olivLaw · US equity research
Aeries Technology, Inc. AERT
Services-Management Consulting Services · SIC 8742 · Vertical: Services-Management Consulting Services (SIC 8742)
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.
Price history
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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
| Company | S&P 500 | vs S&P 500 | Vertical 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 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16.9 m | 17.6 m | 19.1 m | 15.3 m | 17.4 m | 17.5 m | 19.9 m | 21.9 m |
| Cost of revenue | 13.3 m | 13.6 m | 14.0 m | 11.6 m | 12.3 m | 14.1 m | 14.7 m | 15.5 m |
| Gross profit | 3.6 m | 4.0 m | 5.1 m | 3.8 m | 5.0 m | 3.3 m | 5.2 m | 6.4 m |
| SG&A | 7.7 m | 9.2 m | 8.2 m | 3.0 m | 3.0 m | 2.6 m | 4.2 m | 3.0 m |
| Operating income | -4.1 m | -5.2 m | -3.1 m | 820.0 k | 2.0 m | 772.0 k | 939.0 k | 3.4 m |
| Depreciation & amortisation | 371.0 k ≈ | 348.0 k ≈ | 291.0 k | 205.0 k | 205.0 k ≈ | 210.0 k ≈ | 217.0 k | 224.0 k |
| Interest expense | 135.0 k | 226.0 k | 243.0 k | 170.0 k | 94.0 k | 76.0 k | 124.0 k | 116.0 k |
| Pre-tax income | -2.8 m | 608.0 k | -4.0 m | 2.0 m | 1.4 m | 1.6 m | 417.0 k | 3.1 m |
| Income tax | -526.0 k | -1.4 m | 2.0 m | 331.0 k | 794.0 k | 366.0 k | 500.0 k | 878.0 k |
| Net income | -2.3 m | 2.7 m | -6.0 m | 1.6 m | 369.0 k | 1.2 m | -726.0 k | 1.9 m |
| Diluted EPS | -0.05 | 0.08 | -0.13 ≈ | 0.26 | 0.01 | 0.02 | -0.01 ≈ | 0.27 |
| Operating cash flow | 1.9 m ≈ | -2.1 m ≈ | 864.0 k | 1.4 m | 1.0 m ≈ | 2.4 m ≈ | 2.0 m | 4.8 m |
| Capex | 612.0 k ≈ | 390.0 k ≈ | 112.0 k | 259.0 k | 372.0 k ≈ | 234.0 k ≈ | 248.0 k | 279.0 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 year | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | unavailable | 53.1 m | 72.5 m | 70.2 m | 70.0 m |
| Revenue YoY | unavailable | unavailable | +36.6% | −3.2% | −0.3% |
| Net income | 9.8 m | 1.7 m | 17.3 m | -21.6 m | 2.8 m |
| Net income YoY | unavailable | −82.5% | +911.5% | −225.1% | unavailable |
| Diluted EPS | unavailable | unavailable | 0.91 | -0.46 | 0.05 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −150.5% | unavailable |
| net % | unavailable | 3.2% | 23.8% | -30.8% | 4.0% |
| Free cash flow | unavailable | 511.0 k | -5.8 m | -2.5 m | 5.7 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
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | — | 53.1 m | 72.5 m | 70.2 m | 70.0 m | SEC (XBRL)· 08 Jun 2026verified |
| Cost of revenue | — | 39.4 m | 50.9 m | 53.5 m | 52.7 m | SEC (XBRL)· 08 Jun 2026verified |
| Gross profit | — | 13.7 m | 21.6 m | 16.7 m | 17.3 m | SEC (XBRL)· 08 Jun 2026verified |
| SG&A | — | 11.3 m | 18.7 m | 45.5 m | 12.8 m | SEC (XBRL)· 08 Jun 2026verified |
| Operating income | -4.5 m | 2.3 m | 3.0 m | -28.8 m | 4.5 m | SEC (XBRL)· 08 Jun 2026verified |
| Depreciation & amortisation | — | 1.2 m | 1.4 m | 1.4 m | 837.0 k | SEC (XBRL)· 08 Jun 2026verified |
| EBITDA | — | 3.5 m ≈ | 4.3 m ≈ | -27.4 m ≈ | 5.4 m ≈ | SEC (XBRL)· 08 Jun 2026derived |
