The Jammu & Kashmir Bank Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Other Retail Banking-Retail Banking: 58.8% • Treasury Operations: 23.5% • Corporate/Whole sale Banking: 17.1%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company has delivered good profit growth of 40.3% CAGR over last 5 years
- Strong return ratios for a lender: 3Y avg ROE 17.5%, ROA 1.3%
- Comfortable capital adequacy - CAR of 16.6%
- Solid return on assets for a lender - ROA of 1.3%
- Company has consistently been profitable over the last 5 years
- Strong provisioning - provision coverage ratio of 90.5%
CONS
- A large part of profit comes from other income (32.1% of PBT)
- Though reporting repeated profits, the company pays out little dividend (0.0%)
- Growth is decelerating - 3Y profit CAGR (25.5%) trails the 5Y trend (40.3%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HDFCBANK | 708.00 | 13.81 | 1091323.88 | 2.19 | 203826.90 | 1092.64 | 905753.30 | 936.66 | 12.81 | 35.64 |
| ICICIBANK | 1379.15 | 17.65 | 989980.04 | 0.87 | 16209.74 | 12.62 | 52240.85 | 6.44 | 16.51 | 32.39 |
| KOTAKBANK | 418.70 | 20.52 | 416508.36 | 0.16 | 5487.06 | 23.89 | 18354.57 | 6.41 | 12.05 | 19.05 |
| AXISBANK | 1247.50 | 13.98 | 388399.91 | 0.08 | 7656.51 | 22.31 | 35541.96 | 9.87 | 11.04 | 63.88 |
| IDBI | 83.44 | 9.63 | 89718.04 | 0.00 | 2130.57 | 5.27 | 7549.28 | 7.44 | 14.76 | 76.80 |
| FEDERALBNK | 344.40 | 18.18 | 85149.33 | 0.35 | 1297.61 | 37.06 | 7861.58 | 9.94 | 10.98 | 66.11 |
| AUBANK | 1058.00 | 43.57 | 79454.72 | 0.09 | 795.95 | 37.03 | 5302.74 | 21.11 | 14.17 | 56.24 |
| INDUSINDBK | 977.80 | 57.61 | 76184.77 | 0.15 | 1037.02 | 71.68 | 11309.94 | -7.78 | 4.97 | 55.07 |
| IDFCFIRSTB | 86.20 | 32.24 | 74319.14 | 0.29 | 1147.82 | 153.12 | 11051.09 | 14.61 | 5.42 | 38.45 |
| YESBANK | 23.47 | 19.52 | 73668.68 | 0.00 | 1071.81 | 32.53 | 8054.49 | 5.92 | 8.04 | 58.47 |
| RBLBANK | 412.80 | 71.21 | 64022.78 | 0.24 | 2342.30 | 993.41 | 38402.40 | 1015.97 | 6.49 | 40.95 |
| J&KBANK | 145.25 | 6.94 | 15994.68 | 0.00 | 425.32 | -12.49 | 3547.48 | 8.50 | 17.75 | 69.12 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,657 | 2,764 | 2,881 | 2,910 | 2,994 | 3,124 | 3,210 | 3,213 | 3,269 | 3,293 | 3,315 | 3,273 | 3,547 | |
| Interest Expended | 1,374 | 1,430 | 1,600 | 1,604 | 1,625 | 1,687 | 1,697 | 1,732 | 1,803 | 1,858 | 1,824 | 1,784 | 2,049 |
| Net Interest Income | 1,284 | 1,334 | 1,281 | 1,306 | 1,369 | 1,436 | 1,512 | 1,482 | 1,467 | 1,435 | 1,491 | 1,489 | 1,499 |
| 230 | 193 | 186 | 229 | 198 | 301 | 242 | 403 | 253 | 157 | 282 | 262 | 217 | |
| Total Income | 2,888 | 2,957 | 0 | 0 | 3,193 | 3,424 | 3,452 | 3,619 | 3,523 | 3,450 | 3,597 | 3,536 | 3,765 |
| Operating Expenses | 9,856 | 9,919 | 0 | 0 | 9,716 | 9,475 | 10,058 | 10,870 | 10,456 | 9,689 | 9,911 | 8,392 | 1,011 |
| Operating Profit | 5,283 | 5,352 | 0 | 0 | 5,962 | 7,894 | 7,487 | 8,005 | 6,744 | 6,238 | 7,814 | 9,126 | 705 |
| Provisions & Contingencies | 767 | -100 | 0 | 0 | -175 | 325 | -98 | -92 | 151 | -109 | -258 | 503 | 84 |
| Profit before Tax | 452 | 545 | 561 | 830 | 614 | 757 | 758 | 810 | 659 | 635 | 807 | 862 | 621 |
| Tax % | 27.66% | 30.00% | 24.80% | 22.95% | 32.10% | 26.98% | 29.87% | 27.76% | 26.29% | 22.02% | 27.22% | 7.33% | 31.49% |
