JM Financial Limited
JM Financial Limited, together with its subsidiaries, provides various integrated and diversified financial services to corporations, financial institutions, government organizations, high net-worth individuals, and retail customers in India and internationally. The company operates through Investment Bank; Mortgage Lending; Alternative & Distressed Credit; and Asset Management, Wealth Management & Securities Business (Platform AWS) segments. The Investment Bank segment manages capital markets transactions, as well as advises on mergers and acquisitions, and private equity syndication. This segment also provides institutional equities business and research, portfolio management, private equity funds, fixed income, syndication, and finance services. The Mortgage Lending segment offers finance against commercial and residential real estate to a range of corporate and non-corporate clients; housing finance; and lending services to educational institutions. The Alternative & Distressed Credit segment provides securitization and reconstruction of financial assets and manages alternative credit funds. The Platform AWS segment offers investment advisory and distribution services, which include equity brokerage, elite and retail wealth management, and margin trade financing; distributes financial products; and manages mutual fund assets through various schemes. The company also provides real estate consulting and capital market lending services. The company was formerly known as J.M. Share and Stock Brokers Private Limited and changed its name to JM Financial Limited in September 2004. JM Financial Limited was founded in 1973 and is headquartered in Mumbai, India.
Valuation
Profitability
Returns
Solvency
AI Summary
Indian StockRule-based from financial data. Not advice.
Historically, Apr has averaged the highest return (+12.6%); Mar the lowest (-7.9%).
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -14.1%Negative MonthJan 2026: -14.12% | -0.9%Neutral MonthFeb 2026: -0.85% | -11.2%Negative MonthMar 2026: -11.15% | +22.6%Positive MonthApr 2026: +22.59% | -6.5%Negative MonthMay 2026: -6.47% | -6.0%Negative MonthJun 2026: -5.99% | +0.3%*Neutral MonthJul 2026: +0.29% | β | β | β | β | β |
| 2025 | -15.4%Negative MonthJan 2025: -15.42% | -16.1%Negative MonthFeb 2025: -16.14% | +4.2%Positive MonthMar 2025: +4.24% | +5.7%Positive MonthApr 2025: +5.74% | +25.7%Positive MonthMay 2025: +25.70% | +24.7%Positive MonthJun 2025: +24.74% | -0.8%Neutral MonthJul 2025: -0.78% | +12.3%Positive MonthAug 2025: +12.27% | -10.0%Negative MonthSep 2025: -10.03% | +2.8%Positive MonthOct 2025: +2.76% | -11.4%Negative MonthNov 2025: -11.43% | +3.3%Positive MonthDec 2025: +3.27% |
| 2024 | +13.9%Positive MonthJan 2024: +13.88% | -13.8%Negative MonthFeb 2024: -13.77% | -22.8%Negative MonthMar 2024: -22.82% | +19.2%Positive MonthApr 2024: +19.19% | -11.6%Negative MonthMay 2024: -11.61% | +11.4%Positive MonthJun 2024: +11.43% | +19.7%Positive MonthJul 2024: +19.74% | +1.7%Neutral MonthAug 2024: +1.66% | +41.3%Positive MonthSep 2024: +41.34% | -6.9%Negative MonthOct 2024: -6.91% | -2.6%Negative MonthNov 2024: -2.57% | -4.8%Negative MonthDec 2024: -4.83% |
| 2023 | -8.8%Negative MonthJan 2023: -8.79% | +0.0%Neutral MonthFeb 2023: +0.00% | -8.8%Negative MonthMar 2023: -8.83% | +1.9%Neutral MonthApr 2023: +1.90% | +15.5%Positive MonthMay 2023: +15.55% | +4.4%Positive MonthJun 2023: +4.36% | +6.4%Positive MonthJul 2023: +6.37% | +0.5%Neutral MonthAug 2023: +0.49% | +10.3%Positive MonthSep 2023: +10.34% | -5.3%Negative MonthOct 2023: -5.26% | +2.5%Positive MonthNov 2023: +2.51% | +17.3%Positive MonthDec 2023: +17.32% |
| 2022 | -1.4%Neutral MonthJan 2022: -1.41% | -7.0%Negative MonthFeb 2022: -7.03% | -0.7%Neutral MonthMar 2022: -0.73% | +13.5%Positive MonthApr 2022: +13.45% | -14.6%Negative MonthMay 2022: -14.59% | -6.7%Negative MonthJun 2022: -6.71% | +4.0%Positive MonthJul 2022: +4.01% | +0.8%Neutral MonthAug 2022: +0.79% | +17.1%Positive MonthSep 2022: +17.08% | -8.8%Negative MonthOct 2022: -8.79% | +8.8%Positive MonthNov 2022: +8.77% | -3.8%Negative MonthDec 2022: -3.76% |
