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olivLaw · US equity research

Aeries Technology, Inc. AERT

Services-Management Consulting Services · SIC 8742 · Vertical: Services-Management Consulting Services (SIC 8742)

5.98USD+4.73% · 1 dayClose 04 Nov 2026

Aeries Technology is a global professional services firm that plans, establishes and runs Global Capability Centers (GCCs) for private equity portfolio companies and mid-market enterprises, and is now extending its offer toward AI transformation. Revenue growth in the first quarter of fiscal 2027 was 43%, but the company faces funding and going-concern uncertainties.

At the close of 04 Nov 2026, Aeries Technology, Inc. (AERT) stock was 5.98 USD (+4.73% on the day), with market capitalisation 282.0 m USD, P/E 20.9 on diluted EPS of 0.29 USD over the last 12 months, beta 0.84, 52-week range 2.29–7.83 USD. Latest reported quarter (Q1 2027): revenue of 21.9 m USD (+43.0% YoY), net income of 1.9 m USD (+23.1% YoY), diluted EPS 0.27 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
282.0 m USD
shares as of 01 Jul 2025
P/E (TTM)
20.9
Diluted EPS TTM 0.29 · TTM to 30 Jun 2026
E/P (TTM)
4.77%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
0.84
Volatility (1y) 110%
52-week range
2.297.83

Price history

Loading chart…

Technical reading

RSI (14)
44.7
weak (30–45)
Bollinger (20, 2)
5.48 – 6.86
in the lower half of the band · %B 0.36 · band width 22.3%
SMA 50 / 200
6.71 / 5.50
mixed trend
MACD (12, 26, 9)
-0.23 / -0.23
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−11.4%−1.1%−10.3 pp—
3 months−6.6%−0.5%−6.1 pp—
6 months+16.6%+4.4%+12.2 pp—
Year to date+44.9%+12.3%+32.5 pp—
1 year+20.0%+13.5%+6.4 pp−28.1%
3 years−90.3%+76.4%−166.8 pp−26.6%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−56.7%
12 Nov 2025 → 24 Feb 2026
Max drawdown (5y)
−97.4%
24 Oct 2023 → 24 Feb 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q1 2027 · 30 Jun 2026

Revenue
21.9 m USD
+43.0% YoY
Net income
1.9 m USD
+23.1% YoY
Diluted EPS
0.27
+3.8% YoY
net / operating
8.8% / 15.3%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26Q1 '27
Revenue16.9 m17.6 m19.1 m15.3 m17.4 m17.5 m19.9 m21.9 m
Cost of revenue13.3 m13.6 m14.0 m11.6 m12.3 m14.1 m14.7 m15.5 m
Gross profit3.6 m4.0 m5.1 m3.8 m5.0 m3.3 m5.2 m6.4 m
SG&A7.7 m9.2 m8.2 m3.0 m3.0 m2.6 m4.2 m3.0 m
Operating income-4.1 m-5.2 m-3.1 m820.0 k2.0 m772.0 k939.0 k3.4 m
Depreciation & amortisation371.0 k ≈348.0 k ≈291.0 k205.0 k205.0 k ≈210.0 k ≈217.0 k224.0 k
Interest expense135.0 k226.0 k243.0 k170.0 k94.0 k76.0 k124.0 k116.0 k
Pre-tax income-2.8 m608.0 k-4.0 m2.0 m1.4 m1.6 m417.0 k3.1 m
Income tax-526.0 k-1.4 m2.0 m331.0 k794.0 k366.0 k500.0 k878.0 k
Net income-2.3 m2.7 m-6.0 m1.6 m369.0 k1.2 m-726.0 k1.9 m
Diluted EPS-0.050.08-0.13 ≈0.260.010.02-0.01 ≈0.27
Operating cash flow1.9 m ≈-2.1 m ≈864.0 k1.4 m1.0 m ≈2.4 m ≈2.0 m4.8 m
Capex612.0 k ≈390.0 k ≈112.0 k259.0 k372.0 k ≈234.0 k ≈248.0 k279.0 k

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 29 percentile of its own 7-quarter history (min 4.5, median 25.4, max 61.8; quarters with earnings only).

