JM Financial Ltd.
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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 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
- 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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJAJFINSV | 1924.00 | 30.39 | 308236.60 | 0.08 | 62966.70 | 1081.55 | 420369.00 | 1091.26 | 11.88 | 40.79 |
| AIIL | 512.35 | 20.74 | 43510.07 | 0.00 | 11082.20 | 1075.19 | 14695.40 | 1109.37 | 13.85 | 88.91 |
| CHOLAHLDNG | 1525.85 | 10.74 | 28652.02 | 0.09 | 1788.99 | 42.04 | 11113.57 | 42.92 | 10.52 | 57.53 |
| TVSHLTD | 13146.60 | 13.50 | 26598.34 | 0.65 | 1173.58 | 73.77 | 17076.18 | 40.01 | 19.39 | 16.25 |
| CGCL | 272.25 | 23.23 | 26194.64 | 0.07 | 353.38 | 102.04 | 1576.47 | 62.12 | 11.68 | 68.54 |
| MAHSCOOTER | 13098.50 | 53.75 | 14969.71 | 1.68 | 3.32 | -90.61 | 5.41 | -81.52 | 1.06 | 84.10 |
| JSWHL | 11436.55 | 92.41 | 12694.14 | 0.00 | 24.54 | -92.74 | 34.58 | 14.97 | 0.58 | 92.45 |
| JMFINANCIL | 127.35 | 11.72 | 12186.88 | 2.55 | 368.57 | -19.66 | 1200.53 | 9.69 | 11.91 | 58.30 |
| TSFINV | 441.15 | 20.13 | 9798.11 | 2.53 | 124.95 | -92.11 | 305.57 | 102.23 | 3.47 | 53.35 |
| RELIGARE | 258.30 | 162.10 | 8904.47 | 0.00 | -46.98 | -674.86 | 2353.40 | 1051.76 | 4.71 | -2.08 |
| KAMAHOLD | 2288.70 | 7.89 | 7344.57 | 1.81 | 584.02 | 10.80 | 4657.56 | 7.07 | 20.86 | 22.01 |
| PILANIINVS | 4326.95 | 145.21 | 4790.91 | 0.21 | -47.26 | -17.55 | 14.44 | -70.70 | 1.41 | -9.33 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,052 | 1,179 | 1,225 | 1,251 | 1,064 | 1,171 | 1,098 | 986 | 1,094 | 1,009 | 993 | 946 | 1,201 | |
| 473 | 535 | 430 | 580 | 462 | 700 | 500 | 426 | 261 | 426 | 436 | 458 | 769 | |
| Operating Profit | 594 | 663 | 806 | -1,013 | 615 | 491 | 607 | 578 | 850 | 605 | 521 | 491 | 700 |
| 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 Income | 14 | 17 | 25 | 15 | 17 | 21 | 14 | 23 | 10 | 13 | 127 | 20 | 24 |
| Interest | 366 | 388 | 400 | 407 | 370 | 343 | 318 | 274 | 251 | 254 | 248 | 246 | 247 |
| Depreciation | 12 | 13 | 14 | 14 | 16 | 15 | 16 | 16 | 17 | 19 | 20 | 22 | 22 |
| 230 | 278 | 417 | -572 | 245 | 154 | 287 | 311 | 593 | 344 | 400 | 243 | 455 | |
| 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 Profit | 0 | 0 | 0 | 0 | 187 | 144 | 207 | 235 | 459 | 262 | 318 | 162 | 369 |
| 2 | 2 | 3 | -2 | 2 | 2 | 2 | 2 | 5 | 3 | 3 | 2 | 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,159 | 3,054 | 3,549 | 3,432 | 3,197 | 3,707 | 3,272 | 4,761 | 4,378 | 4,091 | 4,149 | |
| 582 | 770 | 813 | 934 | 1,015 | 1,296 | 1,467 | 2,018 | 2,098 | 1,822 | 2,089 | |
| Operating Profit | 1,577 | 2,284 | 2,736 | 2,498 | 2,183 | 2,411 | 1,805 | 2,743 | 2,280 | 2,269 | 2,060 |
| OPM % | 73.03% | 74.78% | 77.09% | 72.78% | 68.26% | 65.05% | 55.16% | 57.62% | 52.08% | 55.46% | 49.65% |
| 200 | 46 | 20 | 23 | 35 | 56 | 368 | -775 | 86 | 389 | 162 | |
| Interest | 782 | 1,139 | 1,446 | 1,386 | 1,111 | 1,082 | 1,179 | 1,562 | 1,305 | 999 | 995 |
| Depreciation | 23 | 26 | 27 | 41 | 40 | 38 | 42 | 53 | 64 | 78 | 84 |
