Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Oct - Copy of newspaper advertisement relating to special window for transfer requests of equity shares held in physical mode
Source: Bse
JM Financial Limited (JMFINANCIL)
Small CapFinancial Services stocks · Small cap · NSE
JM Financial Limited is a diversified financial services group in India, focusing on high-growth and high-RoE businesses. Its segments include Corporate Advisory & Capital Markets, Private Markets, Wealth & Asset Management, and Affordable Home Loans, emphasizing leadership, strong client relationships, and a 'syndication/co-invest' approach.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result03 Aug, 08:18 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
28Bearishfull bear SMA stack · SMA20 -3.7% / mo · MACD − · near 52W low
Stock trend: 18
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
JMFINANCILD candles · FIT view-15.5%Latest close ₹117.24 on 2026-10-19
Bar
-3.8%
RSI
38
MACD hist
-0.41
52W pos
8%
2026-10-19O ₹121.90H ₹121.90L ₹116.78C ₹117.24Vol 17.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
JMFINANCILNifty Financial ServicesNifty 500
- JMFINANCIL
- -5.3%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +0.3 pp
Chart stats
19 Oct 2026- From 52W high
- -35.8%
- 52W range position
- 7%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.88x
- Avg traded value
- ₹21.7 Cr
- 20D price channel
- ₹116.8 - ₹129.7
₹182.5
₹112 - ₹182.5
₹3.6
Latest completed session
20-session average
30.0% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE58
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +8.1% · PAT -19.6% YoY
Technical
Bearish28
Price trend and sector-relative-strength timing.
Valuation
Legacy model+57.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence59
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -20% YoY · margin compression · Rev +8% YoY · +27% QoQ
Filed 03 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,201 Cr | +8.1% | +26.6% |
| EBITDA | ₹700 Cr | -17.6% | +42.6% |
| Operating margin | 58.0% | -1800 bps | +600 bps |
| PAT | ₹369 Cr | -19.6% | +127.8% |
| PAT margin | 30.7% | -1059 bps | +1365 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 11.00
- P/B
- 1.09
- EV/EBITDA
- 9.50
- Market Cap
- 11589.00Cr
Profitability
- ROE
- 11.90%
- ROCE
- 11.60%
- ROA
- 4.22%
- Dividend Y
- 2.70%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 27.00%
Balance Sheet
- Debt/Equity
- 1.09
- Interest Coverage
- 2.37×
- Altman Z
- 1.61
- Book Value
- 111.00
Cash Flow
- FCF Yield
- 0.42%
- FCF Positive Y
- 5/5
- OCF
- 581.00 Cr
- EPS TTM
- 10.87
Shareholding
- Promoter Hold
- 57.03%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,201+26.6% vs prev
Net Profit
₹ CrLatest: 369+127.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 38. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.9% over last month) — short-term momentum negative.
- RSI(14) at 38 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
21
RS percentile
Stage 1 Base / Transition
1M return
-7.2%
3M return
-5.3%
6M return
-12.4%
1Y return
-31.2%
RS 1D
-4
RS 20D
-1
Sector rank
#9
Industry rank
#20
Stage evidence
- Price is within 7.9% of the 30-week proxy.
- The 30-week proxy changed -0.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 73.98-2.41%
RS vs Nifty 50074
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · FAIR VALUEValuation24/30
Growth19/25
Quality4/20
Balance Sheet3/15
Cash Flow4/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
58
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
58/100 · legacy band FAIR VALUE
Positive drivers
- Fair-value margin of safety is positive at 57.7%.
- Valuation contributes 24/30 to the score.
- Growth contributes 19/25 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Quality is weaker at 4/20; verify the latest quarterly trend.
- Balance sheet is weaker at 3/15; verify the latest quarterly trend.
Sector valuation model
Bank valuation: P/B adjusted for ROE and asset quality
Banks are balance-sheet businesses, so book value quality matters more than simple earnings multiples.
Primary lens
Price/book and ROE/ROA, not trailing PE alone.
Secondary checks
Capital adequacy, credit cost, NPA trend, deposit franchise.
Main risk check
Low P/B can be a trap if asset quality or credit cost is worsening.
PE
11.0
PB
1.1
EV/EBITDA
9.5
ROE
11.9%
ROCE
11.6%
FCF Yield
0.4%
Debt/Equity
1.1
MoS
+57.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
58
Previous: 58
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+57.7%
Previous: +57.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
58
58
58
58
58
58
59
58
58
58
58
58
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹164.77
+28.8% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹277.19
+57.7% MoS
PEG
0.54
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
IIFLCAPS
Micro
IIFL Capital Services Limited
NBFC
match 164
42
19.0
16.2%
+26%
WATCHLIST
EDELWEISS
Micro
Edelweiss Financial Services Limited
NBFC
match 163
40
20.3
14.2%
+21%
WATCHLIST
AKCAPIT
Small
AK Capital Services Limited
NBFC
match 162
43
10.2
11.0%
+48%
WATCHLIST
CENTRUM
Small
Centrum Capital Limited
NBFC
match 161
35
—
-25.9%
-97%
WATCHLIST
APTUS
Small
Aptus Value Housing Finance India Limited
NBFC
match 143
50
11.3
20.1%
+57%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-16T07:27:14.724Z
Management commentary snapshot
JM Financial reports highest ever annual consolidated PAT in FY26, up 46.3% YoY, driven by strong operating PAT growth across segments, despite Q4FY26 PAT decline.
