JM Financial Ltd.
JMFINANCILFinancial Services filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
14 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 14 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20220531 | 2022-03-31 | yes | |
| TRANSCRIPT | 20221121 | 2022-09-30 | yes | |
| TRANSCRIPT | 20230516 | 2023-03-31 | yes | |
| TRANSCRIPT | 20231110 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240531 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240813 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241104 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250203 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250520 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250814 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251110 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260211 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260604 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260810 | 2026-06-30 | yes |
JMFINANCIL
files as a non-banking financial company. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | nbfc |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 127.03 |
| 52-week range | 113.61 – 177.95 |
| Return 1M | -2.58% |
| Return 3M | 0.97% |
| Return 1Y | -25.82% |
| Return 3Y | 49.01% |
| Return 5Y | 37.63% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 1,201.00 |
| Other income | 24.00 |
| Total income | 1,225.00 |
| Cost of materials consumed | 0.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | 0.00 |
| Employee benefit expense | 296.00 |
| Finance costs | 247.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.57 | -0.00 |
| institutions foreign | 0.17 | -0.00 |
| institutions domestic | 0.05 | -0.00 |
| mutual funds | 0.05 | -0.00 |
| public | 0.43 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 14 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-03-31 | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 810.00 | 858.00 | 928.00 | 846.00 | 1,065.00 | 1,236.00 | 1,261.00 | 1,077.00 | 1,191.00 | 1,106.00 | 1,004.00 | 1,111.00 | 1,031.00 | 999.00 | 949.00 | 1,201.00 |
| Other income | 30.00 | 19.00 | 19.00 | 26.00 | 16.00 | 25.00 | 15.00 | 17.00 | 21.00 | 14.00 | 23.00 | 10.00 | 13.00 | 127.00 | 20.00 | 24.00 |
| Total income | 839.00 | 877.00 | 946.00 | 871.00 | 1,081.00 | 1,261.00 | 1,276.00 | 1,094.00 | 1,211.00 | 1,121.00 | 1,027.00 | 1,121.00 | 1,044.00 | 1,126.00 | 969.00 | 1,225.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 97.00 | 141.00 | 159.00 | 174.00 | 193.00 | 246.00 | 120.00 | 231.00 | 292.00 | 221.00 | 220.00 | 299.00 | 271.00 | 285.00 | 200.00 | 296.00 |
| Finance costs | 250.00 | 270.00 | 301.00 | 347.00 | 366.00 | 400.00 | 407.00 | 370.00 | 343.00 | 318.00 | 274.00 | 251.00 | 254.00 | 248.00 | 246.00 | 247.00 |
| Depreciation and amortisation | 10.00 | 10.00 | 10.00 | 12.00 | 12.00 | 14.00 | 14.00 | 16.00 | 15.00 | 16.00 | 16.00 | 17.00 | 19.00 | 20.00 | 22.00 | 22.00 |
| Other expenses | 110.00 | 109.00 | 111.00 | 136.00 | 133.00 | 135.00 | 113.00 | 71.00 | 91.00 | 82.00 | 111.00 | 76.00 | 82.00 | 86.00 | 121.00 | 95.00 |
| Total expenses | 518.00 | 559.00 | 624.00 | 817.00 | 851.00 | 844.00 | 1,001.00 | 849.00 | 1,058.00 | 834.00 | 716.00 | 529.00 | 700.00 | 704.00 | 726.00 | 769.00 |
| Profit before exceptional items and tax | 322.00 | 318.00 | 322.00 | 54.00 | 230.00 | 417.00 | 275.00 | 245.00 | 154.00 | 287.00 | 311.00 | 593.00 | 344.00 | 422.00 | 243.00 | 456.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -847.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -21.00 | 0.00 | 0.00 |
