Tamilnad Mercantile Bank logo

Tamilnad Mercantile Bank share price

NSE: TMBBSE: 543596BanksSmall Cap

Tamilnad Mercantile Bank Limited · Face value ₹10 · Listed Sep 2022 · Issue price ₹510
Last close ₹790.80down ₹15.85 (1.96%)BSE ₹792.00

Share price at the NSE close on 28 Oct 2026. Previous close ₹806.65.

28 Oct: open ₹806.65, high ₹829.50, low ₹779.15

52-week range of traded prices to 28 Oct 2026
₹460.05Low, 28 Oct 2025₹954.20High, 7 Sep 2026
Market cap
₹12,522 Cr543rd largest listed
P/E
7.94
P/B
1.16
Dividend yield
1.58%
ROE
15.6%
NIM
3.85%
Gross NPA
0.61%
Net NPA
0.14%
CET1
31.36%
ROA
1.89%
Volume, NSE
2,28,48547.3% delivered

Tamilnad Mercantile Bank share price chart

Daily closes since Sep 2022, adjusted for splits and bonuses

+69.6%over a year · Nifty Microcap 250 +2.3% · Nifty 500 −8.8%

Results20-session average 2,00,863 shares a day, 45.9% delivered

About Tamilnad Mercantile Bank

Tamilnad Mercantile Bank is a private sector bank headquartered in Thoothukudi, Tamil Nadu.1 It lends to retail, agriculture and micro, small and medium enterprises (MSMEs) customers, and most of its term deposits are retail term deposits.2 It serves customers through branches, ATMs and internet and mobile banking, mainly in Tamil Nadu, and is expanding into other states.34

The bank reports its results in treasury, corporate and wholesale banking, retail banking and other banking operations, and has no branches outside India.5 Its products include the JLPlus savings account combined with a jewel (gold) loan and the TMB MBank mobile banking app.67 On its earnings call of 27 Jul 2026, the bank said it is focusing on home loans, vehicle loans and loans against property.8

It was incorporated in 1921 and listed its shares on the stock exchanges in 2022.910 It does not belong to any business group and has no subsidiaries, associates or joint ventures.11 At the end of Sep 2026, overseas corporate bodies (foreign entities owned mainly by non-resident Indians) held 22.425% of its shares, foreign portfolio investors 6.859% and mutual funds 0.663%.12 Salee S Nair is Managing Director and CEO, and K. Ramachandran is part-time Chairman.13 The board includes C.S. Ram Kumar and V. Srinivasan, additional directors nominated by the Reserve Bank of India.14

Tamilnad Mercantile Bank key points

Results

  • In the quarter to Sep 2026, net profit rose 42.09% from a year earlier to ₹451.14 crore, the bank's highest ever; operating profit (before provisions and tax) rose 41.80% to ₹641.55 crore and net interest income (interest earned less interest paid) 35.17% to ₹807.17 crore.1516
  • In the half year to Sep 2026, net profit rose 38.60% to ₹862.65 crore, operating profit 44.86% to ₹1,252.62 crore and net interest income 33.62% to ₹1,572.25 crore.15
  • In the year to Mar 2026, net profit rose 13.10% to ₹1,338 crore, the highest in the bank's history, and net interest income 9.84% to ₹2,527 crore.1718
  • In the quarter to Sep 2026, return on assets was 2.18% and return on equity 16.92% (profit as a share of assets and of shareholders' funds); net interest margin (net interest income as a share of earning assets) was 4.19%.1920

Loan book and deposits

  • Total business (deposits plus gross advances) was ₹1,30,237 crore at the end of Sep 2026, up 27.25% from a year earlier, the highest year-on-year growth in 18 years, the bank says.2122
  • Gross advances (loans) by segment at the end of Sep 2026, ₹ crore2324
    Itemquarter to Sep 2026
    Agriculture25,094.51
    MSME17,266.88
    Retail14,885.72
    Others3,443.64
    Total60,690.75
    Gross advances grew 29.32% from a year earlier.
  • Gold loans were ₹29,280 crore at the end of Sep 2026, 48.24% of the loan portfolio, with a loan-to-value ratio (the loan as a share of the pledged gold's value) of 62.35%.25
  • Deposits were ₹69,546 crore at the end of Sep 2026, up 25.49% from a year earlier; current and savings accounts (CASA, the lowest-cost deposits) made up ₹17,629 crore, or 25.35%.2627

