Tamilnad Mercantile Bank logo

Tamilnad Mercantile Bank

TMB NSE

Key Fundamentals

MicrocapPrivate BankBanks
Market Cap
₹14,379 Cr
Volatility
Moderate
P/E Ratio
9.99
EBITDA
₹1,899 Cr
Return on Equity
13.23%
Debt to Equity
0
Book Value
₹667
EPS
₹69.35
52W High
₹954.2
52W Low
₹420

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company's working capital requirements have reduced from 73.9 days to 52.1 days

Weaknesses

5
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 10.0% over past five years.
  • Contingent liabilities of Rs.9,453 Cr.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 14.8% of profits over last 3 years

Growth Rate

Revenue Growth
9.03% lower than 3Y
Net Income Growth
13.1% higher than 3Y
Cash Flow Change
-105% lower than 3Y
ROE
0.76% lower than 3Y
ROCE
-1.46% lower than 3Y
EBITDA Margin (Avg.)
2.35% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Tamilnad Mercantile Bank trades at a market cap of Rs.14,379 Cr with a P/E of 10.1x and P/B of 1.38x. The bank has delivered 20% TTM profit growth and maintains a consistent ROE of ~14%, though revenue growth has been modest at 10% CAGR over five years and contingent liabilities stand at Rs.9,453 Cr.

Bull Case 8
  • Strong TTM profit growth of 20% indicates improving earnings momentum
  • P/E ratio of 10.1x is modest relative to banking sector peers, suggesting the stock is not stretched on valuations
  • Consistent ROE of 14% over 1-year, 3-year, and near 15% over 5-year periods reflects steady return generation on equity
  • Stock CAGR of 114% over the past 1 year reflects significant re-rating and improved market recognition
  • Working capital days reduced from 73.9 days to 52.1 days, a ~30% improvement in operational efficiency
  • Compounded sales growth of 13% on both TTM and 3-year basis shows an acceleration from the 10% five-year CAGR
  • P/B of 1.38x is reasonable for a bank delivering 14% ROE, not excessively priced relative to book value
  • Compounded profit growth of 17% over 5 years demonstrates a sustained long-term earnings trajectory
Bear Case 8
  • Contingent liabilities of Rs.9,453 Cr are material relative to the Rs.14,379 Cr market cap and pose a risk if crystallized
  • Low interest coverage ratio raises concerns about the bank's ability to service debt obligations comfortably
  • Five-year compounded sales growth of only 10% indicates sluggish topline expansion for a mid-sized bank
  • Dividend payout of just 14.8% of profits over the last 3 years is low, limiting income returns for shareholders at a 1.35% yield
  • Potential capitalization of interest costs may overstate reported profitability and asset values
  • ROE has remained flat at 14% over the last 3 years with no visible upward trend despite profit growth
  • Limited long-term data availability — 10-year ROE, stock CAGR, and sales CAGR figures are not reported, reducing visibility into the full cycle track record
  • 52-week high and low data unavailable, making it difficult to assess the current price relative to its recent trading range

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1h ago
Neutral 1
  • Investor meet scheduled Sep 29 Sep 9

    TMB will participate in a virtual analysts meet on September 29, 2026, at 12:00 pm as part of the Arihant Bharat Connect Conference, conducted under SEBI LODR regulations.

