JM Financial Ltd logo

JM Financial Ltd

JMFINANCIL NSE

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]

AI Verdict: HOLD Confidence: 5%

JM Financial trades at an attractive PE of 10x and PB of 1.13x with a healthy dividend yield of 2.57%, but weak sales growth of -7% TTM and deteriorating debtor days from 74.8 to 128 days signal operational concerns. The 48% TTM profit growth is encouraging, but sustainability is questionable given the revenue decline.

Key Fundamentals

MicrocapHolding CompanyFinancial Services
Market Cap
₹12,030 Cr
Volatility
Moderate
P/E Ratio
10.01
EBITDA
₹2,441 Cr
Return on Equity
0.25%
Debt to Equity
1.52
Book Value
₹111.37
EPS
₹12.12
52W High
₹199.8
52W Low
₹112

Technical Indicators

Key Insights

Strengths

2
  • Stock is trading at 1.13 times its book value
  • Company has been maintaining a healthy dividend payout of 30.7%

Weaknesses

3
  • 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.

Growth Rate

Revenue Growth
-9.20% ↗
Net Income Growth
67.71% ↗
Cash Flow Change
53.19% ↗
ROE
2920.00% ↗
ROCE
52.01% ↗
EBITDA Margin (Avg.)
9.03% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
HOLD
Risk medium

JM Financial trades at an attractive PE of 10x and PB of 1.13x with a healthy dividend yield of 2.57%, but weak sales growth of -7% TTM and deteriorating debtor days from 74.8 to 128 days signal operational concerns. The 48% TTM profit growth is encouraging, but sustainability is questionable given the revenue decline.

Bull Case 8
  • Attractive valuation at PE of 10x, significantly below financial services sector average of 18-20x
  • Trading near book value at PB of 1.13x, offering margin of safety for value investors
  • Healthy dividend yield of 2.57% with consistent payout ratio of 30.7%, providing income support
  • Strong TTM profit growth of 48% indicates improving profitability and operational leverage
  • Compounded profit CAGR of 27% over 3 years demonstrates sustained earnings momentum
  • ROE improving from 9% (3-year average) to 12% last year, showing upward trajectory
  • 100% analyst buy rating (1 out of 1 analyst) suggests professional optimism
  • 10-year stock CAGR of 10% shows long-term wealth creation track record despite recent weakness
Bear Case 8
  • TTM sales declined by -7%, indicating revenue headwinds and possible market share loss
  • Poor 5-year sales CAGR of only 5% reflects structural growth challenges in the business
  • Debtor days increased sharply from 74.8 to 128 days, signaling deteriorating asset quality or collection efficiency
  • 3-year average ROE of only 8.99% is subpar for a financial services company
  • Stock has declined -10% over the past 1 year, underperforming broader market indices
  • Only 1 analyst covers the stock, indicating low institutional interest and limited price discovery
  • Market cap of Rs 12,300 crore places it in mid-cap territory with higher volatility risk
  • 10-year sales CAGR of 9% is modest for a financial services firm in a growing economy like India

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 3
  • FY27 earnings downgrades warned Jun 1

    JM Financial warns FY27 estimates already cut ~3% with earnings growth slowing to ~10% vs 14% CAGR over last two years. Crude oil above $90/bbl and geopolitical tensions pose further downside risk.

  • Shifting to defensive bond strategy Jun 8

    JM Financial MF shortening bond duration expecting 75-100 bps of RBI rate hikes starting October, with 10-year yield expected at 6.90-7.10%. Signals defensive macro positioning as domestic tailwinds including 125 bps of prior cuts fade.

  • Annual profit and sales declined Jun 12

    JM Financial Products full-year net profit fell 37.68% to ₹101.50 crore and annual sales dropped 41.23% to ₹410 crore in FY26 versus FY25, despite strong Q4 turnaround.

