JM Financial Ltd.
•2026-08-21
ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Wealth and Asset Management: 32.2% • Private Markets: 28.6% • Corporate Advisory and Capital Markets: 20.9% • Affordable Home Loans: 10.0% • Treasury and others: 8.3%
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
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | BAJAJFINSV | 2010.00 | 31.74 | 322014.33 | 0.07 | 6296.67 | 18.15 | 42036.90 | 92.22 | 11.88 | 40.79 |
| 2. | AIIL | 549.85 | 22.26 | 46694.66 | 0.00 | 11082.20 | 1075.19 | 14695.40 | 1109.37 | 30.27 | 88.91 |
| 3. | CHOLAHLDNG | 1558.35 | 10.96 | 29262.30 | 0.08 | 1788.99 | 42.04 | 11113.57 | 42.92 | 10.52 | 57.53 |
| 4. | TVSHLTD | 13946.95 | 14.32 | 28217.61 | 0.62 | 1173.58 | 73.77 | 17076.18 | 40.01 | 19.39 | 16.25 |
| 5. | CGCL | 226.40 | 19.32 | 21783.17 | 0.09 | 353.38 | 102.04 | 1576.47 | 62.12 | 11.18 | 68.54 |
| 6. | MAHSCOOTER | 13359.10 | 0.00 | 15267.54 | 1.65 | 3.32 | -90.61 | 5.41 | -81.52 | 1.06 | 84.10 |
| 7. | JSWHL | 11370.60 | 91.87 | 12620.94 | 0.00 | 24.54 | -92.74 | 34.58 | 14.97 | 0.58 | 92.45 |
| 8. | JMFINANCIL | 126.45 | 11.63 | 12100.76 | 2.57 | 368.57 | -19.66 | 1200.53 | 9.69 | 11.91 | 58.30 |
| 9. | TSFINV | 414.70 | 18.92 | 9210.65 | 2.69 | 124.95 | -92.11 | 305.57 | 102.23 | 3.47 | 53.35 |
| 10. | RELIGARE | 230.10 | 144.40 | 7932.32 | 0.00 | -46.98 | -674.86 | 2353.40 | 1051.76 | 11.46 | -2.08 |
| 11. | KAMAHOLD | 2440.10 | 8.41 | 7830.42 | 1.70 | 584.02 | 10.80 | 4657.56 | 7.07 | 20.86 | 22.01 |
| 12. | PILANIINVS | 4285.35 | 0.00 | 4744.85 | 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 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| 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 | |
| Equity Capital | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 | 96 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
- 1,052
- 473
- Operating Profit
- —
- OPM %
- —
- Other Income
- 14
- Interest
- 366
- Depreciation
- 12
- 230
- Tax %
- 23.93%
- Net Profit
- 0
- 2
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 1,179
- 535
- Operating Profit
- —
- OPM %
- —
- Other Income
- 17
- Interest
- 388
- Depreciation
- 13
- 278
- Tax %
- 26.05%
- Net Profit
- 0
- 2
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 1,225
- 430
- Operating Profit
- —
- OPM %
- —
- Other Income
- 25
- Interest
- 400
- Depreciation
- 14
- 417
- Tax %
- 22.91%
- Net Profit
- 0
- 3
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 1,251
- 580
- Operating Profit
- —
- OPM %
- —
- Other Income
- 15
- Interest
- 407
- Depreciation
- 14
- -572
- Tax %
- -17.96%
- Net Profit
- 0
- -2
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 1,064
- 462
- Operating Profit
- —
- OPM %
- —
- Other Income
- 17
- Interest
- 370
- Depreciation
- 16
- 245
- Tax %
- 24.25%
- Net Profit
- 187
- 2
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 1,171
- 700
- Operating Profit
- —
- OPM %
- —
- Other Income
- 21
- Interest
- 343
- Depreciation
- 15
- 154
- Tax %
- 6.39%
- Net Profit
- 144
- 2
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 1,098
- 500
- Operating Profit
- —
- OPM %
- —
- Other Income
- 14
- Interest
- 318
- Depreciation
- 16
- 287
- Tax %
- 27.62%
- Net Profit
- 207
- 2
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 986
