When the financial asset is derecognized, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/(losses). Interest income from these financial assets is included in other income using the effective interest rate method. Foreign exchange gains and losses are presented in other expenses and impairment expenses in other expenses.
Impairment of financial asset
We assess on a forward looking basis the expected credit losses associated with its assets carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Note 28 details how we determine whether there has been a significant increase in credit risk. For trade receivables only, we apply the simplified approach required by Ind AS 109 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
Derecognition of financial assets
A financial asset is derecognized only when
- we have transferred the rights to receive cash flows from the financial asset or
- retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.
Where the entity has transferred an asset, we evaluate whether it has transferred substantially all risks and rewards of ownership of the financial asset. In such cases, the financial asset is derecognized. Where the entity has not transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognized.
Where the entity has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of the financial asset, the financial asset is derecognized if hawse have not retained control of the financial asset. Where we retain control of the financial asset, the asset is continued to be recognised to the extent of continuing involvement in the financial asset.
Income recognition
Interest income from financial assets at fair value through profit and loss is disclosed as interest income within finance income. Interest income from financial assets at amortized cost is calculated using the effective interest method and is recognised in the statement of profit and loss using the effective interest rate method.
Dividend Income
Dividend income is recognised in profit or loss on the date on which our right to receive payment is established. Property, plant and equipment
All items of property, plant and equipment are stated at historical cost or deemed cost applied on transition to Ind AS less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items, net of refundable taxes. Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to us and the cost of the item can be measured reliably. When significant spare parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
Depreciation commences when the assets are ready for their intended use. An assets carrying amount is written down immediately to its recoverable amount if the assets carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in statement of profit and loss within other income/(expenses).
Depreciation methods, estimated useful lives and residual value
Depreciation is calculated using the straight-line method to allocate their cost, net of their residual values, over their estimated useful lives or, in case of certain leased machineries, the shorter lease term as follows:
The estimated useful lives of assets are as follows:
| Asset | Useful life (in years) |
| Leasehold improvements | 10 or lease period, whichever is lower |
| Plant and machinery | 1.5 to 10 |
| Computers | 3 to 6 |
| Furniture and fittings | 1.5 to 5 |
| Vehicles | 10 |
| Office and other equipment | 1.5 to 5 |
The useful lives have been determined based on technical evaluation done by the management which are higher than those specified by Schedule II to the Companies Act, 2013, in order to reflect the actual usage of the assets. The residual values are not more than 5% of the original cost of the asset.
The assets residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. Assets in the course of development or construction are not depreciated.
Investment property
Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by us, is classified as investment property. Investment property is measured initially at its cost, including related transaction costs and where applicable borrowing costs. Subsequent expenditure is capitalised to the asset s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to us and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognised. Investment properties are depreciated using the straight-line method over their estimated useful lives. Investment property (building) is depreciated over the estimated remaining useful life of 7 years. The useful life has been determined based on technical evaluation performed by the management s expert.
Intangible assets
Intangible assets include Computer software and Technical knowhow. Costs associated with maintaining software programs are recognised as an expense as incurred. Technical knowhow comprises of capitalized product developed costs, being an internally generated intangible asset.
We amortize intangible assets with finite useful life using the straight-line method over the following estimated useful lives:
| Asset | Useful life (in years) |
| Computer software | 2 - 10 years |
| Technical knowhow | 5 years |
Trade and other payables
These amounts represent liabilities for goods and services provided to us prior to the end of financial year which are unpaid. The amounts are unsecured. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortized cost using the effective interest method.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.
Borrowings are classified as current liabilities unless we have an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Where there is a breach of a material provision of a long-term loan arrangement on or before the end of the reporting period with the effect that the liability becomes payable on demand on the reporting date, the entity does not classify the liability as current, if the lender agreed, after the reporting period and before the approval of the financial statements for issue, not to demand payment as a consequence of the breach.
Borrowing costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. Other borrowing costs are expensed in the period in which they are incurred.
Employee benefits
Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the Balance Sheet.
Other long-term employee benefit obligations
Leave obligations are presented as current liabilities in the balance sheet since the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.
Post-employment obligations
We operate the following post-employment schemes:
- defined benefit plans such as gratuity, pension obligations; and
- defined contribution plans such as provident fund and ESI.
(a) Defined benefit plans :
A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. Our net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets.
Gratuity obligations (India):
The liability or asset recognised in the balance sheet in respect of gratuity plans is the present value of the defined benefit obligation at the end of the reporting period. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation denominated in INR is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation.
The interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation. This cost is included in employee benefit expense in the statement of profit and loss.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.
Pension obligations (France):
The French pension system is operated on a " pay as you go " basis. Each employee is entitled to receive a basic pension from the Social Security plus a complementary pension from defined contribution schemes ARRCO and AGIRC (solely for management for AGIRC). Moreover, retiring allowances (lump sums) must by law be paid by the employer when employees retire. The defined benefit obligation is calculated annually by actuaries using appropriate criteria applicable in France.
(b) Defined contribution plans :
A defined contribution plan is a post-employment benefit plan where the our legal or constructive obligation is limited to the amount that it contributes to a separate legal entity.
India:
We make specified monthly contributions towards Employees Provident Fund Organisation and Employees State Insurance Corporation. Obligations for contributions to defined contribution plans are expensed as an employee benefits expense in the statement of profit and loss in period in which the related service is provided by the employee. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available.
United States of America:
Eligible employees of our Group in the United States participate in an employee retirement savings plan (the " 401K Plan " ) under section 401(K) of the United States Internal Revenue Code. The 401K plan allows for the employees to defer a portion of their annual earnings on a pre-tax basis through voluntary contributions to the 401K plan. Our contribution to the plan is discretionary and no contribution has been made on this account during the current and previous reporting years.
Share-based payments
Share-based compensation benefits are provided to employees through the Aequs Stock Option Plan. The fair value of options granted under the Aequs Employee Stock Option Plan is recognised as an employee benefits expense with a corresponding increase in equity.
The total amount to be expensed is determined by reference to the fair value of the options granted:
- including any market performance conditions (e.g., the entitys share price), and
- including the impact of any service and non-market performance vesting conditions.
The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied on an accelerated basis. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.
Financial guarantee contracts
Financial guarantee contracts are recognised as a financial liability at the time the guarantee is issued. The liability is initially measured at fair value and subsequently at the higher of the (i) amount determined in accordance with the expected credit loss model as per Ind AS 109 and the amount initially recognised less, where appropriate, cumulative amount of income recognised in accordance with the principles of Ind AS 115. The fair value of financial guarantees is determined as the present value of the difference in net cash flows between the contractual payments under the debt instrument and the payments that would be required without the guarantee, or the estimated amount that would be payable to a third party for assuming the obligation.
Where guarantees in relation to loans or other payables of associates are provided for no compensation, the fair values are accounted for as contributions and recognised as part of the cost of the investments.
Contributed equity
Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from securities premium.
Non-current assets held for sale and discontinued operations
Non-current assets and disposal Groups classified as held for sale are measured at the lower of their carrying value and fair value less costs to sell. Assets and disposal Groups are classified as held for sale if their carrying value will be recovered through a sale transaction rather than through continuing use. This condition is only met when the sale is highly probable and the asset, or disposal Group, is available for immediate sale in its present condition and is marketed for sale at a price that is reasonable in relation to its current fair value. We must also be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Where a disposal Group represents a separate major line of business or geographical area of operations, or is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations, then it is treated as a discontinued operations. The post-tax profit or loss of the discontinued operations together with the gain or loss recognised on its disposal are disclosed as a single amount in the statement of profit and loss, with all prior periods being presented on this basis.
Earnings per share Basic earnings per share
Basic earnings per share is calculated by dividing:
- the profit/(loss) attributable to our equity holders
- by the weighted average number of equity shares outstanding during the year.
Diluted earnings per share
Diluted earnings per share is calculated by dividing:
- the profit/(loss) after tax as adjusted for dividend, interest (net of any attributable taxes) other charges to expense or income relating to the dilutive potential equity shares,
- by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares.
Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share or increase the net loss per share. Potential dilutive equity shares are deemed to be converted as at the beginning of the period, unless they have been issued at a later date. Dilutive potential equity shares are determined independently for each period presented.
Provisions and onerous contracts
Provisions are recognised when we have a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of management s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in provision due to the passage of time is recognised as an expense.
A provision for onerous contract is recognised when the expected benefits to be derived by us from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of expected cost of terminating the contract and the expected net cost of
continuing with the contract. Before a provision is established, our Company recognizes any impairment loss on the assets associate with the contract.
