RBL Bank 2QFY26 RU
                      17 January 2026
3QFY26  Results Update | Sector: Financials
RBL Bank
Estimate change Same  CMP: INR325 TP: INR370 (+14%) Buy
TP change Up
Rating change Same Emirates NBD deal to unfold new growth opportunities
NII in line; higher provisions lead to slight earnings miss
Bloomberg RBK IN
 RBL Bank (RBK) reported a 3QFY26 PAT of INR2.1b (20% miss, 555% YoY 
Equity Shares (m) 608
increase) amid higher-than-expected provisions and slightly higher other 
M.Cap.(INRb)/(USDb) 94.3 / 1.1
52-Week Range (INR) 292 / 147 income. 
1, 6, 12 Rel. Per (%) -2/-31/-53  This capital infusion will help RBL scale its existing business and expand into 
12M Avg Val (INR M) 2041 non-resident, trade, and cross-border corporate banking, leveraging 
Emirates’ global presence and technology integration. With a 50% board 
Financials & Valuations (INR b) representation but no management control for Emirates NBD, the deal aims 
Y/E March FY25 FY26E FY27E to accelerate RBL’s growth through organic and inorganic opportunities while 
NII 64.6 64.7 88.8 maintaining core operations and enhancing shareholder value.
OP 36.3 32.1 50.8
 3QFY26 NII grew 6.9% QoQ / 4% YoY to INR16.6b (inline). NIM expanded by 
NP 7.0 10.2 22.7
NIM (%) 4.9 4.4 4.9 12bp QoQ to 4.63% (decline 27bp YoY).
EPS (INR) 11.4 16.8 14.5  Fresh slippages moderated to INR9.09b vs INR9.25b in 2QFY26. GNPA ratio 
EPS Gr. (%) -40.7 47.2 -13.9 improved by 44bp QoQ to 1.9% while NNPA ratio decreased by 2bp QoQ to 
BV/Sh. (INR) 254 265 284 0.55%. PCR moderated to 71.1%.
ABV/Sh. (INR) 248 257 280
Ratios        Given the fund infusion from Emirates NBD expected in 1QFY27E, we 
RoA (%) 0.5 0.7 1.2 increase our earnings estimate by 19%/17% for FY27/28E respectively. We
RoE (%) 4.6 6.5 7.5 estimate FY27/28E RoA of 1.2% / 1.4% respectively. Reiterate Buy with a 
Payout (%) 13.1 30.0 30.0 TP of INR350 (premised on 1.3x FY27E BV).
Valuations      
P/E(X) 26.2 17.8 20.7 Advances growth healthy; Margins expand 1bp QoQ
P/BV (X) 1.2 1.1 1.1  RBK reported a 2QFY26 PAT of INR1.8b (5% miss, 20% YoY decline) amid 
higher provisions and lower other income.
Shareholding pattern (%)  NII grew 4.7% QoQ (down 4% YoY) to INR15.5b (inline). NIM expanded by 1bp
As On Sep-24 Jun-24 Sep-23 QoQ to 4.51%. Bank expects to see ~4.8% of exit NIMs in 4QFY26.
Promoter 0.0 0.0 0.0
 Other income declined 13% QoQ and flat YoY to INR9.3b (7% miss) as it is 
DII 27.0 20.7 19.5
FII 14.6 28.5 30.0 impacted by INR440mn on account of MTM on unlisted equities.Treasury 
Others 58.3 50.8 50.5 gains stood at INR67mn vs. INR2.8b in 1QFY26. Total revenue thus declined 
2% YoY (3% QoQ) to INR24.8b (in line). Opex rose 8% YoY to INR17.6b (4% 
lower than MOFSLe). The C/I ratio thus moderated 177bp QoQ to 70.7%. 
 PPoP declined 20% YoY (up 3.6% QoQ) to INR7.3b (6% beat). Provisions 
stood at INR5b vs MOSLe at INR4.4b (14% higher than MOFSLe). 
 Advances grew 14.4% YoY (up 6.5% QoQ) to INR1t. Retail book grew 9.9% 
YoY (6.2% QoQ), and wholesale grew 22% YoY (6.9% QoQ). Business loans 
was up 15.7% QoQ whereas housing loans grew 1.7% QoQ . Personal loans 
declined 6% QoQ, and credit cards were flat QoQ, with the mix of cards 
standing at 17.1% of loans. MFI book grew 8.3% QoQ with the mix at 5.9%.
 Deposits grew 8.1% YoY/3.5% QoQ. CASA mix moderated 62bp QoQ to 
31.9%. The C/D ratio, thus, increased to 86.2%. 
 Fresh slippages moderated to INR9.25b vs INR10.6b in 1QFY26. GNPA ratio 
improved by 46bp QoQ to 2.32% while NNPA ratio increased by 12bp QoQ 
to 0.57%. PCR moderated to 75.9%.  RBK’s credit costs for 2QFY26 came in 
at 54bp vs 50bps for 1QFY26. 
Highlights from the management commentary
 Emirates stake in RBL: On paper the stake can go upto 86% (60% infusion+ 26% 
open offer), hence the open offer will be done at first and depending on how 
Nitin Aggarwal - Research Analyst ([email protected])
Research Analyst: Dixit Sankharva ([email protected]) | Disha Singhal ([email protected])
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
RBL Bank
much is offered, it shall be scaled down to keep the maxium stake at 74%. The 
deal will first issue an open offer first and then the pref issue will be called. 