The company delivered robust annual performance with record PAT and strong AUM growth in key segments like Affordable Home Loans and Wealth Management. Asset quality improved in Affordable Home Loans. However, Q4FY26 saw a significant PAT decline, and Private Markets revenue decreased due to planned loan book reduction. Geopolitical tensions impacted some segments, warranting close monitoring of sequential momentum.
Current business mix
Borrowing Outstanding by Source (Affordable Home Loans)
Latest issuer-disclosed distribution across 4 reported categories.
Banks and FI53.0%
Mutual Funds20.0%
NHB24.0%
Others3.0%
Growth engines
Corporate Advisory & Capital Markets Leadership
Highest ever client addition; #1 in IPO in FY26 by volume of deals greater than Rs. 500 crore. Strong pipeline of M&A and Advisory transactions.
Wealth Management Expansion
Strong multi-decadal growth opportunity with expansion into manufacturing products. Sales and wealth RMs headcount increased by 30% YoY to 1,046.
Affordable Home Loans Market Opportunity
Strong market opportunity in the affordable segment with a granular book (average ticket size ~Rs.10 lakhs). AUM grew 22% YoY.
Private Markets Syndication
Strong build-up of pipeline for syndication transactions and strong resolution pipeline in Distressed credit.
Capacity and execution
Wealth Management RMs and Branches
RMs and Sales Employee Count: 1,046, up 30% YoY. Wealth Branches: 72, up 10 YoY.
Affordable Home Loans Network Expansion
Branch network: 151 (Q4FY26) vs 128 (Q4FY25). Employees: 2,106 (FY26) vs 1,313 (FY25).
Tailwinds
Affordable Housing Market
Strong market opportunity in the affordable home loans segment.
Wealth Management Growth Opportunity
Strong multi-decadal growth opportunity in wealth management.
Headwinds
Geopolitical Tensions and Market Volatility
Pushed out equity and M&A transactions in Corporate Advisory. Impacted Q4FY26 AUM in Asset Management.
Planned Loan Book Reduction
Decline in Private Markets revenue due to planned reduction of loan book in FY25 and FY26.
Risk radar
Investment Portfolio Volatility
Private Markets investment portfolio impacted by market volatility.
Asset Management AUM Decline
MF Average AUM declined QoQ to Rs. 13,219 Cr (Q4FY26) from Rs. 13,831 Cr (Q4FY25). SIP Book per month declined to Rs. 96 Cr from Rs. 122 Cr.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The document provides both Q4FY26 vs Q4FY25 (YoY) and FY26 vs FY25 (YoY) for P&L, and Q4FY26 vs Q4FY25 for many KPIs. Annual comparisons highlight overall trends and 'highest ever' achievements, while quarterly comparisons reveal recent momentum and impacts of market volatility.
Sector KPIs management disclosed
Consolidated PAT
FY26 PAT: Rs. 1,202 Cr, up 46.3% YoY. Q4FY26 PAT: Rs. 165 Cr, down 21.1% YoY.
Affordable Home Loans AUM Growth
AUM: Rs. 3,460 Cr (Q4FY26), up 22% YoY from Rs. 2,832 Cr (Q4FY25).
Wealth Management Recurring AUM Growth
Recurring AUM: Rs. 30,838 Cr (Q4FY26), up 10% YoY from Rs. 27,919 Cr (Q4FY25).
Affordable Home Loans Disbursements
Disbursements: Rs. 447 Cr (Q4FY26), up 13% YoY from Rs. 394 Cr (Q4FY25). Full year FY26 disbursements Rs. 1,173 Cr.
Management forward view
Wealth Management Productivity Focus
Major recruitment phase is over; focus on improving productivity, building scale, expanding recurring revenue streams, and driving new asset/client acquisition.
Private Markets Strategic Focus
Deliver on franchise enhancing syndication, focus on Co-Investments, build origination capability, and attract large investors for syndicated trades.
Affordable Home Loans Scale and Technology
Priorities include building scale, increasing productivity, further penetration in existing geographies, and leveraging technology for sourcing, monitoring, and client servicing.
Asset Management Product and Engagement
Further building scale and engagement, active equity MF management, channelizing wholesale expertise into AIF platform, and increasing products (AIF, MF schemes).
