Aamara Capital13 Oct 2026 · For internal use only

RBL Bank Ltd

NSE: RBLBANK · BSE: 540065 · Private bank · Subsidiary of Emirates NBD Bank P.J.S.C. (59.88%)
CMP 13-Oct₹388.30
Mcap~₹60,300 Cr
P/B1.41x
P/E TTM32.5x

RBL Bank Ltd NSE: RBLBANK · BSE: 540065

Data as of 13 Oct 2026 close (Q2 FY27 results released 12 Oct 2026, after market). Standalone unless stated; ₹ crore. Labels: Fact sourced · Est. calculated · Analyst View · INFERRED · UNVERIFIED.

FY26 Net Total Income ("Revenue")₹10,481 Cr+2.1% YoY; NII ₹6,360 Cr (−1.6%)
FY26 PAT₹822 Cr+18.3%; Q2 FY27 ₹482 Cr (+170%)
NIM (net interest margin)4.51%FY26 (PR basis; AR Note 19: 4.46%); Q2 FY27 4.61%
RoE / RoA FY265.12% / 0.53%Q2 FY27 ann.: 4.43% / 0.92%
CRAR / CET1 (Sep-26)30.1% / 29.0%Mar-26: 14.25% / 12.77%
GNPA / NNPA (Sep-26)1.02% / 0.29%PCR ex-TWO 71.47%; incl. TWO 95.31%
BVPS (bank, HY1 FY27)₹275.82Net worth ₹42,797 Cr; P/B 1.41x; P/ABV ~1.42x
Cost-to-income Q2 FY2756.5%FY26 68.5%; Q2 FY26 70.7%

Quick Verdict Scorecard

BusinessMediumNiche retail yields; weak deposit franchise
ManagementMediumPoor pre-deal guidance record; governance in transition
FinancialMediumFortress capital, sub-par RoE 4–5%
ValuationExpensive1.41x P/B vs 3-yr avg ~0.95x
OverallNeutralTransformation priced in; show us RoA

Market data

ItemValue
CMP (13 Oct 2026 close)₹388.30 (−7.55%; steepest one-day fall in ~2 years) Fact
Prior close (12 Oct, NSE)₹417.70; 13 Oct intraday low ₹387.85
Shares outstanding~155.2 Cr (equity capital ₹1,552 Cr, FV ₹10)
Market cap~₹60,300 Cr Est. (Screener ₹59,945 Cr at intraday price)
52-week high / low₹429.60 / ₹285.85 (closing-basis high ₹427.7 on 23 Sep 2026)
P/B · P/ABV1.41x · ~1.42x (ABV ~₹273)
P/E (TTM EPS ₹11.93)32.5x; ~31x on Q2 annualised EPS ₹12.4
Dividend (FY26) / yield₹1.00 / 0.26%; no buyback ever
1-year return~+36% after the fall (~+44% before)
ListedAug 2016, NSE/BSE UNVERIFIED
Index membershipNot Available — not in inputs reviewed
Free float~40% (ENBD 59.88% at Sep-26)

Company overview

ItemDetail
Founded6 Aug 1943, Kolhapur, as The Ratnakar Bank; rebranded RBL Bank 2014
HQOne World Centre, Tower 2B, Lower Parel, Mumbai; registered office Kolhapur
PromoterEmirates NBD Bank P.J.S.C. (Dubai; 55.76% owned by Govt of Dubai) — 59.88%, pledge nil; voting capped at 26%
StatusForeign bank in subsidiary mode (RBI Ch. IV) since 18 Jun 2026
MD & CEOR. Subramaniakumar (since 23 Jun 2022; term to 22 Jun 2028)
ChairmanChandan Sinha (ex-RBI ED), part-time, to 20 May 2029
Employees14,222 (H1 FY27); 13,316 FY26 (AR also cites 13,146 permanent)
Network628 branches, 1,326 BC branches (248 banking outlets; 1,076 via RBL Finserve), 422 ATMs, 15.05 mn customers, 600+ districts, 28 states/UTs
Balance sheet₹2,22,344 Cr (+44% YoY); advances ₹1,42,314 Cr; deposits ₹1,56,272 Cr
RatingsICRA/CRISIL/CARE AAA (Stable); Moody's Baa2 (Stable) — all support-driven by ENBD
What RBL does, in plain English. RBL is a mid-sized Indian private bank (~0.6% of system deposits, ~0.7% of credit) that historically earned high yields from credit cards (4.72 mn cards) and microfinance (via 100% subsidiary RBL Finserve), funded by a comparatively expensive, term-deposit-heavy liability base. Since FY24 it has shifted toward secured retail (LAP, housing, gold, tractors) and wholesale lending. In June 2026 Emirates NBD injected ₹26,016 Cr for ~60%, more than doubling equity, lifting CET1 to 29% and ratings to AAA. The question now is whether a 4–5% RoE bank on 5x leverage can redeploy that capital into 1%+ RoA without buying growth.

Data freshness: market data 13 Oct 2026 close; financials to Q2 FY27 (30 Sep 2026); AR FY26 filed 7 Aug 2026.

Analyst Notes

One-line read: Emirates NBD has fixed RBL's capital, ratings and funding access; it has not yet fixed RBL's returns, deposit franchise or card book — and at 1.41x book the market is already paying for the fix. Analyst View

What just happened. On 18 Jun 2026 ENBD subscribed to 92.91 Cr new shares at ₹280, i.e. ₹26,016 Cr (not the ₹26,850 Cr headline of the October 2025 announcement, which was for up to 95.90 Cr shares). Overnight CRAR went from 14.25% to 33.3%, net worth from ₹16,014 Cr to ₹42,079 Cr, and the bank went from AA- to AAA at ICRA, CRISIL and CARE plus a first-time Moody's Baa2. ENBD's Gulf network then helped RBL raise ~US$3.4 bn of FCNR(B) deposits in the RBI swap window. Q2 FY27 is the first clean quarter of that new balance sheet: PAT ₹482 Cr (+170%), NIM 4.61% (+48 bps QoQ), cost-to-income 56.5%.

Most of the P&L improvement is mechanical. ₹26,016 Cr of interest-free equity deployed at the ~6.7–6.8% the bank says it earns on parked liquidity is worth roughly ₹440 Cr of NII a quarter Est. — close to the entire ₹477 Cr QoQ jump in NII. Retiring ~₹10,000 Cr of 7%+ liabilities adds the rest. Cost-to-income fell because the denominator jumped, not because opex fell (opex +3% YoY, +7% QoQ). Per share, the story is flat: EPS went from ₹2.91 to ₹3.10 (~+7%) because the share count rose ~2.5x. Annualised RoE is 4.43%. At ~5.2x assets/equity, even a 1.2% RoA produces only ~6% RoE.

Headline growth is inflated by a one-off. Deposits +34% YoY are ~+6% ex-FCNR (bank-reported; ~8% on an FX-assumption calc). Advances +42% are ~+30–31% ex the ~₹10,300 Cr of loans booked in GIFT City against those same FCNR deposits; secured retail +52% is ~+22% underlying. Average CASA fell to 24.0% (period-end 27.2%), granular deposits fell to 44% of the base from ~51%, and top-20 depositors rose to 15.74% at Mar-26. Management itself calls FCNR "a one-off event" and says the stock is "trending down".

Asset quality is better on gross than on net. GNPA of 1.02% is the best in a decade, but in FY26 82% of GNPA reductions (₹3,770 Cr of ₹4,610 Cr) were write-offs; NNPA actually rose (0.29% → 0.39%) and PCR ex-technical write-offs fell from 89.0% to 73.6% (71.47% by Sep-26). Sub-standard NNPA rose from ₹146 Cr to ₹374 Cr — newer NPAs carry thinner cover. Cards and PL still cause ~84% of net slippages; card credit cost runs ~11–12% annualised; Q2 credit cost of 63 bps is a quarterly figure (~2.5% annualised). The AR segment note shows the Retail segment lost ₹461.6 Cr in FY26 after −₹1,036.6 Cr in FY25; Wholesale (₹818 Cr), Treasury (₹370 Cr) and bancassurance (₹312 Cr) carry the bank.

Management credibility is a discount, not a premium. Before ENBD, every key promise missed: NIM exit 4.75–4.80% (actual 4.41%), RoA ~1% exit FY26 (actual ~0.6%), card normalisation deferred six times since Jan 2025. Post-deal beats (Q2 NIM, C/I) are mechanical. The card credit-cost guide has already slipped from ~5% to 5.5–6%, and management declined to give any FY28 RoA target.

Governance has shifted toward the parent. The Audit Committee is now chaired by Surya Subramanian, a former ENBD Group CFO who still sits on Dubai Holding's audit committee; that committee will vet the s.44A amalgamation of ENBD's India branches for a fixed 8.71 Cr RBL shares at ₹280 (a related-party transfer approved outside SEBI's majority-of-minority framework). The CFO resigned and was relieved the same day mid-deal (Dec 2025), the CRO served on one-year contracts and leaves 31 Oct 2026, and the bank told NSE it had nothing to disclose 108 days before signing ("Project Delta").

What the market is pricing. At ₹388.30 the stock is 39% above ENBD's ₹280, at 1.41x book versus a ~0.95x three-year average and ~32.5x trailing EPS versus ~16.5x. For 1.4x book to be fair on a ~13–14% cost of equity, RoE needs ~11–13% Est. — two to three years away on management's own "double-digit in 3–4 years" aspiration. The Street median target of ₹445 (+14.6%) masks a 6/3/4 Buy/Hold/Sell split and three downgrades on results day.

What would change our mind. (1) RBI approval of the ENBD branch amalgamation on terms that re-base the ₹280 consideration; (2) Q3 FY27 card slippages at or below ~₹400 Cr with card AUM growth resuming; (3) ex-FCNR deposit growth above ~15% with average CASA back above 27%; (4) an explicit FY28 RoA target of ≥1.2%. Watch also the IRDAI bancassurance commission rule (~₹300 Cr/yr fee pool, 50–60% at risk) and ECL transition from 1 Apr 2027. Analyst View

Business Deep-Dive

History and structure

Net advances by book (₹ Cr)

BookDec-24Mar-25Sep-25Dec-25Mar-26Jun-26Sep-26YoY
Wholesale35,21336,91540,39742,47547,11252,02762,849+56%
Secured retail27,65729,57334,18834,40740,20736,56151,933+52% (~+22% ex-FCNR)
Unsecured retail27,54226,13025,94326,20426,91227,635 Est.27,532+6%
Total90,41292,6181,00,5291,03,0861,14,2321,16,2231,42,314+42% (~+30–31% ex-FCNR)

AR product mix, Mar-26 vs Mar-25 (MD&A p.138, ₹ Cr)

ProductMar-26Mar-25YoY
Corporate31,84525,187+26.4%
Commercial (mid-corporate/SME)15,26711,728+30.2%
Wholesale total (41.2%)47,11236,915+27.6%
Credit cards (14.2% of advances)16,25017,133−5.2%
Personal loans2,9603,245−8.8%
Microfinance (JLG)7,7025,752+33.9%
Business loans16,79311,162+50.5%
Housing8,7178,177+6.6%
Rural vehicle finance3,0442,754+10.5%
Others incl. gold/OD10,2095,971+71.0%
Retail agri1,4451,509−4.3%
Retail total (58.8%)67,12055,703+20.5%

Unsecured retail (~19% of loans at Sep-26; cards 57% / JLG 31% / PL 12%)

ProductWhat it isMar-25Sep-25Mar-26Sep-26Trend
Credit cardsProprietary (NOVA, Lumiere metal, Apex), legacy Bajaj Finserv co-brand book reissued as RBL; co-brands incl. BookMyShow, Paisabazaar Duet, BankBazaar, SalarySe, IRCTC, IndianOil, TVS Credit, Patanjali, MoneyTap, RazorpayX17,13317,19716,250~15,690 Est.Shrinking; gross AUM 21,548 → 20,047 → 19,214 (−10% YoY)
JLG / microfinanceJoint-liability loans to rural women; 98–100% of new disbursals under CGFMU (covers ~95–97% of standard book)5,7525,8857,702~8,535 Est.Rebounding; SMA ₹545 Cr (Dec-24) → ₹84 Cr (Mar-26); guide ~25% growth
Personal loansUnsecured PL3,2452,8612,960~3,304 Est.Stabilising

Credit-card KPIs

QuarterCards in force (mn)New acquisitions (mn)Spends (₹ Cr)Cards+PL GNPA additions (₹ Cr)
Q3 FY255.040.2622,174—
Q4 FY254.830.2221,720—
Q2 FY264.470.2121,168—
Q3 FY264.600.2921,446574
Q4 FY264.630.3321,224619
Q1 FY274.650.3420,889739
Q2 FY274.720.3921,431658

AUM mix Q2 FY27: transactor 35% (from 31%), revolver 23%, EMI 24%, PL-on-cards 17%. Spend-active (90-day) cards fell 64% → 54% (Oct-25 to Mar-26). RBI Nov-25: 4.45 mn of 114.87 mn industry cards (~3.9%) and ₹17,227 Cr of ₹2,96,070 Cr receivables (~5.8%) Est.; RBL count −13% YoY vs industry +7%. Card credit cost ~11–12% annualised (Q1 FY27); guide now 5.5–6%. AR Note 30: card receivables ₹16,429.70 Cr, GNPA 1.44% (Mar-25 1.19%).

Secured retail (~36% of loans)

ProductKey facts (Mar-26)YieldBook Mar-25 → Mar-26 → Sep-26
Prime LAP~11,400 customers, ticket ~₹1.3 Cr, CIBIL 740+; ₹12,632 Cr (+45%)8.7%Business loans 11,162 → 16,793 → ~18,700 Est.
Small LAP~4,000 customers, ticket ₹24 lakh; ₹917 Cr (+194%)12.5%
Business Banking GroupMSME WC, ~1,100 customers, ticket ~₹3 Cr; ₹3,034 Cr (+68%)8.2%
Affordable HL~9,300 customers, ticket ₹23 lakh, LTV 65%; ₹3,071 Cr9.6%Housing 8,177 → 8,717 → ~8,830 Est.
Prime HL~5,800 customers, ticket ₹72 lakh, LTV 65%; ₹5,801 Cr, shrinking7.8%
Gold loans~23,400 customers, 474 branches, 24 states; ticket ~₹6.7 lakh; +858% YoY at Mar-2610.6%443 → 4,255 → ~4,155 Est.
Rural vehicle finance~100,600 customers; tractors new:used 70:30; 308 districts15.5%2,754 → 3,044 → ~3,635 Est.
Retail agri~27,600 customers, 180 branches, 16 states; 97% open-market12.6%1,509 → 1,445 → ~1,558 Est.
Used car / 2W~70,000 customers, 55 districts; used:new car 27:7318.5%gross ₹502 Cr
OthersIBPC, LAS, staff loans; Sep-26 includes ₹10,309 Cr loans against FCNR(B) in GIFT IBU—5,529 → 5,953 → ~14,540 Est.

Retail disbursals Q2 FY27 (₹8,196 Cr, +15%; Q4 FY26 ₹9,103 Cr, +98%)

Prime LAPJLGGoldBBGPLPrime HLRVFAff. HLAgriSmall LAPUsed car/2W
1,8021,6921,4271,18864140734432916913266

Wholesale (~44% of loans)

Liabilities, fees, payments, treasury

Operating model

Facilities and footprint

ItemDetail
Branches564 (Sep-25), 580 (Dec-25), 603 (Mar-26), 628 (Sep-26). Mar-26: Maharashtra 141, Tamil Nadu 67, Karnataka 61, Delhi 58, Gujarat 44, Telangana 32, Kerala 27, UP 27, West Bengal 22, Haryana 21, MP 19, Rajasthan 17, Punjab 16, AP 12, Goa 7. Plan: 30–50/qtr toward ~1,000 in ~3 years
BC branches / ATMs1,326 (248 banking outlets; RFL 1,076) / 422
InternationalGIFT City IBU; overseas credit exposure ₹5,582 Cr (2.8%) Jun-26; net funded country exposure ₹6,107 Cr Mar-26
Deposit geography (Sep-26)Metro & GIFT ₹1,13,268 Cr (72%); urban ₹29,512 Cr (19%); semi-urban ₹9,724 Cr (6%); rural ₹3,767 Cr (2%)
LicencesScheduled commercial bank; IFSC Banking Unit; AD Cat-I; Visa/Mastercard/RuPay issuing; UPI TPAP sponsor
IP / ESGNo material patents. CRISIL ESG 71 ("Leadership", from 64); BRSR Core assurance (CNK); carbon-neutral ops by FY2034; women 24.63% (target 30% by 2027)
USP / moat: niche high-yield origination (cards, JLG via captive RFL, tractors, small LAP) and payments/remittance plumbing, now overlaid with an AAA rating and an ENBD UAE–India corridor (~33% of ENBD's UAE customers — 786k+ — are Indian nationals). The liability side is a price-taker. Moat: narrow and contested. Analyst View

Segment Analysis

Reportable segments (RBI/AS-17): Treasury, Corporate/Wholesale, Retail (Digital Banking sub-segment nil — no DBUs), Other Banking Operations (bancassurance/para-banking). Segment results are post-FTP, post-opex, post-provisions, pre-tax. Source: FY26 AR Sch 18 Note 12, p.237–238 Fact.

