AERT Aeries Technology, Inc.

Overview and Growth

Aeries Technology, Inc. generated $70.01M of revenue in fiscal 2026, with net income of $2.83M and an operating cash inflow of $6.77M. At $70.01M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $70.20M in fiscal 2025, revenue decreased 0.3%, a top-line contraction that reduced operating scale. On a per-share basis, diluted EPS was $0.05, which connects the reported earnings outcome with the company’s diluted share count. Asset turnover was 1.67x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Gross profit was $17.30M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 24.7%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was $4.52M, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 6.5%, showing how efficiently sales converted into operating profit. The bottom-line result was net income of $2.83M, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 4.0% margin after operating costs and the remaining recognized items. Pretax income was $5.46M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 7.8%, relating income before taxes directly to revenue. The reported income-tax provision was $1.99M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 36.4%, without assuming a statutory-rate comparison.

Liquidity and Capital Structure

Total assets were $41.89M, supported by $44.48M of liabilities and -$3.03M of shareholder equity. With total equity at -$3.03M, the company carried a negative book-capital position, increasing its reliance on liabilities and future earnings. The near-term balance sheet paired $23.89M of current assets with $30.69M of current liabilities at the reporting date. Current assets covered only 0.78x of current liabilities, so current liabilities exceeded current assets at period end. Reported cash and equivalents were $4.88M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 15.9%, excluding receivables and other current assets. The company carried $1.60M of total debt at period end, which frames its leverage and debt-service burden. Relative to total assets, debt measured 3.8%, showing how much of the asset base was matched by borrowing. The liabilities-to-assets relationship was 106.2%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 11.6%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $39.83M in fiscal 2025, the current asset base moved 5.2% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was $6.77M, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 2.39x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $1.11M of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 16.4% of operating cash flow, leaving the remainder available as free cash flow. The combination of operating cash flow and capital spending produced $5.66M of positive free cash flow for the period. Free cash flow represented 8.1% of revenue, linking post-investment cash generation with the company’s operating scale. Measured against total assets, free cash flow represented 13.5%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Mar 31, 2026. Analysis generated Oct 21, 2026.