JM Financial Limited (JMFINANCIL)
₹121.38 +1.25% last close, 16 Oct
Q2 FY27 results
📅 Next results: 04 Nov 2026 (board meeting)JM Financial Limited's board meets on 4 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, JM Financial's net interest income was ₹176 Cr, and net profit ₹369 Cr.
| Q1 FY27 (₹ Cr) | Value | YoY | QoQ |
|---|---|---|---|
| Net interest income | ₹176 | — | — |
| Operating profit | ₹469 | — | — |
| Net profit | ₹369 | — | — |
| EPS (₹) | 3.05 | — | — |
JMFINANCIL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 38.61% of the JMFINANCIL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.31%. That is lower than usual for this stock.
Delivery in the last 5 sessions: 43.3% · 38.4% · 48.2% · 39.7% · 38.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
JM Financial Limited announced that its step-down subsidiary, JM Financial (Middle East) Limited, was incorporated on October 12, 2026, in the Abu Dhabi Global Market (ADGM). The entity is 100% held by JM Financial Overseas Holdings Private Limited, a wholly owned subsidiary of the company. The new firm will undertake activities including arranging investment deals, advising on investments or credit, arranging custody, and asset management. No acquisition cost or turnover details apply as it is a newly formed legal entity.
- JM Financial (Middle East) Limited incorporated on October 12, 2026
- 100% share capital held via wholly owned subsidiary JM Financial Overseas Holdings Private Limited
- Incorporated in Abu Dhabi Global Market (ADGM), United Arab Emirates
- Covers financial activities including deal arrangement, custody, asset management, and credit advisory
JM Financial Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was provided by the company's Registrar and Transfer Agent, KFin Technologies Limited. It confirms that all securities received for dematerialization during the period July 1, 2026 to September 30, 2026 were verified, cancelled, and registered within prescribed regulatory timelines. This is a purely administrative filing with no financial or operational impact.
- Compliance certificate filed under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarterly period from 1st July 2026 to 30th September 2026
- Issued by Registrar and Transfer Agent KFin Technologies Limited on October 12, 2026
JM Financial Limited announced that its step-down subsidiary, JM Financial Asset Reconstruction Company Limited (JMFARC), allotted 16.26 crore shares to its holding subsidiary JM Financial Credit Solutions Limited (JMFCSL) on a rights basis. The transaction involves a cash infusion of ₹162.59 crore, raising JMFCSL's stake in JMFARC from 81.77% to 84.87%. As of March 31, 2026, JMFARC reported an AUM of ₹11,853 crore and FY26 turnover of ₹223.95 crore. The capital infusion is intended to fund working capital and growth plans within the ARC business.
- Rights issue allotment of 16,25,85,928 equity shares aggregating ₹162.59 crore
- JMFCSL's shareholding in JMFARC increased from 81.77% to 84.87%
- JMFARC reported AUM of ₹11,853 crore and turnover of ₹223.95 crore as of March 31, 2026
- Turnover history of JMFARC: ₹223.95 crore (FY26), ₹204.49 crore (FY25), and ₹358.37 crore (FY24)
JM Financial Limited announced that its Delaware (USA) incorporated entity, JM Financial Private Wealth, Inc., has been dissolved upon completion of the necessary processes in Delaware. The entity was originally incorporated on November 10, 2025, lasting under a year. No financial details, transaction costs, or asset write-offs related to the dissolution were disclosed in the filing. Given JM Financial's market capitalization of Rs 13,306 Cr and TTM revenue of Rs 4,565 Cr, this administrative wind-down is unlikely to have an operational or financial impact.
- JM Financial Private Wealth, Inc., incorporated in Delaware, USA, has been dissolved.
- The subsidiary was originally incorporated on November 10, 2025.
- Dissolution completed following the requisite statutory processes in the State of Delaware.
- No material financial considerations or operational impairments were reported.