Use of judgements and estimates
The preparation of financial statements in conformity with Ind AS requires estimates and judgements that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the financial statements and accompanying notes. Estimates are used for, but not limited to useful lives of property, plant and equipment, accounting for right-of-use assets, impairment of goodwill and investments in associate and joint ventures, and estimation of and recoverability of deferred tax balances. Actual results could differ materially from these estimates.
In preparing these consolidated financial statements, management has made judgements and estimates that affect the application of our accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
Judgements
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements is included in the following notes:
Note 7: investments accounted for using the equity method: whether we have significant influence
over an investee;
Note 5: lease term: whether we are reasonably certain to exercise extension options.
Assumption and estimation uncertainties
Information about assumptions and estimation uncertainties at the reporting date that have a risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year is included in the following notes:
| Note 17: | measurement of defined benefit obligations: key actuarial assumptions; |
| Note 39: | recognition of deferred tax assets: availability of future taxable profit against which deductible temporary differences and tax losses carried forward can be utilised; Note 30: uncertain tax treatments; |
| Note 42: | determining the fair value less costs to sell of the disposal Group on the basis of significant unobservable inputs; |
| Note 6: | impairment test of intangible assets and goodwill: key assumptions underlying recoverable amounts, including the recoverability of development costs; |
| Notes 11 and 30: | recognition and measurement of provisions and contingencies: key assumptions about the likelihood and magnitude of an outflow of resources; |
| Note 9 (ii): | measurement of ECL allowance for trade receivables: key assumptions in determining the weighted-average loss rate; and |
| Notes 33: | acquisition of subsidiary: fair value of the consideration transferred (including contingent consideration) and fair value of the assets acquired and liabilities assumed, measured on a provisional basis. |
Changes in material accounting policies
Deferred tax related to assets and liabilities arising from a single transaction
We have adopted Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to Ind AS 12) from April 1, 2024. The amendments narrow the scope of the initial recognition exemption to exclude transactions that give rise to equal and offsetting differences - e.g., leases. For leases and decommissioning liabilities, an entity is required to recognise the associated deferred tax assets and liabilities from the beginning of the earliest comparative period presented, with any cumulative effect recognised as an adjustment to retained earnings or other components of equity at that date. For all other transactions, an entity applies the amendments to transactions that occur on or after the beginning of the earliest period presented.
We previously accounted for deferred tax on leases by applying the integrally linked approach, resulting in a similar outcome as under the amendments, except that the deferred tax asset or liability was recognised on a net basis. Following the amendments, we have recognised a separate deferred tax asset in relation to its lease liabilities and a deferred tax liability in relation to its right to-use assets as at April 1, 2021 and thereafter. However, there was no impact on the balance sheet because the balances qualify for offset under paragraph 74 of Ind AS 12. There was also no impact on the opening retained earnings as at April 1, 2021as a result of the change. The key impact for us relate to disclosure of the deferred tax assets and liabilities recognised in Note 39.
Key Components of our Restated Consolidated Statement of Profit and Loss
The key components of our restated consolidated statement of profit and loss are described below:
Income
Revenue from operations. Revenue from operations comprise revenue from sale of manufactured goods (primarily from sale of manufactured goods across our aerospace and consumer product portfolio), sale of services (primarily from support services provided to customers) and other operating income (primarily from sale of scrap).
Other income. Other income comprises government grant (Merchandise Exports from India Scheme), liabilities no longer required written back, dividend income, gain on derecognition of lease, net gain on disposal of property, plant and equipment, exchange difference (other than on borrowings), interest income, unwinding of discount on security deposit, interest income under the effective interest method on deferred consideration, financial guarantee income, gain on mutual funds and miscellaneous income.
Expenses
Cost of materials consumed. Cost of materials consumed comprise the sum of opening stock for the year, purchases during the year and inventories pertaining to entities acquired, less movement in provision for slow moving inventory and closing stock for the year.
Changes in inventories of finished goods and work-in-progress. Changes in inventories of finished goods and work-in-progress consists of net increases or decreases in inventories of finished goods and work-in-progress.
Purchases of stock-in-trade. Purchases of stock-in-trade comprises traded consumer products, a non-recurring item appearing on the financial statements of our subsidiary, Aequs Consumer Products Private Limited.
Employee benefits expense. Employee benefits expenses comprises salaries, wages and bonus, contribution to provident and other funds, employee stock option expense, leave compensation, gratuity, and staff welfare expenses.
Impairment losses on financial assets. Impairment losses on financial assets comprise provisions created against financial assets.
Other expenses. Other expenses comprises consumption of subcontracting expenses, stores and spare parts, power and fuel, insurance, repairs and maintenance (including towards machinery, building and others), legal and professional fees, payment to auditors, rental charges, printing and stationery, freight and forwarding, rates and taxes, travelling and conveyance, communication, advertising and sales promotion, royalty fee, bank charges, loss on disposal of property, plant and equipment/investment property (net), expenditure on corporate social responsibility, net foreign exchange loss (other than on borrowings), share issue expenses of subsidiaries, provision for doubtful advances & advances written off, and miscellaneous expenses.
Finance cost. Finance cost comprises interest expense on working capital borrowings, term loan and others, exchange differences (on borrowings), financial guarantee expense, interest expense on lease liabilities.
Depreciation and amortisation expense. Depreciation and amortisation expense comprises depreciation of property, plant and equipment, amortisation of intangible assets, depreciation on investment property and depreciation of right-of-use assets.
Share of net profit/(loss) of associate and joint ventures accounted for using the equity method, net of tax. Share of net profit/(loss) of associate and joint ventures accounted for using the equity method, net of tax comprises our Company s share of profits arising from joint ventures, based on our percentage of shareholding of such joint
ventures.
Exceptional items loss/(gain). Exceptional items loss/(gain) comprises impairment loss on goodwill, impairment loss on receivable from related parties, impairment loss on loans receivable from related parties, and gain on sale of investment property.
Income tax expense. Our tax expenses include current tax expenses and deferred tax expenses.
Discontinued operations. Discontinued operations of certain of our entities, and the resulting profit/(loss) from discontinued operations after tax.
