HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹707.25 last close on 9 Oct 2026 +2.17%
Research updated
RBL Bank Ltd.
NSE: RBLBANKFinancial ServicesBanks - Regional
- Last close
- ₹418.00
- Day change
- +₹17.30 (+4.32%)vs
- Market cap
- ₹64,839 crIndian rupees
- Research updated
- 1 report
About RBL Bank
RBL Bank Ltd. is a well-established banking institution in India, known for providing a diverse range of financial products and services. Established in 1943 and headquartered in Mumbai, RBL Bank serves both retail and corporate customers, encompassing personal banking, business banking, institutional banking, and agri and development banking. A notable feature of the bank is its focus on inclusive development and accessible banking solutions, targeting micro, small, and medium-sized enterprises (MSMEs). RBL Bank also provides comprehensive corporate and investment banking services, supporting large enterprises through funding, advisory, and treasury solutions. In recent years, RBL Bank has expanded its digital banking platform, enhancing customer experience with cutting-edge technology solutions. In the Indian financial sector, RBL Bank holds a significant role by contributing towards financial inclusion and promoting economic growth across various sectors and regions of the country. Its strategic initiatives and collaborations foster innovation and growth within the competitive banking environment.
- Sector
- Financial Services
- Industry
- Banks - Regional
- Listing
- NSE: RBLBANK
- Chief executive
- Mr. R. Subramaniakumar
- Employees
- 22,857
- Headquarters
- Mumbai, India
- ISIN
- INE976G01028
- Website
- rbl.bank.in
Public research · Report of
Business model & financial foundation
RBL Bank (NSE: RBLBANK), Private sector bank: revenue of ₹10,481 crore in FY26 (+2.1% on FY25) and net profit of ₹822.0 crore.
- Revenue, FY26 (₹ crore)
- 10,481
- standalone
- Revenue growth, FY26
- +2.1%
- on FY25
- Net profit, FY26 (₹ crore)
- 822.0
- to owners
- Return on equity, FY26
- 5.2%
- on average equity
- Market capitalisation (₹ crore)
- 65,666
- at the close of 12 Oct 2026
Company profile
RBL Bank is a mid-size Indian private sector bank headquartered in Mumbai, with 628 branches, 1,326 business-correspondent branches and 15 mn customers. It lends to corporates and commercial clients (wholesale, 44% of advances) and to retail customers through secured products and unsecured credit cards, personal loans and microfinance. Emirates NBD acquired 60% for INR 26,016 cr in June 2026, more than doubling its equity.
| Item | Value |
|---|---|
| Legal name | RBL Bank Limited (formerly The Ratnakar Bank Limited) |
| Exchange and ticker | NSE: RBLBANK; BSE: 540065 |
| ISIN | INE976G01028 |
| CIN | L65191PN1943PLC007308 |
| Sector | Financials |
| Industry | Private sector bank |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | KKC & Associates LLP and Singhi & Co. (joint statutory auditors) |
| Market capitalisation | ₹65,666 crore (12 Oct 2026) |
| Shares outstanding | 61.81 crore shares (FY26) |
| Price | ₹418.0 (close, 12 Oct 2026) |
| 52-week range | ₹285.9 - ₹429.6 (to 12 Oct 2026) |
| Website | https://www.rbl.bank.in |
Corporate structure and shareholding
Parent: Emirates NBD Bank (P.J.S.C.), 59.88% (promoter since 18 Jun 2026).
| Entity | Holding | Business |
|---|---|---|
| RBL FinServe Limited | 100% | Business correspondent sourcing microfinance (JLG), affordable housing and LAP loans for the bank; 1,076 BC branches |
Emirates NBD's three India branches are to be merged into RBL Bank subject to RBI approval (application filed; expected within FY27, S3).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 60.00% | 59.88% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 21.90% | 20.20% | 8.80% | 8.70% |
| Domestic institutions | 40.00% | 43.30% | 17.10% | 18.50% |
| of which mutual funds | 34.44% | 36.76% | 14.29% | 15.97% |
| Retail | 38.00% | 36.40% | 14.20% | 12.90% |
| Other | 0.00% | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
RBL Bank is a mid-size private bank. It earns net interest income on 142,314 cr of net advances at 30 Sep 2026, split as wholesale 62,849 cr (corporate 69%, commercial 31%), secured retail 51,933 cr and unsecured retail 27,532 cr. The unsecured book is cards 57%, JLG microfinance 31% and personal loans 12%. It also earns fees on cards, distribution and trade: core fees were 1,040 cr in Q2FY27, +12% YoY.
- Deposits are 156,272 cr with a CASA ratio of 27.2%.