| Net Profit | 327 | 382 | 0 | 0 | 417 | 553 | 532 | 585 | 486 | 495 | 588 | 799 | 425 |
| EPS | 3 | 4 | 4 | 6 | 4 | 5 | 5 | 5 | 4 | 4 | 5 | 7 | 0 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11,213 | 12,541 | 13,151 | — | |
| Interest Expended | 4,173 | 3,750 | 4,291 | 4,739 | 4,340 | 4,101 | 4,609 | 6,008 | 6,741 | 7,269 | 7,515 |
| Net Interest Income | -4,173 | -3,750 | -4,291 | -4,739 | -4,340 | -4,101 | -4,609 | 5,205 | 5,800 | 5,882 | — |
| 497 | 501 | 817 | 509 | 701 | 753 | 765 | 838 | 1,140 | 951 | 919 | |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12,051 | 13,682 | 14,101 | 14,348 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,763 | 4,006 | 3,841 | — | |
| Operating Profit | -4,173 | -3,750 | -4,291 | -4,739 | -4,340 | -4,101 | -4,609 | 2,280 | 2,935 | 2,992 | — |
| 414 | 176 | 42 | 103 | 18 | -42 | 106 | -108 | -4 | 29 | — | |
| Profit before Tax | -1,507 | 121 | 659 | -1,144 | 537 | 746 | 1,786 | 2,388 | 2,939 | 2,964 | 2,925 |
| Tax % | -0.00% | 0.00% | 0.00% | -0.00% | 0.00% | 0.00% | 0.00% | 25.89% | 29.01% | 20.11% | 21.13% |
| Net Profit | -1,633 | 203 | 464 | -1,183 | 435 | 504 | 1,199 | 1,770 | 2,086 | 2,368 | 2,307 |
| EPS | -34 | 4 | 8 | -17 | 6 | 6 | 12 | 16 | 19 | 21 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 10%
- 3 Years:
- 12%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 19%
- 5 Years:
- 41%
- 3 Years:
- 26%
STOCK PRICE CAGR
- 10 Years:
- 7%
- 5 Years:
- 31%
- 3 Years:
- 15%
- 1 Year:
- 43%
RETURN ON EQUITY
- 10 Years:
- 5%
- 5 Years:
- 15%
- 3 Years:
- 18%
- Last Year:
- 17%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 52 | 56 | 56 | 71 | 71 | 93 | 103 | 110 | 110 | 110 |
| 5,621 | 6,102 | 6,566 | 6,274 | 6,731 | 7,890 | 9,793 | 12,083 | 14,098 | 16,390 | |
| 72,459 | 80,005 | 89,637 | 97,786 | 1,08,047 | 1,14,703 | 1,22,027 | 1,34,765 | 1,48,552 | 1,65,342 | |
| 1,276 | 1,628 | 2,624 | 2,020 | 2,015 | 2,371 | 2,892 | 2,885 | 2,383 | 3,431 | |
| Other Liabilities & Provisions | 2,604 | 1,894 | 2,522 | 2,678 | 3,408 | 5,425 | 11,097 | 4,662 | 4,280 | 3,687 |
| Total Liabilities | 82,012 | 89,684 | 1,01,405 | 1,08,829 | 1,20,273 | 1,30,576 | 1,45,913 | 15 | 1,69,424 | 1,88,960 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 3,591 | 4,328 | 4,875 | 2,947 | 3,685 | 7,750 | 7,794 | 7,250 | 7,385 | 7,622 | |
| Balances with Banks & Money at Call | 1,802 | 3,932 | 997 | 6,845 | 5,818 | 1,042 | 1,105 | 946 | 2,398 | 233 |
| 21,271 | 18,860 | 23,141 | 22,990 | 30,774 | 33,785 | 34,780 | 34,900 | 41,122 | 40,520 | |
| 49,816 | 56,913 | 66,272 | 64,399 | 66,842 | 70,393 | 82,278 | 93,757 | 1,04,184 | 1,22,633 | |
| 1,479 | 1,598 | 1,646 | 2,036 | 1,971 | 1,908 | 2,224 | 2,208 | 2,126 | 2,445 | |
| 3,989 | 4,037 | 4,445 | 9,576 | 11,141 | 15,652 | 17,684 | 15,394 | 12,143 | 15,419 | |
| Total Assets | 82,012 | 89,684 | 1,01,405 | 1,08,829 | 1,20,273 | 1,30,576 | 1,45,913 | 15 | 1,69,424 | 1,88,960 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2,457 | 2,363 | -2,992 | 4,374 | -14 | -1,568 | -407 | -853 | 2,723 | -1,126 | |
| Cash from Investing | -861 | -164 | -165 | -115 | -76 | -85 | -124 | -257 | -102 | -302 |
| Cash from Financing | 593 | 668 | 769 | -339 | -199 | 941 | 638 | 407 | -1,034 | -500 |