- 426
- Operating Profit
- —
- OPM %
- —
- Other Income
- 23
- Interest
- 274
- Depreciation
- 16
- 311
- Tax %
- 24.54%
- Net Profit
- 235
- 2
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 1,094
- 261
- Operating Profit
- —
- OPM %
- —
- Other Income
- 10
- Interest
- 251
- Depreciation
- 17
- 593
- Tax %
- 22.78%
- Net Profit
- 459
- 5
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 1,009
- 426
- Operating Profit
- —
- OPM %
- —
- Other Income
- 13
- Interest
- 254
- Depreciation
- 19
- 344
- Tax %
- 25.98%
- Net Profit
- 262
- 3
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 993
- 436
- Operating Profit
- —
- OPM %
- —
- Other Income
- 127
- Interest
- 248
- Depreciation
- 20
- 400
- Tax %
- 23.82%
- Net Profit
- 318
- 3
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 946
- 458
- Operating Profit
- —
- OPM %
- —
- Other Income
- 20
- Interest
- 246
- Depreciation
- 22
- 243
- Tax %
- 34.45%
- Net Profit
- 162
- 2
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 1,201
- 769
- Operating Profit
- —
- OPM %
- —
- Other Income
- 24
- Interest
- 247
- Depreciation
- 22
- 455
- Tax %
- 19.06%
- Net Profit
- 369
- 0
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 96
- Reserves
- 0
- Promoter Pledge %
- 0.00%
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 | 1,777 | 2,330 | 2,756 | 2,520 | 2,217 | 2,468 | 2,173 | 2,815 | 2,366 | 2,679 | — |
| OPM % | 82 | 76 | 78 | 73 | 69 | 67 | 66 | 59 | 54 | 65 | — |
| Other Income | 200 | 46 | 20 | 23 | 35 | 56 | 368 | 72 | 86 | 411 | 184 |
| 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 |
| 972 | 1,165 | 1,283 | 1,094 | 1,067 | 1,348 | 953 | 353 | 997 | 1,580 | 1,443 | |
| Tax % | 34 | 33 | 35 | 29 | 24 | 26 | 26 | 92 | 23 | 26 | 25 |
| Net Profit | 637 | 783 | 836 | 778 | 806 | 992 | 709 | 28 | 772 | 1,177 | 1,088 |
| EPS | 6 | 7 | 7 | 6 | 6 | 8 | 6 | 4 | 9 | 13 | — |
| Dividend Payout % | 25 | 25 | 15 | 3 | 8 | 20 | 29 | 47 | 31 | 26 | — |
| Minority Interest | -179 | -184 | -265 | -233 | -218 | -219 | -112 | 379 | 48 | 1 | 77 |
| Share of Associates | 12 | 2 | 1 | 0 | 2 | 0 | 0 | 3 | 2 | 24 | 23 |
| Adjusted EPS | 6 | 7 | 7 | 6 | 6 | 8 | 6 | 4 | 9 | 13 | — |
| Minority Interest | -179 | -184 | -265 | -233 | -218 | -219 | -112 | 379 | 48 | 1 | 77 |
| Share of Associates | 12 | 2 | 1 | 0 | 2 | 0 | 0 | 3 | 2 | 24 | 23 |
| Adjusted EPS | 6 | 7 | 7 | 6 | 6 | 8 | 6 | 4 | 9 | 13 | — |
- 2,159
- 582
- Operating Profit
- 1,777
- OPM %
- 82
- Other Income
- 200
- Interest
- 782
- Depreciation
- 23
- 972
- Tax %
- 34
- Net Profit
- 637
- EPS
- 6
- Dividend Payout %
- 25
- Minority Interest
- -179
- Share of Associates
- 12
- Adjusted EPS
- 6
- Minority Interest
- -179
- Share of Associates
- 12
- Adjusted EPS
- 6
- 3,054
- 770
- Operating Profit
- 2,330
- OPM %
- 76
- Other Income
- 46
- Interest
- 1,139
- Depreciation
- 26
- 1,165
- Tax %
- 33
- Net Profit
- 783
- EPS
- 7
- Dividend Payout %
- 25
- Minority Interest
- -184
- Share of Associates
- 2
- Adjusted EPS
- 7
- Minority Interest
- -184
- Share of Associates
- 2
- Adjusted EPS
- 7
- 3,549
- 813
- Operating Profit
- 2,756
- OPM %
- 78
- Other Income
- 20
- Interest
- 1,446
- Depreciation
- 27
- 1,283
- Tax %
- 35
- Net Profit
- 836
- EPS
- 7
- Dividend Payout %
- 15
