Models
JM FINANCIAL LIMITEDJMFINANCILFinance
₹50per share · Base Model Note
The horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹50implied P/B 0.42× on FY26 book
Against CMP ₹113.36−55.9%close of 28 Oct 2026
Cost of equity16.85%risk-free + beta × equity risk premium
Book equity, FY26₹119per share · excess returns add ₹(69)
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Excess-return schedule · ₹ crore · book equity earns your ROE; value is book plus the returns above the cost of equity
| ₹ crore | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|
| Opening book equity | 11,358 | 12,160 | 13,018 | 13,937 | 14,921 |
| Net income at 10.6% ROE | 1,204 | 1,289 | 1,380 | 1,477 | 1,582 |
| Cost of equity charge at 16.85% | (1,914) | (2,049) | (2,193) | (2,348) | (2,514) |
| Excess return | (710) | (760) | (814) | (871) | (932) |
| Present value | (657) | (602) | (551) | (505) | (463) |
| Closing book equity | 12,160 | 13,018 | 13,937 | 14,921 | 15,975 |
| Book equity today | 11,358 |
| PV of 5 years of excess return | (2,777) |
| PV of the terminal excess return, 5% flat | (3,793) |
| add non-operating investments | 0 |
| Equity value | 4,788 |
| ÷ 95.70 crore shares | ₹50 |
ROE is at or below the cost of equity, so every year destroys value against book and the model lands below book value. That is the arithmetic, not a view.
Where the methods land · ₹ per share · the dashed line is the CMP
52-week rangetraded range, a fact not a value
₹103₹173
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | Excess return | ROE 10.6% | — | 16.85% | 5% | ₹50 | (55.9)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.