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JM Financial Limited – Q2FY26 Results Update
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This presentation and the following discussion may contain certain words or phrases that are “forward looking statements” by JM Financial Limited (together with its subsidiaries and associates), referred to as (“JM Financial” or “JMFL” or “the Company”) that are not historical in nature. These forward looking statements, which may include statements relating to future results of operations, financial conditions, business prospects, plans and objectives are based on the current beliefs, assumptions, expectations, estimates and projections of the management of JMFL about the businesses, industry and markets in which JMFL operates. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond JMFL’s control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements. These risks and uncertainties include the effect of economic and political conditions in India and outside India, volatility in interest rates and in the securities market, internal or external fraud, new regulations and Government policies that may impact the businesses of JMFL as well as the ability to implement its strategies. Such statements are not and should not be construed as a representation of future performance or achievements of JMFL. In particular, such statements should not be regarded as a projection of future performance of JMFL. The information contained herein is current as of its date and there is no obligation to update, modify and/or amend this presentation or to otherwise notify the recipient if information, opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. However, the Company may alter, modify and/or otherwise change in any manner the content of this presentation, without obligation to notify any person of such change or changes. The numbers have also been rounded off in the interest of easier understanding. Numbers have been re-casted, wherever required. All information in this presentation has been prepared solely by JMFL and has not been independently verified by anyone else. This presentation is for information purposes only and does not constitute an offer and/or recommendation to buy or sell any securities or any financial products offered by JMFL. Any action taken by you on the basis of the information contained herein is your responsibility alone and JMFL and/or its directors or employees will not be liable in any manner, whatsoever, for the consequences of such action taken by you. By accessing this presentation, you are agreeing to be bound by the above restrictions. Disclaimer/ Safe Harbor 1
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Table of Contents 2 Section 1 Overview Section 2 Segment Performance Section 3 Annexure
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Section : 1 Overview 3
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JM Financial : Focus on High Growth and High RoE Businesses 4 ✓ Leadership ✓ Best in class relationships ✓ Strong sticky repeat business ✓ Highest ever client addition Corporate Advisory and Capital Markets Investment Banking, Institutional Equities Wealth and Asset Management Manufacturing, distribution, advisory ✓ Strong multi-decadal growth opportunity ✓ Unique platform, expansion into manufacturing products ✓ 2x YoY increase in wealth RMs and 34% YoY increase in sales employees Private Markets Bespoke solutions and access to capital to clients ✓ Capital, connectivity, innovation and solutions led expertise ✓ “Syndication/co-invest” approach to improve risk adjusted returns Affordable Home Loans Affordable segment ✓ Strong market opportunity ✓ Granular book (average ticket size <Rs.10 lakhs) ✓ Secured loan book ✓ Transaction with Bajaj Allianz Life Insurance pegs the value of the business at ~Rs.3,100 crore ✓ Further scale the business ✓ Expanding wallet share of clients ✓ Differentiated and counter cyclical elements to the business ✓ Fully capitalized ✓ Increased payout to shareholders ✓ Announced interim dividend of Rs. 1.5 per share