Positives 4
  • Products Q4 profit turnaround Jun 12

    JM Financial Products swung to ₹19.35 crore net profit in Q4 FY26 from ₹8.25 crore loss YoY, with sales up 26.15% to ₹93.24 crore and OPM improving to 82.90%.

  • ₹2,000 crore credit AIF launched May 25

    JM Financial launched Select Credit Fund II (Category II AIF) with ₹1,000 crore base plus ₹1,000 crore greenshoe, targeting performing credit in mid-to-late-stage businesses with stable cash flows.

  • Bullish PDS call, 22% upside Jun 16

    JM Financial reiterates Buy on PDS with ₹410 target implying ~22% upside, citing margin recovery from procurement efficiencies and scaling of incubated businesses in FY27+.

  • Buy on Nykaa, raises estimates May 26

    JM Financial raised Nykaa target to ₹335 (22% upside) after Q4 EBITDA margin of 8.3% beat its 7.5% estimate, lifting EBITDA estimates 3-4% for FY27-28.

Neutral 1
  • Q4FY26 earnings call scheduled May 26

    JM Financial Limited scheduled its earnings conference call for June 1, 2026, to discuss Q4 and full-year FY26 financial performance.

TL;DR: JM Financial shows mixed signals: its lending subsidiary (JM Financial Products) delivered a strong Q4 turnaround and the group is expanding its alternatives platform with a ₹2,000 crore credit AIF. However, the full-year decline in Products' revenue and profit, plus the firm's own cautious macro stance warning of FY27 earnings downgrades and anticipated rate hikes, temper the optimism. The trend is stabilizing at the subsidiary level but the broader outlook remains guarded pending crude oil direction and RBI policy.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
846
1,067
1,197
1,236
1,261
1,077
1,191
1,106
1,004
1,111
1,031
999
949
Expenses
459
473
535
430
580
462
700
500
426
261
426
436
458
Operating Profit
387
594
663
806
681
615
491
607
578
850
605
563
491
OPM %
46%
56%
55%
65%
54%
57%
41%
55%
58%
76%
59%
56%
52%
Other Income
26
14
17
25
-831
17
21
14
23
10
13
105
20
Interest
347
366
388
400
407
370
343
318
274
251
254
248
246
Depreciation
12
12
13
14
14
16
15
16
16
17
19
20
22
PBT
54
230
278
417
-572
245
154
287
311
593
344
400
243
Tax %
40%
24%
26%
23%
18%
24%
6%
28%
25%
23%
26%
24%
34%
Net Profit
32
177
206
322
-674
187
144
207
235
459
262
318
162
EPS in Rs
0.6
1.74
2.04
2.91
-2.39
1.79
2.43
2.19
2.19
4.75
2.82
3.27
1.73
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
1,342
1,685
2,359
3,062
3,494
3,446
3,211
3,724
3,292
4,787
4,410
4,091
Expenses
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%
Other Income
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
PBT
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%
Net Profit
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
8.1
6.26
4.29
8.59
12.57
Div. Payout %
32%
29%
25%
25%
15%
3%
8%
20%
43%
47%
31%
14%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Borrowings
4,723
6,672
9,444
14,988
13,991
11,756
12,405
13,498
15,939
16,228
11,507
11,635
Other Liabilities
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
Fixed Assets
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
Other Assets
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
Figures in ₹ Crores

Cash Flow

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

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
62
77
182
102
72
34
58
49
135
43
53
128
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%

