Does Mercurial support submodules or the equivalent? Not in core, from what I can tell, although a casual search of Google reveals the third-party "Forest Extension":
http://www.selenic.com/mercurial/wiki/index.cgi/ForestExtens...
There's some talk on a wiki about putting this extension's functionality into Mercurial proper, but the wiki link is broken. That doesn't bode well. I don't know Mercurial so I have no idea if Forest is actually being used by folks, if it's akin to git submodules or more akin to Braid, if it's got usability traps of its own, etc. The docs page is filled with TODOs.