JM Financial Ltd

β‚Ή 139 2.68%
14 Jan
πŸ”— Website | BSE: 523405 | NSE: JMFINANCIL
13,289
139
200
22.8
48.0
1.94
12.8
12.6

ABOUT

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]

Stock Analysis

### Description JM Financial Ltd is an integrated and diversified financial services group, with primary businesses in mortgage lending, distressed credit, and asset management, alongside investment banking and private equity fund management. ### Key Growth Triggers Key growth triggers include a robust IPO and QIP pipeline, strategic expansion into the US wealth management market, strong traction in its Corporate Advisory and Capital Markets segments, and growth in Wealth Management and Affordable Home Loans AUM. ### Order Book Currently no data available for Order Book. ### Key Red Flags - Settled SEBI proceedings for β‚Ή7.48 crore, which included a 3-month voluntary debarment from specific capital market roles. - Previously faced SEBI restrictions on its lead manager role in debt securities. ### Key Dates To Watch - February 5, 2026: Board meeting to approve Q3 FY26 financial results.

Peer Comparison

S.No.NameCurrent Price (Rs.)Price to EarningMarket 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 valueReturn on assets (%)Debt to equity
1.Bajaj Finserv2000.9033.02319706.450.054746.477.5337402.9310.9811.03141479.1837.799680.792244.104.182.965.13
2.Bajaj Holdings10741.0016.87119536.590.871689.888.54396.8742.219.82993.1284.197086.771559.021.769.320.00
3.Choice Intl.831.55102.1618524.980.0056.4620.12274.4310.9319.95971.3933.83181.3355.2313.977.360.40
4.JM Financial138.9622.8513289.241.94245.89-20.37275.2322.0412.82956.1959.76581.61245.892.9011.550.01
5.Edelweiss.Fin.105.7423.5510008.011.42175.4516.491860.87-33.4313.278241.7134.17424.89128.412.261.284.40
6.Kama Holdings2803.6010.968996.911.20390.2890.103672.216.3811.7515404.4821.18820.53197.021.185.720.60
7.Pilani Invest.4869.00186.095391.080.3144.71-42.46129.475.411.75296.7388.1728.9744.710.320.550.13

Quarterly Results

Figures in Cr.

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales
6610884142167218191119226209225246275
YOY Sales Growth %
-55.92%-29.92%-14.02%10.43%152.98%101.04%127.61%-16.45%34.9%-3.82%18.05%107.22%22.04%
Expenses
3162637810098121701381187682109
Material Cost %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Employee Cost %
31.23%38.17%43.74%32.22%38.16%34.61%-0.55%36.87%24.56%31.2%24.29%24.54%21.89%
Operating Profit
354621646812070498791150165166
OPM %
53%43%25%45%40%55%36%41%39%44%66%67%60%
Other Income
62912398221183272120
Exceptional items
0000000-0-100300
Other income normal
62912398222192242120
Interest
2112111112111
Depreciation
2333333334333
Profit before tax
921331963162118674626587152162282
Tax %
9%9%39%21%12%24%59%24%-13%19%12%18%13%
Net Profit
84121125014290273529970135133246
EPS in Rs
0.881.260.120.521.490.940.290.363.130.741.411.42.57

Profit & Loss

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
861041571624252703003736135528201,035956
Sales Growth %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Expenses
12161816157133127138186242394465385
Material Cost %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Raw material cost
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Change in inventory
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Manufacturing Cost %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Employee Cost %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other Cost %
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Operating Profit
7488139146268136174234427310426570571
OPM %
86%85%88%90%63%51%58%63%70%56%52%55%60%
Other Income
110111326312131
Exceptional items
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other income normal
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Interest
08274035208776676
Depreciation
00012212121110111714
Profit before tax
7580112107233116156217416297410549683
Tax %
5%3%0%0%18%4%19%19%21%14%25%2%β€”
Net Profit
7178112107192111127175328256310539584
Exceptional items AT
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Profit excl Excep
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Profit for PE
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Profit for EPS
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
EPS in Rs
0.9411.421.342.291.331.511.843.442.693.245.646.12
Dividend Payout %
106%135%102%112%79%75%13%27%48%67%62%48%β€”