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Wealth Management RM Productivity | Sales and wealth RMs headcount increased by 30% YoY. | Improvement in revenue per RM and recurring AUM growth rates. |
| Private Markets Loan Book & Resolutions | Loan book reduction planned in FY25 and FY26. Strong resolution pipeline in Distressed credit. | Execution of syndication transactions and actual recoveries from stressed assets. |
| Affordable Home Loans Asset Quality | GNPA 0.5%, NNPA 0.3% (Q4FY26). | Sustained low GNPA/NNPA ratios as the loan book scales. |
| Asset Management AUM & SIP Book | MF Average AUM declined QoQ. SIP Book per month declined QoQ. | Reversal of the decline in MF AAUM and growth in SIP book per month. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
cash flow improvementnot yet verifiablequantified
JM Financial expects to recover almost INR1,000 crores to INR1,500 crores from real estate and distressed assets, which will bolster the balance sheet by March '27.
Timeframe: next 6-9 months, up to March '27Direction: increaseConfidence: high
"almost INR1,000 crores to INR1,500 crores of recovery between real estate and distressed assets to take place... right up to March '27, make these recoveries happen. This will bolster and make our balance sheet even stronger."
project executionnot yet verifiablequantified
JM Financial has an IPO pipeline of almost INR120,000 crores, for which documents have been filed with SEBI and are expected to be executed over the next 6 to 12 months.
Timeframe: next 6 to 12 monthsDirection: increaseConfidence: hopeful
"deals of almost INR120,000 crores, for which the documents have been filed with SEBI and hopefully will be executed over the next 6 to 12 months"
revenue outlookcontradictedquantified
JM Financial expects to earn an average commission of 80 bps to 1% on its IPO pipeline.
Timeframe: implied by pipeline execution (approx. 9 months)Direction: increaseConfidence: high
"you can assume that on average, we should be making between 80 bps to 1%on our pipeline."
Outcome check: Revenue YoY averaged -9.7% across 1 later quarter(s).
market share expansionnot yet verifiable
The Wealth and Asset Management business will continue to invest and is expected to grow its recurring AUM at a faster clip year-on-year.
Timeframe: year-on-yearDirection: increaseConfidence: high
"you should expect that it will keep growing... to even grow at a faster clip."
operational efficiencynot yet verifiable
The company plans to reduce the burn from digital investments in Wealth Management over the next 6 to 12 months and aims for breakeven by FY '27.
Timeframe: next 6 to 12 months, by FY '27Direction: improveConfidence: moderate
"Our plan is to reduce the burn as much as we can over the next 6 months to 12 months and try and bring it to a breakeven by FY '27."
project executionnot yet verifiable
JM Financial plans to launch a pre-IPO fund, followed by another PE fund and a real estate credit fund, which will add to the Asset Management AUM.
Timeframe: upcoming monthsDirection: increaseConfidence: high
"we will drive a very successful pre-IPO fund launch... There will be another PE fund that gets launched after the pre-IPO fund. There is a real estate fund that we've already got permission for, which is a credit fund."
Trust Score
59Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 0% delivered/partly-delivered outcomes on 1 checked claims, with 1 adverse claim outcome. It ranks around the 25th percentile of the scored universe and 42nd percentile within Financial Services. Main check: results consistency is weak at 26/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
161 docs text-extracted · 28 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
25th percentile
overall median 67 · Financial Services: 42nd pctile, median 62 · Small: 28th pctile, median 66
Evidence depth
Financial-only
161 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
0% delivered or partly delivered
1/6 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
35
weak · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
26
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 57%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.4%.
- ▸5 years of positive FCF.
Trust risks
- ▸Altman Z is 1.61.
- ▸Debt/equity is 1.09.
- ▸1/4 latest quarters had positive YoY revenue growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching JM Financial Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 28 Sep - JMFCSL invested ₹162.59 crore in JMFARC rights issue, raising holding to 84.87%.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 25 Sep - Pursuant to the exercise of stock options by the eligible employees under the Employees'' Stock Options Scheme ("ESOS"), the Allotment Committee of the Board at …
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 31 Aug - CRISIL reaffirmed JM Financial’s ₹100 crore bank loan and commercial paper ratings; assigned ₹100 crore NCD rating.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Aug - Pursuant to Reg.30 of SEBI Listing Regulations, we are enclosing copies of the newspaper advertisements relating to Special Window for re-lodgement of transfer requests of …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jul - Pursuant to Reg 30 of SEBI Listing Regulations, we enclosing newspaper advertisement in connection with 41st Annual General Meeting
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jul - Pursuant to Reg 30 of SEBI Listing Regulations, we enclosing newspaper advertisement in connection with 41st Annual General Meeting
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Jun - We are enclosing copy of the advertisement relating to special window for physical share transfer
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 23 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Directorate 29 May - JM Financial approved FY26 audited results, recommended ₹1.75 dividend, fixed June 12 record date, AGM on August 3.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.