JM Financial logo

JM Financial

JMFINANCIL NSE

Key Fundamentals

MicrocapHolding CompanyFinancial Services
Market Cap
₹11,881 Cr
Volatility
Moderate
P/E Ratio
11.45
EBITDA
₹2,679 Cr
Return on Equity
10.36%
Debt to Equity
1.09
Book Value
₹111.37
EPS
₹12.12
52W High
₹192.39
52W Low
₹112

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Stock is trading at 1.12 times its book value
  • Company has been maintaining a healthy dividend payout of 34.6%

Weaknesses

3
  • The company has delivered a poor sales growth of 5.63% over past five years.
  • Company has a low return on equity of 8.99% over last 3 years.
  • Debtor days have increased from 73.5 to 124 days.

Growth Rate

Revenue Growth
-4.32% lower than 3Y
Net Income Growth
52.45% higher than 3Y
Cash Flow Change
-89.57% lower than 3Y
ROE
37.22% higher than 3Y
ROCE
8.62% lower than 3Y
EBITDA Margin (Avg.)
18.37% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 41d ago
AI opinion · based on fundamentals
Risk medium

JM Financial Ltd trades at a market cap of ₹11,906 Cr with a PE of 9.7x and PB of 1.1x, reflecting muted valuations. While TTM profit grew 48%, sales declined 4% TTM and the stock has fallen 20% over the past year, indicating a divergence between earnings recovery and market sentiment.

Bull Case 7
  • Attractive valuation at PE of 9.7x, significantly below financial services sector averages
  • Trading at just 1.10x book value, offering margin of safety for value investors
  • TTM profit growth of 48% signals strong earnings recovery
  • 3-year compounded profit CAGR of 27% demonstrates sustained earnings momentum
  • Healthy dividend payout of 34.6% with a dividend yield of 2.66%, providing income cushion
  • ROE improved to 12% in the last year from a 3-year average of 9%, indicating improving capital efficiency
  • 10-year compounded sales CAGR of 10% shows long-term revenue building capability
Bear Case 8
  • TTM sales declined 4%, indicating near-term revenue pressure
  • Debtor days increased sharply from 73.5 to 124 days, signaling deteriorating receivables quality
  • Stock price declined 20% over the past year, reflecting weak market confidence
  • 5-year sales CAGR of only 5.63% indicates structurally poor top-line growth
  • 3-year average ROE of only 8.99% is below cost of equity for most financial services firms
  • 5-year stock CAGR of just 4% underperforms broader market indices significantly
  • 10-year stock CAGR of 6% suggests the company has struggled to create long-term shareholder value
  • Debt-to-equity data unavailable, limiting visibility into leverage risk for a financial services company

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 38d ago
Headwinds 3
  • Net profit drops sharply YoY Aug 3

    Consolidated net profit declined to ₹2.9B from ₹4.54B in Q1 last year, a ~36% YoY drop despite revenue growing to ₹12B from ₹11.11B. Significant bottom-line pressure despite top-line expansion.

  • Senior management resignation Jul 23

    Chirag Negandhi resigned as Senior Management Person effective July 23, 2026, citing personal reasons. Leadership departures can create short-term operational uncertainty.

  • SEBI settlement disclosed Jul 10

    JM Financial's BRSR for FY26 disclosed a settlement with SEBI, indicating prior regulatory issues that required resolution.

Positives 2
  • Q1FY26 profit surges 13% YoY Aug 3

    JM Financial reported consolidated net profit of ₹368.74 crore for Q1FY26, up 13% YoY, driven by strong Private Markets and Wealth segment performance.

  • ₹600Cr related party limit approved Aug 3

    41st AGM approved ₹600 crore related party transaction limit with JM Financial Services, signalling continued intra-group business activity and board confidence.

Neutral 3
  • AGM approves director re-appointments Aug 3

    JM Financial's 41st AGM on August 3, 2026 approved re-appointment of four directors, ensuring board continuity.

  • Q1FY27 earnings call scheduled Jul 29

    Earnings conference call set for August 4, 2026 at 5:00 PM IST to discuss quarter ended June 30, 2026.

  • BRSR FY26 ESG report filed Jul 10

    Filed BRSR for FY26 reporting 17 ESG-aligned mandates, detailing ESG initiatives and governance practices.

