MarketFriction

Tamilnad Mercantile Bank Ltd

NSE TMB · BSE 543596 · Private Sector Bank
₹872.05 +0.09%
NSE close2026-10-01
52 week range420.00 - 954.20
Market cap₹13,674 Cr.
P/E9.47
IPO 2022 · +71% since Microcap 250 Price band 20% Delivery 44.9%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue1,2091,2291,2541,2811,3371,3311,3421,3861,4131,4691,5501,662
Interest676692687715741761774807816823846897
Expenses347327388417423355382407373375443446
Financing Profit186210179150173216186173224271262319
Financing Margin %15%17%14%12%13%16%14%12%16%18%17%19%
Other Income156158164234227189200231208196242238
Depreciation000000000000
Profit before tax342368343383400404387404432467504557
Tax %20%23%26%25%24%26%25%25%27%27%26%26%
Net Profit274284253287303300292305318342374412
EPS in Rs17.2717.9515.9818.1419.1518.9618.4319.2520.0521.5723.6025.99
Gross NPA %1.70%1.69%1.44%1.44%1.37%1.32%1.25%1.22%1.01%0.91%0.73%0.69%
Net NPA %0.99%0.98%0.85%0.65%0.46%0.41%0.36%0.33%0.26%0.20%0.18%0.17%
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue3,2503,2243,4663,6093,8344,0814,8485,2915,8196,096
Interest2,0411,9942,1472,0722,0191,9872,6972,9903,2923,383
Expenses1,3661,3501,2311,3551,4701,2761,3271,4901,5051,637
Financing Profit-157-120891833468188248111,0221,076
Financing Margin %-5%-4%3%5%9%20%17%15%18%18%
Other Income506414526644812629645850877884
Depreciation4036302933547586930
Profit before tax3102595857981,1251,3941,3941,5751,8071,960
Tax %28%0%30%24%27%26%23%25%26%
Net Profit2222594086038221,0291,0721,1831,3381,444
EPS in Rs15.5718.1428.6142.3457.6765.0067.7074.6884.4791.21
Dividend Payout %21%13%0%0%9%8%15%15%15%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%10%13%13%
Compounded Profit Growth%17%9%20%
Stock Price CAGR%%16%105%
Return on Equity%15%14%14%
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital143143143143143158158158158
Reserves3,2623,4763,8374,4375,1936,7707,7638,8509,952
Deposits32,42835,13636,82540,97044,93347,76649,51553,68961,712
Borrowing5130324005251,301500700
Other Liabilities1,5221,7191,6041,9482,5592,6462,8153,2522,777
Total Liabilities37,86840,47342,73347,49952,82857,86661,55266,45075,300
Fixed Assets140138128137211246271284311
CWIP000000000
Investments10,3649,1079,46711,70313,24214,15615,26315,10115,693
Other Assets27,36431,22833,13735,65839,37443,46446,01951,06559,296
Total Assets37,86840,47342,73347,49952,82857,86661,55266,45075,300
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-3890567-6701,325-1,270-6111,899-101
Cash from Investing Activity-260-20-37-107-89-100-99-118
Cash from Financing Activity4720269-324-711,088697-96026
Net Cash Flow580816-1,0311,147-270-14840-193
Free Cash Flow-4140547-7071,218-1,358-7111,800-219
CFO/OP-21%0%25%-30%56%-32%-8%60%8%
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %7%7%11%14%17%17%14%14%14%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
FIIs2.06%3.13%3.45%3.67%4.08%4.12%4.22%4.58%4.65%4.95%6.19%6.73%
DIIs3.85%3.20%2.75%2.73%2.22%2.67%2.66%2.40%2.41%2.47%1.91%1.96%
Public94.11%93.68%93.79%93.59%93.69%93.22%93.12%93.03%92.94%92.58%91.91%91.32%
No. of Shareholders1,01,7241,05,0951,13,6431,16,1861,20,8971,23,2331,27,1541,25,2201,24,4401,19,2031,17,0651,17,147

