1. Company overview & snapshot

1.1 Legal identity & corporate structure

Aequs Limited is an Indian precision-manufacturing group originally established as QuEST Global Manufacturing and subsequently rebranded. It operates integrated manufacturing clusters serving aerospace, consumer products and toys. Public investor materials position Aravind Melligeri as Chairman and CEO; the company has been preparing and communicating as a public-market-facing business, so use current exchange filings rather than relying on older corporate-directory labels. Exact CIN, current shareholding, charges and legal-entity ownership of each Belagavi unit should be confirmed from the latest annual report and MCA/filing records before a contractual proposal.

The account is strategically different from a single factory. Aequs describes three Indian clusters—Belagavi, Hubballi and Koppal—plus facilities in France and the United States. The Belagavi Aerospace Cluster (BAC) is the relevant initial operating unit, not the entire group. That distinction matters for bill ownership, utility account, decision authority and permitted data access.

1.2 What they make & where money comes from

Aequs supplies precision-engineered aerospace components and assemblies and has expanded into consumer-durables and toy manufacturing clusters. The Belagavi operation is associated with aerospace precision engineering: machining, aerospace supply-chain manufacturing and associated surface, quality and logistics processes. Aerospace customers impose demanding traceability, uptime and quality controls; no energy recommendation may compromise process qualification, environmental-control requirements or delivery commitments.

Public June 2026 commentary says the manufacturing footprint totals about 2.22 million square feet across Indian clusters. The company signed a Karnataka MoU for approximately ₹2,856 crore of cumulative investment over five years across Belagavi and Hubballi, including aerospace precision-engineering capacity in Belagavi. This is a credible timing signal: capacity growth changes load shapes, production ramps and utility baselines. It is not proof of a particular plant electricity bill or energy problem.

1.3 Plants, addresses & footprint

The recommended pilot is the Aequs Special Economic Zone / Belagavi Aerospace Cluster, Hattargi, Belagavi, Karnataka 591243. Public coverage describes an aerospace SEZ established in 2008 on roughly 250 acres with about one million square feet of manufacturing space. HESCOM is the working electricity-distribution hypothesis for a Belagavi industrial site; validate the actual consumer name, supply voltage, tariff, meter and any SEZ supply arrangement from the invoice.

Other public Indian footprints include the Hubballi durable-goods cluster in Itigatti/Gamanagatti and a Koppal toy cluster. They are not assumed to share BAC’s bill or control system. The Tamil Nadu investment announcement is a proposed diversification/expansion context, not a reason to move the pilot away from Karnataka.

1.4 Leadership & CRM map

Aravind Melligeri is the senior strategic contact; Harish Ramaswamy, President Aerospace, is a more relevant executive route for the aerospace business. Public June 2026 transcript material identifies Ravi Kumar Assudani as head of engineering for the consumer segment, so he is not the presumed Belagavi utilities decision-maker. No verified public Belagavi Head Electrical, Utilities Head or Plant Head LinkedIn profile was identified in this research. Do not fabricate one.

The desired buyer map is: aerospace operating sponsor → BAC plant/operations leader → electrical/utility manager who owns HESCOM invoices → finance controller who validates savings → IT/OT or EHS only for read-only access approval. Start with Harish or corporate switchboard and ask for the named BAC electrical/utility owner. The email in the kit is inferred, not verified.

1.5 Recent news (24 months) & timing for Stamped

In March 2026 the group announced a Karnataka expansion MoU for Belagavi and Hubballi. In February 2026, press coverage noted public/political debate after an announced ₹4,000 crore Tamil Nadu aerospace/defence investment; Karnataka’s minister stated that the move was diversification, while Karnataka expansion continued. Treat this as a public-context issue, not an integrity allegation. It reinforces that management is balancing capacity, geographic resilience and execution.

2. Energy profile

DISCOM / supply (name early): HESCOM. BAC should be treated as a HESCOM-connected Belagavi industrial account until the invoice proves otherwise. SEZ arrangements, green-energy procurement and any group/open-access structure must be established in discovery.

