JM Financial Ltd(JMFINANCIL)

NSE: JMFINANCILBSE: 523405

₹ 106.15-4.15%refreshed 23 Oct, 03:59 pm ISTMarket cap: ₹ 10,159 crNext results: 4 Nov 2026Website: www.jmfl.comUpdated: 24 Oct 2026

About

JM Financial Ltd is an Indian diversified financial services holding company operating across investment banking, private markets lending, distressed asset reconstruction, wealth management, asset management, and affordable home loans. The group serves clients across India and in 11 countries, with subsidiaries in Mauritius, Singapore, and the USA and a representative office in Dubai.^[1][2]

Business segments

Wealth and Asset Management was the largest segment in FY26 at 32.2% of revenue (Rs 1,458.63 crore), covering mutual funds, PMS, wealth advisory and digital broking.^[3]
Private Markets contributed 28.6% of revenue (Rs 1,298.19 crore) in FY26, encompassing wholesale lending, distressed asset reconstruction (ARC), and bespoke structured loans.^[3]
Corporate Advisory and Capital Markets accounted for 20.9% of revenue (Rs 946.01 crore) in FY26, covering IPOs, QIPs, block deals, M&A advisory, and debt capital markets.^[3]
Affordable Home Loans contributed 10.0% of revenue (Rs 455.21 crore) in FY26, operating through subsidiary JM Financial Home Loans Ltd, an HFC targeting the affordable housing segment.^[3]
Treasury and Others made up the remaining 8.3% of revenue (Rs 376.09 crore) in FY26.^[3]

Key operating numbers

Affordable Home Loans AUM reached Rs 3,715 crore in Q1FY27, up 28% YoY, with disbursements of Rs 360 crore in the quarter, up 87% YoY.^[4]
Wealth Management recurring AUM stood at Rs 33,394 crore in Q1FY27, up 7% YoY; margin loans grew 43% YoY to Rs 2,417 crore.^[4]
JM Financial Mutual Fund non-liquid average AUM was Rs 10,521 crore in Q1FY27; monthly SIP book stood at Rs 90 crore, down from Rs 120 crore in Q1FY26.^[4]
Private Markets bespoke loan book reached Rs 3,037 crore in Q1FY27, a 5-quarter high, up from Rs 2,685 crore in Q4FY26; Private Markets gross D/E stood at 0.8x in Q1FY27, reduced from 1.9x in FY24.^[4]
JMFARC gross resolutions exceeded Rs 2,000 crore in Q1FY27, with the group's share of cash flows over Rs 1,200 crore, predominantly from post-COVID new book at IRRs of 16%-18%.^[4]
AMC mutual fund management fees grew 62% YoY to Rs 13 crore in Q1FY27; closing non-liquid AUM rose 16% QoQ to approximately Rs 10,900 crore.^[4]
Consolidated ROE improved to 11.7% in FY26 from 9.4% in FY25; operating PAT grew 38% YoY to Rs 1,133 crore in FY26.^[5]
JMFARC AUM stood at Rs 12,878 crore as of March 31, 2025; since inception it has acquired total dues of Rs 79,321 crore at gross consideration of Rs 24,839 crore, completing 97 trust exits.^[2]

Affordable Home Loans asset quality

Affordable Home Loans GNPA improved to 0.75% in Q1FY27 from 1.5% in Q1FY26; NNPA improved to 0.50% from 1.0%; spread widened to 4.7% from 4.6%.^[4]
Home Loans ROA was 2.3% in Q1FY27, up from 2.2% in Q1FY26; loan yield was 13.1% in Q4FY26.^[4][5]

