JM Financial Ltd

₹ 118 0.17%

13 Oct 11:57 a.m.

About

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]

Key Points

Revenue Split FY26:^[1]
Wealth Management: 32%
Private Markets: 29%
- Corporate Advisory and Capital
Markets: 21%
- Affordable Home Loans: 10%
- Treasury and Others: 6%
- Asset Management: 1%

Website BSE NSE

Market Cap ₹ 11,269 Cr.
Current Price ₹ 118
High / Low ₹ 183 / 112
Stock P/E 19.9
Book Value ₹ 49.8
Dividend Yield 2.74 %
ROCE 17.6 %
ROE 15.1 %
Face Value ₹ 1.00

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Pros

Company has reduced debt.
Company is almost debt free.
Company has delivered good profit growth of 31.7% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 51.5%
Debtor days have improved from 32.6 to 21.7 days.
Company's median sales growth is 20.7% of last 10 years

Cons

Tax rate seems low
Company has a low return on equity of 12.2% over last 3 years.
Earnings include an other income of Rs.365 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Financial Services Financial Services Finance Holding Company

Part of Nifty 500 Multicap 50:25:25 BSE 500 Dividend Leaders 50 Nifty MidSmallcap 400 Nifty Smallcap 250 Nifty 500 BSE 400 MidSmallCap Index BSE 500 BSE Financial Services BSE 250 SmallCap Index Nifty Total Market Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted BSE 1000 Nifty Smallcap 500 Nifty MidSmallcap400 50:50

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	142.23	167.17	217.52	191.01	118.84	225.52	194.55	225.49	246.26	275.23	194.71	119.37	82.26
	77.92	99.57	97.63	121.30	70.30	138.40	95.32	75.77	81.69	109.41	97.67	82.62	78.76
Operating Profit	64.31	67.60	119.89	69.71	48.54	87.12	99.23	149.72	164.57	165.82	97.04	36.75	3.50
OPM %	45.22%	40.44%	55.12%	36.50%	40.84%	38.63%	51.00%	66.40%	66.83%	60.25%	49.84%	30.79%	4.25%
	2.81	98.31	2.32	1.64	1.41	182.62	-7.88	7.02	2.01	119.93	239.36	2.61	3.44
Interest	1.50	1.33	1.34	1.33	1.45	1.41	1.39	1.31	1.26	1.18	1.12	1.09	1.00
Depreciation	2.73	2.79	2.74	2.63	2.99	3.03	3.06	3.12	3.14	3.05	3.05	3.07	3.16
Profit before tax	62.89	161.79	118.13	67.39	45.51	265.30	86.90	152.31	162.18	281.52	332.23	35.20	2.78
Tax %	20.75%	11.94%	23.97%	59.24%	24.17%	-12.78%	18.91%	11.66%	17.71%	12.66%	13.27%	27.07%	10.07%
	49.84	142.47	89.82	27.47	34.51	299.21	70.47	134.55	133.45	245.89	288.13	25.67	2.50
EPS in Rs	0.52	1.49	0.94	0.29	0.36	3.13	0.74	1.41	1.40	2.57	3.01	0.27	0.03
Raw PDF

Upcoming result date: 4 November 2026

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	104	157	162	425	270	300	373	613	552	820	962	1,200	672
	16	18	16	157	133	127	138	186	242	394	363	371	368
Operating Profit	88	139	146	268	136	174	234	427	310	426	599	829	303
OPM %	85%	88%	90%	63%	51%	58%	63%	70%	56%	52%	62%	69%	45%
	1	0	1	1	1	3	2	6	3	1	-31	-1	365
Interest	8	27	40	35	20	8	7	7	6	6	6	5	4
Depreciation	0	0	1	2	2	12	12	11	10	11	12	12	12
Profit before tax	80	112	107	233	116	156	217	416	297	410	550	811	652
Tax %	3%	-0%	0%	18%	4%	19%	19%	21%	14%	25%	2%	15%
	78	112	107	192	111	127	175	328	256	310	539	693	562
EPS in Rs	1.00	1.42	1.34	2.29	1.33	1.51	1.84	3.44	2.69	3.24	5.64	7.25	5.88
Dividend Payout %	135%	102%	112%	79%	75%	13%	27%	48%	67%	62%	48%	45%

