JM Financial

Q1 FY27Finance

JM Financial Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book

Q1 FY27 earnings call: what management guided on revenue, margins and order book.

Price₹130

Market cap₹12.3K Cr

P/E11.6

Updated25 Aug 2026

Read5 min read

What the Q1 FY27 call signalled

2 of 4 strong

RevenueRank 3

MarginRank 3

CapexYes

FundraiseYes

Not discussed on this call: order book.

The short version

Investment Banking & Capital Markets combined revenue aimed to exceed INR1,000 crores this year, showing strong growth from INR592 crores (FY24) to INR946 crores (last year). Wealth Management profitability impacted by recent RM hires; profitability expected to improve as new RMs mature over next 2-3 years.

From JM Financial's Q1 FY27 earnings-call transcript · updated 25 Aug 2026.

Revenue & Sales Performance

Rank 3

Investment Banking & Capital Markets combined revenue aimed to exceed INR1,000 crores this year, showing strong growth from INR592 crores (FY24) to INR946 crores (last year).
Wealth Management revenue grew 40% from INR1,022 crores (FY24) to INR1,400 crores (FY26), with profitability expected to improve as investments in Wealth and Asset Management mature.
Asset Management AUM targeted to grow from INR10,500 crores to INR25,000 crores over 2-3 years, potentially increasing business value significantly.
Private Credit (bespoke and real estate loans) expected to grow 15-20% year-on-year, with lending expansion planned once risk-adjusted returns are favorable.
Recurring AUM proportion in Wealth Management increasing; net new money additions targeted at INR6,000 crores minimum for the year.
Overall, industry growth expected in early to mid-teens; JM Financial targets growth exceeding this.
Focus on improving RM productivity for profitability within 1-3 years.
Continued investments in AI and distribution channels planned to enhance growth and efficiency.

Profitability & Margins

Wealth Management profitability impacted by recent RM hires; profitability expected to improve as new RMs mature over next 2-3 years.
Targeting revenue growth exceeding industry's early to mid-teens growth rate.
Employee expenses as % of revenue in Wealth Management expected to decline as major recruitment phase is behind.
Asset Management currently loss-making but long-term value creation through increasing AUM; expecting operating leverage and profitability improvements in ~2 years.
Corporate Advisory and Capital Markets generated stable 15% ROE last quarter and expected to continue strong performance with improved market conditions.
Private Markets (including ARC) delivering strong returns; expect healthy ROEs with income from recovery and syndication.
Overall ROE was ~11.5% last year; projected to improve with scaling Wealth & Asset Management, aiming mid to high teens ROE over longer term.
Business has long-term investment horizon (5-10 years) with continued capital infusion into growth areas.

See what JM Financial said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Yes

JM Financial has invested INR150 crores in its mutual fund business over the last 3 years and plans to invest an additional INR150 crores over the next 2-3 years to scale AUM to INR25,000 crores.
In Private Markets, there is ongoing reinvestment, e.g., INR600 crores redeployed after cash flows from resolutions.
The firm continues focused investments in Wealth Management by hiring and building distribution capabilities, aiming for profitability within 2-3 years for the RM cohorts.
Capital deployment prioritizes bespoke and private credit loans, targeting 15%-20% annual growth in the loan book.
No mention of new business lines like gold loans; focus remains on existing core businesses.
Overall, JM Financial pursues long-term strategic investment with a decade-plus horizon in Asset Management, Wealth, and Private Markets.

Top-ranked in Finance

Ranked on what management guided this quarter

5x potential

1Akiko₹466 Cr

Rev 1Mar 1

2Finkurve Fin.₹1.0K Cr

Rev 1Mar 2

3₹286 Cr

Rev 1Mar 2

4₹39.2K Cr

Rev 1Mar 3

5₹25.6K Cr

Rev 1Mar 3

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

JM Financial's Private Markets business has INR3,000 crores of SR investment on its balance sheet, targeting 16%-18% returns.
The ARC business is expected to be debt-free soon due to substantial cash recovery, reducing leverage significantly.
The overall debt-to-equity ratio in Private Markets is currently low at 0.8x gross, with net even lower, indicating a strong balance sheet position.
JM Financial expects the debt-to-equity ratio to increase to around 2x in 2-3 years as syndication income ramps up, implying potential future leverage growth.
No explicit mention of immediate new equity fundraising; investments in Asset Management are planned, with INR150 crores additional invested over next 2-3 years.
The company continues focusing on growth using existing capital and retained earnings, with around 50% of profits regulated for dividend payout.
No current plans for raising fresh equity or debt announced during the call.

See what JM Financial said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript does not explicitly mention the current or expected order book or pending orders for JM Financial Limited. However, it provides some relevant insights on the transaction pipeline and business outlook: - JM Financial has filed documents for 60 IPOs aggregating to an issue size of approximately INR150,000 crores. - The pipeline of transactions is increasing and does not include large IPOs like Jio Platforms and National Stock Exchange. - July revenues on the transaction side in Corporate Advisory and Capital Markets already exceed June, indicating improving deal flow. - Expectation of a significant amount of pipeline pull-through if FDI flows remain stable or improve. - Corporate Advisory and Capital Markets transaction activity had been subdued but is showing positive signs of recovery in July. No precise numeric data on order book or pending orders is provided.

JM Financial — Quarterly revenue & net profit

Revenue Net profit

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Reported quarterly figures (₹ Cr). Latest: revenue ₹999 Cr, net profit ₹318 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What JM Financial Ltd's management said in earlier quarters

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Frequently Asked Questions

What were JM Financial Q1 FY27 results?

What is JM Financial share price analysis?

JM Financial currently shows a below-average growth signal. The stock trades at a P/E of 11.6 with a market cap of ₹12,272 Cr. Investors should review the full earnings analysis for detailed insights.

Is JM Financial planning capital expenditure?

JM Financial has invested INR150 crores in its mutual fund business over the last 3 years and plans to invest an additional INR150 crores over the next 2-3 years to scale AUM to INR25,000 crores.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.