Fiscal years

Fiscal year20222023202420252026
Revenueunavailable53.1 m72.5 m70.2 m70.0 m
Revenue YoYunavailableunavailable+36.6%−3.2%−0.3%
Net income9.8 m1.7 m17.3 m-21.6 m2.8 m
Net income YoYunavailable−82.5%+911.5%−225.1%unavailable
Diluted EPSunavailableunavailable0.91-0.460.05
Diluted EPS YoYunavailableunavailableunavailable−150.5%unavailable
net %unavailable3.2%23.8%-30.8%4.0%
Free cash flowunavailable511.0 k-5.8 m-2.5 m5.7 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2026 · 31 Mar 2026

Cash
4.9 m USD
Financial debt
5.2 m USD
Net debt
356.0 k USD
Equity
-3.0 m USD
Total assets
41.9 m USD
Debt / equity
unavailable
Current ratio
0.78x
ROE
unavailable
ROA
6.9%
FCF margin
8.1%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
72.5 m
2025
70.2 m
2026
70.0 m

SEC (XBRL)· 08 Jun 2026verified

Cost of revenue
2024
50.9 m
2025
53.5 m
2026
52.7 m

SEC (XBRL)· 08 Jun 2026verified

Gross profit
2024
21.6 m
2025
16.7 m
2026
17.3 m

SEC (XBRL)· 08 Jun 2026verified

SG&A
2024
18.7 m
2025
45.5 m
2026
12.8 m

SEC (XBRL)· 08 Jun 2026verified

Operating income
2024
3.0 m
2025
-28.8 m
2026
4.5 m

SEC (XBRL)· 08 Jun 2026verified

Depreciation & amortisation
2024
1.4 m
2025
1.4 m
2026
837.0 k

SEC (XBRL)· 08 Jun 2026verified

EBITDA
2024
4.3 m ≈
2025
-27.4 m ≈
2026
5.4 m ≈

SEC (XBRL)· 08 Jun 2026derived

Interest expense
2024
462.0 k
2025
751.0 k
2026
463.0 k

SEC (XBRL)· 08 Jun 2026verified

Pre-tax income
2024
19.1 m
2025
-22.7 m
2026
5.5 m

SEC (XBRL)· 08 Jun 2026verified

Income tax
2024
1.9 m
2025
-1.1 m
2026
2.0 m

SEC (XBRL)· 08 Jun 2026verified

Net income
2024
17.3 m
2025
-21.6 m
2026
2.8 m

SEC (XBRL)· 08 Jun 2026verified

Diluted EPS
2024
0.91
2025
-0.46
2026
0.05

SEC (XBRL)· 08 Jun 2026verified

Weighted average diluted shares
2024
15.5 m
2025
43.1 m
2026
48.3 m

SEC (XBRL)· 08 Jun 2026verified

Balance sheet · USD

Cash
2024
2.1 m
2025
2.8 m
2026
4.9 m

SEC (XBRL)· 08 Jun 2026verified

Current assets
2024
32.8 m
2025
21.3 m
2026
23.9 m

SEC (XBRL)· 08 Jun 2026verified

Property, plant & equipment, net
2024
3.6 m
2025
1.6 m
2026
1.8 m

SEC (XBRL)· 08 Jun 2026verified

Total assets
2024
49.4 m
2025
39.8 m
2026
41.9 m

SEC (XBRL)· 08 Jun 2026verified

Accounts payable
2024
6.6 m
2025
8.2 m
2026
9.3 m

SEC (XBRL)· 08 Jun 2026verified

Short-term debt
2024
6.8 m
2025
6.5 m
2026
4.4 m

SEC (XBRL)· 08 Jun 2026verified

Long-term debt
2024
1.4 m
2025
1.1 m
2026
798.0 k

SEC (XBRL)· 08 Jun 2026verified

Current liabilities
2024
38.1 m
2025
32.4 m
2026
30.7 m

SEC (XBRL)· 08 Jun 2026verified

Total liabilities
2024
50.6 m
2025
45.9 m
2026
44.5 m

SEC (XBRL)· 08 Jun 2026verified

Equity
2024
-1.9 m
2025
-6.1 m
2026
-3.0 m

SEC (XBRL)· 08 Jun 2026verified

Cash flow · USD

Operating cash flow
2024
-4.3 m
2025
-1.0 m
2026
6.8 m

SEC (XBRL)· 08 Jun 2026verified

Capex
2024
1.5 m
2025
1.5 m
2026
1.1 m

SEC (XBRL)· 08 Jun 2026verified

Free cash flow
2024
-5.8 m ≈
2025
-2.5 m ≈
2026
5.7 m ≈

SEC (XBRL)· 08 Jun 2026derived

Investing cash flow
2024
-1.7 m
2025
-858.0 k
2026
-1.4 m

SEC (XBRL)· 08 Jun 2026verified

Financing cash flow
2024
7.1 m
2025
2.4 m
2026
-3.0 m

SEC (XBRL)· 08 Jun 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-0.3%
computed by olivLawFY 2026
Revenue CAGR 3Y
9.7%
computed by olivLawFY 2023 → FY 2026
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
18.4%
computed by olivLawFY 2023 → FY 2026
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
26.0%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
10.3%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
9.2%
computed by olivLawTTM to 30 Jun 2026
Net margin
3.6%
computed by olivLawTTM to 30 Jun 2026
FCF margin
11.9%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
ROA
6.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
equity is negative: buybacks shrink the invested capital and ROIC would come out large without meaning anything
ROCE
60.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-2.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
-0.3x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Debt / equity