| Interest expense | — | 185.0 k | 462.0 k | 751.0 k | 463.0 k | SEC (XBRL)· 08 Jun 2026verified |
| Pre-tax income | — | 2.8 m | 19.1 m | -22.7 m | 5.5 m | SEC (XBRL)· 08 Jun 2026verified |
| Income tax | — | 1.1 m | 1.9 m | -1.1 m | 2.0 m | SEC (XBRL)· 08 Jun 2026verified |
| Net income | 9.8 m | 1.7 m | 17.3 m | -21.6 m | 2.8 m | SEC (XBRL)· 08 Jun 2026verified |
| Diluted EPS | — | — | 0.91 | -0.46 | 0.05 | SEC (XBRL)· 08 Jun 2026verified |
| Weighted average diluted shares | — | — | 15.5 m | 43.1 m | 48.3 m | SEC (XBRL)· 08 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 1.6 m | 1.1 m | 2.1 m | 2.8 m | 4.9 m | SEC (XBRL)· 08 Jun 2026verified |
| Current assets | 360.8 k | 20.6 m | 32.8 m | 21.3 m | 23.9 m | SEC (XBRL)· 08 Jun 2026verified |
| Property, plant & equipment, net | — | 3.1 m | 3.6 m | 1.6 m | 1.8 m | SEC (XBRL)· 08 Jun 2026verified |
| Total assets | 235.1 m | 34.4 m | 49.4 m | 39.8 m | 41.9 m | SEC (XBRL)· 08 Jun 2026verified |
| Accounts payable | 676.7 k | 2.5 m | 6.6 m | 8.2 m | 9.3 m | SEC (XBRL)· 08 Jun 2026verified |
| Short-term debt | — | 1.4 m | 6.8 m | 6.5 m | 4.4 m | SEC (XBRL)· 08 Jun 2026verified |
| Long-term debt | — | 969.0 k | 1.4 m | 1.1 m | 798.0 k | SEC (XBRL)· 08 Jun 2026verified |
| Current liabilities | 4.0 m | 12.5 m | 38.1 m | 32.4 m | 30.7 m | SEC (XBRL)· 08 Jun 2026verified |
| Total liabilities | 5.0 m | 20.9 m | 50.6 m | 45.9 m | 44.5 m | SEC (XBRL)· 08 Jun 2026verified |
| Equity | 11.3 m | 13.5 m | -1.9 m | -6.1 m | -3.0 m | SEC (XBRL)· 08 Jun 2026verified |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -446.6 k | 2.1 m | -4.3 m | -1.0 m | 6.8 m | SEC (XBRL)· 08 Jun 2026verified |
| Capex | — | 1.6 m | 1.5 m | 1.5 m | 1.1 m | SEC (XBRL)· 08 Jun 2026verified |
| Free cash flow | — | 511.0 k ≈ | -5.8 m ≈ | -2.5 m ≈ | 5.7 m ≈ | SEC (XBRL)· 08 Jun 2026derived |
| Investing cash flow | 0 | -1.6 m | -1.7 m | -858.0 k | -1.4 m | SEC (XBRL)· 08 Jun 2026verified |
| Financing cash flow | -8.5 k | 252.0 k | 7.1 m | 2.4 m | -3.0 m | SEC (XBRL)· 08 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 58 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 282.0 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet72
- Growth80
- Valuation33
- Quality80
Estimated value range
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 – 15.8xACCS, 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 – 24.9xBAH, 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
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
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.6% | 61 (vs peers) | 9% |
| FCF conversion · Quality | 332.3% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 9.7% | 80 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.3x | 82 (vs peers) | 15% |
| Interest coverage · Balance sheet | 17.2x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 0.8x | 4 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 20.9x | 59 (vs peers) | 15% |
| EV/EBITDA · Valuation | 35.4x | 0 (vs peers) | 15% |
