> ## 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. # IDFC First Bank Moat Analysis: Score & Risks - URL: https://www.moatmarginresearch.com/idfc-first-bank-moat/ - Published: 2026-08-02T13:13:35.000Z - Updated: 2026-08-22T05:14:24.000Z - Author: A K Karthikeyan - Tags: First-pass note, Coverage Moat Note · First-pass ## IDFC First Bank Ltd. A first-pass moat teardown of IDFC First Bank 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 4.89 / 10 NARROWLiability-franchise First-pass narrow read — primary edge in Switching Costs. Provisional, single-pass evidence. Provisional score · subject to modification based on new evidence IDFC First Bank Ltd. scores **4.89** on MoatSCORE 6.0 — a narrow moat in Banks. 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. D2Switching Costs6 O · Outcome✓ Verified verbatim “Core Deposits (Retail CASA + Retail Term Deposits) as a % of Total Customer Deposits of the Bank as on Sept 30, 2020 were 72% as compared to 27% as on December 31, 2018 (merger quarter)” **IDFC First Bank Ltd.** · Investor Presentation · p.35 14 quotes extracted here — not one mechanism-class. The evidence is outcome-only. D3Cost Advantage5.5 M · Mechanism✓ Verified verbatim “our cost of funds this quarter was stable at 6.46%. But this 6.46% includes, let me say, the legacy cost that we are sitting on, which is the pre-merger IDFC, what we carried into the Bank. If you exclude that, our cost of funds is 6.37%” **IDFC First Bank Ltd.** · Earnings Call · p.4 D5Intangible Assets5.5 M · Mechanism✓ Verified verbatim “we feel that we have a very strong traction on that front going by what we're seeing in the market and talking to our employees and seeing the deposits simply swelling at a play” **IDFC First Bank Ltd.** · Earnings Call · p.3 D1Network Effects5.3 M · Mechanism✓ Verified verbatim “In FY25, retail deposits saw robust growth, driven by wider product adoption and branch network expansion nationwide.” **IDFC First Bank Ltd.** · FY24 Annual Report · p.203 D4Price Discretion5.3 M · Mechanism✓ Verified verbatim “In this case, our own thinking is that probably it will bottom out at about INR7,500-odd crores. It's currently about INR8,500 crores.” **IDFC First Bank Ltd.** · Earnings Call · p.16 D6Efficient Scale4.5 O · Outcome✓ Verified verbatim “The regulatory requirement for the Capital Adequacy Ratio is 10.875% with CET-1 Ratio at 7.375% and Tier I at 8.875% as per the RBI Guidelines.” **IDFC First Bank Ltd.** · Investor Presentation · p.72 4 quotes extracted here — not one mechanism-class. The evidence is outcome-only. 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?5.5 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 5.0 — 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 **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/).