RBL Bank
RBL Bank
Banks F&OKey Fundamentals
MidcapPrivate BankBanksPrice-based figures as of 9 Oct 2026, 3:58 pm IST · EPS basis: Standalone · TTM
Tapetide Score
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Key Insights
Strengths
1- Promoter holding has increased by 60.0% over last quarter.
Weaknesses
8- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 11.5% over past five years.
- Company has a low return on equity of 5.90% over last 3 years.
- Contingent liabilities of Rs.1,45,506 Cr.
- Company might be capitalizing the interest cost
- Earnings include an other income of Rs.4,011 Cr.
- Dividend payout has been low at 8.01% of profits over last 3 years
- Working capital days have increased from 178 days to 280 days
Growth Rate
AI Analysis — Bull vs Bear
As of the 2026-10-01 close, RBL Bank traded at ₹411.4, about 4.2% below its 52-week high of ₹429.6 and roughly 51% above its 52-week low of ₹272.1, with a market cap of ₹63,834.57 Cr. TTM profit grew 67%, but returns are still low: ROE is 5.26% and 3-year compounded profit growth is -2%. The stock trades at 35.04x TTM earnings and 1.49x book. Promoter holding rose 60.0% over the last quarter, which shows a major change in ownership.
- Promoter holding rose 60.0% over the last quarter. That is a large shift in ownership and looks like a new strategic promoter has come in. Such a promoter can bring capital, governance support and access to a larger parent's franchise.
- Earnings are recovering sharply. TTM compounded profit growth is 67%, against -2% over 3 years, which suggests the bank has moved past an earlier weak patch in asset quality or provisions.
- The balance sheet appears much larger after recent capital additions. Price ₹411.4 divided by P/B 1.49 gives an implied book value of about ₹276 per share, or roughly ₹42,800 Cr in total equity. That leaves room to grow loans without raising capital again soon.
- The bank has a long record of growing its top line. Revenue compounded at 18% over 10 years and 14% over 3 years, which points to a franchise that can grow when conditions allow.
- The market has re-rated the stock. It returned 49% over 1 year and 19% CAGR over 3 years, and at ₹411.4 it sits near its 52-week high of ₹429.6.
- Several flagged cons matter less for a bank. Interest coverage, working capital days (178 to 280) and contingent liabilities of ₹1,45,506 Cr mostly reflect normal banking items such as deposits, interest expense and forex or derivative contracts. They are not industrial-style leverage or liquidity stress.
- At 1.49x book, the price is lower than many private banks with stronger returns. If ROE moves up from 5.26% toward historical private-bank levels, current book-based multiples could look less demanding.
- Returns on capital are low. ROE is 5.26% (5.90% average over 3 years and 5% over 5 years) and ROCE is 5.02%, which is likely below the bank's cost of equity.
- The valuation is high relative to earnings. A P/E of 35.04x on TTM EPS of ₹11.74 means profits must keep growing strongly to justify the price.
- Over the long run, shareholders have earned little. The stock CAGR is only 3% over 10 years, even after the 49% gain in the last 1 year, which shows a history of value destruction and volatility.
- Revenue growth has slowed to 5% TTM, against 14% over 3 years and 11.5% over 5 years. Slower loan or interest income growth could limit how much operating leverage the larger capital base can deliver.
- Profits lean heavily on other income of ₹4,011 Cr. That is roughly 2.2x the implied TTM net profit of about ₹1,820 Cr (EPS ₹11.74 × ~155 Cr shares). Fees and treasury gains can be less stable than core interest income.
- Shareholder payouts are small. Dividend payout has averaged 8.01% of profits over 3 years, and the dividend yield is only 0.25%.
- New equity spreads earnings more thinly. An implied book of about ₹276 per share against EPS of ₹11.74 shows ROE will stay depressed until profits catch up with the enlarged capital base. Integrating a new promoter also brings execution risk.
- Off-balance-sheet exposure is large. Contingent liabilities of ₹1,45,506 Cr are more than twice the market cap of ₹63,834.57 Cr, so derivatives and guarantees need close monitoring.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- CASA ratio slips to 27.2% Oct 5
The CASA ratio fell to 27.2% in Q2FY27 provisional numbers. Gross advances (+40% YoY) grew faster than deposits (+34% YoY), which puts the loan-to-deposit ratio at about 92% and points to higher funding costs and possible margin pressure.
- ₹173 Cr GST show cause notice Sep 30
RBL Bank received a ₹173.09 crore GST demand for FY23 over input tax credit on digital banking. The bank is contesting it, citing earlier favourable orders, but the outcome is not yet known.
