Date: May 29, 2026

Financial Performance Summary for FY26

JM Financial Limited announced its audited financial results for the quarter and year ended March 31, 2026.

Annual Performance (YoY)

Profitability:

  • Consolidated Profit After Tax (PAT), NCI and share of associates increased by 46% YoY to Rs. 1,202 crore, the highest ever annual PAT.
  • Operating PAT, NCI and share of associates increased by 38% YoY to Rs. 1,133 crore.
  • Earnings Per Share (EPS) increased by 46% YoY to Rs. 12.6.
  • Return on Equity (RoE) was approximately 12%.

Income and Balance Sheet:

  • Fees, commission and brokerage income increased by 10% YoY to Rs. 1,753 crore (FY25: Rs. 1,597 crore).
  • Consolidated net worth increased by 10% YoY to Rs. 10,605 crore.
  • Book Value Per Share (BVPS) increased by 10% YoY to Rs. 110.9.
  • Debt/equity ratio remained stable at 1.1x.
  • Cash and cash equivalents increased by 6% YoY to Rs. 3,890 crore.

Dividend:

  • A final dividend of Rs. 1.75 per share is proposed.
  • The total dividend for FY26 (interim and final) is Rs. 3.25 per share, an increase from Rs. 2.7 per share in FY25.

Quarterly Performance (Q4 FY26 vs. Q4 FY25)

Consolidated PAT for the quarter ended March 31, 2026, was Rs. 165 crore, a decrease of 21% YoY from Rs. 210 crore in Q4 FY25.

Segment-wise PAT (Q4):

  • Corporate Advisory and Capital Markets: PAT decreased 62% YoY to Rs. 39 crore.
  • Private Markets: PAT increased significantly to Rs. 78 crore from Rs. 23 crore YoY.
  • Wealth Management: PAT increased 9% YoY to Rs. 39 crore.
  • Asset Management: Reported a loss of Rs. 5 crore (vs. loss of Rs. 7 crore YoY).
  • Affordable Home Loans: PAT increased 81% YoY to Rs. 25 crore.
  • Treasury and others: Reported a loss of Rs. 11 crore (vs. profit of Rs. 43 crore YoY).

Segment-wise Operational and Financial Highlights

Wealth Management

  • Sales and wealth RMs headcount increased by 30% YoY to 1,046.
  • Added 10 branches YoY.
  • Recurring Assets Under Management (AUM) increased by 10% YoY to Rs. 30,838 crore.
  • Loan book remained stable at Rs. 2,028 crore.
  • Capital Employed as of March 31, 2026: Rs. 1,157 crore.

Asset Management (Mutual Fund)

  • Average Assets Under Management (AAUM) for non-liquid schemes increased by 31% YoY to Rs. 11,475 crore.
  • Capital Employed as of March 31, 2026: Rs. 110 crore.

Affordable Home Loans

  • Customer base increased by 28% YoY to 33,444.
  • Added 23 branches YoY, expanding the network to over 150 branches.
  • AUM increased by 22% YoY to Rs. 3,460 crore.
  • Annual disbursements increased by 15% YoY to Rs. 1,173 crore.
  • PAT for the segment increased by 45% YoY to Rs. 74 crore.
  • Capital Employed as of March 31, 2026: Rs. 833 crore.

Corporate Advisory and Capital Markets

  • Closed 41 capital market transactions worth approximately Rs. 95,000 crore in FY26.
  • Was the #1 arranger in IPOs.
  • The pipeline of transactions is described as \"very strong,\" with 55 filed IPO transactions aggregating to approximately Rs. 140,000 crore.
  • Capital Employed as of March 31, 2026: Rs. 829 crore.

Private Markets

  • The business has \"de-risked significantly with resolutions in distressed credit and repayments / pre-payments in real estate loans.\"
  • Capital Employed as of March 31, 2026: Rs. 6,578 crore.

Treasury and Others

  • Capital Employed as of March 31, 2026: Rs. 1,391 crore.

Management Commentary

Mr. Vishal Kampani, Vice Chairman and Managing Director, commented on the results. He noted that escalating geopolitical tensions are expected to impact key macroeconomic indicators in India. He highlighted the record PAT and RoE of ~12%. He stated the pipeline for equity and advisory transactions is \"swelling\" and that the focus in Wealth Management is now on improving productivity after significant expansion. He also confirmed the de-risking of the Private Markets business and strong growth in the Affordable Home Loans business.

Group Overview and Consolidated Metrics (As of March 31, 2026)

  • Consolidated Loan AUM: ~Rs. 102.8 Billion
  • Distressed Credit Business AUM: ~Rs. 118.5 Billion
  • Wealth Management AUM: ~Rs. 1.06 Trillion
  • Mutual Fund AAUM: ~Rs. 141.1 Billion
  • Geographic Presence: 888 locations across 231 cities in India.

Notes and Adjustments

The Operating PAT for FY26 is adjusted for a receipt of interest on an income tax refund of Rs. 113 crore and the statutory impact of new labour codes of ~Rs. 22 crore (net impact of Rs. 91 crore pre-tax and NCI; Rs. 69 crore post tax and NCI).

Net worth and BVPS are computed after reducing goodwill of Rs. 52.4 crore from shareholders' funds.

Total Capital Employed of Rs. 10,898 crore excludes the Non-Controlling Interests (NCI) of Security receipts holders under the Distressed credit business.