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Interest coverage
17.2x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
0.8x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.2x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
10.2 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
1.1 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
9.1 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
332.3%
computed by olivLawTTM to 30 Jun 2026
Cash conversion
129.3%
computed by olivLawTTM to 30 Jun 2026

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
53 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
282.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
280.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
103.0x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
20.9x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
4.8%
computed by olivLawTTM to 30 Jun 2026
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
P/S
3.7x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
35.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBIT
39.7x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/Sales
3.7x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
31.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
FCF yield
3.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 58 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

5.98 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 282.0 m USD

Key indicators

Market capitalisation
282.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
20.9x
computed by olivLawTTM to 30 Jun 2026
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
EV/EBITDA
35.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Net margin
3.6%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-0.3%
computed by olivLawFY 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

28/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 01 Jul 2025
Source: SEC (XBRL)published 10 Aug 2026
verified 584derived 47

Score by group

  • Balance sheet72
  • Growth80
  • Valuation33
  • Quality80

Estimated value range

Low
2.99
USD per share
Mid
3.59
USD per share
High
4.54
USD per share
Price: 5.98 USD
The price is above the range
Potential to the central value: -40.0% (value / price − 1)
Margin of safety: -66.5% (1 − price / value)
Agreement between methods: low · 3 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.06 – 7.12 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)2.99 – 4.54 (Mid 3.59)
    WACC 9.2% · starting FCFF 9.3 m USD · terminal value share of EV 74%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 35.0%
  • Peers: EV/EBITDA2.06 – 2.69 (Mid 2.58)
    10 companies used · median multiple 15.2x · quartiles 12.0x – 15.8x
    ACCS, ASTH, BAH, BWMN, FCN, HCKT, HURN, ICFI, III, ONT
  • Peers: P/E3.76 – 7.12 (Mid 5.42)
    11 companies used · median multiple 19.0x · quartiles 13.2x – 24.9x
    BAH, EXPO, FCN, G, HCKT, HURN, ICFI, III, RMR, TSSI, ZTG
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Services-Management Consulting Services (SIC 8742)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 58/100

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality3.6%61 (vs peers)9%
FCF conversion · Quality332.3%100 (on a fixed band)9%
Revenue CAGR 3Y · Growth9.7%80 (on a fixed band)12%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet-0.3x82 (vs peers)15%
Interest coverage · Balance sheet17.2x100 (on a fixed band)9%
Current ratio · Balance sheet0.8x4 (on a fixed band)6%
P/E (TTM) · Valuation20.9x59 (vs peers)15%
EV/EBITDA · Valuation35.4x0 (vs peers)15%
FCF yield · Valuation3.2%40 (on a fixed band)12%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet72/100 · 3/3 factors with a value
  • Growth· partial80/100 · 1/2 factors with a value
  • Quality80/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation33/100 · 3/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Aeries Technology, Inc. (AERT). Latest full fiscal year: 2026; data up to 2026-06-30.