Fundamentals

Market Cap₹ 13,674 Cr.
Current Price₹ 864
Stock P/E9.47
Book Value₹ 667
ROCE7.51 %
ROE14.0 %
Dividend Yield1.45 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)13%
Compounded Profit Growth (TTM)20%
Standalone figures.
Valuation
Market capRs 13,809 Cr
Enterprise valueRs 65,348 Cr
P/E (TTM)9.56x
Price to book1.53x
Price to sales2.27x
EV / EBITDA12.04x
EV / EBIT12.23x
EV / sales10.72x
Price to cash flow7.27x
Earnings yield10.46%
Dividend yield1.26%
P/E, 3-year average6.32x
P/B, 3-year average0.87x
P/E, 5-year average6.32x
P/B, 5-year average0.87x
Profitability
Operating margin (excl. other income)71.83%
Operating margin (incl. other income)87.91%
EBITDA margin89.06%
Pre-tax margin32.15%
Net profit margin23.69%
Net margin, latest quarter24.75%
ROE13.97%
ROCE7.49%
ROA1.85%
ROE, 3-year average15.06%
ROCE, 3-year average7.03%
ROA, 3-year average1.83%
ROE, 5-year average15.17%
ROCE, 5-year average6.85%
ROA, 5-year average1.70%
ROIC (approx.)6.63%
Tax rate24.91%
Other income / net worth9.44%
Growth
Sales growth (latest year)9.15%
Profit growth (latest year)10.31%
Sales CAGR, 3 years11.34%
Sales CAGR, 5 years8.83%
Profit CAGR, 3 years12.89%
Profit CAGR, 5 years23.74%
Sales growth QoQ7.23%
Profit growth QoQ10.13%
Sales growth YoY (latest quarter)19.92%
Profit growth YoY (latest quarter)34.97%
Per share
EPS (TTM)Rs 91.20
EPS (latest year)Rs 74.68
EPS (latest quarter)Rs 25.99
EPS, 3-year averageRs 69.13
EPS, 5-year averageRs 61.48
Book value per shareRs 568.90
Sales per shareRs 384.94
Cash flow per shareRs 119.91
Free cash flow per shareRs -13.83
Dividend per share (latest year)Rs 11.00
Dividend per share, 3-year averageRs 8.67
Dividend per share, 5-year averageRs 7.75
Dividends
Dividend payout14.73%
Dividend payout, 3-year average12.40%
Dividend payout, 5-year average11.47%
Efficiency
Asset turnover0.08x
Fixed asset turnover18.60x
Leverage
Total debtRs 54,189 Cr
Cash and bankRs 2,650 Cr
Net debtRs 51,539 Cr
Debt to equity6.02x
Net debt / EBITDA9.49x
Interest coverage1.58x
Owners' fund to total sources13.56%
Debt to assets81.55%
Cash flow
Cash from Operating Activity (latest year)Rs 1,899 Cr
Cash from Investing Activity (latest year)Rs -99 Cr
Cash from Financing Activity (latest year)Rs -960 Cr
Net Cash Flow (latest year)Rs 840 Cr
Free cash flow (latest year)Rs -219 Cr
FCFE (approx.: FCF + change in debt)Rs 3,154 Cr
Cash from ops / profit, 5 years0.23x
Sales to cash flow2.79x
Statement figures
Net sales (TTM)Rs 6,096 Cr
Net sales (latest year)Rs 5,291 Cr
Sales (latest quarter)Rs 1,662 Cr
Operating profit excl. other income (latest year)Rs 3,801 Cr
Operating profit (latest quarter)Rs 1,216 Cr
Other income (TTM)Rs 884 Cr
EBITDA (TTM)Rs 5,429 Cr
PBDT (TTM)Rs 2,046 Cr
Profit before tax (TTM)Rs 1,960 Cr
Tax (latest year)Rs 392 Cr
Net profit (TTM)Rs 1,444 Cr
Net profit (latest year)Rs 1,183 Cr
Net profit (latest quarter)Rs 412 Cr
Depreciation (TTM)Rs 86 Cr
Interest (TTM)Rs 3,383 Cr
Cost of goods sold (latest year)Rs 17 Cr
Total expenditure (latest year)Rs 1,490 Cr
Total income (latest year)Rs 6,142 Cr
Share capitalRs 158 Cr
ReservesRs 8,850 Cr
Shareholders' fundsRs 9,009 Cr
Total assetsRs 66,450 Cr
Net blockRs 284 Cr
InvestmentsRs 15,101 Cr
Other liabilitiesRs 3,252 Cr
Shares outstanding (crore)15.84
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 9.6 is at the 64th percentile of its own 4.2-year range (median 8.6, low 5.6, high 13.4).
P/B 1.53 is at the 74th percentile (median 1.34).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodTMBNifty 50Difference
1 week-2.4%-2.8% +0.4 pts
1 month-4.0%-6.8% +2.8 pts
3 months+12.0%-7.6% +19.6 pts
6 months+50.5%+0.4% +50.1 pts
1 year+104.5%-9.9% +114.4 pts
2 years+81.3%-13.6% +94.9 pts
3 years+59.5%+14.2% +45.3 pts
13 mutual fund schemes hold about ₹93 Cr. Over three months 9 bought more and 4 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
WOC Special Opp Fund1.52%30 +62%
Motilal Oswal Nifty Microcap 250 Index Fund1.14%28 +6%
Groww Small Cap Fund2.54%19 -25%
Groww Multicap Fund0.74%11 -45%
Samco Small Cap Fund1.03%2 +16%
Groww Banking & Financial Services Fund1.60%1 -5%
Samco Multi Cap Fund0.58%1 +10%
Groww Nifty Total Market Index Fund0.05%0 +11%
Angel One Nifty Total Market Index Fund0.05%0 +11%
Mirae Asset Nifty Total Market Index Fund0.05%0 +11%
Motilal Oswal BSE 1000 Index Fund0.05%0 +11%
Bandhan Nifty Total Market Index Fund0.05%0 +11%
Samco Special Opportunities Fund0.00%0 -100%