₹ CrWholesale FY26FY25Retail FY26FY25Treasury FY26FY25Other FY26FY25Total FY26FY25
Gross revenue7,500.956,715.2016,503.6816,129.5110,096.809,749.51312.21242.0334,413.6432,836.25
Segment result (PBT)818.41829.95(461.57)(1,036.59)370.14554.45312.21242.021,039.19589.83
Segment assets56,178.4241,321.3160,567.3753,181.2459,351.0749,868.8154.4835.271,76,151.341,44,406.63
Segment liabilities59,526.3944,452.1880,114.5368,119.0724,425.5818,492.247.948.901,64,074.441,31,072.39
Capex79.8097.41134.34164.564.158.03––218.29270.00
Depreciation81.6466.32147.55148.014.684.35––233.87218.68
Result / assets Est.1.46%2.01%−0.76%−1.95%0.62%1.11%n.m.n.m.0.59%0.41%

Inter-segment revenue eliminated ₹15,957.04 Cr (FY25 ₹15,069.30 Cr). Unallocated revenue ₹0.35 Cr (FY25 ₹78.30 Cr, IT-refund interest). Geography: GIFT IBU revenue ₹551.66 Cr (FY25 ₹342.48 Cr), assets ₹12,212.75 Cr (₹5,960.85 Cr). Superseded: Multibagg's "Retail ₹1,650.37 Cr / Wholesale ₹750.09 Cr" for FY26 does not match the AR and should be disregarded.

Segment results FY25 vs FY26 (₹ Cr, post-provision PBT) — AR Note 12
Wholesale830818 Retail−1,037−462 Treasury554370 Other (banca)242312 Total5901,039 FY25FY26
Read-across: Retail (cards, JLG, business loans, branch liabilities) lost money for a second straight year. Its ₹575 Cr improvement explains more than all of the +₹449 Cr rise in segment PBT; wholesale was flat and treasury fell ₹184 Cr. The "Other" line's 100% margin is fee income with no cost allocated, so it overstates bancassurance economics — and it is the ₹300 Cr pool the IRDAI draft threatens. Analyst View

Wholesale proxy economics (deck FTP basis, ₹ Cr)

QuarterQ4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26
Wholesale revenue (asset NII + liability NII + fees)384352377407465

Q4 FY26 split: asset NII 113, liability NII 146, fees 206 (~17% of bank NTI Est.). Net slippage zero/negative, credit cost 0–3 bps for five quarters: low-spread, near-zero-loss. Management PBT-RoA targets: secured retail 70–90 bps; wholesale ~2%+.

Credit cost by segment (bps of advances, quarterly)

SegmentQ4 FY25Q2 FY26Q4 FY26Q1 FY27Q2 FY27
Unsecured retail10852616051
Secured retail0—3—2
Wholesale−15—1—−1
Standard / contingency———−711
Total—54655463 (~2.5% ann.)

NPA movement by segment, Q2 FY27 (₹ Cr; Q1 FY27 total in brackets)

WholesaleCards & PLJLGSecured retailTotal
Opening GNPA2843023046321,522 (1,675)
Additions1365875148894 (940)
Upgrades + recoveries13411105150 (150)
Write-offs066013711809 (943)
Closing GNPA2962662316631,456 (1,522)
Net slippages126246443743 (790)
Net NPA1361102240415 (426)
Write-off recoveries1088132113 (137)

Cards & PL = ~84% of net slippages (₹624 Cr vs ₹707 Cr in Q1). Secured-retail GNPA stock is rising (₹581 Cr Q1 opening → ₹663 Cr); wholesale GNPA ticked up too.

Winners and losers

Fastest growers

  • Gold loans (~10x since Mar-25; +858% YoY at Mar-26)
  • Small LAP +194%, BBG +68%, Prime LAP +45% (Mar-26 YoY)
  • Wholesale +56% YoY (GIFT City corridor)
  • JLG ~+45% YoY on net book Est.
  • Secured retail +52% headline / ~+22% ex-FCNR

Under pressure

  • Cards: gross AUM −10% YoY; Bajaj origination lost; GNPA additions ₹570–740 Cr/qtr
  • Personal loans; Prime HL shrinking
  • Bancassurance (IRDAI)
  • Yield on advances 13.28% (Q3 FY25) → 12.97% (Q4 FY25) → 10.80% (Q2 FY27)

Management focus: loan mix target corporate/commercial 40–45%, cards+MFI 20–25%, secured retail 35–40% (Q4 FY26); unsecured growth ~20–25% (cards ~15%); FY28 unsecured mix ~19%; MFI +25% "for PSL needs only"; cards to stop shrinking within a quarter then grow 10–12%.

Financials: P&L

Bank template: "Revenue" = Net Total Income (NII + other income); "EBITDA" = PPOP. Gross margin/EBITDA margin are not meaningful.

Five-year P&L (standalone, ₹ Cr)

₹ CrFY22FY23FY24FY25FY26Comment
Interest earned8,1769,67712,39414,03914,33615% CAGR
Interest expended4,1494,6786,3517,5767,97618% CAGR
NII4,0274,9986,0436,4636,360FY26 −1.6%
Other income (core fee)2,3412,4893,0433,806 (3,429)4,121 (3,735)15% CAGR
Net Total Income6,3687,4889,08610,26910,48113% CAGR
Operating expenses~3,800 Est.5,2866,0556,6427,182FY26 +8.1%
PPOP ("EBITDA")~2,570 Est.2,2023,0313,6273,299FY26 −9.0%
PPOP / NTI~40%29.4%33.4%35.3%31.5%
Provisions (ex-tax)~2,690 Est.1,0221,7792,9592,260FY26 −23.6%
PBT−115 / 77*1,1801,2526681,040*Screener / ICRA, unreconciled
Tax−4029784−27217FY26 ETR 20.9%
PAT−758831,1686958223-yr CAGR −2%
PAT / NTI−1.2%11.8%12.9%6.8%7.8%
EPS basic (₹)−1.2514.7219.3011.4513.42AR basic; diluted 13.18 (alt. 13.31 Screener)
DPS (₹)nil1.501.501.001.00
Cost-to-income~60%70.6%66.6%64.7%68.5%
NIM (PR)3.89% NII/ATA5.24%5.49%5.12%4.51%AR Note 19: 5.10% / 4.46%
Credit cost / avg advances~4.5%1.57%2.31%3.35%2.18%AR basis ~3.5% / ~2.3% of avg gross
RoA / RoE−0.07 / −0.60%0.83 / 6.69%0.96 / 8.25%0.51 / 4.53%0.53 / 5.12%

One-offs: FY24 ₹115 Cr AIF provision (adj. PAT ₹1,253 Cr) and 7% tax rate; FY25 ₹414 Cr accelerated JLG provision (Q3) and ₹150 Cr tax writeback; FY26 ₹44 Cr MTM loss on unlisted equities (Q2), ~₹150 Cr HTM sale gains (transferred to capital reserve), ₹28.61 Cr labour-code past-service cost, ~₹30 Cr gratuity method change (Q3); Q1 FY26 gain on subsidiary stake sale and ~₹270 Cr G-sec gains; Q2 FY27 fee includes one-off currency/fixed-to-floating swap gains. Agency views: opex/ATA 4.4% FY26 vs private-bank avg 2.3%; cost of interest-bearing funds 5.69% vs 5.11% peers (ICRA).

Last eight quarters

₹ CrQ3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Q2 FY27
NII1,5851,5631,4811,5511,6571,6711,6542,131
NII YoY / QoQ+3/−2%−2/−1%−13/−5%−4/+5%+5/+7%+7/+1%+12/−1%+37/+29%
Other income1,0731,0001,0699331,0501,0699591,077
NTI2,6582,5632,5502,4832,7082,7402,6143,208
Opex1,6621,7021,8471,7551,7951,7851,6911,812
PPOP9978617037289129559231,396
PPOP YoY / QoQ+30/+10%−3/−14%−18/−18%−20/+4%−9/+25%+11/+5%+31/−3%+92/+51%
Provisions1,189785442500639678599767
PBT−19276261229273277324630
PAT3369200179214230254482
PAT YoY / QoQ−86/−85%−81/+111%−46/+190%−20/−11%+548/+20%+234/+7%+27/+10%+170/+90%
EPS (₹)0.541.133.292.913.473.721.643.10
NIM4.90%4.89%4.50%4.51%4.63%4.41%4.13%4.61%
Cost-to-income62.5%66.4%72.4%70.7%66.3%65.1%64.7%56.5%
Credit cost (quarterly)1.39%*——0.54%0.64%0.65%0.54%0.63%
RoA / RoE (ann.)0.09/0.84%0.20/1.79%0.56/5.11%0.48/4.44%0.55/5.25%0.55/5.69%0.57/4.01%0.92/4.43%

*Includes ₹414 Cr JLG overlay. Provisions = PPOP − PBT except Q2 FY26/Q1 FY27/Q2 FY27 (reported 500/599/767; PR credit-cost line 503/597/771). Q2 FY27 consolidated PAT ₹498 Cr vs ₹482 Cr standalone (RFL). Street estimate ~₹520 Cr (Zee Biz) — a miss.

Quarterly PAT (bars, ₹ Cr) and NIM (line, right axis)
01002003004005004.0%4.5%5.0% 3369200179214230254482 Q3FY25Q4FY25Q1FY26Q2FY26Q3FY26Q4FY26Q1FY27Q2FY27 — NIM: 4.90 · 4.89 · 4.50 · 4.51 · 4.63 · 4.41 · 4.13 · 4.61%

Q2 FY27 drivers

FY26 line detail (AR Sch 13–16, ₹ Cr)

LineFY26FY25YoY
Interest on advances/bills11,659.9511,224.76+3.9%
Interest on investments2,145.442,147.28−0.1%
Interest on RBI/interbank322.71302.45
Other interest (IT refund 0.42 vs 79.36)207.45364.58
Interest on deposits7,039.936,576.89+7.0%
Interest on RBI/interbank borrowings419.49376.67
Other interest expense516.59622.49
Commission, exchange & brokerage3,348.133,047.53+9.9%
Profit on sale of investments390.64344.12
Revaluation of investments(47.29)21.49
Profit on exchange transactions414.66354.17
Dividend from subsidiary / misc– / 15.3531.53 / 6.76
Employees1,944.061,734.44+12.1%
Rent, taxes, lighting307.53283.36
Depreciation233.87218.68
Repairs & maintenance / insurance (DICGC)187.43 / 180.26162.84 / 179.97
Advertisement / postage-telecom / printing84.08 / 100.92 / 35.2083.11 / 89.21 / 25.78
Law / auditors / directors' fees27.38 / 3.11 / 4.7626.93 / 2.59 / 4.40
Other expenditure4,073.203,831.08+6.3%

Material "other expenditure" (Note 50) and provisions (Note 34)

ItemFY26FY25YoY
Commission on collection1,277.021,044.80+22.2%
BC commission (JLG)722.89738.89−2.2%
DSA commission (card partners)448.63498.28−10.0%
Card rewards & promotion276.01232.71+18.6%
Sum2,724.552,514.68+8.3%
Provision lineFY26FY25
NPAs / write-offs (net of recoveries)2,376.373,104.92
Investments(5.76)(164.72)
Standard advances (incl. UFCE)(114.95)11.37
Others3.957.09
Current / deferred tax90.81 / 126.3062.30 / (89.54)
Total2,476.722,931.42

Collection commission alone is 17.8% of opex and growing faster than the book — the structural cost of the unsecured franchise. Other: card reward provision ₹85.86 Cr; DICGC ₹119.74 Cr; CSR ₹19.80 Cr; lease rent ₹271.28 Cr; software additions ₹138.18 Cr. AR Note 19: cost of deposits 6.05% (6.42%); interest income/working funds 9.16%; op. profit/WF 2.11%; business per employee ₹17.77 Cr. MD&A: yield on advances 12.1% vs 13.5%; yield on IEA 10.2% vs 11.1%; cost of funds 6.2% vs 6.6%.

Earnings-quality check. Bank CFO is not an earnings-quality test (Tab 6). The real issues: (1) technical write-offs ₹1,720 / ₹2,931 / ₹3,771 Cr in FY24/25/26 vs gross slippages ₹2,441 / ₹4,113 / ₹3,819 Cr; (2) PCR ex-TWO 89% → 71.5%; (3) one-offs (FY25 tax credit, FY24 7% tax, FY26 ~₹150 Cr HTM gains, released ₹115 Cr standard-asset provisions); (4) ₹113–137 Cr/qtr write-off recoveries booked in other income; (5) Q2 FY27 NII lifted ~₹440 Cr/qtr by equity float Est.. Consolidated FY26: NII 6,362; other income 4,127; opex 7,124; PBT 1,106; PAT ₹879 Cr (FY25 ₹717 Cr).

Balance Sheet, Capital, Cash Flow & Ratios

Balance sheet (standalone, ₹ Cr)

₹ CrFY22FY23FY24FY25FY26Sep-26
Equity capital6006006056086181,552
Reserves & surplus12,01912,97714,19114,99915,98741,786
Net worth (bank-reported)12,00612,99614,20614,93016,01442,797
Deposits79,00784,8871,03,4941,10,9441,39,0181,56,272
Borrowings11,09313,33114,18413,73416,79413,369
Other liabilities3,4914,0825,9586,4418,2689,366
Total assets1,06,2091,15,8761,38,4321,46,7251,80,6852,22,344
Investments22,27428,87529,57632,16532,07842,928
Net advances60,02270,20983,98792,6181,14,2321,42,314
Cash + bank balances———12,56023,06425,793
Fixed assets467529525570545~539
CD ratio76%83%81%83%82%91%
BVPS (₹, bank)200.27216.76234.77245.61259.08275.82
Employees / branches9,257 / ~50211,032 / —12,473 / 54514,265 / 56113,316 / 60314,222 / 628

Net-worth definitions: AR FY26 capital + R&S + ESOP reserve = ₹16,604.9 Cr (CRISIL uses ₹16,605 Cr) vs bank deck ₹16,014 Cr. Sep-26 capital + reserves ₹43,138 Cr vs bank net worth ₹42,797 Cr (used here). Goodwill nil; inventory N/M.

BVPS reconciliation. Chosen: ₹275.82 (bank Q2 FY27 deck) Fact. Alternatives: ₹279 (market feeds dividing ~₹43,148 Cr by shares) and the retail "₹455" (ValuePickr post adding ₹26k Cr to the old share count — arithmetically wrong). Some feeds print P/B of 3.47–3.87x using pre-infusion book — ignore. P/B 1.41x; ABV = (42,797 − 415)/155.2 ≈ ₹273 → P/ABV ~1.42x Est.

AR balance-sheet detail, Mar-26 vs Mar-25 (₹ Cr)

LineMar-26Mar-25Note
Demand deposits25,922.317,928.1+44.6% (EOP spike)
Savings20,801.219,957.7+4.2%
Term (banks 15,829 / others 76,465)92,294.173,057.8+26.3%
Deposits of branches outside India (GIFT)4,082.41,349.53x
Deposits under lien16,734.58,060.82.1x
Borrowings in India (refinance)5,011.46,608.6−24%
Borrowings outside India (incl. Tier II US$100m 948.35)11,783.17,125.3+65%
Derivative liabilities / assets2,465.5 / 2,632.3490.5 / 616.0~5x
Standard asset & UFCE provision642.5754.1JLG SMA buffer used
Cash & RBI (SDF 10,523)14,011.610,964.8
Balances with banks (outside India 8,319.7)9,052.81,594.95.7x
Term loans / CC-OD / bills60,952.9 / 51,174.0 / 2,105.046,282.7 / 44,300.6 / 2,035.0
Secured by tangible assets77,095.659,713.6
Unsecured advances37,062.3 (32.4%)32,304.5 (34.9%)Balance-sheet definition
Priority sector34,210.522,367.4+53% (₹5,781 Cr assigned pools)
Advances outside India9,382.94,818.2+95%
DTA (net) / RIDF-PSL deposits535.3 / 3,605.6654.9 / 4,554.9
Contingent liabilities1,40,828.31,08,393.5Guarantees 17,066.8; acceptances 9,111.5; tax 229.9; claims 44.0
Unsecured share reconciliation. 32.4% of net advances at Mar-26 is the AR Schedule 9 balance-sheet figure Fact (includes unsecured wholesale and loans with security still being perfected). Management's "unsecured retail" was ~24% (Mar-26) and ~19% (Sep-26) — a product definition. Use 32.4% for risk; 19–24% for product mix.