Figures computed from the financial statements: revenue 70.0 m USD in 2026; YoY growth -0.3%; net margin 3.6%; net debt/EBITDA -0.3x.

The estimated value range is 2.99–4.54 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 3.59 USD, the price of 5.98 USD leaves a potential of -40.0% (value / price − 1) and a margin of safety of -66.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 58/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 332.3%
  • Revenue CAGR 3Y: 9.7%
  • Net debt / EBITDA: -0.3x
  • Interest coverage: 17.2x

What contradicts it

  • Current ratio: 0.8x
  • EV/EBITDA: 35.4x
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Services-Management Consulting Services (SIC 8742) · same industry (4-digit SIC) · compared with 33 companies

Multiples and returns vs the median

P/E
20.9x
vertical median 25.2x
below median (−16.7%)
EV/EBITDA
35.4x
vertical median 15.4x
above median (+130.5%)
P/S
3.7x
vertical median 1.4x
above median (+155.8%)
P/B
—
vertical median 2.9x
ROE
—
vertical median 2.8%
Net margin
3.6%
vertical median 1.1%
above median (+238.8%)
EBIT margin
9.2%
vertical median 0.4%
above median (+1,998.8%)
Revenue YoY
-0.3%
vertical median 2.5%
below median (−110.3%)
Net debt/EBITDA
-0.3x
vertical median 1.9x
below median (−113.2%)
Dividend yield
—
vertical median 2.2%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
BAHBooz Allen Hamilton Holding Corporation10.5 bn13.770.0%7.1%−6.4%+6% / −29%
GGenpact Limited6.9 bn12.122.4%11.1%+6.6%−7% / +20%
FCNFti Consulting, Inc5.4 bn24.715.2%5.9%+2.4%+22% / −10%
EXPOExponent, Inc.4.2 bn39.231.2%17.7%+4.2%+21% / +14%
HURNHuron Consulting Group Inc.2.7 bn25.825.5%6.1%+11.7%+5% / +66%
ASTHAstrana Health, Inc.2.2 bn48.35.1%1.1%+56.4%+72% / +19%
ICFIICF International, Inc.1.7 bn20.18.6%4.9%−7.3%+24% / −31%
BWMNBowman Consulting Group Ltd.744.2 m105.32.9%1.4%+14.9%+19% / +39%
ONTOnterris, Inc.566.4 m—-2.5%-1.4%+19.3%−37% / −48%
PPHCPublic Policy Holding Company, Inc.381.3 m—-39.5%-18.9%+24.7%unavailable / unavailable
HCKTHackett Group, Inc.329.4 m19.020.7%6.3%−2.6%−28% / −40%
IIIInformation Services Group Inc.289.5 m25.212.7%4.7%−1.2%+13% / +46%
AERTAeries Technology, Inc.282.0 m20.9—3.6%−0.3%+20% / −90%
RMRRmr Group Inc.250.5 m12.68.7%3.1%−22.0%+10% / −30%
SUPXSuperx Ai Technology Limited209.8 m—-101.8%-527.7%+1,878.6%−84% / unavailable
TSSITss, Inc.193.3 m14.132.0%7.4%+65.9%−29% / +1,976%
GRNQGreenpro Capital Corp.122.4 m—-26.8%-169.6%−40.7%−57% / −19%
AUCAtif Holdings Limited109.4 m—-90.5%-723.7%−74.7%−12% / −70%
ROMARoma Green Finance Limited101.0 m—-44.2%-287.8%−22.2%+138% / unavailable
RTBRTB Digital, INC.92.6 m—-141.9%-198.5%−38.7%−49% / −94%
MHHMastech Digital, Inc.74.9 m71.01.3%0.7%−3.8%−21% / −27%
EGGEnigmatig Ltd64.8 m268.06.3%12.6%+12.2%+40% / unavailable
CTMCastellum, Inc.46.4 m—-6.8%-4.1%+18.1%−53% / +123%
ACCLAcco Group Holdings Limited34.9 m119.07.0%5.6%+5.8%−38% / unavailable
INTJIntelligent Group Limited33.5 m—-23.5%-98.3%−9.0%−72% / unavailable