Branches and reach

  • The bank had 631 branches at the end of Sep 2026, 460 in Tamil Nadu and 171 in other states, after opening 9 in the half year to Sep 2026.28
  • At the end of Mar 2026 the bank had 1,152 ATMs and 424 cash recycler machines (which both take and pay out cash), covering 17 states and 4 union territories.29

Asset quality and capital

  • Gross non-performing assets (NPAs, loans not being repaid) were 0.61% of advances at the end of Sep 2026 and net NPAs 0.14%; provisions, including written-off loans, covered 96.61% of bad loans.3031
  • The capital adequacy ratio (capital to risk-weighted assets) was 32.39% at the end of Sep 2026, and the cost-to-income ratio (operating costs to income) 38.28% in the quarter.32
  • For expected credit loss rules due from April 2027 (provisions for losses expected, not only those incurred), the bank estimated a one-time impact of ₹385 crore as of Sep 2026, and said ₹304 crore of provisions was already available.33

What the company expects

  • On its earnings call of 27 Jul 2026, the company said it was raising its advances growth guidance for the year to Mar 2027 from 20% to 21% to 22%, and its deposit growth guidance of 16% by 2%.34
  • On its earnings call of 27 Jul 2026, the company said it expects a net interest margin well past 4%, return on assets well over 2% and return on equity of 15% for the year to Mar 2027.35
  • The company stated in its annual report for the year to Mar 2026 that it plans 60 new branches in the year to Mar 2027, at least 20 outside Tamil Nadu, and to lift business from outside Tamil Nadu from 27% towards 30%.36

Recent events

  • On 5 Oct 2026, India Ratings assigned the bank an issuer credit rating (an agency's view of its ability to repay) of IND AA- with a stable outlook.37
  • On 27 Nov 2025, the bank began a phased rollout of a new loan origination system built with Nucleus Software, and opened new premises for its first credit management centre in Thoothukudi, aiming to cut loan approval times.38

Litigation and regulatory matters

  • On 9 Jul 2026, an appellate tribunal cut an Enforcement Directorate penalty over share transfers from ₹17 crore to ₹3.40 crore and dismissed the Directorate's claim to confiscate foreign investors' shares; the bank is to receive back ₹13.60 crore it deposited.3940
  • As of 26 Oct 2026, the bank's application to the Reserve Bank of India to regularise the share transfers in the Enforcement Directorate case was under consideration.41
  • A second Enforcement Directorate notice, of Nov 2017, over the bank's bonus share issue proposes a ₹1,037 crore penalty, pending adjudication as of 26 Oct 2026; management believes, on legal advice, the offence if established is chargeable at ₹2.00 lakh, fully provided.42
  • On 14 May 2026, the Income Tax Department reduced a demand of ₹2,04,23,11,454 for assessment year 2013-14 (the tax year that assesses the previous year's income) to ₹2,93,39,404 on rectification.43

Last updated

All 43 sources, each with its page
  1. 1. Exchange filing, 27 Nov 2025, page 3
  2. 2. Annual report, 18 Jun 2026, page 170
  3. 3. Annual report, 18 Jun 2026, page 73
  4. 4. Annual report, 18 Jun 2026, page 34
  5. 5. Annual report, 18 Jun 2026, page 254
  6. 6. Annual report, 18 Jun 2026, page 75
  7. 7. Annual report, 18 Jun 2026, page 74
  8. 8. Earnings call, 27 Jul 2026, page 13
  9. 9. Annual report, 18 Jun 2026, page 3
  10. 10. Annual report, 18 Jun 2026, page 36
  11. 11. Annual report, 18 Jun 2026, page 324
  12. 12. Investor presentation, 26 Oct 2026, page 22
  13. 13. Annual report, 18 Jun 2026, page 28
  14. 14. Annual report, 18 Jun 2026, page 28
  15. 15. Investor presentation, 26 Oct 2026, page 19
  16. 16. Investor presentation, 26 Oct 2026, page 6
  17. 17. Annual report, 18 Jun 2026, page 36
  18. 18. Annual report, 18 Jun 2026, page 31
  19. 19. Investor presentation, 26 Oct 2026, page 7
  20. 20. Investor presentation, 26 Oct 2026, page 32
  21. 21. Investor presentation, 26 Oct 2026, page 7
  22. 22. Investor presentation, 26 Oct 2026, page 6
  23. 23. Investor presentation, 26 Oct 2026, page 26
  24. 24. Investor presentation, 26 Oct 2026, page 12
  25. 25. Investor presentation, 26 Oct 2026, page 15
  26. 26. Investor presentation, 26 Oct 2026, page 7
  27. 27. Investor presentation, 26 Oct 2026, page 8
  28. 28. Investor presentation, 26 Oct 2026, page 37
  29. 29. Annual report, 18 Jun 2026, page 70
  30. 30. Investor presentation, 26 Oct 2026, page 8
  31. 31. Investor presentation, 26 Oct 2026, page 24
  32. 32. Investor presentation, 26 Oct 2026, page 33
  33. 33. Investor presentation, 26 Oct 2026, page 30
  34. 34. Earnings call, 27 Jul 2026, page 9
  35. 35. Earnings call, 27 Jul 2026, page 9
  36. 36. Annual report, 18 Jun 2026, page 36
  37. 37. Exchange filing, 5 Oct 2026, page 1
  38. 38. Exchange filing, 27 Nov 2025, page 2
  39. 39. Investor presentation, 26 Oct 2026, page 43
  40. 40. Investor presentation, 26 Oct 2026, page 43
  41. 41. Investor presentation, 26 Oct 2026, page 43
  42. 42. Investor presentation, 26 Oct 2026, page 43
  43. 43. Exchange filing, 14 May 2026, page 1

