āagman

JM Financial Ltd

NSE: JMFINANCIL
₹113.96
−₹3.28 (−2.80%)
NSE · 21 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹11,616 Cr
CMP
₹113.96
52-wk High / Low
₹176 / 112
P/E
11.0
P/B
1.1
Book Value
₹111.0
Div Yield
2.68%
ROCE
12.0%
ROE
11.9%
Face Value
₹1
D/E
1.09

Price−36.0% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 21 Oct 2026
How we compute these
Piotroski F-Score
5
/ 9
5 of 9 F-score tests passed
Graham Number
₹165
√(22.5 × EPS × book value per share)
ROIC
8.7%
vs 11.2% sector median
Cash flow to profit
0.48
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−1,822
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
8.4%
ROE × earnings retention ratio
ROE stability
4.3
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom −0.04FII −0.21DII −0.38
Latest quarter vs the previous one
Cash-accrual divergence
2.4%
of assets
Low = accruals track cash flow
Strengths
+Promoter holding rose by 0.5pp over the last year
+PE of 11x is below the sector median of 19.8x
Watch-outs
−Borrowings are up 74.4% since FY2016 (6672 to 11635)
−Price trades below its 200-day moving average (0.9x)
−Price is 35.1% below its 52-week high

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,0671,1971,2361,2611,0771,1911,1061,0041,1111,0319999491,201
Expenses473535430580462700500426261426436458500
Operating Profit594663806681615491607578850605563491700
OPM %55.7%55.4%65.2%54.0%57.1%41.2%54.9%57.6%76.5%58.7%56.4%51.7%58.3%
Other Income141725−8311721142310131052024
Interest366388400407370343318274251254248246247
Depreciation12131414161516161719202222
Profit before tax230278417−572245154287311593344400243456
Net Profit177206322−674187144207235459262318162369
EPS (₹)1.742.042.91−2.391.792.432.192.194.752.823.271.733.05

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,3421,6852,3593,0623,4943,4463,2113,7243,2924,7874,4104,2234,180
Expenses4484595827677439331,0091,2961,1702,0172,0871,5811,821
Operating Profit8951,2251,7772,2952,7512,5132,2022,4292,1222,7702,3232,6412,360
OPM %66.7%72.7%75.3%75.0%78.7%72.9%68.6%65.2%64.5%57.9%52.7%62.5%56.5%
Other Income61003568153951−8024317162
Interest4205127821,1391,4461,3861,1111,0821,1791,5621,305999995
Depreciation18202326274140384253647884
Profit before tax5176939721,1651,2831,0941,0671,3489533539971,5801,443
Net Profit379526649785837778808992709317741,2011,111
EPS (₹)4.225.085.927.176.816.486.198.106.264.298.5912.5710.87

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital787979848484959595969696—
Reserves2,4652,8313,2404,4715,0485,5556,9057,5918,0418,3959,63210,562—
Borrowings4,7236,6729,44414,98813,99111,75612,40513,49815,93916,22811,50711,635—
Other Liabilities1,2391,4803,7822,6643,5173,3513,9734,4775,1374,8743,1124,045—
Total Liabilities8,50511,06116,54522,20622,64020,74623,37825,66129,21329,59224,34726,337—
Fixed Assets445444474427424450423414505572579625—
CWIP212311137410160—
Investments6407722,1562,3882,9334,0145,8023,6393,5844,7245,4646,209—
Other Assets7,4189,84413,91319,38819,28216,28017,15321,60525,11624,29218,29419,343—
Total Assets8,50511,06116,54522,20622,64020,74623,37825,66129,21329,59224,34726,337—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity1,058−1,717−918−2,546−3,5847733,164969−3,203−2,4493,6355,569581
Cash from Investing Activity585−281264−326−708−148−901−2,2492,616−443−2,090−2,475−532
Cash from Financing Activity−1,5941,7831,3052,4244,540−522−2,2051,2961,0242,153162−4,786−116
Net Cash Flow48−215651−4482471035816437−7391,708−1,692−68

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %10.014.013.015.013.013.012.010.011.08.010.09.012.0
ROE %————————————11.9
EPS (₹)2.774.225.085.927.176.816.486.198.106.264.298.5910.87
Book Value (₹)————————————111.0
Face Value (₹)————————————1
P/E————————————11.0
Div Yield %————————————2.68
NPM %22.327.031.227.525.323.922.525.026.421.20.817.428.3
OPM %60.067.073.075.075.079.073.069.065.064.058.053.063.0
D/E1.361.862.292.853.292.732.081.771.761.961.911.181.09
P/B————————————1.1

