Aequs CEO, chairman, board of directors and AGM
NSE: AEQUSBSE: 544634Aerospace & DefenseSmall Cap
Share price at the NSE close on 27 Oct 2026. Previous close ₹242.40.
27 Oct: open ₹213.00, high ₹223.10, low ₹196.50
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹14,694 Cr528th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- Lossover the last 12 months
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 10.55
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonesince listing in Dec 2025
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the latest balance sheet's; the one a year before is not on record.
- −14.5%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- −5.7%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Sep 2026.
- 0.40
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 3,87,15,09026.6% delivered
Aequs' chairperson and chief executive is Aravind S Melligeri and its managing director Rajeev Kaul, as filed for the quarter to Sep 2026. Its latest annual general meeting was on 4 Sep 2026.
Aequs board of directors
At the end of the quarter to Sep 2026, as the company filed it; changes since are in its announcements.Their trades in its shares
- Chairperson and chief executiveAravind S MelligeriRelated to the promoter
- Managing directorRajeev Kaul
- Company Secretary and Compliance OfficerRavi Mallikarjun Hugar
6 directors3 independent2 executive1 non-executive
- Aravind S Melligeri · Chairperson and chief executiveExecutive · joined Mar 2000 · reappointed May 2025 · 1 listed board · 1 committee seat
- Rajeev Kaul · Managing directorExecutive · joined Nov 2011 · reappointed Apr 2024 · 1 listed board · 2 committee seats
- Ajay Aravind PrabhuNon-executive · joined Jul 2003 · 1 listed board
- Eberhard Klaus RichterIndependent · joined Jun 2021 · reappointed Apr 2025 · 17 months as independent · 1 listed board · 1 as independent
- Anup WadhawanIndependent · joined Apr 2025 · reappointed Apr 2025 · 17 months as independent · 4 listed boards · 4 as independent · 6 committee seats, 3 as chair
- Vidya SarathyIndependent · joined Jan 2025 · reappointed Apr 2025 · 17 months as independent · 1 listed board · 1 as independent · 2 committee seats, 1 as chair
An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.
Committees and meetings
Who sits on each, and how often they met.Board meeting notices and outcomes
Board
- 25 Sep 20265 of 6 present3 independent · 26 days in between
- 29 Aug 20266 of 6 present3 independent · 21 days in between
- 7 Aug 20266 of 6 present3 independent · 8 days in between
- 29 Jul 20266 of 6 present3 independent · 63 days in between
2 earlier meetings
- 26 May 20266 of 6 present3 independent · 32 days in between
- 23 Apr 20266 of 6 present3 independent
Audit Committee
Chair Vidya Sarathy
Anup Wadhawan, Rajeev Kaul
- 29 Aug 20263 of 3 present2 independent · 22 days in between
- 6 Aug 20263 of 3 present2 independent · 7 days in between
- 29 Jul 20263 of 3 present2 independent · 63 days in between
- 26 May 20263 of 3 present2 independent · 18 days in between
2 earlier meetings
- 7 May 20263 of 3 present2 independent · 13 days in between
- 23 Apr 20263 of 3 present2 independent
Nomination and remuneration committee
Chair Eberhard Klaus Richter
Ajay Aravind Prabhu, Anup Wadhawan
- 29 Aug 20263 of 3 present2 independent · 21 days in between
- 7 Aug 20263 of 3 present2 independent · 8 days in between
- 29 Jul 20263 of 3 present2 independent · 63 days in between
- 26 May 20263 of 3 present2 independent
Stakeholders Relationship Committee
Chair Anup Wadhawan
Aravind S Melligeri, Rajeev Kaul
No meeting listed in the filing.
Risk Management Committee
Chair Vidya Sarathy
Eberhard Klaus Richter, Rajeev Kaul
No meeting listed in the filing.
Corporate Social Responsibility Committee
Chair Ajay Aravind Prabhu
Rajeev Kaul, Anup Wadhawan
- 26 May 20263 of 3 present1 independent
Independent Director Committee
Chair Vidya Sarathy
Anup Wadhawan, Eberhard Klaus Richter
No meeting listed in the filing.