JM Financial Limited announced that NSE Sustainability Ratings & Analytics Limited has independently assigned it an ESG score of 76. The company was placed under the 'Leader' rating category on September 2, 2026, based on publicly available data for FY 2025-26. JM Financial clarified that it had not commercially engaged the agency for this assessment. The rating serves as an informational benchmark and has no direct financial or operational impact.
- Assigned an Environmental, Social, and Governance (ESG) score of 76 by NSE Sustainability Ratings & Analytics Limited.
- Categorized under the 'Leader' rating band on September 2, 2026.
- Assessment based on publicly available data pertaining to financial year 2025-26.
- Rating was independently initiated by the SEBI-registered Category I ESG provider without company engagement.
CRISIL Ratings has assigned a 'CRISIL AA/Stable' rating to JM Financial Limited's fresh ₹100 crore Non-Convertible Debentures (NCDs). Concurrently, CRISIL reaffirmed its 'CRISIL AA/Stable' rating on the company's ₹100 crore Long Term Bank Loan Facility and 'CRISIL A1+' rating on its ₹100 crore Commercial Paper program. The total value of instruments covered under this rating action is ₹300 crore, which represents ~6.3% of the company's net worth of ₹4,759 crore. The reaffirmation underscores stability in the company's credit profile and access to debt capital.
- Non-Convertible Debentures worth ₹100 crore assigned CRISIL AA/Stable rating
- Long term Bank Loan Facility of ₹100 crore reaffirmed at CRISIL AA/Stable
- Commercial Paper program of ₹100 crore reaffirmed at the highest short-term rating of CRISIL A1+
- Total rated instruments in this action aggregate to ₹300 crore
Crisil ESG Ratings & Analytics Limited has independently assigned an ESG rating of 'Crisil ESG 66' (Category: 'Strong') and a Core ESG rating of 'Crisil Core ESG 74' to JM Financial Limited based on FY 2025-26 public data. The rating was assigned on August 24, 2026, without direct engagement by the company. The disclosure is informational under SEBI listing regulations and has no direct financial or operational impact on current earnings.
- Crisil ESG rating assigned at 'Crisil ESG 66' under the 'Strong' category
- Core ESG rating assigned at 'Crisil Core ESG 74'
- Assessment based on company data pertaining to FY 2025-26
- Ratings assigned independently on August 24, 2026, without formal engagement by the company
JM Financial Limited has received an unsolicited ESG score of '69 (Strong)' from ESG Risk Assessments & Insights Limited (ESG Risk.ai), a SEBI-registered Category I ESG Rating Provider. The assessment was independently conducted based on publicly available data for FY 2025-26. The company clarified that it did not formally engage the agency for this evaluation. The announcement is informational with no direct financial or operational impact.
- Assigned an ESG score of 69 ('Strong') for FY 2025-26
- Evaluation conducted by SEBI-registered Category I provider ESG Risk Assessments & Insights Limited
- Rating assigned independently using public domain data without direct company engagement
JM Financial reported a 13% YoY increase in net revenue to ₹883 Cr for Q1 FY27, driven by strong performance in the Private Markets segment which cushioned a slow quarter for Capital Markets. The Asset Reconstruction (ARC) business saw significant resolutions, contributing a group share of ₹1,200 Cr in cash flows. While Investment Banking revenue fell to ₹115 Cr (vs ₹182 Cr YoY) due to fewer IPOs, the company maintains a massive pipeline of 60 IPOs worth ₹150,000 Cr (excluding NSE and Jio). The Affordable Housing segment showed robust growth with disbursements up 87% YoY, and management plans a separate listing for this unit in 2-3 years.
- Group share of cash flow from ARC resolutions exceeded ₹1,200 Cr in Q1 FY27, helping offset capital market volatility.
- IPO pipeline stands at ₹150,000 Cr across 60 filed DRHPs, excluding mega-issuances like NSE and Jio Platforms.
- Affordable Housing AUM grew 28% YoY to ₹3,715 Cr, with a branch network expanded to 151 locations.
- Net revenue increased 13% YoY to ₹883 Cr, while pre-provision operating profit rose 21% to ₹469 Cr.
- Management committed to investing ₹150 Cr into the Asset Management business over the next 2 years.