- Nationwide bank strike disruption Sep 24
AIBEA and AIBOA unions proposed a nationwide strike from September 28-30, 2026, which could affect some branches. The bank said it has taken steps to keep operations running smoothly.
- Advances jump 40% YoY Oct 5
Provisional Q2FY27 gross advances reached ₹1,433.5 billion, up 40% YoY. This shows strong loan growth going into the results.
- Deposits grow 34% YoY Oct 5
Total deposits rose 34% YoY to ₹1,562.8 billion in Q2FY27, so the balance sheet is expanding quickly.
- Q2FY27 results, analyst call Oct 12 Oct 7
The board meets on October 12, 2026 to review unaudited results for the quarter ended September 30, 2026. An analyst call follows at 7:00 pm IST, with results and transcripts to be posted on the bank's website.
- Many global fund meetings Sep 23
Between September 11 and 23, 2026, the bank held one-on-one meetings with institutions including Goldman Sachs, Fidelity, Franklin Templeton, Marshall Wace, Balyasny, Schonfeld and C WorldWide. The bank confirmed no unpublished price sensitive information was shared in any of them.
TL;DR: RBL Bank's Q2FY27 provisional numbers show strong growth, with advances up 40% and deposits up 34% YoY, and the many meetings with global funds point to active institutional interest. The main risks are the CASA ratio falling to 27.2% and loans growing faster than deposits, which could squeeze margins, plus a ₹173 crore GST dispute. Balance sheet growth is clearly improving, but its quality is still unclear. The October 12 results should show whether margins, asset quality and funding costs are keeping up with the fast loan growth.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,856 | 3,008 | 3,191 | 3,339 | 3,496 | 3,531 | 3,536 | 3,476 | 3,441 | 3,507 | 3,667 | 3,720 | 3,840 |
| Expenses | 1,726 | 2,089 | 2,016 | 2,002 | 2,013 | 2,251 | 2,851 | 2,487 | 2,290 | 2,255 | 2,434 | 2,463 | 2,290 |
| Financing Profit | -304 | -614 | -470 | -402 | -313 | -636 | -1,266 | -924 | -809 | -704 | -777 | -792 | -636 |
| Fin. Margin % | -11% | -20% | -15% | -12% | -9% | -18% | -36% | -27% | -24% | -20% | -21% | -21% | -17% |
| Other Income | 685 | 704 | 778 | 875 | 805 | 927 | 1,073 | 1,000 | 1,069 | 933 | 1,050 | 1,069 | 959 |
| Interest | 1,434 | 1,533 | 1,646 | 1,739 | 1,796 | 1,916 | 1,951 | 1,913 | 1,960 | 1,957 | 2,010 | 2,049 | 2,186 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 381 | 91 | 307 | 473 | 493 | 292 | -192 | 76 | 261 | 229 | 273 | 277 | 324 |
| Tax % | 24% | -224% | 24% | 25% | 25% | 24% | -117% | 10% | 23% | 22% | 22% | 17% | 22% |
| Net Profit | 288 | 294 | 233 | 353 | 372 | 223 | 33 | 69 | 200 | 179 | 214 | 230 | 254 |
| EPS in Rs | 4.8 | 4.89 | 3.87 | 5.83 | 6.13 | 3.66 | 0.54 | 1.13 | 3.29 | 2.91 | 3.47 | 3.72 | 1.64 |
| Gross NPA % | 3.22% | 3.12% | 3.12% | 2.65% | 2.69% | 2.88% | 2.92% | 2.6% | 2.78% | 2.32% | 1.88% | 1.45% | 1.3% |
| Net NPA % | 1% | 0.78% | 0.8% | 0.74% | 0.74% | 0.79% | 0.53% | 0.29% | 0.45% | 0.57% | 0.55% | 0.39% | 0.37% |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,953 | 2,744 | 3,713 | 4,508 | 6,301 | 8,514 | 8,329 | 8,176 | 9,677 | 12,394 | 14,039 | 14,336 | 14,735 |
| Expenses | 627 | 833 | 1,234 | 1,781 | 2,561 | 4,649 | 4,824 | 6,318 | 6,111 | 7,619 | 9,382 | 9,208 | 9,442 |
| Financing Profit | -70 | -14 | -12 | -15 | -21 | -1,019 | -1,037 | -2,292 | -1,113 | -1,576 | -2,919 | -2,848 | -2,909 |
