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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 30/100Rev +12% YoY · PAT +9% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,840 Cr | +11.6% | +3.2% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹234 Cr | +9.3% | -4.1% |
| PAT margin | 6.1% | -13 bps | -47 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Advances by Segment
Latest issuer-disclosed distribution across 2 reported categories.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
ENBD Branch Amalgamation
The amalgamation of three ENBD branches operating in India into RBL Bank is awaiting final approvals from authorities.
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
The bank will be building up its Provision Coverage Ratio (PCR) to a comfortable range of 75% to 78% in the coming quarter.
"Maybe in the quarter to come, we will be building up to that extent."
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.
"we expect the margins to be marginally better in next quarter"
The bank will sustain its branch expansion momentum to strengthen its physical footprint and support growth in retail deposits.
"we will sustain this momentum to strengthen our physical footprint and support growth in retail deposits"
Credit card slippages are expected to continue to be slightly elevated for 2 more quarters.
"we expect this trend to continue for 2 quarters -- 2 more quarters"
Trend score and candlestick chart
78Bullishfull bull SMA stack · SMA20 +4.3% / mo · RSI overbought · MACD + · near 52W high
Technical chart
RBLBANKdaily · 1Y · AUTO+33.6%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 73.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~4.2% over last month) — short-term momentum positive.
- RSI(14) at 73 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 20.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.5%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 25 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 25 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 11.5%.
- Cash flow contributes 8/10 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -1.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: -2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 85th percentile within Financial Services. Main check: financial discipline is weak at 28/100.
Healthy Trust Lite: Promoter holding is 60%. Key concern: ROCE is low at 5.8%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 85th pctile, median 62 · Small: 75th pctile, median 66
111 documents have extracted text, but claim history is not strong enough yet.
4 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 60%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 60%.
- ▸FCF yield is 11.5%.
Trust risks
- ▸ROCE is low at 5.8%.
- ▸ROE is low at 5.4%.
- ▸Revenue CAGR is 14% but EPS CAGR is -2%.
- ▸4 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 71.50
- P/B
- 1.53
- EV/EBITDA
- —
- Market Cap
- 64263.00Cr
Profitability
- ROE
- 5.43%
- ROCE
- 5.81%
- ROA
- 0.50%
- Dividend Y
- 0.24%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- -2.00%
Balance Sheet
- Debt/Equity
- 0.12
- Interest Coverage
- —
- Altman Z
- 2.29
- Book Value
- 271.00
Cash Flow
- FCF Yield
- 11.49%
- FCF Positive Y
- 5/5
- OCF
- 7578.00 Cr
- EPS TTM
- 12.29
Shareholding
- Promoter Hold
- 60.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 98%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Financial Services, ranked by similarity
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.