| Profit before tax | 322.00 | 318.00 | 322.00 | 54.00 | 230.00 | 417.00 | -572.00 | 245.00 | 154.00 | 287.00 | 311.00 | 593.00 | 344.00 | 400.00 | 243.00 | 456.00 |
| Current tax | 84.00 | 54.00 | 85.00 | 63.00 | 83.00 | 76.00 | 86.00 | 58.00 | 83.00 | 93.00 | 65.00 | 82.00 | 66.00 | 84.00 | 54.00 | 119.00 |
| Deferred tax | 9.00 | 26.00 | -3.00 | -42.00 | -28.00 | 19.00 | 16.00 | 1.00 | -73.00 | -14.00 | 11.00 | 53.00 | 23.00 | 12.00 | 30.00 | -32.00 |
| Tax expense | 92.00 | 80.00 | 81.00 | 21.00 | 55.00 | 96.00 | 103.00 | 59.00 | 10.00 | 79.00 | 76.00 | 135.00 | 89.00 | 95.00 | 84.00 | 87.00 |
| Profit for the period | 228.00 | 238.00 | 240.00 | 32.00 | 177.00 | 322.00 | -674.00 | 187.00 | 144.00 | 207.00 | 235.00 | 459.00 | 262.00 | 318.00 | 162.00 | 369.00 |
| Profit attributable to owners | 179.00 | 180.00 | 190.00 | 57.00 | 166.00 | 278.00 | -229.00 | 171.00 | 232.00 | 209.00 | 210.00 | 454.00 | 270.00 | 313.00 | 165.00 | 292.00 |
| Profit attributable to non-controlling interests | 50.00 | 58.00 | 50.00 | -25.00 | 11.00 | 45.00 | -445.00 | 16.00 | -88.00 | -2.00 | 25.00 | 5.00 | -8.00 | 6.00 | -3.00 | 77.00 |
| Other comprehensive income | 4.00 | 3.00 | 3.00 | -1.00 | -1.00 | -0.00 | -0.00 | -1.00 | -1.00 | 4.00 | 0.00 | -0.00 | 7.00 | 3.00 | 17.00 | -1.00 |
| Total comprehensive income | 232.00 | 241.00 | 243.00 | 32.00 | 176.00 | 322.00 | -675.00 | 186.00 | 144.00 | 211.00 | 235.00 | 459.00 | 269.00 | 321.00 | 179.00 | 368.00 |
| Earnings per share, basic | 1.87 | 1.89 | 1.99 | 0.60 | 1.74 | 2.91 | -2.39 | 1.79 | 2.43 | 2.19 | 2.19 | 4.75 | 2.82 | 3.27 | 1.73 | 3.05 |
| Earnings per share, diluted | 1.87 | 1.88 | 1.99 | 0.60 | 1.74 | 2.91 | -2.39 | 1.79 | 2.43 | 2.18 | 2.19 | 4.74 | 2.82 | 3.27 | 1.73 | 3.05 |
| Interest earned | 422.00 | 454.00 | 488.00 | 530.00 | 518.00 | 675.00 | 667.00 | 554.00 | 533.00 | 453.00 | 389.00 | 489.00 | 389.00 | 380.00 | 393.00 | 423.00 |
| Fees and commission income | 186.00 | 133.00 | 200.00 | 161.00 | 203.00 | 296.00 | 323.00 | 188.00 | 284.00 | 231.00 | 316.00 | 232.00 | 341.00 | 306.00 | 238.00 | 200.00 |
| Net gain on fair value changes | 82.00 | 158.00 | 116.00 | 0.00 | 180.00 | 131.00 | 100.00 | 155.00 | 156.00 | 268.00 | 156.00 | 211.00 | 109.00 | 138.00 | 113.00 | 381.00 |
| Dividend income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Rental income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Annual results, as filed
| Line | 2020-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|
| Revenue from operations | 3,432.00 | 3,707.00 | 3,265.00 | 4,761.00 | 4,378.00 | 4,091.00 |
| Other income | 22.00 | 56.00 | 78.00 | 71.00 | 75.00 | 169.00 |
| Total income | 3,454.00 | 3,763.00 | 3,343.00 | 4,832.00 | 4,453.00 | 4,261.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 395.00 | 548.00 | 622.00 | 795.00 | 963.00 | 1,054.00 |
| Finance costs | 1,386.00 | 1,082.00 | 1,179.00 | 1,562.00 | 1,305.00 | 999.00 |
| Depreciation and amortisation | 41.00 | 38.00 | 42.00 | 53.00 | 64.00 | 78.00 |
| Other expenses | 304.00 | 400.00 | 452.00 | 350.00 | 356.00 | 365.00 |
| Total expenses | 2,360.00 | 2,415.00 | 2,390.00 | 3,632.00 | 3,456.00 | 2,659.00 |
| Profit before exceptional items and tax | 1,094.00 | 1,348.00 | 953.00 | 1,200.00 | 997.00 | 1,602.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | -847.00 | 0.00 | -21.00 |
| Profit before tax | 1,094.00 | 1,348.00 | 953.00 | 353.00 | 997.00 | 1,580.00 |
| Current tax | 332.00 | 416.00 | 243.00 | 339.00 | 299.00 | 286.00 |
| Deferred tax | -16.00 | -60.00 | 1.00 | -13.00 | -74.00 | 118.00 |
