TMB
Tamilnad Mercantile Bank share price & financials
- Price
- ₹780.6
- Market cap
- ₹13.5k Cr
- Sector
- Financial Services
- Calls analysed
- 6
Tamilnad Mercantile Bank Limited Q1 FY27
What went well
- Total business increased 23% to INR1,21,715 crores, highest growth in 14 years.
- Net profit was an all-time high of INR412 crores, up 34.97% year-on-year.
- Return on Assets (ROA) improved to 2.14% for the quarter, up 32 basis points year-on-year.
What to watch
- CASA ratio declined by 2.95% quarter-on-quarter (INR500 crores) due to a strategic focus on term deposits, though management expects it to pick up.
- SMA 0, 1, 2 showed an uptick quarter-on-quarter, primarily due to INR100-150 crores in the gold loan portfolio, but management states it is under control and being resolved.
What Tamilnad Mercantile Bank Limited does
Tamilnad Mercantile Bank is a Thoothukudi (Tamil Nadu)-headquartered private sector bank incorporated in 1921 and listed on NSE/BSE since 2022. It operates a branch-led banking model earning interest income by taking retail deposits (including CASA) and lending across retail, agriculture, MSME and gold (jewel) loan segments, largely within Tamil Nadu with an expanding presence outside the state. Credit processing and monitoring is run through a hub-and-spoke network of Regional Credit Management Centres (CMCs) rather than at individual branches, with the loan book almost entirely secured/collateralised.
Segments
- Retail
- Agriculture
- MSME
- Gold (Jewel) Loans
- Branch network
- 622 branches
- New branches opened in FY26
- 44 (15 outside Tamil Nadu)
- Regional Credit Management Centres (CMCs)
- 12, hub-and-spoke, each covering ~50 branches
- IT architecture
- Dual-city setup — Chennai/Ambattur (Kosmo One core IT ops, cloud, ATM cell) and Chennai/Anna Nagar (digital hub for internet/mobile banking, UPI, digital acquisition)
- Core banking platform
- Finacle CBS with centralised database, 622+ branches on 100% connectivity
- Share of transactions via digital channels
- 96.85%
Guidance record · Q1 FY27
what the last two calls moved 29 tracked 8 delivered 2 missed 19 open- Advances Growth FY27 revised up said Q3 FY26 Promised: 16-17% Q1 FY27: Revised guidance upwards to 21-22% for FY27.
- Advances Growth FY26 delivered said Q1 FY26 Promised: closer to 15% Q4 FY26: Achieved 20.32%, significantly exceeding the final guidance.
- New Branches FY26 missed said Q2 FY26 Promised: 30-36 Q4 FY26: Opened 44 branches, missing the revised target of 50+.
All 29 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 19.9%, net profit up 35.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,337 | 1,331 | 1,342 | 1,386 | 1,413 +6% | 1,469 +10% | 1,550 +15% | 1,662 +20% |
| Net profit | 303 | 300 | 292 | 305 | 318 +5% | 342 +14% | 374 +28% | 412 +35% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +110.3% 1Y
1Y: ₹433.1 on 10 Sept 2025 → ₹910.9. High ₹942.45 (3 Sept 2026), low ₹421.95 (30 Sept 2025).