Shareholding Pattern

As of Mar 2026
Promoters 57.07%
FIIs 17.15%
Public 14.20%
DIIs 5.89%
Others 5.69%
Total 100.00%
  Jun 2006Sep 2006Dec 2006Mar 2007Jun 2007Sep 2007Dec 2007Mar 2008Jun 2008Sep 2008Dec 2008Mar 2009Jun 2009Sep 2009Dec 2009Mar 2010Jun 2010Sep 2010Dec 2010Mar 2011Jun 2011Sep 2011Dec 2011Mar 2012Jun 2012Sep 2012Dec 2012Mar 2013Jun 2013Sep 2013Dec 2013Mar 2014Jun 2014Sep 2014Dec 2014Mar 2015Jun 2015Sep 2015Dec 2015Mar 2016Jun 2016Sep 2016Dec 2016Mar 2017Jun 2017Sep 2017Dec 2017Feb 2018Mar 2018Jun 2018Sep 2018Dec 2018Mar 2019Jun 2019Sep 2019Dec 2019Mar 2020Jun 2020Sep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
70.27%
67.38%
67.36%
67.36%
67.35%
67.35%
67.35%
67.35%
67.34%
67.36%
67.36%
67.36%
66.16%
66.15%
66.16%
66.31%
66.33%
66.33%
66.50%
66.86%
66.86%
66.99%
67.06%
67.18%
69.20%
69.16%
69.15%
69.09%
68.82%
68.61%
68.56%
68.55%
68.28%
68.19%
66.10%
66.07%
65.69%
65.65%
65.69%
65.67%
65.62%
65.44%
65.33%
65.32%
65.15%
65.10%
65.09%
61.96%
62.12%
62.00%
61.99%
62.06%
62.07%
62.01%
62.06%
62.06%
62.05%
54.84%
54.82%
54.81%
54.79%
54.75%
54.81%
55.27%
55.42%
55.41%
56.01%
56.01%
56.49%
56.47%
56.47%
56.44%
56.44%
56.43%
56.43%
56.43%
56.50%
56.51%
56.60%
56.90%
57.07%
FIIs
3.63%
3.78%
3.78%
4.47%
4.65%
5.17%
4.63%
4.82%
5.71%
5.76%
6.11%
6.95%
8.15%
9.26%
9.26%
9.27%
10.09%
10.27%
7.56%
7.29%
7.28%
7.38%
7.31%
7.06%
8.21%
8.75%
8.89%
9.46%
9.19%
9.29%
9.36%
9.45%
12.00%
13.07%
13.56%
13.79%
13.45%
13.75%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
1.22%
1.22%
1.22%
1.22%
18.81%
1.22%
18.18%
16.83%
15.31%
17.01%
17.49%
17.69%
18.38%
17.70%
17.15%
DIIs
0.39%
0.38%
0.38%
0.38%
0.34%
0.97%
1.88%
2.22%
1.37%
1.42%
1.26%
0.59%
0.55%
0.42%
0.36%
0.03%
0.01%
0.01%
0.03%
0.01%
0.02%
0.02%
0.02%
0.01%
0.01%
0.89%
1.15%
0.95%
2.72%
3.15%
3.48%
3.04%
3.15%
3.09%
2.99%
2.91%
3.01%
3.00%
3.15%
3.14%
3.07%
2.69%
2.69%
2.52%
2.90%
3.28%
3.19%
4.18%
4.10%
4.26%
4.70%
4.75%
4.78%
3.85%
3.65%
3.64%
4.08%
8.10%
7.13%
9.06%
9.87%
11.62%
10.29%
9.60%
8.65%
8.66%
8.17%
7.35%
7.46%
7.62%
8.06%
8.31%
8.46%
8.63%
8.57%
7.20%
7.07%
6.53%
5.61%
5.77%
5.89%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
8.94%
8.52%
8.41%
8.18%
8.17%
7.98%
7.57%
7.31%
7.37%
7.35%
7.34%
7.31%
7.22%
7.27%
7.29%
7.38%
7.71%
7.62%
10.76%
11.09%
11.29%
11.22%
11.30%
11.96%
13.24%
15.47%
15.82%
16.06%
15.37%
15.36%
15.20%
15.65%
13.62%
13.19%
13.65%
13.63%
14.15%
13.95%
14.14%
13.73%
13.41%
13.08%
13.41%
10.14%
11.11%
11.53%
11.92%
11.13%
11.14%
10.98%
10.95%
11.30%
11.21%
10.80%
10.64%
10.20%
9.77%
8.68%
8.35%
9.04%
8.91%
9.02%
10.25%
10.86%
10.98%
11.16%
10.38%
11.09%
11.25%
11.69%
12.28%
13.63%
13.44%
14.33%
14.89%
14.91%
14.46%
13.79%
13.90%
14.22%
14.20%
Others
16.77%
19.94%
20.07%
19.61%
19.49%
18.53%
18.57%
18.31%
18.21%
18.12%
17.93%
17.79%
17.93%
16.91%
16.92%
17.02%
15.87%
15.78%
15.17%
14.75%
14.55%
14.39%
14.31%
13.79%
9.34%
5.74%
4.99%
4.44%
3.90%
3.59%
3.40%
3.31%
2.96%
2.46%
3.70%
3.60%
3.71%
3.65%
17.02%
17.45%
17.90%
18.79%
18.58%
22.01%
20.84%
20.08%
19.80%
22.73%
22.63%
22.75%
22.36%
21.89%
21.94%
23.33%
23.65%
24.10%
24.10%
28.38%
29.70%
27.09%
26.43%
24.61%
24.66%
24.28%
24.95%
24.77%
24.22%
24.33%
23.58%
23.00%
4.38%
20.40%
3.47%
3.77%
4.80%
4.44%
4.48%
5.48%
5.50%
5.41%
5.69%
No. of Shareholders
5,660
6,323
6,384
6,166
5,960
6,004
6,119
7,375
9,518
14,765
15,643
15,416
16,843
18,159
18,959
20,108
25,501
24,617
47,593
49,781
50,524
51,155
49,889
49,993
51,205
51,808
53,295
55,091
52,527
52,340
51,931
53,876
46,673
42,972
38,590
38,465
38,462
38,194
39,195
38,832
36,514
36,881
39,436
37,002
39,531
45,392
55,351
53,615
54,785
56,385
56,629
58,250
58,950
56,748
55,064
54,056
53,335
58,437
62,010
68,538
61,831
69,791
92,691
95,172
99,229
99,903
98,301
97,865
96,936
1,06,989
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