- Minority Interest
- -265
- Share of Associates
- 1
- Adjusted EPS
- 7
- Minority Interest
- -265
- Share of Associates
- 1
- Adjusted EPS
- 7
- 3,432
- 934
- Operating Profit
- 2,520
- OPM %
- 73
- Other Income
- 23
- Interest
- 1,386
- Depreciation
- 41
- 1,094
- Tax %
- 29
- Net Profit
- 778
- EPS
- 6
- Dividend Payout %
- 3
- Minority Interest
- -233
- Share of Associates
- 0
- Adjusted EPS
- 6
- Minority Interest
- -233
- Share of Associates
- 0
- Adjusted EPS
- 6
- 3,197
- 1,015
- Operating Profit
- 2,217
- OPM %
- 69
- Other Income
- 35
- Interest
- 1,111
- Depreciation
- 40
- 1,067
- Tax %
- 24
- Net Profit
- 806
- EPS
- 6
- Dividend Payout %
- 8
- Minority Interest
- -218
- Share of Associates
- 2
- Adjusted EPS
- 6
- Minority Interest
- -218
- Share of Associates
- 2
- Adjusted EPS
- 6
- 3,707
- 1,296
- Operating Profit
- 2,468
- OPM %
- 67
- Other Income
- 56
- Interest
- 1,082
- Depreciation
- 38
- 1,348
- Tax %
- 26
- Net Profit
- 992
- EPS
- 8
- Dividend Payout %
- 20
- Minority Interest
- -219
- Share of Associates
- 0
- Adjusted EPS
- 8
- Minority Interest
- -219
- Share of Associates
- 0
- Adjusted EPS
- 8
- 3,272
- 1,467
- Operating Profit
- 2,173
- OPM %
- 66
- Other Income
- 368
- Interest
- 1,179
- Depreciation
- 42
- 953
- Tax %
- 26
- Net Profit
- 709
- EPS
- 6
- Dividend Payout %
- 29
- Minority Interest
- -112
- Share of Associates
- 0
- Adjusted EPS
- 6
- Minority Interest
- -112
- Share of Associates
- 0
- Adjusted EPS
- 6
- 4,761
- 2,018
- Operating Profit
- 2,815
- OPM %
- 59
- Other Income
- 72
- Interest
- 1,562
- Depreciation
- 53
- 353
- Tax %
- 92
- Net Profit
- 28
- EPS
- 4
- Dividend Payout %
- 47
- Minority Interest
- 379
- Share of Associates
- 3
- Adjusted EPS
- 4
- Minority Interest
- 379
- Share of Associates
- 3
- Adjusted EPS
- 4
- 4,378
- 2,098
- Operating Profit
- 2,366
- OPM %
- 54
- Other Income
- 86
- Interest
- 1,305
- Depreciation
- 64
- 997
- Tax %
- 23
- Net Profit
- 772
- EPS
- 9
- Dividend Payout %
- 31
- Minority Interest
- 48
- Share of Associates
- 2
- Adjusted EPS
- 9
- Minority Interest
- 48
- Share of Associates
- 2
- Adjusted EPS
- 9
- 4,091
- 1,822
- Operating Profit
- 2,679
- OPM %
- 65
- Other Income
- 411
- Interest
- 999
- Depreciation
- 78
- 1,580
- Tax %
- 26
- Net Profit
- 1,177
- EPS
- 13
- Dividend Payout %
- 26
- Minority Interest
- 1
- Share of Associates
- 24
- Adjusted EPS
- 13
- Minority Interest
- 1
- Share of Associates
- 24
- Adjusted EPS
- 13
- 4,149
- 2,089
- Operating Profit
- —
- OPM %
- —
- Other Income
- 184
- Interest
- 995
- Depreciation
- 84
- 1,443
- Tax %
- 25
- Net Profit
- 1,088
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- 77
- Share of Associates
- 23
- Adjusted EPS
- —
- Minority Interest
- 77
- Share of Associates
- 23
- Adjusted EPS
- —
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:
- 17%
- 1 Year:
- -30%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 79 | 84 | 84 | 84 | 95 | 95 | 95 | 96 | 96 | 96 |
| 3,229 | 4,450 | 5,020 | 5,526 | 6,878 | 7,573 | 8,024 | 8,376 | 9,596 | 10,516 | |
| 5,378 | 5,003 | 3,884 | 9,056 | 2,698 | 4,007 | 3,252 | 5,985 | 4,692 | 6,144 | |
| Trade Payables | 823 | 345 | 417 | 440 | 764 | 846 | 1,323 | 1,314 | 1,234 | 2,181 |
| 7,035 | 12,325 | 13,235 | 5,640 | 12,916 | 13,052 | 16,430 | 13,719 | 8,552 | 7,340 | |