| Tax expense | 316.00 | 356.00 | 244.00 | 326.00 | 225.00 | 404.00 |
| Profit for the period | 778.00 | 992.00 | 709.00 | 31.00 | 774.00 | 1,201.00 |
| Profit attributable to owners | 545.00 | 773.00 | 597.00 | 410.00 | 821.00 | 1,202.00 |
| Profit attributable to non-controlling interests | 233.00 | 219.00 | 112.00 | -379.00 | -48.00 | -1.00 |
| Other comprehensive income | 9.00 | 4.00 | 11.00 | 0.00 | 3.00 | 27.00 |
| Total comprehensive income | 787.00 | 997.00 | 720.00 | 31.00 | 776.00 | 1,228.00 |
| Earnings per share, basic | 6.48 | 8.11 | 6.26 | 4.29 | 8.59 | 12.57 |
| Earnings per share, diluted | 6.45 | 8.09 | 6.25 | 4.29 | 8.58 | 12.55 |
| Interest earned | 2,281.00 | 1,851.00 | 1,935.00 | 2,556.00 | 1,928.00 | 1,652.00 |
| Fees and commission income | 646.00 | 817.00 | 657.00 | 1,098.00 | 1,019.00 | 1,117.00 |
| Net gain on fair value changes | 176.00 | 589.00 | 183.00 | 560.00 | 735.00 | 571.00 |
| Dividend income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Rental income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|
| Total assets | 25,755.00 | 29,370.00 | 29,764.00 | 28,031.00 | 24,504.00 | 24,584.00 | 26,537.00 |
| Property, plant and equipment | 420.00 | 440.00 | 495.00 | 500.00 | 503.00 | 518.00 | 540.00 |
| Capital work-in-progress | 6.00 | 7.00 | 4.00 | 8.00 | 10.00 | 168.00 | 160.00 |
| Goodwill | 52.00 | 52.00 | 52.00 | 52.00 | 52.00 | 52.00 | 52.00 |
| Other intangible assets | 7.00 | 12.00 | 25.00 | 22.00 | 23.00 | 29.00 | 33.00 |
| Inventories | 0.00 | 102.00 | 143.00 | 139.00 | 130.00 | 128.00 | 128.00 |
| Cash and cash equivalents | 267.00 | 524.00 | 2,232.00 | 1,615.00 | 540.00 | 1,180.00 | 472.00 |
| Total equity and liabilities | 25,755.00 | 29,370.00 | 29,764.00 | 28,031.00 | 24,504.00 | 24,584.00 | 26,537.00 |
| Equity | 10,959.00 | 11,270.00 | 11,056.00 | 11,261.00 | 10,230.00 | 10,912.00 | 11,358.00 |
| Equity share capital | 95.00 | 95.00 | 96.00 | 96.00 | 96.00 | 96.00 | 96.00 |
| Other equity | 7,873.00 | 8,041.00 | 8,395.00 | 8,615.00 | 9,632.00 | 10,198.00 | 10,562.00 |
| Total liabilities | 14,796.00 | — | — | — | 14,274.00 | 13,671.00 | 15,179.00 |
Cash flow, as filed
| Line | 2022-03-31 | 2022-09-30 | 2023-03-31 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | -3,203.00 | -860.00 | -2,449.00 | 3,635.00 | 3,510.00 | 5,569.00 | -318.00 | 581.00 |
| Net cash from investing activities | 2,616.00 | 382.00 | -451.00 | -2,090.00 | -1,653.00 | -2,475.00 | 1,231.00 | -532.00 |
| Net cash from financing activities | 1,024.00 | -518.00 | 2,161.00 | 162.00 | -2,474.00 | -4,786.00 | -273.00 | -116.00 |
| Purchase of property, plant and equipment | 17.00 | 73.00 | 125.00 | 54.00 | 15.00 | 34.00 | 31.00 | 64.00 |
| Net increase in cash | 437.00 | -996.00 | -739.00 | 1,708.00 | -617.00 | -1,692.00 | 640.00 | -68.00 |
| con:CFO.BEFORE_TAX | -2,751.00 | -713.00 | -2,901.00 | 2,997.00 | 3,223.00 | 5,187.00 | -499.00 | 141.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 1,865.00 | 2,567.00 | 1,094.00 | 1,982.00 | 850.00 | 1,639.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 1,139.00 | 1,549.00 | 669.00 | 1,396.00 | 526.00 | 983.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 452.00 | 147.00 | 274.00 | 380.00 | 137.00 | 205.00 | 143.00 | 216.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 239.00 | 416.00 | 992.00 | 1,176.00 | 1,541.00 | 2,448.00 | 496.00 | 1,274.00 |
| con:INVESTMENTS_SOLD | 2,804.00 | 1,373.00 | 1,062.00 | 457.00 | 515.00 | 715.00 | 1,986.00 | 1,069.00 |