Administrative Committee
Chair Rajeev Kaul
Ajay Aravind Prabhu
No meeting listed in the filing.
Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.
Statutory auditor
Named in the results for the quarter to Jun 2026.
- BSR & Co. LLPPeer-review certificate valid to Jul 2028
A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.
Aequs AGM and shareholder votes
Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.
Extraordinary general meeting, 22 Oct 2026
1,09,724 shareholders on the register on 15 Oct 2026; present: 10 promoters and 46 others; votes counted by Isha Shrotriya / AASI & Co..The company's voting result
To offer, issue and allot warrants convertible into equity shares to Mellwood Trustee Services Private Limited (trustee of Melligeri Private Family Foundation, Promoter of the company), on a preferential basis.MoreLess
Special98.68% for1.32% againstAgainst: promoters 0.00% · institutions 5.41% · other public 0.04%
Turnout: all 78.36% · promoters 99.95% · institutions 72.80% · other public 1.64%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Annual general meeting, 4 Sep 2026, 12 resolutions
95,584 shareholders on the register on 28 Aug 2026; present: 3 promoters and 38 others; votes counted by Pramod S M / BMP & Co. LLP.The company's voting result
- ADOPTION OF THE AUDITED STANDALONE AND CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY FOR THE FINANCIAL YEAR ENDED MARCH 31, 2026 AND THE REPORTS OF THE BOARD OF DIRECTORS AND AUDITORS THEREON.Ordinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 81.75% · promoters 99.98% · institutions 79.47% · other public 4.92%
- APPOINTMENT OF MR. RAJEEV KAUL (DIN: 01468590) AS A MANAGING DIRECTOR LIABLE TO RETIRE BY ROTATION.Ordinary98.70% for1.30% against
Against: promoters 0.00% · institutions 4.84% · other public 0.01%
Turnout: all 81.75% · promoters 99.98% · institutions 79.47% · other public 4.92%
- APPOINTMENT OF M/S. BMP & CO. LLP, PRACTICISING COMPANY SECRETARIES, AS SECRETARIAL AUDITORS OF THE COMPANYOrdinary100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.00%
Turnout: all 81.75% · promoters 99.98% · institutions 79.47% · other public 4.92%
- APPROVAL FOR ADOPTION OF AEQUS RESTRICTED STOCK UNIT PLAN 2026 AND ITS IMPLEMENTATION THROUGH TRUSTSpecial97.31% for2.69% against
Against: promoters 0.00% · institutions 9.97% · other public 0.23%
Turnout: all 81.75% · promoters 99.98% · institutions 79.47% · other public 4.92%
- APPROVAL FOR GRANT OF RESTRICTED STOCK UNITS TO THE EMPLOYEES OF THE SUBSIDIARY COMPANY(IES) OF THE COMPANY UNDER AEQUS RESTRICTED STOCK UNIT PLAN 2026Special97.31% for2.69% against
Against: promoters 0.00% · institutions 9.97% · other public 0.23%
Turnout: all 81.75% · promoters 99.98% · institutions 79.47% · other public 4.92%
- APPROVAL FOR GRANT OF RESTRICTED STOCK UNITS TO THE EMPLOYEES OF THE ASSOCIATE COMPANY(IES) OF THE COMPANY UNDER AEQUS RESTRICTED STOCK UNIT PLAN 2026Special97.31% for2.69% against
Against: promoters 0.00% · institutions 9.97% · other public 0.23%
Turnout: all 81.75% · promoters 99.98% · institutions 79.47% · other public 4.92%
- APPROVAL FOR UTILIZING THE SHARES ALREADY ACQUIRED AND HELD BY THE AEQUS STOCK OPTION PLAN TRUST FOR THE PURPOSE OF IMPLEMENTATION OF THE AEQUS RESTRICTED STOCK UNIT PLAN 2026Special97.31% for2.69% against
Against: promoters 0.00% · institutions 9.97% · other public 0.23%
Turnout: all 81.75% · promoters 99.98% · institutions 79.47% · other public 4.92%
- APPROVAL FOR PROVISION OF MONEY BY THE COMPANY TO AEQUS STOCK OPTION PLAN TRUST FOR THE PURPOSE OF IMPLEMENTATION OF ‘AEQUS RESTRICTED STOCK UNIT PLAN 2026’Special97.31% for2.69% against
Against: promoters 0.00% · institutions 9.97% · other public 0.23%
Turnout: all 81.75% · promoters 99.98% · institutions 79.47% · other public 4.92%
- APPROVAL FOR AMENDMENT OF AEQUS EMPLOYEE STOCK OPTION PLAN 2025 (ESOP 2025)Special99.08% for0.92% against
Against: promoters 0.00% · institutions 3.41% · other public 0.23%
Turnout: all 81.75% · promoters 99.98% · institutions 79.47% · other public 4.92%