Capital adequacy (Basel III)

Mar-25Mar-26Jun-26Sep-26
CET1 capital (₹ Cr)14,73415,755—Tier 1 42,224
Tier 2 (₹ Cr)1,5611,827——
RWA (₹ Cr)1,04,8311,23,3831,31,2051,47,083
CET114.06%12.77%32.2%29.0%
CRAR15.54%14.25%33.3%30.1%
Leverage ratio8.69%7.61%—19.76%
RWA density71.4%68.3%—66.2% Est.

Minimum CRAR 11.5% incl. CCB; CET1 8.0%. Only Tier II: US$100m 5.25% notes (13 May 2022, 9y9m, ₹948 Cr). Pro-forma Mar-26 CET1 with ENBD money ~33.9% Est.. At 30.1% CRAR the bank can carry ~2.5x current RWA; surplus over a 12–13% CET1 need is ~₹20,000 Cr+ Est.. ECL from 1 Apr 2027: management estimates ±10% of net worth (earlier 6–8%); standard-asset provisioning 40 → 60–65 bps.

Cash flow (Screener standalone, ₹ Cr)

FY22FY23FY24FY25FY26
CFO6,449−11,0444,935−8467,577
CFI (≈ capex)−246−223−172−258−189
CFF−1142,239842−5033,159
Net change6,090−9,0285,605−1,60810,547
CFO / PATn.m.−12.5x4.2x−1.2x9.2x

FCF / FCF yield N/M for a bank: CFO reflects deposit inflows vs loan/investment outflows (FY26 deposits +₹28,074 Cr vs advances +₹24,423 Cr per AR cash flow). Capex ₹170–260 Cr/yr (AR segment capex ₹218 Cr FY26).

Bank "working capital" and ratios

MetricFY22FY23FY24FY25FY26Sep-26
CASA, period-end (EOP)~36–37%37.4%35.2%34.1%33.6%27.2%
CASA, quarterly average (Q4 / Q2 FY27)n.a.n.a.n.a.29.7%27.0%24.0%
Avg LCR (Q4 / latest)143%—140%132.5%130.2%148%
NSFR————112.16%—
GNPA / NNPA4.40/1.343.37/1.102.65/0.742.60/0.291.45/0.391.02/0.29
PCR ex / incl. TWO70.4/—68.1/85.072.7/89.889.0/96.4573.6/94.971.5/95.3
Gross slippage ratio6.87%—3.5%4.9%4.1%0.77%/qtr
Borrowings / net worth0.92x1.03x1.00x0.92x1.05x0.31x
Assets / equity8.8x8.9x9.7x9.8x11.3x5.2x
NTI / avg assets6.2%6.7%7.1%7.2%6.4%6.4%
NNPA / net worth6.6%———~2.7%~1.0%

Quarterly avg LCR (AR Note 39): Q1 FY25 137.18%, Q2 129.02%, Q3 142.93%, Q4 132.50%; Q1 FY26 151.61%, Q2 126.98%, Q3 125.04%, Q4 130.19%; Q1 FY27 133%, Q2 148% (normal range 120–125%).

CASA basis. Period-end (EOP) CASA = CASA balance ÷ period-end deposits (MD&A p.139: 34.1% Mar-25, 33.6% Mar-26). Quarterly-average CASA is the bank-reported ratio of average CASA to average deposits: Q4 FY25 29.7%, Q4 FY26 27.0%, Q2 FY27 24.0% (28.1% ex-FCNR) Fact. Dividing the quarterly-average CASA balance (₹30,966 / ₹33,814 Cr) by period-end deposits (₹1,10,944 / ₹1,39,018 Cr) gives 27.9% (FY25) / 24.3% (FY26); that mixes bases and is not used. No bank-reported Q4 FY24 average was found in the inputs. The same EOP and average series is used in Tab 8.

Asset quality — FY26 annual report evidence

Gross ratios improved; net asset quality did not. GNPA fell from 2.60% to 1.45%, but 82% of FY26 GNPA reductions (₹3,770 of ₹4,610 Cr) were write-offs, not cash recoveries or upgrades. NNPA rose 63% (₹271 → ₹443 Cr) and PCR ex-TWO fell 89.0% → 73.6%. Sub-standard NNPA rose ₹146 → ₹374 Cr while sub-standard GNPA fell ₹1,606 → ₹932 Cr, so newer NPAs carry much thinner provisions Fact (AR Note 11.1, p.233) Analyst View.

GNPA movement (AR Note 11.1, p.233, ₹ Cr)

LineFY26FY25
Opening GNPA2,465.472,270.97
+ Additions (gross slippages)3,819.064,112.72
− Upgrades440.50408.20
− Recoveries398.60579.29
− Technical / prudential write-offs3,495.702,481.31
− Other write-offs274.78449.42
Closing GNPA1,674.952,465.47
Sub-standard / doubtful / loss (gross)932.28 / 332.31 / 410.361,605.83 / 438.98 / 420.66
NPA provisions held1,232.222,194.68
Closing NNPA442.73270.79
of which sub-standard NNPA373.65146.25
GNPA / NNPA %1.45% / 0.39%2.60% / 0.29%
PCR ex technical write-offs73.57%89.02%
Gross slippage / opening standard advances~4.1% Est.~4.9% Est.

Technical write-off pool, memorandum (AR p.233, ₹ Cr)

LineFY26
Opening pool (FY24 close 3,797.00)5,160.80
+ Technically written off in year3,497.35
+ FX effect13.42
− Recovered289.28
− Sacrificed / settled1,351.12
Closing pool7,031.17

The AR reports the FY26 technical write-off as ₹3,495.70 Cr in the GNPA movement and ₹3,497.35 Cr in the pool memorandum; both shown as reported. Recoveries from written-off accounts ₹289 Cr (FY25 ₹257 Cr).

Asset sales to ARCs / NARCL (AR Note 11.4, p.235)

YearPoolOutstandingConsideration
FY26145,461 written-off card accounts938.0328.98 (~3.1%)
FY269 written-off corporate accounts46.3122.71
FY2574,405 written-off card accounts (ARC, cash basis)470.15n.a.
FY251 fully provided corporate account to NARCL (15:85 cash:SRs; SRs ₹109.98 Cr GoI-guaranteed)297.82129.39

Eight-quarter asset quality and balance-sheet trend (standalone)

MetricQ3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Q2 FY27
GNPA %2.92%2.60%2.78%2.32%1.88%1.45%1.30%1.02%
NNPA %0.53%0.29%0.45%0.57%0.55%0.39%0.37%0.29%
PCR ex TWO82.17%89.02%84.03%75.92%71.09%73.57%72.00%71.47%
PCR incl. TWO93.46%96.45%94.18%92.74%93.21%94.91%94.94%95.31%
Net advances (₹ Cr)90,41292,61894,4311,00,5291,03,0861,14,2321,16,2231,42,314
Deposits (₹ Cr)1,06,7531,10,9441,12,7341,16,6671,19,7211,39,0181,24,8291,56,272
CASA, period-end32.8%34.1%32.5%31.9%30.9%33.6%29.2%27.2%
CASA, quarterly averagen.a.29.7%n.a.28.5%26.4%27.0%25.2%24.0%
CRAR / CET115.4 / 13.715.54 / 14.0615.59 / 14.0515.02 / 13.5114.94 / 13.4514.25 / 12.7733.3 / 32.230.1 / 29.0
Avg LCR142.93%132.50%151.61%126.98%125.04%130.19%133%148%

Sources: AR Note 11.1/11.4/39 (FY26 AR p.233–235, p.250) for FY26 movement, write-off pool, asset sales and Q3 FY25–Q4 FY26 LCR; quarterly press releases and Q2 FY27 investor presentation for the remaining quarterly figures. Q1 FY27 onward includes the ₹26,016 Cr ENBD capital (18 Jun 2026) and, from Q2 FY27, FCNR(B)-funded deposits and IBU loans.

Maturity profile, Mar-26 (AR Note 20, ₹ Cr; Mar-25 in brackets)

BucketAdvancesInvestmentsDepositsBorrowings
1 day666.82 (233.99)10,322.16 (8,143.61)1,727.36 (306.13)– (–)
2–7 d5,167.79 (5,326.93)296.28 (371.64)5,162.32 (2,843.81)501.81 (21.33)
8–14 d7,422.63 (4,812.16)428.26 (519.67)5,177.96 (2,789.51)350.00 (13.65)
15–30 d8,165.13 (6,528.55)1,758.70 (1,098.42)7,615.49 (5,964.33)262.09 (248.81)
31 d–2 m4,958.40 (7,156.72)1,357.87 (1,378.63)10,099.60 (7,130.80)2,360.76 (799.86)
2–3 m8,926.12 (6,905.15)1,614.32 (992.00)7,874.09 (10,249.21)3,804.45 (2,123.43)
3–6 m6,880.78 (6,758.54)2,439.19 (5,081.53)15,239.03 (16,399.88)2,977.85 (2,715.24)
6 m–1 y10,091.78 (9,600.38)4,700.12 (6,591.66)29,293.63 (34,580.80)3,716.66 (2,920.59)
1–3 y35,908.38 (23,900.14)8,211.85 (4,067.25)55,548.26 (23,017.47)2,820.87 (4,890.93)
3–5 y8,564.36 (7,714.78)278.59 (628.71)984.05 (4,353.34)– (–)
>5 y17,479.75 (13,680.93)670.89 (3,291.62)295.79 (3,308.25)– (–)
Total1,14,231.9432,078.231,39,017.5816,794.49

Partial ≤1-year gap −₹20,967 Cr (Mar-25 −₹17,608 Cr) Est., covered by ~₹23,064 Cr cash/interbank — consistent with CARE (no negative cumulative mismatch ≤1 year). Deposits maturing ≤1 yr fell to 59.1% (72.3%). FX assets ₹20,304 Cr vs FX liabilities ₹21,455 Cr.

Funding instruments and credit ratings

AgencyInstrumentRatingDate / action
ICRAIssuer[ICRA]AAA (Stable)7 Jul 2026 assigned
ICRATier II ₹70 Cr (unplaced), FD[ICRA]AAA (Stable)Upgraded from AA- 25 Jun 2026; reaffirmed 7 Jul; watch positive from 29 Oct 2025
ICRACDs ₹10,000 Cr, ST FD[ICRA]A1+Reaffirmed
CRISILFD ₹1,30,000 Cr; infra bonds ₹1,000 CrCrisil AAA/Stable22 Jun 2026 assigned
CRISILCDs ₹19,000 CrCrisil A1+22 Jun 2026
CARETier II ₹800 Cr (proposed)CARE AAA; Stable14 Jul 2026 upgraded from AA- (alt. date 10 Jul per deck)
CARECDs ₹6,000 CrCARE A1+Reaffirmed
Moody'sIssuer / depositsBaa2 / P-2, StableFirst-time 31 Jul 2026; BCA ba1 + 2 notches ENBD support
Moody'sUS$1 bn MTN (incl. IFSC); US$350 mn notes(P)Baa28 Sep 2026
CareEdge GlobalIssuer; EMTN; US$350 mn notesBBB+ (Stable)2026
Ratings are parent-driven. Pre-ENBD the bank was AA- throughout FY23–FY26. Triggers: ICRA — weakening of ENBD support, sustained RoA <1%, Tier I cushion <4%, NNPA/core equity >15%; CARE — CAR cushion <3.5%, NNPA >3%; CRISIL — GNPA >4%, weakening CASA/retail deposits; Moody's BCA — TCE/RWA <15%. RBL's RoA was ~0.5% in FY25–FY26 and 0.92% in Q2 FY27, so the AAA rests on ENBD, not on the standalone profile. Debut USD bond (9 Sep 2026; 5-year targeted; size/coupon paywalled). Board approved ₹1,000 Cr Tier II (Jun 2026). Restructured book immaterial: ₹27.96 Cr total; MSME ₹120.28 Cr; COVID RF ₹79.27 Cr (<0.2% of advances). No RBI divergence for FY24/FY25.

Equity dilution and share count

Shares outstanding (Cr)
50.959.860.060.060.560.861.8154.9155.2 Mar-20Mar-21Mar-22Mar-23Mar-24Mar-25Mar-26Jun-26Sep-26
DateEventShares (Cr)Detail
Aug 2016IPO—UNVERIFIED
FY20 (Dec 2019)QIP + preferential~50.9₹2,701 Cr raised
FY21 (Nov 2020)Preferential~59.8₹1,566 Cr; last equity raise before ENBD; approved ₹3,500 Cr QIP never executed
FY22–FY26ESOP only60.0 → 61.8FY26: 1.02 Cr shares, ₹159.75 Cr
18 Jun 2026Preferential to ENBD+92.91 → 154.86929,134,820 sh @ ₹280 = ₹26,015.77 Cr Fact
Q2 FY27ESOP~155.2ENBD 60.00% → 59.88%
PendingENBD India branch amalgamation+8.71 → ~163.987,089,286 sh @ ₹280; ENBD → ~62.0% Est.
ENBD size reconciliation. Chosen: 92.91 Cr shares × ₹280 = ₹26,016 Cr, 18 Jun 2026 Fact (AR, Basel III, allotment filings). Not ₹26,850/26,853 Cr — that was the 18 Oct 2025 "up to 95.90 Cr shares" authorisation. Issue priced at 1.08x FY26 BVPS (accretive: ₹259 → ₹276).

ESOP movement (AR Note 3)

OptionsFY26FY25
Opening37,561,522 (WAEP ₹206.69)37,892,550
Granted8,633,231 (WAEP ₹285.99)8,836,200
Forfeited / expired3,491,698 / 2,064,0102,778,199 / 3,612,855
Exercised10,235,3452,776,174
Outstanding (exercisable)30,403,700 (14,740,876)37,561,522 (20,563,438)
ESOP overhang reconciliation. Chosen: ~3.04 Cr options ≈ 2.0% of post-deal shares (4.9% of pre-deal) Fact/Est.; SHP Jun-26 shows 2.92 Cr (1.89%). The "0.2–0.3%" in earlier drafts is annual allotment flow, not the stock outstanding. ESOP cost ₹62.83 Cr FY26; grants at prior-day close; MD granted 196,430 options on 15 Nov 2025 at ₹318.65.

Management, Promoter & Governance

Promoter: Emirates NBD Bank P.J.S.C.

Deal timeline

DateEvent
2 Jul 2025RBL tells NSE nothing warrants disclosure on ENBD "minority stake" report; reply filed as "ProjectDeltaNSEResponse" INFERRED: deal already a named project
~14 Oct 2025Stock hits 52-week high on reports of ENBD eyeing 51%
18 Oct 2025Investment Agreement: up to 959,045,636 sh @ ₹280 (up to ₹26,853 Cr) for 60%; ICDR floor ₹277.61; 6.5% discount to prior close; mandatory 26% open offer; branch amalgamation. Stock +8.2% to ₹324.20 on 20 Oct
19 Oct 2025Q2 FY26 call: management puts pro-forma net worth at ~₹42,000 Cr (~₹44,500 Cr with the branch merger); open offer and preferential scale down pro rata to keep a 25% public float Fact (management commentary)
5 Nov 2025Open offer set for 12–26 Dec 2025 (stock ~₹324, above the ₹280 offer). RBI had "informally signalled support"; ENBD's stake still needed an RBI exemption from the 15% single-foreign-holder cap (Reuters via MarketScreener)
12 Nov 2025EGM (Kolhapur): authorised capital ₹1,000 → 1,800 Cr; preferential 98.84% for; Art 104A nomination rights 88.21% for; AoA changes; temporary 24% foreign cap; s.44A branch amalgamation
Dec 2025First open-offer schedule (12–26 Dec) lapses pending approvals; CFO resigns, relieved same day
20 Jan 2026CCI approval
25 Mar 2026UAE Central Bank approval (incl. India branch merger)
1 Apr 2026RBI: up to 74%; minimum 51%; voting capped at 26%; foreign bank in subsidiary mode; one-year validity
11 Apr 2026Amendment Agreement revising board rights at RBI's instance
22 Apr / 30 Apr 2026SEBI directs ₹2.38 interest for delay; SEBI approves change in control
4 May 2026EGM: revised Art 104A 97.53%; AoA 99.9975%; Chairman pay ₹30 lakh 99.997%
14–15 May 2026GoI (MoF-DFS) approval; all approvals received
15 May 2026Indian government says the UAE will invest US$5 bn across Indian infrastructure, RBL Bank and Samman Capital (MarketScreener)
22 May 2026Open-offer schedule announced: tendering 1–12 Jun; payment to tendering shareholders by 29 Jun; post-offer advertisement by 6 Jul (MarketScreener; Arabian Business)
1–12 Jun 2026Open offer for 41,55,86,443 sh (26%) @ ₹282.38 (manager J.P. Morgan India): zero shares tendered Fact (AR Directors' Report)
18 Jun 2026Allotment ₹26,015.77 Cr; ENBD promoter; 5 nominees join; Gopal Jain, Veena Mankar resign; completion attended by Maharashtra CM
19 Jun 2026J.P. Morgan post-offer advertisement (cited by ScanX): zero shares tendered
2 Sep 202683rd AGM regularises nominees and S. Subramanian (vote % not retrieved)
PendingRBI s.44A sanction for branch amalgamation; management: "definitely in this financial year"

Branch amalgamation — the key related-party transaction

Board control and voting

ENBD stake (fully diluted)May nominate (Art 104A, revised)
>50%All non-independent directors incl. executive directors (subject to RBI Ch. IV)
30–50%Up to 3 NEDs
20–30%Up to 2
10–20%1
<10%0

Changes at RBI's instance: consent-to-remove clause dropped (positive); "≥50% IDs at meetings" quorum dropped (weakening); Chairman's casting vote restored (ID chair; neutral-positive). Re-approval every 5 years (Reg 31B). Voting: ENBD's votes are capped at 26% of total voting rights (BR Act s.12(2)); on a full poll that is 26 vs ~40 → ~39% of votes cast (CRISIL: ~41% after branch merger) — one fact, two expressions. At ~50% minority turnout ENBD carries ~57% of votes cast: it can pass ordinary but not special resolutions alone INFERRED. Foreign holding 70.45% of the 74% limit at Jun-26 (~3.5 ppt FPI headroom).

