JM Financial Ltd

- The home loans business is fully capitalized and does not require raising outside primary capital for the next 5 years. - No immediate plans to raise additional capital for the Private Markets business; focus is on building syndication and scaling over 2-3 years. - Surplus cash has reduced year-on-year due to the buyout of minority investors in JM Financial Credit Solutions. - Future surplus capital will be deployed primarily on the loan side as the loan book grows. - Asset management will continue to receive capital allocation for growth in real estate funds and pre-IPO funds, but this investment phase is expected to complete within 1-2 years. - Corporate Advisory and Capital Markets division does not require further capital allocation due to its high ROE and low capital needs. - Wealth management growth is funded internally due to profitability of the core broking business; no external capital raise indicated.

- JM Financial is focusing on capital allocation primarily towards growing the loan book side, particularly home loans and private markets. - The home loans business is fully capitalized and expected to grow AUM by ~25% YoY over the next 3-4 years, with plans to add leverage to improve ROE. - Private Markets business will require 2-3 years to scale, with investments in syndication across private equity and credit sides to target a 12-13% ROE. - Wealth management and asset management businesses are in a massive investment phase, with capital allocated for growth and funding losses, especially in real estate and pre-IPO funds. This phase expected to complete in 1-2 years. - No further capital allocation expected for Corporate Advisory and Capital Markets as it is a high ROE, low capital requirement business. - Surplus capital reduced due to buyout of minority in JM Financial Credit Solutions; future surplus will be deployed in loan growth.

- Capital Markets & Corporate Advisory: Expected minimum 15% revenue growth per annum, potentially up to 20% with lower market volatility, driven by deal flow and larger transactions. - Wealth Management: Anticipated AUM growth of over 25% per annum over the next 2-3 years, with focus on increasing productivity rather than expanding RM headcount significantly in the short term. - Private Credit/Loan Book: Targeting around 20% year-on-year growth on the loan book over the next 3 years, with judicious balance sheet deployment and syndication strategies. - Broking: Continued low-cost, low-risk expansion with steady growth in brokerage revenue supported by branch and sales force expansion. - Overall: Across business lines, expected revenue growth ranges from mid-teens to high teens ROE with productivity gains completing within 1-2 years. The firm aims for 13-15% revenue growth and high teens profitability growth over 5-7 years.

- **Revenue Growth**: Expect 13-15% revenue growth over the next 5-7 years, driven by capital markets, corporate advisory, and wealth management businesses expanding and scaling up. - **Profitability Growth**: Profitability growth anticipated in the high teens percentage range as deal sizes grow and higher-margin products are introduced. - **Capital Markets & Corporate Advisory**: Pipeline remains strong; revenue growth minimum at 15% and potentially 20% with reduced volatility; profitability enhancement by choosing right deals. - **Wealth and Asset Management**: Currently in a heavy investment phase; post 1-2 years expects mid-teens ROE with gains in productivity and scale. - **Balance Sheet Capital Allocation**: No immediate need for fresh capital on home loans; dividend payout expected from private markets; capital allocated for asset management growth. - **EPS & Operating Earnings**: Operating PAT for Q3 FY26 stood at INR244 crores, a 17% YoY increase; consolidated PAT for nine months FY26 rose 69% YoY indicating strong earnings momentum.

The document does not explicitly provide details on the current or expected order book or pending orders for JM Financial Limited. However, relevant insights related to the business pipeline and deal activity include: - Investment Banking pipeline is very strong with about 54 IPOs filed; over 30+ deals approved by SEBI (Page 10). - Market conditions (volatility, geopolitics) are the main factor impacting deal execution, not SEBI approvals. - Strong deal pipeline expected over the next 1-3 years in Capital Markets and Corporate Advisory. - Private Credit business expects increased deal volume and heightened activity over the next 2-3 years. - Home Loans business expects around 25% AUM growth year-on-year for the next 3-4 years. - Syndication efforts planned across real estate, corporate, distressed, and private equity to grow loan book by ~20% Y-o-Y. - Overall transactional pipeline and market position expected to drive 13-15% revenue growth over 5-7 years. No concrete numeric order book values or pending order amounts are specified.