Our Results of Operations
The following table sets forth select financial data from our Restated Consolidated Financial Information for the six months period ended September 30, 2025 and 2024 and the Financial Year 2025, 2024 and 2023, the components of which are also expressed as a percentage of total income for such years:
| Particulars | For the six months period ended September 30 | |||
| 2025 | 2024 | |||
| (f in million) | (% of Total Income) | (f in million) | (% of Total Income) | |
| Continuing operations | ||||
| Revenue from operations | 5,371.59 | 94.98% | 4,589.73 | 96.52% |
| Other income | 283.86 | 5.02% | 165.33 | 3.48% |
| Total Income | 5,655.45 | 100.00% | 4,755.06 | 100.00% |
| Expenses | ||||
| Cost of materials consumed | 2,328.94 | 41.18% | 2,285.19 | 48.06% |
| Purchases of stock-in-trade | - | - | - | - |
| Changes in inventories of finished goods and work-in-progress | (154.35) | (2.73%) | (314.98) | (6.62%) |
| Employee benefits expense | 927.57 | 16.40% | 762.12 | 16.03% |
| Impairment losses/(reversal) on financial assets | 2.26 | 0.04% | (9.00) | (0.19)% |
| Other expenses | 1,709.97 | 30.24% | 1,453.51 | 30.57% |
| Total Expenses | 4,814.39 | 85.13% | 4,176.84 | 87.84% |
| Earnings from continuing operations before finance cost, depreciation and amortisation, share of profit/(loss) of associate and joint ventures, exceptional items and tax | 841.06 | 14.87% | 578.22 | 12.16% |
| Finance costs | 357.51 | 6.32% | 278.59 | 5.86% |
| Depreciation and amortisation expense | 571.55 | 10.11% | 529.20 | 11.13% |
| Loss from continuing operations before exceptional items, share of profit/(loss) of associate and joint ventures, and tax | (88.00) | (1.56%) | (229.57) | (4.83%) |
| Share of net profit/(loss) of associate and joint ventures accounted for using the equity method, net of tax | 33.83 | 0.60% | 53.16 | 1.12% |
| Exceptional items gain/(loss) | - | - | (482.65) | (10.15% |
| Loss before tax from continuing operations | (54.17) | (0.96%) | (659.06) | (13.86%) |
| Income Tax expense | ||||
| Current tax | 109.91 | 1.94% | 67.58 | 1.42% |
| Deferred tax | 2.76 | 0.05% | (10.53) | (0.22%) |
| Total tax expense | 112.67 | 1.99% | 57.05 | 1.20% |
| Loss from continuing operations | (166.84) | (2.95%) | (716.11) | (15.06%) |
| Discontinued operations | ||||
| (Loss)/profit from discontinued operations before tax | (2.93) | 0.05% | (0.89) | 0.02% |
| (Loss)/profit from discontinued operations after tax | (2.93) | 0.05% | (0.89) | 0.02% |
| Loss for the period/year | (169.77) | (3.00%) | (717.00) | (15.08%) |
| Particulars | Financial Year ended March 31, | |||||
| 2025 | 2024 | 2023 | ||||
| (f in million) | (% of Total Income) | (f in million) | (% of Total Income) | (f in million) | (% of Total Income) | |
| Continuing operations | ||||||
| Revenue from operations | 9,246.06 | 96.39% | 9,650.74 | 97.65% | 8,121.32 | 96.62% |
| Other income | 346.07 | 3.61% | 232.30 | 2.35% | 284.07 | 3.38% |
| Total Income | 9,592.13 | 100.00% | 9,883.04 | 100.00% | 8,405.39 | 100.00% |
| Expenses | ||||||
| Cost of materials consumed | 4,082.60 | 42.56% | 4,390.72 | 44.43% | 4,168.95 | 49.60% |
| Purchases of stock-intrade | - | - | - | - | 20.70 | 0.25% |
| Changes in inventories of finished goods and work-in-progress | (160.60) | (1.67%) | (224.67) | (2.27%) | (349.24) | (4.15%) |
| Employee benefits expense | 1,587.41 | 16.55% | 1,434.08 | 14.51% | 1,446.39 | 17.21% |
| Impairment losses on financial assets | 4.16 | 0.04% | 14.63 | 0.15% | 8.54 | 0.10% |
| Other expenses | 2,998.87 | 31.26% | 2,813.18 | 28.46% | 2,479.49 | 29.50% |
| Total Expenses | 8,512.44 | 88.74% | 8,427.94 | 85.28% | 7,774.83 | 92.50% |
| Earnings from continuing operations before finance cost, depreciation and amortisation, share of profit/(loss) of associate and joint ventures, exceptional items and tax | 1,079.69 | 11.26% | 1,455.10 | 14.72% | 630.56 | 7.50% |
| Finance costs | 589.01 | 6.14% | 638.06 | 6.46% | 646.07 | 7.69% |
| Depreciation and amortisation expense | 1,034.06 | 10.78% | 1,076.85 | 10.90% | 995.16 | 11.84% |
| Loss from continuing operations before exceptional items, share of profit/(loss) of associate and joint ventures, and tax | (543.38) | (5.66%) | (259.81) | (2.63%) | (1,010.67) | (12.02%) |
| Share of net profit/(loss) of associate and joint ventures accounted for | 85.24 | 0.89% | 51.52 | 0.52% | (8.74) | (0.10%) |
| using the equity method, net of tax | ||||||
| Exceptional items gain/(loss) | (482.65) | (5.03%) | 186.48 | 1.89% | (7.36) | (0.09%) |
| Loss before tax from continuing operations | (940.79) | (9.81%) | (21.81) | (0.22%) | (1,026.77) | (12.22%) |
| Income Tax expense | ||||||
| Current tax | 148.88 | 1.55% | 115.13 | 1.16% | 12.02 | 0.15% |
| Deferred tax | (65.48) | (0.68%) | (15.47) | (0.16%) | 48.47 | 0.58% |
| Total tax expense | 83.40 | 0.87% | 99.66 | 1.01% | 60.49 | 0.72% |
| Loss from continuing operations | (1,024.19) | (10.68%) | (121.47) | (1.23%) | (1,087.26) | (12.94%) |
| Discontinued operations | ||||||
| (Loss)/profit from discontinued operations before tax | 0.73 | 0.01% | (20.97) | (0.21%) | (7.69) | (0.09%) |
| (Loss)/profit from discontinued operations after tax | 0.73 | 0.01% | (20.97) | (0.21%) | (7.69) | (0.09%) |
| Loss for the year | (1,023.46) | (10.67%) | (142.44) | (1.44%) | (1,094.95) | (13.03%) |
Six months period ended September 30, 2025 as compared to six months period ended September 30, 2024
Our results of operations for the six months period ended September 30, 2025 compared to the six months period ended September 30, 2024 were primarily driven by an increase in revenue from the Aerospace Segment.
Income
Revenue from operations : Our revenue from operations increased by 17.03% to Rs5,371.59 million for the six months period ended September 30, 2025 from Rs4,589.73 million for the six months period ended September 30, 2024, primarily due to an increase in revenue from contracts with customers to Rs5,202.11 million for the six months period ended September 30, 2025 from Rs4,466.15 million for the six months period ended September 30, 2024. The increase in our revenue from contracts with customers was primarily attributable to an increase in our sale of manufactured goods to Rs5,185.25 million for the six months period ended September 30, 2025 from Rs4,451.10 million for the six months period ended September 30, 2024, mainly on account of an increase in revenue from the Aerospace Segment, due to an increase in order volume from customers in the Aerospace Segment. While our net external revenue from Aerospace segment increased by Rs792.30 million to Rs4,739.53 million for the six months period ended September 30, 2025 from Rs3,947.23 million for the six months period ended September 30, 2024, our net external revenue from Consumer Segment decreased slightly by Rs10.44 million to Rs632.06 million for the six months period ended September 30, 2025 from Rs642.50 million for the six months period ended September 30, 2024.
Other income . Other income increased by 71.69% to Rs283.86 million for the six months period ended September 30, 2025 from Rs165.33 million for the six months period ended September 30, 2024, primarily due to increases in (i) exchange difference (other than borrowings) to Rs191.00 million for the six months period ended September 30, 2025 from Rs46.81 million for the six months period ended September 30, 2024, on account of foreign exchange fluctuation differences, and (ii) government grant to Rs5.34 million for the six months period ended September 30, 2025 from nil for the six months period ended September 30, 2024, on account of the recognition of government grant income under the " Special incentive package for investment in toy cluster " scheme of the Karnataka State Government during the six months period ended September 30, 2025. The increase was partially offset by a decrease in gain on mutual funds to nil for the six months period ended September 30, 2025 from Rs17.09 million for the six months period ended September 30, 2024, on account of no investments in mutual funds made during the six months period ended September 30, 2025.
Expenses
Cost of materials consumed . Cost of materials consumed decreased by 1.91% to Rs2,328.94 million for the six months period ended September 30, 2025 from Rs2,285.19 million for the six months period ended September 30, 2024, primarily on account of an increase in proportion of revenue from the Aerospace Segment as a percentage of total revenue from operations during the six months period ended September 30, 2025. Our cost of materials consumed, as a percentage of total income, aggregated to 41.18% for the six months period ended September 30, 2025 as compared to 48.06% for the six months period ended September 30, 2024. It was primarily driven by a change in revenue mix, due to the significant increase in revenue from the Aerospace Segment and the slight decrease in revenue from the Consumer Segment during the six months ended September 30, 2025.
Changes in inventories of finished goods and work-in-progress : Changes in inventories of finished goods and work-in-progress was Rs(154.35) million for the six months period ended September 30, 2025 compared to Rs(314.98) million for the six months period ended September 30, 2024. For the six months period ended September 30, 2025, our inventory at the beginning of the six months period ended September 30, 2025 was Rs2,307.10 million and our inventory at the end of the six months period ended September 30, 2025 was Rs2,537.49 million. The exchange difference during the six months period ended September 30, 2025 was Rs35.08 million.
Employee benefits expenses . Employee benefits expenses increased by 21.71% to Rs927.57 million for the six months period ended September 30, 2025 from Rs762.12 million for the six months period ended September 30, 2024, primarily due to increases in (i) salaries, wages and bonus to Rs759.88 million for the six months period ended September 30, 2025 from Rs619.12 million for the six months period ended September 30, 2024, and (ii) contribution to provident and other funds to Rs99.99 million for the six months period ended September 30, 2025 from Rs78.85 million for the six months period ended September 30, 2024. We had 1,892 permanent on-roll employees (including permanent on-roll employees from our joint ventures) as of September 30, 2025 compared to 1,780 permanent on-roll employees (including permanent on-roll employees from our joint ventures) as of September 30, 2024, on account of an increase in employee headcount in our consumer electronics business.
