JMFINANCIL
JM Financial share price & financials
- Price
- ₹124.25
- Market cap
- ₹12.1k Cr
- Sector
- Financial Services
- Calls analysed
- 7
JM Financial Limited Q1 FY27
What went well
- Net revenue for Q1 FY27 increased 13% Y-o-Y to INR883 crores, demonstrating strong overall growth.
- Pre-provision operating profit grew by 21% Y-o-Y to INR469 crores, indicating improved operational efficiency.
- PAT (ex-provisions) before minorities increased by 24% Y-o-Y to INR379 crores, reflecting robust underlying performance.
What to watch
- Corporate Advisory and Capital Markets experienced a slow quarter, with net revenue at INR115 crores compared to INR182 crores in Q1 FY26, primarily due to a lack of IPO issuances and primary market activity.
- Wealth Management performance was subdued, with net revenue at INR185 crores compared to INR211 crores in Q1 FY26, attributed to weak transactional business.
What JM Financial Limited does
JM Financial is a diversified Indian financial services group operating an integrated investment bank (M&A/restructuring advisory, equity capital markets, institutional equities and research) alongside private markets lending (corporate, bespoke and real-estate private credit, syndication and private investments), wealth management (distribution, broking, PMS and advisory for UHNI/HNI, mass affluent, institutional and family-office clients), mutual fund asset management, and an affordable home loans business (home loans and loan-against-property for salaried and self-employed retail borrowers). It earns through advisory and placement fees, brokerage and distribution commissions, fund management fees, and interest income on its lending books.
Segments
- Corporate Advisory and Capital Markets
- Private Markets
- Wealth Management
- Asset Management
- Home Loans (Affordable Home Loans)
- Group employees
- 4,680 (FY25)
- Presence across cities in India
- 224 (FY25)
- Wealth Management branch network
- 72 branches
- Wealth Management franchisee network
- 874 franchisees
- Wealth RMs and sales employees
- 1,046
- Affordable Home Loans branch network
- 151 branches across 9 states
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 1 delivered 3 missed 17 open- Wholesale Loan Book delivered said Q3 FY25 Promised: Complete rundown of the wholesale book in the next 12-15 months. Q1 FY27: Promise was achieved in Q3 FY26 and was not discussed.
- Affordable Home Loans AUM at risk said Q4 FY25 Promised: Reach Rs. 5,000 crores AUM by FY27 and Rs. 10,000 crores by FY30. Q1 FY27: AUM reached INR 3,715 crores, with YoY growth accelerating to 28%. However, the required quarterly growth to hit INR 5,000 cr by Q4 FY27 is ~10.5%, while current QoQ growth is 7.3%. The target remains at risk.
- Home Loan Business IPO on track said Q1 FY26 Promised: Plan an IPO and listing sometime in 2028 or 2029. Q1 FY27: Management reiterated the plan, stating they 'focus on listing that separately in a span of 2 to 3 years.' This timeline is consistent with the original target.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 8.1%, net profit down 19.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,191 | 1,106 | 1,004 | 1,111 | 1,031 −13% | 999 −10% | 949 −5% | 1,201 +8% |
| EBITDA | 491 | 607 | 578 | 850 | 605 +23% | 563 −7% | 491 −15% | 700 −18% |
| Net profit | 144 | 207 | 235 | 459 | 262 +82% | 318 +54% | 162 −31% | 369 −20% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −29.1% 1Y
1Y: ₹175.66 on 10 Sept 2025 → ₹124.47. High ₹180.53 (15 Sept 2025), low ₹113.61 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.2%
- 4 Aug
- Q4 FY26
- −8.9%
- 1 Jun
- Q3 FY26
- −2.1%
- 6 Feb
- Q2 FY26
- −1.9%
- 7 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 6.1% a year over 3 years, FY23 to FY26. Operating margin held at 61.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹3.4k Cr | ₹4.8k Cr | ₹4.4k Cr | ₹4.1k Cr |
| Operating profit | ₹2.1k Cr | ₹2.7k Cr | ₹2.3k Cr | ₹2.5k Cr |
| Operating margin | 61.2% | 57.6% | 52.3% | 61.3% |
| Interest | ₹1.2k Cr | ₹1.6k Cr | ₹1.3k Cr | ₹999 Cr |