2.1 Bill band, tariff & demand

BAC’s campus scale and aerospace precision processes make ₹30 lakh–₹1 crore+/month [~] a plausible qualifying HESCOM bill band, but it is not a published invoice figure. Confirm HT/EHT supply, contract demand, recorded maximum demand, reactive-energy/PF treatment, ToD regime, wheeling/banking settlement and the legal consumer name. Near-100% green electricity does not make the delivered-cost and demand questions disappear: grid settlement, demand charges, backup/quality constraints and load coincidence can remain material.

2.2 Generation, fuel & renewables

Aequs reports or has been described as operating with near-100% green power. The portfolio mix—captive renewable, open-access, PPA, REC, grid or a particular plant allocation—was not verified. Do not pitch solar, renewable procurement or carbon accounting. Instead ask how the green-power claim is calculated, whether BAC still carries residual HESCOM demand/settlement charges, and where scheduling affects grid draw.

2.3 EnMS, PAT, ISO, BRSR

Aerospace manufacturing implies mature quality and process systems, but no public ISO 50001, PAT designation, energy-management-system vendor or BAC sub-meter map was confirmed in this scan. This is likely Path A if BAC has SCADA, machine and feeder data; it can begin with Path B bill and incomer analysis if access is restricted. Neither conclusion should be stated as fact before the plant confirms it.

2.4 Likely ₹ leak categories (hypothesis)

The initial hypothesis is residual MD/PF/idle-load cost rather than renewable generation. Potential drivers are coordinated CNC and utility starts, compressor and chiller base load, process-support HVAC, surface-treatment/cleaning auxiliaries, weekends and maintenance windows, and production changes that move load into an unfavourable settlement period. These are discovery prompts, not assertions that BAC wastes energy.

3. Operations, equipment & digital stack

3.1 Process flow & critical loads

The aerospace flow likely includes material receipt; CNC turning, milling and drilling; inspection; cleaning/surface treatment or outsourced finishing; assembly; test/quality release; packing and dispatch. CNC spindles, coolant systems, central compressed air, chillers, HVAC/clean rooms where applicable, pumps and material-handling systems are candidate loads. Aerospace quality requirements make unrestricted load shedding inappropriate; the useful interventions are sequencing and non-production-support control.

3.2 Shifts, seasonality, production pattern

No public shift calendar or product-mix data was found. Expansion can cause commissioning peaks and training/ramp variability. Ask which assets start together at each shift, which loads are flexible, whether weekend work is planned, and whether production is scheduled against renewable availability. Do not infer that aerospace production is continuous.

3.3 Automation, metering, SCADA/EMS/DCS

The integrated-cluster model and precision manufacturing make feeder metering, PLC/CNC data and manufacturing systems likely, but vendors and access are unknown. The entry design is read-only: export interval incomer/feeder data, maintenance/production calendar and HESCOM invoices. If a data interface is not ready, start with bills and a simple operations-event log, then add a limited meter scope only after a material pattern appears.

3.4 Capex / tech projects affecting energy

The announced investment program is the primary capex signal. New capacity must not be benchmarked against a pre-expansion baseline without normalising for machines, shifts, parts and commissioning state. A pilot should choose a stable area or separately track ramp and steady-state periods.

4. Stamped Energy fit analysis

4.1 ICP scorecard

Manufacturing scale and likely utility complexity pass the intent test; Karnataka is outside Stamped’s North-India-first geography, so it is a strategic exception. Revenue/plant bill, HESCOM account structure, data access and decision authority are unverified. This is a strong technical account, not a confirmed commercial qualification.

4.2 Fit score rationale

Fit score: 8/10. Advanced machining plus campus-scale utilities and expansion create strong operational signal. Score is held below 9 because green-power settlement, bill ownership and the right plant champion remain unknown, while aerospace validation constraints may slow action.

4.3 Wedge (parser-critical)

The strongest wedge is: at the Belagavi Aerospace Cluster, isolate residual HESCOM maximum-demand, PF and grid-settlement exposure after the reported green-power transition, then sequence CNC and utility loads around production and available supply without touching aerospace process controls.

4.4 Objections & competitors

Likely objections are “we already use green power,” “our MES/SCADA shows this,” and “aerospace processes cannot move.” Agree with all three constraints. Stamped is not a renewable EPC or SCADA replacement; it tests the small set of flexible utility and start-sequence actions and validates the bill effect. An internal digital/operations team, energy consultant or large EMS vendor are alternatives.