Board of Directors (13 Oct 2026)

NameCategorySince / termBackground / role
Chandan Sinha (68)ID, part-time Chairman21 May 2021; to 20 May 2029Ex-ED RBI; interim Director CAFRAL; pay ₹27 → 30 lakh; attended 19/19 meetings
R. Subramaniakumar (66)MD & CEO23 Jun 2022 – 22 Jun 202833 yrs PNB; ED Indian Bank & IOB; MD&CEO IOB; RBI Administrator of DHFL; CISA, CAIIB
Jaideep Iyer (54)Executive Director21 Feb 2026 – 20 Feb 2029IIM-A; RBL since 2018 (Strategy/IR/Finance, cards); 9 yrs Yes Bank (Deputy CFO); Chairman RBL Finserve; also oversees audit, IR, legal, vigilance
Ranjana AgarwalID (only woman)30 Nov 2019 (8-yr cap ~Nov 2027 INFERRED)CA; founder Vaish & Associates; RBL Finserve director
Dr Sivakumar GopalanID22 Aug 2022IIT Bombay CSE professor; ex-ID Andhra Bank, NPCI, NSDL
Murali RamakrishnanID11 Apr 2024Ex-MD&CEO South Indian Bank; 20+ yrs ICICI
Soma Sankara PrasadID; NRC Chair15 Jan 2025 (4 yrs)Ex-MD&CEO UCO Bank; ex-DMD SBI
Surya SubramanianID; Audit Committee Chair5 Jun 2026 – 4 Jun 2030Ex-Group CFO Emirates NBD (retired Feb 2020); Audit & Risk Committee member Dubai Holding; Odea Bank, Spinneys, Americana; holds no shares
Shayne NelsonENBD nominee18 Jun 2026ENBD Group CEO since 2013; ex-StanChart, Westpac
Patrick SullivanENBD nominee18 Jun 2026ENBD Group CFO since 2020; ex-StanChart, PwC
Neeraj MakinENBD nominee; SRC Chair18 Jun 2026Group Head Strategy; led BNP Egypt, DenizBank, RBL deals; ex-McKinsey
Manoj ChawlaENBD nominee18 Jun 2026ENBD Group CRO since 2013
Marwan HadiENBD nominee18 Jun 2026Group Head Retail & Wealth; ~15 yrs HSBC

6 IDs of 13 (46%); 6 directors ENBD-connected (5 nominees + Subramanian); 7 of 13 seats within ENBD's nomination right. Nominees waive fees. FY26: 19 board meetings; 12 committees; sitting fee ₹1 lakh; no resolution rejected in 3 years.

Key management and churn

RoleNameStatus
CFO (KMP)Bhavin LakhpatwalaSince 12 Jun 2026; 20+ yrs HDFC/HDFC Bank CFO office
Deputy CFODeepak RuiyaInterim CFO 30 Dec 2025 – 12 Jun 2026; signed FY26 accounts
CRODeepak Kumar → Ashwini Kumar ChoudharyKumar (ex-SBI CGM, one-year contracts) exits 31 Oct 2026; Choudhary (ex-Group CRO Union Bank of India) from 1 Nov 2026
Chief Compliance OfficerPrakash GuptaReappointed 1 yr 8 months from 1 Nov 2026
Company SecretaryNiti AryaLong-serving (ex-DHFL); 22.6x median pay
Head Internal AuditNavin SharmaFrom 1 May 2026
President Retail AssetsKumar AshishFrom 7 May 2025 (ex-Bandhan, ICICI)
DateChurn event
10 Feb 2025Head Risk Control contract ended
1 Apr 2025Chief of Internal Vigilance moved
24 Apr 2025CRO re-appointed for only 1 year; Chief of Staff contract ended
7 May 2025Retail-assets reorganisation; three business heads dropped
31 Aug 2025Deepak Gaddhyan (President Special Projects, 12.5 yrs) resigned
15 Dec 2025CFO Buvanesh Tharashankar resigned, relieved same day (between EGM and approvals)
6 Dec 2025 / 20 May 2026IDs Somnath Ghosh, Manjeev Puri complete terms
20 Feb 2026ED Rajeev Ahuja retired (at RBL since 2010)
FY26Nine senior-management exclusions incl. heads of Secured Lending & Microfinance, Vehicle Finance, Rural/Business Banking
18 Jun 2026Gopal Jain (Gaja) and Veena Mankar resign
12 Oct 2026CRO handover announced; CCO reappointed

Remuneration FY26: MD ₹5.62 Cr paid (salary 3.385, VP cash 1.45, deferred 0.767), 78.2x median (+10%); fixed ₹3.54 Cr; FY25 VP ₹5.80 Cr. Ahuja ₹3.85 Cr (53.6x); Iyer fixed ₹2.76 Cr. NED commission ₹1.97 Cr. MD holds 56,600 shares; Iyer 313,648; Ahuja 4,676,127 (Sep-25).

Shareholding trend

Shareholding (%) — promoter (black), FII (navy), DII (gold), public (grey)
Jun-25Sep-25Dec-25Mar-26Jun-26Sep-2660.059.9
QuarterPromoterFIIDII (of which MF)GovtPublicHoldersShares (Cr)
Jun-250.0017.5634.37 (29.19)0.3947.673,86,691~61.4
Sep-250.0015.4935.28 (30.60)0.3848.853,47,292~61.5
Dec-250.0021.9139.69 (34.44)0.3538.043,38,555~61.7
Mar-260.0020.2342.97 (36.76)0.3736.443,23,04261.81
Jun-2660.008.7716.92 (14.29)0.1514.163,20,792154.86
Sep-2659.888.7018.51 (15.97)0.0112.893,31,010155.16

Dilution, not selling: MF shares ~17.9 Cr (Jun-25) → ~24.8 Cr (Sep-26) (+2.65 Cr in Q2 FY27, ~₹1,000 Cr); FII ~10.8 → ~13.5 Cr; public ~29.3 → ~20.0 Cr. FII count fell 294 → 273 in Sep-26. Jun-26 holders ≥1%: Quant Small Cap 2.64% (2.72% Sep), Invesco Arbitrage 1.49%, Axis Small Cap 1.28%, Smallcap World Fund 1.21%, SBI Small Cap 1.12%, Kotak Multicap 1.04%, HSBC Small Cap 1.03%. No public holder ≥5%.

Regulatory, tax, disclosure

ItemDetail
RBI penalty FY26₹11,850 (mutilated note ₹10,000; CVPS short notes ₹1,850)
RBI penalty FY25₹61.51 lakh incl. ₹61.40 lakh (22 Nov 2024) for KYC breaches (no OVD for some card accounts; multiple customer IDs)
Aug 2023~₹64 lakh penalty on recovery agents/charges UNVERIFIED
SEBI / exchangesNo penalties in 3 years; no IBC proceedings
GST SCN 30 Sep 2025₹92.00 Cr, FY20, Digital Banking ITC (s.74 MGST)
GST SCN 27 Aug 2026₹103.77 Cr, FY21, same issue
GST SCN 2 Sep 2026₹164.14 Cr, FY23, Bullion ITC (CGST Delhi s.73)
GST SCN 29 Sep 2026₹173.09 Cr, FY23, Digital Banking ITC — live total ≈ ₹441 Cr; contingent tax ₹229.9 Cr (₹124.6 Cr)
Frauds FY26137 frauds, ₹54.13 Cr (FY25 7,655, ₹50.70 Cr); 13 employee cases (8 financial, ~₹87.8 lakh)
Complaints45,450 (79,295); cards 31,121 (−48%); Ombudsman maintainable 3,695 (3,201); POSH 8
RBI episode 2021–2324 Dec 2021 RBI appointed CGM Yogesh Dayal under s.36AB; MD Vishwavir Ahuja on leave 25 Dec; stock −23% intraday to ₹132; ratings on watch; term lapsed 23 Dec 2023
Utkarsh8.64% of Utkarsh Coreinvest; RBI (5 Aug 2025) allows 5–10% in Utkarsh SFB; ~₹40 Cr MTM hit Q2 FY26

RPTs, auditors, subsidiaries

Governance red-flag register

#IssueSeverity
1s.44A branch amalgamation at fixed 8.71 Cr shares @ ₹280, outside SEBI RPT process, no indemnitiesMedium
2ENBD-linked ID (ex-Group CFO) chairs Audit Committee, appointed 13 days before completionMedium-High
3Parent nominates all non-independent seats; ID quorum safeguard droppedMedium
4Same-day CFO exit; serial one-year CRO contracts; long-tenure exitsMedium
5GST SCNs ~₹441 CrMedium-Low
6Supervisory history (2021–23), KYC penalty, employee fraudsMedium (historical)
7FCNR-funded growth with ₹10,300 Cr back-to-back loansLow-Medium
8"Project Delta" non-denial, Jul 2025Low
9RoE 4–8% for five yearsContext

Positives: unmodified audit; no SEBI penalties; zero pledge; 40% of ENBD shares locked for 5 years; nominees take no fees; regulator/banker-heavy IDs; RBI Ch. IV oversight.

Funding (Upstream) & Lending (Downstream)

↑ Upstream — what RBL depends on: deposits, borrowings, FCNR, capital

₹ CrMar-25Sep-25Dec-25Mar-26Jun-26Sep-26
Total deposits1,10,9441,16,6671,19,7211,39,0181,24,8291,56,272
CA / SA / TD17,928 / 19,958 / 73,05817,364 / 19,805 / 79,49816,471 / 20,501 / 82,74925,922 / 20,801 / 92,294CASA 36,468CASA 42,526; TD 1,13,746
CASA %, period-end (EOP)34.1%31.9%30.9%33.6%29.2%27.2%
CASA %, quarterly average (bank-reported)29.7%28.5%26.4%27.0%25.2%24.0% (28.1% ex-FCNR)
Granular (<₹3 Cr)55,213 (49.8%)59,443 (51.0%)61,632 (51.5%)63,943 (46.0%)65,365 (52.4%)68,877 (44.1%)
CASA + TD <₹3 Cr65.3%65.3%65.3%64.5%—58%
Borrowings13,73415,224—16,7949,80313,369
Deposits (bars, ₹ '000 Cr; Sep-26 reported vs ex-FCNR) and CASA EOP (black line) vs average (red line), right axis 20–40%
0408012016020%30%40% Mar-25Sep-25Dec-25Mar-26Jun-26Sep-26ex-FCNR EOP CASA 34.1 → 27.2% · Avg CASA 29.7 → 24.0% · Sep-26 deposits 1,56,272 vs ~1,23,800 ex-FCNR
Growth reconciliation (ex-FCNR). FCNR(B): ~US$3.40 bn ≈ ₹32,472 Cr per BSE filing 2 Sep 2026 Fact; ~₹32,300 Cr outstanding (call); ~₹30,000 Cr on a ₹88–92/$ assumption Est.. Raised under RBI's concessional swap window (closed 31 Aug 2026; industry ~US$127–133 bn; RBL share ~2.7%), "supported by Emirates NBD and its affiliates". Deposits +34% reported vs ~+6% ex-FCNR (bank) / ~+8% (market calc). Advances +42% vs ~+30–31% ex ~₹10,300 Cr FCNR-backed IBU loans (₹10,309 Cr, ~US$1.08 bn). CASA: use 24.0% average, not 27.2% period-end. Management: FCNR "a one-off event", "trending down"; ~half of industry swap FCNR is 5-year money.

Depositor and borrower concentration (AR p.243, p.251)

Mar-26Mar-25
Top-20 depositors (₹ Cr / %)21,878.75 / 15.74%15,081.99 / 13.59%
Top-20 borrowers incl. NFB (₹ Cr)11,879.3811,552.03
Top-20 borrowers, % of total fund+non-fund exposure5.70%6.63%
Top-20 borrowers vs gross funded advances Est.~10.3%~12.2%
Top-20 exposures (₹ Cr / %)12,020.54 / 5.74%11,692.67 / 6.67%
Top-20 NPA accounts % of GNPA28.99%22.28%

Top-20 depositors added ₹6,797 Cr (~24% of FY26 deposit growth). In Q2 FY27 deposits rose ~₹31,440 Cr QoQ but granular only ~₹3,510 Cr → ~₹21,900 Cr from ≥₹3 Cr tickets Est.; yet "retail" share of average deposits jumped 62% → 72% (FCNR classified retail). Retail liability holders (Mar-26): individuals/HUF 57%; FIs, banks, govt, NBFCs, corporates 31%; TASC/diplomats 8%; proprietors 4%. Q1 FY27 −10% QoQ was a deliberate bulk run-off (~₹7,000–10,000 Cr of ~7.25% money).

Other inputs

↓ Downstream — who depends on RBL: borrowers and customers

Retail 56% of loans (urban card users, rural JLG women, MSME proprietors, homebuyers, farmers, gold borrowers; 15.05 mn customers). Wholesale 44%.

Sector (fund-based, 30 Jun 2026)₹ CrNotes
NBFCs7,753+ HFC 1,911, MFI 1,647, AFC 1,133, fin. intermediation 1,409 → ~₹13,850 Cr (~12%); AR NBFC lending ₹10,308.69 Cr, nil NPA
Chemicals5,503Pharma 2,517
Infrastructure5,016Renewables 1,665; power 843 (GNPA 203, fully provided); T&D 672; aviation 631; ports 474
Traders4,509GNPA 77
Other industries / services4,519 / 4,244Services GNPA 52
Engineering2,696Electronics 587
Basic metals2,688Iron & steel 1,892
Food processing2,466Sugar 518; edible oils 445
Gems & jewellery2,143Niche vertical
Vehicles & components1,942
Construction1,627+ NFB 2,985
Textiles / cement1,074 / 837
All industries55,376~47% of gross advances ₹1,17,319 Cr
Residuary (retail)61,942~53%

Only infrastructure (6.75%), NBFC (5.64%) and chemicals (5.15%) exceed 5% of gross credit exposure.

Sector GNPA (AR Note 30)Adv. Mar-26GNPA %Mar-25
PSL agriculture (mostly JLG)16,2714.21%10.82%
Infrastructure3,3756.10%7.20%
Credit cards16,4301.44%1.19%
Sensitive sectors (Note 21)Mar-26Mar-25
Real estate total20,29315,784
— CRE9,883 (+63%)6,061
— Residential mortgages8,417—
Capital market exposure3,1472,255
— Advances vs shares1,519 (~3x)534

Tenor & stickiness: residual maturity (Jun-26) ~46% ≤1 yr, ~31% 1–3 yrs, ~8% 3–5 yrs, ~15% >5 yrs Est.. Wholesale anchored by transaction banking; cards depend on acquisition partners; JLG captive via RFL; FCNR loans fully collateralised but scheme-tied. Projects under implementation: 59 accounts, ₹2,218 Cr (3 with DCCO extension).

