JMFINANCIL
Small CapJM Financial Limited
Financial Services
JM Financial Limited is a diversified financial services group in India, focusing on high-growth and high-RoE businesses. Its segments include Corporate Advisory & Capital Markets, Private Markets, Wealth & Asset Management, and Affordable Home Loans, emphasizing leadership, strong client relationships, and a 'syndication/co-invest' approach.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/6 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -5% YoY · PAT -31% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹949 Cr | -5.5% | -5.0% |
| EBITDA | ₹491 Cr | -15.1% | -12.8% |
| Operating margin | 52.0% | -600 bps | -400 bps |
| PAT | ₹162 Cr | -31.1% | -49.1% |
| PAT margin | 17.1% | -634 bps | -1476 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
JM Financial reports highest ever annual consolidated PAT in FY26, up 46.3% YoY, driven by strong operating PAT growth across segments, despite Q4FY26 PAT decline.
The company delivered robust annual performance with record PAT and strong AUM growth in key segments like Affordable Home Loans and Wealth Management. Asset quality improved in Affordable Home Loans. However, Q4FY26 saw a significant PAT decline, and Private Markets revenue decreased due to planned loan book reduction. Geopolitical tensions impacted some segments, warranting close monitoring of sequential momentum.
Borrowing Outstanding by Source (Affordable Home Loans)
Latest issuer-disclosed distribution across 4 reported categories.
Corporate Advisory & Capital Markets Leadership
Highest ever client addition; #1 in IPO in FY26 by volume of deals greater than Rs. 500 crore. Strong pipeline of M&A and Advisory transactions.
Wealth Management Expansion
Strong multi-decadal growth opportunity with expansion into manufacturing products. Sales and wealth RMs headcount increased by 30% YoY to 1,046.
Affordable Home Loans Market Opportunity
Strong market opportunity in the affordable segment with a granular book (average ticket size ~Rs.10 lakhs). AUM grew 22% YoY.
Private Markets Syndication
Strong build-up of pipeline for syndication transactions and strong resolution pipeline in Distressed credit.
Wealth Management RMs and Branches
RMs and Sales Employee Count: 1,046, up 30% YoY. Wealth Branches: 72, up 10 YoY.
Affordable Home Loans Network Expansion
Branch network: 151 (Q4FY26) vs 128 (Q4FY25). Employees: 2,106 (FY26) vs 1,313 (FY25).
Affordable Housing Market
Strong market opportunity in the affordable home loans segment.
Wealth Management Growth Opportunity
Strong multi-decadal growth opportunity in wealth management.
Geopolitical Tensions and Market Volatility
Pushed out equity and M&A transactions in Corporate Advisory. Impacted Q4FY26 AUM in Asset Management.
Planned Loan Book Reduction
Decline in Private Markets revenue due to planned reduction of loan book in FY25 and FY26.
Investment Portfolio Volatility
Private Markets investment portfolio impacted by market volatility.
Asset Management AUM Decline
MF Average AUM declined QoQ to Rs. 13,219 Cr (Q4FY26) from Rs. 13,831 Cr (Q4FY25). SIP Book per month declined to Rs. 96 Cr from Rs. 122 Cr.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document provides both Q4FY26 vs Q4FY25 (YoY) and FY26 vs FY25 (YoY) for P&L, and Q4FY26 vs Q4FY25 for many KPIs. Annual comparisons highlight overall trends and 'highest ever' achievements, while quarterly comparisons reveal recent momentum and impacts of market volatility.
Consolidated PAT
FY26 PAT: Rs. 1,202 Cr, up 46.3% YoY. Q4FY26 PAT: Rs. 165 Cr, down 21.1% YoY.
Affordable Home Loans AUM Growth
AUM: Rs. 3,460 Cr (Q4FY26), up 22% YoY from Rs. 2,832 Cr (Q4FY25).
Wealth Management Recurring AUM Growth
Recurring AUM: Rs. 30,838 Cr (Q4FY26), up 10% YoY from Rs. 27,919 Cr (Q4FY25).
Affordable Home Loans Disbursements
Disbursements: Rs. 447 Cr (Q4FY26), up 13% YoY from Rs. 394 Cr (Q4FY25). Full year FY26 disbursements Rs. 1,173 Cr.
Wealth Management Productivity Focus
Major recruitment phase is over; focus on improving productivity, building scale, expanding recurring revenue streams, and driving new asset/client acquisition.
Private Markets Strategic Focus
Deliver on franchise enhancing syndication, focus on Co-Investments, build origination capability, and attract large investors for syndicated trades.