4.5 Pilot design

Run a 90-day BAC proof only after HESCOM data confirms a qualifying, controllable account. Scope one stable machining/utility cluster: 6–12 months of bills where available, 15-minute demand/feeder data, shift and CNC start events, and a named utility owner. Success means a pre-agreed MD, PF, idle-energy or settlement-cost metric improves after an approved action while output and quality remain normal. Kill criteria: no controllable HESCOM bill, no operational flexibility, unavailable data or aerospace-quality risk.

5. Before you reach out

5.1 Discovery checklist

• Confirm the BAC legal consumer, actual HESCOM supplier arrangement and bill band.
• Obtain two recent invoices before estimating savings; request 6–12 months for a pilot baseline.
• Ask how “near-100% green power” is supplied and whether residual grid/MD/PF charges remain.
• Identify the Belagavi electrical/utility owner and the aerospace operations sponsor.
• Map CNC, compressed-air, cooling/HVAC and process-support feeder data.
• Identify shift-start coincidence, maintenance/weekend schedules and flexible loads.
• Establish required aerospace change-control and quality approvals.

5.2 Do not lead with

• Do not lead with solar, carbon, ESG or a claim that Aequs lacks renewable power.
• Do not promise to control CNCs, change qualified processes or replace its SCADA/MES.
• Do not quote a bill or a savings percentage before the HESCOM invoice is reviewed.

5.3 Opening hooks (email / call / WhatsApp)

“Aequs’ green-power progress changes the energy question. We would look only at what still settles on the HESCOM bill—MD, PF and flexible CNC/utility timing—and prove or reject the value on one billing point.”

6. Risks, flags & sources

6.1 Integrity / controversy / regulatory (search explicitly)

Targeted searches for “Aequs controversy”, “Aequs Belagavi pollution”, “Aequs lawsuit”, “Aequs regulatory notice” and management-risk variants found no credible company-specific fraud, pollution enforcement, NGT order or court outcome that this dossier can responsibly assert. February 2026 reporting on the Tamil Nadu investment generated political/social-media criticism, but government commentary described it as geographic diversification and noted continuing Karnataka investment. It is a reputational-context item, not a wrongdoing finding.

6.2 Data quality flags

• HESCOM supply, green-power mechanism, bill band, legal consumer and BAC meter architecture are unverified.
• Proposed champion and personal email require confirmation; no Apollo credits were used.
• Public cluster square footage is group/cluster context, not a direct energy-use metric.
• Expansion creates baseline-normalisation risk.

6.3 Sources consulted

• https://www.aequs.com/wp-content/uploads/2026/06/Transcript_June-02-2026.pdf
• https://www.marketscreener.com/news/aequs-limited-enters-into-non-binding-memorandum-of-understanding-with-the-government-of-karnataka-f-ce7e51dddc88f22c
• https://www.moneycontrol.com/news/india/hosur-vs-karnataka-aequs-rs-4-000-crore-tamil-nadu-move-triggers-political-heat-13830940.html
• https://www.sahilonline.org/karnataka-still-key-to-aequs-strategy-says-minister-patil-amid-tn-investment-row
• Targeted web and LinkedIn searches, 13 July 2026.

6.4 Belagavi qualification protocol and measurement guardrails

The first session should explicitly separate an electricity-cost opportunity from a renewable-procurement question. Ask the BAC team to show the line items that remain after its near-100% renewable claim: fixed/demand charges, energy settlement, reactive-energy adjustments, banking or deviation charges where relevant, taxes/duties and any backup-supply treatment. The point is not to challenge the claim; it is to establish which invoice components can actually move through an operating intervention. If the renewable arrangement leaves no material variable HESCOM exposure, the appropriate outcome is to stop rather than force a software project.

Request a minimum of two invoices for a quick gate and ideally twelve monthly invoices for an annual view. Capture sanctioned/contract demand, maximum demand, coincident peak timestamps if available, power factor, kWh/kVAh, unit rates, tariff category, wheeling/open-access adjustments, DG operation and the legal name on the connection. These data points enable a narrow opportunity statement without inventing savings. A campus total is less useful than one metered supply point attached to a named operations owner.

For the operating baseline, collect a read-only 15-minute or finer record from the incomer and selected utility feeders; a calendar of shift starts, CNC-cell start events, compressor/chiller starts, planned maintenance, weekends and emergency loads; and a production context signal such as machine hours or released work orders. It is essential to retain context about parts, programmes and qualification runs. A lower demand peak after a production slowdown or cancelled customer order is not a saving.