Bajaj co-brand: issued ~2016–17; 65–70% of new cards mid-2023; 36% by Sep-24 (126k → 37k new cards/qtr); discontinued 29 Nov 2024 (shares −5% on 2 Dec; management "non-event"); ~3.4 mn cards serviced and reissued as RBL. The AR does not name Bajaj Finance; describes FY26 as the shift to an "in-house franchise".

Value-chain map

Inputs (funds)
Retail savers: SA ~5%, TD ~7% (72% of avg deposits)
Corporates/FIs/Govt: bulk TD, CA
NRIs via ENBD: FCNR(B) US$3.4 bn
ENBD equity ₹26,016 Cr
RBI repo/SDF/swap window
Tier II/CD investors, refinance
→
RBL Bank (processing)
628 branches, 1,326 BCs, apps, NRI desk
Treasury/ALM: SLR, swaps, LCR 148%
Underwriting: CCOs, PD/LGD, EWS
Collections: R-Collect, BBPS, eNACH
Risk transfer: CGFMU
Rails: UPI/IMPS/RDA/POS/PPI
→
End-users
Retail 56%: cards 4.72 mn CIF; JLG women; LAP/BBG MSMEs; homes, gold, tractors
Wholesale 44%: corporates/MNCs, NBFC/HFC/MFI, pharma/chem, infra/renewables, G&J, start-ups
Payments: merchants, PAs, remitters
Pricing power by product (yield)HighMediumLow / commoditised
Asset sideUsed car/2W 18.5%; tractors 15.5%; cards; JLG; unsecured ~20%Agri 12.6%; Small LAP 12.5%; gold 10.6%; Aff. HL 9.6%Prime LAP 8.7%; BBG 8.2%; Prime HL 7.8%; large corporate (+50–70 bps over money market); FCNR-backed loans
Liability sideWeak: price-taker; historically among the highest SA rates (6% peak); deposits price-bought rather than relationship-sticky
Where pricing power sits: with cheap-deposit gatherers (large banks), then specialised originators (RBL is strong in JLG, cards, rural) and transaction-flow owners (RBL's PA/remittance plumbing plus the ENBD Gulf corridor). As the mix moves secured and wholesale, RBL's pricing power is falling (yield on advances 13.28% → 10.80%). Analyst View

Competitive Position

Mid-sized private bank: ~0.6% of system deposits (management ~0.5%), ~0.7% of credit, ~12th–14th among private banks by advances Est.. Cards ~3.9–4.0% share, ~6th–7th (peaked ~5–5.5%, #5, FY24 UNVERIFIED). JLG ~1.5–2% of industry GLP Est.. FCNR target 1.5–2% of flows (CEO also said 2–3x and 3–4x deposit share — inconsistent).

Valuation & earnings (FY26; Screener 13 Oct 2026; C = consolidated, S = standalone)

BankMcap (₹ Cr)FY26 int. earnedYoYFY26 PATYoYPAT % int.BVPSP/BP/EEV/EBITDA
RBL (S)~60,30014,336+2.1%822 (C 879)+18.3%5.7%275.821.41x32.5x*NM
IndusInd (C)68,26146,251−5.0%889−65.5%1.9%8441.04x51.6xNM
Federal (C)81,04629,674+5.6%4,491+6.1%15.1%1622.02x17.3xNM
IDFC First (C)68,08240,549+11.1%1,611+8.1%4.0%56.21.41x29.5xNM
Bandhan (S)27,71221,689−1.2%1,224−55.4%5.6%1591.08x20.6xNM
AU SFB (S)73,69418,636+16.0%2,641+25.4%14.2%2673.67x25.8xNM
Yes Bank (C)65,44830,208−2.3%3,512+43.5%11.6%16.71.25x17.3xNM
Karur Vysya (S)33,67411,074+14.4%2,510+29.2%22.7%1462.39x12.3xNM
City Union (S)23,2246,870+17.8%1,326+18.0%19.3%1072.20x16.6xNM
P/E reconciliation. Chosen: ~32.5x on TTM EPS ₹11.93 (3.47 + 3.72 + 1.64 + 3.10) Est.; ~31x on Q2 annualised. Screener/feeds print ~50–52x (mcap on 155 Cr shares ÷ TTM PAT earned largely on ~62 Cr shares) — distorted; MarketsMojo's ~65x likewise. Q2 PAT +170% but EPS only ~+7% (₹2.91 → ₹3.10) because the share count rose ~2.5x.

Operating metrics (Q1 FY27 unless noted)

BankAdvances / YoYDeposit YoYNIMCASAGNPA/NNPARoARoEMoat
RBL1,16,223 / +23% (Q2 1,42,314 / +42%; ~+30% ex-FCNR)+11% (Q2 +34%; ~+6% ex-FCNR)4.13% (Q2 4.61%)29.2% (Q2 27.2% EOP / 24.0% avg)1.30/0.37 (Q2 1.02/0.29)0.57% (Q2 0.92%)4.0% (Q2 4.43%)Narrow: cards, ENBD corridor, AAA, 29% CET1; weak CASA
IndusInd3,26,274 / −2.2%+4.4%3.57%29.4%3.25/0.95~0.8%~1% FY26Vehicle/MFI (BFIL); damaged by 2025 derivative lapse
Federal2,81,240 / +14.9%n.a.3.33%32.2%1.52/0.181.22%12.0%NRI/Kerala deposit franchise; Blackstone ~9.99% UNVERIFIED
IDFC First3,05,370 / +20.6%+17.7%5.96%50.8%1.51/0.44~1.1%~9%CASA growth, cards; Warburg/ADIA UNVERIFIED
Bandhan~1,56,000 / +16%+6.6%6.2%~29%3.1/0.91.0%7.7%East/NE MFI reach
AU SFB~1,44,000 / +23%+24%5.9%29%2.10/0.76~1.6%14.2%Secured SME/vehicle; universal-bank transition
Yes Bank2,85,118n.a.2.7%n.a.1.3/0.20.9%8.3%SMBC ~25%; new MD Vinay M Tonse
Karur Vysya1,04,680 / +17%+15%4.34%n.a.0.74/0.192.11%20.2%TN SME/jewel; C/I ~42%
City Union67,645 / +25%+21%3.78%n.a.1.73/0.611.57%~13%TN MSME/gold

RBL vs each peer

PeerRBL stronger onRBL weaker on
IndusIndNo accounting overhang; growth; CET1 29%; GNPA 1.02% vs 3.25%; NIM 4.61% vs 3.57%Scale (~2.3x); fee/distribution; vehicle moat
FederalNIM; card yields; capital; GCC parentDecades-deep NRI franchise; CASA 32% vs 27%; RoA 1.22%; RoE 12%; NNPA 0.18%
IDFC FirstGNPA; capital; AAACASA 50.8% vs 27.2%; deposits +17.7% vs ~6% ex-FCNR; NIM 5.96%; same P/B
BandhanLess MFI concentration; GNPA; wholesale diversificationNIM 6.2%; RoA 1.0%; retail deposits 74%
AU SFBCard franchise; GNPA; capitalRoE ~3x; organic deposits +24%
Yes BankNIM; retail yields; Q2 C/I 56% vs 63%2x size; corporate transaction banking; further into foreign-owner integration
KVB / CUBNIM; growth; capitalCredit cost discipline; RoA 2.1%/1.57%; RoE 20%/13%; cheap regional deposits

Read-across: RBL's RoA/RoE are bottom-quartile with IndusInd and Bandhan, yet its P/B (1.41x) sits above IndusInd (1.04x), Bandhan (1.08x), Yes (1.25x) and level with IDFC First. To justify 1.5–2.0x on 29% CET1, RoE must reach ~11–13% Est..

Industry, policy and the foreign-capital wave

Foreign strategic dealTerms
ENBD–RBL60%, ₹26,016 Cr (~US$2.75–3.0 bn) @ ₹280; completed 18 Jun 2026
SMBC–Yes Bank~25% incl. 13.18% from SBI (~₹8,889 Cr); Sep 2025
Blackstone–Federal~9.99% UNVERIFIED
Warburg/ADIA–IDFC First~₹7,500 Cr preferential (2025) UNVERIFIED
Avenir (IHC)–Sammaan Capital₹8,850 Cr for 41.23%, up to 63.36%; RBI-approved 2026
MUFG–Shriram Finance~20% UNVERIFIED

Porter's Five Forces

ForceIntensityRationale
RivalryHighMid-privates, SFBs turning universal, large privates on cards/TDs; co-brand partners fungible
Buyer powerHighWholesale borrowers rate-shop; bulk/FCNR depositors price-sensitive
Supplier powerMedium-HighDepositors, co-brand/fintech sourcers, talent; ENBD lowers funding power
SubstitutesMedium-HighNBFCs, BNPL, UPI credit, MF/SIPs eroding CASA
New entrantsLow-MediumLicence barrier high; foreign strategics buying in

Moat: narrow and contested. Barriers to entry high (licence, capital, trust) but product barriers falling. Pricing power low; the ENBD corridor is an unproven 2–4 year build. Foreign control of mid-sized private banks is now accepted policy, so RBL's control premium is already crystallised. Analyst View

Risks & Red Flags

#RiskCategorySeverityExplanationMitigant
1Excess-capital RoE dragFinancialHighCET1 29% vs ~12–13% need (~₹20,000 Cr+ surplus); RoE 4–5% vs ~13–14% CoE; fast redeployment risks qualityENBD pipeline, branch merger, float lifts NII
2Growth quality / rapid leverageExecutionHighAdvances +42% (+30% ex-FCNR), wholesale +56% at 50–70 bps spreads; secured-retail and wholesale GNPA ticking upAAA, ENBD standards, new CRO
3Card/PL creditBusinessHigh~11–12% annualised card credit cost; ~84% of net slippages; guide slipped 5% → 5.5–6%; normalisation deferred six timesTighter sourcing; transactor mix 35%; Sep run-rate ₹125–135 Cr/month
4Retail segment loss-makingBusinessHigh−₹461.6 Cr FY26, −₹1,036.6 Cr FY25 (AR); collection commission +22%Secured mix shift; lower JLG stress
5Weak liability franchiseBusinessHighAvg CASA 24%; ex-FCNR deposits ~+6%; granular 44%; top-20 depositors 15.74%; deposits −10% then +25% QoQGranular +16%; ENBD NRI corridor; LCR 148%
6FCNR(B) refinancing / FXMacroHigh~US$3.4 bn one-off amid rupee stress and FX curbs; maturity cliff (1–5 yr); swap costsFX-matched; ₹10,300 Cr lent back secured; ENBD backstop
7Asset-quality opticsFinancialMed82% of FY26 GNPA reduction via write-offs; NNPA up; PCR ex-TWO 71.5%; sub-standard NNPA 146 → 374; TWO pool ₹7,031 Cr; card ARC recovery ~3%95% PCR incl. TWO; capital
8NIM normalisationFinancialMedQ3 NIM guided lower (full-quarter FCNR, LCR 148% vs 120–125%); yields 10.80%Repo hike, 58% EBLR book; ₹10,000 Cr 7%+ liabilities retired
9ValuationFinancialMed1.41x P/B at 4–5% RoE; 39% above ENBD entry; −7.55% on results dayForeign-ownership re-rating precedent
10Related-party / governanceGovernanceMedBranch amalgamation at fixed price; ENBD-linked AC chair; corridor transfer pricingRBI oversight; 26% vote cap; IDs
11Management transition / credibilityExecutionMedCFO exit, CRO change 1 Nov 2026, name change pending; pre-deal guidance missed; no FY28 RoANew CFO/CRO; ENBD playbook
12Parent-dependent ratingsFinancialMedAAA/Baa2 rely on ENBD; ICRA trigger "sustained RoA <1%" already breached standaloneENBD A1 rated, 60% owner
13Bancassurance regulationRegulatoryMed~₹300 Cr/yr (AR ₹296 Cr) at risk 50–60% under IRDAI draft — ~₹150–180 Cr pre-tax Est.Fee diversification
14MFI/JLGRegulatoryMedGuardrails, state ordinances, monsoon; RFL book 53.5% Bihar/UP/RajasthanCGFMU ~95% cover; stress "peaked"
15Rate/liquidity tighteningMacroMedTD cost catch-up 12–18 months; CRR 99%; unsecured borrower stressAsset-sensitive book
16Free float / flowsFinancialMed~40% float; FPI headroom ~3.5 ppt; momentum-index holders ~4% (could reverse)MPS compliant; qualifying-person route
17Wholesale concentrationBusinessMedCRE +63% to ₹9,883 Cr; NBFC ~12%; top-20 NPA = 29% of GNPALimits complied
18ECL from FY28RegulatoryLow-Med±10% of net worth one-time29% CET1; glide path
19GST/taxRegulatoryLow-MedSCNs ~₹441 Cr; contingent tax ₹229.9 CrFavourable FY19/FY20 orders
20Geopolitical (GCC)MacroMedWest Asia conflict; NRI flows reverse on Gulf shocksENBD strength
21Derivatives capital (CVA/SA-CCR)RegulatoryLowContingents ~₹1.41–1.46 lakh Cr; derivative assets/liabilities ~5xCET1 cushion
22Cyber / partner / conductESGLow-MedFintech dependence; KYC penalty; card complaints top categoryRBI controls
23ESOP dilutionFinancialLow~3.04 Cr options (~2% post-deal)Grants at market
24Fee volatilityBusinessLow-MedQ1 other income −10%; Q2 incl. one-off swap gainsCore fee +12%

Red-flag checklist

FlagStatusEvidence
Rising leveragePartlyB/S +23% in 6 months to ₹2.22 lakh Cr; FCNR-funded
Margin deteriorationWatchNIM 4.89% → 4.13% → 4.61% on float; Q3 dip guided
Write-off maskingYesTab 6/8
Auditor concernsNoneUnmodified FY26
Related-partyNew riskBranch amalgamation, AC chair
Promoter selling / pledgeNoneLock-in; pledge nil
DilutionDone~2.5x shares at ₹280; +8.71 Cr pending
Partner/customer lossYesBajaj co-brand ended Nov 2024
Key-personMediumCRO exit 31 Oct 2026; MD term to Jun 2028
Governance historyLegacyRBI director 2021–23

Concall Highlights & Guidance

Three phases: (a) clean-up Q3–Q4 FY25 (PAT ₹33 / 69 Cr; 100% JLG NPA cover; card pool sales); (b) repair with missed promises FY26 (NIM, RoA, cards all missed); (c) recapitalisation FY27 (near-term guidance met or beaten, mechanically). Sources: stockanalysis/AlphaStreet transcripts, Investing.com, GuruFocus (auto-transcripts; reported financials used where they conflict).
CallNumbersKey guidance / quotesTone
Q3 FY25 (18 Jan 2025)PAT 33; NIM 4.9% (₹134 Cr reversals); PPOP 997 incl. ₹144 Cr one-off; JLG net slippage 521; ₹414 Cr accelerated JLG provision; cards 533; GNPA 2.92%; CET1 13.7%; JLG RW 75 → 125%Cards normalise Q1–Q2 FY26; margins stabilise from Q1 FY26; no capital raise (comfort ~13% CET1); Q4 loss "highly unlikely"Defensive
Q4 FY25 (25 Apr 2025)PAT 69; adv 92,618 (+10%); CASA 34.1%; GNPA 2.6%; PCR 89%; JLG book 5,752 (6.2%); SMA-II 75% provided; card/JLG net slippage 444/439FY26 loans +16–17%; secured retail +25–30%; wholesale +10–12%; opex ~+10%; CET1 >13%; cards normalise from Q2 FY26; secured retail breaks even. CEO: JLG "steadily trending towards normalization"; Karnataka (~10% of JLG) weak; card CC 5% good / 10–11% bad timesApologetic
Q1 FY26 (19 Jul 2025)PAT 200 (stake-sale gain); NIM 4.5%; NII −13%; C/I 72.4%; ₹938 Cr card pool sold for ~₹25 Cr (AR Note 11.4: ₹28.98 Cr)Loans "mid-teens"; Q1 "a low-point for margins"; NIM "4.8 range plus-minus by the time we exit Q4"; RoA ~1% exit; card CC 6.5–7.5%. CEO: "cards business profitability is clearly running below trends"Hopeful
Q2 FY26 (19 Oct 2025)PAT 179; NIM 4.51%; GNPA 2.32%; ~₹1,500 Cr MFI TWO; Utkarsh MTM ~₹40 CrNIM +10–15 bps/qtr to 4.75–4.80% by Mar-26; cards normalise in 1–2 qtrs; ECL 6–8% of NW. Iyer on ENBD covenants: "No, no, no… absolute business as usual"; "Emirates NBD is running at about 19–20% ROE. Hopefully, we'll get there"Confident
Q3 FY26 (17 Jan 2026)PAT 214 (~₹30 Cr gratuity change); NIM 4.63%; GNPA 1.88%; net slippage 711 (cards 539); CET1 13.45%; 1 lakh+ cards in a monthCard slippage elevated two more quarters, normalised ~Sep-26; H1 FY27 credit cost "current range… we should not go beyond this range"; PCR comfort 75–78% (but "~70% a mathematical outcome"); branches 800 by Mar-27, 1,000 by Mar-28; ECL ±10%Hedged
Q4 FY26 (25 Apr 2026)PAT 230; NIM 4.41% (−22 bps); deposits +16% QoQ (₹5,000 Cr transient escrow); CET1 12.8%; FY26 card write-offs ~₹2,100 Cr (~15% recovery)Q1 NIM "flattish"; de-emphasise costly deposits 9–12 months; H2 FY27 card slippage 7–7.5%, CC ~5.5% ("I wouldn't call this a guidance"); FY27 branches +150–200; LDR 82–87%Cautious
Q1 FY27 (17 Jul 2026)PAT 254; NIM 4.13% (−28 bps); deposits −10% QoQ; CET1 32.2%; card provisions ₹575 Cr; ~₹16,000 Cr parked at 6.7–6.8%Q2 NIM +30–40 bps; RoA ~1% Q2–Q3; ROE "aspirational double digit in 3–4 years"; C/I −5–6 ppt; card CC ~5% by Q3; LDR 93% "not a tracked metric"; tax <25% (GIFT)Expansive
Q2 FY27 (12 Oct 2026)PAT 482; NIM 4.61%; C/I 56.5%; provisions 766.5; avg CASA 24%; branches 628CEO: ~40% growth "an exception", 22–25% "should be the minimum"; FCNR "a one-off event"; capital+FCNR "added 35% of our balance sheet". Iyer: Q3 NIM "slightly lower"; card slippage ~₹400 Cr/qtr Q3–Q4; card CC 5.5–6%. CFO: 7% deployment "ambitious"; opex +7–8% (CEO: "low single digits"); "this is as low as one gets" on CoF. Declined FY28 RoA/NIMConfident but evasive