- APPROVAL FOR EXTENSION OF BENEFITS OF AEQUS EMPLOYEE STOCK OPTION PLAN 2025 (ESOP 2025) TO THE EMPLOYEES OF ASSOCIATE COMPANIES OF THE COMPANYSpecial98.24% for1.76% against
Against: promoters 0.00% · institutions 6.51% · other public 0.23%
Turnout: all 81.75% · promoters 99.98% · institutions 79.47% · other public 4.92%
- APPROVAL FOR CHANGE IN THE MAIN OBJECT CLAUSE OF MEMORANDUM OF ASSOCIATION OF THE COMPANYSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 81.75% · promoters 99.98% · institutions 79.47% · other public 4.92%
- APPROVAL OF MATERIAL RELATED PARTY TRANSACTIONS WITH AEQUS SEZ PRIVATE LIMITEDOrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 22.65% · promoters 0.00% · institutions 79.47% · other public 4.79%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 31 Jul 2026, 1 resolution
54,465 shareholders on the register on 26 Jun 2026; votes counted by Pramod S M / BMP & Co. LLP, Practicing Company Secretaries.The company's voting result
To approve Scheme of Amalgamation between the Aequs Limited (“the Company”/ “Transferee Company”) AeroStructures Manufacturing India Private Limited, Aequs Engineered Plastics Private Limited and Aequs Force Consumer Products Private Limited (“Transferor Companies”/ “Wholly Owned Subsidiaries of the Company”) and their respective members and creditors under Section 233 of the Companies Act, 2013MoreLess
Special100.00% for0.00% againstAgainst: promoters 0.00% · institutions 0.00% · other public 0.01%
Turnout: all 88.98% · promoters 100.00% · institutions 87.65% · other public 32.26%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
Postal ballot, 27 Mar 2026, 7 resolutions
40,559 shareholders on the register on 20 Feb 2026; votes counted by Pramod S M / BMP & Co. LLP, Practicing Company Secretaries.The company's voting result
- Ratification and amendment of Aequs Employee Stock Option Plan 2025 (ESOP 2025)Special98.42% for1.58% against
Against: promoters 0.00% · institutions 4.94% · other public 0.11%
Turnout: all 87.22% · promoters 100.00% · institutions 87.01% · other public 2.55%
- Ratification of the extension of the benefits of Aequs Employee Stock Option Plan 2025 (ESOP 2025) to the employees of holding company and subsidiary companies of the CompanySpecial97.65% for2.35% against
Against: promoters 0.00% · institutions 7.35% · other public 0.13%
Turnout: all 87.22% · promoters 100.00% · institutions 87.01% · other public 2.55%
- Approval of secondary acquisition of shares through trust route for the implementation of Aequs Employee Stock Option Plan 2025 (ESOP 2025)Special98.42% for1.58% against
Against: promoters 0.00% · institutions 4.94% · other public 0.12%
Turnout: all 87.22% · promoters 100.00% · institutions 87.01% · other public 2.55%
- Ratification of provision of funds by the Company for the purchase of its own shares by the Aequs Stock Option Plan Trust for the benefit of employees under Aequs Employee Stock Option Plan 2025Special98.42% for1.58% against
Against: promoters 0.00% · institutions 4.94% · other public 0.12%
Turnout: all 87.22% · promoters 100.00% · institutions 87.01% · other public 2.55%
- Approval for the right to nominate directors under the Shareholders Agreement dated October 12, 2023, read with its amendment and termination agreement datedSpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.07%
Turnout: all 87.22% · promoters 100.00% · institutions 87.01% · other public 2.55%
- Approval for alteration of Articles of Association of the CompanySpecial100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.10%
Turnout: all 87.22% · promoters 100.00% · institutions 87.01% · other public 2.55%
- Approval for material related party transactions by the Company and its wholly owned subsidiaries with Aequs SEZ Private LimitedOrdinaryPromoters have an interest in it100.00% for0.00% against
Against: promoters 0.00% · institutions 0.00% · other public 0.29%
Turnout: all 27.98% · promoters 0.00% · institutions 87.01% · other public 0.76%
For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.
