Aeries Technology, Inc. - Class A Ordinary Share

Positives: FY26 net income of 3.5 million dollars and operating cash flow of 6.8 million dollars; net debt is modest with cash of ~4.9 million dollars and total borrowings of ~5.2 million dollars at year‑end.

Negatives: a working capital deficit of ~6.8 million dollars, a 4.3 million dollar FPA put liability that may require cash or equity, shareholders’ deficit of ~3.0 million dollars, and a going‑concern disclosure. We also note reliance on an India revolving credit facility (Kotak) and small related‑party debt.

These indicate limited resilience to shocks despite recent profitability.