Compounded Sales Growth
10 Years:	23%
5 Years:	26%
3 Years:	30%
TTM:	-25%

Compounded Profit Growth
10 Years:	20%
5 Years:	32%
3 Years:	39%
TTM:	-14%

Stock Price CAGR
10 Years:	5%
5 Years:	5%
3 Years:	10%
1 Year:	-34%

Return on Equity
10 Years:	9%
5 Years:	11%
3 Years:	12%
Last Year:	15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	78	79	79	84	84	84	95	95	95	96	96	96
Reserves	1,565	1,576	1,646	2,407	2,398	2,489	3,408	3,641	3,792	4,014	4,366	4,663
	122	426	207	1	1	1	72	66	61	54	53	41
	183	191	121	187	174	269	216	234	216	289	363	291
Total Liabilities	1,949	2,272	2,053	2,679	2,657	2,843	3,790	4,037	4,164	4,452	4,878	5,091
	2	3	2	6	5	77	69	61	56	48	47	35
CWIP	0	0	0	0	0	0	0	0	0	0	0	0
Investments	1,662	1,757	1,769	2,424	2,389	2,528	3,021	3,251	3,098	3,657	3,962	4,266
	285	512	282	249	263	238	700	725	1,009	747	869	790
Total Assets	1,949	2,272	2,053	2,679	2,657	2,843	3,790	4,037	4,164	4,452	4,878	5,091

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	19	-221	257	179	-37	151	-352	203	-281	518	162	61
	-275	16	101	-472	152	-88	-382	-25	398	-433	84	296
	72	182	-360	309	-139	-56	729	-108	-208	-99	-211	-416
Net Cash Flow	-184	-23	-1	15	-24	8	-5	70	-91	-14	35	-59
Free Cash Flow	18	-222	257	177	-40	151	-353	201	-284	517	157	61
CFO/OP	28%	-157%	165%	77%	-18%	99%	-136%	65%	-77%	139%	40%	7%

Ratios

Standalone / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	0	0	0	21	14	27	49	17	22	35	42	22
Inventory Days
Days Payable
Cash Conversion Cycle	0	0	0	21	14	27	49	17	22	35	42	22
Working Capital Days	-379	-402	-220	120	221	84	136	57	83	44	31	0
ROCE %	5%	7%	7%	12%	5%	6%	7%	11%	8%	10%	14%	18%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Distressed Credit AUM (JMFARC)
Rs Cr

x,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx	xx,xxx
		xx,xxx	xx,xxx	xx,xxx		xx,xxx	xx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
				xxx	xxx	xxx	x,xxx	x,xxx	x,xxx	x,xxx
				xx	xx	xx	xx	xxx	xxx	xxx
		xx,xxx	xx,xxx	x,xxx				x,xxx	xx,xxx	xx,xxx
								xx,xxx	xx,xxx	xx,xxx

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Wealth Management Total AUM
Rs Cr

Affordable Home Loans AUM
Rs Cr

Affordable Home Loans Branches
count

Mutual Fund Non-Liquid AAUM
Rs Cr

Wealth Management Recurring AUM
Rs Cr

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.47%	56.44%	56.44%	56.43%	56.43%	56.43%	56.50%	56.51%	56.61%	56.90%	57.07%	57.03%
	18.82%	17.92%	18.19%	16.83%	15.31%	17.02%	17.48%	17.69%	18.38%	17.71%	17.16%	16.95%
	8.06%	8.46%	8.46%	8.63%	8.57%	7.20%	7.07%	6.53%	5.61%	5.76%	5.88%	5.50%
	16.66%	17.17%	16.91%	18.11%	19.70%	19.36%	18.94%	19.27%	19.42%	19.64%	19.89%	20.54%
No. of Shareholders	1,19,301	1,35,103	1,58,446	1,63,944	1,62,210	1,89,596	1,87,163	1,73,290	1,77,160	1,76,556	1,72,802	1,75,511

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	65.32%	62.12%	62.07%	62.05%	54.79%	55.42%	56.49%	56.44%	56.50%	57.07%	57.03%
	14.55%	16.11%	17.89%	20.91%	23.51%	21.83%	21.24%	18.19%	17.48%	17.16%	16.95%
	2.52%	4.10%	4.88%	4.18%	10.07%	8.78%	7.47%	8.46%	7.07%	5.88%	5.50%
	17.60%	17.67%	15.16%	12.85%	11.63%	13.97%	14.80%	16.91%	18.94%	19.89%	20.54%
No. of Shareholders	37,002	54,784	58,950	53,335	61,831	99,229	96,936	1,58,446	1,87,163	1,72,802	1,75,511

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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