The first action classes should be deliberately conservative. Examples to investigate—not prescribe before BAC approval—are staggering noncritical compressor or chiller starts around a known CNC ramp; shutdown confirmation for utility/HVAC zones during a validated non-production window; pressure-band or compressor lead/lag review; and PF-root-cause review before recommending capacitor expenditure. No action should alter spindle speeds, machining parameters, controlled-environment conditions, aerospace cleaning/finish specifications or inspection/test requirements. The plant owns all operational decisions.

Measurement should be agreed before any action. For MD, compare like operating days and record the equipment/utility state at the peak. For idle energy, compare validated non-production windows against a baseline of comparable windows and exclude mandated environmental loads. For PF, use the invoice’s specific adjustment line and rule out meter/tariff changes. For residual grid settlement, reconcile the contract/PPA/utility calculation with the plant’s documented accounting approach. Each result should name the action owner, action date, affected feeder, expected value, actual bill impact and confounding factors.

BAC’s expansion makes change management especially important. New machines, commissioning activity, changed layouts, new utility capacity and evolving scheduling can create apparent “savings” or “losses” unrelated to Stamped. Mark each expansion event, establish a stable measurement period, and avoid cross-comparing a ramping new cell with a mature cell. If demand grows because capacity grew, success may be avoided incremental demand rather than an absolute bill reduction; the commercial narrative must be agreed with finance in advance.

6.5 Account sequencing, stakeholder questions and stop conditions

The opening ask should be an introduction, not a product demonstration: “Who owns the Belagavi electricity settlement and who can tell us whether flexible utility starts still influence it?” Harish Ramaswamy or his office can route that question to BAC operations. The technical conversation should include electrical/utilities, production planning and a person familiar with renewable settlement; a finance reviewer can validate whether a moved invoice line matters economically.

Questions that make the next meeting useful are: What does “near-100% green” mean for this exact BAC consumer? Which HESCOM or settlement lines have increased, been volatile or been difficult to explain? Is maximum demand driven by a planned production event, utility equipment or both? Which CNC, compressor, cooling or air-handling loads can be scheduled without disrupting customer commitments? Does BAC already receive alarm/EMS reports that fail to create closed actions? Who signs off on an operating trial, and what aerospace quality controls cannot be disturbed?

Do not ask for broad enterprise access, promise an immediate percentage reduction, or use the Tamil Nadu investment story as an opening. The right 90-day project begins only when a qualifying bill, one named sponsor, safe action space and read-only data are present. Stop or defer if the account has no residual controllable charge, a centralized enterprise energy team that prevents plant-level action, restricted data with no bill-only value, or product/quality restrictions that make every candidate action infeasible. A disciplined no-go protects Aequs’ operations and Stamped’s credibility.

6.8 First-week evidence pack

If BAC agrees to qualification, prepare a one-page evidence pack rather than a slide deck. It should identify the exact HESCOM consumer, one-year bill trend, demand/PF/settlement lines, top three operating events to inspect, data owner, action-approval owner and quality constraints. The plant should be able to reject inaccurate assumptions in that document before any integration work begins. This is valuable because a large integrated cluster may have multiple tenants, feeders or contractual arrangements that a public description cannot distinguish.

For each candidate event, record a simple causal chain: observed bill or interval signature; coincident CNC/utility condition; proposed safe change; expected mechanism; owner; verification window; and exclusion conditions. This prevents the common error of turning a correlation between renewable availability and output into an unfounded demand-management claim. It also gives HESCOM/finance reconciliation a clear audit trail.

The final go/no-go meeting should include the utility owner and finance reviewer, not only an innovation sponsor. Their written confirmation should state the selected bill, permitted data, success measure, action boundaries and sign-off route. That alignment is the real deliverable of qualification.

Maintain a change log for equipment additions, renewable-contract changes, tariff revisions, emergency outages and new customer programmes. Without it, a BAC comparison may attribute a structural operating change to an energy action. The log also allows finance to distinguish repeatable savings from one-time variance.

Review the evidence monthly with operations, finance and quality. If an action conflicts with a production commitment, quality release or safety requirement, cancel it and record the reason rather than pursue a theoretical saving.