JM Financial Limited – Investor Presentation Summary

Key Operational Highlights

  • Corporate Advisory and Capital Markets ranked #1 in IPOs + QIPs by deal value in H1 FY2027
  • Filed IPO Transactions: ~₹130,000 crore across 48 transactions (IPOs yet to be filed would be additional)
  • Private Markets Disbursements: ₹977 crore (2x YoY growth), primarily in Bespoke vertical
  • Standard Loans: ₹4,748 crore (YoY Growth: 22%)
  • Wealth - Recurring AUM (including Loans): ₹39,596 crore (YoY Growth: 17%)
  • Asset Management – First close of Maiden Pre-IPO Fund with commitments of ₹700 crore
  • MF AAUM (ex liquid): ₹11,243 crore
  • Affordable Home Loans AUM: ₹3,929 crore (YoY Growth: 30%); Disbursements: ₹331 crore (YoY Growth: 48%)
  • Branch network: 152; Employees: 2,488
  • Average Ticket: ~₹10.5 Lakhs; Average LTV: 60%
  • Salary / Self employed customers: 43%:57%
  • GNPA / NNPA : 1.1% / 0.7% (1.6% / 1.0% in Q2FY26)

Segment-wise Performance

Corporate Advisory and Capital Markets
  • Revenue: ₹307 crore in Q2 FY27 (-4.5% YoY)
  • Operating PAT after NCI: ₹127 crore in Q2 FY27 (-11.2% YoY)
  • 370 companies under active research coverage
  • 230+ business professionals
  • Closed 26 equity capital market transactions aggregating ~₹83,000 crore
Private Markets
  • Revenue: ₹254 crore in Q2 FY27 (-11.7% YoY)
  • Operating PAT after NCI: ₹77 crore in Q2 FY27 (-0.5% YoY)
  • Yield for Q2FY27: ~13%
  • H1FY27 Disbursements: ₹1,808 crore
  • Non Core loan book expected to substantially run down in the next 9-12 months
Wealth Management
  • Revenue: ₹353 crore in Q2 FY27 (7.1% YoY)
  • Operating PAT after NCI: ₹20 crore in Q2 FY27 (2.1% YoY)
  • Recurring AUM (ex loans): ₹37,038 crore (16% YoY growth)
  • Loans: ₹2,558 crore (30% YoY growth)
  • Recurring Revenue: ₹216 crore (20% YoY growth)
Asset Management
  • Revenue: ₹16 crore in Q2 FY27 (40.9% YoY)
  • Operating PAT after NCI: ₹(10) crore in Q2 FY27 (-2.7% YoY)
  • MF Average AUM: ₹13,500 crore (Q2FY26: ₹14,902 crore)
  • MF Average AUM of Equity Schemes: ₹10,856 crore (Q2FY26: ₹11,690 crore)
  • SIP Book per month: ₹87 crore (Q1FY27: ₹90 crore)
Affordable Home Loans
  • Revenue: ₹133 crore in Q2 FY27 (21.8% YoY)
  • Operating PAT after NCI: ₹18 crore in Q2 FY27 (41.5% YoY)
  • Portfolio assigned: ₹175 crore

Financial Highlights

Q2 FY27 Performance (Consolidated)
  • Net Revenue: ₹712 crore (0.5% YoY growth)
  • Employee cost: ₹294 crore (8.7% YoY growth)
  • Operating expenses: ₹110 crore (8.8% YoY growth)
  • Pre Provisioning profit (PPoP): ₹308 crore (-8.6% YoY)
  • Impairment on Financial Instruments: ₹(15) crore
  • PBT: ₹323 crore (-6.2% YoY)
  • Tax expense: ₹95 crore (6.7% YoY growth)
  • PAT: ₹228 crore (-10.7% YoY)
  • PAT (incl. Share in profit of Associates): ₹228 crore (-13.1% YoY)
  • Operating Net profit: ₹240 crore (-11.3% YoY)
  • Consolidated Net profit: ₹240 crore (-11.3% YoY)
  • EPS (Rs./Share): 2.5
H1 FY27 Performance (Consolidated)
  • Net Revenue: ₹1,595 crore (7.2% YoY growth)
  • Employee cost: ₹591 crore (3.7% YoY growth)
  • Operating expenses: ₹227 crore (17.4% YoY growth)
  • Pre Provisioning profit (PPoP): ₹777 crore (7.2% YoY growth)
  • Impairment on Financial Instruments: ₹(2) crore
  • PBT: ₹779 crore (-16.9% YoY)
  • Tax expense: ₹182 crore (-18.8% YoY)
  • PAT: ₹596 crore (-16.3% YoY)
  • PAT (incl. Share in profit of Associates): ₹596 crore (-17.3% YoY)
  • Operating Net profit: ₹531 crore (-26.6% YoY)
  • Consolidated Net profit: ₹531 crore (-26.6% YoY)
  • EPS (Rs./Share): 5.5
  • Annualised Consolidated ROE (%): 9.8%
FY26 Performance (Adjusted)
  • Net Revenue: ₹2,749 crore
  • PAT: ₹1,109 crore
  • PAT (incl. Share in profit of Associates): ₹1,133 crore
  • Operating Net profit: ₹1,133 crore
  • Consolidated Net profit: ₹1,202 crore
  • EPS (Rs./Share): 12.6
  • Annualised Consolidated ROE (%): 11.7%

Balance Sheet Snapshot

As of September 30, 2026
  • Business assets: ₹23,674 crore
  • Treasury and other assets: ₹2,060 crore
  • Total Assets: ₹25,734 crore
  • Capital Employed: ₹11,270 crore
  • Net Worth: ₹10,993 crore
  • Non-controlling Interests: ₹277 crore
  • Borrowing: ₹11,328 crore
  • Other Liabilities and Provisions: ₹3,136 crore
  • Gross D/E: 1.0x
  • BVPS (Rs./Share): 114.9

Capex & Cash Flow Health

Not Specified

Strategic & R&D Initiatives

  • Focus on High Growth and High Returns Businesses
  • Expanding wallet share of clients across all businesses
  • Differentiated and counter cyclical elements to the business
  • Expansion into manufacturing products in Wealth Management
  • Technology driven sourcing, monitoring and client servicing in Home Loans
  • Building scale and tapping opportunities in expanding markets

Industry Trends & Business Environment

Not Specified

Management Commentary & Growth Outlook

  • Progress on build out of the customer franchise across all businesses is encouraging
  • Fully capitalized
  • Loan book growth across businesses has improved visibility of earnings
  • Further scale the business
  • Strong build-up of pipeline for transactions
  • Further recovery efforts continue on stressed assets
  • Expecting first close of second performing credit fund before year end

Shareholding Information

September 30, 2026
  • Promoter /Promoter group: 58.0%
  • Institutional: 21.9%
  • Non-institutional / others: 20.1%
Effective Ownership of Subsidiaries/Associates
  • JM Financial Credit Solutions Limited: 100.0%
  • JM Financial Products Limited: 99.8%
  • JM Financial Institutional Securities Limited: 100.0%
  • JM Financial Home Loans Limited: 96.5%
  • JM Financial Asset Reconstruction Company Limited: 84.9%
  • JM Financial Services Limited: 100.0%
  • JM Financial Asset Management Limited: 59.5%
  • Overseas Entities: 100.0%
  • JM Financial Properties and Holdings Limited: 100.0%
  • CR Retail Malls (India) Limited: 100.0%
  • Others: 100.0%
  • JM Financial Trustee Company Private Limited: 25.0%