Jm Financial Limited (JMFINANCIL)

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Jm Financial Limited (JMFINANCIL) · mywealthgrid

About

Jm Financial Limited is a holding company in the Financials sector with a market capitalisation of ₹12,099 Cr. It operates financial services businesses and maintains a regular dividend track record. The company trades at a PE of 11.63 against an ROE of 11.79%.

Face value: ₹1

Market cap

₹11,809 Cr

P/E

11.4×

P/B

1.1×

Dividend yield

4.8%

ROE

11.8%

ROCE

—

Debt / equity

1.08

OPM

61.4%

EPS (TTM)

₹10.9

Book value

₹111.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins vary sharply across quarters (4–61%), pointing to either inconsistent business segments or exposure to cyclical/volatile operations—verify revenue composition and seasonal drivers
Debt-to-equity of 1.08 provides limited cushion for a financial services company; confirm debt is within regulatory capital requirements and can service obligations across credit cycles
One-year return of –18.44% despite modest PE valuation suggests the market has repriced the company on deteriorating fundamentals; establish what operational or strategic concerns are driving the discount
Quarterly net profit swings from ₹2.5 Cr to ₹368.57 Cr; clarify whether this reflects seasonal variability, subsidiary consolidation timing, or material disruptions to core earnings

Generated analysis · source review pending

Growth drivers

Consistent dividend distributions and ROE of 11.79% indicate sustained cash generation and profitability from financial services operations
Operating margins of 49–61% in recent high-revenue quarters demonstrate a capital-efficient model with meaningful pricing power and returns
As a holding company with subsidiaries in financial services, the company can benefit from India's credit growth and capital market expansion—verify subsidiary scaling and market share trends

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹123.4-1.9%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 61.4%
+Profit CAGR of 15.3% over the last 5 years
+Dividend yield of 4.8%
+Dividend payout of 54.7% of profit

Cons

−Low return on equity of 8.6% (3-yr avg)
−Modest revenue growth of 5.1% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

59/100

Business quality: 46
Growth: 41
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,495	2,159	2,959	3,432	3,197	3,707	3,265	4,761	4,378	4,091
Interest	512	782	1,145	1,386	1,111	1,082	1,179	1,562	1,305	999
Expenses	459	582	756	933	1,009	1,296	1,170	2,017	2,087	1,581
Financing profit	523	795	1,059	1,113	1,077	1,330	916	1,182	985	1,511
Financing margin %	35%	36.8%	35.8%	32.4%	33.7%	35.9%	28.1%	24.8%	22.5%	36.9%
Other income	—	—	—	22	29	56	78	71	75	169
Depreciation	20	23	26	41	40	38	42	53	64	78
Exceptional items	—	—	—	0	0	0	0	-847	0	-21
Profit before tax	693	972	1,309	1,094	1,069	1,348	953	357	998	1,605
Tax	222	335	439	316	261	356	244	326	225	404
Tax %	32.1%	34.5%	33.5%	28.9%	24.4%	26.4%	25.6%	91.4%	22.5%	25.2%
PAT	470	637	870	778	808	992	709	31	774	1,201
EPS (₹)	5.1	5.9	7.9	6.5	6.3	8.1	6.3	4.3	8.6	12.6
EPS adjusted (₹)	6	5.9	7.9	6.5	6.2	—	6.3	4.3	8.6	12.6
	28.5%	25.3%	22.9%	3.1%	7.9%	20.3%	28.8%	46.6%	31.4%	25.9%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	79	79	79	84	84	95	—	95	96	96	96
Reserves	2,656	3,078	3,345	4,471	5,555	6,905	—	8,041	8,395	9,632	10,562
Minority interest	—	—	1,704	1,918	2,496	2,676	—	3,134	2,566	503	701
	6,671	10,802	10,953	14,988	11,756	12,369	13,458	15,875	16,145	11,419	11,522
	1,655	2,586	1,196	746	855	1,330	—	2,226	2,563	2,854	3,657
Total equity & liabilities	11,061	16,545	17,278	22,206	20,746	23,375	—	29,370	29,764	24,504	26,537
	339	381	381	375	398	423	—	505	572	579	625
CWIP	1	2	2	3	1	1	—	7	4	10	160
Investments	772	2,156	1,783	2,388	4,014	5,802	3,639	3,584	4,724	5,464	6,209
	9,949	14,006	15,112	19,440	16,333	17,149	—	25,274	24,463	18,451	19,543
Total assets	11,061	16,545	17,278	22,206	20,746	23,375	—	29,370	29,764	24,504	26,537

