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JM Financial Ltd is an integrated and diversified financial services group. Its primary businesses include mortgage lending, distressed credit, asset management. It is also engaged in investment banking and the management of private equity funds.[1]
Business Segments1) Investment Bank (39% in H1 FY25 vs 33% in FY22):[1][2]The company manages capital markets transactions, advises on mergers & acquisitions, and private equity syndication. It also includes institutional equities business and research, private wealth management, PMS, private equity funds, fixed income, etc.[3]In FY24, the company rankedNo. 1 in IPO and QIP with 47% and 38% market share, respectively, in terms of funds raised. It acted on some of the largest marquee transactions, with an80% market share in the top 10 IPOs by size and a 60% market share in the top 5 QIPs by size.[4]In Q2 FY25, the company participated in deals like BRLM to IPO of Rs. 6,560 Cr for Bajaj HFC, QIP of Rs. 8,500 Cr for Vedanta, Block Deal of Rs. 4,554 Cr for Nexus Select Trust, etc. The segment revenue grew by 55% between FY22 and FY24.[3]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Bajaj Finserv | 2046.65 | 33.80 | 327160.35 | 0.05 | 4746.47 | 7.53 | 37402.93 | 10.98 | 11.03 | 141479.18 | 37.79 | 9680.79 | 2244.10 | 4.27 | 2.96 | 5.13 |
| 2. | Bajaj Holdings | 11128.30 | 17.45 | 123658.97 | 0.84 | 1689.88 | 8.54 | 396.87 | 42.21 | 9.82 | 993.12 | 84.19 | 7086.77 | 1559.02 | 1.82 | 9.32 | 0.00 |
| 3. | Choice Intl. | 780.00 | 92.32 | 16739.62 | 0.00 | 56.46 | 20.12 | 274.43 | 10.93 | 19.95 | 970.65 | 33.78 | 181.33 | 55.23 | 13.11 | 7.36 | 0.40 |
| 4. | JM Financial | 143.50 | 23.59 | 13717.90 | 1.88 | 245.89 | -20.37 | 275.23 | 22.04 | 12.82 | 956.19 | 59.76 | 581.61 | 245.89 | 3.00 | 11.55 | 0.01 |
| 5. | Edelweiss.Fin. | 107.70 | 24.02 | 10203.80 | 1.39 | 175.45 | 16.49 | 1860.87 | -33.43 | 13.27 | 8241.71 | 34.17 | 424.89 | 128.41 | 2.31 | 1.28 | 4.40 |
| 6. | Kama Holdings | 2748.25 | 10.75 | 8819.29 | 1.23 | 390.28 | 90.10 | 3672.21 | 6.38 | 11.75 | 15404.48 | 21.18 | 820.53 | 197.02 | 1.16 | 5.72 | 0.60 |
| 7. | Pilani Invest. | 5150.00 | 196.61 | 5695.67 | 0.29 | 44.71 | -42.46 | 129.47 | 5.41 | 1.75 | 296.73 | 88.17 | 28.97 | 44.71 | 0.34 | 0.55 | 0.13 |
| – | Median: 15 Co. | 284.9 | 19.6 | 2012.95 | 0.05 | 41.85 | 16.49 | 275.23 | 10.98 | 9.82 | 970.65 | 33.78 | 82.05 | 39.95 | 1.82 | 3.64 | 0.4 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 66 | 108 | 84 | 142 | 167 | 218 | 191 | 119 | 226 | 209 | 225 | 246 | 275 |
Expenses | 31 | 62 | 63 | 78 | 100 | 98 | 121 | 70 | 138 | 118 | 76 | 82 | 109 |
Operating Profit | 35 | 46 | 21 | 64 | 68 | 120 | 70 | 49 | 87 | 91 | 150 | 165 | 166 |
Other Income | 62 | 91 | 2 | 3 | 98 | 2 | 2 | 1 | 183 | 2 | 7 | 2 | 120 |
Profit before tax | 92 | 133 | 19 | 63 | 162 | 118 | 67 | 46 | 265 | 87 | 152 | 162 | 282 |
Tax % | 9% | 9% | 39% | 21% | 12% | 24% | 59% | 24% | -13% | 19% | 12% | 18% | 13% |
Net Profit | 84 | 121 | 12 | 50 | 142 | 90 | 27 | 35 | 299 | 70 | 135 | 133 | 246 |
