JM Financial Ltd

₹ 128 1.95%

30 Sep 12:17 p.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 ₹ 12,259 Cr.
Current Price ₹ 128
High / Low ₹ 183 / 112
Stock P/E 11.6
Book Value ₹ 111
Dividend Yield 2.54 %
ROCE 11.6 %
ROE 11.9 %
Face Value ₹ 1.00

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Pros

Stock is trading at 1.13 times its book value
Company has been maintaining a healthy dividend payout of 34.6%

Cons

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.

* 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 Financial Services BSE 250 SmallCap Index BSE 400 MidSmallCap Index Nifty MidSmallcap 400 Nifty 500 Multicap 50:25:25 Nifty Total Market Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted BSE 1000 BSE 500 Dividend Leaders 50 Nifty Smallcap 500 Nifty MidSmallcap400 50:50 Nifty Smallcap 100 Nifty Smallcap 250

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Detailed Comparison with:

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
	1,067	1,197	1,236	1,261	1,077	1,191	1,106	1,004	1,111	1,031	999	949	1,201
	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%
	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
Profit before tax	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%
	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
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	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
	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%
	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
Profit before tax	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%
	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	8.10	6.26	4.29	8.59	12.57	10.87
Dividend Payout %	32%	29%	25%	25%	15%	3%	8%	20%	43%	47%	31%	26%

Compounded Sales Growth
10 Years:	10%
5 Years:	6%
3 Years:	9%
TTM:	-5%

Compounded Profit Growth
10 Years:	12%
5 Years:	16%
3 Years:	27%
TTM:	-4%

Stock Price CAGR
10 Years:	7%
5 Years:	6%
3 Years:	13%
1 Year:	-21%

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	2,465	2,831	3,240	4,471	5,048	5,555	6,905	7,591	8,041	8,395	9,632	10,562
	4,723	6,672	9,444	14,988	13,991	11,756	12,405	13,498	15,939	16,228	11,507	11,635
	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
	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
	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

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-1,717	-918	-2,546	-3,584	773	3,164	969	-3,203	-2,449	3,635	5,569	581
	-281	264	-326	-708	-148	-901	-2,249	2,616	-443	-2,090	-2,475	-532
	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%

Ratios

Consolidated / View Standalone

	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	62	77	182	102	72	34	58	49	135	43	53	124
Inventory Days
Days Payable
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

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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