Impairment losses on financial assets. Impairment losses on financial assets increased to Rs2.26 million in the six months period ended September 30, 2025 from Rs(9.00) million in the six months period ended September 30, 2024, primarily due to the realization of aged receivables during the six months period ended September 30, 2024.
Other expenses . Other expenses increased by 17.64% to Rs1,709.97 million for the six months period ended September 30, 2025 from Rs1,453.51 million for the six months period ended September 30, 2024 primarily due to increases in (i) subcontracting expenses to Rs727.06 million for the six months period ended September 30, 2025 from Rs601.55 million for the six months period ended September 30, 2024, (ii) consumption of stores and spare parts to Rs282.89 million for the six months period ended September 30, 2025 from Rs227.83 million for the six months period ended September 30, 2024, and (iii) legal and professional fees to Rs107.24 million for the six months period ended September 30, 2025 from Rs69.59 million for the six months period ended September 30, 2024. All of the above increases in expenses were in line with the increase in revenue from operations during the six months period ended September 30, 2025.
Finance costs . Finance costs increased by 28.33% to Rs357.51 million for the six months period ended September 30, 2025 from Rs278.59 million for the six months period ended September 30, 2024, primarily due to increases in (i) exchange difference (on borrowings) to Rs57.98 million for the six months period ended September 30, 2025 from Rs7.02 million for the six months period ended September 30, 2024, mainly on account of foreign exchange fluctuations and differences, (ii) interest expense - others to Rs63.69 million for the six months period ended September 30, 2025 from Rs22.13 million for the six months period ended September 30, 2024, mainly on account of an increase in bill discounting charges during the six months period ended September 30, 2025.
Depreciation and amortisation expenses . Depreciation and amortisation expense increased by 8.00% to Rs571.55 million for the six months period ended September 30, 2025 from Rs529.20 million for the six months period ended September 30, 2024, primarily due to an increase in depreciation of property, plant and equipment to Rs254.68 million for the six months period ended September 30, 2025 from Rs183.66 million for the six months period ended September 30, 2024, mainly on account of additional capitalization in Aequs Consumer Products Private Limited during the six months period ended September 30, 2025.
Share of net profit/(loss) of associate and joint ventures accounted for using the equity method, net of tax. Share of net profit/(loss) of associate and joint ventures accounted for using the equity method, net of tax decreased to Rs33.83 million for the six months period ended September 30, 2025 from Rs53.16 million for the six months period ended September 30, 2024, primarily due to loss recognized in Aequs Cookware Private Limited during the six months period ended September 30, 2025.
Exceptional items gain/(loss). Exceptional items loss of Rs482.65 million in the six months period ended September 30, 2024 was on account of impairment loss on goodwill. There was no exceptional items gain / (loss) during the six months period ended September 30, 2025.
Income tax expenses. Income tax expenses increased by 97.49% to Rs112.67 million for the six months period ended September 30, 2025 from Rs57.05 million for the six months period ended September 30, 2024, primarily due to an increase in current tax to Rs109.91 million for the six months period ended September 30, 2025 from Rs67.58 million for the six months period ended September 30, 2024, on account of an increase in tax provision of Aerostructures Manufacturing India Private Limited during the six months period ended September 30, 2025.
Discontinued operations. Our profit/(loss) from discontinued operations after tax increased to a loss of Rs(2.93) million for the six months period ended September 30, 2025 from a loss of Rs(0.89) million for the six months period ended September 30, 2024, primarily attributable to loss recognized in Aequs Toys Hong Kong Private Limited during the six months period ended September 30, 2025.
Loss for the period. As a result of the foregoing, our loss for the period decreased to Rs169.77 million for the six months period ended September 30, 2025 from Rs717.00 million for the six months period ended September 30, 2024.
Financial Year 2025 compared to Financial Year 2024
Our results of operations for the Financial Year 2025 compared to the Financial Year 2024 were primarily driven by a decrease in revenue from the Consumer Segment, resulting in an overall decline in revenue from operations.
Income
Revenue from operations : Our revenue from operations decreased by 4.19% to Rs9,246.06 million for the Financial Year 2025 from Rs9,650.74 million for the Financial Year 2024, primarily due to a decrease in revenue from contracts with customers to Rs8,979.63 million during the Financial Year 2025 from Rs9,411.92 million during the Financial Year 2024. The decrease in our revenue from contracts with customers was primarily attributable to a decrease in our sale of manufactured goods to Rs8,949.54 million for the Financial Year 2025 from Rs9,401.18 million for the Financial Year 2024, mainly on account of decline in revenue from the Consumer Segment, due to a general slowdown in market demand for our consumer products. While our gross revenue from Aerospace Segment increased by Rs776.79 million to Rs9,092.54 million for the Financial Year 2025 from Rs8,315.75 million for the Financial Year 2024, our net external revenue from the Consumer Segment decreased by Rs1,110.88 million to Rs1,075.08 million from Rs2,185.96 million, leading to a decrease in revenue from contracts with customers due to a relatively larger decrease in revenue from the Consumer Segment. The decrease in revenue from contracts with customers was also due to a decrease in revenue from our cookware business (which forms part of our consumer durables product line), on account of a transfer of our cookware business to a new joint venture, Aequs Cookware Private Limited, in October 2024, resulting in a decrease in revenue from our cookware business during the period between November 2024 to March 2025. The decrease in sale of manufactured goods was partially offset by an increase in sale of services to Rs30.09 million for the Financial Year 2025 from Rs10.74 million for the Financial Year 2024, mainly on account of increase in support service fees income from our Joint Venture.
Other income . Other income increased by 48.98% to Rs346.07 million for the Financial Year 2025 from Rs232.30 million for the Financial Year 2024, primarily due to increases in (i) government grant to Rs94.96 million in Financial Year 2025 from nil for the Financial Year 2024, on account of recognition of government grant income under the " Special Incentive Package for investment in Toy Cluster " scheme introduced by the State Government of Karnataka, for Financial Year 2025, (ii) exchange difference (other than borrowings) to Rs52.27 million in Financial Year 2025 from Rs3 3.36 million for the Financial Year 2024, on account of foreign exchange fluctuations and differences, (iii) gain on mutual funds to Rs23.74 million for the Financial Year 2025 from Rs3.58 million for the Financial Year 2024 on account of an increase in investment in mutual funds for the Financial Year 2025, (iv) gain on derecognition of lease to Rs18.59 million for the Financial Year 2025 from nil for the Financial Year 2024 on account of gain on derecognition of lease in our subsidiary, Aequs Force Consumer Products Private Limited, for the Financial Year 2025. The increase was partially offset by decreases in (i) liabilities no longer required written back to Rs21.07 million for the Financial Year 2025 from Rs29.97 million for the Financial Year 2024, on account of reversal of provision in our subsidiary, Aequs Aerospace France SAS, for the Financial Year 2024; and (ii) miscellaneous income to Rs16.72 million for the Financial Year 2025 from Rs49.91 million for the Financial Year 2024, on account of grant income recorded by our subsidiary, Aequs Aerospace France SAS, for the Financial Year 2024, which was not received in Financial Year 2025.
Expenses
Cost of materials consumed . Cost of materials consumed decreased by 7.02% to Rs4,082.60 million for the Financial Year 2025 from Rs4,390.72 million for the Financial Year 2024, primarily on account of a decrease in our consumption of raw materials due to decrease in sale of products within the Consumer Segment, in line with the decrease in revenue from our Consumer Segment during the Financial Year 2025. Our cost of materials consumed, as a percentage of total income, aggregated to 42.56% for the Financial Year 2025 as compared to 44.43% for the Financial Year 2024. It was primarily driven by a change in revenue mix as the increase in revenue from the Aerospace Segment was higher in the Financial Year 2025 as compared to the Consumer Segment.
Changes in inventories of finished goods and work-in-progress : Changes in inventories of finished goods and work-in-progress was Rs(160.60) million for the Financial Year 2025 compared to Rs(224.67) million for the Financial Year 2024. For the Financial Year 2025, our inventory at the end of the Financial Year 2024 was Rs1,996.66 million and our inventory at the end of the Financial Year 2025 was Rs2,307.10 million. The exchange difference during the Financial Year 2025 was Rs28.75 million.