| Fin. Margin % | -4% | -1% | 0% | 0% | 0% | -12% | -12% | -28% | -12% | -13% | -21% | -20% | -20% |
| Other Income | 403 | 491 | 755 | 1,068 | 1,442 | 1,910 | 1,884 | 2,341 | 2,489 | 3,043 | 3,806 | 4,121 | 4,011 |
| Interest | 1,397 | 1,925 | 2,492 | 2,741 | 3,761 | 4,885 | 4,541 | 4,149 | 4,678 | 6,351 | 7,576 | 7,976 | 8,201 |
| Depreciation | 33 | 48 | 62 | 87 | 122 | 138 | 158 | 164 | 196 | 215 | 219 | 234 | 0 |
| PBT | 300 | 428 | 681 | 967 | 1,299 | 753 | 689 | -115 | 1,180 | 1,252 | 668 | 1,040 | 1,102 |
| Tax % | 31% | 32% | 35% | 34% | 33% | 33% | 26% | -35% | 25% | 7% | -4% | 21% | — |
| Net Profit | 207 | 292 | 446 | 635 | 867 | 506 | 508 | -75 | 883 | 1,168 | 695 | 822 | 876 |
| EPS in Rs | 7.06 | 9.01 | 11.89 | 15.13 | 20.32 | 9.94 | 8.49 | -1.25 | 14.72 | 19.3 | 11.44 | 13.31 | 11.74 |
| Div. Payout % | 17% | 17% | 15% | 14% | 13% | 15% | 0% | 0% | 10% | 8% | 9% | 8% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 293 | 325 | 375 | 420 | 427 | 509 | 598 | 600 | 600 | 605 | 608 | 618 |
| Reserves | 1,936 | 2,664 | 3,960 | 6,264 | 7,121 | 10,074 | 12,065 | 12,019 | 12,977 | 14,191 | 14,999 | 15,987 |
| Borrowing | 6,963 | 10,536 | 7,980 | 9,261 | 11,832 | 17,007 | 11,226 | 11,093 | 13,331 | 14,184 | 13,734 | 16,794 |
| Deposits | 17,099 | 24,349 | 34,588 | 43,902 | 58,394 | 57,812 | 73,121 | 79,007 | 84,887 | 1,03,494 | 1,10,944 | 1,39,018 |
| Other Liabilities | 812 | 1,287 | 1,771 | 2,003 | 2,585 | 3,576 | 3,641 | 3,491 | 4,082 | 5,958 | 6,441 | 8,268 |
| Total Liabilities | 27,104 | 39,161 | 48,675 | 61,851 | 80,359 | 88,978 | 1,00,651 | 1,06,209 | 1,15,876 | 1,38,432 | 1,46,725 | 1,80,685 |
| Fixed Assets | 153 | 158 | 224 | 303 | 363 | 408 | 442 | 467 | 529 | 525 | 570 | 545 |
| CWIP | 10 | 19 | 35 | 31 | 40 | 62 | 24 | 82 | 45 | 7 | 7 | 21 |
| Investments | 9,792 | 14,436 | 13,482 | 15,448 | 16,840 | 18,150 | 23,230 | 22,274 | 28,875 | 29,576 | 32,165 | 32,078 |
| Other Assets | 17,148 | 24,548 | 34,934 | 46,069 | 63,116 | 70,358 | 76,954 | 83,386 | 86,427 | 1,08,324 | 1,13,984 | 1,48,041 |
| Total Assets | 27,104 | 39,161 | 48,675 | 61,851 | 80,359 | 88,978 | 1,00,651 | 1,06,209 | 1,15,876 | 1,38,432 | 1,46,725 | 1,80,685 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -2,261 | -4,384 | 3,434 | -2,528 | -31 | -5,084 | 7,597 | 6,449 | -11,044 | 4,935 | -846 | 7,577 |
| Investing | -58 | -60 | -142 | -162 | -190 | -206 | -157 | -246 | -223 | -172 | -258 | -189 |
| Financing | 3,076 | 4,040 | -1,656 | 2,995 | 2,567 | 7,698 | -4,207 | -114 | 2,239 | 842 | -503 | 3,159 |
| Net Cash Flow | 757 | -405 | 1,635 | 305 | 2,345 | 2,408 | 3,233 | 6,090 | -9,028 | 5,605 | -1,608 | 10,547 |
| Free Cash Flow | -2,319 | -4,445 | 3,291 | -2,690 | -221 | -5,290 | 7,440 | 6,203 | -11,267 | 4,763 | -1,109 | 7,354 |
| CFO/OP | -163 | -222 | 147 | -79 | 15 | -123 | 226 | 356 | -303 | 107 | -14 | 151 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 10% | 11% | 12% | 12% | 12% | 6% | 4% | -1% | 7% | 8% | 5% | 5% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
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Company Information
Incorporated in 1943,RBL Bank is a banking company engaged in providing specialized services under five business verticals namely: Corporate Banking, Commercial Banking, Branch & Business Banking, Retail Assets and Treasury & Financial Markets Operations.[1][2]
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