• Event Type: This was a quarterly and annual earnings conference call to discuss the company's results for the quarter and year ended March 31, 2026 (Q4 FY26).
  • Date and Time: The call was held on Monday, June 1, 2026. A specific time and time zone were not mentioned in the provided transcript.
  • Purpose: The stated purpose was to discuss the company's financial and operational performance for Q4 and FY26, provide a strategic update, and answer questions from analysts.
  • Management Participants: The call was led by Mr. Vishal Kampani (Non-Executive Vice Chairman). Other senior management participants included Sonia Dasgupta, Chirag Negandhi, Manish Sheth, Amitabh Mohanty, and Nishit Shah (CFO).
  • Availability of Materials: The transcript of the call was filed with the stock exchanges and is also available on the company's website at https://www.jmfl.com/investor-relations/financial-results.
  • UPSI Statement: The moderator's opening remarks included a standard caution that "any forward-looking statements made on this call are based on the management's current expectations. However, the actual results may vary significantly." The company did not explicitly state that no Unpublished Price Sensitive Information (UPSI) would be shared.

Financial and Operational Highlights Discussed

Consolidated Performance (FY26):

  • Profit After Tax and minority interest (PAT) increased by 46% year-on-year to INR 1,202 crores.
  • Return on Equity (ROE) stood at 11.7%.
  • Adjusted Operating PAT (excluding a one-time tax refund of INR 113 crores and impact of new Labor codes of INR 22 crores) grew 38% YoY to INR 1,133 crores.
  • Consolidated Net Worth, excluding minority interest, was INR 10,605 crores, translating to a book value of approximately INR 111 per share.
  • An aggregate dividend of INR 5.95 per share was paid or proposed over the last four quarters, amounting to a total distribution of INR 570 crores.

Segment-wise Performance (FY26):

  • Corporate Advisory & Capital Markets (CACM):
  • Closed 41 capital markets transactions aggregating INR 95,000 crores.
  • Has a filed IPO pipeline of 55 issues aggregating INR 1,40,000 crores.
  • Net revenue increased 11% YoY to INR 789 crores.
  • Operating PAT was INR 347 crores.
  • Capital employed: INR 829 crores; ROE: 47%.
  • Q4 PAT was subdued at INR 39 crores due to market volatility.
  • Private Markets (Credit & Investments):
  • Comprises private credit (corporate, real estate, distressed) and investments (PE, REITs, etc.).
  • Operating PBT grew 3.5x to INR 742 crores.
  • Operating PAT after minority interest grew 3.6x to INR 543 crores.
  • Achieved recoveries of over INR 270 crores in FY26, in line with guidance of INR 250-300 crores per year for FY26-28.
  • Capital employed: ~INR 6,600 crores.
  • Q4 PAT after minority interest: INR 78 crores.
  • The standard loan book stands at ~INR 4,000 crores (INR 2,685 cr corporate, INR 1,100 cr real estate).
  • Wealth and Asset Management:
  • Wealth Management:
  • Employee strength (Sales & RMs) increased 30% YoY to 1,046.
  • Branch network: 72 branches (+10 YoY); Franchisees: 874.
  • Recurring AUM grew 10% YoY to ~INR 31,000 crores.
  • Net revenue increased 9% YoY to INR 775 crores.
  • Operating PAT: INR 132 crores.
  • Capital employed: INR 1,157 crores; ROE: 12%.
  • Q4 PAT: INR 39 crores.
  • Asset Management (Mutual Funds & AIFs):
  • Non-liquid MF Average AUM: ~INR 10,500 crores.
  • Employee strength: 217 (+17% YoY).
  • Management fees from Mutual Funds grew 65% to INR 44 crores.
  • Loss after minority interest for FY26: INR 30 crores.
  • Q4 loss after minority interest: INR 5 crores.
  • Currently marketing a pre-IPO AIF (target raise >INR 1,000 cr) and a credit AIF.
  • Affordable Home Loans:
  • Branch network: 151 branches.
  • Customer base: Crossed 33,000.
  • AUM grew 22% YoY to INR 3,460 crores.
  • Revenue grew 25% YoY to INR 455 crores.
  • Operating PAT after minority interest grew 45% to INR 74 crores.
  • Capital employed: ~INR 833 crores.
  • Q4 PAT after minority interest: INR 25 crores.
  • Gross NPA: 0.5%; Collection Efficiency: 99.4% (as of Mar 31, 2026).
  • Valued at INR 3,100 crores based on a June 2025 investment by Bajaj Allianz.

Guidance and Strategic Outlook:

  • CACM: Expects a stronger second half of FY27 for capital markets execution once FPI selling abates. Pipeline remains strong.
  • Private Markets: Targets 15-20% YoY growth in the standard loan book for FY27 (aiming for ~INR 5,000 cr by Mar'27). Focus is on shifting towards a syndication and fee-based model.
  • Wealth Management: Focus for FY27 is on improving productivity to achieve breakeven (excluding broking revenues). Targets 20-25% AUM growth for the year.
  • Affordable Home Loans: Plans to IPO the business by FY28/FY29. Targets 25% YoY AUM growth.
  • Capital Allocation: Freed-up capital from Private Markets will be allocated to Wealth/Asset Management and Affordable Home Loans, as CACM and Private Markets do not require significant new capital.
  • Overall Target: Long-term goal of 15% revenue growth and 15% ROE.

Additional Notes Section

  • The document provided is the full transcript of the earnings conference call, which was filed as a regulatory disclosure.
  • The transcript contains detailed financial data and management commentary as presented during the call.
  • Logistical details like dial-in numbers were part of the original call but are not the focus of this summary.