Distribution and operations

Affordable Home Loans branch network expanded to 151 branches in Q1FY27, up from 128 at end of FY25.^[4][2]
Equity broking operates through 65 branches and 852 franchisees across 224 cities in India as of FY25.^[2]
Retail Wealth Management reaches approximately 1.6 million clients across 10,738 pin codes through a network of 14,500+ active Independent Financial Distributors as of FY25.^[2]
JM Financial Mutual Fund operates from 15 locations across India and has empanelled over 7,200 new distributors in FY25, with partnerships with more than 50 digital platforms.^[2]
JM Financial has subsidiaries in Mauritius, Singapore, and the USA, and a representative office in Dubai; exports contributed 1.84% of total turnover in FY25 across 11 countries.^[2]

Capital markets pipeline and deal activity

Corporate Advisory & Capital Markets segment net revenue fell 36.9% YoY to Rs 115 crore in Q1FY27 with only 9 transactions aggregating approximately Rs 22,000 crore closed, against a filed IPO pipeline of approximately Rs 1,50,000 crore.^[4]
55 IPO transactions aggregating approximately Rs 1,40,000 crore were filed as of Q4FY26; FY26 segment revenue grew 20% YoY to Rs 946 crore with a FY24-26 CAGR of 26%.^[5]
JM Financial ranked #1 in IPOs by value in Q2FY26, closing 15 transactions worth approximately Rs 28,000 crore in that quarter alone.^[6]
In FY25 the group executed 44 equity capital markets transactions raising more than Rs 81,558 crore, including 13 IPOs, 15 QIPs, 2 OFS, 3 rights issues, and 11 block deals.^[2]

Expansion and investment plans

JM Financial plans to invest a further Rs 150 crore in its Asset Management business over the next 2 years, targeting AMC equity AUM of Rs 25,000 crore over the next 2-3 years.^[4]
Wealth Management is targeting net new inflows of at least Rs 6,000 crore for FY27 and revenue growth exceeding early-to-mid-teens industry growth.^[4]
The bespoke loan book is targeted to grow 15-20% YoY in FY27; Private Markets gross D/E is expected to rise back to approximately 2x over the next 3 years as syndication ramps up.^[4]
Affordable Home Loans is targeting a separate listing within 2-3 years; a transaction with Bajaj Allianz Life Insurance pegged the subsidiary's value at approximately Rs 3,100 crore.^[4][5]

Recent developments

ARC is on track to become debt-free by end of FY27; Private Markets gross D/E has fallen from 1.9x in FY24 to 0.8x in Q1FY27 after Rs 1,200 crore of cash recovered in Q1FY27 alone.^[4]
JM Financial launched three new funds in Q1FY27: JM Multi Asset Allocation Fund, JM Pre-IPO Fund, and JM Credit Fund.^[4]
Capital markets activity showed early recovery signs, with July 2026 transaction revenues in the Corporate Advisory segment already exceeding total June 2026 revenues.^[4]
JM Financial Credit Solutions became a 100% subsidiary in Q3FY26 after the group acquired the minority stake, reducing cash balances from approximately Rs 5,800 crore to approximately Rs 3,200 crore.^[7]
JM Financial Mutual Fund folio count grew 3.5x in FY25 from 2.63 lakh to 9.03 lakh; the monthly SIP book quadrupled to Rs 120 crore from Rs 35 crore over the same period.^[2]
Dividend per share rose to Rs 3.25 for FY26, representing a 1.6x increase over the last two years; dividend payout ratio rose to 33.4% in FY26 from 23.3% in FY25.^[5]

Market Cap

₹10,159 Cr

High / Low

₹176 / 105

Stock P/E

9.8

Price / Book

0.9

Book Value

₹111

EPS

₹12.6

No. of Shares

95.64 Cr

ROCE

11.2%

ROE

11.8%

Sales

₹4,091 Cr

Net Profit

₹1,201 Cr

Promoter holding

58.0%

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JM Financial Ltd(JMFINANCIL)

About

Business segments

Key operating numbers

Affordable Home Loans asset quality

Distribution and operations

Capital markets pipeline and deal activity

Expansion and investment plans

Recent developments

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