Tamilnad Mercantile Bank Limited (TMB)

About

Tamilnad Mercantile Bank Limited is a private sector bank with market capitalization of ₹13,454.5 Cr operating across India's financial system. The bank demonstrates strong profitability with operating margins around 74% and revenue growth of 19.9% year-over-year to ₹1,662.43 Cr in the latest quarter. It serves retail and corporate customer segments.

Founded: 1921
Face value: ₹10

Market cap

₹13,813 Cr

P/E

9.6×

P/B

1.4×

Dividend yield

2.7%

ROE

14%

ROCE

7.5%

Debt / equity

0.07

OPM

74.1%

EPS (TTM)

₹91.2

Book value

₹638.5

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

OPM volatility: quarterly margins range from 70.65% (Jun 2025) to 74.45% (Dec 2025) — verify if driven by seasonal factors, product mix shifts, or operational inconsistency
Zero promoter shareholding creates governance ambiguity; verify board independence, strategic direction accountability, and management incentive alignment
Low institutional presence (FII 6.73%, DII 1.95% vs public 91.32%) — verify if reflects institutional skepticism, limited research coverage, or niche positioning
ROE of 13.99% requires peer benchmarking to assess competitive returns relative to private banking segment

Generated analysis · source review pending

Growth drivers

Revenue growth of 19.9% YoY (₹1,386.24 Cr to ₹1,662.43 Cr in Jun quarters) — verify if driven by lending volumes, deposit growth, fee income, or price increases
Operating margin improved from 70.65% (Jun 2025) to 73.15% (Jun 2026), explaining net profit growth of 34.9% YoY — verify if sustainable or cyclical
EPS growth of 35% YoY (₹19.25 to ₹25.99) combines revenue expansion with margin normalization — verify if also supported by capital allocation decisions
Consistent quarterly margins of 73–74% in recent periods (ex-Jun 2025) suggest operating model stabilization — verify against cost inflation in deposit and overhead categories

Generated analysis · source review pending

995 historical price candles were omitted because the exchange source has not been verified.

₹872.1+1%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 74.1%
+Almost debt-free (debt/equity 0.1)
+Dividend yield of 2.7%
+Dividend payout of 25.8% of profit

Cons

−Weak interest coverage of 1.5×

Research score

Structured signal from quality, growth, valuation and momentum.

80/100

Business quality: 49
Growth: 92
Valuation: 98

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Idbi Bank LimitedIDBIIDBI	₹93,084 Cr	₹1,21,187 Cr	₹29,542 Cr	₹21,383 Cr	72.8%	₹9,343 Cr	31.8%	6.5%	14.2%	—
The Federal Bank LimitedFEDERALBNKFEDERALBNK	₹78,500 Cr	₹1,11,693 Cr	₹30,385 Cr	₹19,589 Cr	64.8%	₹4,692 Cr	15.1%	6.4%	11.4%	—
Idfc First Bank LimitedIDFCFIRSTBIDFCFIRSTB	₹69,254 Cr	₹1,05,886 Cr	₹41,958 Cr	₹14,462 Cr	35.6%	₹2,305 Cr	4%	6%	3.8%	—
Indusind Bank LimitedINDUSINDBKINDUSINDBK	₹69,094 Cr	₹1,11,884 Cr	₹45,297 Cr	₹22,203 Cr	49.3%	₹1,322 Cr	1.9%	5.7%	1.4%	—
Yes Bank LimitedYESBANKYESBANK	₹65,126 Cr	₹1,30,577 Cr	₹30,658 Cr	₹18,224 Cr	61.5%	₹3,775 Cr	11.6%	6%	7.1%	—
Rbl Bank LimitedRBLBANKRBLBANK	₹63,709 Cr	₹80,506 Cr	₹14,736 Cr	₹5,360 Cr	36.3%	₹899 Cr	6.1%	5.8%	5.4%	—
Bandhan Bank LimitedBANDHANBNKBANDHANBNK	₹28,355 Cr	₹42,658 Cr	₹21,844 Cr	₹10,127 Cr	46.9%	₹1,353 Cr	5.6%	6.4%	4.9%	—
Karur Vysya Bank LimitedKARURVYSYAKARURVYSYA	₹26,027 Cr	₹28,650 Cr	₹11,555 Cr	₹7,832 Cr	67.7%	₹2,745 Cr	22.7%	7.6%	19.3%	—
City Union Bank LimitedCUBCUB	₹17,092 Cr	₹22,419 Cr	₹7,249 Cr	₹4,979 Cr	69.6%	₹1,403 Cr	19.3%	6.7%	13.2%	—
The Jammu & Kashmir Bank LimitedJ&KBANKJ&KBANK	₹15,415 Cr	₹18,846 Cr	₹13,429 Cr	₹9,521 Cr	70.6%	₹2,301 Cr	17.9%	5.8%	15.3%	—
Tamilnad Mercantile Bank LimitedTMBTMB	₹13,813 Cr	₹14,513 Cr	₹6,096 Cr	₹4,458 Cr	74.1%	₹1,444 Cr	23%	7.5%	14%	—
The South Indian Bank LimitedSOUTHBANKSOUTHBANK	₹12,420 Cr	₹16,347 Cr	₹10,112 Cr	₹6,746 Cr	66.3%	₹1,511 Cr	14.8%	6.4%	13.5%	—