How mutual funds voted
Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it
Mutual fund votes, meeting of 4 Sep 2026, 14 fund houses
Each resolution counts the houses whose vote was matched to it; the rest are listed last.
- ADOPTION OF THE AUDITED STANDALONE AND CONSOLIDATED FINANCIAL STATEMENTS OF THE COMPANY FOR THE FINANCIAL YEAR ENDED MARCH 31, 2026 AND THE REPORTS OF THE BOARD OF DIRECTORS AND AUDITORS THEREON.14 for0 against
- APPOINTMENT OF MR. RAJEEV KAUL (DIN: 01468590) AS A MANAGING DIRECTOR LIABLE TO RETIRE BY ROTATION.14 for0 against
- APPOINTMENT OF M/S. BMP & CO. LLP, PRACTICISING COMPANY SECRETARIES, AS SECRETARIAL AUDITORS OF THE COMPANY14 for0 against
- APPROVAL FOR ADOPTION OF AEQUS RESTRICTED STOCK UNIT PLAN 2026 AND ITS IMPLEMENTATION THROUGH TRUST
Against Bank of India Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund
- Bank of India Mutual FundThe company seeks shareholders’ approval for the Aequs RSU 2026 scheme, under which up to 1.5 million Restricted Stock Unit (RSU) options will be granted. The proposed RSU pool is intended to be carved out from the company’s existing pool under Aequs Employee Stock Option Plan 2025 (ESOP 2025) – 20.4 mn options, resulting in a corresponding reduction of the ESOP 2025 pool to that extent.For Aequs RSU 2026, employee eligibility will be determined at the grant stage based on corporate metrics, individual performance metrics, or both. The vesting period ranges from a minimum of one year to a maximum of seven years and the exercise price is set at face value. In cases of RSUs with performance-based vesting, we expect mandatory vesting for all units to be tied to predefined performance criteria that include disclosed targets. Under Aequs RSU 2026, vesting is not performance based. ESOPs are designed as "pay-at-risk" options accepted by employees at the grant stage; however, this risk is minimized when options are issued at a steep discount to the market price, which creates a misalignment between the interests of investors and employees. As a good practice, companies must grant stock options at market price, or the options should have a performance-based vesting with clearly defined performance metrics and targets. We do not support the resolution.
- HDFC Mutual FundThe RSU scheme is not broad based in nature. We do not support the resolution.
- Mirae Asset Mutual FundIn line with the internal voting guidelines (Passive holding)
9 for3 against - APPROVAL FOR GRANT OF RESTRICTED STOCK UNITS TO THE EMPLOYEES OF THE SUBSIDIARY COMPANY(IES) OF THE COMPANY UNDER AEQUS RESTRICTED STOCK UNIT PLAN 2026
Against Axis Mutual Fund, Bank of India Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund
- Axis Mutual FundThrough resolution #5, the company seeks approval to grant options under Aequs RSU 2026 to the employees of the subsidiaries. Our view on this resolution is linked to our view on resolution #4. Hence, we are unable to support the resolution in its current form.