- Cost of deposits is 5.97%.
- About 32,300 cr of the deposits are FCNR deposits raised around the ENBD transaction.
Emirates NBD bought 60% for 26,015.77 cr at INR 280 a share on 18 Jun 2026. That took equity to 43,338 cr and CET1 to 29.0%. RBL controls its underwriting and its branch rollout. It does not control deposit pricing against much larger banks, or the RBI rate cycle.
| Peer | Why the dossier compares them |
|---|---|
| IDFC First Bank (IDFCFIRSTB) | Mid-size private bank with a large unsecured retail and cards book, similar cost of deposits and ROE in recovery |
| IndusInd Bank (INDUSINDBK) | Mid-size private bank with similar market cap, microfinance and vehicle exposure, ROE depressed |
| AU Small Finance Bank (AUBANK) | |
| Bandhan Bank (BANDHANBNK) | Microfinance-heavy bank recovering from the FY25 MFI credit cycle, same JLG stress RBL faced |
| Yes Bank (YESBANK) | |
| City Union Bank (CUB) |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Interest earned | 12,394 | 14,039 | 14,336 |
| Interest expended | 6,351 | 7,576 | 7,976 |
| Net interest income | 6,043 | 6,463 | 6,360 |
| Net total income (NII + other income) | 9,086 | 10,269 | 10,481 |
| Other income | 3,043 | 3,806 | 4,121 |
| Operating expenses | 6,055 | 6,642 | 7,182 |
| Operating profit (pre-provision) | 3,031 | 3,627 | 3,299 |
| Provisions and contingencies | 1,778 | 2,959 | 2,260 |
| Profit before tax | 1,252 | 668.0 | 1,040 |
| Tax expense | 84.0 | -27.0 | 217.0 |
| Net profit | 1,168 | 695.0 | 822.0 |
| Consolidated net profit (memo) | 717.0 | 879.0 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Capital and reserves | n.r. | 15,437 | 16,430 |
| Net advances | 83,987 | 92,618 | 1,14,232 |
| Deposits | 1,10,944 | 1,39,018 | |
| Borrowings | 13,734 | 16,794 | |
| Investments | 32,165 | 32,078 | |
| Total assets | 1,46,725 | 1,80,685 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity shares outstanding (year end) | 60.80 | 61.81 | |
| Dividend per share (₹) | 1.00 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Interest earned | 3,536 | 3,476 | 3,441 | 3,507 | 3,667 | 3,720 | 3,840 | 4,322 |
| Interest expended | 1,951 | 1,913 | 1,960 | 1,957 | 2,010 | 2,049 | 2,186 | 2,191 |
| Net interest income | 1,585 | 1,563 | 1,481 | 1,551 | 1,657 | 1,671 | 1,654 | 2,131 |
| Other income | 1,073 | 1,000 | 1,069 | 933.0 | 1,050 | 1,069 | 959.0 | 1,077 |
| Net total income (NII + other income) | 2,658 | 2,563 | 2,550 | 2,484 | 2,707 | 2,740 | 2,613 | 3,208 |
| Employee cost | 453.0 | n.d. | 474.6 | 485.0 | 502.0 | 482.2 | 516.1 | 559.0 |
| Other operating expenses | 1,209 | n.d. | 1,373 | 1,270 | 1,293 | 1,302 | 1,175 | 1,253 |
| Operating expenses | 1,662 | 1,702 | 1,847 | 1,755 | 1,795 | 1,785 | 1,691 | 1,812 |
| Operating profit (pre-provision) | 997.0 | 861.0 | 703.0 | 728.0 | 912.0 | 955.0 | 923.0 | 1,396 |
| Provisions and contingencies | 1,189 | 785.0 | 442.3 | 500.0 | 639.0 | 678.3 | 599.3 | 766.5 |
| Profit before tax | -192.0 | 76.0 | 260.6 | 229.0 | 273.0 | 277.1 | 323.5 | 629.6 |
| Tax expense | -225.0 | 7.00 | 60.3 | 50.0 | 59.0 | 47.4 | 69.8 | 147.8 |
| Net profit | 33.0 | 69.0 | 200.3 | 178.5 | 214.0 | 229.7 | 253.7 | 481.8 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 13.0% | 2.1% | |
| Net margin | 12.9% | 6.8% | 7.8% |
| Return on equity | 4.5% | 5.2% | |
| Return on assets | 0.5% | 0.5% | |
| Book value per share (₹) | 253.9 | 265.8 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on RBL Bank includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on RBL Bank
- Research reportLatest
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Prices are the last close on the NSE, 9 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 12 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.