How the price took the results
close before → close after
- Q1 FY27
- +11.1%
- 27 Jul
- Q4 FY26
- +9.0%
- 27 Apr
- Q3 FY26
- +4.5%
- 4 Feb
- Q2 FY26
- +2.0%
- 28 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 12.5% a year over 3 years, FY23 to FY26.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹4.1k Cr | ₹4.8k Cr | ₹5.3k Cr | ₹5.8k Cr |
| Interest | ₹2.0k Cr | ₹2.7k Cr | ₹3.0k Cr | ₹3.3k Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹1.0k Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.3k Cr |
| Net margin | 25.2% | 22.1% | 22.3% | 23.0% |
| ROE | 17.0% | 14.0% | 14.0% | 14.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹143 Cr | ₹143 Cr | ₹158 Cr | ₹158 Cr | ₹158 Cr | ₹158 Cr |
| Reserves | ₹4.4k Cr | ₹5.2k Cr | ₹6.8k Cr | ₹7.8k Cr | ₹9.3k Cr | ₹10.0k Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹525 Cr | ₹1.3k Cr | — | ₹700 Cr |
| Deposits | ₹41.0k Cr | ₹44.9k Cr | ₹47.8k Cr | ₹49.5k Cr | — | ₹61.7k Cr |
| Other liabilities | ₹1.9k Cr | ₹2.6k Cr | ₹2.6k Cr | ₹2.8k Cr | ₹2.9k Cr | ₹2.8k Cr |
| Total liabilities | ₹47.5k Cr | ₹52.8k Cr | ₹57.9k Cr | ₹61.6k Cr | ₹69.0k Cr | ₹75.3k Cr |
| Fixed assets | ₹137 Cr | ₹211 Cr | ₹246 Cr | ₹271 Cr | ₹274 Cr | ₹311 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹11.7k Cr | ₹13.2k Cr | ₹14.2k Cr | ₹15.3k Cr | ₹16.5k Cr | ₹15.7k Cr |
| Other assets | ₹35.7k Cr | ₹39.4k Cr | ₹43.5k Cr | ₹46.0k Cr | ₹52.2k Cr | ₹59.3k Cr |
| Total assets | ₹47.5k Cr | ₹52.8k Cr | ₹57.9k Cr | ₹61.6k Cr | ₹69.0k Cr | ₹75.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +2.15 pp while the public trimmed −1.71 pp. The shareholder count shrank 6% to 1,17,147.
- FIIs
- 6.7%
- DIIs
- 2.0%
- Public
- 91.3%
Since Jun 2025
- FIIs +2.15 pp
- Public −1.71 pp
- DIIs −0.44 pp
How it drifted, 12 quarters
Over this window FIIs went from 2.1% to 6.7% — +4.7 pp.
Ownership split by quarter, oldest first. Sep '23: FIIs 2.1%, DIIs 3.9%, Public 94.1%.Dec '23: FIIs 3.1%, DIIs 3.2%, Public 93.7%.Mar '24: FIIs 3.5%, DIIs 2.8%, Public 93.8%.Jun '24: FIIs 3.7%, DIIs 2.7%, Public 93.6%.Sep '24: FIIs 4.1%, DIIs 2.2%, Public 93.7%.Dec '24: FIIs 4.1%, DIIs 2.7%, Public 93.2%.Mar '25: FIIs 4.2%, DIIs 2.7%, Public 93.1%.Jun '25: FIIs 4.6%, DIIs 2.4%, Public 93.0%.Sep '25: FIIs 4.7%, DIIs 2.4%, Public 92.9%.Dec '25: FIIs 5.0%, DIIs 2.5%, Public 92.6%.Mar '26: FIIs 6.2%, DIIs 1.9%, Public 91.9%.Jun '26: FIIs 6.7%, DIIs 2.0%, Public 91.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Chandramogan R G +0.32 pp 1.33% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Tamilnad Mercantile Bank Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Bucket 1 (Court Cases) | 8.77% | unchanged |
| Robert And Ardis James Company Limited | 4.45% | unchanged |
| Starship Equity Holdings Ltd | 4.25% | unchanged |
| Subcontinental Equities Limited | 4.18% | unchanged |
| East River Holdings Limited | 3.35% | unchanged |
| Swiss Re Investors (Mauritius) Limited | 3.20% | unchanged |
| Fi Investments (Mauritius) Limited | 1.71% | unchanged |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 1.47% | unchanged |
| C.S.Rajendran | 1.35% | unchanged |
| Chandramogan R G | 1.33% | +0.32 pp |
| Hibiscus Enterprises LLP | 1.29% | unchanged |
| Meenakshi R | 1.20% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Tamilnad Mercantile Bank Limited
Guides on how to read this kind of business and the numbers that matter.