JM Financial Ltd
₹ 125
0.12%
10 Jul
- 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 ₹ 11,925 Cr.
- Current Price ₹ 125
- High / Low ₹ 200 / 112
- Stock P/E 9.79
- Book Value ₹ 111
- Dividend Yield 2.61 %
- ROCE 11.6 %
- ROE 12.0 %
- Face Value ₹ 1.00
Pros
- Stock is trading at 1.12 times its book value
- Company has been maintaining a healthy dividend payout of 30.7%
Cons
- The company has delivered a poor sales growth of 4.96% over past five years.
- Company has a low return on equity of 8.99% over last 3 years.
- Debtor days have increased from 74.8 to 128 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.
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Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,342 | 1,685 | 2,359 | 3,062 | 3,494 | 3,446 | 3,211 | 3,724 | 3,292 | 4,787 | 4,410 | 4,091 | |
| 448 | 459 | 582 | 767 | 743 | 933 | 1,009 | 1,296 | 1,170 | 2,017 | 2,087 | 1,581 | |
| Operating Profit | 895 | 1,225 | 1,777 | 2,295 | 2,751 | 2,513 | 2,202 | 2,429 | 2,122 | 2,770 | 2,323 | 2,510 |
| OPM % | 67% | 73% | 75% | 75% | 79% | 73% | 69% | 65% | 64% | 58% | 53% | 61% |
| 61 | -0 | -0 | 35 | 6 | 8 | 15 | 39 | 51 | -802 | 43 | 148 | |
| Interest | 420 | 512 | 782 | 1,139 | 1,446 | 1,386 | 1,111 | 1,082 | 1,179 | 1,562 | 1,305 | 999 |
| Depreciation | 18 | 20 | 23 | 26 | 27 | 41 | 40 | 38 | 42 | 53 | 64 | 78 |
| Profit before tax | 517 | 693 | 972 | 1,165 | 1,283 | 1,094 | 1,067 | 1,348 | 953 | 353 | 997 | 1,580 |
| 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 | |
| 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 |
| Dividend Payout % | 32% | 29% | 25% | 25% | 15% | 3% | 8% | 20% | 43% | 47% | 31% | 14% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 9% |
| 5 Years: | 5% |
| 3 Years: | 8% |
| TTM: | -7% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 16% |
| 3 Years: | 27% |
| TTM: | 48% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 9% |
| 5 Years: | 6% |
| 3 Years: | 19% |
| 1 Year: | -26% |
| 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 | 4,245 | |
| Total Liabilities | 8,505 | 11,061 | 16,545 | 22,206 | 22,640 | 20,746 | 23,378 | 25,661 | 29,213 | 29,592 | 24,347 | 26,537 |
| 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 | 19,543 | |
| Total Assets | 8,505 | 11,061 | 16,545 | 22,206 | 22,640 | 20,746 | 23,378 | 25,661 | 29,213 | 29,592 | 24,347 | 26,537 |
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% | 32% |
Ratios
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 62 | 77 | 182 | 102 | 72 | 34 | 58 | 49 | 135 | 43 | 53 | 128 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 62 | 77 | 182 | 102 | 72 | 34 | 58 | 49 | 135 | 43 | 53 | 128 |
| Working Capital Days | -377 | -232 | -244 | -308 | -71 | 235 | 288 | 230 | 411 | 105 | 89 | 114 |
| 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 |
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| Affordable Home Loans AUM Rs Cr |
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| Affordable Home Loans Branches count |
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| Mutual Fund Non-Liquid AAUM Rs Cr |
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| Wealth Management Recurring AUM Rs Cr |
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Documents
Announcements
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Letter To Members - Annual Report For The Financial Year 2025-26 And Notice Of The 41St Annual General Meeting Of The Company
3h - 41st AGM scheduled for August 3, 2026; annual report and e-voting details shared.
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Notice Of The 41St Annual General Meeting Of JM Financial Limited Scheduled To Be Held On August 3, 2026
4h - JM Financial filed FY26 annual report and 41st AGM notice; consolidated PAT rose 46% to ₹1,202 crore.
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Reg. 34 (1) Annual Report.
4h - JM Financial submitted FY2025-26 Annual Report and 41st AGM notice, including business and sustainability reporting.
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Business Responsibility and Sustainability Reporting (BRSR)
4h - JM Financial submitted FY2025-26 BRSR as part of its 41st Annual Report.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
25 Jun - We are enclosing copy of the advertisement relating to special window for physical share transfer
Annual reports
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Financial Year 2026
from bse
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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
from bse
Concalls
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Jun 2026Transcript PPT REC
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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]