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Strong Financial Performance 5 *JM Financial Asset Reconstruction Company Limited Fees and Commission 341 20% 16%PAT 270 Networth 10,241 18% Non Core and RE Loan Book 2,312 59% Q2 FY26 (Rs Cr) YoY (% Change) Recovery for JMF ARC* Over last 12 months JMF ARC share of recoveries stood at Rs.1,273 crore which has been used primarily to repay debt
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6 Strong growth across business segments Wealth - (RMs and Sales Employee Count) 1,015 43% Wealth – Branches 70 11 Wealth - Recurring AUM (Rs. Cr) 32,021 26% MF – Non Liquid AAUM (Rs. Cr) 12,112 36% Affordable Home Loans AUM (Rs. Cr) 3,031 28% Q2 FY26 (Rs Cr) YoY (Change) Filed IPO Transactions Over Rs.1,20,000 crore across 56 transactions (IPOs yet to be filed would be additional)
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Summary Consolidated Profit & Loss Statement 7 *includes provision on account of Expected Credit Loss(ECL) ** annualised ^ PAT for Q2FY25 and H1FY25 includes one-time deferred tax credit of Rs. 39 crore pertaining to unrealised gains on Investments due to amendments in tax rates on capital gains in Income-tax Act, 1961. PAT for Q2FY25 and H1FY25 adjusted for aforesaid one-time credit is Rs. 193 crore and Rs. 364 crore. Particulars (Rs Cr) Q2 FY26 Q2 FY25 YoY % H1 FY26 H1 FY25 YoY % FY25 Net Revenue 708 781 -9.3% 1,488 1,417 5.0% 2,805 Employee cost 271 292 -7.3% 569 523 8.8% 963 Operating expenses 101 106 -5.0% 193 194 -0.1% 420 Pre Provisioning profit (PPoP) 336 383 -12.0% 725 700 3.5% 1,422 Impairment on Financial Instruments* (8) 229 -103.4% (212) 301 -170.4% 425 PBT 344 154 124.2% 937 399 134.9% 997 Tax expense^ 89 10 N/M 224 69 N/M 225 PAT 255 144 77.3% 713 330 116.2% 772 Share in profit of associates 7 # N/M 8 1 N/M 1 PAT (incl. Share in profit of Associates) 262 144 81.6% 721 331 117.6% 773 NCI (Minorities) 8 88 -90.8% 3 72 -95.6% 48 Net profit 270 232 16.3% 724 403 79.7% 821 EPS (Rs./Share) 2.8 2.4 7.6 4.2 8.6 BVPS (Rs./Share) 107.1 90.6 107.1 90.6 101.2 ROE** (%) 14.4% 9.4% 9.4%
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Summary Consolidated Balance Sheet 8 * Includes assets of operating segments **Includes treasury assets, unallocated surplus and others ^ Includes non-controlling interests of SR holders Sr. No. Particulars (Rs Cr) Sep 30, 2025 Jun 30, 2025 Sep 30, 2024 A Assets 1 Business assets* 22,428 22,131 25,302 2 Treasury and other assets** 2,103 1,847 2,677 TOTAL (1+2) 24,531 23,978 27,979 B Equity and Liabilities 1 Capital Employed 10,534 10,461 11,108 - Net Worth 10,241 10,174 8,658 - Non-controlling Interests 293 287 2,450 2 Borrowings 11,245 10,722 13,866 3 Other Liabilities and Provisions^ 2,752 2,795 3,005 TOTAL (1+2+3) 24,531 23,978 27,978 C Gross D/E 1.1x 1.0x 1.2x
