> ## Content Index
> Fetch the complete content index at: https://www.moatmarginresearch.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# Affle 3i Moat Analysis: Score & Risks
- URL: https://www.moatmarginresearch.com/affle-3i-moat/
- Published: 2026-08-16T16:33:45.000Z
- Updated: 2026-08-22T05:13:57.000Z
- Author: A K Karthikeyan
- Tags: First-pass note, Coverage

Moat Note · First-pass

## Affle 3i Ltd.

A first-pass moat teardown of Affle 3i Ltd., built from single-pass filing evidence. Free note — provisional, and the full two-pass deep dive may revise it.

**Moat & Margin**16 Aug 2026 First-pass · \~3 min

5.06 / 10

NARROWBrand-led

First-pass narrow read — primary edge in Intangible Assets. Provisional, single-pass evidence.

Provisional score · subject to modification based on new evidence

Affle 3i Ltd. scores **5.06** on MoatSCORE 6.0 — a narrow moat in IT Services. This is a **first-pass note**: the dimensional read and the filing receipts below come from a single GFIP evidence pass, not the full two-pass deep corpus behind our flagship deep dives. Provisional — published free while the deep version is queued.

The teardown 

## Seven dimensions of moat

Ordered by contribution. Each dimension carries a verified filing quote, graded **\[M\]** mechanism or **\[O\]** outcome.

D5Intangible Assets6

M · Mechanism✓ Verified verbatim

“We have a rich portfolio of 36 patents, across India, US and Singapore.”

**Affle 3i Ltd.** · Annual Report · p.19

D3Cost Advantage5.7

M · Mechanism✓ Verified verbatim

“Enhance operational productivity to achieve greater operating leverage”

**Affle 3i Ltd.** · Annual Report · p.7

D4Price Discretion5.2

M · Mechanism✓ Verified verbatim

“the premium converted users enable higher lifetime value for advertisers and thus unlock the sustainable premium pricing bids for the most profitable ad campaigns across both emerging and developed markets.”

**Affle 3i Ltd.** · Earnings Call · p.4

D6Efficient Scale4.8

No verified filing quote surfaced for this dimension in the first-pass evidence sweep.

D1Network Effects4.5

M · Mechanism✓ Verified verbatim

“This growth was achieved despite some temporary softness in select markets and verticals during the quarter due to the geopolitical events”

**Affle 3i Ltd.** · Earnings Call · p.4

D2Switching Costs4.5

No verified filing quote surfaced for this dimension in the first-pass evidence sweep.

D7Counter-PositioningExcluded—

Excluded for this archetype.

D8Ungoverned RiskUnscored · Layer 2.5

D8 rating: **ADEQUATE**. Not part of the moat score — it governs the cost of equity and the fade window. First-pass; not yet deep-reviewed.

The barrier gate 

## The barrier gate — first-pass

Replication — can a rival copy it?6.0

How hard it is for a rival to copy the edge (first-pass estimate).

Bypass — can a rival route around it?5.0

How easily a rival can route around the edge (first-pass estimate).

Effective barrier 5 — below 6, so the band is capped narrow. First-pass estimate.

What would change our mind

1. **Deep two-pass review.** This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read.
2. **The barrier gate.** A firmer replication or bypass estimate is the most likely thing to shift the band.
3. **Adverse events.** Any governance, regulatory or funding shock captured in D8 could re-rate the fade window.

First-pass note — provisional single-pass MoatSCORE 6.0 read, not the full deep dive. Educational research, not investment advice; no buy/sell recommendation, no price target. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.

**Where this note fits.** This company is one of **509 Indian companies** we have scored for moat durability — 370 narrow, 126 narrow-trending-wide, none wide. Every score, dimension by dimension, is free in the [Moat Screener](https://www.moatmarginresearch.com/moat-screener/).