| Total Liabilities | 16,545 | 22,206 | 22,640 | 20,746 | 23,350 | 25,574 | 29,125 | 29,490 | 24,170 | 26,278 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 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 |
| Total Debt | 10,806 | 14,988 | 13,991 | 11,756 | 12,369 | 13,460 | 15,878 | 16,145 | 11,419 | 11,522 |
| Net Working Capital | 1,253 | 15,264 | 16,620 | 9,835 | 18,231 | 18,690 | 21,758 | 2,762 | 3,996 | 3,337 |
| Contingent Liabilities | 36 | 37 | 50 | 57 | 60 | 58 | 65 | 69 | 85 | 91 |
| Book Value per Share | 41.64 | 54.11 | 60.77 | 66.69 | 73.19 | 80.37 | 85.04 | 88.65 | 101.40 | 110.96 |
| Face Value | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Total Debt | 10,806 | 14,988 | 13,991 | 11,756 | 12,369 | 13,460 | 15,878 | 16,145 | 11,419 | 11,522 |
| Net Working Capital | 1,253 | 15,264 | 16,620 | 9,835 | 18,231 | 18,690 | 21,758 | 2,762 | 3,996 | 3,337 |
| Contingent Liabilities | 36 | 37 | 50 | 57 | 60 | 58 | 65 | 69 | 85 | 91 |
| Book Value per Share | 41.64 | 54.11 | 60.77 | 66.69 | 73.19 | 80.37 | 85.04 | 88.65 | 101.40 | 110.96 |
| Face Value | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
- Equity Capital
- 79
- 3,229
- 5,378
- Trade Payables
- 823
- 7,035
- Total Liabilities
- 16,545
- 474
- Capital Work in Progress
- 2
- 2,156
- 10
- 0
- Cash & Bank
- 869
- 13,034
- Total Assets
- 16,545
- Total Debt
- 10,806
- Net Working Capital
- 1,253
- Contingent Liabilities
- 36
- Book Value per Share
- 41.64
- Face Value
- 1.00
- Total Debt
- 10,806
- Net Working Capital
- 1,253
- Contingent Liabilities
- 36
- Book Value per Share
- 41.64
- Face Value
- 1.00
- Equity Capital
- 84
- 4,450
- 5,003
- Trade Payables
- 345
- 12,325
- Total Liabilities
- 22,206
- 427
- Capital Work in Progress
- 3
- 2,388
- 0
- 0
- Cash & Bank
- 1,527
- 17,861
- Total Assets
- 22,206
- Total Debt
- 14,988
- Net Working Capital
- 15,264
- Contingent Liabilities
- 37
- Book Value per Share
- 54.11
- Face Value
- 1.00
- Total Debt
- 14,988
- Net Working Capital
- 15,264
- Contingent Liabilities
- 37
- Book Value per Share
- 54.11
- Face Value
- 1.00
- Equity Capital
- 84
- 5,020
- 3,884
- Trade Payables
- 417
- 13,235
- Total Liabilities
- 22,640
- 424
- Capital Work in Progress
- 1
- 2,933
- 0
- 0
- Cash & Bank
- 1,282
- 18,000
- Total Assets
- 22,640
- Total Debt
- 13,991
- Net Working Capital
- 16,620
- Contingent Liabilities
- 50
- Book Value per Share
- 60.77
- Face Value
- 1.00
- Total Debt
- 13,991
- Net Working Capital
- 16,620
- Contingent Liabilities
- 50
- Book Value per Share
- 60.77
- Face Value
- 1.00
- Equity Capital
- 84
- 5,526
- 9,056
- Trade Payables
- 440
- 5,640
- Total Liabilities
- 20,746
- 450
- Capital Work in Progress
- 1
- 4,014
- 0
- 0
- Cash & Bank
- 1,329
- 14,951
- Total Assets
- 20,746
- Total Debt
- 11,756
- Net Working Capital
- 9,835
- Contingent Liabilities
- 57
- Book Value per Share
- 66.69
- Face Value
- 1.00
- Total Debt
- 11,756
- Net Working Capital
- 9,835
- Contingent Liabilities
- 57
- Book Value per Share
- 66.69
- Face Value
- 1.00
- Equity Capital
- 95
- 6,878
- 2,698
- Trade Payables
- 764
- 12,916
- Total Liabilities
- 23,350
- 423
- Capital Work in Progress
- 1
- 5,802
- 0
- 0
- Cash & Bank
- 2,075
- 15,050
