JM Financial Limited (JMFINANCIL) AI Stock Analysis

• Market Cap: ₹123.27B
• Dividend Yield: 2.93%
• Average Volume (3M): 251.31K
• Price to Earnings (P/E): 10.8
• Beta (1Y): 1.91
• Revenue Growth: -10.92%
• EPS Growth: 152.70%
• Country: IN
• Employees: 290
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 2.82
• Shares Outstanding: 956,335,900
• 10 Day Avg. Volume: 238,174
• 30 Day Avg. Volume: 251,307
• PEG Ratio: 0.11
• Price to Book (P/B): 0.95
• Price to Sales (P/S): 2.29
• P/FCF Ratio: 1.67
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: ₹139.00 ▲(0.00% Upside)

The overall stock score for JM Financial Limited is driven primarily by its solid financial performance and attractive valuation. However, bearish technical indicators and high leverage are significant concerns. The stock's low P/E ratio and dividend yield offer potential value, but caution is advised due to the current negative market momentum.

Positive Factors

Diversified Business Model

JM Financial's multi-line business model creates durable revenue diversification across advisory, asset management, wealth and broking. Multiple fee streams and institutional relationships reduce dependence on any single cycle, supporting more stable revenue and cross‑sell opportunities over months.

Margin Strength

Consistently strong gross, EBIT and EBITDA margins indicate operational efficiency and cost control that support sustainable profitability. High margins provide a buffer against cyclical revenue dips and improve capacity to reinvest in client services and talent over the medium term.

Free Cash Flow Generation

Robust free cash flow conversion signals solid cash generation capacity, which strengthens the company's ability to fund operations, service debt, and invest in growth without relying heavily on external financing—an important durable financial resilience factor.

Negative Factors

High Leverage

A relatively high debt-to-equity ratio raises structural financial risk by increasing interest and refinancing exposure. In a capital markets business sensitive to funding conditions, elevated leverage can constrain capital allocation and make the firm more vulnerable to rate or market shocks over months.

Inconsistent Revenue Growth

Negative and inconsistent revenue growth reduces predictability of earnings and weakens long-term planning. For a diversified financial services firm, recurring declines suggest reliance on lumpy capital markets activity and create pressure on underwriting, advisory and fee income sustainability.

Weak Operating Cash Conversion

Low conversion of net income into operating cash flow indicates potential timing or quality issues in earnings. Even with strong free cash flow measures, weak operating cash conversion can stress liquidity and complicate debt servicing and working capital management if adverse conditions persist.

JM Financial Limited Business Overview & Revenue Model

Company Description

JM Financial Limited provides various integrated and diversified financial services to corporations, financial institutions, high net-worth individuals, and retail customers in India. The company operates through four segments: Investment Bank, Mortgage Lending, Alternative & Distressed Credit, and Asset Management, Wealth Management & Securities Business (Platform AWS). The Investment Bank segment manages capital markets transactions, as well as advises on mergers and acquisitions, and private equity syndication. This segment also engages in institutional equities business and research, private equity funds, fixed income, syndication, and finance. The Mortgage Lending segment provides finance against commercial and residential real estate to a range of corporates and non-corporate clients. This segment also engages in educational institutions lending and housing finance businesses. The Alternative & Distressed Credit segment provides securitization and reconstruction of financial assets and manages alternative credit funds. The Platform AWS segment provides investment advisory and distribution services, which include equity brokerage, wealth management, and capital market lending for wealth management and broking clients, as well as distributes financial products; and manages mutual fund assets through various schemes. JM Financial Limited was founded in 1973 and is headquartered in Mumbai, India.

How the Company Makes Money

JM Financial generates revenue through various channels, primarily by charging fees for investment banking services, including mergers and acquisitions advisory, capital raising, and underwriting services. The company also earns income from asset management through management fees on mutual funds and other investment products. Additionally, JM Financial's wealth management division generates revenue from advisory fees and commissions on client investments. The company's securities broking services contribute to its earnings through brokerage fees on trades executed by clients. Significant partnerships with institutional clients and a strong brand presence in the financial services sector further bolster its revenue streams.

