Aeries Technology, Inc. - Class A Ordinary Share

Aeries’ differentiation rests on process know‑how in GCC build‑operate‑transfer models for PE‑backed enterprises, an AI‑enabled delivery stack (A1 GCC), and relationships across the PE ecosystem. Intangible assets: 45/100 for niche brand and playbooks but still young as a public company.

Switching costs: 40/100 where embedded multi‑function GCC teams create friction, yet FY26 and subsequent events show customers can still exit or buy out. Network effects: 10/100, as value does not rise meaningfully with user count. Cost advantage: 45/100 from India/Mexico right‑shoring and standardized tooling.

Efficient scale: 35/100 in mid‑market GCC niches but with many credible alternatives. Weighted composite: 38/100. The A1 GCC platform could deepen stickiness over time, but recent non‑renewals and moderate gross margins (25 percent implied by FY26 revenue and cost of revenue) argue for a narrow, developing moat rather than a durable one.