| Depreciation | ₹42 Cr | ₹53 Cr | ₹63 Cr | ₹78 Cr |
| Net profit | ₹708 Cr | ₹31 Cr | ₹773 Cr | ₹1.2k Cr |
| Net margin | 20.7% | 0.7% | 17.7% | 29.4% |
| Cash from operations | ₹-2.4k Cr | ₹3.6k Cr | ₹5.6k Cr | ₹581 Cr |
| Free cash flow | ₹-2.6k Cr | ₹3.6k Cr | ₹5.5k Cr | ₹526 Cr |
| ROCE | 8.0% | 10.0% | 9.0% | 12.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹95 Cr | ₹95 Cr | ₹95 Cr | ₹96 Cr | ₹96 Cr | ₹96 Cr |
| Reserves | ₹6.9k Cr | ₹7.6k Cr | ₹8.0k Cr | ₹8.4k Cr | ₹10.2k Cr | ₹10.6k Cr |
| Borrowings | ₹12.4k Cr | ₹13.5k Cr | ₹15.9k Cr | ₹16.2k Cr | ₹11.4k Cr | ₹11.6k Cr |
| Other liabilities | ₹4.0k Cr | ₹4.5k Cr | ₹5.1k Cr | ₹4.9k Cr | ₹2.9k Cr | ₹4.0k Cr |
| Total liabilities | ₹23.4k Cr | ₹25.7k Cr | ₹29.2k Cr | ₹29.6k Cr | ₹24.6k Cr | ₹26.3k Cr |
| Fixed assets | ₹423 Cr | ₹414 Cr | ₹505 Cr | ₹572 Cr | ₹599 Cr | ₹625 Cr |
| Capital work in progress | ₹1 Cr | ₹3 Cr | ₹7 Cr | ₹4 Cr | ₹168 Cr | ₹160 Cr |
| Investments | ₹5.8k Cr | ₹3.6k Cr | ₹3.6k Cr | ₹4.7k Cr | ₹4.3k Cr | ₹6.2k Cr |
| Other assets | ₹17.2k Cr | ₹21.6k Cr | ₹25.1k Cr | ₹24.3k Cr | ₹19.5k Cr | ₹19.3k Cr |
| Total assets | ₹23.4k Cr | ₹25.7k Cr | ₹29.2k Cr | ₹29.6k Cr | ₹24.6k Cr | ₹26.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +1.27 pp while DIIs trimmed −1.03 pp. The shareholder count grew 1% to 1,75,511.
- Promoters
- 57.0%
- FIIs
- 16.9%
- DIIs
- 5.5%
- Public
- 20.5%
Since Jun 2025
- Public +1.27 pp
- DIIs −1.03 pp
- FIIs −0.74 pp
How it drifted, 12 quarters
Over this window the public went from 16.7% to 20.5% — +3.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 56.5%, FIIs 18.8%, DIIs 8.1%, Public 16.7%.Dec '23: Promoters 56.4%, FIIs 17.9%, DIIs 8.5%, Public 17.2%.Mar '24: Promoters 56.4%, FIIs 18.2%, DIIs 8.5%, Public 16.9%.Jun '24: Promoters 56.4%, FIIs 16.8%, DIIs 8.6%, Public 18.1%.Sep '24: Promoters 56.4%, FIIs 15.3%, DIIs 8.6%, Public 19.7%.Dec '24: Promoters 56.4%, FIIs 17.0%, DIIs 7.2%, Public 19.4%.Mar '25: Promoters 56.5%, FIIs 17.5%, DIIs 7.1%, Public 18.9%.Jun '25: Promoters 56.5%, FIIs 17.7%, DIIs 6.5%, Public 19.3%.Sep '25: Promoters 56.6%, FIIs 18.4%, DIIs 5.6%, Public 19.4%.Dec '25: Promoters 56.9%, FIIs 17.7%, DIIs 5.8%, Public 19.6%.Mar '26: Promoters 57.1%, FIIs 17.2%, DIIs 5.9%, Public 19.9%.Jun '26: Promoters 57.0%, FIIs 16.9%, DIIs 5.5%, Public 20.5%.
Who is on the register
Named in the Jun 2026 filing
Every holder of JM Financial Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| J M Financial and Investment Consultancy Services Private Limited | 24.77% | unchanged |
| Nimesh Kampani | 13.11% | unchanged |
| J M Assets Management Private Limited | 11.36% | unchanged |
| Aruna Kampani | 2.82% | unchanged |
| Timf Holdings FPI fund | 2.36% | unchanged |
| Baron Emerging Markets Fund FPI fund | 2.20% | unchanged |
| SNK Investments Private Limited | 1.95% | unchanged |
| Quant Mutual Fund - Quant Small Cap Fund Mutual fund | 1.75% | unchanged |
| ICICI PRUDENTIAL - Various Schemes Mutual fund | 1.54% | −0.06 pp |
| Vishal Kampani | 1.36% | unchanged |
| Vikram Shankar Pandit Individual | 1.21% | unchanged |
| Think India Opportunities Master Fund Lp FPI fund | 1.21% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in JMFINANCIL
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.11 L shares (+1.1%).
- Held by funds
- ₹13 Cr
- 5 schemes
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹8 Cr · 0.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹8 Cr | +0.08 L | Sep '21 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹4 Cr | +0.03 L | Oct '22 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 1 trimmed — net +11,018 shares (+1.1%)
- Funds are sitting on
- +17%
- vs est. average cost
- Held by funds
- ₹13 Cr
- 5 schemes · ≈ 0.11% of the company
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹8 Cr · 0.2% of that fund
Shares held by these funds −85%
Aug '23 10.16 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse JM Financial Limited
Guides on how to read this kind of business and the numbers that matter.