 Write-off in the corporate of INR1.4b is a technical write-off and is already 100% 
provided, this is just a routine write-off which the bank has provided.
 Slippages have inched up in credit card, PL business. Card will take a couple of 
quarter to normalise and typical PL too will have a same kind of trend.
 Bank holds 5% in Utkarsh SFB Holdco – due to ECL, holdco reported a decline in 
networth and that was the reason of INR440m of one off loss. Bank doesn’t 
expect that to recur. 
 NIMs trajectory will see 10-15bp of improvement every quarter. The bank will 
see a 4.7-4.8% of exit NIMs in 4QFY26.
Valuation and view
RBK reported slight earnings miss due to higher provisions and lower other income 
even as margins expanded by 1bp QoQ. Business growth was steady with advances 
growing 6.5% QoQ and bank is looking to grow unsecured business going forward 
amid easing macro stress. In addition, the comfortable CD ratio will further support 
credit growth. GNPA ratio improved whereas NNPA ratio deteriorated. Slippages 
moderated but continued to remain at elevated levels. Emirates will invest $3b money
for a 60% stake in RBL Bank, triggering an open offer to acquire up to 26%, enabling 
RBL to scale operations and expand into cross-border and NR business. The deal, 
subject to regulatory and shareholder approvals, brings strategic capital and global 
synergy without changing senior management. Given the fund infusion from 
Emirates NBD expected in 1QFY27E, we increase our earnings estimate by 
19%/17% for FY27/28E respectively. We estimate FY27/28E RoA of 1.2% / 1.4% 
respectively. Reiterate Buy with a TP of INR350 (premised on 1.3x FY27E BV).
Quarterly performance
  FY25 FY26E FY25 FY26E FY26EV/s our
INRb 1Q 2Q 3Q 4Q 1Q 2Q 3QE 4QE     2QE Est
Net Interest Income 17.0 16.1 15.9 15.6 14.8 15.5 16.6 17.8 64.6 64.7 15.2 2%
    % Change (Y-o-Y) 19.5 9.5 2.5 -2.3 -12.9 -4.0 4.4 13.8 7.0 0.0 -5.9  
Other Income 8.1 9.3 10.7 10.0 10.7 9.3 10.1 10.6 38.1 40.7 10.1 -7%
Total Income 25.1 25.4 26.6 25.6 25.5 24.8 26.6 28.4 102.7 105.4 25.2 -2%
Operating Expenses 16.5 16.3 16.6 17.0 18.5 17.5 18.2 19.0 66.4 73.2 18.4 -4%
Operating Profit 8.6 9.1 10.0 8.6 7.0 7.3 8.4 9.4 36.3 32.1 6.9 6%
    % Change (Y-o-Y) 32.7 24.5 30.2 -2.9 -18.2 -19.9 -15.6 9.4 19.7 -11.4 -24.4  
Provisions 3.7 6.2 11.9 7.9 4.4 5.0 4.7 4.4 28.7 18.6 4.4 14%
Profit before Tax 4.9 2.9 -1.9 0.8 2.6 2.3 3.7 5.0 7.6 13.6 2.5 -9%
Tax 1.2 0.7 -2.2 0.1 0.6 0.5 0.9 1.3 0.6 3.4 0.6 -21%
Net Profit 3.7 2.2 0.3 0.7 2.0 1.8 2.8 3.7 7.0 10.2 1.9 -5%
    % Change (Y-o-Y) 29.0 -24.3 -86.0 -80.5 -46.1 -19.8 752.5 433.2 -40.5 47.2 -15.4  
Operating Parameters                        
Deposit 1,013.5 1,079.6 1,067.5 1,109.4 1,127.3 1,166.7 1,218.2 1,273.6 1,109.4 1,273.6 1,156.3 
Loan 867.0 878.8 904.1 926.2 944.3 1,005.3 1,042.6 1,090.1 926.2 1,090.1 971.2 
Deposit Growth (%) 18.4 20.2 15.1 7.2 11.2 8.1 14.1 14.8 7.2 14.8 7.1 
Loan Growth (%) 18.6 15.1 13.1 10.3 8.9 14.4 15.3 17.7 10.3 17.7 10.5 
Asset Quality                        
Gross NPA (%) 2.7 2.9 2.9 2.6 2.8 2.3 2.4 2.4 2.6 2.4 2.8 
Net NPA (%) 0.7 0.8 0.5 0.3 0.5 0.6 0.6 0.6 0.3 0.6 0.5 
PCR (%) 73.1 73.0 82.2 89.0 84.0 75.9 75.6 75.3 89.0 75.3 82.1 
18 October 2025 2
RBL Bank
Quarterly snapshot
  FY25 FY26 Change (%)
INR b 1Q 2Q 3Q 4Q 1Q 2Q YoY QoQ
Profit and Loss                
Net Interest Income 17.0 16.1 15.9 15.6 14.8 15.5 -4 5
Other Income 8.1 9.3 10.7 10.0 10.7 9.3 1 -13
Total Income 25.1 25.4 26.6 25.6 25.5 24.8 -2 -3
Operating Expenses 16.5 16.3 16.6 17.0 18.5 17.5 8 -5