| FCF yield · Valuation | 3.2% | 40 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
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
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BAHBooz Allen Hamilton Holding Corporation | 10.5 bn | 13.7 | 70.0% | 7.1% | −6.4% | +6% / −29% |
| GGenpact Limited | 6.9 bn | 12.1 | 22.4% | 11.1% | +6.6% | −7% / +20% |
| FCNFti Consulting, Inc | 5.4 bn | 24.7 | 15.2% | 5.9% | +2.4% | +22% / −10% |
| EXPOExponent, Inc. | 4.2 bn | 39.2 | 31.2% | 17.7% | +4.2% | +21% / +14% |
| HURNHuron Consulting Group Inc. | 2.7 bn | 25.8 | 25.5% | 6.1% | +11.7% | +5% / +66% |
| ASTHAstrana Health, Inc. | 2.2 bn | 48.3 | 5.1% | 1.1% | +56.4% | +72% / +19% |
| ICFIICF International, Inc. | 1.7 bn | 20.1 | 8.6% | 4.9% | −7.3% | +24% / −31% |
| BWMNBowman Consulting Group Ltd. | 744.2 m | 105.3 | 2.9% | 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 m | 19.0 | 20.7% | 6.3% | −2.6% | −28% / −40% |
| IIIInformation Services Group Inc. | 289.5 m | 25.2 | 12.7% | 4.7% | −1.2% | +13% / +46% |
| AERTAeries Technology, Inc. | 282.0 m | 20.9 | — | 3.6% | −0.3% | +20% / −90% |
| RMRRmr Group Inc. | 250.5 m | 12.6 | 8.7% | 3.1% | −22.0% | +10% / −30% |
| SUPXSuperx Ai Technology Limited | 209.8 m | — | -101.8% | -527.7% | +1,878.6% | −84% / unavailable |
| TSSITss, Inc. | 193.3 m | 14.1 | 32.0% | 7.4% | +65.9% | −29% / +1,976% |
| GRNQGreenpro Capital Corp. | 122.4 m | — | -26.8% | -169.6% | −40.7% | −57% / −19% |
| AUCAtif Holdings Limited | 109.4 m | — | -90.5% | -723.7% | −74.7% | −12% / −70% |
| ROMARoma Green Finance Limited | 101.0 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 m | 71.0 | 1.3% | 0.7% | −3.8% | −21% / −27% |
| EGGEnigmatig Ltd | 64.8 m | 268.0 | 6.3% | 12.6% | +12.2% | +40% / unavailable |
| CTMCastellum, Inc. | 46.4 m | — | -6.8% | -4.1% | +18.1% | −53% / +123% |
| ACCLAcco Group Holdings Limited | 34.9 m | 119.0 | 7.0% | 5.6% | +5.8% | −38% / unavailable |
| INTJIntelligent Group Limited | 33.5 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.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 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% |
- 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.
Market context
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.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report07 Aug 2026Material agreement · Item 3.02 · Financial statements and exhibits
- Current report12 Jun 2026Item 3.03 · Amendments to articles or bylaws · Financial statements and exhibits
- Current report10 Jun 2026Other events
- Current report08 Jun 2026Results of operations · Financial statements and exhibits
- Annual report08 Jun 2026
- Current report03 Apr 2026Delisting notice
- Current report30 Mar 2026Departure or appointment of officers
- Current report20 Mar 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Aeries Technology, Inc. · 08 Jun 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Aeries Technology, Inc. · 10 Aug 2026
- [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.