Employee benefits expenses . Employee benefits expenses increased by 10.69% to Rs1,587.41 million for the Financial Year 2025 from Rs1,434.08 million for the Financial Year 2024, primarily due to increases in (i) salaries, wages and bonus to Rs1,295.49 million for the Financial Year 2025 from Rs1,164.14 million for the Financial Year 2024, (ii) contribution to provident and other funds to Rs169.34 million for the Financial Year 2025 from Rs143.40 million for the Financial Year 2024, and (iii) staff welfare expenses to Rs73.45 million for the Financial Year 2025 from Rs69.58 million for the Financial Year 2024. We had 1,785 permanent on-roll employees (including permanent on-roll employees from our joint ventures) as of March 31, 2025 compared to 1,587 permanent on-roll
employees (including permanent on-roll employees from our joint ventures) as of March 31, 2024, on account of recruitment of employees for our consumer electronics business.
Impairment losses on financial assets. Impairment losses on financial assets decreased by 71.57% to Rs4.16 million in Financial Year 2025 from Rs14.63 million in Financial Year 2024, primarily due to additional provisions made in the books of our subsidiary, Aequs Aero Machine Inc. against trade receivables for the Financial Year 2024, which were not required in Financial Year 2025.
Other expenses . Other expenses increased by 6.60% to Rs2,998.87 million for the Financial Year 2025 from Rs2,813.18 million for the Financial Year 2024 primarily due to increases in (i) consumption of spares and components to Rs475.02 million for the Financial Year 2025 from Rs441.98 million for the Financial Year 2024, (ii) legal and professional fees to Rs180.52 million for the Financial Year 2025 from Rs133.46 million for the Financial Year 2024, (iii) freight & forwarding to Rs148.40 million for the Financial Year 2025 from ^114.58 million for the Financial Year 2024, (iv) repairs and maintenance - others to Rs147.37 million for the Financial Year 2025 from Rs85.00 million for the Financial Year 2024, and (v) miscellaneous expenses to Rs57.27 million for the Financial Year 2025 from Rs27.26 million for the Financial Year 2024. All of the above increases in expenses were in line with the increase in revenue from the Aerospace Segment during the Financial Year 2025.
Finance costs . Finance costs decreased by 7.69% to Rs589.01 million for the Financial Year 2025 from Rs638.06 million for the Financial Year 2024, primarily due to decreases in (i) interest expense on lease liabilities of Rs276.94 million for the Financial Year 2025 from Rs303.76 million for the Financial Year 2024, mainly on account of derecognition of lease in our subsidiary, Aequs Force Consumer Products Private Limited, for the Financial Year 2025; and (ii) interest expense on working capital borrowings to Rs130.50 million for the Financial Year 2025 from Rs143.35 million for the Financial Year 2024, mainly on account of reduction of interest rate on cash credit loan for the Financial Year 2025 and higher utilization of pre-shipment credit in foreign currency with lower interest rate for the Financial Year 2025. This decrease was partially offset by an increase in exchange differences (on borrowings) to Rs57.38 million for the Financial Year 2025 from Rs43.60 million for the Financial Year 2024, mainly on account of substantial foreign exchange fluctuations on our borrowings during the year.
Depreciation and amortisation expenses . Depreciation and amortisation expense decreased by 3.97% to Rs1,034.06 million for the Financial Year 2025 from Rs1,076.85 million for the Financial Year 2024, primarily due to decreases in (i) depreciation on right-of-use assets of Rs624.86 million for the Financial Year 2025 from Rs643.89 million for the Financial Year 2024 on account of derecognition of lease in our subsidiary, Aequs Force Consumer Products Private Limited, for the Financial Year 2025 and (ii) depreciation of property, plant and equipment of Rs368.98 million for the Financial Year 2025 from Rs3 82.28 million for the Financial Year 2024, on account of the expiry of the useful life of certain assets.
Share of net profit/(loss) of associate and joint ventures accounted for using the equity method, net of tax. Share of net profit/(loss) of associate and joint ventures accounted for using the equity method, net of tax increased to Rs85.24 million for the Financial Year 2025 from ^51.52 million for the Financial Year 2024, primarily due to the growth in business and higher profitability of our Joint Ventures, Aerospace Processing India Private Limited and SQuAD Forging India Private Limited, which was partially offset by a loss of Rs(27.53) million in our joint venture, Aequs Cookware Private Limited, during the Financial Year 2025.
Exceptional items gain/(loss). Exceptional items gain of Rs186.48 million in Financial Year 2024 was on account of gain on sale of a building by our subsidiary, Aequs Aerospace France SAS, to a third party. Exceptional item loss of Rs482.65 million in Financial Year 2025 was on account of impairment loss on goodwill due to decline in revenue of our subsidiary in the Consumer Segment, Aequs Force Consumer Products Private Limited.
Income tax expenses. Income tax expenses decreased by 16.32% to Rs83.40 million for the Financial Year 2025 from Rs99.66 million for the Financial Year 2024, primarily due to increase in deferred tax to Rs(65.48) million for the Financial Year 2025 from Rs(15.47) million for the Financial Year 2024 on account of lower income tax expense in some of the profitable subsidiaries on account of lower profits whereas for many of the subsidiaries which are loss making, the Group has not recognized any deferred tax benefits as yet.
Discontinued operations. Our profit/(loss) from discontinued operations after tax increased to a profit of Rs0.73 million for the Financial Year 2025 from a loss of Rs(20.97) million for the Financial Year 2024, primarily attributable to the discontinuation of operations of our subsidiary, Aequs Toys Hong Kong Private Limited, during Financial Year 2024, which helped us eliminate recurring losses that affected our results of operations in Financial Year 2024.
Loss for the year. As a result of the foregoing, our loss for the year increased significantly to Rs1,023.46 million for the Financial Year 2025 from Rs142.44 million for the Financial Year 2024.
Financial Year 2024 compared to Financial Year 2023
Our results of operations for the Financial Year 2024 compared to the Financial Year 2023 were primarily driven by an overall growth in sales volume of products in our Aerospace Segment, both in India and overseas.
Income
Revenue from operations : Our revenue from operations increased by 18.83% to Rs9,650.74 million for the Financial Year 2024 from Rs8,121.32 million for the Financial Year 2023, primarily due to increase in revenue from contracts with customers to Rs9,411.92 million for the Financial Year 2024 from Rs7,914.72 million from the Financial Year 2023, and other operating income to Rs238.82 million for the Financial Year 2024 from Rs206.60 million for the Financial Year 2023. The increase in our revenue from contracts with customers was primarily attributable to an increase in our sale of manufactured goods to Rs9,401.18 million for the Financial Year 2024 from Rs7,901.43 million for the Financial Year 2023, mainly on account of an increase in volume of products sold within the Aerospace Segment during the Financial Year 2024, driven by new orders placed by customers and an increase in commercial aircraft build rates for existing orders during the Financial Year 2024. This increase in volume of products sold in the Aerospace Segment was partially offset by a decrease in volume of toys sold during the Financial Year 2024, driven by a decrease in overall volume of consumer products sold by some of our customers in the Consumer Segment.
Other income . Other income decreased by 18.22% to Rs232.30 million for the Financial Year 2024 from Rs284.07 million for the Financial Year 2023, primarily due to decreases in (i) exchange difference (other than on borrowings) to Rs33.36 million in Financial Year 2024 from Rs95.92 million from Financial Year 2023, on account of foreign exchange fluctuations and differences, (ii) liabilities no longer required written back to Rs29.97 million for the Financial Year 2024 from Rs58.12 million for the Financial Year 2023, on account of a decrease in dividend income received by our Company to nil for the Financial Year 2024 from Rs12.25 million for the Financial Year 2023, and (iii) gain on derecognition of lease to nil for the Financial Year 2024 from Rs18.84 million for the Financial Year 2023 on account of a decrease in gain on derecognition of lease in our subsidiary, Aequs Force Consumer Products Private Limited, during the Financial Year 2023.
Expenses
Cost of materials consumed . Cost of materials consumed increased by 5.32% to Rs4,390.72 million for the Financial Year 2024 from Rs4,168.95 million for the Financial Year 2023, primarily due to an increase in our consumption of raw materials due to increase in sale of products within the Aerospace Segment during the Financial Year 2024. Our cost of materials consumed, as a percentage of total income, aggregated to 44.43% for the Financial Year 2024 as compared to 49.60% for the Financial Year 2023. It was primarily driven by a change in revenue mix as increase in revenue of the Aerospace Segment was higher in Financial Year 2024 as compared to the consumer segment.
Purchases of stock-in-trade. Purchases of stock-in-trade decreased to nil for the Financial Year 2024 from Rs20.70 million for the Financial Year 2023, primarily due to a decrease in purchase of traded consumer products during the Financial Year 2024 due to our in-house production of such consumer products.