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore

₹ Cr	Mar 2024	Mar 2025	Mar 2026
	4,848	5,291	5,819
Interest	2,697	2,990	3,292
Expenses	1,327	1,490	1,505
Financing profit	824	811	1,022
Financing margin %	17%	15.3%	17.6%
Other income	645	850	877
Depreciation	75	86	93
Profit before tax	1,394	1,575	1,807
Tax	322	392	469
Tax %	23.1%	24.9%	26%
PAT	1,072	1,183	1,338
EPS (₹)	67.7	74.7	84.5
EPS adjusted (₹)	67.7	74.7	84.5
	14.8%	14.7%	14.8%
Gross NPA %	1.4%	1.3%	0.7%
Net NPA %	0.9%	0.4%	0.2%
Annual report	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	143	158	158	158	158
Reserves	5,193	6,770	7,763	8,850	9,952
Deposits	44,933	47,766	49,515	53,689	61,712
Borrowings	0	525	1,301	500	700
Other liabilities	2,590	2,676	2,815	3,252	2,777
Total equity & liabilities	52,858	57,895	61,552	66,450	75,300
Fixed assets	211	246	271	284	311
Investments	13,242	14,156	15,263	15,101	15,693
	39,405	43,494	46,019	51,065	59,296
Total assets	52,858	57,895	61,552	66,450	75,300

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	0	-611	1,899	-101
	0	-100	-99	-118
	0	697	-960	26
Net cash flow	0	-14	840	-193
Free cash flow	0	-688	1,794	-229
CFO / Operating profit %	—	-17.3%	50%	-2.3%

Compounded sales growth

7 years: —
5 years: —
3 years: —
1 year: 10%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: 13%

Return on equity

7 years: —
5 years: —
3 years: 13%
Last year: 13%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Retail Banking	4,833.98	1,344.56	49,407.31	40,236.36	9,170.95	14.66
Treasury	1,280.75	300.22

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2024	Mar 2025	Mar 2026
Margins
PAT margin %	22.1%	22.4%	23%
Return ratios
Return on assets %	1.7%	1.8%	1.8%
Return on capital employed %	7%	7.5%	7.5%
Return on equity %	13.5%	13.1%	13.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Margin, working-capital and leverage ratios are omitted: a bank funds itself with deposits and books interest as its cost of revenue, so they would measure something other than what they name.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoter	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	2.06%	3.14%	3.45%	3.67%	4.08%	4.12%	4.22%	4.58%	4.65%	4.95%	6.19%	6.73%
	4.28%	3.63%	3.19%	3.17%	2.66%	2.66%	2.66%	2.4%	2.41%	2.46%	1.91%	1.95%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	93.66%	93.23%	93.36%	93.16%	93.26%	93.22%	93.12%	93.02%	92.94%	92.59%	91.9%	91.32%
No. of shareholders	—	—	—	—	—	—	—	—	1,24,440	1,19,203	1,17,065	1,17,147

Promoter holding up 0 percentage points since Sep 2023.