Affordable Home Loans Scale and Technology
Priorities include building scale, increasing productivity, further penetration in existing geographies, and leveraging technology for sourcing, monitoring, and client servicing.
Asset Management Product and Engagement
Further building scale and engagement, active equity MF management, channelizing wholesale expertise into AIF platform, and increasing products (AIF, MF schemes).
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Wealth Management RM Productivity | Sales and wealth RMs headcount increased by 30% YoY. | Improvement in revenue per RM and recurring AUM growth rates. |
| Private Markets Loan Book & Resolutions | Loan book reduction planned in FY25 and FY26. Strong resolution pipeline in Distressed credit. | Execution of syndication transactions and actual recoveries from stressed assets. |
| Affordable Home Loans Asset Quality | GNPA 0.5%, NNPA 0.3% (Q4FY26). | Sustained low GNPA/NNPA ratios as the loan book scales. |
| Asset Management AUM & SIP Book | MF Average AUM declined QoQ. SIP Book per month declined QoQ. | Reversal of the decline in MF AAUM and growth in SIP book per month. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
JM Financial expects to recover almost INR1,000 crores to INR1,500 crores from real estate and distressed assets, which will bolster the balance sheet by March '27.
"almost INR1,000 crores to INR1,500 crores of recovery between real estate and distressed assets to take place... right up to March '27, make these recoveries happen. This will bolster and make our balance sheet even stronger."
JM Financial has an IPO pipeline of almost INR120,000 crores, for which documents have been filed with SEBI and are expected to be executed over the next 6 to 12 months.
"deals of almost INR120,000 crores, for which the documents have been filed with SEBI and hopefully will be executed over the next 6 to 12 months"
JM Financial expects to earn an average commission of 80 bps to 1% on its IPO pipeline.
"you can assume that on average, we should be making between 80 bps to 1%on our pipeline."
Outcome check: Revenue YoY averaged -9.7% across 1 later quarter(s).
The Wealth and Asset Management business will continue to invest and is expected to grow its recurring AUM at a faster clip year-on-year.
"you should expect that it will keep growing... to even grow at a faster clip."
The company plans to reduce the burn from digital investments in Wealth Management over the next 6 to 12 months and aims for breakeven by FY '27.
"Our plan is to reduce the burn as much as we can over the next 6 months to 12 months and try and bring it to a breakeven by FY '27."
JM Financial plans to launch a pre-IPO fund, followed by another PE fund and a real estate credit fund, which will add to the Asset Management AUM.
"we will drive a very successful pre-IPO fund launch... There will be another PE fund that gets launched after the pre-IPO fund. There is a real estate fund that we've already got permission for, which is a credit fund."
Trend score and candlestick chart
41NeutralSMA20 -3.0% / mo · near 52W low
Technical chart
JMFINANCILdaily · 3Y-19.1%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 38.
- SMA20 falling (~8.1% over last month) — short-term momentum negative.
- RSI(14) at 38 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 28% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 71.2%.
- Valuation contributes 27/30 to the score.
- Growth contributes 19/25 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Balance sheet is weaker at 4/15; verify the latest quarterly trend.
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 0% delivered/partly-delivered outcomes on 1 checked claims, with 1 adverse claim outcome. It ranks around the 30th percentile of the scored universe and 47th percentile within Financial Services. Main check: balance sheet trust is weak at 35/100.
Healthy Trust Lite: Promoter holding is 57.1%. Key concern: Altman Z is 1.59.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 47th pctile, median 62 · Small: 35th pctile, median 65
179 documents indexed, but claim history is not strong enough yet.
1/6 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 57.1%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.4%.
- ▸5 years of positive FCF.
Trust risks
- ▸Altman Z is 1.59.
- ▸Debt/equity is 1.09.
- ▸1/4 latest quarters had positive YoY revenue growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 9.24
- P/B
- 1.06
- EV/EBITDA
- 8.84
- Market Cap
- 11254.00Cr
Profitability
- ROE
- 12.00%
- ROCE
- 11.60%
- ROA
- 4.53%
- Dividend Y
- 2.76%
Growth (CAGR)
- Revenue 5Y
- 5.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 8.00%
- EPS 3Y
- 27.00%
Balance Sheet
- Debt/Equity
- 1.09
- Interest Coverage
- 2.51×
- Altman Z
- 1.59
- Book Value
- 111.00
Cash Flow
- FCF Yield
- 0.44%
- FCF Positive Y
- 5/5
- OCF
- 581.00 Cr
- EPS TTM
- 12.57
Shareholding
- Promoter Hold
- 57.07%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 7%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.