Balance Sheet

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
76787979848484959595969696
Reserves
1,5541,5651,5761,6462,4072,3982,4893,4083,6413,7924,0144,3664,491
Borrowings
0122426207111726661545346
Long term Borrowings
0.30.220.0200.861.290.72000000
Short term Borrowings
0121.88426.34206.56000000000
Lease Liabilities
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other Borrowings
0.170.160.030.0200071.7665.9860.7554.0653.48β€”
Other Liabilities
161183191121187174269216234216289363260
Trade Payables
1111934598221535
Advance from Customers
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other liability items
160182190120178171265211225208267348225
Total Liabilities
1,7911,9492,2722,0532,6792,6572,8433,7904,0374,1644,4524,8784,893
Fixed Assets
22326577696156484740
Land
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Building
1.611.971.971.980.411.421.21.284.184.913.063.06β€”
Plant Machinery
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Equipments
0.060.090.090.060.730.150.170.180.190.20.220.34β€”
Furniture & fittings
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Vehicles
1.361.262.211.743.654.494.324.454.194.985.166.92β€”
Intangible Assets
0000000000000.75
Other fixed assets
-0.010.170.170.170.760.7884.8786.111.25.3688.0694.2β€”
Gross Block
3.334.065.014.577.48.9592.6594.5692.499.38101.33109.14β€”
Accumulated Depreciation
1.792.012.152.321.843.6815.5525.7431.843.0553.3161.74β€”
CWIP
0000000000000
Investments
1,3131,6621,7571,7692,4242,3892,5283,0213,2513,0983,6573,9624,145
Other Assets
4762855122822492632387007251,009747869708
Inventories
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Trade receivables
000024102250283378110189
Receivables under 6m
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Receivables over 6m
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Prow for Doubtful
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Cash Equivalents
217331312431522158661457910
Loans & Advances
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other Assets items
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Total Assets
1,7911,9492,2722,0532,6792,6572,8433,7904,0374,1644,4524,8784,893

Cash Flows

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
-8519-221257179-37151-352203-281518162
Profit from operations
1014263231212813617428206124
Receivables
00031320-12-3022-2-42-39
Inventory
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Payables
00-0-14-6114-214-3
Loans Advances
-8715-237208125-3636-45212-3002818
Other WC items
7-5-7-033-620271337133150
Working capital changes
-8010-244209175-2744-45451-267386116
Direct taxes
-15-6-316-27-12-20-34-74-42-74-79
Cash from Investing Activity
240-27516101-472152-88-382-25398-43384
Fixed assets purchased
-1-1-1-0-3-2-0-1-2-3-1-5
Fixed assets sold
000000000000
Investments purchased
-10-680-410-13-2,869-1,295-1,114-8,071-9,153-7,913-10,209-4,352
Investments sold
16733231502,2981,3379857,6439,0708,1689,8425,476
Interest received
000016202712200
Redeemp Cnce of Shares
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Acquisition of companies
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Other investing items
19-0-2-1-3-312-1-02-14
Cash from Financing Activity
-5372182-360309-139-56729-108-208-99-211
Redemption of debentures
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Proceeds from borrowings
000000000000
Repayment of borrowings
000000-000000
Interest paid fin
-0-8-27-4000000000
Dividends paid
-73-87-110-120-132-140-43-17-95-196-86-191
Financial liabilities
000000-12-13-13-13-13-20
Other financing items
11155304-220-2060000000
Net Cash Flow
102-184-23-115-248-570-91-1435

Ratios

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
00002114274917223539
Inventory Days
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Days Payable
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Cash Conversion Cycle
00002114274917223539
Working Capital Days
191-379-402-2201202218413657834428
ROCE %
5%5%7%7%12%5%6%7%11%8%10%13%