  -Employee 3.7 4.7 4.5 4.5 4.7 4.8 4 2
  -Others 12.8 11.7 12.1 12.5 13.7 12.7 9 -7
Operating Profits 8.6 9.1 10.0 8.6 7.0 7.3 -20 4
Core Operating Profits 8.2 8.1 7.9 8.3 4.3 7.2 -11 69
Provisions 3.7 6.2 11.9 7.9 4.4 5.0 -19 13
PBT 4.9 2.9 -1.9 0.8 2.6 2.3 -22 -12
Taxes 1.2 0.7 -2.2 0.1 0.6 0.5 -27 -17
PAT 3.7 2.2 0.3 0.7 2.0 1.8 -20 -11
Balance Sheet                
Loans 867 879 904 926 944 1,005 14 6
Deposits 1,014 1,080 1,068 1,109 1,127 1,167 8 3
CASA deposits 330 362 350 379 366 372 3 2
  -Savings 182 197 203 200 189 198 1 5
  -Demand 148 166 147 179 177 174 5 -2
Loan mix (%)                
Retail 62.0 62.3 61.1 60.1 60.0 59.8 -245 -15
  -Microfinance 8.4 7.9 7.2 6.2 5.8 5.9 -208 10
  -Cards 20.1 19.8 19.1 18.5 18.2 17.1 -273 -110
  -Business loans 9.4 10.1 10.9 12.1 12.3 13.4 336 108
C&IB 27.2 26.6 27.0 27.2 26.9 27.1 52 25
CB 10.8 11.1 11.9 12.7 13.2 13.0 193 -11
Asset Quality                
GNPA 23.8 25.8 27.0 24.7 26.9 23.8 -8 -11
NNPA 6.4 7.0 4.8 2.7 4.3 5.7 -18 33
Slippages 7.2 10.3 13.1 10.6 10.6 9.3 -10 -13
Asset Quality Ratios (%) 1Q 2Q 3Q 4Q 1Q 2Q YoY (bp) QoQ (bp)
GNPA 2.7 2.9 2.9 2.6 2.8 2.3 -56 -46
NNPA 0.7 0.8 0.5 0.3 0.5 0.6 -22 12
PCR (Calc) 73.1 73.0 82.2 89.0 84.0 75.9 295 -811
Slippage ratio 3.6 5.0 6.1 4.8 4.7 3.9 -107 -75
Business Ratios (%)                
Other income/Total Income 32.1 36.5 40.4 39.0 41.9 37.6 108 -438
CASA mix 32.6 33.6 32.8 34.1 32.5 31.9 -169 -62
Loan/Deposit 85.5 81.4 84.7 83.5 83.8 86.2 476 240
Cost / Assets (%) 5.2 4.9 5.0 4.8 5.2 4.7 -16 -48
Cost to Income 65.7 64.2 62.5 66.4 72.4 70.7 646 -177
Tax Rate 24.6 23.7 117.0 9.7 23.1 21.9 -174 -120
Capitalisation ratios (%)                
Tier-1 (incl profit) 13.9 14.2 13.7 14.1 14.1 13.5 -69 -54
  - CET 1 (incl profit) 13.9 14.2 13.7 14.1 14.1 13.5 -69 -54
CAR (incl profit) 15.6 15.9 15.4 15.5 15.6 15.0 -88 -57
Profitability Ratios                
Yield on loans 14.2 13.5 13.3 13.0 12.5 12.3 -128 -24
Yield on Funds 12.6 12.4 12.2 11.5 11.4 11.0 -134 -32
Cost of funds 6.6 6.6 6.6 6.6 6.6 6.2 -34 -32
Margins 5.7 5.0 4.9 4.9 4.5 4.5 -53 1
Other details                
Branches 545 550 558 561 562 564 14 2
Employees 13,353 14,777 14,715 412 14,186 13,962 -815 -224
Highlights from the management commentary
18 October 2025 3
RBL Bank
Opening remarks by the MD and CEO, Mr. R Subramaniakumar 
 Have been focusing on strengthening the balance sheet and optimising the retail
mix.
 Bank has a focus on moving towards the secured retail assets.
 MFI portfolio will return to the pre covid level soon.
 Retail secured assets have turned PBT positive now. Prime housing will be 
positive generative now.
Transaction of Emirates
 Emirates will invest 60% of the stake, at $3b money. This will also trigger open 
offer to acquire stake upto 26%.
 Emirates is the second most largest bank in the UAE.
 Emirates will bring capital and will provide access between India and UAE.
 This transaction will bring long term value to the shareholder and the 
customers.
 Net worth will be INR420b after the transaction.
 Open offer price is at a INR280. Open offer has just triggered due to the fund 
infusion.
 On paper the stake can go upto 86% (60% infusion+ 26% open offer), hence the 
open offer will be done at first and depending on how much is offered, it shall 
be scaled down to keep it at 75%. The deal will first issue an open offer first and 
then the pref issue will be called. 
 Open offer will be only happen after all the approval (GOI, RBI, CCI), post which 
the bank will have Open offer and post that there will be a pref issue after 15 
days.