Growth

As of 18 Oct 2026
Compounded sales growth
10 years+10.0%
5 years+6.0%
3 years+9.0%
TTM−5.0%
Compounded profit growth
10 years+12.0%
5 years+16.0%
3 years+27.0%
TTM−4.0%
Stock price CAGR
10 years+4.0%
5 years+6.0%
3 years+10.0%
Last year−29.0%
Return on equity
10 years10.0%
5 years9.0%
3 years9.0%
Last year12.0%

Shareholding pattern

As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters65.32%56.47%56.44%56.44%56.43%56.43%56.43%56.50%56.51%56.61%56.90%57.07%57.03%
FIIs14.55%18.82%17.92%18.19%16.83%15.31%17.02%17.48%17.69%18.38%17.71%17.16%16.95%
DIIs2.52%8.06%8.46%8.46%8.63%8.57%7.20%7.07%6.53%5.61%5.76%5.88%5.50%
Government—————————————
Public17.60%16.66%17.17%16.91%18.11%19.70%19.36%18.94%19.27%19.42%19.64%19.89%20.54%
No. of shareholders37,0021,19,3011,35,1031,58,4461,63,9441,62,2101,89,5961,87,1631,73,2901,77,1601,76,5561,72,8021,75,511
Change since Jun 2023 (pp)
Promoters −8.29FIIs +2.40DIIs +2.98Public +2.94

Documents

As of 18 Oct 2026
Announcements
Disclosure Under Regulation 30 Of The SEBI Listing RegulationsCompliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Announcement under Regulation 30 (LODR)-Newspaper PublicationBoard Meeting Intimation for Consideration Of Unaudited Financial Results For The Second Quarter And Half Year Ended September 30, 2026.Announcement under Regulation 30 (LODR)-Acquisition
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026TranscriptAug 2026PPTAug 2026RecordingJun 2026TranscriptJun 2026PPTJun 2026RecordingFeb 2026TranscriptFeb 2026PPTFeb 2026RecordingNov 2025TranscriptNov 2025PPTNov 2025RecordingAug 2025TranscriptAug 2025PPTAug 2025Recording

Corporate actions

As of 12 Jun 2026
12 Jun 2026DIVIDENDDividend - Rs 1.75 Per Share—
14 Nov 2025DIVIDENDInterim Dividend - Rs 1.50 Per Share—
13 Jun 2025DIVIDENDDividend - Rs 2.70 Per Share—
7 Jun 2024DIVIDENDDividend - Rs 2 Per Share—
19 May 2023DIVIDENDDividend - Re 0.90 Per Share—
24 Nov 2022DIVIDENDInterim Dividend - Re 0.90 Per Share—
7 Jul 2022DIVIDENDDividend - Rs 1.15 Per Share—
17 Feb 2022DIVIDENDInterim Dividend - Rs 0.50 Per Share—
28 May 2021DIVIDEND Annual General Meeting/Dividend - Rs 0.50 Per Share—
15 May 2020DIVIDEND Dividend - Rs 0.20 Per Share—
10 May 2019DIVIDEND Annual General Meeting/Dividend - Re 0.50 Per Share—
31 Jan 2019DIVIDEND Interim Dividend - Re 0.50 Per Share—
10 May 2018DIVIDEND Annual General Meeting / Dividend- Rs 1.10 Per Share—
31 Jan 2018DIVIDEND Interim Dividend - Re 0.70 Per Share—
11 May 2017DIVIDEND Annual General Meeting/Dividend - Re 0.85 Per Share—
2 Feb 2017DIVIDEND Interim Dividend Rs 0.65/- Per Share—
23 May 2016DIVIDEND Dividend - Re 0.85/- Per Share—
11 Feb 2016DIVIDEND Interim Dividend Re 0.60/- Per Share (Purpose Revised)—
8 Jun 2015DIVIDENDFinal Dividend - Re 0.80/- Per Share—
5 Feb 2015DIVIDENDInterim Dividend - Re 0.55/- Per Share—
25 Jun 2014DIVIDENDFinal Dividend - Re 0.55/- Per Share—
7 Feb 2014DIVIDENDInterim Dividend - Rs 0.45/- Per Share—
15 Feb 2013DIVIDENDInterim Dividend Re 0.40 Per Share—
2 Aug 2012DIVIDENDDividend - Rs. 0.60 Per Share—
20 Jul 2011DIVIDENDDividend-Re.0.60 Per Share—
20 Jul 2010DIVIDENDFinal Dividend Re.0.25 Per Share And Special Dividend Re.0.25 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges.© 2026 āagman