| Profit before Tax | 972 | 1,165 | 1,283 | 1,094 | 1,067 | 1,348 | 953 | 353 | 997 | 1,580 | 1,443 |
| Tax % | 34.46% | 32.77% | 34.79% | 28.90% | 24.44% | 26.38% | 25.60% | 92.21% | 22.56% | 25.53% | 24.62% |
| Net Profit | 637 | 783 | 836 | 778 | 806 | 992 | 709 | 28 | 772 | 1,177 | 1,088 |
| EPS | 5.89 | 7.44 | 6.79 | 6.45 | 6.32 | 8.09 | 6.25 | 4.29 | 8.59 | 12.57 | — |
| 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
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 79 | 84 | 84 | 84 | 95 | 95 | 95 | 96 | 96 | 96 |
| Minority Interest | 1,109 | 1,918 | 2,634 | 2,496 | 2,676 | 2,939 | 3,134 | 2,566 | 503 | 701 |
| 3,229 | 4,450 | 5,020 | 5,526 | 6,878 | 7,573 | 8,024 | 8,376 | 9,596 | 10,516 | |
| 9,485 | 14,996 | 13,994 | 11,831 | 12,408 | 13,501 | 15,943 | 16,233 | 11,495 | 11,611 | |
| Trade Payables | 823 | 345 | 417 | 440 | 764 | 846 | 1,323 | 1,314 | 1,234 | 2,181 |
| 1,819 | 414 | 490 | 369 | 529 | 619 | 606 | 905 | 1,246 | 1,173 | |
| Total Liabilities | 16,545 | 22,206 | 22,640 | 20,746 | 23,350 | 25,574 | 29,125 | 29,490 | 24,170 | 26,278 |
| 474 | 427 | 424 | 450 | 423 | 414 | 505 | 572 | 579 | 625 | |
| Capital Work in Progress | 2 | 3 | 1 | 1 | 1 | 3 | 7 | 4 | 10 | 160 |
| 2,156 | 2,388 | 2,933 | 4,014 | 5,802 | 3,639 | 3,584 | 4,724 | 5,464 | 6,209 | |
| 10 | 0 | 0 | 0 | 0 | 0 | 102 | 143 | 130 | 128 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 424 | 513 | 1,306 | |
| Cash & Bank | 869 | 1,527 | 1,282 | 1,329 | 2,075 | 2,560 | 2,392 | 5,382 | 4,366 | 4,669 |
| 13,034 | 17,861 | 18,000 | 14,951 | 15,050 | 18,958 | 22,535 | 18,241 | 13,108 | 13,181 | |
| Total Assets | 16,545 | 22,206 | 22,640 | 20,746 | 23,350 | 25,574 | 29,125 | 29,490 | 24,170 | 26,278 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2,226 | -3,121 | 1,276 | 3,536 | 1,283 | -3,483 | -2,909 | 2,617 | 4,983 | -75 | |
| Cash from Investing | -366 | -708 | -148 | -901 | -2,249 | 2,614 | -592 | -2,090 | -2,475 | -532 |
| Cash from Financing | 2,424 | 4,540 | -522 | -2,205 | 1,296 | 1,281 | 2,160 | 162 | -4,786 | -116 |
| -488 | 247 | 103 | 58 | 16 | 437 | -739 | 1,708 | -1,692 | -68 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - JM Financial Limited has informed the Exchange about disclosure Under Regulation 30 of the SEBI Listing Regulations
2026-09-03 - JM Financial Limited has informed the Exchange about the ESG Rating provided by NSE Sustainability Ratings & Analytics Limited
2026-08-31 - JM Financial Limited has informed the Exchange about Credit Rating
2026-08-25 - JM Financial Limited has informed the Exchange about the ESG Rating provided by Crisil ESG Ratings & Analytics Limited
2026-08-20 - JM Financial Limited has informed the Exchange about the ESG Rating provided by ESG Risk Assessments & Insights Limited
2026-08-11 - JM Financial Limited has informed the Exchange about Copy of Newspaper Publication
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 - JM Financial Limited has informed the Exchange about Link of Recording
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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