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Key Parameters 9 Particulars (Rs Cr) H1FY26 FY25 Capital Employed PAT* % Effective Holding Loan Book/ AUM** Capital Employed PAT* Loan Book/ AUM** Corp Advisory and Capital Markets 703 219 100% - 638 322 - YoY (%) 54% 33% Wealth Management 1,100 74 100% 1,18,199 1,032 129 1,12,874 YoY (%) 16% 4% 82% 11% Asset Management 132 (26) 59.5% 13,694 156 (43) 13,419 YoY (%) 9% 117% Private Markets# 6,487 359 96.7%^ 18,501 6,171 175 19,648 YoY (%) N/M -17% N/M -25% Home Loans 780 28 96.7% 3,031 749 54 2,832 YoY (%) 14% 28% 108% 26% Treasury and others 1,332 64 100% - 1,342 194 - YoY (%) -46% 46% Total# 10,534 718 1,53,425 10,088 831 1,48,773 YoY (%) 99% 1% N/M 9% NCI (minority interests) (293) 6 (413) (10) Total (post NCI) 10,241 724 9,675 821 YoY (%) 80% 100% *Unaudited based on management estimates. ** Assets under Management (AUM) comprises distribution assets, custody assets and advisory assets, as applicable #Post NCI of SR Holders; ^NCI is primarily on account of JM Financial Asset Reconstruction Company Limited
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Section : 2 Segment Performance 10
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11*Unaudited based on management estimates. The aforesaid numbers are provided for relative comparison 76.8% 68.1%RoE 592 788 537 FY24* FY25 H1FY26 33% % Revenue (Rs. Cr) Profit Before Tax (Rs. Cr) Profit After Tax (Rs. Cr) 242 322 219 FY24* FY25 H1FY26 255 321 Q2FY25 Q2FY26 328 421 283 FY24* FY25 H1FY26 132 187 Q2FY25 Q2FY26 101 142 Q2FY25 Q2FY26 41%%42%%26%% 28%% 33%% 55.4% 53.4%Margin Corporate Advisory and Capital Markets Clients Promoters Corporates Ultra High Networth Individuals (UHNI) Government ➢ M&A and Restructuring advisory practice ➢ Equity Capital Markets ➢ Private Equity Syndication ➢ Institutional Equities ➢ Research Products / Services Q2FY26 Highlights ➢ #1 in IPO’s (in terms of value) and closed 15 capital market transactions amounting to ~Rs. 28,000 Cr ➢ 56 filed IPO transactions aggregating to ~Rs. 120,000 crore (IPOs yet to be filed would be additional) ➢ Strong pipeline of M&A and Advisory transactions ➢ 325+ companies under active research coverage ➢ 200+ business professionals Business Priorities Private Equity (Financial Sponsors) ➢ Expand the depth and breadth of the client base ➢ Recruiting top tier talent 52.7% 63.3%
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12*Unaudited based on management estimates. The aforesaid numbers are provided for relative comparison Revenue (Rs. Cr) Profit Before Tax (Rs. Cr) Profit After Tax (Rs. Cr) 65 130 73 FY24* FY25 H1FY26 7.4% 13.3%RoE 119 195 50 PAT (ex Digital) 38 1,022 1,317 683 FY24* FY25 H1FY26 346 329 Q2FY25 Q2FY26 91 170 89 FY24* FY25 H1FY26 45 37 Q2FY25 Q2FY26 35 30 Q2FY25 Q2FY26 14%18% 5%29%% z 86%% 99%% 8.9% 12.9% 13.0%Margin 163 258 65PBT (ex Digital) 47 Wealth Management Clients UHNI / HNI Mass Affluent Institutions Family Offices ➢ Distribution ➢ Securities Broking ➢ PMS ➢ Advisory Products / Services Q2FY26 Highlights ➢ Added 11 branches and 38 franchisees YoY ➢ Sales and wealth RMs headcount has increased by 43% YoY to 1,015 ➢ Recurring AUM: Rs. 32,021 Cr in September 2025, up 26% YoY ➢ Loans: Rs. 1,966 Cr (Rs. 1,583 Cr in March 2025) Business Priorities Retail ➢ Expand Infrastructure (physical, digital and talent) ➢ Building scale - tap the opportunities in the expanding market(India and international) ➢ Expanding recurring revenue streams ➢ Future and digital readiness ➢ Drive new asset and client acquisition 112 13.7% 91
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13 * Assets under Management (AUM) comprises distribution assets, custody assets and advisory assets, as applicable. AUM across channels 59 70 Q2FY25 Q2FY26 Branch Network Franchisee Network Cash market share (%) 861 899 Q2FY25 Q2FY26 3.1% 2.9% Q2FY25 Q2FY26 Wealth RMs Total Wealth AUM* (Rs. Cr) 1,09,783 1,14,688 Q2FY25 Q2FY26 Sales Employees Loans (Rs. Cr) 1,691 1,966 Q1FY26 Q2FY26 607 811 Q2FY25 Q2FY26 2x% 4% 11 38 101 204 Q2FY25 Q2FY26 34% 16% Recurring AUM (Rs. Cr) 25,498 32,021 Q2FY25 Q2FY26 26% 23.2% 27.9%% of AUM Wealth Management
