JM Financial LimitedQ1 FY27 Results & Financial Update

JM Financial Limited: Q1 FY27 consolidated results and company financials – revenue ₹1,224.66 Cr, PAT ₹368.57 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.

NSE: JMFINANCILPublished 28 Oct 2026Updated 28 Oct 2026~7 min read
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Revenue from operations₹1,224.66 CrReported Q1 FY27
Profit after tax₹368.57 CrReported Q1 FY27
EPS₹3.05Reported Q1 FY27

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Quarterly Results AnalysisExplore JM Financial Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.

Quarter overview

Quarterly earnings analysis

01

JM Financial Limited reported a consolidated net revenue of Rs. 883 crores for the quarter ended June 30, 2026, marking a 13% increase compared to Rs. 779 crores in the corresponding quarter of the previous year.

02

Profit after tax (ex-provisions) before non-controlling interests rose 24% year-on-year to Rs. 379 crores, while reported net profit after tax and share of associates stood at Rs. 368.57 crores.

03

The private markets segment delivered one of its best quarters for the asset reconstruction business, witnessing strong recoveries of over Rs. 2,000 crores with the group's share of cashflows exceeding Rs. 1,200 crores.

04

The corporate advisory and capital markets division closed 9 equity capital market transactions aggregating approximately Rs. 22,000 crores, backed by a strong pipeline of 60 filed IPO transactions amounting to approximately Rs. 150,000 crores.

01 · Business model

What does JM Financial do?

JM Financial Limited is an integrated and diversified financial services group catering to institutional, corporate, promoter, government, and ultra-high-net-worth clients across India.

The group's primary operating verticals comprise Corporate Advisory and Capital Markets, Private Markets encompassing private credit and distressed credit, Wealth and Asset Management, and Affordable Home Loans.

As of June 30, 2026, the group reported consolidated loan AUM of approximately Rs. 109.2 billion, distressed credit AUM of approximately Rs. 112.0 billion, wealth management AUM of approximately Rs. 1.13 trillion, and mutual fund average AUM of approximately Rs. 132.0 billion.

The company operates through a extensive network of 889 locations spread across 232 cities in India and its equity shares are listed on the BSE and NSE.

02 · Historical context

What shaped the business before this quarter

Business evolution

During FY25 and FY26, the group implemented a planned reduction of its non-core loan book in the private markets segment to de-risk its balance sheet.

Recent trajectory

In the affordable home loans business, the group previously executed a strategic shift toward lower ticket sizes and transitioned into a pure-play HFC with no developer loans.

03 · Financial snapshot

Current-quarter financial snapshot

MetricQ1 FY27
Revenue from operations₹1,224.66 Cr
Total income₹1,224.66 Cr
Profit before tax₹455.54 Cr
Profit after tax₹368.57 Cr
EPS₹3.05

04 · Why it moved

Why the quarter looked the way it did

What drove revenue

Private Markets Revenue

Private markets segment revenue surged to Rs. 596.21 crores in Q1 FY27 from Rs. 389.71 crores in Q1 FY26, supported by strong credit resolutions and cash flows.

Capital Markets Advisory

Corporate advisory and capital markets generated segment revenue of Rs. 138.20 crores, underpinned by the closure of 9 equity capital market transactions worth approximately Rs. 22,000 crores.

Private markets revenue expansion

Private markets segment revenue surged to Rs. 596.21 crore in Q1 FY27 compared to Rs. 389.71 crore in Q1 FY25, driven by distressed credit resolutions and fee realizations.

Wealth and asset management stability

Wealth and asset management generated Rs. 370.97 crore in segment revenue, supported by a 7% year-on-year increase in recurring AUM to Rs. 33,394 crore.

What drove margins

Asset Quality and Impairment Reversals

Impairment provisions on financial instruments stood at Rs. 13.57 crores for Q1 FY27, compared to a net credit of Rs. 204.45 crores in Q1 FY26.

Affordable Housing Spreads

The affordable home loans segment maintained stable lending spreads at 4.7% in Q1 FY27, with average yields at 13.1% and cost of funds at 8.4%.

