Tamilnad Mercantile Bank Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Retail Banking: 72.2% • Treasury: 19.1% • Corporate/Wholesale Banking: 8.7%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Comfortable capital adequacy - CAR of 33.7%
- Asset quality is healthy - gross NPA of just 0.7%
- Solid return on assets for a lender - ROA of 1.9%
- Strong provisioning - provision coverage ratio of 96.0%
- Latest quarter profit grew 35.0% YoY, showing strong momentum
- Healthy loan book growth of 20.8% with stable asset quality
CONS
- A large part of profit comes from other income (48.5% of PBT)
- Operating margins have contracted to 31.9% from 38.5%
- Though reporting repeated profits, the company pays out little dividend (14.8%)
- Growth is decelerating - 3Y profit CAGR (9.1%) trails the 5Y trend (17.3%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HDFCBANK | 708.00 | 13.81 | 1091323.88 | 2.19 | 203826.90 | 1092.64 | 905753.30 | 936.66 | 12.81 | 35.64 |
| ICICIBANK | 1379.15 | 17.65 | 989980.04 | 0.87 | 16209.74 | 12.62 | 52240.85 | 6.44 | 16.51 | 32.39 |
| KOTAKBANK | 418.70 | 20.52 | 416508.36 | 0.16 | 5487.06 | 23.89 | 18354.57 | 6.41 | 12.05 | 19.05 |
| AXISBANK | 1247.50 | 13.98 | 388399.91 | 0.08 | 7656.51 | 22.31 | 35541.96 | 9.87 | 11.04 | 63.88 |
| IDBI | 83.44 | 9.63 | 89718.04 | 0.00 | 2130.57 | 5.27 | 7549.28 | 7.44 | 14.76 | 76.80 |
| FEDERALBNK | 344.40 | 18.18 | 85149.33 | 0.35 | 1297.61 | 37.06 | 7861.58 | 9.94 | 10.98 | 66.11 |
| AUBANK | 1058.00 | 43.57 | 79454.72 | 0.09 | 795.95 | 37.03 | 5302.74 | 21.11 | 14.17 | 56.24 |
| INDUSINDBK | 977.80 | 57.61 | 76184.77 | 0.15 | 1037.02 | 71.68 | 11309.94 | -7.78 | 4.97 | 55.07 |
| IDFCFIRSTB | 86.20 | 32.24 | 74319.14 | 0.29 | 1147.82 | 153.12 | 11051.09 | 14.61 | 5.42 | 38.45 |
| YESBANK | 23.47 | 19.52 | 73668.68 | 0.00 | 1071.81 | 32.53 | 8054.49 | 5.92 | 8.04 | 58.47 |
| RBLBANK | 412.80 | 71.21 | 64022.78 | 0.24 | 2342.30 | 993.41 | 38402.40 | 1015.97 | 6.49 | 40.95 |
| TMB | 911.95 | 10.00 | 14440.86 | 1.37 | 411.51 | 34.97 | 1662.43 | 19.92 | 18.27 | 73.15 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,156 | 1,209 | 1,229 | 1,254 | 1,281 | 1,337 | 1,331 | 1,342 | 1,386 | 1,413 | 1,469 | 1,550 | 1,662 | |
| Interest Expended | 642 | 676 | 692 | 687 | 715 | 741 | 761 | 774 | 807 | 816 | 823 | 846 | 897 |
| Net Interest Income | 514 | 533 | 537 | 567 | 567 | 596 | 570 | 568 | 580 | 597 | 646 | 704 | 765 |
| 167 | 156 | 158 | 164 | 234 | 227 | 189 | 200 | 231 | 208 | 196 | 242 | 238 | |
| Total Income | 1,323 | 1,365 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,792 | 1,901 |
| Operating Expenses | 301 | 324 | 325 | 364 | 331 | 358 | 352 | 364 | 399 | 353 | 374 | 424 | 392 |
| Operating Profit | 380 | 365 | 370 | 367 | 469 | 465 | 408 | 404 | 412 | 452 | 468 | 522 | 611 |
| Provisions & Contingencies | 39 | 23 | 2 | 24 | 85 | 65 | 3 | 17 | 8 | 20 | 1 | 19 | 54 |
| Profit before Tax | 341 | 342 | 368 | 343 | 383 | 400 | 404 | 387 | 404 | 432 | 467 | 504 | 557 |
| Tax % | 23.37% | 19.99% | 22.73% | 26.22% | 25.07% | 24.26% | 25.76% | 24.53% | 24.52% | 26.57% | 26.83% | 25.79% | 26.14% |