- Total Assets
- 23,350
- Total Debt
- 12,369
- Net Working Capital
- 18,231
- Contingent Liabilities
- 60
- Book Value per Share
- 73.19
- Face Value
- 1.00
- Total Debt
- 12,369
- Net Working Capital
- 18,231
- Contingent Liabilities
- 60
- Book Value per Share
- 73.19
- Face Value
- 1.00
- Equity Capital
- 95
- 7,573
- 4,007
- Trade Payables
- 846
- 13,052
- Total Liabilities
- 25,574
- 414
- Capital Work in Progress
- 3
- 3,639
- 0
- 0
- Cash & Bank
- 2,560
- 18,958
- Total Assets
- 25,574
- Total Debt
- 13,460
- Net Working Capital
- 18,690
- Contingent Liabilities
- 58
- Book Value per Share
- 80.37
- Face Value
- 1.00
- Total Debt
- 13,460
- Net Working Capital
- 18,690
- Contingent Liabilities
- 58
- Book Value per Share
- 80.37
- Face Value
- 1.00
- Equity Capital
- 95
- 8,024
- 3,252
- Trade Payables
- 1,323
- 16,430
- Total Liabilities
- 29,125
- 505
- Capital Work in Progress
- 7
- 3,584
- 102
- 0
- Cash & Bank
- 2,392
- 22,535
- Total Assets
- 29,125
- Total Debt
- 15,878
- Net Working Capital
- 21,758
- Contingent Liabilities
- 65
- Book Value per Share
- 85.04
- Face Value
- 1.00
- Total Debt
- 15,878
- Net Working Capital
- 21,758
- Contingent Liabilities
- 65
- Book Value per Share
- 85.04
- Face Value
- 1.00
- Equity Capital
- 96
- 8,376
- 5,985
- Trade Payables
- 1,314
- 13,719
- Total Liabilities
- 29,490
- 572
- Capital Work in Progress
- 4
- 4,724
- 143
- 424
- Cash & Bank
- 5,382
- 18,241
- Total Assets
- 29,490
- Total Debt
- 16,145
- Net Working Capital
- 2,762
- Contingent Liabilities
- 69
- Book Value per Share
- 88.65
- Face Value
- 1.00
- Total Debt
- 16,145
- Net Working Capital
- 2,762
- Contingent Liabilities
- 69
- Book Value per Share
- 88.65
- Face Value
- 1.00
- Equity Capital
- 96
- 9,596
- 4,692
- Trade Payables
- 1,234
- 8,552
- Total Liabilities
- 24,170
- 579
- Capital Work in Progress
- 10
- 5,464
- 130
- 513
- Cash & Bank
- 4,366
- 13,108
- Total Assets
- 24,170
- Total Debt
- 11,419
- Net Working Capital
- 3,996
- Contingent Liabilities
- 85
- Book Value per Share
- 101.40
- Face Value
- 1.00
- Total Debt
- 11,419
- Net Working Capital
- 3,996
- Contingent Liabilities
- 85
- Book Value per Share
- 101.40
- Face Value
- 1.00
- Equity Capital
- 96
- 10,516
- 6,144
- Trade Payables
- 2,181
- 7,340
- Total Liabilities
- 26,278
- 625
- Capital Work in Progress
- 160
- 6,209
- 128
- 1,306
- Cash & Bank
- 4,669
- 13,181
- Total Assets
- 26,278
- Total Debt
- 11,522
- Net Working Capital
- 3,337
- Contingent Liabilities
- 91
- Book Value per Share
- 110.96
- Face Value
- 1.00
- Total Debt
- 11,522
- Net Working Capital
- 3,337
- Contingent Liabilities
- 91
- Book Value per Share
- 110.96
- Face Value
- 1.00
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2,546 | -3,584 | 773 | 3,164 | 969 | -3,458 | -2,307 | 3,635 | 5,569 | 581 | |
| 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 | |
| Free Cash Flow | -2,584 | -3,584 | 755 | 3,101 | 963 | -3,480 | -2,435 | 3,529 | 5,524 | 325 |
| OCF / Net Profit | -4.00 | -4.58 | 0.92 | 4.07 | 1.20 | -3.48 | -3.26 | 132.09 | 7.21 | 0.49 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -1,349 | -2,244 | -1,095 | 1,679 | 4,102 | 3,463 |