JM Financial has informed the exchanges that the audio recording of its earnings conference call held on August 4, 2026, is now available. The call discussed the company's financial performance for the first quarter ended June 30, 2026. This disclosure is a standard regulatory requirement following the release of quarterly results. Investors can access the recording on the company's website to understand management's commentary on its fee-based model pivot and the current IPO pipeline.
- Earnings conference call conducted on August 4, 2026, to discuss Q1 FY27 results.
- Recording covers performance for the quarter ended June 30, 2026.
- Company currently manages a pipeline of 56 IPOs aggregating approximately ₹1,20,000 Cr.
- Affordable Home Loan branch network has expanded to 134 locations as per recent operational updates.
JM Financial concluded its 41st Annual General Meeting on August 3, 2026, where shareholders approved all proposed resolutions including the adoption of FY26 financials and a final dividend. A key approval was granted for material related party transactions (RPT) with JM Financial Services Limited for an aggregate amount of up to ₹600 Crore. The meeting also saw the re-appointment of four Independent Directors and one Executive Director, ensuring leadership continuity. Management addressed queries regarding the strategic growth roadmap, cybersecurity, and the integration of Artificial Intelligence in business processes.
- Approval of material related party transactions with JM Financial Services Limited up to a limit of ₹600 Crore
- Re-appointment of four Independent Directors for second terms ranging from 2 to 5 years
- 89 members attended the physical meeting held at Ravindra Natya Mandir, Mumbai
- Remote e-voting was conducted between July 30 and August 2, 2026, with July 27 as the cut-off date
- The ₹600 Crore RPT limit represents approximately 13.57% of the company's TTM revenue of ₹4,421 Crore
JM Financial concluded its 41st Annual General Meeting on August 3, 2026, where shareholders considered the adoption of FY26 financial statements and a final dividend. A significant resolution included the approval of material related party transactions with JM Financial Services Limited for an aggregate amount of up to ₹600 Crore, which represents approximately 13.6% of the company's TTM revenue. The meeting also covered the re-appointment of four independent directors and director Vishal Kampani. Management addressed shareholder queries regarding the strategic growth roadmap, cybersecurity, and the integration of Artificial Intelligence in business processes.
- Approval sought for material related party transactions with JM Financial Services Ltd up to ₹600 Crore
- Re-appointment of four Independent Directors for second terms ranging from 2 to 5 years
- 89 members attended the physical meeting held at Ravindra Natya Mandir, Mumbai
- Statutory and Secretarial Audit reports for FY26 contained zero qualifications or adverse comments
- Remote e-voting was conducted between July 30 and August 2, 2026, with a cut-off date of July 27
JM Financial reported a 13.3% YoY increase in net revenue to Rs 883 Cr for Q1 FY27, with pre-provision operating profit (PPoP) rising 20.9% to Rs 469 Cr. The Investment Banking segment maintains a massive pipeline of 60 filed IPOs worth ~Rs 1,50,000 Cr, excluding mega-deals like Jio and NSE. The Distressed Credit business saw significant activity with gross resolutions exceeding Rs 2,000 Cr. While consolidated net profit fell 35.7% YoY to Rs 292 Cr due to base effects and impairment accounting, the core fee-based businesses in Wealth Management and Investment Banking show strong operational momentum.
- Investment Banking pipeline features 60 filed IPOs aggregating ~Rs 1,50,000 Cr, excluding Jio and NSE.
- Distressed Credit segment achieved gross resolutions of over Rs 2,000 Cr with group cashflows of Rs 1,200 Cr.
- Affordable Home Loan AUM grew 28% YoY to Rs 3,715 Cr with a granular average ticket size of ~Rs 10 lakhs.
- Wealth Management AUM reached Rs 1,12,635 Cr, with recurring AUM growing 7% YoY to Rs 33,394 Cr.
- Pre-provision operating profit (PPoP) increased 20.9% YoY to Rs 469 Cr, reflecting improved operating leverage.
