Aeries Technology, Inc. - Class A Ordinary Share

Management repurchased shares and subsequently cancelled a portion in FY26 post‑year‑end, which is shareholder‑friendly in isolation. However, buybacks alongside a going‑concern disclosure and working capital deficit are debatable prioritization.

An S‑3 shelf filed in March 2026 and FPA obligations point to potential future equity issuance or share‑settlement risk. SBC moderated sharply versus FY25, a positive. We view the overall record as mixed, with prudent cash generation offset by balance‑sheet fragility and dilution optionality.