| OCF / Net Profit | -4.00 | -4.58 | 0.92 | 4.07 | 1.20 | -3.48 | -3.26 | 132.09 | 7.21 | 0.49 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -1,349 | -2,244 | -1,095 | 1,679 | 4,102 | 3,463 |
- -2,546
- Cash from Investing
- -366
- Cash from Financing
- 2,424
- -488
- Free Cash Flow
- -2,584
- OCF / Net Profit
- -4.00
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -4.00
- Cumulative 5-Year FCF
- 0
- -3,584
- Cash from Investing
- -708
- Cash from Financing
- 4,540
- 247
- Free Cash Flow
- -3,584
- OCF / Net Profit
- -4.58
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -4.58
- Cumulative 5-Year FCF
- 0
- 773
- Cash from Investing
- -148
- Cash from Financing
- -522
- 103
- Free Cash Flow
- 755
- OCF / Net Profit
- 0.92
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.92
- Cumulative 5-Year FCF
- 0
- 3,164
- Cash from Investing
- -901
- Cash from Financing
- -2,205
- 58
- Free Cash Flow
- 3,101
- OCF / Net Profit
- 4.07
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 4.07
- Cumulative 5-Year FCF
- 0
- 969
- Cash from Investing
- -2,249
- Cash from Financing
- 1,296
- 16
- Free Cash Flow
- 963
- OCF / Net Profit
- 1.20
- Cumulative 5-Year FCF
- -1,349
- OCF / Net Profit
- 1.20
- Cumulative 5-Year FCF
- -1,349
- -3,458
- Cash from Investing
- 2,614
- Cash from Financing
- 1,281
- 437
- Free Cash Flow
- -3,480
- OCF / Net Profit
- -3.48
- Cumulative 5-Year FCF
- -2,244
- OCF / Net Profit
- -3.48
- Cumulative 5-Year FCF
- -2,244
- -2,307
- Cash from Investing
- -592
- Cash from Financing
- 2,160
- -739
- Free Cash Flow
- -2,435
- OCF / Net Profit
- -3.26
- Cumulative 5-Year FCF
- -1,095
- OCF / Net Profit
- -3.26
- Cumulative 5-Year FCF
- -1,095
- 3,635
- Cash from Investing
- -2,090
- Cash from Financing
- 162
- 1,708
- Free Cash Flow
- 3,529
- OCF / Net Profit
- 132.09
- Cumulative 5-Year FCF
- 1,679
- OCF / Net Profit
- 132.09
- Cumulative 5-Year FCF
- 1,679
- 5,569
- Cash from Investing
- -2,475
- Cash from Financing
- -4,786
- -1,692
- Free Cash Flow
- 5,524
- OCF / Net Profit
- 7.21
- Cumulative 5-Year FCF
- 4,102
- OCF / Net Profit
- 7.21
- Cumulative 5-Year FCF
- 4,102
- 581
- Cash from Investing
- -532
- Cash from Financing
- -116
- -68
- Free Cash Flow
- 325
- OCF / Net Profit
- 0.49
- Cumulative 5-Year FCF
- 3,463
- OCF / Net Profit
- 0.49
- Cumulative 5-Year FCF
- 3,463
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 (₹) | 5.92 | 7.17 | 6.81 | 6.48 | 6.19 | 8.10 | 6.26 | 4.29 | 8.59 | 12.57 |
| Book Value (₹) | 41.64 | 54.11 | 60.77 | 66.69 | 73.19 | 80.37 | 85.04 | 88.65 | 101.40 | 110.96 |
| Dividend per Share (₹) | 1.50 | 1.80 | 1.00 | 0.20 | 0.50 | 1.65 | 1.80 | 2.00 | 2.70 | 3.25 |
| Cash EPS (₹) | 8.31 | 9.66 | 10.28 | 9.73 | 8.88 | 10.80 | 7.86 | 0.84 | 8.74 | 13.12 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 82.30% | 76.29% | 77.67% | 73.44% | 69.35% | 66.56% | 66.42% | 57.62% | 52.08% | 55.45% |
| Net Margin % | 29.50% | 25.64% | 23.57% | 22.66% | 25.21% | 26.77% | 21.66% | 0.58% | 17.64% | 28.77% |
| ROE % | 20.53% | 19.97% | 17.36% | 14.52% | 12.81% | 13.56% | 8.98% | 0.33% | 8.50% | 11.59% |
| ROCE % | 14.79% | 13.69% | 14.12% | 13.58% | 11.85% | 11.99% | 9.44% | 7.87% | 10.06% | 11.91% |
| 4.61% | 4.04% | 3.73% | 3.58% | 3.66% | 4.06% | 2.59% | 0.09% | 2.88% | 4.67% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 130 | 122 | 79 | 54 | 48 | 50 | 96 | 63 | 39 | 81 |