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Wealth and Asset Management	1,458.63	101.97	6,740.9	5,474.3	1,266.6	8.05
Private Markets	1,298.19	739.92

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	74.5%	72.8%	68.4%	65.1%	64.2%	57.6%	52.3%	61.4%
EBIT margin %	73.6%	71.6%	67.2%	64%	62.9%	56.5%	50.9%	59.4%
PAT margin %	29.4%	22.7%	25.3%	26.8%	21.7%	0.7%	17.7%	29.4%
Working capital
Receivable days	157	34	57	—	—	—	—	—
Inventory days	—	—	0	—	32	26	23	29
Payable days	0	172	277	—	—	—	—	—
NWC days	—	—	-220	—	—	—	—	—
Leverage
Current ratio	—	—	—	—	—	—	—	—
Debt to EBITDA	4.97	4.7	5.65	5.58	7.58	5.89	4.99	4.59
Debt to equity	3.2	2.08	1.77	—	1.95	1.9	1.17	1.08
Interest coverage	1.9	1.8	2	2.2	1.8	1.8	1.8	2.6
Asset turnover	0.17	0.17	0.14	—	0.11	0.16	0.18	0.15
Return ratios
Return on assets %	5%	3.7%	3.5%	—	2.4%	0.1%	3.2%	4.5%
Return on capital employed %	—	—	—	—	—	—	—	—
Return on equity %	25.4%	13.8%	11.5%	—	8.7%	0.4%	8%	11.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.47%	56.44%	56.44%	56.43%	56.43%	56.43%	56.5%	56.51%	56.6%	56.9%	57.07%	57.03%
	18.81%	17.93%	18.18%	16.83%	15.31%	17.01%	17.49%	17.69%	18.38%	17.7%	17.15%	16.95%
	8.06%	8.46%	8.46%	8.63%	8.57%	7.2%	7.07%	6.53%	5.61%	5.77%	5.89%	5.49%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	16.66%	17.17%	16.92%	18.11%	19.69%	19.36%	18.94%	19.27%	19.41%	19.63%	19.89%	20.53%
No. of shareholders	—	—	—	—	—	—	—	—	1,77,160	1,76,556	1,72,802	1,75,511

Promoter holding up 0.56 percentage points since Sep 2023.

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
Ashish ChaturmohtaEmployees/Designated Employees	BuyESOP	20,000	₹34.53 L	0.01% → 0.01%	29 Sept 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

41 deals · 19 Sept 2022 – 1 Dec 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
1 Dec 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	51,61,900	₹156.39	₹80.73 Cr
1 Dec 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	51,61,191	₹156.24	₹80.64 Cr
30 Dec 2024	J M FINANCIAL AND INVESTMENT CONSULTANCY SERVICES PRIVATE LIMITED	Block	BSE	Buy	27,00,000	₹127.55	₹34.44 Cr
30 Dec 2024	J S B SECURITIES LTD	Block	BSE	Sell	27,00,000	₹127.55	₹34.44 Cr
22 Nov 2024	SNK INVESTMENTS PRIVATE LIMITED	Block	BSE	Buy	10,65,000	₹131.90	₹14.05 Cr
22 Nov 2024	J M ASSETS MANAGEMENT PRIVATE LIMITED	Block	BSE	Buy	10,65,000	₹131.90	₹14.05 Cr
22 Nov 2024	ARUNA NIMESH KAMPANI	Block	BSE	Sell	10,65,000	₹131.90	₹14.05 Cr
30 Sept 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	50,16,348	₹150.64	₹75.57 Cr
30 Sept 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	50,16,348	₹150.47	₹75.48 Cr
27 Sept 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	48,36,985	₹146.55	₹70.89 Cr

