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India’s Aircraft-Parts Boom Puts Two Suppliers in Focus
India is making and exporting more parts used in aircraft.
Two companies discussed in the article are Dynamatic Technologies and Aequs.
Both supply parts or assemblies to the aerospace industry, and both are expanding their businesses.
Dynamatic’s aerospace business grew, though currency gains also helped its reported results.
Aequs has a large aerospace order book, but it has not yet turned its growing sales into steady net profits.
It is also spending money on new factories and equipment.
That means both companies need to deliver their plans while managing costs and cash.
Their share prices have already risen sharply, so investors will be watching closely for proof that future growth supports their valuations.
India’s aircraft and space-parts exports rose to ₹588.38 billion in FY25, from ₹269.03 billion in FY24.
Dynamatic Technologies’ aerospace revenue grew 17% year-on-year in Q1 FY27, while its consolidated results also benefited from foreign-exchange gains.
Aequs reported 40% year-on-year aerospace revenue growth in Q1 FY27 and an aerospace order book of $1.004 billion.
Both companies are expanding capacity, but Aequs reported negative operating cash flow in Q1 FY27 and continuing net losses in its annual financial record.
The article highlights execution, cash flow, debt, customer concentration, supply-chain and valuation risks alongside the sector’s growth potential.
- Who
- Dynamatic Technologies and Aequs, two Indian aerospace-component suppliers.
- What
- The article examines their growth prospects, results, expansion plans and risks amid rising Indian aircraft-parts exports.
- Where
- India, including Aequs’ manufacturing operations in Belagavi and planned aerospace ecosystem in Hosur.
- When
- The article cites FY25 export data and Q1 FY27 company results; share prices are reported as of 1 October 2026.
- Why
- Rising exports and a large pipeline of aircraft orders are creating demand for aerospace components, while the companies’ ability to execute and convert growth into profits and cash remains uncertain.
Growth opportunity
Execution and financial risks
Demand and order visibility
Growth opportunity
Rising exports, airline aircraft orders and Aequs’ $1.004 billion aerospace order book point to expanding demand and long-term opportunity for suppliers.
Execution and financial risks
Orders and market growth do not guarantee timely revenue: aircraft production delays, customer approvals and certification issues can defer programmes.
Capacity expansion
Growth opportunity
New equipment, higher-value components and Aequs’ planned Hosur ecosystem could support future growth and broader manufacturing capabilities.
Execution and financial risks
Expansion requires substantial investment and can leave capacity underused; working-capital needs and capital spending may pressure cash flow or increase borrowing.
Share-price performance and valuation
Growth opportunity
The article points to improving operating results at Dynamatic and strong aerospace growth and order visibility at Aequs.
Execution and financial risks
Both stocks have risen sharply, while the article flags high valuations, earnings volatility, Aequs’ continuing net losses and the need for sustained execution.
Key facts
- Aircraft and space-parts exports
- ₹588.38 billion in FY25, versus ₹269.03 billion in FY24.
- India commercial-aircraft manufacturing market
- Estimated at ₹164.21 billion in 2026 and projected to reach ₹257.09 billion by 2030.
- Indian airline aircraft orders
- Major airlines had orders for 2,026 aircraft as of 30 June 2025; 385 had been imported by then.
- Dynamatic Q1 FY27
- Consolidated revenue was ₹424.81 crore; aerospace revenue was ₹202.25 crore.
- Aequs Q1 FY27
- Consolidated revenue was ₹395.5 crore; aerospace revenue was ₹322.2 crore.
- Aequs aerospace order book
- $1.004 billion in Q1 FY27, up from $889 million in the previous quarter.
- Aequs planned FY27 capex
- Around ₹660 crore, including ₹160 crore for aerospace.










