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# CreditAccess Grameen Moat Analysis: Score & Risks
- URL: https://www.moatmarginresearch.com/creditaccess-grameen-moat/
- Published: 2026-08-02T13:10:48.000Z
- Updated: 2026-08-22T05:14:31.000Z
- Author: A K Karthikeyan
- Tags: First-pass note, Coverage

Moat Note · First-pass

## CreditAccess Grameen Ltd.

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

**Moat & Margin**2 Aug 2026 First-pass · \~4 min

5.55 / 10

NARROW → WIDEProcess/data-led

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

Provisional score · subject to modification based on new evidence

CreditAccess Grameen Ltd. scores **5.55** on MoatSCORE 6.0 — a narrow → wide moat in NBFC. 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 Assets6.5

M · Mechanism✓ Verified verbatim

“Building Trust Through Ethical Governance CA Grameen has built accountability into its strategic and operational fabric through clearly defined policies, independent oversight, and robust internal controls.”

**CreditAccess Grameen Ltd.** · FY25 Annual Report · p.13

D1Network Effects6

M · Mechanism✓ Verified verbatim

“Partnering with multiple institutions, we extend training and mentorship, enabling beneficiaries to translate their learning into tangible economic opportunities”

**CreditAccess Grameen Ltd.** · FY25 Annual Report · p.29

D2Switching Costs6

M · Mechanism✓ Verified verbatim

“This expansion is driven by deepening of relationships with our 44 Lakh customer base and our ability to graduate them through a curated product suite.”

**CreditAccess Grameen Ltd.** · Earnings Call · p.3

D3Cost Advantage6

M · Mechanism✓ Verified verbatim

“A broader liability mix enhances pricing flexibility, mitigates concentration risk, and strengthens our ability to negotiate, allowing us to access funding at competitive rates across market cycles”

**CreditAccess Grameen Ltd.** · FY25 Annual Report · p.26

D6Efficient Scale6

M · Mechanism✓ Verified verbatim

“The Company’s market share across its top four states of business operations was 21.3% in Karnataka, 21.9% in Maharashtra, 10.9% in Tamil Nadu, and 10.8% in Madhya Pradesh.”

**CreditAccess Grameen Ltd.** · FY25 Annual Report · p.74

D4Price Discretion5.7

M · Mechanism✓ Verified verbatim

“we continue to leverage our risk-based pricing strategy, low cost of borrowings, and efficient operating structure to protect our ROA within the 4–4.5% range, whilst being one of the lowest-cost lender in the industry”

**CreditAccess Grameen Ltd.** · Earnings Call · p.5

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?6.5

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

Bypass — can a rival route around it?6.0

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

Effective barrier 6.0 — clears the gate. 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 **113 Indian companies** we have scored for moat durability — 88 narrow, 25 narrow-trending-wide, none wide. The full ranked read: [Wide-Moat Stocks in India: We Scored 113 Companies and Found None](https://www.moatmarginresearch.com/wide-moat-stocks-india/). Every score, dimension by dimension, is free in the [Moat Screener](https://www.moatmarginresearch.com/moat-screener/).