Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Event-Driven

<ul>
<li>Foreign capital is shifting from portfolio exposure to strategic control.</li>
<li>Equity infusion, stronger ratings and promoter backstop reduce refinancing risk and can compress wholesale borrowing spreads.</li>
<li>Once capital and liabilities are stabilised, underwriting, product mix and governance determine whether lower credit costs are sustainable.</li>
</ul>


Foreign capital is shifting from portfolio exposure to strategic control.
Equity infusion, stronger ratings and promoter backstop reduce refinancing risk and can compress wholesale borrowing spreads.
Once capital and liabilities are stabilised, underwriting, product mix and governance determine whether lower credit costs are sustainable.


Why Foreign Strategic Inflows Can Reprice Indian Banks and NBFCs?

<ul>
<li>At $3 bn, RBL-Emirates NBD deal is one of the largest deal after liberalisation of bank ownership rules that shifted from a rigid 10% single-investor cap to flexible 74% ceiling. </li>
<li>India's Finance Ministry cleared Emirates NBD's up-to-74% stake in RBL Bank on 14 May 2026, days after RBI approved governance changes. Final RBI closing nod is the only remaining gate.</li>
<li>Now this will set the door for more banks and might trigger change in pubic sector banks as well.</li>
</ul>


At $3 bn, RBL-Emirates NBD deal is one of the largest deal after liberalisation of bank ownership rules that shifted from a rigid 10% single-investor cap to flexible 74% ceiling. 
India's Finance Ministry cleared Emirates NBD's up-to-74% stake in RBL Bank on 14 May 2026, days after RBI approved governance changes. Final RBI closing nod is the only remaining gate.
Now this will set the door for more banks and might trigger change in pubic sector banks as well.


When India Opened Its Door for FDI in Banks: RBL X Emirates NBD Deal Analysis

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Equity Bottom-Up

<ul>
<li>Emirates NBD to invest USD3 billion for a controlling stake of up to 74% in RBL Bank through a mix of preferential issue and open offer.</li>
<li>The deal boosts RBL’s capital strength, global linkages, and business mix amid ongoing margin and asset-quality challenges.</li>
<li>Short-Term earnings may stay uneven, but the investment sets up a long-term re-rating opportunity dependent on execution, regulation, and credit control.</li>
</ul>


Emirates NBD to invest USD3 billion for a controlling stake of up to 74% in RBL Bank through a mix of preferential issue and open offer.
The deal boosts RBL’s capital strength, global linkages, and business mix amid ongoing margin and asset-quality challenges.
Short-Term earnings may stay uneven, but the investment sets up a long-term re-rating opportunity dependent on execution, regulation, and credit control.


Emirates NBD’s Entry Redefines RBL Bank’s Growth Trajectory

External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

International Securities’ equity research analysis and advisory have been a vital source of market intelligence for our distinguished clients over the years. The equity research team’s main objective is to cover listed equities and to provide thoughtful, insightful, differentiated and timely research that can help clients make informed decisions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Emirates NBD Bank PJSC / Equity Bottom-Up

<ul><li>Shareholders profit down 7.3% YoY to AED6.2bn (+56% QoQ; +16.1% vs estimates)</li><li>Net interest income up 14.1% YoY to AED8.5bn (-1.3% QoQ; -1.6% vs estimate)</li><li>Non-interest income up 5.2% YoY to AED3.4mn (+27.1% QoQ, +24.4% vs estimates)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shareholders profit down 7.3% YoY to AED6.2bn (+56% QoQ; +16.1% vs estimates)Net interest income up 14.1% YoY to AED8.5bn (-1.3% QoQ; -1.6% vs estimate)Non-interest income up 5.2% YoY to AED3.4mn (+27.1% QoQ, +24.4% vs estimates)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Emirates NBD - 1Q25 Earnings Down 7.3% YoY (+56% QoQ)...

