> ## 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. # Punjab National Bank Moat Analysis: Score & Risks - URL: https://www.moatmarginresearch.com/punjab-national-bank-moat/ - Published: 2026-08-02T13:14:18.000Z - Updated: 2026-08-22T05:14:23.000Z - Author: A K Karthikeyan - Tags: First-pass note, Coverage Moat Note · First-pass ## Punjab National Bank A first-pass moat teardown of Punjab National Bank, 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 4.88 / 10 NARROWRegulated-scale First-pass narrow read — primary edge in Switching Costs. Provisional, single-pass evidence. Provisional score · subject to modification based on new evidence Punjab National Bank scores **4.88** 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 M · Mechanism✓ Verified verbatim “We are focusing on serving them across their financial life cycle with tailored digital first solutions driving long-term relationship value.” **Punjab National Bank** · Earnings Call · p.4 D5Intangible Assets5.8 M · Mechanism✓ Verified verbatim “More than 85% of the total externally rated advances above INR25 crores are above A rated and more than 52% are AAA rated, which indicates our balance sheet strength from risk point of view.” **Punjab National Bank** · Earnings Call · p.5 D1Network Effects5.4 M · Mechanism✓ Verified verbatim “We added 144 branches in FY '26 and plan to open 250 more in current financial year. These branches will be primarily in the Southern and Western regions.” **Punjab National Bank** · Earnings Call · p.3 D4Price Discretion5.1 M · Mechanism✓ Verified verbatim “last year almost INR19,000 crores we have shed, and that too in the retail segment, because this was all the low-yielding advances. Despite that, we have grown at reasonably well.” **Punjab National Bank** · Earnings Call · p.14 D3Cost Advantage5 O · Outcome✓ Verified verbatim “cost of deposits rising to 5.25% as of September 2025 (from 5.14% a year earlier), and the cost of funds increasing to 4.64% (from 4.56%)” **Punjab National Bank** · Credit Rating · p.3 14 quotes extracted here — not one mechanism-class. The evidence is outcome-only. D6Efficient Scale5 O · Outcome✓ Verified verbatim “High Systemic Importance: PNB's GSR factors in its systemic importance due to its large size with a market share of 6% in sector assets and 7% in deposits, and the state's 73% ownership.” **Punjab National Bank** · Credit Rating · p.2 7 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?6.5 How hard it is for a rival to copy the edge (first-pass estimate). Bypass — can a rival route around it?5.5 How easily a rival can route around the edge (first-pass estimate). Effective barrier 5.5 — 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 **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/).