Shareholding Pattern

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
56.02%56.49%56.48%56.47%56.44%56.44%56.43%56.43%56.43%56.5%56.51%56.61%
Amishi Akash Gambhir
0.840.840.840.840.840.840.840.840.840.840.840.84
Aruna Kampani
3.33.33.33.153.143.143.143.142.922.922.922.92
JM Financial Trustee Company Private Limited
0.170.170.170.170.170.170.170.170.170.170.170.17
JSB Securities Limited
0.680.680.680.680.680.680.680.680.40.40.40.4
J_ M_ Assets Management Private Limited
10.9711.211.1911.1911.1911.1911.1811.1811.311.2911.2911.29
J_ M_ Financial and Investment Consultancy Service___
23.7923.8923.8824.0424.0324.0324.0224.0224.3124.3824.424.4
Kampani Consultants Limited
0.230.230.23β€”β€”β€”β€”β€”β€”β€”β€”β€”
Nimesh Kampani
13.0413.0413.0413.0413.0313.0313.0313.0313.0313.0313.0213.12
Nimesh Kampani HUF (Nimesh Kampani - Karta)
0.130.130.130.130.130.130.130.130.130.130.130.13
Persepolis Investment Company Private Limited
0.250.250.251.751.751.751.75β€”β€”β€”β€”β€”
SNK Investments Private Limited
1.271.271.27β€”β€”β€”β€”1.751.861.861.861.86
Shiv Vishal Kampani
β€”0.130.130.130.130.130.130.130.130.130.130.13
Vishal Kampani
1.331.361.361.361.361.361.361.361.361.361.361.36
FIIs
22.14%21.24%20.72%18.82%17.92%18.19%16.83%15.31%17.02%17.48%17.69%18.38%
Allspring Emerging Markets Equity Fund
1.211.211.21β€”β€”β€”β€”β€”β€”β€”β€”β€”
Baron Emerging Markets Fund
4.554.554.424.424.353.992.962.973.012.92.762.29
Elevation Capital Vi Fii Holdings Limited
1.581.581.581.581.581.581.58β€”β€”β€”β€”β€”
Robeco Capital Growth Funds
β€”β€”β€”β€”β€”β€”β€”β€”1.171.31.3β€”
Robeco Capital Growth Funds - Robeco Qi Emerging M___
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”1.19
Think India Opportunities Master Fund Lp
β€”β€”β€”β€”β€”β€”β€”1.07β€”β€”β€”1.21
Timf Holdings
1.691.691.691.691.692.312.312.312.312.362.362.36
Valiant Mauritius Partners Limited
1.02β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Valiant Mauritius Partners Offshore Limited
2.72.331.28β€”β€”β€”β€”β€”β€”β€”β€”β€”
Vikram Shankar Pandit
1.221.221.221.221.221.221.221.221.221.221.221.22
DIIs
7.35%7.47%7.61%8.06%8.46%8.46%8.63%8.57%7.2%7.07%6.53%5.61%
Icici Prudential (Various Schemes)
4.975.085.564.95.345.336.054.813.893.972.811.62
Nippon Life (Various Schemes)
1.121.12β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Quant Mutual Fund
β€”β€”β€”β€”β€”β€”β€”1.751.751.751.751.75
Quant Mutual Fund (Various Schemes)
β€”β€”β€”1.21.451.751.75β€”β€”β€”β€”β€”
Government
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Public
14.49%14.8%15.19%16.66%17.17%16.91%18.11%19.7%19.36%18.94%19.27%19.42%
Others
β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
No. of Shareholders
97,86596,9361,06,9891,19,3011,35,1031,58,4461,63,9441,62,2101,89,5961,87,1631,73,2901,77,160

News & Updates

Documents

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
21h - RTA certificate confirming dematerialisation/rematerialisation compliance for quarter Oct 1–Dec 31, 2025.
Disclosure Under Regulation 30 Of The SEBI LODR
1 Jan - ESG Risk.ai assigned JM Financial score 66 (Strong) for FY2024-25; report dated Dec 31, 2025; unsolicited.
Announcement under Regulation 30 (LODR)-Credit Rating
1 Jan - Dec 31, 2025: ICRA reaffirmed JM Financial's [ICRA]AA and [ICRA]A1+ ratings; CP reduced to Rs.100cr, Rs.200cr withdrawn.

Annual Reports

Credit Ratings

Rating update
31 Dec from icra
Rating update
4 Apr 2025 from crisil
Rating update
3 Jan 2025 from icra
Rating update
5 Jul 2024 from icra
Rating update
5 Apr 2024 from crisil
Rating update
14 Mar 2024 from icra

Concalls

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