DCB Bank reported a resilient quarter with ROE improving to 13.53% the highest in 11 years while core fee income hit a record Rs 198 cr in Q4. NIM stood at 3.39%, aided by a product mix shift as lower-yielding co-lending declined. Credit cost came in at 40 bps for FY26, beating guidance of 45 bps. Cost-to-income improved 300 bps YoY. Balance sheet doubled from Rs 29,800 cr in March 2022 to Rs 60,000 cr a consistent four-year doubling cycle. We largely maintain estimates. We maintain our rating to BUY with target price of Rs 224 valuing the bank at 0.9x FY28E P/ABV....