JM Financial Limited (JMFINANCIL) AI Stock Analysis

• Market Cap: ₹117.49B
• Dividend Yield: 2.93%
• Average Volume (3M): 251.31K
• Price to Earnings (P/E): 11.5
• Beta (1Y): 1.68
• Revenue Growth: -10.92%
• EPS Growth: 152.70%
• Country: IN
• Employees: 290
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): 3.27
• Shares Outstanding: 956,364,100
• 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: ₹133.00 ▼(-4.32% Downside)
• Action: N/A Date: 11/18/25
• Date: Action: N/A 11/18/25

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

Strong margins & profitability

Sustained strong EBIT and EBITDA margins indicate the firm runs an efficient operating model and pricing power across services. Durable margins support internal reinvestment, buffer cyclical revenue swings, and underpin long-term ability to fund growth and maintain profitability.

Free cash flow generation

High free cash flow relative to net income shows the company converts earnings into discretionary cash, improving ability to service debt, finance strategic initiatives, pay dividends, or invest in client-facing businesses without relying excessively on external funding.

Diversified financial services model

A multi-line business spanning advisory, distribution, asset management and lending reduces dependence on any single market segment. This diversification supports cross-selling, steadier fee and interest income streams, and resilience across capital markets cycles over the medium term.

Negative Factors

High leverage

Elevated debt-to-equity heightens financial risk, increasing interest expense sensitivity to rate moves and constraining strategic flexibility. Over months, high leverage can limit capital allocation choices, pressure credit metrics and force balance-sheet repair actions if earnings soften.

Negative recent revenue trend

A decline in reported revenue points to pressure in core fee or interest income streams. Persistent or recurring revenue contraction can erode operating leverage, reduce resources for business development, and undermine margin sustainability absent successful revenue diversification or market-share gains.

Weak operating cash conversion

Low conversion of reported income into operating cash raises concerns about working capital, timing of collections or non-cash earnings. Over time this can strain liquidity, increase reliance on external funding to meet obligations and limit the company's ability to deleverage or invest organically.

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 Limited generates revenue primarily from fees, commissions, and interest income across its financial services platforms. Key revenue streams typically include: (1) Investment banking/advisory and capital markets fees: earnings from advising on capital raising (equity and debt issuance) and other corporate finance mandates, as well as execution-related fees tied to successful transactions. (2) Brokerage and trading-related income: commissions from executing client trades in equities and other instruments, along with income linked to capital markets activity; this may also include distribution/placement fees when selling financial products or securities to clients. (3) Asset/wealth management fees: recurring management fees based on assets under management and, where applicable, performance-linked fees from managing client portfolios and investment products. (4) Lending and financing income: interest income from credit and financing products (e.g., corporate/structured finance and other lending activities), net of funding costs, along with related fees (such as processing, syndication, or advisory fees) associated with arranging or structuring financing. Earnings are influenced by market conditions (capital market volumes, deal activity, and investor risk appetite), interest rate and credit cycles affecting spreads and asset quality, and the firm’s ability to originate transactions and retain/expand client assets and relationships. Specific partnership details are null.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	43.94B	40.27B	42.54B	32.47B	37.53B	32.32B
Gross Profit	31.96B	27.22B	26.93B	20.69B	26.72B	21.21B
EBITDA	15.96B	10.61B	4.06B	9.94B	13.86B	11.07B
Net Income	11.42B	8.21B	4.10B	5.97B	7.73B	5.90B
Balance Sheet
Total Assets	245.84B	245.04B	297.64B	293.70B	258.14B	233.75B
Cash, Cash Equivalents and Short-Term Investments	54.08B	5.40B	22.41B	5.24B	12.63B	8.26B
Total Debt	113.60B	115.07B	162.28B	159.39B	134.98B	123.69B
Total Liabilities	136.71B	142.74B	187.08B	181.01B	151.89B	136.99B
Stockholders Equity	102.93B	97.28B	84.91B	81.36B	76.86B	70.00B
Cash Flow
Free Cash Flow	-3.49B	55.35B	24.61B	-25.73B	-32.20B	9.63B
Operating Cash Flow	-3.18B	55.69B	25.15B	-24.49B	-32.03B	9.69B
Investing Cash Flow	12.31B	-24.75B	-20.90B	-4.51B	26.16B	-22.49B
Financing Cash Flow	-2.73B	-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: Negative
• 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 125.20, above the 50-day MA of 130.29, and below the 200-day MA of 152.54, indicating a bearish trend. The MACD of -3.00 indicates Negative momentum. The RSI at 45.60 is Neutral, neither overbought nor oversold. The STOCH value of 66.29 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	₹117.49B	11.48	―	2.93%	-10.92%	152.70%
IIFL	64 Neutral	₹201.27B	13.98	―	―	8.01%	-20.87%
RELIGARE	62 Neutral	₹71.97B	-45.03	―	―	8.35%	-50.99%
EDELWEISS	55 Neutral	₹99.14B	9.45	―	1.37%	-19.77%	-11.03%
INDIASHLTR	55 Neutral	₹74.65B	17.57	―	0.60%	35.30%	41.06%
CGCL	52 Neutral	₹163.57B	17.22	―	0.11%	43.41%	109.52%

JM Financial Limited Corporate Events

JM Financial uploads Q3 earnings call audio for investor access

JM Financial Limited has notified the stock exchanges that it conducted an earnings conference call on 6 February 2026 to discuss its financial performance for the third quarter and nine months ended 31 December 2025, supported by an investor presentation. The company has made the audio recording of this call available on its website, enhancing transparency and access to financial information for shareholders and market participants in line with regulatory disclosure requirements.

JM Financial files Q3 FY26 investor presentation with stock exchanges

JM Financial Limited has submitted an investor presentation to the BSE and NSE, accompanying its unaudited financial results for the third quarter and nine months ended December 31, 2025, along with a press release. The filing underscores the company’s effort to provide detailed disclosures and maintain transparent communication with shareholders and market participants through a structured results update for Q3 FY26.

JM Financial Files Investor Presentation Alongside Q3 FY26 Results Update

JM Financial Limited has submitted an investor presentation to the stock exchanges alongside its unaudited financial results for the third quarter and nine months ended December 31, 2025. The company has requested the exchanges to place the presentation on their websites, positioning the material as part of its regular disclosure and investor communication process around the Q3 FY26 results update.

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.