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Tamilnad Mercantile Bank Ltd.

•
tmb.bank.inBSE: 543596NSE: TMB
Market Cap₹ 14,609 Cr.
Current Price
High / Low₹ 954 / 420
Stock P/E10.1
Book Value₹ 667
Price to Book0.91
Dividend Yield1.35 %
ROCE18.3 %
ROE14.0 %
Face Value₹ 10

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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 GENERATED

Financial Services

Buy

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.

Confidence
84%
View full sector analysis →

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

Financial ServicesBankBank - Private
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.HDFCBANK687.2513.411059339.462.26203826.901092.64905753.30936.6612.8135.64
2.ICICIBANK1390.1017.79997793.420.8616209.7412.6252240.856.4416.5132.39
3.KOTAKBANK414.4020.31412230.870.165487.0623.8918354.576.4112.0519.05
4.AXISBANK1239.5013.89385909.170.087656.5122.3135541.969.8711.0463.88
5.IDBI81.639.4287771.860.002130.575.277549.287.4414.7676.80
6.FEDERALBNK344.8518.2185260.580.351297.6137.067861.589.9410.9866.11
7.AUBANK1061.0043.7079680.010.09795.9537.035302.7421.1114.1756.24
8.INDUSINDBK1002.0059.0478069.880.151037.0271.6811309.94-7.784.9755.07
9.IDFCFIRSTB86.0032.1774146.700.291147.82153.1211051.0914.615.4238.45
10.YESBANK22.4318.6570403.950.001071.8132.538054.495.928.0458.47
11.RBLBANK416.8071.9064643.150.242342.30993.4138402.401015.976.4940.95
12.TMB922.5510.1214608.711.35411.5134.971662.4319.9218.2773.15
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
1,1561,2091,2291,2541,2811,3371,3311,3421,3861,4131,4691,5501,662
Interest Expended642676692687715741761774807816823846897
Net Interest Income514533537567567596570568580597646704765
167156158164234227189200231208196242238
Total Income1,3231,3650000000001,7921,901
Operating Expenses301324325364331358352364399353374424392
Operating Profit380365370367469465408404412452468522611
Provisions & Contingencies3923224856531782011954
Profit before Tax341342368343383400404387404432467504557
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 Profit261274284253287303300292305318342374412
EPS161718161819191819202223

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
00000004,8485,2915,819—
Interest Expended2,2302,0411,9942,1472,0722,0191,9872,6972,9903,2923,383
Net Interest Income-2,230-2,041-1,994-2,147-2,072-2,019-1,9872,1512,3012,527—
431506414526644812629645850877884
Total Income00000005,4936,1426,6963,693
00000001,3141,4061,549—
Operating Profit-2,230-2,041-1,994-2,147-2,072-2,019-1,9871,4821,7461,855—
3826964884104041961298817149—
Profit before Tax4923103975857981,1251,3941,3941,5751,8071,960
Tax %0.00%0.00%0.00%0.00%0.00%0.00%0.00%23.07%24.91%25.96%26.31%
Net Profit3172222594086038221,0291,0721,1831,3381,444
EPS22161829425868687584—

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:
16%
1 Year:
113%

RETURN ON EQUITY

10 Years:
12%
5 Years:
15%
3 Years:
14%
Last Year:
14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Jun 12

₹ 1.25

Rs.12.5000 per share(125%)Final Dividend

2025

Aug 1

₹ 1.10

Rs.11.0000 per share(110%)Final Dividend

2024

Sep 20

₹ 1

Rs.10.0000 per share(100%)Final Dividend

2023

Aug 29

₹ 0.50

Rs.5.0000 per share(50%)Final Dividend

2023

Feb 24

₹ 0.50

Rs.5.0000 per share(50%)Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
LIABILITIES----------
Equity Capital143143143143143143158158158158
3,0823,2623,4763,8374,4375,1936,7707,7638,8509,952
32,19032,42835,13636,82540,97044,93347,76649,51553,68961,712
05130324005251,301500700
Other Liabilities & Provisions1,5701,5741,7781,6301,9772,5902,6762,8153,2522,777
Total Liabilities36,98437,92040,53342,75947,52752,85857,895678
ASSETS----------
1,4581,7021,7351,4141,6802,1132,1032,2302,6502,521
Balances with Banks & Money at Call4883021,1852,3221,0251,7391,4791,3381,7581,694
11,50410,3649,1079,46711,70313,24214,15615,26315,10115,693
21,97223,76926,48827,71631,07033,49237,29039,73443,98453,123
154140138128137211246271284311
1,4071,6441,8801,7111,9122,0622,6222,7172,6731,959
Total Assets36,98437,92040,53342,75947,52752,85857,895678

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
753-3891,498567-6701,325-1,270-6111,899-101
Cash from Investing-38-26-34-20-37-107-89-100-99-118
Cash from Financing-368472-547269-324-711,088697-96026
34758917816-1,0311,147-270-14840-193

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
PER SHARE
EPS (₹)22.2215.5718.1428.6142.3457.6765.0067.7074.6884.47
Book Value (₹)226.23238.91253.89279.25321.38374.41437.53500.23568.90638.46
Dividend per Share (₹)3.203.203.200.005.0010.0010.0010.0011.0012.50
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)0.00x0.00x0.00x0.00x0.00x0.00x0.00x7.17x5.50x6.87x
P/B (x)0.00x0.00x0.00x0.00x0.00x0.00x0.00x0.97x0.72x0.91x
0.00%0.00%0.00%0.00%0.00%0.00%0.00%2.06%2.68%2.15%

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters0.000.000.000.000.000.000.000.000.00
3.674.084.124.224.584.654.956.196.73
2.732.222.232.221.961.972.031.361.52
Government0.000.000.000.000.000.000.000.000.00
93.5993.7093.6693.5693.4793.3893.0392.4591.75

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-09 - Tamilnad Mercantile Bank Limited has informed the Exchange about Schedule of meet

2026-08-28
Copy of Newspaper Publication

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
General Updates

2026-08-26 - Tamilnad Mercantile Bank Limited has informed the Exchange regarding "Opening of New Branch"

2026-08-06
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-06 - Tamilnad Mercantile Bank Limited has informed the Exchange about Schedule of meet

2026-07-30
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-30 - Tamilnad Mercantile Bank Limited has informed the Exchange about Transcript

2026-07-29
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-29 - Tamilnad Mercantile Bank Limited has informed the Exchange about Schedule of meet

2026-07-29
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-29 - Tamilnad Mercantile Bank Limited has informed the Exchange about Schedule of meet

2026-07-29
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-29 - Tamilnad Mercantile Bank Limited has informed the Exchange about Schedule of meet

2026-07-29
Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-29 - Tamilnad Mercantile Bank Limited has informed the Exchange about Schedule of meet

News

Recent coverage and analyst commentary for TMB

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