The document is a regulatory filing containing the full transcript of JM Financial Limited's Q2 FY27 earnings conference call held on Thursday, November 5, 2026.
The call was hosted by DAM Capital and featured management participants including Vishal Kampani (Vice Chairman and Managing Director), Sonia Dasgupta (Managing Director and CEO of Investment Banking), Anuj Kapoor (Head of Private Wealth), Amitabh Mohanty (CEO of JM Financial Asset Management Limited), Manish Sheth (MD and CEO of JM Financial Home Loans), and Nishit Shah (Group CFO).
The stated purpose was to discuss Q2 FY27 financial results and provide business updates across all segments.
Key financial highlights disclosed include:
Consolidated interest income increased 12% YoY to INR437 crores.
Fees, commission, and brokerage income increased 38% QoQ to INR520 crores.
Consolidated net revenue stood at INR712 crores for Q2 FY27.
Profit after tax (after non-controlling interest) was INR240 crores for Q2 FY27.
Half-year net revenue was ~INR1,600 crores (up 7%), with PAT of INR531 crores.
Consolidated net worth stood at ~INR11,000 crores (book value of INR115 per share).
Gross leverage at 1x.
Business segment performance:
Corporate Advisory & Capital Markets: Net revenue grew 2.5x QoQ to INR286 crores; PAT grew 4x QoQ to INR127 crores; annualized ROE ~36%.
Private Markets: Disbursements doubled to INR977 crores; standard loans grew 22% YoY to INR4,748 crores; cash reduced from INR3,077 crores to INR1,691 crores; PAT at INR77 crores for Q2.
Wealth & Asset Management: Recurring AUM grew 17% YoY to INR40,000 crores; wealth loan book grew 30% YoY to ~INR2,600 crores; PAT increased 57% QoQ to INR30 crores.
Asset Management: First close of maiden Pre-IPO Fund with INR700+ crores; AIF AUM at INR1,063 crores.
Affordable Home Loans: AUM grew 30% YoY to ~INR3,900 crores; PAT up 41% YoY to INR18 crores.
Forward-looking statements and guidance provided:
Investment banking pipeline of INR130,000 crores already filed with regulators for execution over next 12 months.
Guided for 20% YoY growth across private markets, wealth management, and corporate advisory businesses.
Targeting mid-teens ROE over the long term.
Expect to resume borrowing in private markets segment to support growth.
The company declared an interim dividend of INR1.65 per share, bringing total dividend payout to INR7.6 per share over the last six quarters (INR727 crores).
The transcript was uploaded to the company's investor relations website and filed with BSE and NSE pursuant to Regulation 30 of SEBI Listing Regulations.
Additional Notes Section
The document is a compliance filing enclosing the full earnings call transcript as an attachment.
The transcript includes detailed Q&A session with analysts covering topics such as deal pipeline conversion, private credit growth, wealth management profitability, asset management strategy, and capital allocation.
Financial data and business metrics were extensively disclosed throughout the transcript.