TL;DR: Limited news flow for TMB this period with only a scheduled investor meet announced. No negative or positive catalysts have emerged. The upcoming analyst meet on Sep 29 could provide fresh guidance and may drive near-term sentiment depending on management commentary.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue
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
Expenses
340
347
327
388
417
423
355
382
407
373
375
443
446
Financing Profit
174
186
210
179
150
173
216
186
173
224
271
262
319
Fin. Margin %
15%
15%
17%
14%
12%
13%
16%
14%
12%
16%
18%
17%
19%
Other Income
167
156
158
164
234
227
189
200
231
208
196
242
238
Interest
642
676
692
687
715
741
761
774
807
816
823
846
897
Depreciation
0
0
0
0
0
0
0
0
0
0
0
0
0
PBT
341
342
368
343
383
400
404
387
404
432
467
504
557
Tax %
23%
20%
23%
26%
25%
24%
26%
25%
25%
27%
27%
26%
26%
Net Profit
261
274
284
253
287
303
300
292
305
318
342
374
412
EPS in Rs
16.5
17.27
17.95
15.98
18.14
19.15
18.96
18.43
19.25
20.05
21.57
23.6
25.99
Gross NPA %
1.56%
1.7%
1.69%
1.44%
1.44%
1.37%
1.32%
1.25%
1.22%
1.01%
0.91%
0.73%
0.69%
Net NPA %
0.66%
0.99%
0.98%
0.85%
0.65%
0.46%
0.41%
0.36%
0.33%
0.26%
0.2%
0.18%
0.17%
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue
3,250
3,224
3,466
3,609
3,834
4,081
4,848
5,291
5,819
6,096
Expenses
1,366
1,350
1,231
1,355
1,470
1,276
1,327
1,490
1,505
1,637
Financing Profit
-157
-120
89
183
346
818
824
811
1,022
1,076
Fin. Margin %
-5%
-4%
3%
5%
9%
20%
17%
15%
18%
18%
Other Income
506
414
526
644
812
629
645
850
877
884
Interest
2,041
1,994
2,147
2,072
2,019
1,987
2,697
2,990
3,292
3,383
Depreciation
40
36
30
29
33
54
75
86
93
0
PBT
310
259
585
798
1,125
1,394
1,394
1,575
1,807
1,960
Tax %
28%
0%
30%
24%
27%
26%
23%
25%
26%
—
Net Profit
222
259
408
603
822
1,029
1,072
1,183
1,338
1,444
EPS in Rs
15.57
18.14
28.61
42.34
57.67
65
67.7
74.68
84.47
91.21
Div. Payout %
21%
13%
0%
0%
9%
8%
15%
15%
15%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
143
143
143
143
143
158
158
158
158
Reserves
3,262
3,476
3,837
4,437
5,193
6,770
7,763
8,850
9,952
Borrowing
513
0
324
0
0
525
1,301
500
700
Deposits
32,428
35,136
36,825
40,970
44,933
47,766
49,515
53,689
61,712
Other Liabilities
1,522
1,719
1,604
1,948
2,559
2,646
2,815
3,252
2,777
Total Liabilities
37,868
40,473
42,733
47,499
52,828
57,866
61,552
66,450
75,300
Fixed Assets
140
138
128
137
211
246
271
284
311
CWIP
0
0
0
0
0
0
0
0
0
Investments
10,364
9,107
9,467
11,703
13,242
14,156
15,263
15,101
15,693
Other Assets
27,364
31,228
33,137
35,658
39,374
43,464
46,019
51,065
59,296
Total Assets
37,868
40,473
42,733
47,499
52,828
57,866
61,552
66,450
75,300
Figures in ₹ Crores

Cash Flow

Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-389
0
567
-670
1,325
-1,270
-611
1,899
-101
Investing
-26
0
-20
-37
-107
-89
-100
-99
-118
Financing
472
0
269
-324
-71
1,088
697
-960
26
Net Cash Flow
58
0
816
-1,031
1,147
-270
-14
840
-193
Free Cash Flow
-414
0
547
-707
1,218
-1,358
-711
1,800
-219
CFO/OP
-21
0
25
-30
56
-32
-8
60
8
Figures in ₹ Crores

Ratios

Particulars Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
7%
7%
11%
14%
17%
17%
14%
14%
14%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs1.95%Public56.80%FIIs6.73%Others34.52%As ofJun 2026

Documents

Frequently Asked Questions about Tamilnad Mercantile Bank

What does Tamilnad Mercantile Bank Ltd do?
Incorporated in 1921, Tamilnad Mercantile Bank (TMB) is one of the oldest private sector banks in India. It offers an array of banking and financial services to retail customers, micro, small, and medium enterprises (MSMEs).[1]
Where is Tamilnad Mercantile Bank Ltd (TMB) listed?
Tamilnad Mercantile Bank Ltd trades as TMB on the NSE and under code 543596 on the BSE.
Which sector does Tamilnad Mercantile Bank Ltd belong to?
Tamilnad Mercantile Bank Ltd is classified under the Financial Services sector, in the Banks industry.
What is the market capitalisation of Tamilnad Mercantile Bank Ltd?
Tamilnad Mercantile Bank Ltd has a market capitalisation of ₹14,379 Cr, which places it in the Mid Cap band.
What is the PE ratio of Tamilnad Mercantile Bank Ltd?
Tamilnad Mercantile Bank Ltd trades at a PE ratio of 9.99, on earnings per share of ₹69.35, against a book value of ₹667 per share.
What is the 52-week high and low of Tamilnad Mercantile Bank Ltd?
Over the last 52 weeks Tamilnad Mercantile Bank Ltd has traded between ₹420 and ₹954.2.
Does Tamilnad Mercantile Bank Ltd pay dividends?
Tamilnad Mercantile Bank Ltd has a dividend yield of 1.35%.
What is the Return on Equity (ROE) of Tamilnad Mercantile Bank Ltd?
Tamilnad Mercantile Bank Ltd reported a return on equity of 13.23%. Its debt-to-equity ratio is 0.00.

Company Information

Incorporated in 1921, Tamilnad Mercantile Bank (TMB) is one of the oldest private sector banks in India. It offers an array of banking and financial services to retail customers, micro, small, and medium enterprises (MSMEs).[1]

Website tmb.in
Listed 2022-09-15
Face Value ₹ 10
Issued Size 15,83,51,454

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