Employee benefits expense

Consolidated employee benefits expense rose to Rs. 296.46 crore in Q1 FY27 from Rs. 199.52 crore in Q4 FY26, reflecting team scaling in wealth management and advisory businesses.

Finance costs

Consolidated finance costs remained stable at Rs. 246.56 crore compared to Rs. 250.88 crore in Q1 FY25.

Impairment reversals and provisions

Impairment on financial instruments was a net charge of Rs. 13.57 crore during Q1 FY27, compared to a net reversal of Rs. 204.45 crore in Q1 FY25.

05 · Demand, customers & order book

Where demand is coming from

IPO Transaction Pipeline

The corporate advisory division reported a robust pipeline of 60 filed IPO transactions aggregating approximately Rs. 150,000 crores, excluding filed IPOs of Jio Platforms Limited and National Stock Exchange of India Limited.

Affordable Housing Customer Metrics

The customer base in affordable home loans grew 31% year-on-year to 35,655 customers, with an average ticket size of approximately Rs. 10 lakhs and an average LTV of 59%.

Affordable housing customer base

The affordable home loans customer base expanded by 31% year-on-year to 35,655 active borrowers.

Wealth relationship management

Sales and wealth relationship manager headcount reached 1,004, marking a 6% year-on-year increase as the firm transitions toward productivity enhancement.

06 · Segments, products & geography

Which parts of the business are doing the work

Segments and products

Corporate Advisory and Capital Markets

Segment revenue stood at Rs. 138.20 crores with operating PBT of Rs. 37.34 crores and operating PAT after NCI of Rs. 32 crores. The division covered over 360 companies under active research with 230+ business professionals.

Wealth Management

Wealth management segment revenue was Rs. 370.97 crores, with recurring AUM reaching Rs. 33,394 crores and total wealth RMs and sales employees totaling 1,004.

Asset Management

Mutual fund average AUM stood at Rs. 13,205 crores, with equity scheme average AUM at Rs. 10,131 crores and a monthly SIP book of Rs. 90 crores.

Geography and market mix

Domestic Footprint

The group maintained a presence across 889 locations spanning 232 cities in India.

Affordable Home Loans Branch Network

Affordable housing branch network expanded by 23 branches year-on-year to 151 branches across 9 states, with Gujarat, Maharashtra, and Tamil Nadu forming the largest concentrations.

Domestic branch footprint

The group operated across 889 locations spread across 232 cities in India as of June 30, 2026.

Affordable housing branch expansion

The affordable housing branch network expanded to 151 branches across 9 states, led by concentrations in Gujarat, Maharashtra, and Tamil Nadu.

07 · Strategy & new businesses

How the company is trying to change its growth mix

Wealth Management Expansion

The wealth management business concluded its major recruitment phase, bringing total sales and wealth RMs headcount to 1,004, with management shifting focus toward productivity and scaling recurring revenue streams.

Distressed Credit Resolution

The Asset Reconstruction Company (ARC) business prioritized active resolution of distressed assets, achieving over Rs. 2,000 crores in gross recoveries during the quarter.

International wealth expansion

JM Financial Private Wealth, Inc was incorporated in the United States and will operate as a step-down subsidiary upon receipt of final regulatory approvals.

Balance sheet de-risking

Private markets continued executing a syndication and co-investment approach to enhance risk-adjusted returns and run down non-core loan books.

08 · Reported developments

What changed operationally

Robust Capital Markets Activity

Closed 9 equity capital market transactions worth approximately Rs. 22,000 crores and maintained a strong IPO pipeline of 60 filed transactions worth ~Rs. 1.5 lakh crores.

Strong ARC recoveries

Distressed credit asset resolutions achieved gross recoveries exceeding Rs. 2,000 crore, yielding over Rs. 1,200 crore in group cashflows.

09 · Pressure points & risks

What is not going smoothly

Statutory Disallowance Appeals

JM Financial Services Limited filed appeals in the High Court of Mumbai against ITAT orders regarding arbitrage business disallowances for AY 2012-13 and 2013-14, with impending tax demands pending order giving effect.