Changes in inventories of finished goods and work-in-progress : Changes in inventories of finished goods and work-in-progress was Rs(224.67) million for the Financial Year 2024 compared to Rs(349.24) million for the Financial Year 2023. For the Financial Year 2024, our inventory at the end of the Financial Year 2023 was Rs1,761.32 million and our inventory at the end of the Financial Year 2024 was Rs1,996.66 million. The exchange difference during the Financial Year 2024 was Rs48.65 million.
Employee benefits expenses . Employee benefits expenses decreased slightly by 0.85% to Rs1,434.08 million for the Financial Year 2024 from Rs1,446.39 million for the Financial Year 2023, primarily attributable to decreases in (i) salaries, wages and bonus to Rs1,164.14 million for the Financial Year 2024 from Rs1,196.94 million for the Financial Year 2023, (ii) staff welfare expenses to Rs69.58 million for the Financial Year 2024 from Rs76.19 million for the Financial Year 2023, and (iii) employee stock option expense to Rs20.68 million for the Financial Year 2024 from Rs24.05 million for the Financial Year 2023. We had 1,587 permanent on-roll employees (including permanent on-roll employees from our joint ventures) as of March 31, 2024 compared to 1,403 permanent on-roll
employees (including permanent on-roll employees from our joint ventures) as of March 31, 2023, due to intake of employees in our consumer electronics business.
Impairment losses on financial assets. Impairment losses on financial assets increased by 71.31% to Rs14.63 million in Financial Year 2024 from Rs8.54 million in Financial Year 2023, primarily due to additional provisions made in the books of our subsidiary, Aequs Aero Machine Inc. against trade receivables.
Other expenses . Other expenses increased by 13.46% to Rs2,813.18 million for the Financial Year 2024 from Rs2,479.49 million for the Financial Year 2023 primarily due to increases in (i) subcontracting expenses, to Rs1,186.03 million for the Financial Year 2024 from Rs1,023.85 million for the Financial Year 2023, (ii) consumption of stores and spare parts to Rs441.98 million for the Financial Year 2024 from Rs347.78 million for the Financial Year 2023, and (iii) power and fuel to Rs294.49 million for the Financial Year 2024 from Rs254.67 million for the Financial Year 2023. These increases were in line with the growth of our business and increase in revenue from operations during the Financial Year 2024.
Finance costs . Finance costs decreased slightly by 1.24% to Rs638.06 million for the Financial Year 2024 from Rs646.07 million for the Financial Year 2023, primarily attributable to a decrease in exchange differences (on borrowings) of Rs43.60 million for the Financial Year 2024 from Rs145.73 million for the Financial Year 2023, mainly on account of the impact of foreign exchange fluctuations on our borrowings during the year. This decrease is partially offset by an increase in interest expense on lease liabilities to Rs303.76 million for the Financial Year 2024 from Rs240.03 million for the Financial Year 2023, mainly on account of an increase in leased space for our consumer segment during the year.
Depreciation and amortisation expenses . Depreciation and amortisation expense increased by 8.21% to Rs1,076.85 million for the Financial Year 2024 from Rs995.16 million for the Financial Year 2023, primarily attributable to increases in (i) depreciation on right-of-use assets of Rs643.89 million for the Financial Year 2024 from Rs588.91 million for the Financial Year 2023 and (ii) depreciation of property, plant and equipment of Rs382.28 million for the Financial Year 2024 from Rs337.48 million for the Financial Year 2023, on account of addition of plant, property, equipment and right-of-use assets during the year.
Share of net profit/(loss) of associate and joint ventures accounted for using the equity method, net of tax. Share of net profit/(loss) of associate and joint ventures accounted for using the equity method, net of tax increased to Rs51.52 million for the Financial Year 2024 from Rs(8.74) million for the Financial Year 2023, primarily attributable to our joint venture, SQuAD Forging India Private Limited, reporting profits during the Financial Year 2024.
Exceptional items gains/(loss). Exceptional items gain/(loss) increased to Rs186.48 million for the Financial Year 2024 from Rs7.36 million for the Financial Year 2023, primarily attributable to an increase in gain on sale of investment property to Rs186.48 million for the Financial Year 2024 from nil for the Financial Year 2023 on account of sale of investment property from Sci Du Champ De Pivoines (step-down subsidiary of our Company and subsidiary of Aequs Aerospace France SAS) to a third party.
Income tax expenses. Income tax expenses increased by 64.75% to Rs99.66 million for the Financial Year 2024 from (Rs60.49) million for the Financial Year 2023, primarily due to increase in current tax to Rs115.13 million for the Financial Year 2024 from Rs12.02 million for the Financial Year 2023 on account of an increase in taxable profit in our subsidiary, Aerostructures Manufacturing India Private Limited.
Discontinued operations. Our (loss)/profit from discontinued operations after tax increased to a loss of Rs(20.97) million for the Financial Year 2024 from a loss of Rs(7.69) million for the Financial Year 2023, primarily attributable to the discontinuation of operations of our subsidiary, Aequs Toys Hong Kong Private Limited, during Financial Year 2024.
Loss for the year. As a result of the foregoing, our loss for the year decreased by 86.99% to Rs142.44 million for the Financial Year 2024 from Rs1,094.95 million for the Financial Year 2023.
Liquidity and Capital Resources
Our primary source of liquidity is cash generated from operations and term loans from banks, among other things. As of September 30, 2025, we had cash and cash equivalents of Rs571.93 million and bank balances other than cash and cash equivalents of Rs226.31 million.
Our financing requirements are primarily for working capital and investments in our business such as capital expenditure. We evaluate our funding requirements periodically in light of our net cash flow from operating
activities and the requirements of our business and operations.
Cash Flows
The following table summarizes our cash flows for the six months period ended September 30, 2025 and 2024 and the Financial Years 2025, 2024 and 2023:
| Particulars | For the six months | Financial Year | |||
| period ended September 30, | |||||
| 2025 | 2024 | 2025 | 2024 | 2023 | |
| (f in million) | |||||
| Net cash generated/(used in) from operating activities | 479.02 | (117.27) | 261.41 | (191.08) | 98.11 |
| Net cash (used) in investing activities | (2,036.73) | (297.86) | (738.20) | (3,433.68) | (888.50) |
| Net cash generated from financing activities | 1,659.95 | 316.07 | 254.01 | 3,934.90 | 543.74 |
| Net increase/(decrease) in cash and cash equivalents | 102.24 | (99.06) | (222.78) | 310.14 | (246.65) |
| Cash and cash equivalents at the beginning of the period/year | 609.43 | 792.74 | 792.74 | 512.87 | 825.90 |
| Effects of exchange rate changes on cash and cash equivalents | (139.74) | (36.51) | 39.47 | (30.27) | (66.38) |
| Cash and cash equivalents at the end of the period/year | 571.93 | 657.17 | 609.43 | 792.74 | 512.87 |
Operating Activities
Net cash flows generated from operating activities was Rs479.02 million for the six months period ended September 30, 2025. We had loss before tax of Rs(57.10) million for the six months period ended September 30, 2025, which was primarily adjusted for depreciation and amortisation expense of Rs571.55 million and finance cost of Rs3 51.36 million. This was further adjusted for working capital changes, including increase in inventories of Rs553.66 million, increase in trade payables of Rs501.82 million, increase in trade receivables of Rs180.79 million and increase in contract liabilities of Rs182.90 million. As a result, cash generated from operations for the six months period ended September 30, 2025 was Rs541.96 million, before adjusting for Rs62.94 million of income taxes paid (net of refunds).
Net cash flows used in operating activities was Rs117.27 million for the six months period ended September 30, 2024. We had loss before tax of Rs659.95 million for the six months period ended September 30, 2024, which was primarily adjusted for depreciation and amortisation expense of Rs529.20 million, impairment loss on goodwill of Rs482.65 million, finance cost of Rs269.11 million and provision for slow moving inventory of Rs167.28 million. This was further adjusted for working capital changes, including increase in inventories of Rs803.03 million, increase in trade payables of Rs327.09 million, increase in trade receivables of Rs232.79 million and increase in contract liabilities of Rs182.67 million. As a result, cash used in operations for the six months period ended September 30, 2024 was Rs9.52 million, before adjusting for Rs107.75 million of income taxes paid (net of refunds).