Guidance vs actual — credibility scorecard

GivenPromiseGuidanceOutcomeVerdict
Q3 FY25Cards normaliseQ1–Q2 FY26Not by Q2 FY27Missed
Q3 FY25NIM stabilisefrom Q1 FY264.50 → 4.51 → 4.63 → 4.41 → 4.13Missed
Q3 FY25No capital raiseCET1 ~13%12.8%; ENBD equitySuperseded
Q4 FY25FY26 loans16–17%+23% (IBPC, short wholesale)Beat (low quality)
Q4 FY25FY26 wholesale10–12%Corp +26%, CB +30%Beat
Q4 FY25Opex~+10%+8.1%Met
Q1 FY26NIM exit Q4 FY26~4.8%4.41%Missed ~40 bps
Q1 FY26RoA exit~1%~0.6%Missed
Q1 FY26Q1 = margin low—New lows Q4 FY26, Q1 FY27Missed
Q2 FY26NIM exit Mar-264.75–4.80%4.41%Missed
Q2 FY26Card normalisation1–2 qtrsNot achievedMissed
Q3 FY26Card normalisation~Sep-26Sep run-rate ≈ ₹400 Cr/qtr; Q2 ₹575 CrPartly
Q3 FY26H1 FY27 credit cost~64 bps54 / 63 bpsMet
Q3 FY26PCR75–78%72.0% / 71.5%Missed
Q3 FY26Branches800 by Mar-27628; ~700–730 impliedLikely miss
Q4 FY26Q1 FY27 NIMflattish−28 bpsMissed
Q4 FY26NIM up from Q2up+48 bpsMet
Q4 FY26FY27 branches+150–200+25 in H1Behind
Q1 FY27Q2 NIM+30–40 bps+48 bpsBeat
Q1 FY27RoA Q2–Q3~1%0.92%Broadly met
Q1 FY27C/I−5–6 ppt64.7 → 56.5%Beat
Q1 FY27Card CC~5% by Q3Now 5.5–6%Walk-back
Q1 FY27Loan growth22–25%+42% (FCNR, wholesale)Overshoot
Q1 FY27Credit cost trendfallingProvisions +28% QoQNegative surprise

Themes, contradictions, hidden risks

Other dated news (not covered in other tabs)

DateEventSource
~early 2025Bajaj Finance co-brand card sourcing stops; RBL moves to >90% direct sourcingQ3 FY26 and Q4 FY26 calls
6 Aug 2026FY26 dividend ₹1/share declared, payable 1 Oct 2026MarketScreener news list
24 Sep 2026Proposed nationwide bank strike (industry-wide; whether it went ahead is not confirmed in the inputs)MarketScreener news list

ENBD deal milestones (incl. 5 Nov 2025 cap-exemption requirement, 15 May 2026 UAE US$5 bn package and the open-offer payment/post-offer dates) are in the Tab 7 deal timeline; ratings actions in Tab 6; broker actions in Tab 12.

Growth, Outlook & Valuation

"Order book" — loan book and revenue visibility

Management guidance (Q2 FY27)

ItemGuidance
Loan growth22–25% floor (5–6% QoQ); FY28 mid-20s; Citi models >35% FY27
NIMQ3 slightly lower, Q4 up; medium-term ~5%; no FY28/29 guide
RoA / RoE~1% near term; FY28 RoA "over the next few months"; RoE double-digit in 3–4 yrs
Opex+7–8% (CFO) plus branch/tech build
Branches30–50/qtr; ~1,000 in ~3 yrs; 38 due within weeks
CardsSlippage ~₹400 Cr/qtr H2; CC 5.5–6%; stop shrinking within a qtr, then +10–12%
MFI~25% growth for PSL
LCRNormalise to 120–125%
Bancassurance~₹300 Cr/yr, 50–60% at risk
Branch amalgamationRBI application filed; FY27

12-month catalysts

  • RBI s.44A approval of ENBD branch merger (terms)
  • Q3 FY27 card slippages vs ₹400 Cr guide; NIM dip size
  • IRDAI bancassurance final rule
  • FY28 RoA/RoE targets "in coming months"
  • Name change; EMTN issuance; ICDR lock-in expiry ~17 Jan 2027
  • Momentum-index rebalancing

3–5 year drivers

  • Redeployment of ~₹20,000 Cr surplus capital
  • ENBD UAE–India corridor (trade, remittances, NRI, MNC)
  • 1,000 branches → granular deposits
  • Secured retail scale (LAP, gold, housing)
  • ECL transition absorbed by capital

Current valuation

MetricValueBasis
P/B1.41x₹388.30 / ₹275.82
P/ABV~1.42xABV ~₹273
P/E TTM32.5xEPS ₹11.93
P/E Q2 annualised~31xEPS ₹12.4
Mcap / annualised PPOP~10.8x₹5,584 Cr (EV/EBITDA N/M)
Dividend yield0.26%₹1; Rs1/sh paid 1 Oct 2026; no buybacks
Premium to ENBD entry+39%vs ₹280
FY22FY23FY24FY25FY263-yr avgNow
Year-end price (₹, implied)~130~141~240~174~290388.30
Year-end mcap (₹ Cr)7,8068,46014,54110,54917,910~60,300
P/B0.65x0.65x1.02x0.71x1.12x~0.95x1.41x
P/Eneg.9.6x12.4x15.2x21.8x~16.5x32.5x
Dividend yieldnil1.06%0.62%0.58%0.34%0.26%
P/B history (x) vs 3-year average ~0.95x (dashed)
0.650.651.020.711.121.41FY22FY23FY24FY25FY2613-Oct-26

Broker coverage (post-Q2 FY27, 13 Oct 2026)

House (analyst)RatingTarget ₹Priorvs ₹388.30
Citi (Kunal Shah)Buy505Buy 390 (Jul-26) UNVERIFIED+30.1%
SystematixBuy505n.a.+30.1%
NuvamaBuy500Buy 470+28.8%
Motilal OswalBuy485Buy 425+24.9%
Emkay GlobalBuy INFERRED475Buy 375+22.3%
ICICI Securities (Jai Mundhra)Add ↓ from Buy460Buy 430+18.5%
Nirmal BangHold445Hold 386+14.6%
Investec (Param Subramanian)Hold ↓ from Buy440Buy 440+13.3%
Morgan Stanley (Subramanian Iyer)Equal-weight370EW 350−4.7%
Axis Capital (Jayant Kharote)Reduce ↓ from Add400Add 400+3.0%
Dolat CapitalSell340Sell 340−12.4%
Goldman Sachs (Sumit Kariwala)Sell310Sell 285 (~21 Aug, likely initiation)−20.2%
CLSA (Piran Engineer)Reduce/U-PF310Hold 310−20.2%
Consensus (13 houses with targets): 6 Buy/Add · 3 Hold/EW · 4 Reduce/Sell; targets ₹310–505; median ₹445 (+14.6%), mean ~₹427 (+9.8%). Three downgrades on 13 Oct (I-Sec, Investec, Axis); targets raised almost everywhere. IIFL (Rikin Shah) "bullish", no target. Aggregators unreliable (IndiaIPO counts inconsistent; Trendlyne stale ₹387.8/₹394.4; BusinessToday 9-broker mean ₹398/median ₹400). Before the fall, the mean implied only ~+2%. Retail Trendlyne poll: 77% Buy / 9% Hold / 14% Sell (1,109 votes).

Bulls: Citi — RoA >0.9%, NIM beat, card stress easing; Nuvama — "structural turning point", RoA 1–1.6%, RoE 7–11% FY27–29E; MOFSL — RoA 1.3% by FY28E, 1.4x Mar-28E BV; Systematix — opex 15.2% below, other income 17.4% short, provisions 32.4% above; Emkay — provisions 32% above, PAT 4% below. Middle: Nirmal Bang 1.4x Sep-28 BV. Bears: Goldman — PAT 2.7x but EPS ~+7%, deposits −1% QoQ ex-FCNR, turnaround priced in; CLSA — "nothing special", PAT miss 15%, average CASA +5% YoY despite US$3.4 bn FCNR, ROE 8–9% doesn't justify 1.4x, FY27–29 PAT cut 1–5%; Dolat — 1.1x FY28E P/B.

Rating/target revision log (12 months)

DateHouseActionReason
19 Oct 2025MOFSLBuy 350 (1.3x FY27E ABV)Deal-driven growth
20 Oct 2025CLSAHold, 260 → 310FY28 RoA 1.5%/RoE 8%; ₹280 a floor
20 Oct 2025BOB CapsHold 253 → 292Moderate returns
5 Nov 2025I-SecHold 250 → Buy 415Re-rating catalyst
28 Nov 2025GeojitAccumulate 240 → 370Deal-led
17 Dec 2025EmkayBuy 300 → 375NW US$1.82 → 5.12 bn
18 Jan 2026MOFSL / BOBBuy 370 / Hold 339Q3 provisions miss
Jan / Apr 2026ElaraAccumulate 315 → 3451.0–1.1x P/BV
Apr 2026HDFC IE230 → 290Sub-par deposits, high opex
30 Jun 2026Asian MarketsInitiate Buy 452—
17 Jul 2026MOFSLBuy 370 → 425Q1 beat on opex
19–20 Jul 2026I-Sec / CentrumBuy 430 / Neutral → Buy 459"Possible bottom"
~21 Aug 2026GoldmanSell 285—
Oct 2025–Oct 2026CLSAHold → Reduce/U-PF 3108–9% ROE
13 Oct 2026I-Sec / Investec / AxisDowngrades (Add 460 / Hold 440 / Reduce 400)Valuation, sustainability
13 Oct 2026GS / MS / Nuvama / MOFSL / Nirmal / Emkay / Citi310 / 370 / 500 / 485 / 445 / 475 / 505Targets raised

Smart money

Buyer in M&M block (6 Nov 2025: 3.53%, 2,11,43,000 sh @ ₹320.65, ~₹678 Cr)Shares₹ Cr
HSBC Mutual Fund56,61,938181.6
Societe Generale (ODI)31,61,221101.4
Morgan Stanley Asia (Singapore), two lots27,46,58188.1
Aditya Birla Sun Life MF20,83,14966.8
Kotak Mahindra MF17,79,07557.0
BofA Securities Europe13,64,42843.7
Goldman Sachs Bank Europe (+ODI)12,99,21941.7
SBI MF9,35,59930.0
HDFC Life8,29,28926.6
Morgan Stanley IFSC Fund5,52,85917.7
Citigroup Global Markets Mauritius4,14,64413.3
ADIA3,14,99810.1

M&M had invested ₹417 Cr on 26 Jul 2023 ("treasury investment"); ~62.5% gain (~₹261 Cr) Fact. Other: 21 Jan 2026 BofA bought / BNP Paribas sold 60 lakh sh @ ₹296 (desk reshuffle); early Jan 2026 ~5.04 lakh sh @ ₹310.45; ESOP 3,54,973 sh allotted 11 May 2026; no blocks found Jun–Oct 2026. Sep-26 MF holders: Quant Small Cap 2.72%, Axis Nifty 500 Momentum 50 1.50%, Invesco Flexi Cap 1.46%, Nippon Nifty 500 EW 1.37%, Motilal Nifty 500 ETF 1.21%, Smallcap World Fund 1.21%, Franklin Aggressive Hybrid 1.08%; 41 MF schemes; passive ~4.1%. Influencers: Suvo Sarkar (ex-ENBD; Gulf News) strongly bullish (conflicted); ValuePickr thread dormant; "BV ₹455" retail fallacy (correct ~₹276).

Scenario valuation (12–18 months) Analyst View

CaseAssumptionsSep-27E BVPS Est.MultipleValue ₹vs CMP
BullRoA → 1.2%+, card CC ≤6%, ex-FCNR deposits >15%, branch merger re-based~3001.7x~510+31%
BaseRoA ~1.0%, RoE ~6–7%, NIM ~4.4–4.6%, growth 22–25%~2951.3x~385~0%
BearCard stress persists, NIM <4.3%, wholesale slippage, FCNR runoff~2881.0x~290−25%

Final Verdict

Business QualityMediumNiche retail yields; weak deposit franchise
Management QualityMediumPoor pre-deal guidance record; governance in transition
Financial QualityMediumFortress capital, sub-par RoE 4–5%
ValuationExpensive1.41x P/B vs 3-yr avg ~0.95x
Overall ViewNeutralTransformation priced in; show us RoA

Bull case

  1. ENBD capital (CET1 29%), AAA/Baa2 and the Gulf corridor give RBL a funding and growth platform no mid-cap peer has.
  2. Mechanical NIM/C/I gains plus card slippage falling to ~₹400 Cr/qtr could take RoA to 1.2–1.3% by FY28 (MOFSL, Nuvama).
  3. Branch amalgamation, re-leverage and secured-retail scale push RoE toward double digits; foreign-subsidiary re-rating (Citi ₹505).

Bear case

  1. RoE 4–5% on ~5x leverage: even 1.2% RoA yields ~6% RoE; 1.41x P/B already prices recovery (GS/CLSA ₹310).
  2. Growth is FCNR-inflated (deposits ~+6%, advances ~+30% ex-FCNR); avg CASA 24%; FCNR maturity cliff.
  3. Card stress, loss-making retail segment, write-off-flattered GNPA and a management record of missed guidance.

Base case (12–18m)

RoA ~0.9–1.0%, RoE ~6–7%, NIM dips in Q3 then ~4.5%; card CC drifts to ~6–7%; loan growth 22–25%; branch merger approved in FY27. Stock range-bound ~₹350–450 around 1.3–1.4x book, roughly in line with BV accretion. Analyst View

5 things to remember

  1. ENBD: 92.91 Cr sh @ ₹280 = ₹26,016 Cr; 59.88%; voting capped at 26%; open offer at ₹282.38 got zero tenders.
  2. BVPS ₹275.82 → P/B 1.41x; P/E 32.5x on TTM EPS ₹11.93 (not ~51x).
  3. Ex-FCNR: deposits ~+6%, advances ~+30–31%; average CASA 24.0%.
  4. Retail segment lost ₹461.6 Cr (FY26) after ₹1,036.6 Cr; Q2 credit cost 63 bps/qtr ≈ 2.5% annualised; cards ~11–12%.
  5. AAA is parent-driven; ICRA trigger "sustained RoA <1%".

