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JM Financial Q1 FY27 Share Price & Earnings Call Analysis

₹114.01+0.69% today
Market cap
₹10,945 Cr
P/E
10.37
ROE
11.94%
PEG
0.38
Price to sales
2.61
Debt to equity
1.09
52W high / low
₹171 / ₹106
Sales growth (5Y)
5.63%
EBITDA margin
56.45%
Net profit margin
28.80%
Promoter holding
57.03%
Sales (last year)
₹4,180 Cr

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]

Guidance scorecard · Q1 FY27 call

What JM Financial Ltd's management guided
and where it ranks in Finance

#53of 59 in
Finance
Revenue10–20%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • 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.

2 more points from JM Financial Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

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

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • 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.

2 more points from JM Financial Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

See what JM Financial Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • 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.

2 more points from JM Financial Ltd's call on the order book

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Full Q1 FY27 analysis
Full Finance ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Finance
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does JM Financial Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Finance companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹2,742 Cr71.8
240%+Up 2%+₹464 Cr23.9
340%+Up 0–2%₹961 Cr32.7
440%+Flat₹23,820 Cr21.1
540%+Flat₹16,498 Cr72.4
640%+Flat₹15,549 Cr—

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Pro shows every company guiding 40%+ revenue growth →Full Finance ranking

Financials of JM Financial Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of JM Financial Ltd

Quarterly Results

Quarter-by-quarter operating performance

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +9288461,0671,1971,2361,2611,0771,1911,1061,0041,1111,031999
Expenses +313459473535430580462700500426261426436
Operating Profit615387594663806681615491607578850605563
OPM %66%46%56%55%65%54%57%41%55%58%76%59%56%
Other Income +1926141725-831172114231013105
Interest301347366388400407370343318274251254248
Depreciation10121213141416151616171920
Profit before tax32254230278417-572245154287311593344400
Tax %25%40%24%26%23%18%24%6%28%25%23%26%24%
Net Profit +24032177206322-674187144207235459262318
EPS in Rs1.990.601.742.042.91-2.391.792.432.192.194.752.823.27

Financials of JM Financial Ltd

Profit & Loss

Annual income statement trend

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +1,0071,3421,6852,3593,0623,4943,4463,2113,7243,2914,7864,4104,146
Expenses +4024484595827677439331,0091,2961,1702,0172,0871,549
Operating Profit6058951,2251,7772,2952,7512,5132,2022,4292,1202,7682,3232,596
OPM %60%67%73%75%75%79%73%69%65%64%58%53%63%
Other Income +-161-0-03568153953-80143151
Interest3084205127821,1391,4461,3861,1111,0821,1791,5621,3051,027
Depreciation15182023262741403842536473
Profit before tax2805176939721,1651,2831,0941,0671,3489533539971,649
Tax %29%30%32%34%33%35%29%24%26%26%92%23%
Net Profit +225379526649785837778808992709317741,274
EPS in Rs2.774.225.085.927.176.816.486.198.106.264.298.5913.03
Dividend Payout %36%32%29%25%25%15%3%8%20%29%47%31%

Financials of JM Financial Ltd

Balance Sheet

Capital structure and asset base

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital76787979848484959595969696
Reserves2,1222,4652,8313,2404,4715,0485,5556,9057,5918,0418,3959,63210,198
Borrowings +2,9884,7236,6729,44414,98813,99111,75612,40513,49815,93916,22811,50711,360
Other Liabilities +7441,2391,4803,7822,6643,5173,3513,9734,4775,1374,8743,1122,930
Total Liabilities5,9308,50511,06116,54522,20622,64020,74623,37825,66129,21329,59224,34724,584
Fixed Assets +228445444474427424450423414505572579599
CWIP1212311137410168
Investments4956407722,1562,3882,9334,0145,8023,6393,5844,7245,4644,302
Other Assets +5,2077,4189,84413,91319,38819,28216,28017,15321,60525,11624,29218,29419,514
Total Assets5,9308,50511,06116,54522,20622,64020,74623,37825,66129,21329,59224,34724,584

Financials of JM Financial Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +1,058-1,717-918-2,546-3,5847733,164969-3,203-2,3073,6355,569
Cash from Investing Activity +585-281264-326-708-148-901-2,2492,616-592-2,090-2,475
Cash from Financing Activity +-1,5941,7831,3052,4244,540-522-2,2051,2961,0242,160162-4,786
Net Cash Flow48-215651-4482471035816437-7391,708-1,692
Free Cash Flow945-1,954-937-2,610-3,6057553,154963-3,220-2,4313,5825,536
CFO/OP192%-173%-56%-125%-136%46%141%58%-113%-96%145%249%

Financials of JM Financial Ltd

Ratios

Working capital efficiency and return ratios

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days716277182102723458491354353
Inventory Days
Days Payable
Cash Conversion Cycle716277182102723458491354353
Working Capital Days-132-377-232-244-308-7123528823041110589
ROCE %10%14%13%15%13%13%12%10%11%8%10%9%

Guidance history

How JM Financial Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlannedPlanned—
Q4 FY26 call →10–20%FlatPlannedPlannedRising
Q3 FY26 call →10–20%FlatPlannedPlanned—
Q2 FY26 call →20–40%FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

13out of 100

Momentum score · price trend

13 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−33.4%18%
Last 6 months−18.0%22%
Last 3 months−6.0%51%

The price is 40.9% below its all-time high of ₹192.8 (22 Aug 2025). Stocks more than 20% below their peak have their score halved, so 26 became 13.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For JM Financial Ltd: 0.4 × 18 + 0.4 × 22 + 0.2 × 51 = 26, halved to 13 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

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What JM Financial Ltd's management said in earlier quarters

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