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# Union Bank of India Moat Analysis: Score & Risks
- URL: https://www.moatmarginresearch.com/union-bank-moat/
- Published: 2026-08-02T13:14:23.000Z
- Updated: 2026-08-22T05:14:22.000Z
- Author: A K Karthikeyan
- Tags: First-pass note, Coverage

Moat Note · First-pass

## Union Bank of India

A first-pass moat teardown of Union Bank of India, 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

4.56 / 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

Union Bank of India scores **4.56** 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 Costs5.5

M · Mechanism✓ Verified verbatim

“They are totally in the relationship management and that is why the CASA we are in a position to sustain from June 2025 or March 2025 or September 2025 levels.”

**Union Bank of India** · Earnings Call · p.4

D1Network Effects5.3

M · Mechanism✓ Verified verbatim

“5th Largest PSB in Business Mix”

**Union Bank of India** · FY24 Annual Report · p.72

D5Intangible Assets5.3

M · Mechanism✓ Verified verbatim

“our CD ratio has gone up from 69% to 73%, which means that we have deployed resources more efficiently”

**Union Bank of India** · Earnings Call · p.8

D3Cost Advantage5.1

M · Mechanism✓ Verified verbatim

“Strengthening liability franchise with consistent growth in CASA driving down cost of deposits”

**Union Bank of India** · Investor Presentation · p.9

D4Price Discretion5

M · Mechanism✓ Verified verbatim

“we are choosing growth with quality, number one, and with profitability”

**Union Bank of India** · Earnings Call · p.9

D6Efficient Scale4.8

M · Mechanism✓ Verified verbatim

“sufficient cushion over the minimum regulatory requirement to support it advances growth”

**Union Bank of India** · Credit Rating · p.2

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?5.5

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/).