| Net Profit | 261 | 274 | 284 | 253 | 287 | 303 | 300 | 292 | 305 | 318 | 342 | 374 | 412 |
| EPS | 16 | 17 | 18 | 16 | 18 | 19 | 19 | 18 | 19 | 20 | 22 | 2 | 3 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,848 | 5,291 | 5,819 | — | |
| Interest Expended | 2,230 | 2,041 | 1,994 | 2,147 | 2,072 | 2,019 | 1,987 | 2,697 | 2,990 | 3,292 | 3,383 |
| Net Interest Income | -2,230 | -2,041 | -1,994 | -2,147 | -2,072 | -2,019 | -1,987 | 2,151 | 2,301 | 2,527 | — |
| 431 | 506 | 414 | 526 | 644 | 812 | 629 | 645 | 850 | 877 | 884 | |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,493 | 6,142 | 6,696 | 3,693 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,314 | 1,406 | 1,549 | — | |
| Operating Profit | -2,230 | -2,041 | -1,994 | -2,147 | -2,072 | -2,019 | -1,987 | 1,482 | 1,746 | 1,855 | — |
| 382 | 696 | 488 | 410 | 404 | 196 | 129 | 88 | 171 | 49 | — | |
| Profit before Tax | 492 | 310 | 397 | 585 | 798 | 1,125 | 1,394 | 1,394 | 1,575 | 1,807 | 1,960 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 23.07% | 24.91% | 25.96% | 26.31% |
| Net Profit | 317 | 222 | 259 | 408 | 603 | 822 | 1,029 | 1,072 | 1,183 | 1,338 | 1,444 |
| EPS | 22 | 16 | 18 | 29 | 42 | 58 | 68 | 68 | 75 | 84 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 10%
- 3 Years:
- 13%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 13%
- 5 Years:
- 17%
- 3 Years:
- 9%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 17%
- 1 Year:
- 111%
RETURN ON EQUITY
- 10 Years:
- 12%
- 5 Years:
- 15%
- 3 Years:
- 14%
- Last Year:
- 14%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 143 | 143 | 143 | 143 | 143 | 143 | 158 | 158 | 158 | 158 |
| 3,082 | 3,262 | 3,476 | 3,837 | 4,437 | 5,193 | 6,770 | 7,763 | 8,850 | 9,952 | |
| 32,190 | 32,428 | 35,136 | 36,825 | 40,970 | 44,933 | 47,766 | 49,515 | 53,689 | 61,712 | |
| 0 | 513 | 0 | 324 | 0 | 0 | 525 | 1,301 | 500 | 700 | |
| Other Liabilities & Provisions | 1,570 | 1,574 | 1,778 | 1,630 | 1,977 | 2,590 | 2,676 | 2,815 | 3,252 | 2,777 |
| Total Liabilities | 36,984 | 37,920 | 40,533 | 42,759 | 47,527 | 52,858 | 57,895 | 6 | 7 | 8 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 1,458 | 1,702 | 1,735 | 1,414 | 1,680 | 2,113 | 2,103 | 2,230 | 2,650 | 2,521 | |
| Balances with Banks & Money at Call | 488 | 302 | 1,185 | 2,322 | 1,025 | 1,739 | 1,479 | 1,338 | 1,758 | 1,694 |
| 11,504 | 10,364 | 9,107 | 9,467 | 11,703 | 13,242 | 14,156 | 15,263 | 15,101 | 15,693 | |
| 21,972 | 23,769 | 26,488 | 27,716 | 31,070 | 33,492 | 37,290 | 39,734 | 43,984 | 53,123 | |
| 154 | 140 | 138 | 128 | 137 | 211 | 246 | 271 | 284 | 311 | |
| 1,407 | 1,644 | 1,880 | 1,711 | 1,912 | 2,062 | 2,622 | 2,717 | 2,673 | 1,959 | |
| Total Assets | 36,984 | 37,920 | 40,533 | 42,759 | 47,527 | 52,858 | 57,895 | 6 | 7 | 8 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 753 | -389 | 1,498 | 567 | -670 | 1,325 | -1,270 | -611 | 1,899 | -101 | |
| Cash from Investing | -38 | -26 | -34 | -20 | -37 | -107 | -89 | -100 | -99 | -118 |
| Cash from Financing | -368 | 472 | -547 | 269 | -324 | -71 | 1,088 | 697 | -960 | 26 |
