Financial Results - Consolidated

Income Statement (₹ Crore)

Total Income: ₹1,224.66 (Q1 FY27) vs ₹1,121.23 (Q1 FY26) and ₹969.21 (Q4 FY26)

  • Revenue from Operations: ₹1,200.53
  • Interest income: ₹422.53
  • Fees and commission income: ₹199.83
  • Brokerage income: ₹177.77
  • Net gain on fair value changes: ₹381.36
  • Net gain on derecognition of financial instruments at amortised cost: ₹15.50
  • Net loss on derecognition of financial instruments at fair value through OCI: (₹0.99)
  • Other operating income: ₹4.53
  • Other Income: ₹24.13

Expenses: ₹769.12

  • Finance costs: ₹246.56
  • Fees and commission expense: ₹95.09
  • Impairment on financial instruments: ₹13.57
  • Employee benefits expense: ₹296.46
  • Depreciation, amortization and impairment: ₹22.07
  • Other expenses: ₹95.37

Profit before exceptional item and tax: ₹455.54

Exceptional item: Statutory impact of new Labour Codes: Not applicable for Q1 FY27 (was ₹21.29 crore for FY26)

Profit before tax: ₹455.54

Tax expenses: ₹86.80

  • Current tax: ₹118.53
  • Deferred tax: (₹32.35)
  • Tax adjustment of earlier years (net): ₹0.62

Net Profit for the period: ₹368.74

Add: Share in loss of associates: (₹0.17)

Net Profit after tax and share in profit/(loss) of associates: ₹368.57

Other comprehensive income: (₹0.74)

  • Exchange differences on translation of foreign operations: (₹0.52)
  • Remeasurement of defined benefit obligations: (₹0.30)
  • Income tax on the above: ₹0.08

Total comprehensive income for the period: ₹367.83

Net profit attributable to:

  • Owners of the company: ₹291.92
  • Non-controlling interests: ₹76.65

Earnings per equity share (not annualized):

  • Basic EPS: ₹3.05
  • Diluted EPS: ₹3.05

Segment Performance (Consolidated)

Segment Revenue:

  • Corporate Advisory and Capital Markets: ₹138.20
  • Wealth and Asset Management: ₹370.97
  • Private Markets: ₹596.21
  • Affordable Home Loans: ₹122.86
  • Treasury and others: ₹50.37
  • Total Segment Revenue: ₹1,278.61
  • Less: Inter-segmental revenue: (₹53.95)

Segment Results - Before exceptional item:

  • Corporate Advisory and Capital Markets: ₹37.34
  • Wealth and Asset Management: ₹17.29
  • Private Markets: ₹370.34
  • Affordable Home Loans: ₹22.74
  • Treasury and others: ₹7.83
  • Total: ₹455.54

Segment Assets: ₹25,794.10 crore

Segment Liabilities: ₹14,297.83 crore

Segment Capital Employed: ₹11,496.27 crore

Financial Results - Standalone

Total Income: ₹85.70 crore

Expenses: ₹82.92 crore

Profit before tax: ₹2.78 crore

Tax expenses: ₹0.28 crore

Net profit for the period: ₹2.50 crore

Total comprehensive income for the period: ₹2.40 crore

Paid up equity share capital: ₹95.70 crore

Basic EPS: ₹0.03

Capital Structure Impact

The Allotment Committee of the Board allotted 589,384 equity shares of face value ₹1 each to Eligible Employees upon exercise of their stock options during the quarter. This increased the total paid-up equity share capital to ₹95,69,59,936 (95.70 crore) representing 95,69,59,936 equity shares.

The gross charge for share-based payments for stock options granted was ₹0.53 crore for the quarter.

Auditor Qualifications

Statutory auditors KKC & Associates LLP issued unmodified review reports on both standalone and consolidated financial results. However, they noted:

  • Figures for Q4 FY26 are balancing figures between audited annual figures and published unaudited YTD figures
  • They did not review financial results of 7 subsidiaries representing total revenue of ₹550.55 crore, total net profit after tax of ₹260.26 crore
  • The statement includes financial information of 5 subsidiaries not reviewed by their auditors, representing total revenue of ₹16.62 crore, total net profit after tax of ₹5.26 crore
  • Includes Group's share of net loss after tax of ₹0.17 crore for 3 associates based on unreviewed financial information

Ongoing Matter

JM Financial Services Limited (wholly owned subsidiary) continues to have ongoing income tax disputes for Assessment Years 2012-13, 2013-14, and 2014-15. Appeals have been filed with the Honourable High Court, Mumbai for AY 2012-13 and 2013-14, with an appeal for AY 2014-15 to be filed in due course. The impending tax demands cannot be quantified at this stage as Order Giving Effect to ITAT orders is still pending.