Aeries Technology, Inc. - Class A Ordinary Share

This is a competitive services category where pricing is constrained by global IT and BPO peers. FY26 margin recovery reflects mix, automation and cost discipline more than clear evidence of outsized pricing.

Adjusted EBITDA margin improved to 11.9 percent, but we ascribe limited latent ability to lift rates without churn given recent customer behavior. The company’s AI‑enabled platform may support value‑based pricing on certain engagements, yet we view that as unproven.