Red flags

F-score 7 of 8
explainWeak cash conversion Cash from operations was 1% of net profit over the last 3 years
lookProfit leans on other income Other income was 54% of pre-tax profit in 2026
lookRegulator order or action Regulator order or action 2026-07-16: Tamilnad Mercantile Bank Limited has informed the Exchange about the order passed by the Appellate Tribunal under SAFEMA, New Delhi
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Revenue ₹1,662 Cr +19.9% vs Jun 2025. Net profit ₹412 Cr +35.1%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-06-12Dividend - Rs 12.50 Per Share
2025-08-01Dividend - Rs 11 Per Share
2024-09-20Annual General Meeting/Dividend - Rs 10 Per Share
2023-08-29Annual General Meeting/Dividend - Rs 5 Per Share
2023-02-24Interim Dividend - Rs 5 Per Share
DateTypeWhat it says
2026-10-01Director changeChange in Director(s) of the company.
2026-10-01General UpdatesProvisional Business Figures of the Bank as on 30th September, 2026
2026-09-29General UpdatesOpening of New Branches
2026-09-17Concall / analyst meetSchedule of meet
2026-09-15Concall / analyst meetSchedule of meet
2026-09-09Concall / analyst meetSchedule of meet
2026-08-26General UpdatesOpening of New Branch
2026-08-06Concall / analyst meetSchedule of meet
2026-07-30Concall / analyst meetTranscript
2026-07-29Concall / analyst meetSchedule of meet
2026-07-29Concall / analyst meetSchedule of meet
2026-07-29Concall / analyst meetSchedule of meet
2026-07-29Concall / analyst meetSchedule of meet
2026-07-27Concall / analyst meetLink of Recording
2026-07-27Press ReleaseA press release dated July 27, 2026, titled "Unaudited Financial Results for the Quarter Ended June 30, 2026.".
2026-07-27Investor PresentationInvestor Presentation
2026-07-27Board meeting outcomeTamilnad Mercantile Bank Limited has submitted to the Exchange, the Unaudited financial results of the Bank for the period ended Jun 30, 2026.
2026-07-21General UpdatesChange in Email Domain of the Bank.
2026-07-16Regulatory actionThe order passed by the Appellate Tribunal under SAFEMA, New Delhi
2026-07-15Shareholder meetingVoting results.
2026-07-14Regulatory actionThe order passed by the Appellate Tribunal under SAFEMA, New Delhi
2026-07-14Shareholder meetingProceedings of 104th Annual General Meeting held on July 14, 2026
2026-07-14Director changeChange in Director(s) of the company.
2026-07-13Concall / analyst meetSchedule of meet
2026-07-06General UpdatesThe Revision in Marginal Cost of Funds Based Lending Rate (MCLR) of the Bank
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Close to Close price movement greater than 100perc in previous 365 days

Quick answers

What is the market cap of Tamilnad Mercantile Bank Ltd?

Tamilnad Mercantile Bank Ltd (TMB) has a market capitalisation of Rs 13,674 Cr. at the 2026-10-01 close.

What is the P/E ratio of Tamilnad Mercantile Bank Ltd?

Tamilnad Mercantile Bank Ltd trades at a P/E of 9.47 on trailing twelve-month profit, at the 2026-10-01 close.

What were Tamilnad Mercantile Bank Ltd's latest quarterly results?

In the Jun 2026 quarter, Tamilnad Mercantile Bank Ltd revenue was Rs 1,662 Cr (+19.9% vs Jun 2025) and net profit was Rs 412 Cr.

What is the 52-week high and low of Tamilnad Mercantile Bank Ltd?

The 52-week high is Rs 954.20 and the 52-week low is Rs 420.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03