Net cash flows generated from operating activities was Rs261.41 million for the Financial Year 2025. We had loss before tax of Rs940.06 million for the Financial Year 2025, which was primarily adjusted for depreciation and amortisation expense of Rs1,034.06 million, finance costs of Rs574.43 million. This was further adjusted for working capital changes, including an increase in inventories of Rs734.26 million, an increase in other assets (current and non-current) of Rs267.40 million, an increase in trade receivables of Rs319.48 million, an increase in trade payables of Rs381.02 million, an increase in contract liabilities of Rs264.04 million, and a decrease in other liabilities (current and non-current) of Rs58.48 million. As a result, cash generated from operations for the Financial Year 2025 was Rs382.51 million, before adjusting for Rs121.10 million of income taxes paid (net of refunds).
Net cash used in operating activities was Rs191.08 million for the Financial Year 2024. We had loss before tax of Rs42.78 million for the Financial Year 2024, which was primarily adjusted for depreciation and amortisation expense of Rs1,076.85 million, finance costs of Rs638.06 million. This was further adjusted for working capital changes, including an increase in inventories of Rs556.05 million, an increase in other assets (current and non - current) of Rs211.09 million, an increase in trade receivables of Rs309.23 million, and a decrease in other liabilities (current and non-current) of Rs130.44 million. As a result, cash used in operations for the Financial Year 2024 was Rs150.41 million, before adjusting for Rs40.67 million of income taxes paid (net of refunds).
Net cash generated from operating activities was Rs98.11 million for the Financial Year 2023. We had loss before tax of Rs1,034.46 million for the Financial Year 2023, which was primarily adjusted for depreciation and amortisation expense of Rs995.16 million, finance costs of Rs479.26 million. This was further adjusted for working capital changes, including an increase in inventories of Rs870.02 million, an increase in trade payables of Rs491.29 million, an increase in contract liabilities of Rs123.04 million and a decrease in other liabilities (current and noncurrent) of Rs79.49 million. As a result, cash generated from operations for the Financial Year 2023 was Rs107.44 million, before adjusting for Rs9.33 million of income taxes paid (net of refunds).
Investing A ctivities
Net cash used in investing activities was Rs2,036.73 million for the six months period ended September 30, 2025, primarily comprising acquisition of property, plant and equipment of Rs1,999.37 million and investment in bank deposits of ^117.65 million. These were partially offset by interest received of Rs40.56 million and proceeds from maturity of bank deposits of Rs17.54 million.
Net cash used in investing activities was Rs297.86 million for the six months period ended September 30, 2024, primarily comprising acquisition of property, plant and equipment of Rs1,221.84 million, investment in mutual funds of Rs150.84 million and investment in bank deposits of Rs80.01 million. These were partially offset by proceeds from maturity of bank deposits of Rs1,052.27 million and proceeds from sale of mutual funds of Rs93.77 million.
Net cash used in investing activities was Rs738.20 million for the Financial Year 2025, primarily comprising acquisition of property, plant and equipment of Rs2,651.62 million, investment in bank deposits of Rs3,204.99 million and investment in mutual funds of Rs172.17 million. These were partially offset by proceeds from maturity of bank deposits of Rs4,701.97 million, proceeds from sale of mutual funds of Rs49 3.04 million, and interest received of Rs72.44 million.
Net cash used in investing activities was Rs3,433.68 million for the Financial Year 2024, comprising acquisition of property, plant and equipment / payment for property, plant and equipment of Rs1,818.07 million, investment in bank deposits of Rs1,662.99 million and investment in mutual funds of Rs293.57 million. These were partially offset by proceeds from sale of property, plant and equipment/ investment property of Rs262.20 million and intere st received of Rs78.75 million.
Net cash used in investing activities was Rs888.50 million for the Financial Year 2023, primarily comprising acquisition of property, plant and equipment / payment for property, plant and equipment of Rs856.10 million and investments in associate and joint ventures of ^71.51 million. These were partially offset by repayment of loans given to related parties of Rs60.30 million and interest received of Rs12.73 million.
Financing Activities
Net cash generated from financing activities was Rs1,659.95 million for the six months period ended September 30, 2025, primarily due to proceeds from issue of equity shares of Rs1,281.79 million, proceeds from long term borrowing of Rs1,142.37 million and proceeds from short term borrowing (net) of Rs103.13 million, which were partially offset by exercise of share options of Rs40.97 million, principal payment of lease liabilities of Rs333.03 million and repayment of long term borrowing of Rs239.83 million.
Net cash generated from financing activities was Rs316.07 million for the six months period ended September 30, 2024, primarily due to proceed from long term borrowing of Rs588.54 million and proceeds from short term borrowing (net) of Rs468.54 million, which were partially offset by finance costs paid of Rs319.41 million, repayment of long term borrowing of Rs149.63 million and principal payment of lease liabilities of Rs271.96 million.
Net cash generated from financing activities was Rs254.01 million for the Financial Year 2025, primarily due to proceeds from long term borrowing of Rs1,107.91 million and proceeds from short term borrowings (net) of Rs641.82 million, which were partially offset by finance costs paid of ^612.13 million and principal payment of lease liabilities of Rs561.63 million, and repayment of long term borrowing of Rs345.06 million.
Net cash generated from financing activities was Rs3,934.90 million for the Financial Year 2024, primarily due to proceeds from issue of compulsorily convertible preference shares of Rs5,219.34 million and proceeds from long term borrowing of Rs903.53 million, which were partially offset by repayment of long term borrowing of Rs797.49 million, finance costs paid of Rs628.19 million and principal payment of lease liabilities of Rs468.41 million.
Net cash from financing activities was Rs543.74 million for the Financial Year 2023, due to proceeds from issue
of compulsorily convertible debentures of Rs839.43 million, proceeds from issue of compulsorily convertible preference shares of Rs641.00 million, and proceeds from long term borrowing of Rs257.61 million, which were partially offset by finance cost paid of Rs449.30 million, principal payment of lease liabilities of Rs362.22 million and repayment of long term borrowing of Rs282.90 million.
Capitalisation of Expenditure
Our expenditure capitalized were incurred in connection with the construction of new manufacturing facilities for new product lines. For the six months period ended September 30, 2025 and 2024, and the Financial Years 2025, 2024 and 2023, our capitalization of expenditure amounted to Rs662.71 million, Rs451.38 million, Rs1,058.79 million, ^331.28 million and Rs37.64 million respectively.
Financial Indebtedness
As of October 31, 2025, we had outstanding borrowings (secured borrowings of Rs5,629.29 million and unsecured borrowings of Rs679.31 million) amounting to Rs6,308.60 million, which primarily consisted of term loans from banks, current maturities of long-term borrowings, interest accrued but not due on borrowings, working capital facilities from banks, and loans from related parties. For further details related to our indebtedness, see " Financial Indebtedness " on page 577.
Contingent Liabilities
The following contingent liabilities in our Restated Consolidated Financial Information are as follows:
| Particulars | As at September 30, | As at March 31, | |||
| 2025 | 2024 | 2025 | 2024 | 2023 | |
| (f in million) | |||||
| Labour related matters (i) | 73.10 | 64.37 | 68.33 | 60.00 | 52.00 |
| Tax matters (n) | 861.22 | 861.22 | 861.22 | 844.31 | 844.31 |
Notes:
(i) A few cases have been filed against the Company in District Labour court, Belagavi. If the Labour Court passes an award against the Company, the probable compensation would amount to ^73.10 million (September 30, 2024: ^64.37 million; March 31, 2025: ^68.33 million; March 31, 2024: ^60.00 million, March 31, 2023: ^52.00 million). The Company is however confident of winning this case based on the counsel advice and hence the same is not provided in the standalone financial statements.
(ii) The Parent Company has received demand order u/s 156 ofthe Income Tax Act, 1961 amounting to ^25.23 for the Financial Year 201617 (Assessment Year 2017-18) and has appealed the said order before Commissioner Appeals and the Company believes it has strong merits in our case.
Capital Commitments
Estimated amount of contracts remaining to be executed on capital account net of advances and not provided for:
| Particulars | As of September 30, | As | of March 31, | |
| 2025 | 2024 | 2025 | 2024 2023 | |
| (f in million) | ||||
| Property, Plant and Equipment | 1,178.84 | 54.56 | 311.26 | 153.53 207.00 |
We have entered into various contracts for acquisition of property, plant and equipment / payment for property, plant and equipment as part of our segment expansion plans.
Off-balance Sheet Arrangements
We do not have any off-balance sheet arrangements, derivative instruments, swap transactions or relationships with other entities or other unconsolidated entities or financial partnerships that would have been established for the purpose of facilitating off-balance sheet arrangements.