Use of capital and other clarifications
 The bank of this capital will scale the existing business and secondly will open 
the new opportunity. This new business will be NR business, trade and NR 
transaction. Bank will also be able to do the corporate business, across the cross
border.
 The bank will not stop the looking for low cost deposits, there might be some 
retirement of the liabilities. But the core banking business will not be stopped 
due this.
 The WoS is working into the technology platform and hence would also be easy 
to integrate the RBL branches, few account are common between RBL and 
Emirates.
 RoA will materially expand given the large inflow of the equity. Give the strong 
expansion of RoA, the bank will be clawback to the respectable ROE as well.
 The bank will first think of the organic opportunity and will also look to inorganic
opportunity in the future too.
 The growth will be accelerated, the bank will also look at the inorganic 
acquisition going ahead.
 Bank has a greater aspiration of doing the business. The bank wanted to get on 
the larger league and capital was one of the important aspect. The deal makes 
closer 
 Approval – RBI, CCI and GOI approval is required. 12th of Nov, there will be a 
Shareholder approval.
 As per the transaction, the board seat share will be 50%. The emirates will have 
a 50% of seat share (except or the MD and ED).
 Senior management, will likely to be same. As per the agreement, the Emirates 
will have a board seat and will not have a management seat as per the deal.
18 October 2025 4
RBL Bank
 ENBD has global presence, where the RBL is absent. This provides the 
opportunity to expand. With the new synergy the bank will be able to open the 
NR account. EMBD is also dealing in the Indian geography abroad and also the 
corporate of UAE in India.
 Till the deal in consummated, the business is going to be as usual.
 The ENBD is focused on the growth capital as of now. 
Yields, costs, and margins
 Bank has seen yield on advances bottomed out, keeping repo cuts aside. The 
liability side has a more levers and hence the margins will expand from 3Q 
onwards. Bank is confident of improving margins from here onwards.
 Constraint on COF will fall away after this deal and the opportunity to grow 
improves
 Bank has a lever on the SA account, but the delta in the Cost of SA is going to 
recede from hereon.
 NIMs trajectory will see 10-15bp of improvement every quarter. The bank will 
see a 4.7-4.8% of exit NIMs in 4QFY26.
Deposits and advances
 Amid the risk, the unsecured business growth has been tapered down, the bank 
will now look at growing into this, amid easing of condition. Cards business will 
also look to grow from hereon given the ground situation is improving.
 The bank has launched the products, as the opportunity is large in the MSME 
segment. Bank will also scale the gold business. Bank will see corporate to grow 
at a large growth and will also look to explore the retail part of the business.
 Bank will be also growing in the credit cards as well as the MFI business. The 
entire secured business has been profitable in the PBT level.
 Retail assets – Tractor, AHL, secured business loans are good business. The 
strategy will be to create more business opportunity through distribution.
 Its early to talk about the business, and there will be enough time to 
communicate the investors.
 Credit market share can move from 0.5% to 1% in the coming years leveraging 
on the capital that has been brought in
Asset quality
 Write-off in the corporate of INR1.4b is a technical write-off and is already 100% 
provided, this is just a routine write-off which the bank has provided.
 Slippages have inched up in credit card, PL business. Card will take a couple of 
quarter to normalise and typical PL too will have a same kind of trend.
 JLG book – The bank had 365 days write-off policy. The write off in 2Q is what 
was there in the last year 3Q and this does not have to do with the any current 
trend.
 At industry level, the problem was the existing delinquent customers. The fresh 
indecent of default have already started to decline.
 Technically write-off – MFI gets write off in 365 days and cards get written off in 
120 days.
 MFI written off pool is at 15b pool, the recovery ranges at 0.6-0.7% per month 
and the banks is trying to improve this to 0.9-1% going ahead.
ECL related
 ECL - Transition will be 6-8% of the net worth. Bank doesn’t see much impact 
except of the wholesale book, standard provision of 40bp currently can go up to 
60-65bp. 
 ECL - Stage 1 provision will come in for MFI and CC which will be similar of 
NBFCs – there will be some release which we can see on secured business. So 
18 October 2025 5
RBL Bank
the increase shall primarily be from the stage 1 and 2 in the unsecured 
businesses.  There will be release in provision in the secured side of the business
due to the ECL transition.
Others
 Bank holds 5% in Utkarsh SFB Holdco – due to ECL, holdco reported a decline in 
networth and that was the reason of 44cr of one off loss. Do not expect that to 
recur. 