| Inventory Days | 23 | 0 | 0 | 0 | 0 | 0 | 11 | 9 | 11 | 11 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 152 | 122 | 79 | 54 | 48 | 50 | 107 | 72 | 50 | 93 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 3.27x | 3.31x | 2.74x | 2.10x | 1.77x | 1.76x | 1.96x | 1.91x | 1.18x | 1.09x |
| Interest Coverage (x) | 2.24x | 2.02x | 1.89x | 1.79x | 1.96x | 2.25x | 1.81x | 1.23x | 1.76x | 2.58x |
| 1.16x | 3.71x | 4.54x | 2.01x | 5.61x | 4.39x | 5.17x | 1.33x | 1.55x | 1.35x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 44.45% | 41.44% | 16.20% | -3.29% | -6.83% | 15.94% | -11.75% | 45.52% | -8.05% | -6.55% |
| Operating Profit Growth % | 45.03% | 31.12% | 18.29% | -8.55% | -12.02% | 11.28% | -11.94% | 29.53% | -15.96% | 13.26% |
| Net Profit Growth % | 35.39% | 22.95% | 6.82% | -7.05% | 3.67% | 23.11% | -28.58% | -96.12% | 2705.23% | 52.45% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -31.44% | 100.36% | 46.26% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 17.38x | 11.18x | 9.04x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.84x | 0.95x | 1.02x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.68% | 2.81% | 2.86% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 6.35x | 6.86x | 6.61x |
- EPS (₹)
- 5.92
- Book Value (₹)
- 41.64
- Dividend per Share (₹)
- 1.50
- Cash EPS (₹)
- 8.31
- Operating Margin %
- 82.30%
- Net Margin %
- 29.50%
- ROE %
- 20.53%
- ROCE %
- 14.79%
- 4.61%
- Debtor Days
- 130
- Inventory Days
- 23
- Payable Days
- 0
- 152
- Debt to Equity (x)
- 3.27x
- Interest Coverage (x)
- 2.24x
- 1.16x
- Revenue Growth %
- 44.45%
- Operating Profit Growth %
- 45.03%
- Net Profit Growth %
- 35.39%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 7.17
- Book Value (₹)
- 54.11
- Dividend per Share (₹)
- 1.80
- Cash EPS (₹)
- 9.66
- Operating Margin %
- 76.29%
- Net Margin %
- 25.64%
- ROE %
- 19.97%
- ROCE %
- 13.69%
- 4.04%
- Debtor Days
- 122
- Inventory Days
- 0
- Payable Days
- 0
- 122
- Debt to Equity (x)
- 3.31x
- Interest Coverage (x)
- 2.02x
- 3.71x
- Revenue Growth %
- 41.44%
- Operating Profit Growth %
- 31.12%
- Net Profit Growth %
- 22.95%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 6.81
- Book Value (₹)
- 60.77
- Dividend per Share (₹)
- 1.00
- Cash EPS (₹)
- 10.28
- Operating Margin %
- 77.67%
- Net Margin %
- 23.57%
- ROE %
- 17.36%
- ROCE %
- 14.12%
- 3.73%
- Debtor Days
- 79
- Inventory Days
- 0
- Payable Days
- 0
- 79
- Debt to Equity (x)
- 2.74x
- Interest Coverage (x)
- 1.89x
- 4.54x
- Revenue Growth %
- 16.20%
- Operating Profit Growth %
- 18.29%
- Net Profit Growth %
- 6.82%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 6.48
- Book Value (₹)
- 66.69
- Dividend per Share (₹)
- 0.20
- Cash EPS (₹)
- 9.73
- Operating Margin %
- 73.44%
- Net Margin %
- 22.66%
- ROE %
- 14.52%
- ROCE %
- 13.58%
- 3.58%
- Debtor Days
- 54
- Inventory Days
- 0
- Payable Days
- 0
- 54
- Debt to Equity (x)
- 2.10x
- Interest Coverage (x)
- 1.79x
- 2.01x
- Revenue Growth %
- -3.29%
- Operating Profit Growth %
- -8.55%
- Net Profit Growth %
- -7.05%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 6.19
- Book Value (₹)
- 73.19
- Dividend per Share (₹)
- 0.50
- Cash EPS (₹)
- 8.88
- Operating Margin %
- 69.35%
- Net Margin %
- 25.21%
