NSE: JMFINANCIL · BSE: 523405
JM FINANCIAL LIMITED
Operates as a diversified Indian financial services holding company spanning five segments: capital markets advisory, private credit, wealth and asset management, affordable housing finance and treasury operations. Wealth and Asset Management contributed 32.2% of segment revenue, managing portfolios for clients with recurring AUM of Rs 30,838 crore. Private Markets accounted for 28.6%, providing private credit and financing solutions. Corporate Advisory and Capital Markets made up 20.9%, where the group is ranked #1 in IPOs by deal volume and executed 55 filed IPO transactions aggregating ~Rs 1.4 lakh crore in FY26, plus 43 ECM transactions raising over Rs 94,854 crore. Affordable Home Loans represented 10.0%, lending to lower-ticket housing borrowers with an AUM of Rs 3,460 crore, up 22% year on year. Treasury and others contributed 8.3% of segment revenue. Group revenue for FY26 was Rs 4,091.1 crore with consolidated net profit of Rs 1,201.04 crore, and the cost base is dominated by employee expenses at 25.8% of revenue, reflecting the asset-light, fee- and advisory-driven nature of the bulk of the business. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Wealth and Asset Management (32%), Private Markets (29%), Corporate Advisory and Capital Markets (21%), Affordable Home Loans (10%), Treasury and others (8%). Diversified, asset-light financial services holding company with fee-based advisory and asset management businesses alongside a credit-led private markets and affordable housing finance book.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,707 | 3,265 | 4,761 | 4,378 | 4,091 |
| EBITDA (ex other income) | 2,411 | 2,095 | 1,896 | 2,290 | 2,489 |
| margin % | 65.0 | 64.2 | 39.8 | 52.3 | 60.8 |
| Owners' profit | 773 | 597 | 410 | 821 | 1,202 |
| EPS, as reported (₹) | 8.11 | 6.26 | 4.29 | 8.59 | 12.57 |
| ROE % · ROCE % | 9.3 · — | 6.3 · — | 0.3 · — | 7.6 · — | 10.6 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (3,203) | (2,449) | 3,635 | 5,569 | 581 |
| Capex | (17) | (125) | (54) | (34) | (64) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,191 | 1,106 | 1,004 | 1,111 | 1,031 | 999 | 949 | 1,201 |
| Profit before tax | 154 | 287 | 311 | 593 | 344 | 400 | 243 | 456 |
| Net profit | 144 | 207 | 235 | 459 | 262 | 318 | 162 | 369 |
| EPS (₹) | 2.43 | 2.19 | 2.19 | 4.75 | 2.82 | 3.27 | 1.73 | 3.05 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Corproate Advisory and Capital Markets | 707 | 15.6 |
| Wealth and Asset Management | 1,459 | 32.2 |
| Private Markets | 1,298 | 28.6 |
| Affordable Home Loans | 455 | 10.0 |
| Treasury and others | 376 | 8.3 |
| Corporate Advisory and Capital Markets | 239 | 5.3 |
| Total, before eliminations | 4,534 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINSERV LTD. | 2,64,611 | 26.0 | 1.88 | — | 14.0 | — | 20.0 | 40.8 |
| BAJAJ HOLDINGS & INVS LTD | 1,16,414 | 13.1 | 1.41 | — | 11.9 | — | 21.8 | 92.9 |
| CHOICE INTERNATIONAL LTD | 16,267 | 62.9 | 8.92 | 39.9 | 13.0 | 13.9 | 46.0 | 36.8 |
| EDELWEISS FIN SERV LTD | 11,971 | 16.8 | 2.01 | — | 11.4 | — | 2.2 | 29.3 |
| JM FINANCIAL LIMITED ◆ | 10,849 | 10.4 | 0.96 | — | 10.6 | — | 5.1 | 60.3 |
| RANE HOLDINGS LIMITED | 2,078 | 24.6 | 1.46 | 6.0 | 9.6 | 11.7 | 23.7 | 7.5 |
| BF INVESTMENT LIMITED | 1,486 | 3.8 | 0.17 | — | 3.3 | — | 36.0 | 90.4 |
| BALMER LAWRIE INVSTS. L | 1,384 | 10.7 | 0.62 | — | 12.4 | — | 12.2 | 18.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.4 | 10.7 | 6 of 13 | 58% |
| P/B | 1.0 | 1.4 | 5 of 14 | 69% |
| ROE | 10.6 | 10.1 | 7 of 14 | 54% |
| EBITDA margin | 60.3 | 29.6 | 3 of 14 | 85% |
| Revenue growth | 8.0 | 18.6 | 12 of 15 | 21% |
| Profit growth | (19.7) | 18.1 | 11 of 15 | 29% |
| Market cap | 10849 | 1203 | 5 of 16 | 73% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · JM Financial sets up new step-down subsidiary in Abu Dhabi | strategic transactions | medium | — | — |
| 12 Oct 2026 · JM Financial files quarterly compliance certificate under SEBI Depositories Regulations | compliance | minimal | — | — |
| 10 Oct 2026 · Newspaper ad on SEBI special window for physical share transfers | compliance | minimal | — | — |
| 6 Oct 2026 · Board meeting on Nov 4, 2026 to consider Q2 and H1 FY27 results | results | low | — | — |
| 28 Sept 2026 · JM Financial infuses Rs 162.59 cr in step-down arm JMFARC via rights issue | strategic transactions | high | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 ahead of Q2 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · JM Financial allots 45,000 equity shares under ESOP exercise | capital market events | low | — | — |
| 10 Sept 2026 · US subsidiary JM Financial Private Wealth Inc dissolved | strategic transactions | medium | — | — |
| 3 Sept 2026 · JM Financial gets ESG score of 76, rated Leader by NSE Sustainability | business updates | medium | — | — |
| 31 Aug 2026 · CRISIL reaffirms ratings, assigns AA to Rs 100 cr NCDs | credit debt | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.