4 deals · 15 Sept 2023 – 5 Aug 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
5 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	8,35,283	₹470.72	₹39.32 Cr
5 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	8,35,266	₹470.42	₹39.29 Cr
15 Sept 2023	BNP PARIBAS ARBITRAGE	Bulk	NSE	Sell	10,71,919	₹543.46	₹58.25 Cr
15 Sept 2023	BNP PARIBAS ARBITRAGE	Bulk	NSE	Buy	487	₹534.40	₹0.03 Cr

1–4 of 4

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Krishnaswamy RamachandranNon-Executive - Independent Director-Chairperson
Mr. K. Laxman KudvaChief Risk Officer
Mr. Salee Sukumaran NairExecutive Director-CEO-MD
Mr. Vincent Menachery DevassyExecutive Director
Mr. Niranjan Sankar AnnamalaiNon-Executive - Non Independent Director
Mr. Kumarabommarajpuram Venkata Rama MoorthyNon-Executive - Non Independent Director
Mr. Chandrasekaran ChiranjeevirajNon-Executive - Independent Director
Mr. Srirengarajan SridharanNon-Executive - Independent Director
Mr. Deepak Shankar Ramesh PrabhuNon-Executive - Independent Director
Mrs. Rajkumar KanagavalliNon-Executive - Independent Director
Mr. Arumugasami Shidambaranathan

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

9

across 4 fund houses

Held by these funds

0.43%

of the company's equity

All mutual funds

0.58%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

9 schemes · 4 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	3.06 L	28.49	1.14%	0.193%	-6,689
IB60-Groww Small Cap Fund	Groww Mutual Fund	2.08 L	19.43	2.54%	0.132%	+26,144
IB29-Groww Multicap Fund	Groww Mutual Fund	1.17 L	10.88	0.74%	0.074%	+1,300
SMALL CAP FUND	Samco Mutual Fund	21,651	2.02	1.03%	0.014%	-0
IB19-Groww Banking & Financial Services Fund	Groww Mutual Fund	15,519	1.45	1.6%	0.01%	-0
MULTI CAP FUND	Samco Mutual Fund	14,271	1.33	0.58%	0.009%	-1,341
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	2,091	0.2	0.05%	0.001%	+10
BSE MidSmall Private Banks ETFNEW	DSP Mutual Fund	1,461	0.14	2.28%	0.001%	—

1–8 of 9

1 / 2

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Annual reports

4

Credit ratings

1

Tamilnad Mercantile Bank Limited has informed the Exchange about Credit Rating11 Jun 2026

Investor Presentation and earnings call

5

Jul 2026Transcript AI Summary PPT REC
Apr 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

5

Final dividend12 Jun 2026 · ex-date₹12.5
Final dividend1 Aug 2025 · ex-date₹11
Final dividend20 Sept 2024 · ex-date₹10
Final dividend29 Aug 2023 · ex-date₹5
Interim dividend24 Feb 2023 · ex-date₹5

1

Board meeting to consider results27 Jul 2026

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

30 announcementsExport CSV

1 Oct 2026, 10:18 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Directorate

Change in Directorate PDF

1 Oct 2026, 1:09 pmCompany Update

Announcement Under Regulation 30 (LODR) - General Updates

General PDF

29 Sept 2026, 2:23 pmCompany Update

Announcement Under Regulation 30 (LODR) - Opening Of New Branches

General PDF

22 Sept 2026, 11:02 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

17 Sept 2026, 4:12 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

15 Sept 2026, 2:14 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

9 Sept 2026, 1:48 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

28 Aug 2026, 7:40 pmCompany Update

Announcement Under Regulation 30 (LODR)- Copy Of Newspaper Publication

General PDF

Date	Category	Subject	Filing
1 Oct 2026, 10:18 pm	Company Update Change in Directorate	Announcement under Regulation 30 (LODR)-Change in Directorate	PDF
1 Oct 2026, 1:09 pm	Company Update General	Announcement Under Regulation 30 (LODR) - General Updates

Loading announcements…

Tamilnad Mercantile Bank Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends5

Board meetings1

Announcements

Ratio timeline

Dividends5

Board meetings1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Corporate / Wholesale Banking · revenue

5

1

5

1