TL;DR: JM Financial presents a mixed picture — one set of Q1 results shows 13% profit growth driven by Private Markets and Wealth, while another consolidated view reveals a sharp 36% net profit decline despite revenue growth. The divergence suggests segment-level strength but group-level margin compression. Key risks include profitability pressure and a SEBI settlement history; the forward outlook depends on whether high-margin segments can offset broader cost headwinds in FY27.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,067
1,197
1,236
1,261
1,077
1,191
1,106
1,004
1,111
1,031
999
949
1,201
Expenses
473
535
430
580
462
700
500
426
261
426
436
458
500
Operating Profit
594
663
806
681
615
491
607
578
850
605
563
491
700
OPM %
56%
55%
65%
54%
57%
41%
55%
58%
76%
59%
56%
52%
58%
Other Income
14
17
25
-831
17
21
14
23
10
13
105
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
PBT
230
278
417
-572
245
154
287
311
593
344
400
243
456
Tax %
24%
26%
23%
18%
24%
6%
28%
25%
23%
26%
24%
34%
19%
Net Profit
177
206
322
-674
187
144
207
235
459
262
318
162
369
EPS in Rs
1.74
2.04
2.91
-2.39
1.79
2.43
2.19
2.19
4.75
2.82
3.27
1.73
3.05
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,342
1,685
2,359
3,062
3,494
3,446
3,211
3,724
3,292
4,787
4,410
4,223
4,180
Expenses
448
459
582
767
743
933
1,009
1,296
1,170
2,017
2,087
1,581
1,821
Operating Profit
895
1,225
1,777
2,295
2,751
2,513
2,202
2,429
2,122
2,770
2,323
2,641
2,360
OPM %
67%
73%
75%
75%
79%
73%
69%
65%
64%
58%
53%
63%
56%
Other Income
61
0
0
35
6
8
15
39
51
-802
43
17
162
Interest
420
512
782
1,139
1,446
1,386
1,111
1,082
1,179
1,562
1,305
999
995
Depreciation
18
20
23
26
27
41
40
38
42
53
64
78
84
PBT
517
693
972
1,165
1,283
1,094
1,067
1,348
953
353
997
1,580
1,443
Tax %
30%
32%
34%
33%
35%
29%
24%
26%
26%
92%
23%
26%
—
Net Profit
379
526
649
785
837
778
808
992
709
31
774
1,201
1,111
EPS in Rs
4.22
5.08
5.92
7.17
6.81
6.48
6.19
8.1
6.26
4.29
8.59
12.57
10.87
Div. Payout %
32%
29%
25%
25%
15%
3%
8%
20%
43%
47%
31%
26%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
78
79
79
84
84
84
95
95
95
96
96
96
Reserves
2,465
2,831
3,240
4,471
5,048
5,555
6,905
7,591
8,041
8,395
9,632
10,562
Borrowings
4,723
6,672
9,444
14,988
13,991
11,756
12,405
13,498
15,939
16,228
11,507
11,635
Other Liabilities
1,239
1,480
3,782
2,664
3,517
3,351
3,973
4,477
5,137
4,874
3,112
4,045
Total Liabilities
8,505
11,061
16,545
22,206
22,640
20,746
23,378
25,661
29,213
29,592
24,347
26,337
Fixed Assets
445
444
474
427
424
450
423
414
505
572
579
625
CWIP
2
1
2
3
1
1
1
3
7
4
10
160
Investments
640
772
2,156
2,388
2,933
4,014
5,802
3,639
3,584
4,724
5,464
6,209
Other Assets
7,418
9,844
13,913
19,388
19,282
16,280
17,153
21,605
25,116
24,292
18,294
19,343
Total Assets
8,505
11,061
16,545
22,206
22,640
20,746
23,378
25,661
29,213
29,592
24,347
26,337
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-1,717
-918
-2,546
-3,584
773
3,164
969
-3,203
-2,449
3,635
5,569
581
Investing
-281
264
-326
-708
-148
-901
-2,249
2,616
-443
-2,090
-2,475
-532
Financing
1,783
1,305
2,424
4,540
-522
-2,205
1,296
1,024
2,153
162
-4,786
-116
Net Cash Flow
-215
651
-448
247
103
58
16
437
-739
1,708
-1,692
-68
Free Cash Flow
-1,954
-937
-2,610
-3,605
755
3,154
963
-3,220
-2,573
3,582
5,536
526
CFO/OP
-173
-56
-125
-136
46
141
58
-113
-102
145
249
30
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
62
77
182
102
72
34
58
49
135
43
53
124
Cash Conversion Cycle
62
77
182
102
72
34
58
49
135
43
53
124
Working Capital Days
-377
-232
-244
-308
-71
235
288
230
411
105
89
107
ROCE %
14%
13%
15%
13%
13%
12%
10%
11%
8%
10%
9%
12%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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59 extracted metrics + investor summaries across FY07–FY27.

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Shareholding Pattern

DIIs5.49%Promot.57.03%Others5.90%Public14.63%FIIs16.95%As ofJun 2026

Documents

Frequently Asked Questions about JM Financial

What does JM Financial Ltd do?
JM Financial Ltd is an integrated and diversified financial services group. Its primary businesses include mortgage lending, distressed credit, asset management. It is also engaged in investment banking and the management of private equity funds. [1]
Where is JM Financial Ltd (JMFINANCIL) listed?
JM Financial Ltd trades as JMFINANCIL on the NSE and under code 523405 on the BSE.
Which sector does JM Financial Ltd belong to?
JM Financial Ltd is classified under the Financial Services sector, in the Holding Company industry.
What is the market capitalisation of JM Financial Ltd?
JM Financial Ltd has a market capitalisation of ₹11,881 Cr, which places it in the Mid Cap band.
What is the PE ratio of JM Financial Ltd?
JM Financial Ltd trades at a PE ratio of 11.45, on earnings per share of ₹12.12, against a book value of ₹111.37 per share.
What is the 52-week high and low of JM Financial Ltd?
Over the last 52 weeks JM Financial Ltd has traded between ₹112 and ₹192.39.
Does JM Financial Ltd pay dividends?
JM Financial Ltd has a dividend yield of 2.55%.
What is the Return on Equity (ROE) of JM Financial Ltd?
JM Financial Ltd reported a return on equity of 10.36%. Its debt-to-equity ratio is 1.09.

Company Information

JM Financial Ltd is an integrated and diversified financial services group. Its primary businesses include mortgage lending, distressed credit, asset management. It is also engaged in investment banking and the management of private equity funds. [1]

Website jmfl.com
CEO Mr. Vishal Nimesh Kampani
Employees 4,680
Listed 2006-10-10
Face Value ₹ 1
Issued Size 95,63,35,873

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