18 October 2025 6
RBL Bank
Story in charts
Exhibit 1: Loans/Deposits grew 14.4%/8.1% YoY Exhibit 2: The mix of retail stood at 60% 
Net advances (YoY growth, %) Wholesale business Retail Business
D2e1p.9osits (YoY growth, %)
20.2
18.4
15.1
13.1 13.5 54 56
11.2 58 58 59 62 62 61 60 60 60
8.1 7.2 8.1
46 44 42 42 41 38 38 39 40 40 40
Exhibit 3: Mkt share in cards/spending stood at 4.0%/3.7% Exhibit 4: NIM expanded 1bp QoQ to 4.51%
Market share- Cards Market share- Spends   
NIM (%) COD (%)
6.6
6.3 6.4
6.5 6.5 6.5 6.5
6.3
6.1 6.1 7.00
5.53 5.54 5.52 5.675.45
6.00
5.04 4.90 4.89
4.50 4.51
5.00
4.00
Exhibit 5: C/I ratio moderated to 70.7%; Cost/Asset at 4.7% Exhibit 6: C/D ratio increased to 86.2% in 2QFY26
    
Cost to income (%) Cost to asset (%) CD ratio (%) LCR (%)
151.6
141.7 140.0
128.6 132.0 137.2
142.9
129.0 132.5
5.2 5.0 5.3 5.0 5.2 5.2
11.0
4.9 5.0 4.8 10.0
9.0 4.7
8.0
7.0
6.0 85.3 85.0 86.2 81.2 85.5 81.4 84.7 83.5 83.8 86.2
5.0
4.0
3.0
2.0
1.0
1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0
Exhibit 7: Credit cost annualized (calc) stood at 2.1% Exhibit 8: GNPA ratio improved 46bp QoQ to 2.32%
Slippages (calc,%) Credit cost (calc,%) GNPA (%) NNPA (%) PCR (%)
89.0
6.1 82.2 84.0
5.6
5.0 75.6 75.14.8 72.7 73.1 73.0
75.9
4.7 69.6
3.3 3.7 3.6 3.5 3.6 3.6
3.9
3.1 3.0
2.5 2.1 2.1
1.6 1.8 2.0
Source: MOFSL, Company Source: MOFSL, Company
18 October 2025 7
1QFY24 4QFY23
5.2%
Aug'23 1QFY24 17.7
2QFY24 1QFY24 4.3%
5.2%
Nov'23 2QFY24 18.12QFY24
3QFY24 4.3%
5.1% 3QFY24 16.9
3QFY24 Mar'24
4QFY24 4.8%
5.1% 4QFY24 19.6
4QFY24 May'24
1QFY25 4.5%
1QFY25 5.0%
1QFY25 18.6
Aug'24
2QFY25 4.3%
4.8% 2QFY25 15.12QFY25 Nov'24
3QFY25 4.0%
3QFY25 13.1
3QFY25 4.4%Feb'25
4QFY25 3.9% 4QFY25 10.3
4QFY25 4.3%
May'25
1QFY26 3.9% 1QFY26 8.9
1QFY26 4.0%
Aug'25
3.7%
2QFY26 2QFY26 14.4
2QFY26
1QFY24 1QFY24
1QFY24 3.2 4QFY23
1.0
2QFY24 2QFY24
2QFY24 3.1
1QFY24
0.8
3QFY24 3QFY24 2QFY24
3QFY24 3.1
0.8
3QFY24
4QFY24 4QFY24
4QFY24 2.7
0.7 4QFY24
1QFY25 2.7 1QFY25 1QFY25
0.7 1QFY25
2.9
2QFY25
0.8 2QFY25 2QFY25 2QFY25
2.9
3QFY25 3QFY25
0.5 3QFY25 3QFY25
2.6
4QFY25 4QFY25
0.3 4QFY25 4QFY25
2.8 1QFY26
1QFY26
0.5
1QFY26 1QFY26 2QFY26
2.3
2QFY26
0.6
2QFY26 2QFY26
RBL Bank
Valuation and view
 RBK reported slight  earnings  miss  due to higher  provisions  and  lower  other
income even as margins expanded by 1bp QoQ. 
 Business  growth  was  steady  with  advances  growing  6.5%  QoQ  and  bank  is
looking to grow unsecured business going forward amid easing macro stress. In
addition, the comfortable CD ratio will further support credit growth. 
 GNPA ratio improved whereas NNPA ratio deteriorated. Slippages moderated
but continued to remain at elevated levels. 
 Emirates will invest $3b money for a 60% stake in RBL Bank, triggering an open
offer to acquire up to 26%, enabling RBL to scale operations and expand into
cross-border and NR business. The deal, subject to regulatory and shareholder
approvals, brings strategic capital and global synergy without changing senior
management. 
 Given the fund infusion from Emirates NBD expected in 1QFY27E, we increase
our earnings  estimate by 19%/17% for  FY27/28E respectively.  We estimate
FY27/28E RoA of 1.2% / 1.4% respectively. Reiterate Buy with a TP of INR350
(premised on 1.3x FY27E BV).
