JM Financial Limited has informed the Exchange about reaffirmation of ratings assigned to the Company.
JMFINANCIL · price
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Awaiting price reaction for this filing.
ICRA has reaffirmed the ratings assigned to JM Financial Limited's debt instruments. The Rs. 100 crore Non-Convertible Debenture programme and Rs. 100 crore fund-based/non-fund-based bank lines retain the [ICRA]AA (Stable) rating. The Commercial Paper programme rating of [ICRA]A1+ was also reaffirmed, but the rated amount was reduced from Rs. 300 crore to Rs. 100 crore, with Rs. 200 crore of the CP limit withdrawn at the company's request. ICRA cited the group's established franchise, comfortable capitalisation (gearing of 1.1 times), adequate liquidity (Rs. 2,955 crore), and adequate profitability (consolidated RoE of 13.7% in H1 FY2026) as key strengths. The stable outlook reflects expectations that the group's pivot towards fee-based businesses and asset-light model will continue to support its credit profile.
Neutral to slightly positive for shareholders — the rating reaffirmation at AA with stable outlook signals continued creditworthiness, while the voluntary reduction in the commercial paper facility size reflects a more conservative, asset-light approach as the group winds down its wholesale lending book.