<ul><li>Shareholders profit flat YoY to AED3.98bn (-23.8% QoQ; -11.1% vs estimates)</li><li>Net interest income up 9.6% YoY to AED8.56bn (+1% QoQ; +4.5% vs estimate)</li><li>Non-interest income up 7.8% YoY to AED2.69mn (-10.9% QoQ, -11.6% vs estimates)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shareholders profit flat YoY to AED3.98bn (-23.8% QoQ; -11.1% vs estimates)Net interest income up 9.6% YoY to AED8.56bn (+1% QoQ; +4.5% vs estimate)Non-interest income up 7.8% YoY to AED2.69mn (-10.9% QoQ, -11.6% vs estimates)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Emirates NBD - 4Q24 Earnings Flat YoY (-23.8% QoQ), Lower than Our Estimates on Higher OPEX

United Arab Emirates

Emirates NBD PJSC conducts banking and financial service activities. The Bank's business segments include corporate and institutional, retail, and private banking. Emirates NBD also offers treasury services and Islamic banking products, with headquarters in Dubai, United Arab Emirates.

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Emirates NBD Bank PJSC (EMIRATES UH)

Why Foreign Strategic Inflows Can Reprice Indian Banks and NBFCs?

Foreign capital is moving towards strategic control, with equity infusion and stronger ratings reducing refinancing risk and potentially lowering...

Nimish Maheshwari

When India Opened Its Door for FDI in Banks: RBL X Emirates NBD Deal Analysis

$3 bn RBL-Emirates NBD deal marks a shift in India's bank ownership rules, with potential for more such deals and changes in public sector banks.

Nimish Maheshwari

Emirates NBD’s Entry Redefines RBL Bank’s Growth Trajectory

Emirates NBD to invest USD3 billion for a controlling stake in RBL Bank, boosting capital strength and global linkages with potential for long...

Sudarshan Bhandari

Emirates NBD - 1Q25 Earnings Down 7.3% YoY (+56% QoQ)...

Shareholders profit down 7.3% YoY to AED6.2bn (+56% QoQ; +16.1% vs estimates). Net interest income up 14.1% YoY to AED8.5bn (-1.3% QoQ; -1.6% vs...

International Securities

Emirates NBD - 4Q24 Earnings Flat YoY (-23.8% QoQ), Lower than Our Estimates on Higher OPEX

Shareholders profit flat YoY to AED3.98bn (-23.8% QoQ; -11.1% vs estimates). Net interest income up 9.6% YoY to AED8.56bn (+1% QoQ; +4.5% vs estimate)

International Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Why Foreign Strategic Inflows Can Reprice Indian Banks and NBFCs?

​Foreign capital is moving towards strategic control, with equity infusion and stronger ratings reducing refinancing risk and potentially lowering...

Nimish Maheshwari

When India Opened Its Door for FDI in Banks: RBL X Emirates NBD Deal Analysis

​$3 bn RBL-Emirates NBD deal marks a shift in India's bank ownership rules, with potential for more such deals and changes in public sector banks.

Nimish Maheshwari

Emirates NBD’s Entry Redefines RBL Bank’s Growth Trajectory

​Emirates NBD to invest USD3 billion for a controlling stake in RBL Bank, boosting capital strength and global linkages with potential for long...

Sudarshan Bhandari

Emirates NBD - 1Q25 Earnings Down 7.3% YoY (+56% QoQ)...

Shareholders profit down 7.3% YoY to AED6.2bn (+56% QoQ; +16.1% vs estimates). Net interest income up 14.1% YoY to AED8.5bn (-1.3% QoQ; -1.6% vs...

International Securities

Emirates NBD - 4Q24 Earnings Flat YoY (-23.8% QoQ), Lower than Our Estimates on Higher OPEX

Shareholders profit flat YoY to AED3.98bn (-23.8% QoQ; -11.1% vs estimates). Net interest income up 9.6% YoY to AED8.56bn (+1% QoQ; +4.5% vs estimate)

International Securities

Foreign capital is moving towards strategic control, with equity infusion and stronger ratings reducing refinancing risk and potentially lowering...

$3 bn RBL-Emirates NBD deal marks a shift in India's bank ownership rules, with potential for more such deals and changes in public sector banks.

Emirates NBD to invest USD3 billion for a controlling stake in RBL Bank, boosting capital strength and global linkages with potential for long...