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14 Revenue (Rs. Cr) Profit Before Tax (Rs. Cr) Profit After Tax (Rs. Cr) (17) (26) (15) (6) (10) FY24* FY25 H1FY26 Q2FY25 Q2FY26 29 43 27 FY24* FY25 H1FY26 10 12 Q2FY25 Q2FY26 (29) (43) (26) FY24* FY25 H1FY26 (9) (17) Q2FY25 Q2FY26 14%%48%% *Unaudited based on management estimates. The aforesaid numbers are provided for relative comparison Asset Management Clients UHNI / HNI Mass Affluent Institutions Family Offices ➢ Mutual Fund ➢ Equity and Debt AIFs Products / Services Q2FY26 Highlights ➢ MF Average AUM : Rs. 14,902 Cr (September 2024: Rs. 11,445 Cr) ➢ MF Average AUM of Equity Schemes : Rs. 11,690 Cr (September 2024: Rs. 8,458 Cr) ➢ SIP Book per month : Rs. 115 Cr (September 2024: Rs. 72 Cr) Business Priorities Retail ➢ Further building scale and engagement ➢ Active equity MF management ➢ Channelize the wholesale expertise into AIF platform ➢ Increase products (AIF, MF schemes)
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15 Folios (Lakhs) Active Partners # Employees 179 211 Q2FY25 Q2FY26 11,445 14,902 Q2FY25 Q2FY26 AAUM (Rs. Cr) SIP Book per month (Rs. Cr) 72 115 Q2FY25 Q2FY26 6.6 9.3 Q2FY25 Q2FY26 4,207 5,712 Q2FY25 Q2FY26 30% % 59% 41%% 36%% 18%% 8,907 12,112 Q2FY25 Q2FY26 AAUM - Non Liquid (Rs. Cr) 36% % Asset Management
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16 Revenue (Rs. Cr) Profit Before Tax (Rs. Cr) Profit After Tax (Rs. Cr) (43) 151 355 FY24* FY25 H1FY26 10.9%RoE 2,819 1,834 677 FY24* FY25 H1FY26 507 287 Q2FY25 Q2FY26 (248) 209 478 FY24* FY25 H1FY26 (68) 101 Q2FY26 Q2FY26 11 77 Q2FY25 Q2FY26 43% 7x% 35% *Unaudited based on management estimates. The aforesaid numbers are provided for relative comparison. RoE is annualized Private Markets Clients Corporates Promoters NBFCs and HFCs Banks and Financial Institutions ➢ Private Credit (Corporate, Bespoke, Distressed and Real Estate) ➢ Syndication ➢ Private Investments (Private Equity, Co- Investments, REITs, Equities) Products / Services Q2FY26 Highlights ➢ In line with the guidance, loan book has reduced to Rs. 4,616 Cr in Q2FY26 v/s Rs. 7,434 Cr in Q2FY25 ➢ Further recovery efforts continue on the balance Real Estate stressed assets ➢ Strong resolutions pipeline for the asset reconstruction business. JMFARC share of recovery over the last 12 months of Rs. 1,273 crore ➢ Strong build-up of pipeline for syndicating transactions Business Priorities Foreign Funds and AIFs ➢ Deliver on franchise enhancing syndication along with consistent risk management ➢ Focus on Co-Investments ➢ Build on the origination capability ➢ Attract large investors to anchor large syndicated trades 1.7%
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776 57 907 386 1,683 443 Q2FY25 Q2FY26 FI Financing MSME Equity 24.7% G-Sec and Corp Bonds 4.6% PE/AIF/REITS 11.3% Deposits 0.3% C&CE 59.1% Well diversified Distressed Credit AUM (Rs. 12,868 Cr)Non Core Loan Book (Rs. Cr) Rs. 3,681 Cr Investments (Rs. Cr) 4,013 3,097 2,788 2,063 1,869 1,738 1,477 2,154 2,994 2,304 5,751 4,574 4,942 5,057 4,173 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Real Estate Bespoke (incl LAS) Loan BookFocused Loan Book (Rs. Cr) ➢ Yield for Q2FY26 : 12.1% (Q2FY25 : 13.8%) ➢ Disbursements at Rs. 485 crore during the quarter ➢ Strong repayments and pre-payments in the focused loan book ➢ Current size of on-balance sheet real estate loans is comfortable. Incremental real estate lending to be cash flow / syndication backed ➢ Non core loan book expected to substantially run down in the next 9-12 months Private Markets 17 Real Estate 24.2% Retail Loans 13.6% Textiles 12.5% Hospitality 10.7% Pharmaceuticals 9.8% Infrastructure 6.2% Ceramics 4.6% Healthcare 3.8% Iron & Steel 2.7% Plywood/ laminates 1.6% Portfolio & Others 10.3%