1- and 3-year price returns: for AERT from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
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Bull
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Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
0.76
Total return -87% · Per year -87%
1.33
Total return -78% · Per year -78%
2.00
Total return -66% · Per year -66%
3 years
0.81
Total return -86% · Per year -49%
1.60
Total return -73% · Per year -36%
2.63
Total return -56% · Per year -24%
5 years
0.87
Total return -85% · Per year -32%
1.93
Total return -68% · Per year -20%
3.46
Total return -42% · Per year -10%
What moves the 3-year price the most
  • Exit P/E± 0.40
  • Net margin± 0.28
  • Annual revenue growth± 0.22
  • Annual dilution± 0.02

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Aeries Technology is a global professional services firm that plans, establishes and runs Global Capability Centers (GCCs) for private equity portfolio companies and mid-market enterprises, and is now extending its offer toward AI transformation. Revenue growth in the first quarter of fiscal 2027 was 43%, but the company faces funding and going-concern uncertainties 13.

SWOT

Strengths

  • The company has a delivery model with cost transparency and functional control for clients, which strengthens relationships with private equity clients 1. Recent results show a strong improvement in profitability and cash flow 3.
  • Flexible ownership options and the possibility of transferring a center give it a differentiating advantage over classic outsourcing 1. The proprietary A1 GCC platform supports planning and management of centers 1.
  • The launch of AxAI and AeriesOne extends the offer into AI transformation, a segment with growing demand 23.

Weaknesses

  • The company has flagged substantial doubt about its ability to continue as a going concern, linked to financial obligations and a working capital deficit 1. Such uncertainties can limit access to financing.
  • Revenue depends on contracts that can be terminated, and losing large clients could have a significant effect 1. Several important clients have sent non-renewal notices 1.
  • The company has in the past identified material weaknesses in internal control over financial reporting, and its management team has limited experience running a listed company 1.

Opportunities

  • The GCC market and the provider-supported services segment are growing, and mid-market enterprises in North America remain a promising target 1.
  • If enterprises keep moving from AI experiments to production, demand for AI implementation and operating services could rise 2.
  • A strategy of partnerships and acquisitions could extend capabilities and geographic reach, although such moves require resources 1.

Threats

  • Competition from GCC providers and consulting firms could pressure prices and margins 1.
  • Regulatory changes or anti-outsourcing legislation in client countries could affect the business model 1.
  • Currency volatility and economic instability in India, Mexico and other markets could affect costs and results 12.

Risks

  • Going concernhigh

    Management has identified conditions that raise substantial doubt about the company's ability to continue as a going concern, and results depend on the success of financing and restructuring measures 1.

  • Forward Purchase Agreement obligationshigh

    A possible cash payment to investors under the forward purchase agreements could reduce available liquidity or dilute existing shareholders 1.

  • Non-renewal of major contractshigh

    Non-renewal notices from significant clients could cause a significant annual revenue loss, even if buyout payments partly offset it 1.

  • Dependence on international operationsmedium

    Operations depend heavily on centers in India and Mexico, and political, economic or regulatory disruptions there could affect services 1.

  • AI and technology risksmedium

    Developing AI and proprietary platforms requires investment and carries technology risk, and if the solutions are not adopted they may not support the company's competitive position 1.

Investment thesis

What would need to be true (bull case)

  • If revenue growth from the first quarter holds and profitability keeps improving, the company could reach its fiscal 2027 guidance 3.
  • Positioning in AI transformation with AxAI and AeriesOne could open new revenue streams from existing clients 23.
  • If the GCC market keeps growing, the company's flexible model could attract mid-market clients 1.