1–10 of 41

1 / 5

Mr. Nimesh N KampaniNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Vishal N KampaniExecutive Director-MD
Mr. Palamadai Sundararajan JayakumarNon-Executive - Independent Director
Mr. Navroz Darius UdwadiaNon-Executive - Independent Director
Ms. Roshini Hemant BakshiNon-Executive - Independent Director
Mr. Pradip Manilal KanakiaNon-Executive - Independent Director
Mr. Sumit BoseNon-Executive - Independent Director
Mr. Hariharan Ramamurthi AiyarNon-Executive - Non Independent Director
Mr. Adi Rusi PatelExecutive Director-MD
Mr. Nishit ShahChief Financial Officer
Mr. Hemant PandyaCompany Secretary & Compliance Officer

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 8 fund houses

Held by these funds

2.63%

of the company's equity

All mutual funds

4.73%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

26 schemes · 8 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1.02 Cr	130.4	1.6%	1.065%	+10.34 L
Infrastructure Fund	ICICI Prudential Mutual Fund	63.98 L	81.89	0.96%	0.669%	-7.5 L
Dividend Yield FundNEW	ICICI Prudential Mutual Fund	54.91 L	70.27	1.05%	0.574%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	15.55 L	19.9	2.51%	0.163%	-0
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	6.14 L	7.85	0.22%	0.064%	+7,502
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	3.12 L	3.99	0.22%	0.033%	+3,487
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	2.26 L	2.89	0.22%	0.024%	+2,052
Nifty Smallcap 250 Index Fund	ICICI Prudential Mutual Fund	1.38 L	1.76	0.22%	0.014%	+2,809