5 questions before investing

  1. What FY28 RoA/RoE will management commit to, and when?
  2. How much of the ~US$3.4 bn FCNR matures in FY28–FY31, and what replaces it?
  3. Will RBI re-base the branch amalgamation price, and how will the ENBD-linked Audit Chair handle ENBD RPTs?
  4. What is card credit cost ex write-off recoveries in Q3–Q4 FY27?
  5. How much surplus capital is redeployed into >1.5% RoA assets vs 50–70 bps wholesale?
Final opinion: ENBD has removed RBL's existential risks — capital, ratings, funding access — but not its economic ones. At 1.41x book and ~32x earnings for a 4–5% RoE bank whose headline growth is a one-off FCNR window, the recovery is already in the price. Neutral; we would revisit nearer ~1.1–1.2x book (~₹300–330) or on evidence of RoA ≥1.2% with ex-FCNR deposit growth ≥15%. Analyst View

Sources

All accessed 13 Oct 2026 unless stated. Merged and de-duplicated from the financials, business, governance, narrative, market, street-sentiment and FY26 AR gap-fill inputs. Web-search quotas ran out mid-research in several modules; later data came from direct fetches of primary documents.

Company filings and primary documents

DocumentURL
FY26 Integrated Annual Report (NSE, filed 7 Aug 2026)https://nsearchives.nseindia.com/annual_reports/AR_30247_RBLBANK_2025_2026_A_19820857_07082026175748.pdf (accessed 13 Oct 2026)
FY26 Annual Report (company site)https://webassets.rbl.bank.in/ir_admin/financial_highlights/rbl-bank-ar-25-26.pdf (accessed 13 Oct 2026)
Q2 FY27 press release (12 Oct 2026)https://webassets.rbl.bank.in/document/press-release/rbl-bank-earnings-press-release-q2-fy27.pdf (accessed 13 Oct 2026)
Q2 FY27 investor presentationhttps://webassets.rbl.bank.in/ir_admin/financial_highlights/InvestorPPTQ2FY27.pdf (accessed 13 Oct 2026)
Q2 FY27 PR / presentation intimationshttps://webassets.rbl.bank.in/ir_admin/regulatory/IntimationPressReleaseQ2FY2627Signed.pdf
https://webassets.rbl.bank.in/ir_admin/regulatory/IntimationInvestorPresentationQ2FY2627Signed.pdf (accessed 13 Oct 2026)
Q1 FY27 press release (NSE)https://nsearchives.nseindia.com/corporate/RBLBANK_17072026163814_IntimationPressRelease_Q1FY26-27_Signed.pdf (accessed 13 Oct 2026)
Q1 FY27 call transcripthttps://webassets.rbl.bank.in/ir_admin/financial_highlights/Call_Transcript_Q1_FY_27_Edited.pdf (accessed 13 Oct 2026)
Q4 FY26 press release / presentationhttps://webassets.rbl.bank.in/document/press-release/rbl-bank-earnings-press-release-q4-fy26.pdf
https://webassets.rbl.bank.in/ir_admin/financial_highlights/InvestorPPTQ4FY26.pdf
https://nsearchives.nseindia.com/corporate/RBLBANK_25042026135636_IntimationInvestorPresentation_Q4FY25-26Signed.pdf (accessed 13 Oct 2026)
Q3 FY26 presentationhttps://webassets.rbl.bank.in/ir_admin/financial_highlights/InvestorPPTQ3FY26.pdf (accessed 13 Oct 2026)
Q2 FY26, Q4 FY25, Q3 FY25, Q4 FY24 press releaseshttps://webassets.rbl.bank.in/document/press-release/rbl-bank-earnings-press-september-30-2025.pdf
https://webassets.rbl.bank.in/document/press-release/rbl-bank-earnings-press-march-31-2025.pdf
https://webassets.rbl.bank.in/document/press-release/rbl-bank-earnings-press-december-31-2024.pdf
https://webassets.rbl.bank.in/document/press-release/rbl-bank-earnings-press-march-31-2024.pdf (accessed 13 Oct 2026)
Basel III Pillar 3, 30 Jun 2026https://webassets.rbl.bank.in/ir_admin/regulatory/basel-III-disclosures-for-quarter-ending-q1-fy27.pdf (accessed 13 Oct 2026)
ENBD completion press releasehttps://webassets.rbl.bank.in/document/press-release/rbl-bank-emirates-nbd-successful-completion-landmark-strategic-investment.pdf (accessed 13 Oct 2026)
SHP 30 Jun 2026https://webassets.rbl.bank.in/ir_admin/regulatory/SHP_30.06.2026_PDFNOPAN.pdf (accessed 13 Oct 2026)
EGM notices (12 Nov 2025; 4 May 2026)https://webassets.rbl.bank.in/ir_admin/corporate_governanace/EGM%20Notice%20-%20November%2012,%202025.pdf
https://webassets.rbl.bank.in/ir_admin/corporate_governanace/EGM%20Notice%20-%20May%204%202026.pdf (accessed 13 Oct 2026)
Postal ballots (27 Sep 2025; 11 Jan 2026); 82nd AGM noticehttps://webassets.rbl.bank.in/ir_admin/corporate_governanace/Notice%20of%20Postal%20Ballot_dated_27092025.pdf
https://webassets.rbl.bank.in/ir_admin/corporate_governanace/NoticeofPostalBallot13012026.pdf
https://webassets.rbl.bank.in/ir_admin/corporate_governanace/RBL_NOTICE25.pdf (accessed 13 Oct 2026)
83rd AGM proceedings (2 Sep 2026)https://webassets.rbl.bank.in/ir_admin/regulatory/AGM_Proceedings_Sept22026Signed.pdf (accessed 13 Oct 2026)
Board outcome — CRO/CCO (12 Oct 2026)https://webassets.rbl.bank.in/ir_admin/regulatory/BoardMeetingOutcomeCFOCROandFairdisclosureofUPSISigned.pdf (accessed 13 Oct 2026)
CFO appointment / resignationhttps://webassets.rbl.bank.in/ir_admin/regulatory/SEBIIntimation120626Signed.pdf
https://webassets.rbl.bank.in/ir_admin/regulatory/IntimationChangeinSeniorManagementSigned.pdf (accessed 13 Oct 2026)
Senior-management changeshttps://webassets.rbl.bank.in/ir_admin/regulatory/ChangeinSeniorManagementSigned.pdf
https://webassets.rbl.bank.in/ir_admin/regulatory/IntimationChangeinSeniorManagementsigned.pdf
https://webassets.rbl.bank.in/ir_admin/regulatory/InitmationtoSE070525Signed.pdf
https://webassets.rbl.bank.in/ir_admin/regulatory/BoardMeetingOutcomeApril242025Signed.pdf
https://webassets.rbl.bank.in/ir_admin/regulatory/IntimationtoSEBI_01042025Signed.pdf
https://webassets.rbl.bank.in/ir_admin/regulatory/InitmationtoSEBI100225NHPSigned.pdf
https://webassets.rbl.bank.in/ir_admin/regulatory/InitmationtoSEBI06112025signed.pdf (accessed 13 Oct 2026)
Director term completions; Chairman reappointmenthttps://webassets.rbl.bank.in/ir_admin/regulatory/IntimationCompletionofTermofDrSomnathGhosh.pdf
https://webassets.rbl.bank.in/ir_admin/regulatory/CompletionofTermofMrManjeevSPuriSigned.pdf
https://webassets.rbl.bank.in/ir_admin/regulatory/SEIntimationRBIapprovalreceivedforreappointmentofPTC.pdf (accessed 13 Oct 2026)
NSE filings (Dec 2025 board; MD reappointment)https://nsearchives.nseindia.com/corporate/RBLBANK_30122025153559_OutcomeofBMandOtherDisclosure30122025.pdf
https://nsearchives.nseindia.com/corporate/RBLBANK_16122024141410_StockexchangeintimationReappointmentofMDCEO_signed.pdf (accessed 13 Oct 2026)
RBI penalty Nov 2024https://webassets.rbl.bank.in/ir_admin/pdfs/regulatory/PenaltyIntimationNov222024Signed.pdf (accessed 13 Oct 2026)
GST SCNs (4)https://webassets.rbl.bank.in/ir_admin/regulatory/GSTSCNIntimationsigned.pdf
https://webassets.rbl.bank.in/ir_admin/regulatory/IntimationSCN28082026_Signed.pdf
https://webassets.rbl.bank.in/ir_admin/regulatory/FinalSCNIntimationSigned.pdf
https://webassets.rbl.bank.in/ir_admin/regulatory/SCNIntimationSigned30092026.pdf (accessed 13 Oct 2026)
Utkarsh approval; "Project Delta" NSE replyhttps://webassets.rbl.bank.in/ir_admin/regulatory/AcqusitionofMajorShareholdingUtkarshSigned.pdf
https://webassets.rbl.bank.in/ir_admin/regulatory/ProjectDeltaNSEResponseRBLCleanSigned.pdf (accessed 13 Oct 2026)
IR, ratings, intimations, meetings, board and management pageshttps://www.rbl.bank.in/investor-relations
https://www.rbl.bank.in/investor-relations/disclosures-regulation-46/ratings
https://www.rbl.bank.in/investor-relations/disclosures-regulation-46/intimations
https://www.rbl.bank.in/investor-relations/corporate-governance/general-meetings
https://www.rbl.bank.in/about-us/board-of-directors
https://www.rbl.bank.in/about-us/management-team (accessed 13 Oct 2026)

Ratings

RationaleURL
ICRA 7 Jul 2026https://webassets.rbl.bank.in/ir_admin/icra-july-2026.pdf (accessed 13 Oct 2026)
CRISIL 22 Jun 2026https://webassets.rbl.bank.in/ir_admin/crisil-june-2026.pdf (accessed 13 Oct 2026)
CARE 14 Jul 2026https://webassets.rbl.bank.in/ir_admin/care-july-2026.pdf (accessed 13 Oct 2026)
ICRA 14 Sep 2022https://webassets.rbl.bank.in/ir_admin/icra-sep-22.pdf (accessed 13 Oct 2026)
Moody's 8 Sep 2026https://webassets.rbl.bank.in/ir_admin/moodys-350m-ratings.pdf (accessed 13 Oct 2026)
Moody's first-time Baa2 (31 Jul 2026)https://www.marketscreener.com/news/moody-s-assigns-first-time-baa2-long-term-ratings-to-rbl-bank-outlook-stable-ce7f50dbdb80f62d (accessed 13 Oct 2026)

Transcripts and results coverage

SourceURL
stockanalysis transcripts (Q2 FY27, Q1 FY27, Q2 FY26, Q4 FY25, Q3 FY25)https://stockanalysis.com/quote/nse/RBLBANK/transcripts/709995-q2-26-27/
https://stockanalysis.com/quote/nse/RBLBANK/transcripts/654994-q1-26-27/
https://stockanalysis.com/quote/nse/RBLBANK/transcripts/382111-q2-25-26/
https://stockanalysis.com/quote/nse/RBLBANK/transcripts/382100-q4-24-25/
https://stockanalysis.com/quote/nse/RBLBANK/transcripts/382101-q3-24-25/
https://stockanalysis.com/quote/nse/RBLBANK/transcripts/ (accessed 13 Oct 2026)
AlphaStreet transcripts Q4/Q3/Q1 FY26https://alphastreet.com/india/rbl-bank-ltd-rblbank-q4-2026-earnings-call-transcript/
https://alphastreet.com/india/rbl-bank-ltd-rblbank-q3-2026-earnings-call-transcript/
https://alphastreet.com/india/rbl-bank-ltd-rblbank-q1-2026-earnings-call-transcript/ (accessed 13 Oct 2026)
Investing.com Q2 FY27 transcript / slides; Q1 FY27 slides; Q4 FY26 highlightshttps://www.investing.com/news/transcripts/earnings-call-transcript-rbl-bank-posts-strong-q2-2026-growth-shares-little-changed-93CH-4944868
https://www.investing.com/news/company-news/rbl-bank-q2-fy27-slides-profit-surges-170-asset-quality-improves-93CH-4944883
https://uk.investing.com/news/stock-market-news/rbl-bank-q2-fy27-slides-profit-surges-170-asset-quality-improves-93CH-4906088
https://www.investing.com/news/company-news/rbl-bank-q1-fy27-slides-emirates-nbd-deal-boosts-capital-154-93CH-4798516
https://ca.investing.com/news/company-news/rbl-bank-ltd-bom540065-q4-2026-earnings-call-highlights-strong-growth-in-advances-and--4587706 (accessed 13 Oct 2026)
GuruFocus / Yahoo call highlightshttps://www.gurufocus.com/news/9119792/rbl-bank-ltd-bom540065-q2-2027-earnings-call-highlights-net-profit-surges-170-as-advances-jump-42
https://finance.yahoo.com/markets/stocks/articles/rbl-bank-ltd-bom-540065-210022183.html
https://finance.yahoo.com/markets/stocks/articles/rbl-bank-ltd-bom-540065-190110202.html
https://finance.yahoo.com/news/rbl-bank-ltd-bom-540065-010115875.html (accessed 13 Oct 2026)
Kotak Neo (Q2 FY27; card stress; RBI approval)https://www.kotakneo.com/news/stocks/rbl-bank-q2-fy27-results-profit-income-deposits/
https://www.kotakneo.com/news/market-news/rbl-bank-credit-card-stress-h1-fy27-results-nii-shares-fall/
https://www.kotakneo.com/news/market-news/rbl-bank-emirates-nbd-rbi-approval-open-offer/ (accessed 13 Oct 2026)
Other Q2 FY27 coverageEquentis https://www.equentis.com/blog/rbl-bank-shares-slide-8-despite-strong-q2-results-heres-why/
Multibagg https://www.multibagg.ai/market-pulse/articles/rbl-q2fy27-1787509473
Reuters/MarketScreener https://www.marketscreener.com/news/india-s-rbl-bank-quarterly-profit-nearly-triples-on-higher-loan-growth-ce785ddcd08ff127
Zee Biz https://www.zeebiz.com/companies/news-rbl-bank-q2-results-out-net-profit-soars-90-to-rs-482-crore-nii-beats-estimates-check-full-results-403784
Angel One https://www.angelone.in/news/stocks/rbl-bank-share-price-falls-over-5-after-q2-fy27-earnings-results-total-income-up-21-6-yoy
Upstox https://upstox.com/news/market-news/earnings/rbl-bank-q2-earnings-net-profit-jumps-170-to-482-crore-nii-up-23-yo-y-lender-hikes-provisions-by-53/article-201707/
TradingView https://www.tradingview.com/news/moodys:3fbd45689cb25:0-rbl-bank-q2-profit-soars-170-to-rs-482-cr/
APAC News https://apacnewsnetwork.com/2026/10/rbl-bank-q2-results-net-profit-jumps-170-percent-rs-482-crore/
Whalesbook FCNR https://www.whalesbook.com/news/English/bankingfinance/RBL-Bank-Q2-Profit-Jumps-170percent-to-indian-rupee482-Crore-on-FCNRB-Gains/6accfb0c79a16deaeaeec850
PSU Connect https://www.psuconnect.in/financial/rbl-bank-reports-strong-provisional-growth-deposits-up-34-yoy-advances-up-40-in-q2-fy27
Business Standard (snippet) https://www.business-standard.com/amp/industry/banking/rbl-bank-q2fy27-results-net-profit-rises-2-7-fold-to-482-crore-126101200815_1.html (accessed 13 Oct 2026)
Q1 FY27 coverageBusiness Standard https://www.business-standard.com/companies/quarterly-results/rbl-bank-s-q1fy27-results-net-profit-rises-27-to-254-cr-nii-grows-12-126071701228_1.html
https://www.business-standard.com/markets/capital-market-news/rbl-bank-gains-as-q1-pat-rises-27-yoy-to-rs-254-crore-126072000633_1.html
Multibagg https://www.multibagg.ai/market-pulse/articles/rbl-q1fy27-96275
Sahi https://www.sahi.com/blogs/rbl-bank-q1-fy27-results
MarketsMojo https://www.marketsmojo.com/news/result-analysis/rbl-bank-q1-fy27-profit-surge-masks-valuation-concerns-as-promoter-returns-4106790 (accessed 13 Oct 2026)
Multibagg Q4 FY26 (segment figures superseded by AR)https://www.multibagg.ai/market-pulse/articles/rbl-bank-q4fy26-results-cmogig4czpusmp40j2biw2uax (accessed 13 Oct 2026)

