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JM Financial Ltd.

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jmfl.comBSE: 523405NSE: JMFINANCIL
Market Cap₹ 11,938 Cr.
Current Price
High / Low₹ 185 / 112
Stock P/E11.5
Book Value₹ 115
Price to Book1.02
Dividend Yield2.61 %
ROCE11.9 %
ROE11.6 %
Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Wealth and Asset Management: 32.2% • Private Markets: 28.6% • Corporate Advisory and Capital Markets: 20.9%

AI Sector View

AI GENERATED

Financial Services

Buy

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.

Confidence
84%
View full sector analysis →

PROS

  • Solid return on assets for a lender - ROA of 13.9%
  • Asset quality is healthy - gross NPA of just 0.5%
  • Company has consistently been profitable over the last 5 years
  • Company generates healthy free cash flow
  • Company has a consistent dividend-paying track record
  • Attractively priced for its growth - PEG of 0.6

CONS

  • Recent results are weak - TTM profit is down 19.9% versus prior year
  • Company has a low return on equity of 6.8% over last 3 years
  • Company has a low return on capital employed of 9.9%
  • A large part of profit comes from other income (26.0% of PBT)
  • Operating margins have contracted to 55.5% from 66.4%
  • Company has delivered a poor sales growth of 5.1% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - Investment
Part ofNIFTY TOTAL MKTNIFTY 500NIFTY SMLCAP 250
S.No.Name
1.BAJAJFINSV1917.3030.28307163.220.0862966.701081.55420369.001091.2611.8840.79
2.AIIL546.6522.1346422.910.0011082.201075.1914695.401109.3713.8588.91
3.CHOLAHLDNG1525.7510.7428650.150.091788.9942.0411113.5742.9210.5257.53
4.TVSHLTD13000.0513.3526301.840.661173.5873.7717076.1840.0119.3916.25
5.CGCL266.1022.7125602.920.08353.38102.041576.4762.1211.6868.54
6.MAHSCOOTER13002.5553.3514860.051.693.32-90.615.41-81.521.0684.10
7.JSWHL11435.9592.4012693.480.0024.54-92.7434.5814.970.5892.45
8.JMFINANCIL124.7511.4811938.082.61368.57-19.661200.539.6911.9158.30
9.TSFINV437.2519.959711.492.55124.95-92.11305.57102.233.4753.35
10.RELIGARE256.95161.258857.930.00-46.98-674.862353.401051.764.71-2.08
11.KAMAHOLD2282.957.877326.121.82584.0210.804657.567.0720.8622.01
12.PILANIINVS4196.35140.834646.300.21-47.26-17.5514.44-70.701.41-9.33
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
1,0521,1791,2251,2511,0641,1711,0989861,0941,0099939461,201
473535430580462700500426261426436458769
Operating Profit594663806-1,013615491607578850605521491700
OPM %56.45%56.21%65.83%-80.97%57.80%41.91%55.24%58.63%77.69%59.92%52.44%51.92%58.30%
Other Income141725151721142310131272024
Interest366388400407370343318274251254248246247
Depreciation12131414161516161719202222
230278417-572245154287311593344400243455
Tax %23.93%26.05%22.91%-17.96%24.25%6.39%27.62%24.54%22.78%25.98%23.82%34.45%19.06%
Net Profit0000187144207235459262318162369
223-2222253320

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
2,1593,0543,5493,4323,1973,7073,2724,7614,3784,0914,149
5827708139341,0151,2961,4672,0182,0981,8222,089
Operating Profit1,5772,2842,7362,4982,1832,4111,8052,7432,2802,2692,060
OPM %73.03%74.78%77.09%72.78%68.26%65.05%55.16%57.62%52.08%55.46%49.65%
2004620233556368-77586389162
Interest7821,1391,4461,3861,1111,0821,1791,5621,305999995
Depreciation2326274140384253647884
Profit before Tax9721,1651,2831,0941,0671,3489533539971,5801,443
Tax %34.46%32.77%34.79%28.90%24.44%26.38%25.60%92.21%22.56%25.53%24.62%
Net Profit637783836778806992709287721,1771,088
EPS5.897.446.796.456.328.096.254.298.5912.57—
Dividend Payout %25.35%25.10%14.68%3.09%8.07%20.36%28.77%46.63%31.42%25.86%—

