DCBBANK
Micro CapDCB Bank Limited
Financial Services
DCB Bank is a new generation private sector bank with a PAN India presence, focusing on self-employed segments. It specializes in granular secured small ticket lending across mortgages, MSME/SME, educational institutional loans, agri, and gold loans, with a diversified portfolio and expanding branch network.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 45/100Rev +9% YoY · PAT +16% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,907 Cr | +9.5% | +2.5% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹206 Cr | +16.4% | +11.3% |
| PAT margin | 10.8% | +64 bps | +86 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
DCB Bank reports robust Q4 FY26 performance with PAT up 16.14% YoY to INR 206 crores, driven by strong advances and deposit growth. Asset quality improved significantly, with GNPA at 2.45% and NNPA at 0.89%.
DCB Bank's Q4 FY26 results show healthy growth in advances and deposits, coupled with notable improvement in asset quality metrics. While NIM saw a sequential uptick, the decline in CASA ratio and high cost-to-income ratio warrant close monitoring. Management's ambitious balance sheet doubling target and ROA/ROE goals will be key to watch.
Advances by Product Mix (as on 31-Mar-26)
Latest issuer-disclosed distribution across 9 reported categories.
Retail Mortgages
Retail Mortgages grew +8% YoY and are expected to lead growth.
Co-lending
Co-lending grew +25% YoY and is expected to lead growth.
Agri & Inclusive Banking (AIB)
AIB grew +19% YoY and is expected to lead growth.
Gold Loan
Gold Loans grew +56.7% YoY and are expected to lead growth.
Branch Network Expansion
The bank expanded its branch network to 480 branches as of March 31, 2026, up from 469 in December 2025.
Diversified Advances Portfolio
Management highlights a diversified advances portfolio as a factor for robust yields and healthy NIMs.
Digital Initiatives
Ongoing investments in digital agenda to improve frontline and customer experience, including new credit cards and UPI enhancements.
CASA Ratio Decline
CASA ratio declined to 22.38% in Q4 FY26 from 24.52% in Q4 FY25, indicating a shift in funding mix.
Cost to Income Ratio
Cost to Income ratio was 60.53% in Q4 FY26, with a target to bring it to 60% or below in the near term.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are crucial for a financial services company. YoY provides insight into overall growth and seasonal trends, while QoQ highlights sequential momentum, asset quality changes, and operational efficiency improvements.
Advances Growth
Advances grew +17.58% YoY to INR 60,022 crores in Q4 FY26. Sequentially, advances increased +6.0% QoQ.
Deposits Growth
Deposits grew +20.91% YoY to INR 72,583 crores in Q4 FY26. Top 20 depositors contribute 6.55% of total deposits.
Net Interest Margin (NIM)
NIM for Q4 FY26 was 3.39%, up from 3.27% in Q3 FY26 and 3.29% in Q4 FY25. Management targets business model NIMs of 350-365 bps.
Gross NPA (GNPA)
GNPA improved to 2.45% in Q4 FY26 from 2.72% in Q3 FY26 and 2.99% in Q4 FY25.
Balance Sheet Growth Target
Management aims to double the Balance Sheet size every three to four years.
Return on Assets (ROA) Target
Management targets ROA of 1% or above in the near term.
Return on Equity (ROE) Targets
Management targets ROE of 13.5% for FY26-27 and 14.5% for FY27-28.
Asset Quality Targets
Management targets GNPA below 2.50% and NNPA of 1.00%.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Balance Sheet Size | INR 88,069 crores (Q4 FY26) | Progress towards doubling the balance sheet size in 3-4 years. |
| Return on Assets (ROA) | 0.97% (Q4 FY26) | Achievement of the near-term target of 1% or above. |
| CASA Ratio | 22.38% (Q4 FY26) | Stabilization or improvement in CASA ratio to support lower cost of funds. |
| Cost to Income Ratio | 60.53% (Q4 FY26) | Reduction towards the target of 60% or below. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55Neutrallabel neutral
Technical chart
DCBBANKdaily · 3Y+5.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 48. Wait for confirmation.
- SMA20 falling (~5.3% over last month) — short-term momentum negative.
- RSI(14) at 48 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 14% off 52W high · 12% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 79.6%.
- Fair-value margin of safety is positive at 76.3%.
- Valuation contributes 28/30 to the score.
Main drags
- Altman Z is 1.7, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 4/15; verify the latest quarterly trend.
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 70th percentile of the scored universe and 85th percentile within Financial Services. Main check: financial discipline is weak at 56/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.68.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 85th pctile, median 62 · Micro: 56th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 1.5%.
- ▸FCF yield is 77.1%.
- ▸6 years of positive FCF.
Trust risks
- ▸Altman Z is 1.68.
- ▸Promoter holding is only 16.2%.
- ▸ROCE is low at 7.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 7.72
- P/B
- 0.86
- EV/EBITDA
- —
- Market Cap
- 5649.00Cr
Profitability
- ROE
- 12.00%
- ROCE
- 7.40%
- ROA
- 0.83%
- Dividend Y
- 0.77%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 16.00%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- —
- Altman Z
- 1.68
- Book Value
- 203.00
Cash Flow
- FCF Yield
- 79.64%
- FCF Positive Y
- 6/5
- OCF
- 6640.00 Cr
- EPS TTM
- 22.73
Shareholding
- Promoter Hold
- 16.23%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 64%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.