- Bank of India Mutual Fund, HDFC Mutual FundThrough resolution #5, the company seeks approval to grant options under Aequs RSU 2026 to the employees of the subsidiaries. Our view on this resolution is linked to our view on resolution #4. We do not support the resolution.
- Mirae Asset Mutual FundIn line with the internal voting guidelines (Passive holding)
10 for4 against - APPROVAL FOR GRANT OF RESTRICTED STOCK UNITS TO THE EMPLOYEES OF THE ASSOCIATE COMPANY(IES) OF THE COMPANY UNDER AEQUS RESTRICTED STOCK UNIT PLAN 2026
Against Bank of India Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund
- Bank of India Mutual Fund, HDFC Mutual FundThrough resolution #6, the company seeks approval to grant options under Aequs RSU 2026 to the employees of associate companies. We do not support extending benefits to employees of associate companies. Additionally, our view on this resolution is also linked to our view on resolution #4. We do not support the resolution.
- Mirae Asset Mutual FundIn line with the internal voting guidelines (Passive holding)
9 for3 against - APPROVAL FOR UTILIZING THE SHARES ALREADY ACQUIRED AND HELD BY THE AEQUS STOCK OPTION PLAN TRUST FOR THE PURPOSE OF IMPLEMENTATION OF THE AEQUS RESTRICTED STOCK UNIT PLAN 2026
Against Bank of India Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund
- Bank of India Mutual FundFollowing shareholders’ approval to ratify the company’s Aequs Employee Stock Option Plan 2025 (Aequs ESOP 2025) scheme via a postal ballot held in March 2026, an aggregate pool of 20.4 million equity shares was created to implement the plan through the ESOP Trust. Out of this pool, the ESOP Trust acquired 14.4 mn equity shares from the company’s earlier employee stock option plans and schemes, along with 6.0 mn equity shares under ESOP 2025. As of 31 July 2026, the ESOP Trust holds 15.3 mn equity shares available for utilization under ESOP 2025. The options under the Aequs RSU 2026 scheme are intended to be carved out from the company’s existing pool under the Aequs ESOP 2025—which totals 20.4 mn options—resulting in a corresponding reduction of the ESOP 2025 pool to that extent.Through resolution #7, the company seeks approval to utilize 1.5 mn shares held by the ESOP Trust to implement the Aequs RSU 2026. Our view on this resolution is directly linked to our view on resolution #4. Therefore, we do not support the resolution.
- HDFC Mutual FundThrough resolution #7, the company seeks approval to utilize 1.5 mn shares held by the ESOP Trust to implement the Aequs RSU 2026. Our view on this resolution is directly linked to our view on resolution #4. Therefore, we do not support the resolution.
- Mirae Asset Mutual FundIn line with the internal voting guidelines (Passive holding)
9 for3 against - APPROVAL FOR PROVISION OF MONEY BY THE COMPANY TO AEQUS STOCK OPTION PLAN TRUST FOR THE PURPOSE OF IMPLEMENTATION OF ‘AEQUS RESTRICTED STOCK UNIT PLAN 2026’
Against Bank of India Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund
- Bank of India Mutual Fund, HDFC Mutual FundThrough resolution #8, the company seeks approval for provision of financial support to the ESOP Trust for administration of the Trust and to meet their expenses for implementation. Our view on this resolution is linked to resolution #4. we do not support the resolution
- Mirae Asset Mutual FundIn line with the internal voting guidelines (Passive holding)
8 for3 against - APPROVAL FOR AMENDMENT OF AEQUS EMPLOYEE STOCK OPTION PLAN 2025 (ESOP 2025)
Against Axis Mutual Fund, Bank of India Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund
- Axis Mutual FundThe Aequs ESOP 2025 scheme was ratified by shareholders in March 2026. The proposed amendments comprise insertion, modification and amendment of clauses pertaining to extension of benefits of Aequs ESOP 2025 to the eligible employees of the associate companies of the company, to reduce the ESOP pool size by 1.5 mn options from 20.400,000 – to accommodate Aequs RSU 2026 and for providing criteria for determining the exercise price for any stock option Grant. Our view on this resolution is linked to resolution #4. Hence, we are unable to support the resolution in its current form.