EPS in Rs | 0.88 | 1.26 | 0.12 | 0.52 | 1.49 | 0.94 | 0.29 | 0.36 | 3.13 | 0.74 | 1.41 | 1.40 | 2.57 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 86 | 104 | 157 | 162 | 425 | 270 | 300 | 373 | 613 | 552 | 820 | 1,035 | 956 |
Expenses | 12 | 16 | 18 | 16 | 157 | 133 | 127 | 138 | 186 | 242 | 394 | 465 | 385 |
Operating Profit | 74 | 88 | 139 | 146 | 268 | 136 | 174 | 234 | 427 | 310 | 426 | 570 | 571 |
Other Income | 1 | 1 | 0 | 1 | 1 | 1 | 3 | 2 | 6 | 3 | 1 | 2 | 131 |
Interest | 0 | 8 | 27 | 40 | 35 | 20 | 8 | 7 | 7 | 6 | 6 | 7 | 6 |
Depreciation | 0 | 0 | 0 | 1 | 2 | 2 | 12 | 12 | 11 | 10 | 11 | 17 | 14 |
Profit before tax | 75 | 80 | 112 | 107 | 233 | 116 | 156 | 217 | 416 | 297 | 410 | 549 | 683 |
Net Profit | 71 | 78 | 112 | 107 | 192 | 111 | 127 | 175 | 328 | 256 | 310 | 539 | 584 |
EPS in Rs | 0.94 | 1.00 | 1.42 | 1.34 | 2.29 | 1.33 | 1.51 | 1.84 | 3.44 | 2.69 | 3.24 | 5.64 | 6.12 |
Dividend Payout % | 106% | 135% | 102% | 112% | 79% | 75% | 13% | 27% | 48% | 67% | 62% | 48% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 76 | 78 | 79 | 79 | 84 | 84 | 84 | 95 | 95 | 95 | 96 | 96 | 96 |
Reserves | 1,554 | 1,565 | 1,576 | 1,646 | 2,407 | 2,398 | 2,489 | 3,408 | 3,641 | 3,792 | 4,014 | 4,366 | 4,491 |
Borrowings | 0 | 122 | 426 | 207 | 1 | 1 | 1 | 72 | 66 | 61 | 54 | 53 | 46 |
Other Liabilities | 161 | 183 | 191 | 121 | 187 | 174 | 269 | 216 | 234 | 216 | 289 | 363 | 260 |
Total Liabilities | 1,791 | 1,949 | 2,272 | 2,053 | 2,679 | 2,657 | 2,843 | 3,790 | 4,037 | 4,164 | 4,452 | 4,878 | 4,893 |
Fixed Assets | 2 | 2 | 3 | 2 | 6 | 5 | 77 | 69 | 61 | 56 | 48 | 47 | 40 |
Gross Block | 3.33 | 4.06 | 5.01 | 4.57 | 7.40 | 8.95 | 92.65 | 94.56 | 92.40 | 99.38 | 101.33 | 109.14 | – |
Accumulated Depreciation | 1.79 | 2.01 | 2.15 | 2.32 | 1.84 | 3.68 | 15.55 | 25.74 | 31.80 | 43.05 | 53.31 | 61.74 | – |
CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 1,313 | 1,662 | 1,757 | 1,769 | 2,424 | 2,389 | 2,528 | 3,021 | 3,251 | 3,098 | 3,657 | 3,962 | 4,145 |
Other Assets | 476 | 285 | 512 | 282 | 249 | 263 | 238 | 700 | 725 | 1,009 | 747 | 869 | 708 |
Total Assets | 1,791 | 1,949 | 2,272 | 2,053 | 2,679 | 2,657 | 2,843 | 3,790 | 4,037 | 4,164 | 4,452 | 4,878 | 4,893 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | -85 | 19 | -221 | 257 | 179 | -37 | 151 | -352 | 203 | -281 | 518 | 162 |
Cash from Investing Activity | 240 | -275 | 16 | 101 | -472 | 152 | -88 | -382 | -25 | 398 | -433 | 84 |
Cash from Financing Activity | -53 | 72 | 182 | -360 | 309 | -139 | -56 | 729 | -108 | -208 | -99 | -211 |
Net Cash Flow | 102 | -184 | -23 | -1 | 15 | -24 | 8 | -5 | 70 | -91 | -14 | 35 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 0 | 0 | 0 | 0 | 21 | 14 | 27 | 49 | 17 | 22 | 35 | 39 |
Inventory Days | – | – | – | – | – | – | – | – | – | – | – | – |
Days Payable | – | – | – | – | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | 0 | 0 | 0 | 0 | 21 | 14 | 27 | 49 | 17 | 22 | 35 | 39 |
Working Capital Days | 191 | -379 | -402 | -220 | 120 | 221 | 84 | 136 | 57 | 83 | 44 | 28 |
ROCE % | 5% | 5% | 7% | 7% | 12% | 5% | 6% | 7% | 11% | 8% | 10% | 13% |
Direct from BSE filings, auto-summarised
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