| 2,189 | 2,867 | -2,388 | 3,920 | -289 | -712 | 107 | -702 | 1,587 | -1,928 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -31.32 | 3.64 | 8.33 | -16.59 | 6.01 | 5.30 | 11.44 | 16.08 | 18.91 | 21.43 |
| Book Value (₹) | 96.64 | 99.44 | 108.03 | 74.99 | 81.71 | 75.40 | 83.52 | 99.20 | 117.78 | 136.03 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.50 | 2.15 | 2.15 | 0.00 |
| PROFITABILITY | ||||||||||
| Net Interest Margin % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.80% | 3.74% | 3.44% |
| ROA % | -2.01% | 0.24% | 0.49% | -1.13% | 0.38% | 0.40% | 0.87% | 1.18% | 1.29% | 1.32% |
| ROE % | -28.50% | 3.83% | 8.03% | -20.82% | 7.78% | 7.84% | 15.32% | 18.12% | 17.46% | 16.94% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 62.26% | 57.71% | 56.21% | |
| ASSET QUALITY | ||||||||||
| Gross NPA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 8.95% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net NPA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.02% | 0.00% | 0.00% | 0.00% | 0.00% |
| Provision Coverage % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 84.26% | 86.20% | 89.99% | 90.29% | 90.33% |
| Slippage Ratio % | — | — | — | — | — | — | — | — | — | — |
| BALANCE SHEET & LIQUIDITY | ||||||||||
| CASA % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 50.51% | 47.02% | 45.65% |
| Credit-Deposit Ratio % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% | 0.02% | 0.02% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |
| GROWTH & VALUATION | ||||||||||
| Net Profit Growth % | -494.59% | 112.41% | 128.85% | -355.12% | 136.74% | 16.02% | 137.61% | 47.67% | 17.87% | 13.48% |
| Book Value Growth % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 18.77% | 18.73% | 15.49% |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 8.33x | 4.88x | 5.13x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.35x | 0.78x | 0.81x |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.60% | 2.33% | 0.00% |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - The Jammu & Kashmir Bank Limited has informed the Exchange about Credit Rating
2026-08-31 - The Jammu & Kashmir Bank Limited has informed the Exchange about Retirement of Mr. Rakesh Koul and Mr. Syed Rais Maqbool
2026-08-31 - The Jammu & Kashmir Bank Limited has informed the Exchange regarding Appointment of Mr. Tsewang Tharchin as Non- Executive Director of the company w.e.f. August 31, 2026.
2026-08-30 - The Jammu & Kashmir Bank Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-29 - The Jammu & Kashmir Bank Limited has informed the Exchange regarding 'BRSR Core'.
2026-08-29 - The Jammu & Kashmir Bank Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 22, 2026
2026-08-20 - The Jammu & Kashmir Bank Limited has informed the Exchange regarding Resignation of Mr. Ashish Kundra IAS as Non- Executive Non - Independent Director of the Bank w.e.f. August 20, 2026.
2026-08-20 - The Jammu & Kashmir Bank Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-20 - The Jammu & Kashmir Bank Limited has informed the Exchange regarding Resignation of Mr. Ashish Kundra IAS as Non- Executive Non-Independent Director of the Bank w.e.f. August 20, 2026.
News
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