CMA Rakesh Bhalla

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CMA Rakesh Bhalla is a finance professional and Fellow Member of the Institute of Cost Accountants of India (ICMAI), with more than 35 years of large corporate experience. He is the Managing Director and Chief Executive Officer of RBAC Advisory Consortium Pvt Ltd. and serves as an Independent Director at Rail Vikas Nigam Limited. He is also the Chairman of ASSOCHAM Chandigarh, State Convenor of the Professional Cell of BJP Chandigarh, a Member of the Advisory Council of Chandigarh (UT), and a Member of the Standing Committee on Transportation, Chandigarh (UT). He holds lifetime membership of the Independent Directors' Data Bank maintained by the Indian Institute of Corporate Affairs (IICA).

CMA Rakesh Bhalla was also a member of a business delegation that accompanied Prime Minister Narendra Modi to the BRICS Summit in Rio de Janeiro, Brazil, in 2025. His professional career has been recognized through multiple awards and honours, including national recognitions and an international award for his contribution and leadership in the corporate and finance sector.

His professional career includes extensive experience in finance, taxation, internal audit, accounts, information technology, procurement, vendor development, corporate risk management and strategic advisory. He previously served as CFO and Procurement Head of SML Isuzu Ltd. and has held professional leadership positions including Vice President of ICMAI and Member of the National Managing Committee of ASSOCHAM.

Early Life and Personal Challenges

CMA Rakesh Bhalla was born on 7 August 1962 in Charanalthal village, Patiala district. He was born into a modest low-middle-class family, where his father was the sole breadwinner supporting a family of six.

He completed his early education up to matriculation at Dakala village.

His early years were marked by significant personal challenges. He lost his mother before completing matriculation and his father before completing his B.Com degree. Despite these circumstances, he continued his education and worked while studying.

Education and Professional Qualification

Rakesh Bhalla completed his schooling up to matriculation at Government High School, Dakala village. He subsequently pursued commerce education and completed his Bachelor of Commerce (B.Com) degree.

He also obtained the ICWA qualification, presently known as the CMA qualification, and became a Fellow Member of the Institute of Cost Accountants of India.

While pursuing his professional education, he worked with the State Bank of India (SBI), balancing employment with his studies.

Career Evolution

After obtaining his professional qualification, Rakesh Bhalla transitioned from banking into the private sector. This decision began a professional journey spanning more than three and a half decades.

SML Isuzu Ltd.

Rakesh Bhalla spent more than 35 years with SML Isuzu Ltd., formerly known as Swaraj Mazda Limited. During his tenure, he worked across several functions including Internal Audit, Taxation, Finance and Accounts, Information Technology, Procurement and Vendor Development.

He headed the IT Department from 2007 to 2012. He subsequently led Procurement and Vendor Development from 2019 to 2025.

He served as Chief Financial Officer and Procurement Head of SML Isuzu Ltd. during 2021–25.

Chief Financial Officer and Chief Risk Officer

Rakesh Bhalla assumed the role of Chief Financial Officer of SML Isuzu in February 2021 during the COVID-19 pandemic.

According to the provided profile, during his leadership:

• Total income increased from ₹596.0 crores in FY 2020–21 to ₹2,405.1 crores in FY 2024–25.
• EBITDA margin improved from -10.7% to +10%, with Q1 FY 2025–26 stated at 12.6%.
• Profit increased from a loss of ₹133.4 crores in FY 2020–21 to ₹162.4 crores in FY 2024–25.
• The company's share price increased from ₹452 in March 2021 to more than ₹4,000 in July 2025, according to the provided information.
• Market capitalization increased from ₹654 crores to ₹5,788.65 crores, according to the provided information.
• The company declared a 180% dividend for FY 2024–25.

He also served as Chief Risk Officer alongside his CFO responsibilities.

From October 2025 until his formal superannuation in May 2026, he was involved in advisory functions as Advisor to the CEO, according to the provided profile.

Second Innings and Entrepreneurship

Following his corporate career, CMA Rakesh Bhalla established RBAC Advisory Consortium Pvt Ltd to provide single-window business solutions and strategic advisory services.

RBAC Advisory Consortium Pvt Ltd

CMA Rakesh Bhalla serves as Managing Director and Chief Executive Officer of RBAC Advisory Consortium Pvt Ltd.

The organisation focuses on business solutions, strategic advisory and professional expertise based on his experience in finance, corporate leadership, procurement, risk management and business management.