Exhibit 9: Changes to our estimates
INRb Old estimates Revised estimates Change (%/bps)
  FY26 FY27 FY28 FY26 FY27 FY28 FY26 FY27 FY28
Net Interest 
63.8 79.1 94.3 64.7 88.8 109.2 1.3 12.2 15.8
Income
Other Income 42.4 48.8 57.1 40.7 48.1 57.2 -4.0 -1.5 0.2
Total Income 106.3 127.9 151.4 105.4 136.9 166.4 -0.8 7.0 9.9
Operating Expenses 74.2 83.7 94.6 73.2 86.0 101.1 -1.3 2.8 6.9
Operating Profits 32.0 44.3 56.9 32.1 50.8 65.4 0.3 14.9 14.9
Provisions 18.1 19.1 21.5 18.6 20.8 23.9 2.5 8.8 11.1
PBT 13.9 25.2 35.4 13.6 30.1 41.5 -2.5 19.5 17.2
Tax 3.4 6.2 8.7 3.4 7.4 10.2 -2.5 19.5 17.2
PAT 10.5 19.0 26.7 10.2 22.7 31.3 -2.5 19.5 17.2
Loans 1,051 1,213 1,413 1,090 1,293 1,532 3.7 6.6 8.4
Deposits 1,251 1,425 1,635 1,274 1,414 1,589 1.8 -0.8 -2.8
Margins (%) 4.39 4.81 4.98 4.39 4.93 5.09 0 12 10
Credit Cost (%) 1.80 1.65 1.60 1.80 1.70 1.65 0 5 5
RoA (%) 0.68 1.09 1.33 0.65 1.19 1.38 -2 11 5
RoE (%) 6.6 11.4 14.7 6.5 7.5 6.9 -16 -386 -777
EPS 17.3 31.3 43.9 16.8 14.5 20.0 -2.5 -53.7 -54.5
BV 265.1 285.4 313.9 264.9 283.5 296.5 -0.1 -0.7 -5.6
ABV 256.3 274.9 300.4 257.3 280.0 292.5 0.4 1.8 -2.6
                                                                                                                               Source: Company, MOFSL
18 October 2025 8
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Exhibit 10: One-year forward P/E ratio Exhibit 11: One-year forward P/B ratio
P/E (x) Avg (x) Max (x) P/B (x) Avg (x) Max (x)
82 4
70.8 3.5
62 3 2.5
40.1
42 2 1.5
24.8 1.01
22 191 15..5
.49
3 0
0..45
2 0
Source: MOFSL, Company Source: MOFSL, Company
Exhibit 12: DuPont analysis – Fund infusion by emirates to aid RoA in FY27/28E
Y/E MARCH FY23 FY24 FY25 FY26E FY27E FY28E
Interest Income 8.71 9.75 9.85 9.40 9.46 9.23
Interest Expense 4.21 5.00 5.31 5.28 4.79 4.39
Net Interest Income 4.50 4.75 4.53 4.12 4.67 4.83
Fee income 2.13 2.29 2.43 2.33 2.26 2.27
Trading and others 0.11 0.11 0.24 0.26 0.26 0.26
Non Interest income 2.24 2.39 2.67 2.60 2.53 2.53
Total Income 6.74 7.15 7.20 6.72 7.19 7.36
Operating Expenses 4.76 4.76 4.66 4.67 4.52 4.47
  -Employee cost 1.21 1.17 1.22 1.23 1.17 1.15
  -Others 3.55 3.59 3.44 3.44 3.35 3.32
Operating Profit 1.98 2.38 2.54 2.05 2.67 2.89
Core Operating Profit 1.87 2.28 2.30 1.79 2.41 2.63
Provisions 0.92 1.39 2.01 1.18 1.09 1.06
PBT 1.06 0.99 0.53 0.87 1.58 1.83
Tax 0.27 0.07 0.04 0.21 0.39 0.45
RoA 0.79 0.92 0.49 0.65 1.19 1.38
Leverage (x) 8.5 9.0 9.4 9.9 6.3 5.0
RoE 6.7 8.2 4.6 6.5 7.5 6.9
 Source: Company, MOFSL
18 October 2025 9
Sep-15
Ma
Sep-16
Ma
Sep-17
Ma
Sep-18
Ma
Sep-19
Ma
Sep-20
Ma
Sep-21
Ma
Sep-22
Ma
Sep-23
Ma
Sep-24
Ma
Sep-25
Sep-15
Ma
Sep-16
Ma
Sep-17
Ma
Sep-18
Ma
Sep-19
Ma
Sep-20
Ma
Sep-21
Ma
Sep-22
Ma
Sep-23
Ma
Sep-24
Ma
Sep-25
RBL Bank
Financials and valuations
Income Statement (INR b)
Y/E March FY23 FY24 FY25 FY26E FY27E FY28E
Interest Income 96.8 123.9 140.4 147.5 180.0 208.6
Interest Expense 46.8 63.5 75.8 82.8 91.2 99.4
Net Interest Income 50.0 60.4 64.6 64.7 88.8 109.2
  -growth (%) 24.1 20.9 7.0 0.0 37.4 23.0
Non Interest Income 24.9 30.4 38.1 40.7 48.1 57.2
Total Income 74.9 90.9 102.7 105.4 136.9 166.4
  -growth (%) 17.6 21.3 13.0 2.6 29.9 21.6
Operating Expenses 52.9 60.6 66.4 73.2 86.0 101.1
Pre Provision Profits 22.0 30.3 36.3 32.1 50.8 65.4
  -growth (%) -19.8 37.6 19.7 -11.4 58.1 28.6
Core PPoP 20.8 29.0 32.8 28.0 45.9 59.4
  -growth (%) -16.7 39.2 13.4 -14.7 63.7 29.5
Provisions 10.2 17.7 28.7 18.6 20.8 23.9
PBT 11.8 12.6 7.6 13.6 30.1 41.5
Tax 3.0 0.9 0.6 3.4 7.4 10.2
Tax Rate (%) 25.2 7.3 8.2 24.7 24.5 24.5
PAT 8.83 11.7 7.0 10.2 22.7 31.3
  -growth (%) -1,281.2 32.3 -40.5 47.2 121.9 37.9
   
Balance Sheet  
Y/E March FY23 FY24 FY25 FY26E FY27E FY28E
Equity Share Capital 6.0 6.1 6.1 6.1 15.7 15.7
Reserves & Surplus 129.8 141.9 148.3 154.9 428.6 448.9
Net Worth 135.8 148.0 154.4 161.0 444.3 464.6
Deposits 848.9 1,034.9 1,109.4 1,273.6 1,413.7 1,589.0
  -growth (%) 7.4 21.9 7.2 14.8 11.0 12.4
   - CASA Dep 317.2 364.5 378.9 406.3 487.7 570.5
  -growth (%) 13.8 14.9 3.9 7.2 20.0 17.0
Borrowings 133.3 141.8 137.3 159.1 186.6 221.8
Other Liabilities & Prov. 40.8 59.6 64.4 76.0 92.0 111.3
Total Liabilities 1,158.8 1,384.3 1,465.6 1,669.7 2,136.6 2,386.7
Cash & Balances with RBI 62.4 120.7 109.6 94.6 107.2 119.5
Investments 288.8 295.7 321.6 361.8 597.0 585.1
  -growth (%) 29.6 2.4 8.8 12.5 65.0 -2.0
Loans 702.1 839.9 926.2 1,090.1 1,292.9 1,532.1
  -growth (%) 17.0 19.6 10.3 17.7 18.6 18.5
Fixed Assets 5.7 5.3 5.8 6.4 7.3 8.4
Other Assets 77.0 99.2 88.1 89.6 95.4 109.1
Total Assets 1,158.8 1,384.3 1,467.2 1,669.7 2,136.6 2,386.7
   
Asset Quality  