JM Financial Limited Financial Statement Overview

Summary

JM Financial Limited demonstrates solid profitability and operational efficiency with strong EBIT and EBITDA margins. However, high leverage and inconsistent revenue growth are concerns. The company needs to improve cash flow conversion and manage debt levels for long-term stability.

Income Statement

JM Financial Limited shows a stable gross profit margin, indicating efficient cost management. However, the revenue growth rate has been inconsistent, with a slight decline in the latest year. The net profit margin is healthy, reflecting good profitability. EBIT and EBITDA margins are strong, suggesting operational efficiency.

Balance Sheet

The company has a relatively high debt-to-equity ratio, which could pose a risk if not managed properly. However, the return on equity is decent, indicating effective use of equity to generate profits. The equity ratio suggests a balanced approach to financing assets with equity.

Cash Flow

The cash flow statement reveals strong free cash flow generation, with a high free cash flow to net income ratio, indicating good cash conversion. However, the operating cash flow to net income ratio is low, suggesting potential issues in converting income into cash.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	43.32B	40.27B	42.54B	32.47B	37.53B	32.32B
Gross Profit	31.46B	27.22B	26.93B	20.69B	26.72B	21.21B
EBITDA	14.08B	10.61B	4.06B	9.94B	13.86B	11.07B
Net Income	11.04B	8.21B	4.10B	5.97B	7.73B	5.90B
Balance Sheet
Total Assets	0.00	245.04B	297.64B	293.70B	258.14B	233.75B
Cash, Cash Equivalents and Short-Term Investments	0.00	5.40B	22.41B	5.24B	12.63B	8.26B
Total Debt	0.00	115.07B	162.28B	159.39B	134.98B	123.69B
Total Liabilities	-102.30B	142.74B	187.08B	181.01B	151.89B	136.99B
Stockholders Equity	102.30B	97.28B	84.91B	81.36B	76.86B	70.00B
Cash Flow
Free Cash Flow	0.00	55.35B	24.61B	-25.73B	-32.20B	9.63B
Operating Cash Flow	0.00	55.69B	25.15B	-24.49B	-32.03B	9.69B
Investing Cash Flow	0.00	-24.75B	-20.90B	-4.51B	26.16B	-22.49B
Financing Cash Flow	0.00	-47.86B	1.62B	21.53B	10.24B	12.96B

JM Financial Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 139.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:JMFINANCIL, the sentiment is Negative. The current price of 139 is above the 20-day moving average (MA) of 134.92, below the 50-day MA of 140.69, and below the 200-day MA of 149.26, indicating a bearish trend. The MACD of -4.40 indicates Positive momentum. The RSI at 37.04 is Neutral, neither overbought nor oversold. The STOCH value of 30.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:JMFINANCIL.

JM Financial Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
JMFINANCIL	66 Neutral	₹123.27B	10.79	―	2.93%	-10.92%	152.70%
IIFL	64 Neutral	₹225.07B	17.55	―	―	8.01%	-20.87%
RELIGARE	62 Neutral	₹78.67B	74.85	―	―	8.35%	-50.99%
EDELWEISS	55 Neutral	₹100.85B	23.35	―	1.37%	-19.77%	-11.03%
INDIASHLTR	55 Neutral	₹87.19B	19.42	―	0.60%	35.30%	41.06%
CGCL	52 Neutral	₹169.00B	18.86	―	0.11%	43.41%	109.52%

JM Financial Limited Corporate Events

JM Financial Files SEBI Demat Compliance Certificate for December 2025 Quarter

JM Financial Limited has submitted to stock exchanges a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended December 31, 2025, as provided by its Registrar and Transfer Agent, KFin Technologies Limited. The filing confirms that details of securities dematerialised and rematerialised during the period have been duly furnished to all listing exchanges, and that related security certificates or letters of confirmation were verified, cancelled or updated, and depository names appropriately recorded within prescribed timelines, underscoring the company’s adherence to regulatory requirements in handling shareholder records and depository transactions.

JM Financial Opens Special Window for Share Transfer Requests

JM Financial Limited has announced a special window for the re-lodgement of transfer requests for physical shares. This initiative, publicized through newspaper advertisements, aims to facilitate the transfer process for shareholders, potentially impacting the company’s shareholder engagement and compliance with regulatory requirements.