ASX growth shares have spent much of 2026 out of favour, but a few brokers are starting to change their tune.
The ASX 200 has been dragged higher by miners, banks and healthcare, while technology has largely been left behind.
However, things may change going forward.
Here are three names worth watching into the back half of reporting season.
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Why brokers are warming to ASX growth shares again
Two things have shifted this year.
Earnings downgrades across the technology sector appear to have bottomed, and several companies have reset their guidance to levels they can realistically beat.
Valuations have also come a long way down from their 2024 peaks.
When a quality business trades at half its old multiple, the risk and reward equation starts to look very different.
WiseTech Global: the comeback candidate
WiseTech Global Ltd (ASX: WTC) has been the most heavily punished technology stock on the ASX.
The shares fell roughly 80% from their November 2024 peak of $141.61 to a low of $28.76 in late June.
They have since rebounded into the mid-$40s.
Macquarie has upgraded the logistics software group to an outperform rating ahead of results, which land on 26 August.
Management has guided to revenue of US$1.39 billion to US$1.44 billion and EBITDA of US$550 million to US$585 million.
The company also hit its US$50 million annualised cost synergy target from the e2open acquisition ahead of schedule.
Delivering inside those ranges would go a long way towards rebuilding credibility with the market.
Megaport: recurring revenue is compounding
Megaport Ltd (ASX: MP1) has had a quieter but more consistent run.
Group annual recurring revenue reached $338 million in the first half of FY26, a 49% increase.
Revenue rose 26% to $134.9 million and EBITDA came in at $35.3 million.
The company added 167 net new customer logos, double the prior corresponding period.
Chief executive Michael Reid highlighted where that growth is coming from.
Our global business continues to scale, with the United States delivering exceptional momentum, pushing the Americas to 24% YoY ARR growth.
Megaport upgraded its outlook after securing $254 million in new contracts and now guides to FY26 revenue of $302 million to $317 million.
The shares recently pushed through the $5 billion market capitalisation mark.
DroneShield: a backlog the market is ignoring
DroneShield Ltd (ASX: DRO) is the most speculative of the three.
First-half revenue jumped 74% to $125.8 million, whilst the counter-drone specialist has also locked in contracts that lifted its backlog to $206 million by late July.
Full-year guidance sits at $250 million to $270 million. Yet the share price has fallen roughly 13% over the past month.
Heavy short interest explains part of that disconnect.
The other part is that defence spending is lumpy, and a signed backlog is not the same thing as revenue recognised.
DroneShield reports on 26 August, and its margins in particular will be in focus.
What could derail these ASX growth shares
Each of these businesses is priced for flawless execution.
WiseTech needs to show its artificial intelligence restructuring has not disrupted customers.
Megaport is spending heavily, with FY26 capital expenditure guided at $90 million to $100 million.
DroneShield has to convert its pipeline while protecting its margins.
Any stumble over the coming fortnight is likely to be punished hard.
Foolish takeaway
Reporting season will settle a lot of arguments over the next two weeks.
Brokers see upside in all three of these ASX growth shares, though none of them is a low-risk proposition.
Personally, I would want to see the numbers before adding to any of them.
For investors with a high tolerance for volatility, these ASX growth shares still deserve a place on the watchlist.