What would break the thesis

  • Uncertainties around going concern and financial obligations could limit the company's flexibility and may require financing on unfavorable terms 1.
  • Terminable contracts and recent non-renewals could make revenue more volatile than quarterly growth suggests 1.
  • Competition in the GCC and AI markets could reduce margins, especially if large players expand their offers quickly 12.

What to watch

  • Delivery against fiscal 2027 revenue and Adjusted EBITDA guidance2027
  • Development of forward purchase agreement obligations and financingnext 10-Q
  • Client adoption of AxAI and AeriesOne and their contribution to revenueQ2 2027
  • Progress in replacing clients that have given non-renewal noticesnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Aeries provides consulting and managed operations for Global Capability Centers, meaning offshore and nearshore hubs that extend client capabilities. Services cover strategic planning, center establishment, operational management, talent recruitment, regulatory and tax compliance, and AI and automation optimization 1. The model can include an option to transfer a mature center to the client at a time the client chooses, which creates a monetization opportunity for the company 1.

The company aims to become an AI transformation and enterprise operations company, combining AI innovation, engineering and operational execution 2. In August 2026 it launched AxAI, an agentic AI offering, alongside AeriesOne, an AI-native enterprise operations platform 23.

Segments

GCC services

The core offering covers establishing and operating GCCs under two ownership models: one where Aeries manages the center with an option for later transfer, and one where the client owns the entity from the start 1. Revenue from these long-term projects depends on contracts that clients can terminate with notice, which affects revenue stability 1.

AI transformation and managed operations

This line includes AxAI, launched in August 2026 to move agentic AI projects from prototype to production, and the AeriesOne platform for governance and operational orchestration 23. The company links this offer to its existing managed operations, which could speed adoption among current clients 3.

Managed enterprise operations

Aeries recruits, employs and deploys qualified staff within client operations across IT, data analytics, cybersecurity, finance, human resources and customer service 1. This segment depends on workforce in India and Mexico, where the company runs delivery centers 13.

Market context

The company's primary market is North America, especially the private equity ecosystem and mid-market enterprises 1. If demand in this region stays solid, it could support future growth, although an economic slowdown or volatility in private markets could slow this pace 1.

Trends

  • Enterprise AI adoptiontailwind

    Enterprises are moving from AI experiments to production, creating demand for implementation and operating services. Aeries launched AxAI and AeriesOne to address this demand 23.

  • Shift from traditional outsourcing to GCCstailwind

    The market has moved from cost reduction toward access to specialized talent and technology, and enterprises look for partners who manage the full center lifecycle 1. The company's model is aligned with this shift 1.

  • Rising competitive intensityheadwind

    Providers from different categories are entering the GCC services market, which could pressure pricing and the company's ability to differentiate 1. The company acknowledges that it does not automatically stand out from competitors 1.

  • Economic and currency uncertaintymixed

    Wage inflation, a possible slowdown in global growth and currency volatility affect costs and demand in the regions where the company operates 2. The effect depends on macroeconomic developments that remain uncertain 12.

Competitive position

Aeries operates in a GCC services market where competitors include consulting firms, outsourcing providers and other companies offering center establishment and operation 1. The company says it differentiates through its flexible ownership model, cost transparency and transfer option, but competition remains intense 1.

The company's differentiation depends on execution in North America and on its ability to turn AI into a commercial offer. If competitors expand their AI offers quickly, margin pressure could increase 12.

  • Global outsourcing and GCC providers

    Providers competing for the same projects to establish and run global capability centers, not individually identified in the reviewed sources 1.

  • Digital transformation consulting firms

    Firms offering AI strategy and implementation services, a segment in which Aeries is extending its offer through AxAI 12.

  • IT services and managed operations providers

    Companies offering managed operations and technical talent, competing for the same enterprise client budgets 1.

  • Enterprise AI and automation platforms

    Automation technology vendors that could move directly into managed AI operations, where AeriesOne is positioned 2.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Aeries Technology, Inc. · 08 Jun 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Aeries Technology, Inc. · 10 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Aeries Technology, Inc. · 10 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.