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18 Revenue (Rs. Cr) Profit Before Tax (Rs. Cr) Profit After Tax (Rs. Cr) 243 363 210 FY24* FY25 H1FY26 78 109 Q2FY25 Q2FY26 41%% 36 74 35 FY24* FY25 H1FY26 50%% 104% 24 50 27 FY24* FY25 H1FY26 113% *Unaudited based on management estimates. The aforesaid numbers are provided for relative comparison Affordable Home Loans Clients Retail – Salaried Retail – Self Employed ➢ Home Loans ➢ Loan Against Property Products / Services Q2FY26 Highlights ➢ AUM : Rs. 3,031 Cr (Rs. 2,366 Cr in Q2FY25) ➢ Portfolio assigned : Rs. 101 Cr ➢ Branch network : 134; Employees : 1,735 ➢ Average Ticket : Less than Rs. 10 Lakhs; Average LTV : 59% ➢ Salary / Self employed customers : 42%:58% ➢ GNPA / NNPA : 1.6% / 1.0% (1.0% / 0.6% in Q2FY25) Business Priorities ➢ Build Scale ➢ Increased Productivity ➢ Further penetration in existing geographies ➢ Technology driven sourcing, monitoring and client servicing 11 18 Q2FY25 Q2FY26 65%% 6 13 Q2FY25 Q2FY26 121%
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Affordable Home Loans 19 Diversified Liability Profile (%) NIM Analysis (%) Branch Network 118 134 Q2FY25 Q2FY26 2,366 3,031 Q2FY25 Q2FY26 AUM (Rs. Cr) Disbursement (Rs. Cr) Split of branches (134) - 9 States (%) 189 225 Q2FY25 Q2FY26 16 28% % 19% 13.2% 13.2% 13.1% 13.2% 13.0% 4.6% 4.7% 4.4% 4.6% 4.4% 7.0% 7.1% 7.3% 7.2% 7.1% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Yield % Spread % NIM % Banks and FI 48% Mutual Funds 23% NHB 24% Others 5% 29% 22%13% 12% 9% 6% 4% 4% 0% GUJARAT MAHARASHTRA TAMIL NADU TELANGANA MADHYA PRADESH ANDHRA PRADESH KARNATAKA RAJASTHAN CHHATTISGARH
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Section : 3 Annexure 20
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Segment Performance 21 Segment Revenue (Rs Cr) Q2 FY26 Q2 FY25 YoY % H1FY26 H1FY25 YoY % FY25 Corporate Advisory and Capital Markets 321 255 25.9% 537 395 35.7% 788 Wealth Management* 329 346 -4.6% 683 653 4.6% 1,317 Asset Management* 12 10 13.6% 27 19 39.3% 43 Private Markets 287 507 -43.4% 677 1,025 -33.9% 1,834 Affordable Home Loans 109 78 40.7% 210 171 22.6% 363 Treasury and others 65 82 -20.3% 172 156 10.3% 325 Total Segment Revenue 1,124 1,278 -12.0% 2,306 2,419 -4.7% 4,670 Less: Inter - segmental revenue (80) (66) 20.5% (140) (114) 23.0% (217) Total Revenue 1,044 1,211 -13.8% 2,166 2,305 -6.1% 4,453 Segment PAT (Rs Cr) Q2 FY26 Q2 FY25 YoY % H1FY26 H1FY25 YoY % FY25 Corporate Advisory and Capital Markets 142 101 40.8% 219 142 54.4% 322 Wealth Management* 30 35 -14.3% 73 63 16.5% 130 Asset Management* (10) (6) N/M (15) (11) N/M (26) Private Markets 77 11 6.8x 355 67 5.3x 151 Affordable Home Loans 13 6 2.2x 27 23 19.4% 50 Treasury and others 18 85^ -79.1% 65 119^ -46.0% 194 Total PAT 270 232^ 16.3% 724 403^ 79.7% 821 * management estimates ^ PAT for Q2FY25 and H1FY25 includes one-time deferred tax credit of Rs. 39 crore pertaining to unrealised gains on Investments due to amendments in tax rates on capital gains in Income-tax Act, 1961. Consolidated PAT for Q2FY25 and H1FY25 adjusted for aforesaid one-time credit is Rs. 193 crore and Rs. 364 crore.