- Bank of India Mutual Fund, HDFC Mutual FundThe Aequs ESOP 2025 scheme was ratified by shareholders in March 2026. The proposed amendments comprise insertion, modification and amendment of clauses pertaining to extension of benefits of Aequs ESOP 2025 to the eligible employees of the associate companies of the company, to reduce the ESOP pool size by 1.5 mn options from 20.400,000 – to accommodate Aequs RSU 2026 and for providing criteria for determining the exercise price for any stock option Grant. We do not support extension of scheme benefits to employees of associate companies. Therefore, we do not support the resolution.
- Mirae Asset Mutual FundIn line with the internal voting guidelines (Passive holding)
10 for4 against - APPROVAL FOR EXTENSION OF BENEFITS OF AEQUS EMPLOYEE STOCK OPTION PLAN 2025 (ESOP 2025) TO THE EMPLOYEES OF ASSOCIATE COMPANIES OF THE COMPANY
Against Axis Mutual Fund, Bank of India Mutual Fund, HDFC Mutual Fund, Mirae Asset Mutual Fund
- Axis Mutual FundThrough resolution #10, the company seeks approval to grant options under Aequs ESOP 2025 to the employees of associate companies of the company, in India or abroad, whether present or future. Our view on this resolution is linked to resolution #4. Hence, we are unable to support the resolution in its current form.
- Bank of India Mutual FundThrough resolution #10, the company seeks approval to grant options under Aequs ESOP 2025 to the employees of associate companies of the company, in India or abroad, whether present or future. We do not support extending of scheme benefits to employees of associate companies.
- HDFC Mutual FundThrough resolution #10, the company seeks approval to grant options under Aequs ESOP 2025 to the employees of associate companies of the company, in India or abroad, whether present or future. We do not support extending of scheme benefits to employees of associate companies. We do not support the resolution.
- Mirae Asset Mutual FundIn line with the internal voting guidelines (Passive holding)
10 for4 against - APPROVAL FOR CHANGE IN THE MAIN OBJECT CLAUSE OF MEMORANDUM OF ASSOCIATION OF THE COMPANY14 for0 against
- APPROVAL OF MATERIAL RELATED PARTY TRANSACTIONS WITH AEQUS SEZ PRIVATE LIMITED14 for0 against
5 proposals not matched to one resolution
- 8) Approve provision of interest free loan to Aequs Stock Option Plan Trust (ESOP Trust) for implementation of Aequs Restricted Stock unit Plan 2026 (Aequs RSU 2026) through Trust route1 for0 against
- Approve Aequs Restricted Stock unit Plan 2026 (Aequs RSU 2026) under which up to 1.5 mn RSUs can be granted through Aequs Stock Option Plan Trust (ESOP Trust)
Against Axis Mutual Fund
- Axis Mutual FundThe company seeks shareholders’ approval for the Aequs RSU 2026 scheme, under which up to 1.5 million Restricted Stock Unit (RSU) options may be granted. The proposed RSU pool will be carved out from the existing Aequs Employee Stock Option Plan 2025 (ESOP 2025) pool of 20.4 million options, resulting in a corresponding reduction in the ESOP pool. Employee eligibility under the RSU scheme will be determined at the grant stage based on corporate metrics, individual performance metrics, or a combination of both. The vesting period ranges from one to seven years, while the exercise price is set at face value. Unlike the ESOP 2025 scheme, vesting under the proposed RSU scheme is not linked to the achievement of predefined performance targets. In our view, equity-linked compensation plans are most effective when they closely align employee rewards with long-term value creation for shareholders. This can be achieved either through grants made closer to market value or through performance-linked vesting criteria with clearly defined and measurable targets. Given the absence of performance-based vesting under the proposed scheme and the issuance of RSUs at face value, we believe the alignment with shareholder interests could be stronger. Accordingly, we are unable to support the resolution in its current form.
