JM Financial
- Market cap
- ₹ 10,170 Cr.
- P/E
- 10.3x
- P/B
- 1x
- 52-week range
- 103 – 173.02
- ROE
- 12%
- ROCE
- 12%
- Dividend yield
- 2.9%
- Debt / equity
- 1.07
- Sector
- Finance
- Industry
- Holding Company
- Listed on
- NSE, BSE
About
JM Financial Limited is a diversified financial company. The Company's segments include Corporate Advisory and Capital Markets, Wealth and Asset Management, Private Markets, Affordable home Loans, and Treasury and others. The Corporate Advisory and Capital Markets segment caters to institutional, corporate, promoters, government and high net worth clients and include investment banking, and institutional equities and research. The Wealth and Asset Management segment includes a wealth management business, broking, portfolio management services (PMS), equity & debt AIFs, and a mutual fund business. The Private markets segment comprises private credit (corporate, bespoke, real estate and distressed credit) and investments (private equity funds, real estate investment trust (REIT)). The Affordable Home Loans segment includes the affordable housing finance business.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Holding Company: 15 companies →JM Financial against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)10.3 against a typical 9.6: pricier than most peers (1st = cheapest).9th of 15
- Sales growth+8.1% against a typical +20.2% from a year earlier.13th of 14
- Profit growth−19.6% against a typical +28.6% from a year earlier.11th of 12
- Share price, 3 months−8.3% against a typical −8.7%.7th of 15
- Size₹ 10,170.2 Cr. market value against a typical ₹ 1,425.4 Cr. (1st = largest).4th of 14
Latest announcements
Exchange filings and their impact on the company.
- New ADGM step-down subsidiary adds Middle East optionality with negligible 12-month financial impact.
JM Financial has incorporated JM Financial (Middle East) Limited in Abu Dhabi Global Market on October 12, 2026 as a wholly owned step-down subsidiary through JM Financial Overseas Holdings. The new company will carry out arranging deals, custody, credit arrangement, investment advisory and asset management. Being newly incorporated with no turnover yet, it has no immediate financial impact but marks JM Financial's expansion into the Middle East.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
High safety
Rated AA by 2 agencies- All agencies agree and none has raised a warning.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| CRISIL | Crisil AA | Stable | 28 Aug 2026 |
| ICRA | [ICRA]AA | Stable | 31 Dec 2025 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 28 Aug 2026 | Reaffirmed | Crisil AA | — | CRISIL | ₹ 300 Cr. | |
| 2 Apr 2026 | Withdrawn | was Crisil AA | — | CRISIL | ₹ 400 Cr. | |
| 31 Dec 2025 | Reaffirmed | [ICRA]AA | — | ICRA | ₹ 500 Cr. |
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 4 Nov 2026Upcoming | Financial Results | To consider and approve the financial results for the second quarter and half year ended September 30, 2026 |
| 3 Aug 2026 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2026 |
| 29 May 2026 | Financial Results/Dividend | To consider and approve the Audited Financial Results and recommendation of Final Dividend, if any. |
| 5 Feb 2026 | Financial Results | Board meeting to consider unaudited financial results for the third quarter and nine months ended December 31, 2025 |
| 6 Nov 2025 | Dividend | Consideration of an interim dividend at the upcoming board meeting scheduled on Thursday, November 6, 2025 |
| 11 Aug 2025 | Other business matters | To consider unaudited financial results for the first quarter ending on June 30, 2025 |
| 12 May 2025 | Financial Results/Dividend | To consider and approve the audited financial results for the period ended March 31, 2025 and recommendation of dividend, if any. |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,197 | 1,236 | 1,261 | 1,077 | 1,191 | 1,106 | 1,004 | 1,111 | 1,031 | 999 | 949 | 1,201 |
| Expenses | 535 | 430 | 580 | 462 | 700 | 500 | 426 | 261 | 426 | 436 | 458 | 500 |
| Operating Profit | 663 | 806 | 681 | 615 | 491 | 607 | 578 | 850 | 605 | 563 | 491 | 700 |
| OPM % | 55% | 65% | 54% | 57% | 41% | 55% | 58% | 76% | 59% | 56% | 52% | 58% |
| Other Income | 17 | 25 | −831 | 17 | 21 | 14 | 23 | 10 | 13 | 105 | 20 | 24 |
| Interest | 388 | 400 | 407 | 370 | 343 | 318 | 274 | 251 | 254 | 248 | 246 | 247 |
| Depreciation | 13 | 14 | 14 | 16 | 15 | 16 | 16 | 17 | 19 | 20 | 22 | 22 |
| Profit before tax | 278 | 417 | −572 | 245 | 154 | 287 | 311 | 593 | 344 | 400 | 243 | 456 |
| Tax % | 26% | 23% | 18% | 24% | 6% | 28% | 25% | 23% | 26% | 24% | 34% | 19% |
| Net Profit | 206 | 322 | −674 | 187 | 144 | 207 | 235 | 459 | 262 | 318 | 162 | 369 |
| EPS in Rs | 2.04 | 2.91 | −2.39 | 1.79 | 2.43 | 2.19 | 2.19 | 4.75 | 2.82 | 3.27 | 1.73 | 3.05 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- 10%
- 5 Years
- 6%
- 3 Years
- 9%
- TTM
- −5%
- 10 Years
- 12%
- 5 Years
- 16%
- 3 Years
- 27%
- TTM
- −4%
- 10 Years
- 7%
- 5 Years
- 7%
- 3 Years
- 17%
- TTM
- —
- 10 Years
- 10%
- 5 Years
- 9%
- 3 Years
- 9%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| JM Financial | ₹ 113.00 | ₹ 10,170 Cr. | 10.3x | 1x | 12% | — |
| ICICI Prudential Asset Management Company Ltd | ₹ 2,655.00 | ₹ 1,30,928 Cr. | 47.7x | 37.7x | — | 56% |
| HDFC Asset Management Company | ₹ 2,250.00 | ₹ 96,542 Cr. | 39.9x | 12.3x | — | 69.3% |
| Nippon Life India Asset Management | ₹ 922.10 | ₹ 59,010 Cr. | 50.1x | 16.3x | 34.5% | 56.4% |
| Multi Commodity Exchange Of India | ₹ 3,017.00 | ₹ 76,931 Cr. | 52.6x | 16.6x | 37.9% | 57.8% |
| Motilal Oswal Financial Services | ₹ 925.00 | ₹ 55,715 Cr. | 30.8x | 4.5x | 15.6% | 21.2% |
Management
- Vishal Nimesh Kampani
- Vice Chairman of the Board, Managing Director
- Nishit Shah
- Chief Financial Officer, Managing Director
- Hemant Vijay Pandya
- Compliance Officer, Company Secretary
- Adi Patel
- Managing Director, Executive Director
- Neha Agarwal
- Managing Director and Head - Equity Capital Markets
- Rajiv Agrawal
- Managing Director - Real Estate AIF
- Abhishek Bhagat
- Managing Director - Technology, Media and Telecom
- Sanjay Bhatia
- Managing Director, Co-Head - Business Affiliates
Prices are delayed and for information only. Nothing on this page is investment advice.