> ## 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.

# Yes Bank Moat Analysis: Score & Risks
- URL: https://www.moatmarginresearch.com/yes-bank-moat/
- Published: 2026-08-02T13:10:46.000Z
- Updated: 2026-08-22T05:14:32.000Z
- Author: A K Karthikeyan
- Tags: First-pass note, Coverage

Moat Note · First-pass

## Yes Bank Ltd.

A first-pass moat teardown of Yes 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

5.56 / 10

NARROWLiability-franchise

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

Provisional score · subject to modification based on new evidence

Yes Bank Ltd. scores **5.56** 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.

D5Intangible Assets6.5

M · Mechanism✓ Verified verbatim

“The top priority of the management, since the reconstruction of the bank, has been to build back the liability franchise and the bank has taken various steps and initiatives in this regard.”

**Yes Bank Ltd.** · Credit Rating · p.3

D3Cost Advantage6

M · Mechanism✓ Verified verbatim

“Improvement in the deposit profile with increase in CASA and retail deposits leading to reduction in cost of deposits on a sustained basis”

**Yes Bank Ltd.** · Credit Rating · p.2

D1Network Effects5.7

M · Mechanism✓ Verified verbatim

“we have also seen really leveraging our branches as the core fulcrum of our business and generating Assets and Fee-based businesses out of those branches as well”

**Yes Bank Ltd.** · Earnings Call · p.4

D2Switching Costs5.7

M · Mechanism✓ Verified verbatim

“over the last 4 quarters, we have improved our CASA ratio by nearly 350 basis points, unlike the industry trend, which has seen a drop in their CASA ratio over the same period”

**Yes Bank Ltd.** · Earnings Call · p.4

D4Price Discretion5.5

M · Mechanism✓ Verified verbatim

“being prudent on the cost of deposits through a focus on granular and low-cost Current Account & Savings Accounts (CASA)”

**Yes Bank Ltd.** · FY24 Annual Report · p.16

D6Efficient Scale4.5

No narrative receipt surfaced — this dimension is scored on the quantitative record.

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?5.0

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/).