RBL Bank Limited (RBLBANK.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-7.6%

₹324.76

vs ₹351.40 price

Levered DCF

₹90.53

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.43

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	20.21×	14.92×	11.83×	9.2×	-47×	21.29×	12.27×	33.57×
P/B	1.06×	0.68×	1×	0.63×	0.62×	0.89×	0.58×	3.82×
P/S	0.96×	0.6×	0.97×	0.7×	0.72×	1.07×	0.57×	3.74×
EV / EBITDA	8.49×	12.74×	17.17×	16.53×	-515.48×	23.09×	20.98×	34.62×
Gross margin	44.6%	57.9%	58.6%	61.4%	61.6%	57.0%	54.4%	51.1%
Operating margin	6.0%	3.9%	8.8%	10.1%	-1.9%	5.0%	4.7%	11.2%
Net margin	4.8%	4.0%	8.2%	7.6%	-1.5%	5.0%	4.7%	11.2%
Current ratio	0×	0.11×	0.49×	0.08×	14.23×	9.84×	3.91×	133.9×
Debt / equity	1×	0.88×	1.8×	1.76×	1.86×	1.45×	1.54×	1.6×
Interest coverage	0.14×	0.09×	0.21×	0.26×	-0.05×	0.12×	0.1×	0.23×
Dividend yield	0.3%	0.9%	0.6%	0.0%	0.0%	0.0%	3.8%	0.4%
Payout ratio	7.0%	12.7%	7.1%	0.0%	0.0%	0.0%	46.2%	12.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.3%	4.6%	8.5%	6.8%	-1.3%	4.2%	4.7%	11.4%
Return on invested capital	0.5%	1.9%	1.2%	-3.1%	-3.1%	6.5%	12.3%	0.5%
Return on assets	0.5%	0.5%	0.9%	0.8%	-0.2%	0.5%	0.6%	1.1%
Free cash flow yield	20.9%	-10.4%	19.0%	-133.3%	79.2%	66.1%	-88.0%	-0.4%
Earnings yield	4.9%	6.7%	8.5%	10.9%	-2.1%	4.7%	8.1%	3.0%
Enterprise value	₹114.9B	₹118.7B	₹271.9B	₹237.1B	₹135.8B	₹161.4B	₹135.5B	₹341.7B
Net debt / EBITDA	-4.63×	1.25×	7.76×	10.63×	-219.39×	6.97×	11.48×	5.45×
Cash conversion cycle (days)	0	35	-869	-912	-1,576	22	-4,578	47