I think it is true that $G$-equivariant sheaves on $X$ are equal to $G/H$ equivariant sheaves on $X/H$. More precisely I'm interested in the following statement:
Given an algebraic group $G$ with normal subgroup $H$ and an action of $G$ on $X$, such that the quotient $X/H$ exists as a variety and $X\rightarrow X/H$ is an $H$ principal bundle.
Then the category of $G$ equivariant $\mathcal{O}_X$ Modules is equivalent to the category of $G/H$ equivariant modules on the quotient.
The equivalence should be given by pullback along $X\rightarrow X/G$ in one direction and taking invariant sections in the other.
Is there a reference for this?