- ROE %
- 12.81%
- ROCE %
- 11.85%
- 3.66%
- Debtor Days
- 48
- Inventory Days
- 0
- Payable Days
- 0
- 48
- Debt to Equity (x)
- 1.77x
- Interest Coverage (x)
- 1.96x
- 5.61x
- Revenue Growth %
- -6.83%
- Operating Profit Growth %
- -12.02%
- Net Profit Growth %
- 3.67%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 8.10
- Book Value (₹)
- 80.37
- Dividend per Share (₹)
- 1.65
- Cash EPS (₹)
- 10.80
- Operating Margin %
- 66.56%
- Net Margin %
- 26.77%
- ROE %
- 13.56%
- ROCE %
- 11.99%
- 4.06%
- Debtor Days
- 50
- Inventory Days
- 0
- Payable Days
- 0
- 50
- Debt to Equity (x)
- 1.76x
- Interest Coverage (x)
- 2.25x
- 4.39x
- Revenue Growth %
- 15.94%
- Operating Profit Growth %
- 11.28%
- Net Profit Growth %
- 23.11%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 6.26
- Book Value (₹)
- 85.04
- Dividend per Share (₹)
- 1.80
- Cash EPS (₹)
- 7.86
- Operating Margin %
- 66.42%
- Net Margin %
- 21.66%
- ROE %
- 8.98%
- ROCE %
- 9.44%
- 2.59%
- Debtor Days
- 96
- Inventory Days
- 11
- Payable Days
- 0
- 107
- Debt to Equity (x)
- 1.96x
- Interest Coverage (x)
- 1.81x
- 5.17x
- Revenue Growth %
- -11.75%
- Operating Profit Growth %
- -11.94%
- Net Profit Growth %
- -28.58%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 4.29
- Book Value (₹)
- 88.65
- Dividend per Share (₹)
- 2.00
- Cash EPS (₹)
- 0.84
- Operating Margin %
- 57.62%
- Net Margin %
- 0.58%
- ROE %
- 0.33%
- ROCE %
- 7.87%
- 0.09%
- Debtor Days
- 63
- Inventory Days
- 9
- Payable Days
- 0
- 72
- Debt to Equity (x)
- 1.91x
- Interest Coverage (x)
- 1.23x
- 1.33x
- Revenue Growth %
- 45.52%
- Operating Profit Growth %
- 29.53%
- Net Profit Growth %
- -96.12%
- -31.44%
- P/E (x)
- 17.38x
- P/B (x)
- 0.84x
- Dividend Yield %
- 2.68%
- 6.35x
- EPS (₹)
- 8.59
- Book Value (₹)
- 101.40
- Dividend per Share (₹)
- 2.70
- Cash EPS (₹)
- 8.74
- Operating Margin %
- 52.08%
- Net Margin %
- 17.64%
- ROE %
- 8.50%
- ROCE %
- 10.06%
- 2.88%
- Debtor Days
- 39
- Inventory Days
- 11
- Payable Days
- 0
- 50
- Debt to Equity (x)
- 1.18x
- Interest Coverage (x)
- 1.76x
- 1.55x
- Revenue Growth %
- -8.05%
- Operating Profit Growth %
- -15.96%
- Net Profit Growth %
- 2705.23%
- 100.36%
- P/E (x)
- 11.18x
- P/B (x)
- 0.95x
- Dividend Yield %
- 2.81%
- 6.86x
- EPS (₹)
- 12.57
- Book Value (₹)
- 110.96
- Dividend per Share (₹)
- 3.25
- Cash EPS (₹)
- 13.12
- Operating Margin %
- 55.45%
- Net Margin %
- 28.77%
- ROE %
- 11.59%
- ROCE %
- 11.91%
- 4.67%
- Debtor Days
- 81
- Inventory Days
- 11
- Payable Days
- 0
- 93
- Debt to Equity (x)
- 1.09x
- Interest Coverage (x)
- 2.58x
- 1.35x
- Revenue Growth %
- -6.55%
- Operating Profit Growth %
- 13.26%
- Net Profit Growth %
- 52.45%
- 46.26%
- P/E (x)
- 9.04x
- P/B (x)
- 1.02x
- Dividend Yield %
- 2.86%
- 6.61x
Documents
Announcements
- General Updates
2026-08-20 - JM Financial Limited has informed the Exchange about the ESG Rating provided by ESG Risk Assessments & Insights Limited
- Copy of Newspaper Publication
2026-08-11 - JM Financial Limited has informed the Exchange about Copy of Newspaper Publication
Annual Reports
Credit Ratings
- Credit Rating- Others
2026-01-01 - JM Financial Limited has informed the Exchange about reaffirmation of ratings assigned to the Company.
Concalls
Aug 2026
Jun 2026
May 2026