1 for1 against - Approve extension of Aequs Restricted Stock unit Plan 2026 (Aequs RSU 2026) to the employees of associate companies
Against Axis Mutual Fund
- Axis Mutual FundThrough resolution #6, the company seeks approval to grant options under Aequs RSU 2026 to the employees of associate companies. Our view on this resolution is also linked to our view on resolution #4. Hence, we are unable to support the resolution in its current form.
1 for1 against - Approve provision of interest free loan to Aequs Stock Option Plan Trust (ESOP Trust) for implementation of Aequs Restricted Stock unit Plan 2026 (Aequs RSU 2026) through Trust route
Against Axis Mutual Fund
- Axis Mutual FundThrough resolution #8, the company seeks approval for provision of financial support to the ESOP Trust for administration of the Trust and to meet their expenses for implementation. Our view on this resolution is linked to resolution #4. Hence, we are unable to support the resolution in its current form.
1 for1 against - Approve utilisation of 1.5 mn shares of Rs 10.0 each held by Aequs Stock Option Trust (ESOP Trust) for implementation of Aequs Restricted Stock unit Plan 2026 (Aequs RSU 2026)
Against Axis Mutual Fund
- Axis Mutual FundFollowing shareholder approval of Aequs ESOP 2025 in March 2026, a pool of 20.4 million equity shares was created for implementation through the ESOP Trust. As of 31 July 2026, the Trust held 15.3 million shares available for utilization under the scheme. Through Resolution #7, the company seeks approval to utilize 1.5 million of these shares for implementation of the proposed Aequs RSU 2026 scheme, resulting in a corresponding reduction in the ESOP 2025 pool. Our assessment of this resolution is linked to our view on Resolution #4. Given our concerns regarding the structure of the proposed RSU scheme, we are unable to support this resolution.
1 for1 against
Mutual fund votes, meeting of 31 Jul 2026, 13 fund houses
To approve Scheme of Amalgamation between the Aequs Limited (“the Company”/ “Transferee Company”) AeroStructures Manufacturing India Private Limited, Aequs Engineered Plastics Private Limited and Aequs Force Consumer Products Private Limited (“Transferor Companies”/ “Wholly Owned Subsidiaries of the Company”) and their respective members and creditors under Section 233 of the Companies Act, 2013MoreLess
13 for0 against
Mutual fund votes, meeting of 27 Mar 2026, 10 fund houses
7 proposals
- Ratification and amendment of Aequs Employee Stock Option Plan 2025 (ESOP 2025)
Against Bank of India Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual Fund
- Bank of India Mutual FundESOP 2025 consolidates all the other schemes of the company. The company also proposes to amend ESOP 2025 to delete all pre-IPO specific clauses and renumber the remaining clauses. The scheme has an option pool of 20.4 mn options, and the company has granted 16.4 mn options pre-IPO. The scheme provides flexibility regarding the mode of issuance: it may be implemented through a fresh issue or through the trust route. The amended scheme does not provide clarity with respect to exercise price and vesting criteria– it allows the NRC the flexibility to to determine these. In the absence of such clarity, we are unable to evaluate whether the scheme contours align with shareholders’ interests. We do not favour schemes where there is no clarity on exercise price, or where the exercise price is set at a significant discount (>20%) to market price, unless the scheme has performance-based vesting conditions with clearly defined parameters and targets. Given these reasons, we do not support the resolution.
- Edelweiss Mutual FundNon-Compliant under SEBI (SBEB & SE) Regulations: Non-disclosure of Exercise Price/ pricing formula; Absolute Discretion to NRC to determine Exercise Price. Governance Concern: Potential maximum benefit that may be granted to a single employee appears to be excessive.