Quantitative and Qualitative Disclosures Regarding Market and Other Risks
We are exposed to several market risks during the normal course of business, such as foreign currency, interest rate, credit and liquidity risks. We assess the unpredictability of the financial environment and seek to mitigate potential adverse effects on our financial performance.
Credit Risk
Credit risk is a risk where the counterparty will not meet our obligations under a financial instrument leading to a financial loss. Credit risk arises from cash and cash equivalents and deposits with banks, as well as credit exposures to customers including outstanding receivables, other receivables and loans and deposits.
Credit risk management
Credit risk refers to a risk that a counterparty will default on our contractual obligations resulting in financial loss to us. We usually deals with creditworthy counterparties as a means of mitigating the risk of financial loss from defaults. The exposure is continuously monitored.
Provision for expected credit losses
Our financial assets mainly comprise of investments, trade receivables, deposits with bank, loans and lease deposits. The assessment of ECL is done as follows:
- Loans and Deposits : Loans and Deposits are classified under the A category having negligible or nil risk based on past history of defaults and reasonable forward looking information. Loans and deposits comprises mainly refundable security deposits made on buildings (leased premises). Since these are assets with nil risk, the expected probability of default is " Nil% " and hence no provision for expected credit losses are made in the financial statements.
- Deposits with bank : They are considered to be having negligible risk or nil risk, as they are maintained with banks having strong credit ratings and the period of such deposits is generally not exceeding one year.
- Trade receivables and other dues from related parties : No significant expected credit loss provision has been created for trade receivables. Further, receivables are expected to be collected considering the past trend of very limited defaults and that the balances are not significantly aged. Full provision is made for balances that management believes are credit impaired.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, we consider reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on our historical experience and informed credit assessment, that includes forward-looking information.
Trade receivables
Ind AS requires expected credit losses to be measured through a loss allowance. We assess, at each date of our financial statement, whether a financial asset or a group of financial assets is impaired. We recognize lifetime expected losses for all contract assets and/or all trade receivables that do not constitute a financing transaction. For all other financial assets, expected credit losses are measured at an amount equal to the 12 months expected credit losses or at an amount equal to the life time expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. We perform credit assessment for customers on an annual basis and recognize credit risk as estimated by management. See " Note 28 " to our Restated Consolidated Financial Information on page 461 for details.
Liquidity Risk
Liquidity risk is a risk where an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the dynamic nature of the underlying businesses, our treasury maintains flexibility in funding by maintaining availability of required funds. Management monitors rolling forecasts of our liquidity position and cash and cash equivalents on the basis of expected cash flows. Also see " - Financial Indebtedness " on page 577.
Financing arrangements
We have access to the following undrawn borrowing facilities at the end of the reporting periods/years:
| Particulars | As at September 30, | As at March 31, | |||
| 2025 | 2024 | 2025 | 2024 | 2023 | |
| (f in million) | |||||
| A. Expiring within one year | 1,087.93 | 2,381.73 | 1,724.51 | 752.55 | 707.21 |
| B. Expiring beyond one year (bank loans) | - | - | - | 2,362.56 | 307.74 |
| Total | 1,087.93 | 2,381.73 | 1,724.51 | 3,115.11 | 1,014.95 |
Market risk
Market risk is a risk where the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices.
Foreign currency risk
We are exposed to foreign exchange risk arising from foreign currency transactions. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that is not our functional currency ( " INR " or " Rs " ). The risk is measured through sensitivity analysis of probable movement in exchange rate as at the reporting period.
Our exports are in foreign currency on the income side and our import of raw materials are primarily denominated in foreign currency which expose us to foreign currency risk. We have a natural hedge in terms of our receivables and payables primarily being in USD. We also have risks in terms of translation of our foreign operations. Further, any additional exposure is continuously monitored and hedging options like forward contracts are taken whenever they are expected to be cost effective.
Interest Rate Risks
The exposure of our borrowings to interest rate changes at the end of the reporting periods/years:
| Particulars | As at September 30, | As at March 31, | |||
| 2025 | 2024 | 2025 | 2024 | 2023 | |
| (f in million) | |||||
| Variable rate borrowings | 4,933.84 | 3,467.72 | 3,985.92 | 2,428.18 | 1,729.00 |
| Fixed rate borrowings | 3,754.64 | 4,344.23 | 3,864.55 | 4,334.58 | 5,630.00 |
| Total borrowings | 8,688.48 | 7,811.95 | 7,850.47 | 6,762.76 | 7,359.00 |
Price risk
Price risk is the risk of a decline in the value of a security or an investment portfolio. We have invested in debt mutual funds. The fair value for which is impacted by interest rate movements.
Related Party Transactions
We have in the past entered into, and in the future may enter into, transactions with several related parties in the ordinary course of our business. We enter into related party transactions for, among other things, sale of goods, purchase of goods and consumables, lease liabilities, loans and managerial remuneration. For further details of our related party transactions, see " Note 35 " to our Restated Consolidated Financial Information on page 471.
Dependence on a Few Suppliers and Customers
We depend on a limited number of suppliers and customers for our revenues and operations. The following table sets for the contribution from our ten largest suppliers (by amounts incurred) and ten largest customers (by revenue) for the periods/years indicated:
| Particulars | For the six months period | For the Financial Year | |||
| ended September 30 | |||||
| 2025 | 2024 | 2025 | 2024 | 2023 | |
| Total value of goods purchased from ten largest suppliers by amounts incurred, as a percentage of total expenses (%) | 40.48 | 43.11 | 40.17 | 47.14 | 44.25 |
| Total revenue from ten largest customers, as a percentage of revenue from operations (%) | 82.51 | 85.56 | 88.57 | 86.51 | 86.48 |
For details, " Risk Factors - Our business is subject to fluctuations in the prices and disruptions in the availability of raw materials, which may have an adverse effect on our business, results of operations, financial condition and cash flows " and " Risk Factors - We are dependent on our ten largest customer groups, which comprise a significant portion of our revenue from operations (82.51% for the six months period ended September 30, 2025, 85.56% for the six months period ended September 30, 2024, 88.57% for the Financial Year 2025, 86.51% for the Financial Year 2024 and 86.48% for the Financial Year 2023). Any failure to maintain our relationship with these customer groups or any adverse changes affecting their financial condition will have an adverse effect on our business, results of operations, financial condition and cash flows. " and on pages 41 and 38, respectively.
Significant Economic Changes
Other than as described above under "- Significant Factors Affecting our Results of Operations " on page 542, to the knowledge of our management, there are no other significant economic changes that materially affect or are likely to affect our income from continuing operations.
Unusual or Infrequent Events or Transactions
Except as disclosed in this Red Herring Prospectus, to our knowledge, there have been no "unusual " or "infrequent " events or transactions that have in the past, or may in the future, affect our business operations or future financial performance.
Known Trends or Uncertainties
Our business has been affected and we expect will continue to be affected by the trends identified above in " - Significant Factors Affecting our Results of Operations " on page 542 and the uncertainties described in " Risk Factors " on page 37. To our knowledge, except as described or anticipated in this Red Herring Prospectus, there are no known factors which we expect will have an adverse impact on our revenues or income from continuing operations.
Future Relationship Between Cost and Income
Other than as described in this Red Herring Prospectus, to the knowledge of our management, there are no known factors that might affect the future relationship between costs and revenues.
New Products or Business Segments
Other than as described in " Our Business - Our Strategies " on page 302, there are no new products or business segments in which we operate or propose to operate.
Seasonality of Business
Our business is subject to seasonality as demand for our products is influenced by the cyclicality and seasonality of consumer products in each country. Also see " Risk Factors - Our consumer business is subject to seasonality, which may contribute to fluctuations in our results of operations andfinancial condition " on page 78.
Significant developments occurring after September 30, 2025
Except as disclosed below and in this Red Herring Prospectus, to our knowledge, no circumstances have arisen since September 30, 2025, the date of the last financial statements included in this Red Herring Prospectus, which materially and adversely affect or is likely to affect our operations or profitability, or the value of our assets or our ability to pay our liabilities within the next 12 months.
- On November 10, 2025, our Company had undertaken a private placement of Equity Shares, as permitted under applicable law, aggregating to Rs1,440.00 million ( " Pre-IPO Placement " ). The Pre-IPO Placement was made to SBI Emergent India Fund, DSP India Fund - India Long / Short Strategy Fund with Cash Management Option, SBI Optimal Equity Fund - Long Term, and Think India Opportunities Master Fund LP at a price of Rs123.97 per Equity Share.
For further details, see " Restated Consolidated Financial Information - Note 51 - Subsequent events " on page 518.
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