Market data, brokers, flows

SourceURL
Screener standalone / consolidatedhttps://www.screener.in/company/RBLBANK/
https://www.screener.in/company/RBLBANK/consolidated/ (accessed 13 Oct 2026)
StockAnalysis financials / ratioshttps://stockanalysis.com/quote/nse/RBLBANK/financials/
https://stockanalysis.com/quote/nse/RBLBANK/financials/ratios/ (accessed 13 Oct 2026)
BusinessToday (13 Oct 2026, two pieces; 27 Apr 2026)https://www.businesstoday.in/markets/stocks/story/rbl-bank-shares-q2-beat-yet-goldman-sachs-says-sell-clsa-citi-morgan-stanley-targets-561148-2026-10-13
https://www.businesstoday.in/markets/stocks/story/rbl-bank-shares-tank-8-despite-170-surge-in-q2-profit-heres-why-targets-561171-2026-10-13
https://www.businesstoday.in/markets/stocks/story/why-rbl-bank-shares-are-in-news-today-target-prices-for-banking-stock-527516-2026-04-27 (accessed 13 Oct 2026)
IndiaIPO, Zee News, India.com, Tradebrains, Whalesbook (Emkay)https://www.indiaipo.in/news/detail/buy-sell-or-hold-rbl-bank-shares-fall-7-after-q2-bulls-cite-strong-growth-bears-question-valuations
https://zeenews.india.com/economy/rbl-bank-shares-slide-8-despite-strong-q2-results-brokerages-offer-mixed-views-3075828.html
https://www.india.com/business/rbl-share-stock-market-news-non-performing-assets-gnpa-nifty-banking-sector-citi-nuvama-8535645/
https://tradebrains.in/indian-markets/rbl-bank-shares-fall-7-despite-reporting-170-yoy-increase-in-net-profit-heres-why-12671112
https://www.whalesbook.com/news/English/brokerage-reports/RBL-Bank-Shares-Fall-7percent-Despite-Emkay-Global-Target-Hike/6acdc58b79a16deaeaef60f0 (accessed 13 Oct 2026)
Business Standard (−7.55%; 52-week high 3 Sep; MOFSL Dec 2025; ₹26,853 Cr deal)https://www.business-standard.com/companies/news/rbl-bank-shares-plunge-7-55-as-higher-provisions-weigh-on-q2-earnings-126101300881_1.html (snippet)
https://www.business-standard.com/markets/news/rbl-bank-rallies-5-hits-52-week-high-on-huge-volume-here-s-why-126090300257_1.html
https://www.business-standard.com/amp/markets/news/emirates-nbd-infusion-to-lift-rbl-bank-s-growth-prospects-motilal-oswal-125121000139_1.html
https://www.business-standard.com/amp/companies/news/emirates-nbd-invests-26-853-crore-to-acquire-majority-stake-in-rbl-bank-125101800818_1.html (accessed 13 Oct 2026)
Investing.com CLSA target 310 (20 Oct 2025)https://www.investing.com/news/analyst-ratings/rbl-bank-stock-price-target-raised-to-inr310-by-clsa-on-emirates-nbd-deal-93CH-4296052 (accessed 13 Oct 2026)
Centrum upgrade (20 Jul 2026)https://www.marketscreener.com/news/centrum-broking-upgrades-rbl-bank-to-buy-from-neutral-price-target-is-inr459-ce7f51dbd98df022 (accessed 13 Oct 2026)
Trendlyne research and shareholding; MarketsMojo shareholding / 52-week high; Craytheonhttps://trendlyne.com/research-reports/stock/4685/RBLBANK/rbl-bank-ltd/
https://trendlyne.com/research-reports/post/RBLBANK/4685/rbl-bank-ltd/
https://trendlyne.com/equity/share-holding/4685/RBLBANK/latest/rbl-bank-ltd/
https://www.marketsmojo.com/stocks-analysis/financial-shareholding/rbl-bank-1002649-0
https://www.marketsmojo.com/news/stocks-in-action/rbl-bank-ltd-hits-new-52-week-high-of-rs4277-on-23-sep-2026-4202066
https://craytheon.com/articles/rbl-bank-emirates-nbd-shareholding (accessed 13 Oct 2026)
Goodreturns block deals; Upstox M&M block; ScanX blocks/ESOPhttps://www.goodreturns.in/company/rbl-bank/blockdeals.html
https://upstox.com/news/market-news/stocks/rbl-bank-block-deal-m-and-m-sells-entire-3-45-stake-says-report-shares-up-1/article-184134/
https://scanx.trade/stock-market-news/orders-deals/rbl-bank-records-15-66-crore-block-trade-on-nse-at-310-45-per-share/29487983
https://scanx.trade/stock-market-news/companies/rbl-bank-allots-3-54-973-equity-shares-to-employees-under-esop-scheme-on-may-11-2026/40074583 (accessed 13 Oct 2026)
ValuePickr; TipRanks; ResearchGate case studyhttps://forum.valuepickr.com/t/rbl-bank-is-it-a-good-long-term-story/6671
https://forum.valuepickr.com/search?q=RBL%20Bank
https://www.tipranks.com/stocks/in:rblbank/forecast
https://www.researchgate.net/publication/405208547_Case_Study_Proposed_Acquisition_of_RBL_BANK_by_EMIRATES_NBD_Capital_at_the_Crossroads_Grow_Fast_or_Heal_First (accessed 13 Oct 2026)
Peer Screener pages and Q1 FY27 results (IndusInd, Federal, IDFC First, Bandhan, AU, Yes, KVB, CUB)Screener: https://www.screener.in/company/INDUSINDBK/consolidated/
https://www.screener.in/company/FEDERALBNK/consolidated/
https://www.screener.in/company/IDFCFIRSTB/consolidated/
https://www.screener.in/company/BANDHANBNK/
https://www.screener.in/company/AUBANK/
https://www.screener.in/company/YESBANK/consolidated/
https://www.screener.in/company/KARURVYSYA/
https://www.screener.in/company/CUB/
IDFC First PR https://www.idfcfirst.bank.in/content/dam/idfcfirstbank/pdf/financial-results/Press-Release-Q1-FY27.pdf
Q1 FY27 results coverage: https://www.businesstoday.in/markets/stocks/story/indusind-bank-q1-fy27-profit-jumps-72-yoy-to-rs-1037-crore-nii-at-rs-4685-crore-544526-2026-07-22
https://www.kotakneo.com/news/stocks/indusind-bank-q1-fy27-results-net-profit-jumps-72-percent-as-asset-quality-improves-gnpa-falls-to-3-25-percent/
https://www.kotakneo.com/news/stocks/federal-bank-q1-fy-27-results-net-profit-nii-july-2026/
https://insights.dsij.in/dsijarticledetail/bandhan-bank-shares-plunge-15-despite-reporting-35-yoy-growth-in-q1-fy27-profit-heres-why
https://www.angelone.in/news/stocks/au-small-finance-bank-q1fy27-results-net-profit-rises-37-to-796-crore
https://www.businesstoday.in/markets/stocks/story/yes-bank-q1-results-net-profit-climbs-33-to-rs-1072-crore-what-ceo-vinay-m-tonse-says-543758-2026-07-18
https://www.kotakneo.com/news/stocks/karur-vysya-bank-q1-fy27-results-net-profit-rises-45-percent-756-crore/
https://www.angelone.in/news/stocks/city-union-bank-q1-fy27-results-net-profit-rises-25-percent-to-rs-383-crore-nii-grows-31-percent (accessed 13 Oct 2026)

ENBD transaction, regulatory, macro, legacy

SourceURL
ENBD announcement / completionhttps://www.emiratesnbd.com/en/media-center/emirates-nbd-to-acquire-majority-stake-in-rbl-bank
https://www.emiratesnbd.com/en/media-center/emirates-nbd-and-rbl-bank-announce-landmark-strategic-investment
https://mediaoffice.ae/en/news/2026/jun/18-06/emirates-nbd-and-rbl-bank-announce-the-successful-completion-of-the-landmark-strategic-investment (accessed 13 Oct 2026)
Business Standard (deal Oct 2025; open offer; completion)https://www.business-standard.com/finance/news/emirates-nbd-to-invest-3-bn-in-rbl-bank-for-up-to-60-controlling-stake-125101800895_1.html
https://www.business-standard.com/markets/capital-market-news/emirates-nbd-launches-open-offer-for-26-stake-in-rbl-bank-126052300536_1.html
https://www.business-standard.com/companies/news/emirates-nbd-completes-majority-stake-acquisition-in-rbl-bank-126061800500_1.html (accessed 13 Oct 2026)
Open offer and approvalsArabian Business https://www.arabianbusiness.com/finance/emirates-nbd-rbl-bank-26-stake
https://www.arabianbusiness.com/finance/banking/emirates-nbd-secures-rbi-approval-for-74-in-rbl-bank-buyout
Whalesbook (zero tender) https://www.whalesbook.com/corporate-news/English/bankingfinance/RBL-Bank-Open-Offer-Concludes-with-Zero-Public-Participation/6a354df1b6609c8f9dd45d90
Whalesbook (offer price, completion, EGM) https://www.whalesbook.com/corporate-news/English/bankingfinance/RBL-Bank-Open-Offer-Finalized-at-INR-28238share-by-Emirates-NBD/6a1979266ec823f1f291bdcd
https://www.whalesbook.com/corporate-news/English/bankingfinance/Emirates-NBD-Acquires-60percent-Stake-in-RBL-Bank-Open-Offer-Sees-No-Participation/6a354312b6609c8f9dd456c0
https://www.whalesbook.com/corporate-news/English/bankingfinance/Emirates-NBD-Deal-Boosted-RBL-Bank-Shareholders-Approve-Board-Pay-Changes/69f8aec19d1c906648243748
ScanX https://scanx.trade/stock-market-news/companies/emirates-nbd-offers-280-per-share-for-26-stake-in-rbl-bank/41906868
https://scanx.trade/stock-market-news/companies/rbl-bank-announces-receipt-of-all-regulatory-and-governmental-approvals-for-strategic-investment-by-emirates-nbd/40698816
BusinessToday MoF https://www.businesstoday.in/latest/corporate/story/finance-ministry-clears-emirates-nbds-3-billion-acquisition-of-rbl-bank-531791-2026-05-15
Gulf News https://gulfnews.com/business/analysis/emirates-nbds-275b-rbl-bank-deal-marks-a-turning-point-for-uae-india-finance-1.500582319
https://gulfnews.com/business/banking/emirates-nbd-gets-rbi-nod-for-3-billion-rbl-bank-deal-1.500495341
Yahoo https://finance.yahoo.com/markets/stocks/articles/emirates-nbd-receives-approvals-majority-114820519.html
Business Upturn https://businessupturn.com/business/rbl-banks-independent-directors-recommend-open-offer-by-emirates-nbd-bank/
SEBI DLO https://www.sebi.gov.in/sebi_data/commondocs/nov-2025/RBL%20Bank%20Limited%20-%20DLO_p.pdf
Asian Banker https://www.theasianbanker.com/press-releases/emirates-nbd-acquires-60-stake-in-india-s-rbl-bank-in-2-75-billion-deal
AGBI https://www.agbi.com/banking-finance/2026/06/emirates-nbd-shares-gain-after-upping-rbl-bank-holding-to-60/
Tribune https://www.tribuneindia.com/news/business/emirates-nbd-completes-acquisition-of-majority-stake-in-rbl-bank/ (accessed 13 Oct 2026)
MarketScreener news listhttps://www.marketscreener.com/quote/stock/RBL-BANK-LIMITED-105516289/news/ (source for 20 May 2026 Puri term end, 30 Jun 2026 Asian Markets initiation, 6 Aug 2026 dividend, 24 Sep 2026 proposed strike) (accessed 13 Oct 2026)
Reuters via MarketScreener: open offer set for 12 Dec (5 Nov 2025)https://www.marketscreener.com/news/india-s-rbl-bank-says-emirates-nbd-to-launch-open-offer-on-december-12-ce7d5cdcda80f226 (accessed 13 Oct 2026)
Reuters via MarketScreener: SEBI approves change of control (30 Apr 2026)https://www.marketscreener.com/news/india-s-markets-regulator-approves-change-of-control-at-rbl-bank-in-emirates-nbd-stake-deal-ce7f58dbda8df222 (accessed 13 Oct 2026)
MarketScreener: all regulatory and governmental approvals received (15 May 2026)https://www.marketscreener.com/news/rbl-bank-announces-receipt-of-all-regulatory-and-governmental-approvals-for-strategic-investment-by-ce7f5bd3d98bfe26 (accessed 13 Oct 2026)
MarketScreener: UAE to invest US$5 bn in Indian infrastructure, RBL Bank and Samman Capital (15 May 2026)https://www.marketscreener.com/news/uae-to-invest-5-billion-in-indian-infrastructure-and-rbl-bank-and-samman-capital-indian-governmen-ce7f5bd2dd81fe2d (accessed 13 Oct 2026)
MarketScreener: open offer from 1 Jun; payment and post-offer dates (22 May 2026)https://www.marketscreener.com/news/dubai-s-emirates-nbd-to-launch-rbl-bank-open-offer-on-june-1-ce7f5adfd08cfe20 (accessed 13 Oct 2026)
MarketScreener: CFO change (12 Jun 2026)https://www.marketscreener.com/news/rbl-bank-announces-chief-financial-officer-changes-effective-june-12-2026-ce7f5cdede8afe24 (accessed 13 Oct 2026)
MarketScreener: directorate resignations (18 Jun 2026)https://www.marketscreener.com/news/rbl-bank-limited-announces-directorate-resignations-effective-june-18-2026-ce7f5cddda8cf322 (accessed 13 Oct 2026)
MarketScreener: AGM board appointments (2 Sep 2026)https://www.marketscreener.com/news/rbl-bank-limited-approves-board-appointments-ce7858d3da8afe26 (accessed 13 Oct 2026)
Reuters via MarketScreener: debut USD bond (9 Sep 2026)https://www.marketscreener.com/news/rbl-bank-joins-larger-indian-peers-with-dollar-bond-sale-ce785bded881f621 (accessed 13 Oct 2026)
FCNR(B)InvestyWise (BSE filing 2 Sep 2026) https://www.investywise.com/rbl-bank-limited-deposit-mobilisation-update
Business Standard swap totals https://www.business-standard.com/finance/news/nearly-50-of-fcnr-b-deposits-under-rbi-swap-have-five-year-tenure-guv-126091101308_1.html (accessed 13 Oct 2026)
RBI (MPC 7 Oct; regulatory statement; FX measures 10 Oct; CRR 9 Oct; acquisition directions 1 Oct)https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=63742
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=63743
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=63783
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=13736&Mode=0
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=13719&Mode=0 (accessed 13 Oct 2026)
RBI card statistics; MFIN Micrometer (not parseable)https://www.rbi.org.in/Scripts/ATMView.aspx
https://mfinindia.org/
https://mfinindia.org/assets/upload_image/news/pdf/Micrometer%20Q1%20FY%2026-27%20Press%20Release.pdf (accessed 13 Oct 2026)
Bajaj co-brand exitAngel One https://www.angelone.in/news/share-market/rbl-bank-shares-dropped-five-per-cent-after-termination-of-partnership
Business Standard https://www.business-standard.com/companies/news/bajaj-finance-exits-co-branded-credit-card-space-ends-tie-up-with-dbs-rbl-124120100416_1.html
Outlook Business https://www.outlookbusiness.com/corporate/ending-bajaj-fin-credit-card-tie-up-a-non-event-pace-of-new-sales-to-return-in-a-qtr-rbl-bank (accessed 13 Oct 2026)
Dec 2021 episodeBusiness Today https://businesstoday.in/industry/banks/story/rbl-bank-md-and-ceo-vishwavir-ahuja-goes-on-leave-with-immediate-effect-316839-2021-12-25
https://www.businesstoday.in/industry/banks/story/what-led-to-the-sudden-exit-of-rbl-chief-vishwavir-ahuja-316844-2021-12-26
BloombergQuint https://www.bloombergquint.com/business/rbi-appoints-additional-director-on-rbl-bank-board
Hemindra Hazari https://hemindrahazari.com/2021/12/26/rbi-forcibly-gifts-rbl-bank-a-director-but-refuses-to-say-why/
Business Standard (ratings; AIBEA) https://www.business-standard.com/amp/article/finance/icra-care-put-rbl-bank-s-stock-ratings-under-review-after-ceo-s-exit-121122701235_1.html
https://www.business-standard.com/amp/article/finance/consider-merging-private-rbl-bank-with-state-owned-lender-says-aibea-121122600168_1.html
BusinessWorld https://businessworld.in/article/rbl-bank-board-no-longer-having-a-director-from-rbi-503446 (accessed 13 Oct 2026)
Management profilesAngel One (MD reappointment) https://www.angelone.in/news/share-market/rbi-approves-reappointment-of-r-subramaniakumar-as-md-ceo-of-rbl-bank
Moneylife https://www.moneylife.in/article/dhfls-administrator-r-subramaniakumar-is-the-new-md-and-ceo-of-rbl-bank/67455.html
PSU Connect (nominees) https://www.psuconnect.in/bank-news/rbl-bank-appoints-five-emirates-nbd-executives-to-board-following-strategic-investment
Wikipedia https://en.wikipedia.org/wiki/RBL_Bank (accessed 13 Oct 2026)

Open gaps