JM Financial reported a 13% YoY increase in net revenue to ₹883 crore for Q1FY27, supported by strong recoveries in the ARC business and growth in affordable housing. Pre-provision operating profit grew 21% YoY to ₹469 crore, reflecting improved operational efficiency. However, reported PAT fell 36% YoY to ₹292 crore, primarily due to a high base effect from significant provision reversals in the same quarter last year. The company maintains a massive investment banking pipeline with 60 filed IPOs worth approximately ₹1.5 lakh crore.
- Net Revenue grew 13% YoY to ₹883 crore for the quarter ended June 30, 2026.
- ARC business saw gross recoveries exceeding ₹2,000 crore, with the Group's share of cashflows at ₹1,200 crore.
- Affordable Home Loan disbursements surged 87% YoY to ₹360 crore, with AUM reaching ₹3,715 crore.
- Investment banking pipeline remains robust with 60 filed IPOs aggregating ~₹1,50,000 crore.
- Wealth Management recurring AUM increased 7% YoY to ₹33,394 crore.
JM Financial reported a significant decline in standalone net profit to ₹2.50 Cr for Q1 FY27, down from ₹133.45 Cr in the same quarter previous year. The company's subsidiary, JM Financial Services, is facing unquantified but 'likely material' tax demands following adverse ITAT orders for assessment years 2012-13 to 2014-15. While standalone figures are weak, seven key subsidiaries contributed a combined revenue of ₹550.55 Cr and a net profit of ₹260.26 Cr during the quarter. The company also expanded its equity base by allotting 5.89 lakh shares under its ESOP scheme.
- Standalone Net Profit plummeted to ₹2.50 Cr in Q1 FY27 from ₹133.45 Cr in Q1 FY26
- Standalone EPS dropped to ₹0.03 for the quarter compared to ₹1.40 in the year-ago period
- Seven major subsidiaries reported a combined PAT of ₹260.26 Cr on revenue of ₹550.55 Cr
- Allotted 5,89,384 equity shares under ESOP, increasing paid-up capital to ₹95.70 Cr
- Ongoing legal dispute over tax disallowances for three assessment years remains unquantified but material
Financial Performance
Revenue Growth by Segment
Fees and commission income grew 20% YoY to INR 341 Cr in Q2 FY26. For H1 FY26, it increased 21% YoY to INR 573 Cr. Segment revenue contributions in H1 FY25 were: Investment Bank (41%), Mortgage Lending (30%), Platform AWS (26%), and Alternative/Distressed Credit (3%).
Geographic Revenue Split
Not disclosed as specific percentages, but the group operates pan-India with a branch network of 134 for affordable home loans and 15 strategic locations for Mutual Fund distribution.
Profitability Margins
Consolidated PAT for Q2 FY26 was INR 270 Cr, up 16% YoY. Adjusted for a one-time tax credit, the YoY PAT increase was 40% (INR 193 Cr). Standalone PAT for FY25 grew 74.01% YoY to INR 538.74 Cr. Annualized ROE for H1 FY26 stood at 14.4%.
EBITDA Margin
The Cost to Net Total Income Ratio was 49.32% in FY25, up from 40.28% in FY24, reflecting increased investments in the business pivot and a 21.1% increase in employee benefits expense to INR 963.30 Cr.
Capital Expenditure
Total Capital Employed was INR 10,178.01 Cr as of March 31, 2025, down from INR 11,003.59 Cr in FY24 as the group transitions to an asset-light model. Mortgage lending capital employed was reduced to INR 3,888.55 Cr (38.21% of total).
Credit Rating & Borrowing
Maintained a short-term rating of A1+. Consolidated gearing was 1.2x as of September 30, 2024. Finance costs for FY25 were INR 1,304.93 Cr, a 16.4% decrease from INR 1,561.52 Cr in FY24.
Operational Drivers
Raw Materials
As a financial services firm, the primary cost is capital. Finance costs (interest expense) represented 37.7% of total expenses in FY25 at INR 1,304.93 Cr.
Import Sources
Not applicable; capital is sourced from domestic and international financial markets.