GNPA (INR b) 24.2 22.7 24.7 26.6 32.2 35.9
NNPA (INR b) 7.7 6.2 2.7 6.6 7.9 9.0
Slippages (INR b) 27.5 24.4 41.1 35.2 34.9 37.5
GNPA Ratio 3.37 2.7 2.6 2.4 2.4 2.3
NNPA Ratio 1.10 0.7 0.3 0.6 0.6 0.6
Slippage Ratio 4.59 3.5 4.9 3.8 3.2 2.9
Credit Cost 1.57 2.3 3.2 1.8 1.7 1.7
PCR (Excl Tech. write off) 68.1 72.7 89.0 75.3 75.4 74.8
E: MOSL Estimates  
18 October 2025 10
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 Financials and valuations
Ratios  
Y/E March FY23 FY24 FY25 FY26E FY27E FY28E
Yield and Cost Ratios (%)            
Avg. Yield-Earning Assets 9.4 10.5 10.6 10.0 10.0 9.7
Avg. Yield on loans 11.8 12.9 12.7 11.8 11.9 11.6
Avg. Yield on Investments 6.4 7.0 7.0 6.7 6.7 6.6
Avg. Cost-Int. Bear. Liab. 5.0 5.9 6.3 6.2 6.0 5.8
Avg. Cost of Deposits 4.9 5.7 6.1 6.1 5.9 5.7
Interest Spread 4.4 4.7 4.4 3.8 4.0 3.9
Net Interest Margin 4.8 5.1 4.9 4.4 4.9 5.1
   
Capitalization Ratios (%)            
CAR 16.9 16.2 15.5 14.8 30.6 28.8
Tier I 15.3 14.4 14.1 13.1 29.1 27.4
  -CET-1 15.3 14.4 14.1 13.1 29.1 27.4
Tier II 1.6 1.8 1.5 1.7 1.5 1.4
   
Business Ratios  (%)            
Loans/Deposit Ratio 82.7 81.2 83.5 85.6 91.5 96.4
CASA Ratio 37.4 35.2 34.1 31.9 34.5 35.9
Cost/Assets 4.6 4.4 4.5 4.4 4.0 4.2
Cost/Total Income 70.6 66.6 64.7 69.5 62.9 60.7
Int. Expense/Int.Income 48.3 51.2 54.0 56.2 50.7 47.6
Fee Income/Net Income 28.0 29.1 30.3 30.6 27.8 27.3
Non Int. Inc./Net Income 33.2 33.5 37.1 38.6 35.1 34.4
Empl. Cost/Total opex 25.4 24.6 26.1 26.3 26.0 25.6
       
Efficiency Ratios  (INRm)            
Employee per branch (in nos) 21.3 22.9 25.4 28.6 32.2 36.2
Staff cost per employee 1.2 1.2 1.2 1.2 1.1 1.1
CASA per branch 613.5 668.8 675.3 696.4 803.8 904.0
Deposits per branch 1,641.9 1,899.0 1,977.6 2,183.0 2,329.9 2,518.1
Business per Employee 140.6 150.3 142.7 141.6 138.6 136.6
Profit per Employee 0.8 0.9 0.5 0.6 1.2 1.4
         
Profitability & Valuation Ratios  
RoE 6.7 8.2 4.6 6.5 7.5 6.9
RoA 0.8 0.9 0.5 0.7 1.2 1.4
RoRWA 1.1 1.3 0.7 0.9 1.7 2.0
Book Value (INR) 226 245 254 265 284 296
  -growth (%) 7.6 8.0 3.9 4.3 7.0 4.6
Price-BV (x) 1.3 1.2 1.2 1.1 1.1 1.0
Adjusted BV (INR) 215 235 248 257 280 292
Price-ABV (x) 1.4 1.3 1.2 1.2 1.1 1.0
EPS (INR) 14.7 19.3 11.4 16.8 14.5 20.0
  -growth (%) -1,281.0 31.1 -40.7 47.2 -13.9 37.9
Price-Earnings (x) 20.4 15.5 26.2 17.8 20.7 15.0
Dividend Per Share (INR) 0.0 1.5 1.5 5.1 4.3 6.0
Dividend Yield (%) 0.0 0.5 0.5 1.7 1.4 2.0
E: MOSL Estimates          
18 October 2025 11
RBL Bank
Investment in securities market are subject to market risks. Read all the related documents carefully before investing
Explanation of Investment Rating
Investment Rating Expected return (over 12-month)
BUY >=15%
SELL < - 10%
NEUTRAL < - 10 % to 15%
UNDER REVIEW Rating may undergo a change
NOT RATED We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall be within following 30 days take 
appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd.  (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations, is engaged in
the business of providing Stock broking services, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect of which are available on
www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National 
Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for 
its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of 
Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products. Details of 
associate entities of Motilal Oswal Financial Services Limited are available on the website at http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and buy or sell the securities or
derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial 
instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and 
other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are 
completely independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that MOFSL 
may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage 
service transactions. Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at  
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
A graph of daily closing prices of securities is available at www.nseindia.com,  www.bseindia.com  . Research Analyst views on Subject Company may vary based on Fundamental research and Technical 
Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity and therefore it can 
have an independent view with regards to Subject Company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary 
to law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong: 
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures 
Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg.