| 2021 | β | β | β | β | β | +0.6%Neutral MonthJun 2021: +0.57% | +19.6%Positive MonthJul 2021: +19.56% | -12.7%Negative MonthAug 2021: -12.72% | +0.0%Neutral MonthSep 2021: +0.00% | -4.8%Negative MonthOct 2021: -4.82% | -19.1%Negative MonthNov 2021: -19.12% | +4.6%Positive MonthDec 2021: +4.64% |
| AvgΒ±SD |
Each cell is the percentage change in closing price from the end of the prior month to the end of this month. The bottom row shows the average return for that calendar month across the selected years, plus or minus one standard deviation β the range that historically contained roughly two-thirds of outcomes. Past monthly patterns are not a forecast of future returns.
This aggregates every month by calendar position β all Januaries together, all Februaries together, and so on β to show whether a given month has leaned positive or negative historically. βSimpleβ counts each month as +1 or β1. βWeightedβ gives larger moves more influence: +2 above +10%, β2 below β10%. With only 6 years of history for this asset, each monthβs score reflects a small number of observations β read it as a historical tendency, not a reliable seasonal pattern.
This tracks a running tally across the assetβs full price history: each month adds or subtracts based on whether it was positive or negative. A rising line means more positive months than negative so far; a flattening or falling line means recent months have leaned negative. This measures historical month-to-month consistency, not expected future performance.
Year-to-date return is calculated by dividing each dayβs closing price by the price on January 1st of that year (or the assetβs first available price if it began trading mid-year). The custom average line shows the mean YTD return at each calendar day across the selected years. The standard deviation band shows the range within which returns have historically fallen β at 1 SD, roughly two-thirds of years; at 2 SD, roughly 95%. Past year-to-date patterns do not predict future returns. The average and standard deviation band are computed from the year set chosen in βAverage fromβ, which is independent of which year lines are displayed. The current in-progress year is excluded from these calculations, since a partial year is not comparable to complete ones. Election-cycle groupings follow the US presidential calendar and are offered only for US and crypto assets.
Historical Performance
Revenue, profitability, and cash flow trends (βΉ Crores)
Revenue (10Y)
Operating Income (10Y)
Net Profit (10Y)
Operating Margin % (10Y)
Dividend Payout % (10Y)
Free Cash Flow (10Y)
Growth Summary
Latest fiscal year: Mar 2025
Historical Growth
Year-by-year revenue, profitability, and cash flow (βΉ Crores, last 10 years)
| Year | Revenue | Op. Income | Net Profit | CFO | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|---|
| Mar 2025 | βΉ1.03 K Cr | β | βΉ539.00 Cr | β | β | 12.1% | 26.2% | 73.9% |
| Mar 2024 | βΉ820.00 Cr | β | βΉ310.00 Cr | β | β | 7.5% | 48.6% | 21.1% |
| Mar 2023 | βΉ552.00 Cr | β | βΉ256.00 Cr | β | β | 6.6% | -10.0% | -22.0% |
| Mar 2022 | βΉ613.00 Cr | β | βΉ328.00 Cr | β | β | 8.8% | 64.3% | 87.4% |
| Mar 2021 | βΉ373.00 Cr | β | βΉ175.00 Cr | β | β | 5.0% | 24.3% | 37.8% |
| Mar 2020 | βΉ300.00 Cr | β | βΉ127.00 Cr | β | β | 4.9% | 11.1% | 14.4% |
| Mar 2019 | βΉ270.00 Cr | β | βΉ111.00 Cr | β | β | 4.5% | -36.5% | -42.2% |
| Mar 2018 | βΉ425.00 Cr | β | βΉ192.00 Cr | β | β | 7.7% | 162.3% | 79.4% |
| Mar 2017 | βΉ162.00 Cr | β | βΉ107.00 Cr | β | β | 6.2% | 3.2% | -4.5% |
| Mar 2016 | βΉ157.00 Cr | β | βΉ112.00 Cr | β | β | 6.8% | 51.0% | 43.6% |
Financial Statements
Income statement, balance sheet, and cash flow (βΉ Crores, as reported)
Consolidated Figures in USD Millions.