- Motilal Oswal Mutual FundAbsolute Discretion to NRC to determine Exercise Price. Potential Significant Benefit arising to a single Employee.
7 for3 against - Ratification of the extension of the benefits of Aequs Employee Stock Option Plan 2025 (ESOP 2025) to the employees of holding company and subsidiary companies of the Company
Against Bank of India Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund
- Bank of India Mutual FundThrough resolution #2, the company seeks shareholder approval for extending the benefits of ESOP 2025 to employees of holding and subsidiary companies. We support extension of the scheme to employees of unlisted holding and unlisted subsidiary companies. However, our view on this resolution is linked to our view on resolution #1.
- Edelweiss Mutual FundInterlinked with resolution #1. Governance concern: Scheme proposed to be extended to employees of Holding Company without provision for cost re-imbursement.
- Motilal Oswal Mutual FundGovernance concern: Scheme proposed to be extended to employees of Holding Company without provision for cost re-imbursement.
- Nippon India Mutual FundGovernance Concern: Scheme proposed to be extended to employees of Holding Company without provision for cost re-imbursement.
6 for4 against - Approval of secondary acquisition of shares through trust route for the implementation of Aequs Employee Stock Option Plan 2025 (ESOP 2025)
Against Bank of India Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual Fund
- Bank of India Mutual FundThrough resolution #3, the company seeks approval for secondary acquisition of shares for the implementation of ESOP 2025. Our view on this resolution is linked to resolution #1.
- Edelweiss Mutual FundNo concern w.r.t. the resolution per-se. However, the Scheme is Non-Compliant under SEBI (SBEB & SE) Regulations and Interlinked with resolution #1.
- Motilal Oswal Mutual FundInterlinked with resolution #1.
7 for3 against - Ratification of provision of funds by the Company for the purchase of its own shares by the Aequs Stock Option Plan Trust for the benefit of employees under Aequs Employee Stock Option Plan 2025
Against Bank of India Mutual Fund, Edelweiss Mutual Fund, Motilal Oswal Mutual Fund
- Bank of India Mutual FundThrough resolution #4, the company seeks approval for provision of financial support to ESOP Trust for purchase of shares for secondary acquisition under ESOP 2025. Our view on this resolution is linked to resolution #1.
- Edelweiss Mutual FundNo concern w.r.t. the resolution per-se. However, the Scheme is Non-Compliant under SEBI (SBEB & SE) Regulations and Interlinked with resolution #1.
- Motilal Oswal Mutual FundInterlinked with resolution #1.
7 for3 against - Approval for the right to nominate directors under the Shareholders Agreement dated October 12, 2023, read with its amendment and termination agreement dated10 for0 against
- Approval for alteration of Articles of Association of the Company10 for0 against
- Approval for material related party transactions by the Company and its wholly owned subsidiaries with Aequs SEZ Private Limited10 for0 against
Each fund house counted once, from its own disclosure; the reasons are its own words.
Investor complaints and compliance
Quarter by quarter.
Investor complaints received and resolved, the company's own count
- Received
- Resolved
Open at the quarter's end
- The board is made up as the listing rules require
- Yes
- The board has a regular chairperson
- Yes
- The company has a risk management committee
- Yes
- The chair is related to the managing director
- No
- The filing has a part on fines and penalties
- No
- The filing has a part on tax disputes
- No
- There was a cyber security incident in the quarter
- No
The company's own answers in its filing.
How money raised was used
Reported for the quarter to Sep 2026. A statement's amounts are left out where the raise it states and its own uses differ by fifty times or more, a figure typed at the wrong scale.
| Raised | Amount raised | For | Set aside | Spent | Spent elsewhere |
|---|---|---|---|---|---|
| Public IssuesDec 2025, checked by CARE Ratings Limited | – | Funding capital expenditure to be incurred on account of purchase of machinery and equipment by: (a) our Company; and (b) one of our wholly-owned Subsidiaries, AeroStructures Manufacturing India Private Limited, through investment in such Subsidiary; | – | – | No |