Independent Director, Rail Vikas Nigam Limited

CMA Rakesh Bhalla serves as an Independent Director at Rail Vikas Nigam Limited (RVNL).

RVNL is described in the provided profile as a Navratna public sector company with a turnover exceeding ₹20,000 crore.

His role as an Independent Director adds corporate governance and board-level responsibilities to his professional profile.

Independent Directors' Data Bank

CMA Rakesh Bhalla holds lifetime membership of the Independent Directors' Data Bank maintained by the Indian Institute of Corporate Affairs (IICA).

The registration number provided in his profile is IDDB-DI-202511-082505.

Current Professional and Public Assignments

CMA Rakesh Bhalla currently holds or is associated with several professional and public assignments.

• Managing Director & CEO, RBAC Advisory Consortium Pvt Ltd.
• Independent Director, Rail Vikas Nigam Limited.
• Chairman, ASSOCHAM Chandigarh.
• State Convenor, Professional Cell, BJP Chandigarh.
• Member, Advisory Council, Chandigarh (UT).
• Member, Standing Committee, Transportation, Chandigarh (UT).
• Qualified Independent Director with lifetime membership of the Independent Directors' Data Bank by IICA.

Professional Leadership Positions

CMA Rakesh Bhalla has held leadership positions in professional and industry organisations.

• Vice President (2022–23), Institute of Cost Accountants of India (ICMAI).
• CFO & Procurement Head, SML Isuzu Ltd. (2021–25).
• Member, National Managing Committee, ASSOCHAM.

He has also served as Chairman of the ASSOCHAM Chandigarh Council and has remained involved in professional and industry representation.

Professional and Public Service

CMA Rakesh Bhalla has maintained active involvement in professional and public institutions.

ASSOCHAM

He serves as Chairman of ASSOCHAM Chandigarh and is a Member of the National Managing Committee of ASSOCHAM.

Institute of Cost Accountants of India

He served as Vice President of ICMAI during 2022–23 and has also served as a Central Council Member.

Chandigarh Assignments

His Chandigarh-related assignments include:

• Chairman, ASSOCHAM Chandigarh.
• State Convenor, Professional Cell, BJP Chandigarh.
• Member, Advisory Council, Chandigarh (UT).
• Member, Standing Committee, Transportation, Chandigarh (UT).

Achievements and Honours

CMA Rakesh Bhalla was a member of a business delegation that accompanied Prime Minister Narendra Modi to the BRICS Summit in Rio de Janeiro, Brazil, in 2025.

Awards and Recognition

CMA Rakesh Bhalla has received multiple professional and industry recognitions, including national and international honours.

National Recognition

• CFO of the Year 2024–25 – Excellence in Turnaround, Confederation of Indian Industry (CII).
• Distinguished SCM & Outstanding CFO – IIMM 2024.
• CMA CFO Award 2024 – Outstanding Performer, ICMAI.
• India CFO Award 2024 – Best CFO in Manufacturing Automobile.
• CMA Achiever Award – ICMAI, 2016.

International Recognition

• Inspiring CFO 2025 – Indian Automotive Industry Global Excellence & Leadership Awards, Dubai.

Professional Expertise

CMA Rakesh Bhalla's professional experience includes:

• Corporate Finance
• Cost Accounting
• Internal Audit
• Taxation
• Finance and Accounts
• Information Technology Management
• Procurement
• Vendor Development
• Supply Chain Management
• Corporate Risk Management
• Corporate Governance
• Strategic Advisory
• Business Leadership
• Business Transformation
• Business Solutions
• Independent Directorship

Professional Profile

CMA Rakesh Bhalla's professional profile combines more than 35 years of large corporate experience with current responsibilities in business advisory, corporate governance, professional organisations and public service.

His career has covered finance, accounting, taxation, internal audit, information technology, procurement, vendor development, risk management and corporate leadership. His current assignments include leadership of RBAC Advisory Consortium, Independent Directorship at Rail Vikas Nigam Limited, Chairmanship of ASSOCHAM Chandigarh and professional and public-service responsibilities in Chandigarh.

Contact Information

• Date of Birth: 7 August 1962
• Residence: Sector 70, Mohali, India
• Mobile: 9779010685
• Email: nancybhalla@yahoo.com
• Email: bhalla.rakesh.cma@gmail.com
• Email: rbac70@gmail.com

External Links

• Twitter – @RakeshBhallacma
• LinkedIn – CMA Rakesh Bhalla
• Facebook – @rakesh.bhalla.589
• Instagram – @cmarakesh