| con:PPE_DISPOSALS | 0.00 | 0.00 | 0.00 | 1.00 | 1.00 | 2.00 | 8.00 | 10.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | -13.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 56.49 | 56.47 | 56.47 | 56.44 | 56.44 | 56.43 | 56.43 | 56.43 | 56.50 | 56.51 | 0.57 | 0.57 | 0.57 | 0.57 |
| Domestic institutions | 7.46 | 7.62 | 8.06 | 8.46 | 8.46 | 8.63 | 8.57 | 7.20 | 7.07 | 6.53 | 0.06 | 0.06 | 0.06 | 0.05 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 5.77 | 0.05 | 0.05 | 0.05 | 0.05 |
| Insurance companies | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
| Foreign institutions | 21.24 | 20.72 | 18.81 | 17.93 | 18.18 | 16.83 | 15.31 | 17.01 | 17.49 | 17.69 | 0.18 | 0.18 | 0.17 | 0.17 |
| Government | — | — | — | — | — | — | — | — | — | 0.00 | 0.00 | — | — | — |
| Public | 43.51 | 43.53 | 43.53 | 43.56 | 43.56 | 43.57 | 43.57 | 43.57 | 43.50 | 43.49 | 0.43 | 0.43 | 0.43 | 0.43 |
| Non-institutional | 14.81 | 15.19 | 16.66 | 17.17 | 16.92 | 18.11 | 19.69 | 19.36 | 18.94 | 19.27 | 0.19 | 0.20 | 0.20 | 0.21 |
| Shares outstanding | 954803803 | 955031409 | 955104022 | 955528952 | 955592751 | 955739242 | 955753737 | 955765816 | 955843110 | 956162340 | 956216090 | 956335873 | 956370552 | 956959936 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| JM Financial Products Limited | Subsidiary | Any other transaction, Dividend received, Inter-corp | 23,965,700,000.00 | 33 |
| ARB Maestro | Subsidiary | Any other transaction, Interest paid | 12,542,300,000.00 | 8 |
| JM Financial Credit Solutions Limited | Subsidiary | Any other transaction, Dividend received, Interest p | 8,316,000,000.00 | 15 |
| JM Financial Asset Reconstruction Company Limited | Subsidiary | Any other transaction, Investment, Sale of goods or | 5,422,000,000.00 | 12 |
| JM Financial Home Loans Limited | Subsidiary | Any other transaction, Inter-corporate deposit, Inte | 1,013,300,000.00 | 4 |
| JM Financial Commtrade Limited | Subsidiary | Any other transaction, Interest paid, Loan | 441,700,000.00 | 3 |
| JM Financial Asset Management Limited | Subsidiary | Any other transaction, Inter-corporate deposit, Inte | 264,000,000.00 | 5 |
| Key Managerial Personnel (KMPs) | Key Managerial Personnel | Remuneration | 233,400,000.00 | 7 |
| JM Financial Services Limited | Fellow Subsidiaries | Any other transaction, Sale of goods or services | 85,600,000.00 | 3 |
| JM Financial Securities, Inc | Fellow Subsidiaries | Purchase of goods or services, Sale of goods or serv | 60,900,000.00 | 2 |
| Astute Investments | Subsidiary | Advance, Any other transaction, Interest received | 49,000,000.00 | 12 |
| Arb Maestro | Members of the same Group | Advance, Any other transaction, Interest received | 45,200,000.00 | 5 |
| JM Financial Institutional Securities Limited | Fellow Subsidiaries | Any other transaction, Sale of goods or services | 36,800,000.00 | 4 |
| J.M. Financial & Investment Consultancy Services Private | Private Company in which director | Any other transaction, Purchase of goods or services | 27,400,000.00 | 13 |
| JM Financial Singapore Pte Ltd | Fellow Subsidiaries | Purchase of goods or services | 23,100,000.00 | 1 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-10 | Q1FY27 | Digant Haria: | Read the call |
| 2026-06-04 | Q4FY26 | Read the call | |
| 2026-02-11 | Q3FY26 | Read the call | |
| 2025-11-10 | Q2FY26 | Read the call | |
| 2025-08-14 | Q1FY26 | Read the call | |
| 2025-05-20 | Q4FY25 | Read the call | |
| 2025-02-03 | Q3FY25 | Read the call | |
| 2024-11-04 | Q2FY25 | FINANCIAL LIMITED, JM FINANCIAL LIMITED, LOANS LIMITED, Vishal Kampani:, touchtone phone. | Read the call |
