Aeries Technology Inc

aeriestechnology.com

What Do They Do?

Builds and manages offshore and nearshore operating centers for private equity portfolio companies and middle-market businesses, and provides advisory and digital transformation services to those clients.

How Do They Make Money?

Advisory services are billed by hours worked, while operational management is priced at costs plus an agreed margin; fixed-price work is spread across the project period. Customers generally pay shortly after services are provided.

FY2026 revenue

Who Are Their Customers?

Serves private equity firms’ portfolio companies and middle-market, technology-enabled businesses across industries including e-commerce, telecom, security, healthcare and engineering. Its sales team builds relationships with private equity firms and portfolio companies, while account managers support client engagement.

Customers above 10% of revenue, FY2026

of revenue from three customers (16%, 12%, 11%)

FY2025: 33% from two customers

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2026 and turned 8 cents into free cash flow.

Operating income, FY2026

6% of revenue

▲ Now profitable vs FY2025 (−$28.8M, −41%)

Net income, FY2026

4% of revenue

▲ Now profitable vs FY2025 (−$21.6M, −31%)

Free cash flow, FY2026

8% of revenue

▲ Now profitable vs FY2025 (−$2.5M, −4%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Jun 30, 2026

Revenue: ▲ +43%; vs $15.3M in Q1 FY2026
Net income

Aug 10, 2026 Reaffirms fiscal 2027 revenue and adjusted EBITDA guidance The company maintained its revenue outlook at $80 million to $84 million and adjusted EBITDA outlook at $10 million to $12 million.

Growing. Revenue grew 345.8x in 4 years, from $202.5K in FY2023 to $70M in FY2026, about 331% a year.

Who Do They Compete With?

Competes with Accenture, Deloitte, IBM, and Cognizant

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