Documents

1
Concall - Jan 2018 Jan 2018
2
Concall - Jul 2018 Jul 2018
3
Concall - Oct 2018 Oct 2018
4
Concall - Oct 2018 Oct 2018
5
Concall - Jan 2019 Jan 2019

Frequently Asked Questions about JM Financial Ltd

What does JM Financial Ltd do?
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]
Where is JM Financial Ltd (JMFINANCIL) listed?
JM Financial Ltd is listed on the Indian stock exchanges. It is listed on NSE: JMFINANCIL and BSE: 523405. You can view its live share price, financials, and ratios on Tapetide.
Which sector does JM Financial Ltd belong to?
JM Financial Ltd operates in the Financial Services sector within the Finance industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of JM Financial Ltd?
JM Financial Ltd has a market capitalisation of approximately ₹12030.10 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of JM Financial Ltd?
The Price-to-Earnings (PE) ratio of JM Financial Ltd is 10.01. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of JM Financial Ltd?
Over the past 52 weeks, JM Financial Ltd has traded between a low of ₹112 and a high of ₹199.8. This range helps investors understand the stock's price volatility and recent trading levels.
Does JM Financial Ltd pay dividends?
Yes, JM Financial Ltd has a dividend yield of 2.58%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of JM Financial Ltd?
JM Financial Ltd has a Return on Equity (ROE) of 0.25%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research JM Financial Ltd on Tapetide?
On Tapetide, you can view JM Financial Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

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]

Website jmfl.com
CEO Mr. Vishal Nimesh Kampani
Employees 4,680
Listed 2006-10-10
Face Value ₹ 1
Issued Size 95,63,35,873

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