Overview

Detailed Summary

Tamilnad Mercantile Bank Ltd is primarily engaged in providing banking and financial services, offering a range of retail, corporate banking, and para-banking activities. It serves a significant portion of MSME, agricultural, and retail sectors.
In Q3 FY 2026, the bank reported strong financial performance, with total business growing by 14.28% YoY, supported by a 16.30% rise in advances and a 12.53% increase in deposits.
The bank is actively pursuing a strategy of branch network expansion, having opened 36 new branches within 10 months and emphasizing digital banking enhancements to boost service efficiency and customer engagement.
Tamilnad Mercantile Bank Ltd maintains a strong asset quality, evident from its low GNPA of 0.91% and NNPA of 0.20%. It is achieving above-industry benchmarks in operational efficiency, with a cost to income ratio at 44.40%, significantly reduced year-on-year.
The bank is focusing on modernization and technology, implementing numerous IT initiatives, including Oracle Fusion and improved digital banking platforms, aiming to transform its operational framework.

Sector: Banks
Industry: Private Sector Bank
Market Cap: 12,311 Cr
Volatility: High Risk
P/E Ratio: 9.2
Industry P/E: 13.5
PEG Ratio: 0.7
P/B Ratio: 1.2
52W High: 799.75
52W Low: 418.65

Sales CAGR

1Y: 9.98%
3Y: 12.56%
5Y: 10.03%
10Y: 6.22%

Profit CAGR

1Y: 13.10%
3Y: 9.13%
5Y: 17.26%
10Y: 17.36%

ROE

TTM: 13.23%
3Y: 13.28%
5Y: 13.85%
10Y: 12.48%

ROCE

TTM: 6.77%
3Y: 11.66%
5Y: 11.50%
10Y: 12.05%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Forecasts

Peers

Financial Services Financial Services Banks Private Sector Bank

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
CUB		216.70	21,470 Cr	16.19	2.03	0.69	12.55	5.89	1.56
J&KBANK		165.20	18,192 Cr	7.71	1.19	0.00	14.35	5.41	1.25
TMB		779.90	12,311 Cr	9.20	1.22	1.61	13.23	6.77	1.93
SOUTHBANK		46.11	12,072 Cr	8.29	1.06	0.98	12.75	5.90	1.03
KTKBANK		263.15	9,953 Cr	7.59	0.78	1.90	9.91	5.77	1.01
DCBBANK		189.00	6,099 Cr	8.34	0.98	0.77	11.19	6.73	0.91
CSBBANK		351.50	6,098 Cr	9.63	1.29	0.00	12.94	6.30	1.26
Median: 7 Co.	—	216.70	12,072 Cr	8.34	1.19	0.77	12.75	5.90	1.25

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	1,229	1,254	1,281	1,337	1,331	1,342	1,386	1,413	1,469	1,550
Expenses	327	388	417	423	355	382	407	373	375	443
Interest	692	687	715	741	761	774	807	816	823	846
Financing Profit	210	179	150	173	216	186	173	224	271	262
Financing Margin %	17.07	14.29	11.68	12.92	16.19	13.89	12.46	15.87	18.42	16.88
Other Income	158	164	234	227	189	200	231	208	196	242
Depreciation	—	—	—	—	—	—	—	—	—	—
Profit Before Tax	368	343	383	400	404	387	404	432	467	504
Tax %	22.73	26.22	25.07	24.26	25.76	24.53	24.52	26.57	26.83	25.79
Net Profit	284	253	287	303	300	292	305	318	342	374
EPS in Rs	17.95	15.98	18.14	19.15	18.96	18.44	19.25	20.05	21.57	23.60
Gross NPA %	1.69	1.44	1.44	1.37	1.32	1.25	1.22	0.00	0.91	0.73
Net NPA %	0.98	0.85	0.65	0.46	0.41	0.36	0.33	0.00	0.20	0.18

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue	3,381	3,250	3,224	3,466	3,609	3,834	4,081	4,848	5,291	5,819
Expenses	1,049	1,366	1,212	1,231	1,355	1,470	1,276	1,327	1,490	1,505
Interest	2,230	2,041	1,994	2,147	2,072	2,019	1,987	2,697	2,990	3,292
Financing Profit	102	-157	18	89	183	346	818	824	811	1,022
Financing Margin %	3.02	-4.82	0.55	2.56	5.06	9.01	20.05	16.99	15.32	17.56
Other Income	431	506	414	526	644	812	629	645	850	877
Depreciation	40	40	36	30	29	33	54	75	86	93
Profit Before Tax	492	310	396	585	798	1,125	1,394	1,394	1,575	1,807
Tax %	35.68	28.35	34.78	30.30	24.43	26.92	26.15	23.07	24.91	25.96
Net Profit	317	222	259	408	603	822	1,029	1,072	1,183	1,338
EPS in Rs	—	—	—	—	—	—	68.06	67.70	74.69	84.47
Dividend Payout %	5.40	0.00	0.00	0.00	0.00	8.67	7.35	14.77	0.09	14.80

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	143	143	143	143	143	143	158	158	158	158
Reserves	3,082	3,262	3,476	3,837	4,437	5,193	6,770	7,763	8,850	9,952
Borrowings	32,190	32,941	35,136	37,149	40,970	44,933	48,291	50,816	54,189	62,412
Other Liabilities	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	61,552	66,450	75,300
Fixed Assets	154	140	138	128	137	211	246	271	284	311
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	11,504	10,364	9,107	9,467	11,703	13,242	14,156	15,263	15,101	15,693
Other Assets	25,326	27,416	31,288	33,163	35,687	39,405	43,494	46,019	51,065	59,296
Total Assets	36,984	37,920	40,533	42,759	47,527	52,858	57,895	61,552	66,450	75,300

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity	753	-389	1,498	567	-670	1,325	-1,270	-611	1,899	-101
Cash from Investing Activity	-38	-26	-34	-20	-37	-107	-89	-100	-99	-118
Cash from Financing Activity	-368	472	-547	269	-324	-71	1,088	697	-960	26
Net Cash Flow	347	58	917	816	-1,031	1,147	-270	-14	840	-193

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FIIs	0.07%	2.06%	3.14%	3.45%	3.67%	4.08%	4.12%	4.22%	4.58%	4.65%	4.95%	6.19%
DIIs	5.53%	4.28%	3.63%	3.19%	3.17%	2.66%	2.66%	2.66%	2.40%	2.41%	2.46%	1.91%
Public	94.40%	93.66%	93.23%	93.36%	93.16%	93.26%	93.22%	93.12%	93.03%	92.94%	92.59%	91.90%
Total Shareholders	1,06,297	1,01,724	1,05,095	1,13,643	1,16,186	1,20,897	1,23,233	1,27,154	1,25,220	1,24,440	1,19,203	1,17,065

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

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