JM Financial Ltd
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]
- Market Cap ₹ 13,676 Cr.
- Current Price ₹ 143
- High / Low ₹ 200 / 78.0
- Stock P/E 12.0
- Book Value ₹ 108
- Dividend Yield 1.94 %
- ROCE 9.39 %
- ROE 9.01 %
- Face Value ₹ 1.00
Pros
- Company has reduced debt.
- Company has been maintaining a healthy dividend payout of 35.6%
- Debtor days have improved from 77.2 to 53.5 days.
- Company's working capital requirements have reduced from 202 days to 89.4 days
Cons
- The company has delivered a poor sales growth of 5.06% over past five years.
- Company has a low return on equity of 7.35% over last 3 years.
* 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 BSE 500 Nifty 500 BSE SmallCap BSE Allcap BSE Financial Services
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,007 | 1,342 | 1,685 | 2,359 | 3,062 | 3,494 | 3,446 | 3,211 | 3,724 | 3,291 | 4,786 | 4,410 | 4,253 | |
| 402 | 448 | 459 | 582 | 767 | 743 | 933 | 1,009 | 1,296 | 1,170 | 2,017 | 2,087 | 1,613 | |
| Operating Profit | 605 | 895 | 1,225 | 1,777 | 2,295 | 2,751 | 2,513 | 2,202 | 2,429 | 2,120 | 2,768 | 2,323 | 2,640 |
| OPM % | 60% | 67% | 73% | 75% | 75% | 79% | 73% | 69% | 65% | 64% | 58% | 53% | 62% |
| -1 | 61 | -0 | -0 | 35 | 6 | 8 | 15 | 39 | 53 | -801 | 43 | 61 | |
| Interest | 308 | 420 | 512 | 782 | 1,139 | 1,446 | 1,386 | 1,111 | 1,082 | 1,179 | 1,562 | 1,305 | 1,097 |
| Depreciation | 15 | 18 | 20 | 23 | 26 | 27 | 41 | 40 | 38 | 42 | 53 | 64 | 69 |
| Profit before tax | 280 | 517 | 693 | 972 | 1,165 | 1,283 | 1,094 | 1,067 | 1,348 | 953 | 353 | 997 | 1,535 |
| Tax % | 29% | 30% | 32% | 34% | 33% | 35% | 29% | 24% | 26% | 26% | 92% | 23% | |
| 225 | 379 | 526 | 649 | 785 | 837 | 778 | 808 | 992 | 709 | 31 | 774 | 1,163 | |
| EPS in Rs | 2.77 | 4.22 | 5.08 | 5.92 | 7.17 | 6.81 | 6.48 | 6.19 | 8.10 | 6.26 | 4.29 | 8.59 | 11.95 |
| Dividend Payout % | 36% | 32% | 29% | 25% | 25% | 15% | 3% | 8% | 20% | 29% | 47% | 31% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 13% |
| 5 Years: | 5% |
| 3 Years: | 6% |
| TTM: | -11% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 9% |
| 3 Years: | 2% |
| TTM: | 62% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 11% |
| 3 Years: | 21% |
| 1 Year: | 0% |
| Return on Equity | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 8% |
| 3 Years: | 7% |
| Last Year: | 9% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 76 | 78 | 79 | 79 | 84 | 84 | 84 | 95 | 95 | 95 | 96 | 96 | 96 |
| Reserves | 2,122 | 2,465 | 2,831 | 3,240 | 4,471 | 5,048 | 5,555 | 6,905 | 7,591 | 8,041 | 8,395 | 9,632 | 10,198 |
| 2,988 | 4,723 | 6,672 | 9,444 | 14,988 | 13,991 | 11,756 | 12,405 | 13,498 | 15,939 | 16,228 | 11,507 | 11,360 | |
| 744 | 1,239 | 1,480 | 3,782 | 2,664 | 3,517 | 3,351 | 3,973 | 4,477 | 5,137 | 4,874 | 3,112 | 2,930 | |
| Total Liabilities | 5,930 | 8,505 | 11,061 | 16,545 | 22,206 | 22,640 | 20,746 | 23,378 | 25,661 | 29,213 | 29,592 | 24,347 | 24,584 |
| 228 | 445 | 444 | 474 | 427 | 424 | 450 | 423 | 414 | 505 | 572 | 579 | 599 | |
| CWIP | 1 | 2 | 1 | 2 | 3 | 1 | 1 | 1 | 3 | 7 | 4 | 10 | 168 |
| Investments | 495 | 640 | 772 | 2,156 | 2,388 | 2,933 | 4,014 | 5,802 | 3,639 | 3,584 | 4,724 | 5,464 | 4,302 |
| 5,207 | 7,418 | 9,844 | 13,913 | 19,388 | 19,282 | 16,280 | 17,153 | 21,605 | 25,116 | 24,292 | 18,294 | 19,514 | |
| Total Assets | 5,930 | 8,505 | 11,061 | 16,545 | 22,206 | 22,640 | 20,746 | 23,378 | 25,661 | 29,213 | 29,592 | 24,347 | 24,584 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,058 | -1,717 | -918 | -2,546 | -3,584 | 773 | 3,164 | 969 | -3,203 | -2,307 | 3,635 | 5,569 | |
| 585 | -281 | 264 | -326 | -708 | -148 | -901 | -2,249 | 2,616 | -592 | -2,090 | -2,475 | |
| -1,594 | 1,783 | 1,305 | 2,424 | 4,540 | -522 | -2,205 | 1,296 | 1,024 | 2,160 | 162 | -4,786 | |
| Net Cash Flow | 48 | -215 | 651 | -448 | 247 | 103 | 58 | 16 | 437 | -739 | 1,708 | -1,692 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 71 | 62 | 77 | 182 | 102 | 72 | 34 | 58 | 49 | 135 | 43 | 53 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 71 | 62 | 77 | 182 | 102 | 72 | 34 | 58 | 49 | 135 | 43 | 53 |
| Working Capital Days | -132 | -377 | -232 | -244 | -308 | -71 | 235 | 288 | 230 | 411 | 105 | 89 |
| ROCE % | 10% | 14% | 13% | 15% | 13% | 13% | 12% | 10% | 11% | 8% | 10% | 9% |
Documents
Announcements
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Disclosure Under Regulation 30 Of The SEBI LODR.
1d - SES assigned ESG score 73.8 (Grade B+) for JM Financial, based on FY2024-25; report received Dec 8, 2025.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
2 Dec - Submission of copies of the newspaper advertisements pertaining to the Special window for re-lodgement of transfer requests of physical shares.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
1 Dec - Please find enclosed intimation under Regulation 30 of SEBI LODR.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
26 Nov - Submission of copies of the newspaper advertisements pertaining to the Notice of transfer of equity shares to IEPF Authority.
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Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
21 Nov - Allotment of equity shares upon the exercise of Stock Options by the Eligible Employees.
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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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]