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JM Financial Ltd.

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jmfl.comBSE: 523405NSE: JMFINANCIL
Market Cap₹ 12,187 Cr.
Current Price
High / Low₹ 185 / 112
Stock P/E21.7
Book Value₹ 50
Price to Book2.29
Dividend Yield2.55 %
ROCE17.7 %
ROE15.1 %
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

  • Company has delivered good profit growth of 31.7% CAGR over last 5 years
  • Solid return on assets for a lender - ROA of 13.9%
  • Asset quality is healthy - gross NPA of just 0.5%
  • Company has delivered good sales growth of 19.2% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 44.8%

CONS

  • A large part of profit comes from other income (45.2% of PBT)
  • Recent results are weak - TTM profit is down 11.3% versus prior year
  • Operating margins have contracted to 55.6% from 77.7%
  • Effective tax rate is unusually low at 14.5% - earnings may be flattered

* 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.BAJAJFINSV1924.0030.39308236.600.0862966.701081.55420369.001091.2611.8840.79
2.AIIL512.3520.7443510.070.0011082.201075.1914695.401109.3713.8588.91
3.CHOLAHLDNG1525.8510.7428652.020.091788.9942.0411113.5742.9210.5257.53
4.TVSHLTD13146.6013.5026598.340.651173.5873.7717076.1840.0119.3916.25
5.CGCL272.2523.2326194.640.07353.38102.041576.4762.1211.6868.54
6.MAHSCOOTER13098.5053.7514969.711.683.32-90.615.41-81.521.0684.10
7.JSWHL11436.5592.4112694.140.0024.54-92.7434.5814.970.5892.45
8.JMFINANCIL127.3511.7212186.882.55368.57-19.661200.539.6911.9158.30
9.TSFINV441.1520.139798.112.53124.95-92.11305.57102.233.4753.35
10.RELIGARE258.30162.108904.470.00-46.98-674.862353.401051.764.71-2.08
11.KAMAHOLD2288.707.897344.571.81584.0210.804657.567.0720.8622.01
12.PILANIINVS4326.95145.214790.910.21-47.26-17.5514.44-70.701.41-9.33
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
14216721819111922619522524627519511982
78979812170138957682109988383
Operating Profit64701207049879915016516692374
OPM %45.22%41.99%55.12%36.50%40.84%38.63%51.00%66.40%66.83%60.25%47.08%30.79%4.25%
Other Income39622219224212024233
Interest2111111111111
Depreciation3333333333333
63162118674627596150162282332353
Tax %20.75%11.94%23.97%59.24%24.09%-12.34%17.05%11.87%17.71%12.66%13.27%27.07%10.07%
Net Profit5014290273530980132133246288262
1110031113300

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
47299164264347561403718764836672
16157149134138186245397468371373
Operating Profit3114115130208374158320296464299
OPM %65.47%47.34%9.12%49.20%60.05%66.77%39.10%44.64%38.75%55.55%44.52%
116128122472859156106288364365
Interest40352087766654
Depreciation1221212111011121212
Profit before Tax107233116156217416297410566811652
Tax %0.19%17.61%3.80%18.63%19.19%21.19%13.56%24.52%1.99%14.55%13.74%
Net Profit107192111127175328256310555693562
EPS1.342.371.321.511.883.432.683.245.817.25—
Dividend Payout %111.67%78.68%75.46%13.22%27.18%48.03%67.02%61.73%46.48%44.84%—

COMPOUNDED SALES GROWTH

10 Years:
37%
5 Years:
19%
3 Years:
28%

COMPOUNDED PROFIT GROWTH

10 Years:
20%
5 Years:
32%
3 Years:
39%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:
8%
5 Years:
10%
3 Years:
12%
Last Year:
15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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
1,6292,3812,3642,4573,3793,6243,7794,0084,3564,653
2082276736762474228
Trade Payables1934598221522
136204204222239241221281369292
Total Liabilities2,0532,6792,6572,8433,7904,0374,1644,4524,8785,091
26577696156484735
1,7692,4242,3892,5283,0213,2513,0983,6573,9624,266
00000007811071
Cash & Bank12431522158661457919
270207248216685639948624680700
Total Assets2,0532,6792,6572,8433,7904,0374,1644,4524,8785,091

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
241206-25172-318277-23851816261
Cash from Investing101-472152-88-382-25398-43399296
Cash from Financing-360309-139-56729-108-208-99-211-416
-115-248-570-91-1450-59

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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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