Results

Standalone; ₹ crore. Total income is interest earned plus other income, fees and treasury gains among it.Tamilnad Mercantile Bank quarterly results

Total income growth, 12 months
+17.6%
Net profit growth, 12 months
+29.9%

Quarter to Sep 2026, against the quarter before

Total income
₹2,052 Crup 7.98%
Net profit
₹451 Crup 9.63%

Total income by quarter

₹1,520 CrDec 24₹1,542 CrMar 25₹1,617 CrJun 25₹1,621 CrSep 25₹1,665 CrDec 25₹1,792 CrMar 26₹1,901 CrJun 26₹2,052 CrSep 26
Peak total income ₹2,052 Cr, quarter to Sep 2026; lowest ₹1,520 Cr, quarter to Dec 2024

Net profit by quarter, a loss in red

₹300 CrDec 24₹292 CrMar 25₹305 CrJun 25₹318 CrSep 25₹342 CrDec 25₹374 CrMar 26₹412 CrJun 26₹451 CrSep 26
₹ croreDec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Total income1,5201,5421,6171,6211,6651,7921,9012,052
Net profit300292305318342374412451
Standalone. The last eight quarters. The latest is shaded.

Business segments

Share of revenue, year to Mar 2026, standalone.Segment revenue and profit

  • Retail Banking₹4,834 Crup 12.27%72.2%
  • Treasury₹1,281 Crup 1.95%19.1%
  • Corporate / Wholesale Banking₹582 Crup 0.34%8.7%
The pill is the change in revenue on the year before; the share is of all the businesses together.

Valuation

Today, against the company's own history.Tamilnad Mercantile Bank PE ratio and valuation

Price to earnings

At or below today's level on 75% of 864 trading days since May 2023.

LowestHighest
Its median6.90Industry median12.68
Price to book

At or below today's level on 78% of 989 trading days since Nov 2022.

LowestHighest
Its median0.99Industry median1.19
Dividend yield

At or below today's level on 45% of 1,000 trading days since Sep 2022.

LowestHighest
Its median1.68%Industry median0.75%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend yield
1 year+43.2%+13.1%+24.7%2.2%
3 years+14.7%+9.1%+3.0%2.3%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 3 years is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026. The company has no promoter group.Tamilnad Mercantile Bank shareholding pattern

Shareholding by group

  • Foreign institutions6.86%
  • Indian institutions2.07%
  • Individuals and others91.07%
Holder
Bucket 1 (Court Cases)Resident individuals, over ₹2 lakh at face value8.77%
Robert and Ardis James Company LimitedOther non-institutions4.45%
Starship Equity Holdings LtdOther non-institutions4.25%
Subcontinental Equities LimitedOther non-institutions4.18%
East River Holdings LimitedOther non-institutions3.35%
Swiss Re Investors (Mauritius) LimitedOther non-institutions3.20%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Jun 2026: foreign institutions +0.13 pts, Indian institutions +0.12 pts, mutual funds +0.08 pts.