COMPOUNDED SALES GROWTH

10 Years:
11%
5 Years:
5%
3 Years:
8%

COMPOUNDED PROFIT GROWTH

10 Years:
12%
5 Years:
15%
3 Years:
26%

STOCK PRICE CAGR

10 Years:
7%
5 Years:
7%
3 Years:
14%
1 Year:
-31%

RETURN ON EQUITY

10 Years:
13%
5 Years:
9%
3 Years:
7%
Last Year:
12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Jun 12

₹ 1.75

Rs.1.7500 per share(175%)Final Dividend

2025

Nov 14

₹ 1.50

Rs.1.5000 per share(150%)Interim Dividend

2025

Jun 13

₹ 2.70

Rs.2.7000 per share(270%)Dividend

2024

Jun 7

₹ 2

Rs.2.0000 per share(200%)Final Dividend

2023

May 19

₹ 0.90

Rs.0.9000 per share(90%)Final Dividend

2022

Nov 24

₹ 0.90

Rs.0.9000 per share(90%)Interim Dividend

2022

Jul 7

₹ 1.14

Rs.1.1500 per share(114.9999%)Final Dividend

2022

Feb 17

₹ 0.50

Rs.0.5000 per share(50%)Interim Dividend

2021

May 28

₹ 0.50

Rs.0.5000 per share(50%)Dividend

2020

May 15

₹ 0.20

Rs.0.2000 per share(20%)Dividend

2018

May 10

₹ 1.10

Rs.1.1000 per share(110%)Final Dividend

2018

Jan 31

₹ 0.70

Rs.0.7000 per share(70%)Interim Dividend

2017

May 11

₹ 0.85

Rs.0.8500 per share(85%)Final Dividend

2017

Feb 2

₹ 0.65

Rs.0.6500 per share(65%)Interim Dividend

2016

May 23

₹ 0.85

Rs.0.8500 per share(85%)Final Dividend

2016

Feb 11

₹ 0.60

Rs.0.6000 per share(60%)Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital79848484959595969696
Minority Interest1,1091,9182,6342,4962,6762,9393,1342,566503701
3,2294,4505,0205,5266,8787,5738,0248,3769,59610,516
9,48514,99613,99411,83112,40813,50115,94316,23311,49511,611
Trade Payables8233454174407648461,3231,3141,2342,181
1,8194144903695296196069051,2461,173
Total Liabilities16,54522,20622,64020,74623,35025,57429,12529,49024,17026,278
474427424450423414505572579625
Capital Work in Progress2311137410160
2,1562,3882,9334,0145,8023,6393,5844,7245,4646,209
1000000102143130128
00000004245131,306
Cash & Bank8691,5271,2821,3292,0752,5602,3925,3824,3664,669
13,03417,86118,00014,95115,05018,95822,53518,24113,10813,181
Total Assets16,54522,20622,64020,74623,35025,57429,12529,49024,17026,278

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
-2,226-3,1211,2763,5361,283-3,483-2,9092,6174,983-75
Cash from Investing-366-708-148-901-2,2492,614-592-2,090-2,475-532
Cash from Financing2,4244,540-522-2,2051,2961,2812,160162-4,786-116
-4882471035816437-7391,708-1,692-68

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
56.4356.4356.4356.5056.5156.6056.9057.0757.03
16.8315.3117.0217.4817.6918.3817.7117.1616.95
8.638.577.207.076.535.615.765.885.50
Government0.000.000.000.000.000.000.000.000.00
18.1119.6919.3618.9519.2819.4119.6319.9020.53

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10
General Updates

2026-09-10 - JM Financial Limited has informed the Exchange about disclosure Under Regulation 30 of the SEBI Listing Regulations

2026-09-03
General Updates

2026-09-03 - JM Financial Limited has informed the Exchange about the ESG Rating provided by NSE Sustainability Ratings & Analytics Limited

2026-08-31
Credit Rating

2026-08-31 - JM Financial Limited has informed the Exchange about Credit Rating

2026-08-25
General Updates

2026-08-25 - JM Financial Limited has informed the Exchange about the ESG Rating provided by Crisil ESG Ratings & Analytics Limited

2026-08-20
General Updates

2026-08-20 - JM Financial Limited has informed the Exchange about the ESG Rating provided by ESG Risk Assessments & Insights Limited

2026-08-11
Copy of Newspaper Publication

2026-08-11 - JM Financial Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - JM Financial Limited has informed the Exchange about transcript of the earnings conference call held on Tuesday, August 4, 2026.

2026-08-04
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-04 - JM Financial Limited has informed the Exchange about Link of Recording

2026-08-04
Shareholders meeting

2026-08-04 - JM Financial Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 03, 2026. Further, the company has informed the Exchange regarding voting results.

News

Recent coverage and analyst commentary for JMFINANCIL

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