No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for distribution only to 
“Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged only with
professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian 
Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the 
United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and 
under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOFSL, including the products and 
services described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act 
and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any 
investment or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption 
from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission 
("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities 
International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer,
MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research 
analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets (Singapore) Pte. Ltd. (“MOCMSPL”) (UEN 201129401Z), which is a holder of a capital markets services license and an exempt 
financial adviser in Singapore.This report is distributed solely to persons who (a) qualify as “institutional investors” as defined in section 4A(1)(c) of the Securities and Futures Act of Singapore (“SFA”) or (b) 
are considered "accredited investors" as defined in section 2(1) of the Financial Advisers Regulations of Singapore read with section 4A(1)(a)  of the SFA. Accordingly, if a recipient is neither an “institutional 
investor” nor an “accredited investor”, they must immediately discontinue any use of this Report and inform MOCMSPL .
In respect of any matter arising from or in connection with the research you could contact the following representatives of MOCMSPL. In case of grievances for any of the services rendered by MOCMSPL 
write to [email protected].
Nainesh Rajani
Email: [email protected]
Contact: (+65) 8328 0276
 .
Specific Disclosures
1    MOFSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2    MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3    MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4    MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5    Research Analyst has not served as director/officer/employee in the subject company
6    MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7    MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8    MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9    MOFSL has not received any compensation or other benefits from third party in connection with the research report
10    MOFSL has not engaged in market making activity for the subject company
********************************************************************************************************************************
The associates of MOFSL may have:
- financial interest in the subject company
18 October 2025 12
RBL Bank
- actual/beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of 
the Research Report or date of the public appearance.
- received compensation/other benefits from the subject company in the past 12 months
- any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall 
have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of 
MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report. 
- acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
- be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial 
instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) 
- received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from 
other than said services.
- Served subject company as its clients during twelve months preceding the date of distribution of the research report.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts
which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, 
or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report. 
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any 
way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of MOFSL. The report is based on the facts, figures 
and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources 
believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All 
such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or 
subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not 
treat recipients as customers by virtue of their receiving this report.
Disclaimer: 
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to 
any other person or to the media or reproduced in any form, without prior written consent.  This report and information herein is solely for informational purpose and may not be used or considered as an 
offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation 
that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make 
their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment 
by any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in 
this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not 
be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade securities - involve substantial risk and are not 
suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or faINRess of the information and opinions contained in this document. The 
Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This 
information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior 
approval. MOFSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities 
mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each 
of these entities functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of 
information that is already available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all 
the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published,
copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or 
other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOFSL to any registration or licensing requirement within such 
jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to 
inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or 
consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. The person accessing this information specifically agrees to exempt MOFSL or any of 
its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such misuse and further 
agrees to hold MOFSL or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and 
delays.
This report is meant for the clients of Motilal Oswal only.
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.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 - 71934200 / 71934263; www.motilaloswal.com. 
Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 71881000. Details of Compliance Officer: Neeraj Agarwal, 
Email Id: [email protected], Contact No.:022-40548085.
Grievance Redressal Cell:
Contact Person Contact No. Email ID
Ms. Hemangi Date 022 40548000 / 022 67490600 [email protected]
Ms. Kumud Upadhyay 022 40548082 [email protected]
Mr. Ajay Menon 022 40548083 [email protected]
Registration details of group entities.: Motilal Oswal Financial Services Ltd.  (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI:
ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal Oswal Financial Services Ltd.  is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products.
Customer having any query/feedback/ clarification may write to [email protected]. In case of grievances for any of the services rendered by Motilal Oswal Financial Services Limited (MOFSL) write to
[email protected], for DP to [email protected].
18 October 2025 13