Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 4 Oct - RBL Bank Limited informs the exchange about ESOP allotment.
Source: Bse
RBL Bank Limited (RBLBANK)
Small CapFinancial Services stocks · Small cap · NSE
RBL Bank is an Indian private sector bank. Emirates NBD Bank (P.J.S.C) recently infused ~USD 2.75 billion, acquiring 60% of the expanded share capital and becoming its promoter. The bank offers a range of retail and wholesale banking products and services.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result12 Oct, 04:39 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
50NeutralSMA20 +1.2% / mo · MACD −
Stock trend: 55
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
RBLBANKD candles · FIT view+16.9%Latest close ₹375.75 on 2026-10-19
Bar
-1.1%
RSI
38
MACD hist
-5.05
52W pos
62%
2026-10-19O ₹380.00H ₹381.00L ₹374.00C ₹375.75Vol 22.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
RBLBANKNifty Financial ServicesNifty 500
- RBLBANK
- +2.0%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +7.6 pp
Chart stats
19 Oct 2026- From 52W high
- -12.5%
- 52W range position
- 63%
- ATR (14)
- 3.2%
- Volume vs 20D
- 0.37x
- Avg traded value
- ₹242 Cr
- 20D price channel
- ₹373.4 - ₹429.6
₹429.6
₹284.5 - ₹429.6
₹11.9
Latest completed session
20-session average
44.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED26
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent85
Revenue +54.0% · PAT +159.6% YoY
Technical
Neutral50
Price trend and sector-relative-strength timing.
Valuation
Legacy model+0.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence71
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Excellent · 85/100Rev +54% YoY · PAT +160% YoY · +41% QoQ · operating leverage
Filed 12 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,401.7 Cr | +54.0% | +40.7% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹498.4 Cr | +159.6% | +113.0% |
| PAT margin | 9.2% | +376 bps | +314 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 48.70
- P/B
- 1.35
- EV/EBITDA
- —
- Market Cap
- 58676.00Cr
Profitability
- ROE
- 5.43%
- ROCE
- 5.81%
- ROA
- 0.54%
- Dividend Y
- 0.27%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- -2.00%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- —
- Altman Z
- 1.78
- Book Value
- 279.00
Cash Flow
- FCF Yield
- 12.59%
- FCF Positive Y
- 5/5
- OCF
- 7578.00 Cr
- EPS TTM
- 12.36
Shareholding
- Promoter Hold
- 59.88%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 64%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3.0-72.7% vs prev
Net Profit
₹ CrLatest: 879+22.6% vs prev
Return on Equity
%Latest: 5.3+14.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 38. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~1.2% over last month) — short-term momentum positive.
- RSI(14) at 38 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 13% off 52W high · 31% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
82
RS percentile
Stage 2 UptrendEstablished S2
1M return
-9.7%
3M return
+2.0%
6M return
+18.3%
1Y return
+15.6%
RS 1D
+1
RS 20D
-6
Sector rank
#9
Industry rank
#9
Stage evidence
- Price is 3.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.6%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
28 Apr 2026
S2 age
123 trading sessions
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 142.17+0.37%
RS vs Nifty 500142
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation3/30
Growth7/25
Quality0/20
Balance Sheet5/15
Cash Flow8/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
26
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
26/100 · legacy band OVERVALUED
Positive drivers
- FCF yield is supportive at 12.6%.
- Cash flow contributes 8/10 to the score.
- Balance sheet contributes 5/15 to the score.
Main drags
- Altman Z is 1.8, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
Sector valuation model
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Primary lens
Price/book and ROE/ROA, not trailing PE alone.
Secondary checks
Capital adequacy, credit cost, NPA trend, deposit franchise.
Main risk check
Low P/B can be a trap if asset quality or credit cost is worsening.
PE
48.7
PB
1.4
EV/EBITDA
—
ROE
5.4%
ROCE
5.8%
FCF Yield
12.6%
Debt/Equity
0.1
MoS
+0.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
26
Previous: 26
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
+0.7%
Previous: +0.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
25
25
25
25
25
25
27
26
26
26
26
26
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹278.55
-34.9% MoS
Growth-justified P/E
30.6
Growth-justified Value
₹378.22
+0.7% MoS
PEG
4.43
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KARURVYSYA
Small
Karur Vysya Bank Limited
Banking
match 162
50
11.6
19.1%
+53%
FAIR VALUE
CUB
Small
City Union Bank Limited
Banking
match 161
38
16.0
13.2%
+36%
WATCHLIST
IDFCFIRSTB
Mid
IDFC First Bank Limited
Banking
match 160
25
29.6
3.8%
-9%
OVERVALUED
IDBI
Small
IDBI Bank Limited
Banking
match 159
65
9.7
14.1%
+63%
UNDERVALUED
INDUSINDBK
Large
IndusInd Bank Limited
Banking
match 159
10
51.2
1.4%
-2121%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-18T07:29:39.458Z
Management commentary snapshot
RBL Bank reported strong Q1 FY27 Net Profit growth of 27% YoY, driven by 31% YoY operating profit growth and 23% YoY advances growth. Capital adequacy significantly improved post ENBD's ~INR 260 billion capital infusion, while asset quality remained stable.
The substantial capital infusion by Emirates NBD has dramatically strengthened RBL Bank's capital position and led to rating upgrades, providing a strong foundation for future growth. While NII and NIM saw a slight QoQ dip, and deposits declined sequentially, overall asset quality improved, and advances growth remained robust YoY. The strategic partnership with ENBD offers significant long-term synergy potential.