| 347 | 58 | 917 | 816 | -1,031 | 1,147 | -270 | -14 | 840 | -193 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 22.22 | 15.57 | 18.14 | 28.61 | 42.34 | 57.67 | 65.00 | 67.70 | 74.68 | 84.47 |
| Book Value (₹) | 226.23 | 238.91 | 253.89 | 279.25 | 321.38 | 374.41 | 437.53 | 500.23 | 568.90 | 638.46 |
| Dividend per Share (₹) | 3.20 | 3.20 | 3.20 | 0.00 | 5.00 | 10.00 | 10.00 | 10.00 | 11.00 | 12.50 |
| PROFITABILITY | ||||||||||
| Net Interest Margin % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.67% | 3.62% | 3.46% |
| ROA % | 0.88% | 0.59% | 0.66% | 0.98% | 1.34% | 1.64% | 1.86% | 1.79% | 1.85% | 1.89% |
| ROE % | 10.27% | 6.70% | 7.36% | 10.73% | 14.10% | 16.58% | 16.78% | 14.44% | 13.97% | 13.99% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 47.00% | 44.60% | 45.50% | |
| ASSET QUALITY | ||||||||||
| Gross NPA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.69% | 1.39% | 1.70% | 1.25% | 0.73% |
| Net NPA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.95% | 0.62% | 0.99% | 0.36% | 0.18% |
| Provision Coverage % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 87.92% | 90.90% | 86.42% | 93.86% | 96.08% |
| Slippage Ratio % | — | — | — | — | — | — | — | — | — | — |
| BALANCE SHEET & LIQUIDITY | ||||||||||
| CASA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 29.64% | 26.44% | 28.14% |
| Credit-Deposit Ratio % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.03% | 0.01% | 0.01% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 29.37% | 32.71% | 33.73% | |
| GROWTH & VALUATION | ||||||||||
| Net Profit Growth % | -21.26% | -29.92% | 16.52% | 57.67% | 47.99% | 36.23% | 25.23% | 4.16% | 10.31% | 13.10% |
| Book Value Growth % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 14.33% | 13.73% | 12.23% |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 7.17x | 5.50x | 6.87x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.97x | 0.72x | 0.91x |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.06% | 2.68% | 2.15% |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Tamilnad Mercantile Bank Limited has informed the Exchange about Schedule of meet
2026-08-28 - Tamilnad Mercantile Bank Limited has informed the Exchange about Copy of Newspaper Publication regarding opening of another Special Window for Re-lodgement of Transfer Requests of Physical Shares
2026-08-26 - Tamilnad Mercantile Bank Limited has informed the Exchange regarding "Opening of New Branch"
2026-08-06 - Tamilnad Mercantile Bank Limited has informed the Exchange about Schedule of meet
2026-07-30 - Tamilnad Mercantile Bank Limited has informed the Exchange about Transcript
2026-07-29 - Tamilnad Mercantile Bank Limited has informed the Exchange about Schedule of meet
2026-07-29 - Tamilnad Mercantile Bank Limited has informed the Exchange about Schedule of meet
2026-07-29 - Tamilnad Mercantile Bank Limited has informed the Exchange about Schedule of meet
2026-07-29 - Tamilnad Mercantile Bank Limited has informed the Exchange about Schedule of meet
News
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