| 2024-08-13 | Q1FY25 | FINANCIAL LIMITED, LIMITED | Read the call |
| 2024-05-31 | Q4FY24 | HOME LOANS LIMITED | Read the call |
| 2023-11-10 | Q2FY24 | Read the call | |
| 2023-05-16 | Q4FY23 | Read the call | |
| 2022-11-21 | Q2FY23 | Read the call | |
| 2022-05-31 | Q4FY22 | Read the call |
What they said about it, quarter by quarter
| Topic | Q2FY26 | Q3FY25 | Q3FY26 | Q4FY22 | Q4FY23 | Q4FY24 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capital allocation | And secondly, even this interim dividend is a very welcome change. | So, then anything on the cash distribution part or dividend or buyback? | — | And just one extension to that, so one of your large competitors will undergo a merger and acquisition and will that leave us some space to grow espec… | So, I think we are far ahead in the game now to be able to look at any acquisition. | Are you open to buyback if the valuations are not improving? | And number two is, we have given good dividend this time, but as I can see from the balance sheet, there is still scope for doing a lot more on the di… | And we are committed to declaring 50% of that PAT as dividend every year for our shareholders. |
| Costs | — | But the key raw material to IB is the talent. | — | — | — | — | — | That, to my mind, while we are building this out, the productivity gain or the cost savings will still take some time, but those will show in also. |
| Debt and cash | So that will significantly boost a lot of that asset conversion into cash flow. | So, you may have 1 quarter or 2 quarters where you don't have a lot of recovery and then you may have a quarter which is very, very good and you have … | — | And that number is very important to highlight because that is actually sort of the cash flow we have generated, including tax but that’s the cash flo… | Wherever the cash flows are expected from public sector or any kind of government or state government, those cash flows have been delayed. | And this becomes kind of a pretty heavy burden on the NBFC balance sheets because it's like deadweight capital sitting on your balance sheet, which is… | 3,000 crores real estate book and a corporate plus bespoke book of another 6,000 to 7,000, I think there is a very good earnings potential in the priv… | So you're seeing tons of growth coming in over the next few years as well as a good amount of cash flow being repaid back to investors. |
| Demand | Firstly, congratulations on this capital market and advisory division, you've done strongly well and good to see the pipeline also growing. | Having said that, we know we have a very strong pipeline on DRHPs that are already filed which is the public domain. | The Capital Markets and Corporate Advisory business is obviously highly deal related and what we actually monitor is where the pipeline is healthy and… | So, just two questions on it, how does the pipeline looking like and will we be able to, again, maintain some sort of consistency? | So, your question was on 2015 to '18 interest rates or general demand in the sector? | — | The M&A pipeline, which was built, a significant part of that execution happened in the last quarter. | I think we had a very good deal pipeline until, say, Jan, Feb, probably the best ever. |