Mutual fund holdings

14 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 8 of the 11 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.All 14 funds holding Tamilnad Mercantile Bank

Added
4
Cut
7
Held unchanged
3
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Promoter and insider buying and selling

Trades made since 29 Oct 2025.Tamilnad Mercantile Bank insider trading

Bought on the market Sold on the market
  • Directors and key managers4 purchases, 0 sales₹0.05 CrNo saleNet₹0.05 Cr3 off-market moves
  • Others2 purchases, 0 sales₹0.02 CrNo saleNet₹0.02 Cr3 off-market moves
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

Tamilnad Mercantile Bank competitors and peers

Private Sector Bank, 20 listed companies, priced on 28 Oct 2026. The table lists the 8 companies closest to Tamilnad Mercantile Bank in market cap.Finance companies

Where the company sits among the companies nearest its size

Return on equity across, P/E up, size is market cap
Company
Bandhan Bank logoBandhan BankBANDHANBNK25,03113.430.95+0.8%+51.7%7.3%0.61%5.94%0.97%
City Union Bank logoCity Union BankCUB21,30214.291.90+21.6%+23.3%14.1%1.52%3.57%0.93%
The South Indian Bank logoThe South Indian BankSOUTHBANK14,3139.031.19+4.7%+16.8%14.0%1.09%2.80%0.82%
The Jammu & Kashmir Bank logoThe Jammu & Kashmir BankJ&KBANK13,4165.680.76+6.4%+13.0%14.5%1.32%3.78%0.00%
The Karnataka Bank logoThe Karnataka BankKTKBANK11,7687.570.84+3.3%+35.4%11.7%1.05%2.96%1.61%
DCB Bank logoDCB BankDCBBANK6,1777.350.89+10.3%+25.4%13.0%0.89%3.22%0.76%
CSB Bank logoCSB BankCSBBANK5,3657.811.03+15.7%+10.6%13.9%1.20%3.61%0.00%
Dhanlaxmi Bank logoDhanlaxmi BankDHANBANK1,2719.030.82+23.5%–9.5%0.52%3.53%0.00%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROA is the year's profit over average total assets. NIM is net interest income over average loans and investments. Income growth is the growth of everything the company earns: interest, fees, premiums and the rest.

Dividends

Per share, by the year it was paid for, and the latest payments.Tamilnad Mercantile Bank dividend history

Dividend per share, ₹, restated for later splits and bonuses

10Mar 2310Mar 2411Mar 2513Mar 26
Highest ₹12.50 a share, year to Mar 2026.
Ex-dateTypePer share
12 Jun 2026Final₹12.50
1 Aug 2025Final₹11.00
20 Sep 2024Final₹10.00
29 Aug 2023Final₹5.00
24 Feb 2023Interim₹5.00
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.Tamilnad Mercantile Bank announcements

Tamilnad Mercantile Bank share price by year

Each calendar year to 2025.Tamilnad Mercantile Bank share price history

YearClose at year endChangeHighest closeLowest close
2025513.80+13.7%536.15406.90
2024451.90−10.4%511.55424.55
2023504.45+5.4%597.15399.70
2022478.60–528.75465.45
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. 2022 is from its first session, 15 Sep 2022.

Recent sessions

The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
27 Oct 2026821.95828.60781.70806.65803.375,26,92331.6%
26 Oct 2026804.70810.95770.30804.05788.257,15,86928.2%
23 Oct 2026843.00843.00793.90800.65805.211,98,51549.5%
22 Oct 2026854.05854.05832.05841.25839.131,12,21048.6%
21 Oct 2026868.35875.00845.10849.80855.0092,38155.5%
19 Oct 2026857.30876.75850.20868.35869.6695,04744.0%
16 Oct 2026860.00866.25849.40857.30855.401,03,17554.4%
15 Oct 2026864.95872.00850.50854.90855.1294,43653.1%
14 Oct 2026877.00877.85860.00863.80868.1496,26547.6%
Prices in ₹ per share as traded, not adjusted.

Company details

Chairperson
Krishnaswamy Ramachandran
At the end of the quarter to Sep 2026
Managing director and CEO
Salee Sukumaran Nair
At the end of the quarter to Sep 2026
NSE symbol
TMB
BSE code
543596
ISIN
INE668A01016
Industry
Banks
CIN
L65110TN1921PLC001908
Corporate identity number, the registrar of companies' code for it
Incorporated
1921
Registered office
No. 57, Victoria Extension Road, Thoothukudi, 628002, Tamil Nadu
Share registrar
MUFG Intime India Pvt. Ltd
Keeps the register of shareholders and handles transfers and dividend payments