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Corporate Advisory & Capital Markets 22 # denotes amount less than Rs. 1 Cr. * annualised Particulars (Rs Cr) Q2 FY26 Q2 FY25 YoY % H1FY26 H1FY25 YoY % FY25 Segment Net worth + NCI 703 480 46.5% 703 480 46.5% 638 Net Revenue 278 233 19.1% 459 352 30.6% 713 Impairment on Financial Instruments # 1 -86.7% 2 1 64.3% # Employee cost 73 88 -17.8% 142 142 0.6% 235 Operating expenses 18 12 47.2% 32 23 39.1% 57 PBT 187 132 41.9% 283 186 52.1% 421 Tax expense 45 31 45.6% 64 44 44.8% 99 PAT 142 101 40.8% 219 142 54.4% 322 Segment ROE* (%) 63.3% 71.9% 68.1%
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Wealth and Asset Management 23 Particulars (Rs Cr) Q2 FY26 Q2 FY25 YoY % H1FY26 H1FY25 YoY % FY25 Segment Net worth + NCI 1,232 1,106 11.4% 1,232 1,106 11.4% 1,187 Net Revenue 200 200 0.1% 426 375 13.5% 752 Impairment on Financial Instruments 1 3 -68.3% 3 5 -51.9% 1 Employee cost 127 115 10.4% 261 214 21.8% 419 Operating expenses 53 47 8.9% 99 92 6.0% 205 PBT 20 36 -45.4% 63 64 -1.3% 127 Tax expense 7 10 -32.3% 15 19 -19.2% 41 PAT before NCI 13 26 -50.5% 48 45 6.6% 86 Non Controlling Interests (NCI) 7 3 N/M 10 7 N/M 18 PAT after NCI 20 29 -32.6% 58 52 12.0% 104
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Private Markets 24 Particulars (Rs Cr) Q2 FY26 Q2 FY25 YoY % H1FY26 H1FY25 YoY % FY25 Segment Net worth + NCI* 6,487 6,915 -6.2% 6,487 6,915 -6.2% 6,171 Net Revenue 124 248 -49.9% 357 474 -24.7% 878 Impairment on Financial Instruments (19) 228 N/M (231) 293 N/M 411 Employee cost 23 50 -54.4% 71 94 -24.7% 144 Operating expenses 19 38 -50.8% 39 62 -38.2% 114 PBT 101 (68) N/M 478 25 19.0x 209 Tax expense 32 6 N/M 123 24 N/M 92 PAT 69 (74) N/M 355 1 N/M 117 Share in profit of associates 6 - N/M 6 - N/M - PAT before NCI 75 (74) N/M 361 1 N/M 117 Non Controlling Interests (NCI) 2 85 N/M (6) 66 N/M 34 PAT after NCI 77 11 6.8x 355 67 5.3x 151 Segment ROE** (%) 10.9% N/M 1.7% * Excluding non-controlling interests of SR holders **annualised
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Affordable Home Loans 25 # denotes amount less than Rs. 1 Cr. Particulars (Rs Cr) Q2 FY26 Q2 FY25 YoY % H1FY26 H1FY25 YoY % FY25 Segment Net worth + NCI 780 610 27.9% 780 610 27.9% 749 Total Income 109 78 40.7% 210 171 22.6% 363 Finance cost 38 35 11.7% 75 65 15.5% 131 Net Total Income 71 43 63.9% 135 106 27.0% 232 Impairment on Financial Instruments 10 (2) N/M 14 4 N/M 13 Employee cost 30 25 22.0% 60 50 20.4% 104 Operating expenses 13 9 38.9% 26 18 39.5% 41 PBT 18 11 64.9% 35 34 0.9% 74 Tax expense 5 4 1.8% 7 9 -31.5% 20 PAT before Non Controlling Interests (NCI) 13 7 2.0x 28 25 13.6% 54 NCI # (1) -35.2% (1) (2) -61.9% (4) PAT after NCI 13 6 2.2x 27 23 19.4% 50
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Effective Shareholding : September 30, 2025 26 Name of the Subsidiary / Associate Company Effective Ownership of JM Financial Limited September 2025 JM Financial Credit Solutions Limited 100.0% JM Financial Products Limited 99.8% JM Financial Institutional Securities Limited 100.0% JM Financial Home Loans Limited 96.7% JM Financial Asset Reconstruction Company Limited 81.8% JM Financial Services Limited 100.0% JM Financial Asset Management Limited 59.5% Overseas Entities# 100.0% JM Financial Properties and Holdings Limited 100.0% CR Retail Malls (India) Limited 100.0% Others* 100.0% JM Financial Trustee Company Private Limited 25.0% #Overseas entities include JM Financial Overseas Holdings Private Limited, JM Financial Securities, Inc, JM Financial Singapore Pte. Ltd. *Others include JM Financial Commtrade Limited, Astute Investments, ARB Maestro AOP and Infinite India Investment Management Limited