| Guidance | Just a broad guide that will be helpful? | And just in case, if there is a delayed recovery cycle there as well, then could we anticipate any further provisioning or leakages from there, which … | The activity levels that we anticipate over the next foreseeable future, 1, 2 and 3 years will remain very, very strong. | — | And we expect that this number with all the efforts that we are putting in the teams that we are building in the next 5 years will actually double. | We expect a similar number, in fact, maybe even higher number of recoveries. | And I think the pipeline is very robust, as I said, and we expect very decent growth to continue in the next foreseeable future. | And immediately after, we will also see the launch of the PE fund, where we expect to raise at least a similar number. |
| Margin | With aggressive provision bringing the provision coverage ratio on troubled real estate loan to 94%, right, and the significant deleveraging with a de… | And I think our margin trade finance business, again, will be approximately INR3,000 crores. | So one has to wait out, maybe sometimes be a bit more patient and manage how you choose your business from a margin perspective in a smarter way. | — | This loan book, however, does not include the SEBI margin trade financing book, which is approximately INR636 crores and is part of our Platform AWS b… | We will invest more capital into our brokerage business because we want to be a larger player in loan against shares and margin trade financing. | It operates at almost 50% ROE and almost 40% PBT margin. | There were a lot of costs in digital, which will go down over the next couple of years and will get expensed over a broader base, so we get some opera… |
| People | And therefore, there's been some shift of costs from the private market business to the AIF business and some because of a natural attrition of the 2 … | We've made significant resource hiring on the research side. | And as we continue, you will see that we've done a big part of the build-out in terms of hiring RMs. | — | — | — | — | — |
| Pricing | — | — | Also on the real estate side, which I highlighted, I think, a quarter or 2 quarters ago, is that we're going to see normalized pricing for constructio… | — | We have faced a delay and some uncertainties in the outcome of valuations as well as pricing for some of the assets that we are selling and those dela… | And real estate developers have realized that when they are taking early-stage financing, it is just easier to do that from an AIF platform than doing… | — | And secondly, we are seeing domestic mutual funds being very conservative when it comes to pricing of IPOs and transactions. |
| Revenue growth | — | So, some colour on which segments have lagged and which segments have done well on the investment banking side because overall, it seems degrowth of 1… | So that will give you a very good comparison in terms of what the recurring revenue growth is from the recurring assets as well as what is the transac… | The capital markets book has registered a year-on-year degrowth of 2%. | Retail mortgages loan book constitutes 12% of the loan book and stood at INR1,918 crores, registering a growth of 64% year-on-year. | — | — | But FY27, can we see a little bit of revenue growth also in this sector and our loan books. |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2024-11-04 | Q2FY25 | JM FINANCIAL LIMITED | The estimated value of transactions for which DRHP for IPOs is filed by us already stands at over INR50,000 crores, and we expect to file maybe another INR50,000 crores in the next 6 months. |
| 2024-11-04 | Q2FY25 | JM FINANCIAL LIMITED | Real estate will keep running down, the balance INR4,000 crores we expect to run down over the next 3 years. |
| 2024-11-04 | Q2FY25 | JM FINANCIAL LIMITED | FIFG, which is INR777 crores, we expect to fully run down in the next 1 year. |