Key Suppliers
Not applicable; the group maintains diversified borrowing sources to reduce dependence on any single lender or source.
Capacity Expansion
Affordable Home Loan branch network expanded to 134 locations. Mutual Fund distribution now operates out of 15 locations pan-India to support distributors.
Raw Material Costs
Finance costs decreased 16.4% YoY to INR 1,304.93 Cr in FY25. Fees and commission expenses rose 16.6% to INR 343.08 Cr.
Manufacturing Efficiency
Mutual Fund Average AUM increased 168% YoY to INR 11,665 Cr in FY25. Folio count grew 242% YoY to 9.03 lakh.
Logistics & Distribution
Not applicable; distribution is handled via digital platforms and a network of Mutual Fund Distributors (MFDs).
Strategic Growth
Expected Growth Rate
14.40%
Growth Strategy
Pivoting to a fee-based model focusing on four verticals: Investment Banking, Platform AWS, Private Markets, and Affordable Home Loans. Growth is driven by scaling the SIP book (up 3x to INR 120 Cr/month) and a pipeline of 56 IPOs worth INR 120,000 Cr.
Products & Services
IPO Lead Management, M&A Advisory, Institutional Equities, Wealth Management, Broking, PMS, Mutual Funds, and Affordable Home Loans (average ticket size < INR 10 lakhs).
Brand Portfolio
JM Financial, JM Financial Mutual Fund, JM Financial Credit Opportunities Fund.
New Products/Services
Expansion into 'manufacturing' of financial products within the AWS segment and bespoke private market solutions to improve risk-adjusted returns.
Market Expansion
Increasing Wealth Management Relationship Managers (RMs) by 2x YoY and sales employees by 34% YoY to capture retail and HNI market share.
Market Share & Ranking
Ranked #1 in IPOs for the quarter in terms of value.
Strategic Alliances
A transaction with Bajaj Allianz Life Insurance pegged the value of the affordable home loan business at ~INR 3,100 Cr.
External Factors
Industry Trends
Increasing financialization of Indian household savings is driving a shift toward equity; Equity AUM of JM Financial Mutual Fund increased 158% YoY to INR 9,968 Cr.
Competitive Landscape
Intense competition across the industry creates downward pressure on yields, fees, and commissions.
Competitive Moat
Durable advantages include multi-decadal relationships and a leadership position in IPOs. The pivot to an asset-light model (gearing 1.2x) reduces balance sheet risk while maintaining fee income.
Macro Economic Sensitivity
Highly sensitive to interest rate volatility (impacting borrowing costs) and capital market sentiment (impacting fee-based income).
Consumer Behavior
Shift toward Systematic Investment Plans (SIPs); SIP folio count surged 5x to ~355,000 in FY25.
Geopolitical Risks
Global economic threats and geopolitical tensions are cited as risks that could impact liquidity and the capital market environment.
Regulatory & Governance
Industry Regulations
RBI lifted restrictions on financing against shares/debentures for JMFPL on October 18, 2024. SEBI voluntary settlement involves refraining from lead managing public debt issues until March 2025.
Environmental Compliance
Commitment to ESG research including climate finance and sustainability through the Pune International Centre.
Taxation Policy Impact
Effective tax rate was impacted by a one-time credit of INR 39 Cr in the previous year due to a change in tax rates.
Legal Contingencies
Ongoing settlement process with SEBI regarding public debt issuance; the final settlement amount remains unknown.
Risk Analysis
Key Uncertainties
Vulnerability of asset quality to slippages in the wholesale lending business and market risk in the investment-cum-trading book which could be eroded by sharp market corrections.
Geographic Concentration Risk
Primarily India-focused; specific regional revenue splits are not disclosed.
Third Party Dependencies
Reliance on Mutual Fund Distributors (MFDs) for product reach and brand awareness.
Technology Obsolescence Risk
High reliance on technology for order placement; any failure poses financial and reputation risk.
Credit & Counterparty Risk
Impairment on financial instruments was INR 424.74 Cr in FY25, a decrease from INR 577.23 Cr in FY24.