Current business mix
Advances by Segment
Latest issuer-disclosed distribution across 2 reported categories.
Retail55.0%
Wholesale45.0%
Growth engines
Wholesale Advances Growth
Wholesale advances grew by 38% YoY to Rs.520.27 bn in Q1 FY27.
Retail Disbursals Momentum
Retail Disbursals for Q1 FY27 were Rs. 74.81 bn, marking a 45% YoY growth.
Core Fee Income Growth
Core Fee Income for Q1 FY27 grew 16% YoY to Rs.9.23 bn.
Tailwinds
Strategic Investor & Capital Infusion
Emirates NBD Bank (P.J.S.C) infused ~USD 2.75 billion, acquiring 60% stake and becoming a promoter, providing a scalable platform in India with cross-border synergies.
Improved Credit Ratings
Issuer Rating upgraded to ICRA AAA (Stable) and CARE AAA (Stable) for various instruments post capital infusion.
Strengthened Capital Position
Capital adequacy ratio & CET-1 significantly increased to 33.3% & 32.2% respectively, post capital infusion.
Headwinds
Net Interest Margin (NIM) Compression
Net Interest Margin (NIM) declined to 4.13% in Q1 FY27 from 4.41% QoQ and 4.50% YoY.
Sequential Deposit Decline
Deposits declined 10% QoQ to Rs. 1,248.29 bn.
Declining CASA Ratio
Average CASA ratio declined to 25.2% in Q1 FY27 from 27.0% QoQ and 28.0% YoY.
Risk radar
Sustaining Deposit Growth
Deposits declined 10% QoQ, indicating a challenge in sequential deposit accretion and CASA ratio improvement.
NIM Pressure
NIM compression observed QoQ and YoY, suggesting potential pressure on profitability if not managed effectively.
Retail Portfolio Quality
Net Slippages increased QoQ to 7.90 bn from 6.24 bn, warranting close monitoring of asset quality trends in retail segments.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing underlying business growth and asset quality trends, especially for a financial institution. QoQ comparison is also important to track sequential momentum in key metrics like NIM, deposit accretion, and slippages, particularly after a major capital event.
Sector KPIs management disclosed
Advances Growth
Advances grew by 23% YoY to Rs.1,162.23 bn. Wholesale advances grew 38% YoY, and Retail advances grew 13% YoY.
Retail Disbursements Growth
Retail Disbursals for Q1 FY27 were Rs. 74.81 bn, growing 45% YoY.
Net Interest Margin (NIM)
NIM was 4.13% for Q1 FY27, down from 4.41% QoQ and 4.50% YoY.
Cost of Funds
Cost of Funds was 6.01% for Q1 FY27, up from 5.87% QoQ but down from 6.55% YoY.
Management forward view
ENBD Branch Amalgamation
The amalgamation of three ENBD branches operating in India into RBL Bank is awaiting final approvals from authorities.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Interest Margin (NIM) | 4.13% | Stabilization or improvement in NIM, given the sequential decline. |
| Deposit Growth | 11% YoY, -10% QoQ | Reversal of sequential deposit decline and improvement in CASA ratio. |
| Retail Advances Share | 55% of total advances | Trend in retail advances growth and its share in the overall portfolio, especially unsecured segments. |
| Return on Equity (RoE) (excluding capital infusion impact) | ~5% (excluding capital infusion) | Improvement in reported RoE as new capital is deployed efficiently. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
operational efficiencynot yet verifiablequantified
The bank will be building up its Provision Coverage Ratio (PCR) to a comfortable range of 75% to 78% in the coming quarter.
Timeframe: Next quarterDirection: IncreaseConfidence: Will be building up
"Maybe in the quarter to come, we will be building up to that extent."
margin outlooknot yet verifiable
The bank expects margins to be marginally better in the next quarter (Q4 FY '26) due to further repricing of term deposits and improved disbursals in better yielding assets.
Timeframe: Next quarter (Q4 FY '26)Direction: BetterConfidence: Expect
"we expect the margins to be marginally better in next quarter"
market share expansionnot yet verifiable
The bank will sustain its branch expansion momentum to strengthen its physical footprint and support growth in retail deposits.
Timeframe: OngoingDirection: Sustain momentum, strengthen, support growthConfidence: Will
"we will sustain this momentum to strengthen our physical footprint and support growth in retail deposits"
operational efficiencynot yet verifiable
Credit card slippages are expected to continue to be slightly elevated for 2 more quarters.
Timeframe: Next 2 quartersDirection: Continue elevatedConfidence: Expect
"we expect this trend to continue for 2 quarters -- 2 more quarters"
Trust Score
71Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 78th percentile within Financial Services. Main check: financial discipline is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
114 docs text-extracted · 8 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
66th percentile
overall median 67 · Financial Services: 78th pctile, median 62 · Small: 69th pctile, median 66
Evidence depth
Financial-only
114 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
4 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
90
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
62
acceptable · leverage and solvency
Discipline
28
weak · capital discipline
Results
82
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 59.9%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 59.9%.
- ▸FCF yield is 12.6%.
Trust risks
- ▸Altman Z is 1.78.
- ▸ROCE is low at 5.8%.
- ▸ROE is low at 5.4%.
- ▸Revenue CAGR is 14% but EPS CAGR is -2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching RBL Bank Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 11 Sep - CareEdge assigned BBB+/Stable to USD 350 million notes, reaffirmed USD 1 billion EMTN and issuer ratings.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug - RBL Bank Ltd inform to the exchanges about copy of newspaper publication
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.