JM Financial Ltd
₹ 130
-0.87%
29 May
- close price
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
- Market Cap ₹ 12,468 Cr.
- Current Price ₹ 130
- High / Low ₹ 200 / 112
- Stock P/E 17.9
- Book Value ₹ 49.8
- Dividend Yield 2.49 %
- ROCE 17.6 %
- ROE 15.1 %
- Face Value ₹ 1.00
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 44.6%
- Company's median sales growth is 17.7% of last 10 years
Cons
- Stock is trading at 2.62 times its book value
- Tax rate seems low
- Company has a low return on equity of 12.0% over last 3 years.
- Earnings include an other income of Rs.364 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.
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Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 104 | 157 | 162 | 425 | 270 | 300 | 373 | 613 | 552 | 820 | 1,035 | 836 | |
| 16 | 18 | 16 | 157 | 133 | 127 | 138 | 186 | 242 | 394 | 465 | 371 | |
| Operating Profit | 88 | 139 | 146 | 268 | 136 | 174 | 234 | 427 | 310 | 426 | 570 | 464 |
| OPM % | 85% | 88% | 90% | 63% | 51% | 58% | 63% | 70% | 56% | 52% | 55% | 56% |
| 1 | 0 | 1 | 1 | 1 | 3 | 2 | 6 | 3 | 1 | 2 | 364 | |
| Interest | 8 | 27 | 40 | 35 | 20 | 8 | 7 | 7 | 6 | 6 | 7 | 5 |
| Depreciation | 0 | 0 | 1 | 2 | 2 | 12 | 12 | 11 | 10 | 11 | 17 | 12 |
| Profit before tax | 80 | 112 | 107 | 233 | 116 | 156 | 217 | 416 | 297 | 410 | 549 | 811 |
| 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 | |
| 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 |
| Dividend Payout % | 135% | 102% | 112% | 79% | 75% | 13% | 27% | 48% | 67% | 62% | 48% | 24% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 18% |
| 5 Years: | 18% |
| 3 Years: | 15% |
| TTM: | -19% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 20% |
| 5 Years: | 32% |
| 3 Years: | 39% |
| TTM: | 29% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 9% |
| 3 Years: | 23% |
| 1 Year: | 2% |
| Return on Equity | |
|---|---|
| 10 Years: | 9% |
| 5 Years: | 10% |
| 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 | ||
| -275 | 16 | 101 | -472 | 152 | -88 | -382 | -25 | 398 | -433 | 84 | ||
| 72 | 182 | -360 | 309 | -139 | -56 | 729 | -108 | -208 | -99 | -211 | ||
| Net Cash Flow | -184 | -23 | -1 | 15 | -24 | 8 | -5 | 70 | -91 | -14 | 35 | |
| Free Cash Flow | 18 | -222 | 257 | 177 | -40 | 151 | -353 | 201 | -284 | 517 | 157 | |
| CFO/OP | 28% | -157% | 165% | 77% | -18% | 99% | -136% | 65% | -77% | 139% | 42% |
Ratios
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 0 | 0 | 0 | 21 | 14 | 27 | 49 | 17 | 22 | 35 | 39 | 31 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 0 | 0 | 0 | 21 | 14 | 27 | 49 | 17 | 22 | 35 | 39 | 31 |
| Working Capital Days | -379 | -402 | -220 | 120 | 221 | 84 | 136 | 57 | 83 | 44 | 28 | 6 |
| ROCE % | 5% | 7% | 7% | 12% | 5% | 6% | 7% | 11% | 8% | 10% | 13% | 18% |
Insights
In beta| Sep 2021 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Affordable Home Loans AUM Rs. Cr |
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| Consolidated Lending Book (Excl. Home Loans & MTF) Rs. Cr |
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| Wealth Management Recurring AUM Rs. Cr |
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| Wealth Management RMs and Sales Employees Number |
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| Home Loan Branch Network Number |
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| Wealth Management Branches Number |
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| IPO Deal Pipeline (Filed with SEBI) Number |
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Documents
Announcements
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Compliances-Reg.24(A)-Annual Secretarial Compliance
9h - FY26 secretarial compliance report filed; discloses SEBI settlements, penalties and debarments across subsidiaries.
- Announcement under Regulation 30 (LODR)-Investor Presentation 1d
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Announcement under Regulation 30 (LODR)-Change in Directorate
1d - JM Financial approved FY26 audited results, recommended ₹1.75 dividend, fixed June 12 record date, AGM on August 3.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
1d - JM Financial reported FY26 PAT of Rs 1,202 crore, up 46%, and proposed Rs 1.75 final dividend.
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Announcement under Regulation 30 (LODR)-Change in Management
1d - Board approved FY26 audited results, recommended ₹1.75 dividend, fixed AGM for 3 Aug 2026, and reappointed independent directors.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Concalls
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Business Segments
1) Investment Bank (39% in H1 FY25 vs 33% in FY22): [1] [2] The company manages capital markets transactions, advises on mergers & acquisitions, and private equity syndication. It also includes institutional equities business and research, private wealth management, PMS, private equity funds, fixed income, etc. [3]
In FY24, the company ranked No. 1 in IPO and QIP with 47% and 38% market share, respectively, in terms of funds raised. It acted on some of the largest marquee transactions, with an 80% market share in the top 10 IPOs by size and a 60% market share in the top 5 QIPs by size. [4] In Q2 FY25, the company participated in deals like BRLM to IPO of Rs. 6,560 Cr for Bajaj HFC, QIP of Rs. 8,500 Cr for Vedanta, Block Deal of Rs. 4,554 Cr for Nexus Select Trust, etc. The segment revenue grew by 55% between FY22 and FY24. [3]