| Unnamed: 0 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Net Sales | 86 | 104 | 157 | 162 | 425 | 270 | 300 | 373 | 613 | 552 | 820 | 1,035 | 956 |
| Total Expenses | 12 | 16 | 18 | 16 | 157 | 133 | 127 | 138 | 186 | 242 | 394 | 465 | 385 |
| EBIT / Operating Profit | 74 | 88 | 139 | 146 | 268 | 136 | 174 | 234 | 427 | 310 | 426 | 570 | 571 |
| OPM % | 86% | 85% | 88% | 90% | 63% | 51% | 58% | 63% | 70% | 56% | 52% | 55% | 60% |
| Other Income | 1 | 1 | 0 | 1 | 1 | 1 | 3 | 2 | 6 | 3 | 1 | 2 | 131 |
| Finance Costs | 0 | 8 | 27 | 40 | 35 | 20 | 8 | 7 | 7 | 6 | 6 | 7 | 6 |
| Depreciation & Amortisation | 0 | 0 | 0 | 1 | 2 | 2 | 12 | 12 | 11 | 10 | 11 | 17 | 14 |
| Profit Before Tax | 75 | 80 | 112 | 107 | 233 | 116 | 156 | 217 | 416 | 297 | 410 | 549 | 683 |
| Tax % | 5% | 3% | -0% | 0% | 18% | 4% | 19% | 19% | 21% | 14% | 25% | 2% | - |
| Net Profit / PAT | 71 | 78 | 112 | 107 | 192 | 111 | 127 | 175 | 328 | 256 | 310 | 539 | 584 |
| EPS (βΉ) | 0.94 | 1 | 1.42 | 1.34 | 2.29 | 1.33 | 1.51 | 1.84 | 3.44 | 2.69 | 3.24 | 5.64 | 6.12 |
| Dividend Payout % | 106% | 135% | 102% | 112% | 79% | 75% | 13% | 27% | 48% | 67% | 62% | 48% | - |
Peer Comparison
Financials sector peers, ranked by market cap
| Company | Market Cap | Revenue | P/E | P/B | EV/EBITDA | Rev G 1Y |
|---|---|---|---|---|---|---|
| JM Financial Limitedthis co. | βΉ12.96 K Cr | βΉ1.03 K Cr | 22.30 | 2.81 | 30.13 | 26.2% |
| HDFC Bank Ltd. | βΉ14.43 L Cr | βΉ3.01 L Cr | 20.30 | 2.78 | β | 16.3% |
| ICICI Bank Ltd. | βΉ10.28 L Cr | βΉ1.63 L Cr | 20.70 | 3.32 | β | 14.3% |
| State Bank Of India | βΉ9.49 L Cr | βΉ4.62 L Cr | 13.30 | 1.83 | β | 11.4% |
| Bajaj Finance Limited | βΉ5.91 L Cr | βΉ61.95 K Cr | 36.80 | 6.33 | β | 32.0% |
| LIFE INSURANCE CORPORATION OF INDIA | βΉ5.26 L Cr | βΉ8.87 L Cr | 10.30 | 3.73 | 9.87 | 5.2% |
| Kotak Mahindra Bank Ltd. | βΉ4.24 L Cr | βΉ52.92 K Cr | 31.70 | 3.39 | β | 15.5% |
| Industry Average | β | βΉ30.80 K Cr | 45.91 | 4.87 | 70.91 | 14.6% |