Tax litigation updates

Wholly owned subsidiary JM Financial Services Limited filed appeals in the Bombay High Court against ITAT orders disallowing arbitrage-related deductions for assessment years 2012-13 and 2013-14, with order-giving-effect pending.

10 · Cash flow & balance sheet

Profit is one thing. Cash and funding tell another part of the story.

Distressed Credit Cash Flows

The private markets segment generated strong cash flows of over Rs. 1,200 crores as the group's share from distressed credit asset resolutions during Q1 FY27.

Cash and Cash Equivalents

Consolidated cash and cash equivalents stood at Rs. 3,814 crores as of June 30, 2026, compared to Rs. 2,381 crores as of June 30, 2025.

Cash and cash equivalents

Consolidated cash and cash equivalents stood at Rs. 3,814 crore as of June 30, 2026.

Capital allocation & funding

Consolidated Borrowings and Leverage

Consolidated borrowings stood at Rs. 10,882 crores as of June 30, 2026, down from Rs. 11,522 crores as of March 31, 2026.

Gross Debt-to-Equity Ratio

Gross D/E ratio improved to 1.0x as of June 30, 2026, compared to 1.1x as of March 31, 2026.

Affordable Housing Liability Mix

Affordable home loans borrowing of Rs. 2,107 crores was diversified across banks and financial institutions (56%), National Housing Bank (22%), mutual funds (19%), and others (3%).

Consolidated borrowings and leverage

Total consolidated borrowings stood at Rs. 10,882 crore, with gross debt-to-equity improving to 1.0x from 1.1x as of March 31, 2026.

11 · Beyond the numbers

What changed beyond the numbers

Reported update

Employee Stock Options Allotment

The Allotment Committee allotted 589,384 equity shares of face value Re. 1 each to eligible employees upon exercise of stock options, increasing paid-up equity capital to Rs. 95.70 crores.

12 · Previous-quarter changes

What changed since the previous quarter

Sequential earnings progression

Consolidated profit after tax increased from Rs. 161.92 crore in Q4 FY26 to Rs. 368.57 crore in Q1 FY27.

13 · Key Q&A

The quarter, answered directly

What does JM Financial do?

JM Financial Limited is an integrated and diversified financial services group catering to institutional, corporate, promoter, government, and ultra-high-net-worth clients across India.

What is the clearest takeaway from Q1 FY27?

JM Financial Limited reported a consolidated net revenue of Rs. 883 crores for the quarter ended June 30, 2026, marking a 13% increase compared to Rs. 779 crores in the corresponding quarter of the previous year.

What drove revenue or demand?

Private markets segment revenue surged to Rs. 596.21 crores in Q1 FY27 from Rs. 389.71 crores in Q1 FY26, supported by strong credit resolutions and cash flows.

What mattered most for margins or profitability?

Impairment provisions on financial instruments stood at Rs. 13.57 crores for Q1 FY27, compared to a net credit of Rs. 204.45 crores in Q1 FY26.

What changed operationally beyond the headline numbers?

The wealth management business concluded its major recruitment phase, bringing total sales and wealth RMs headcount to 1,004, with management shifting focus toward productivity and scaling recurring revenue streams.

What are the main pressure points disclosed for the quarter?

JM Financial Services Limited filed appeals in the High Court of Mumbai against ITAT orders regarding arbitrage business disallowances for AY 2012-13 and 2013-14, with impending tax demands pending order giving effect.

14 · Scenario calculator

Earnings sensitivity: what if growth and margins change?

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15 · Next filing checkpoints

What the next disclosure can confirm or change

  1. 01

    Execution of IPO Pipeline: Monitor the conversion and execution of the 60 filed IPO transactions aggregating ~Rs. 150,000 crores into completed capital market mandates.

  2. 02

    Tax Appellate Proceedings: Observe developments regarding the High Court appeals filed by JM Financial Services Limited against ITAT tax disallowance orders.

  3. 03

    Capital market execution: Monitor the conversion of the Rs. 150,000 crore filed IPO pipeline into closed transactions across subsequent quarters.

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