1–8 of 26

1 / 4

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

89 announcementsExport CSV

28 Sept 2026, 10:35 pmCompany Update

Announcement under Regulation 30 (LODR)-Acquisition

Acquisition PDF

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Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	74.5%	72.8%	68.4%	65.1%	64.2%	57.6%	52.3%	61.4%
EBIT margin %	73.6%	71.6%	67.2%	64%	62.9%	56.5%	50.9%	59.4%
PAT margin %	29.4%	22.7%	25.3%	26.8%	21.7%	0.7%	17.7%	29.4%
Working capital
Receivable days	157	34	57	—	—	—	—	—
Inventory days	—	—	0	—	32	26	23	29
Payable days	0	172	277	—	—	—	—	—
NWC days	—	—	-220	—	—	—	—	—
Leverage
Current ratio	—	—	—	—	—	—	—	—
Debt to EBITDA	4.97	4.7	5.65	5.58	7.58	5.89	4.99	4.59
Debt to equity	3.2	2.08	1.77	—	1.95	1.9	1.17	1.08
Interest coverage	1.9	1.8	2	2.2	1.8	1.8	1.8	2.6
Asset turnover	0.17	0.17	0.14	—	0.11	0.16	0.18	0.15
Return ratios
Return on assets %	5%	3.7%	3.5%	—	2.4%	0.1%	3.2%	4.5%
Return on capital employed %	—	—	—	—	—	—	—	—
Return on equity %	25.4%	13.8%	11.5%	—	8.7%	0.4%	8%	11.3%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bajaj Holdings & Investment LimitedBAJAJHLDNGBAJAJHLDNG	₹1,18,713 Cr	₹1,18,713 Cr	₹1,139 Cr	₹965 Cr	84.8%	₹8,993 Cr	915.2%	—	14.2%	—
Choice International LimitedCHOICEINCHOICEIN	₹16,028 Cr	₹16,912 Cr	₹1,194 Cr	₹421 Cr	35.8%	₹251 Cr	21.3%	21.9%	16.1%	117
Edelweiss Financial Services LimitedEDELWEISSEDELWEISS	₹13,052 Cr	₹31,557 Cr	₹10,517 Cr	₹2,903 Cr	29.7%	₹602 Cr	6.5%	—	12.1%	—
Jm Financial LimitedJMFINANCILJMFINANCIL	₹11,809 Cr	₹23,331 Cr	₹4,180 Cr	₹2,360 Cr	61.4%	₹1,040 Cr	29.4%	—	11.8%	—
Kama Holdings LimitedKAMAHOLDKAMAHOLD	₹7,264 Cr	—	₹38 Cr	₹37 Cr	97.7%	₹38 Cr	100.6%	—	7.1%	—
Rane Holdings LimitedRANEHOLDINRANEHOLDIN	₹2,172 Cr	₹3,053 Cr	₹6,129 Cr	₹442 Cr	7.4%	₹84 Cr	2.3%	14.8%	8.7%	49
Bf Investment LimitedBFINVESTBFINVEST	₹1,616 Cr	₹1,616 Cr	₹78 Cr	₹66 Cr	83.9%	₹390 Cr	369.5%	—	3.7%	—
Balmer Lawrie Investments LimitedBLILBLIL	₹1,443 Cr	—	₹124 Cr	—	—	₹31 Cr	25%	—	16.7%	—
Abans Financial Services LimitedAFSLAFSL	₹1,021 Cr	₹1,765 Cr	₹25,747 Cr	₹206 Cr	0.7%	₹128 Cr	0.4%	12.2%	8.3%	-0
Max India LimitedMAXINDMAXIND	₹856 Cr	₹858 Cr	₹214 Cr	₹-112 Cr	-55.6%	₹-132 Cr	-63.9%	-22.2%	-31.8%	-59
Gfl LimitedGFLLIMITEDGFLLIMITED	₹607 Cr	₹607 Cr	₹4 Cr	₹2 Cr	47.6%	₹61 Cr	—	—	1.8%	—
Nisus Finance Services Co LtdNISUSNISUS	₹384 Cr	—	₹561 Cr	₹139 Cr	24.7%	₹70 Cr	12.5%	—	—	—

Date	Category	Subject	Filing
28 Sept 2026, 10:35 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF
28 Sept 2026, 3:10 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
10 Sept 2026, 8:32 pm	Company Update General	JM Financial Ltd-$ - 523405 - Disclosure Under Regulation 30 Of The SEBI Listing Regulations	PDF
3 Sept 2026, 2:28 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI Listing Regulations	PDF
31 Aug 2026, 8:47 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
25 Aug 2026, 7:45 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI Listing Regulations	PDF
20 Aug 2026, 7:42 pm	Company Update General	Disclosure Under Regulation 30 Of SEBI Listing Regulations	PDF
11 Aug 2026, 5:30 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-3,584	773	3,164	969	-3,203	-2,449	3,635	5,569	581
	-708	-148	-901	-2,249	2,616	-451	-2,090	-2,475	-532
	4,540	-522	-2,205	1,296	1,024	2,161	162	-4,786	-116
Net cash flow	247	103	58	16	437	-739	1,708	-1,692	-68
Free cash flow	-3,606	755	—	963	-3,220	-2,573	3,581	5,535	517
CFO / Operating profit %	-162.7%	—	126.6%	44.3%	-132.8%	-116.9%	132.5%	243.1%	23.1%

Jm Financial Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

31

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Affordable Home Loans · revenue

Jm Financial Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Ratio timeline

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends31

Board meetings1

Bonus issues1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Affordable Home Loans · revenue

31

1

1