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JM Financial Limited – Q1FY27 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 Returns Businesses 4 ✓ Leadership; Best in class relationships ✓ Strong sticky repeat business ✓ Highest ever client addition ✓ Pipeline of IPO transactions : ~Rs. 150,000 crore* Corporate Advisory and Capital Markets Investment Banking, Institutional Equities Private Markets Bespoke solutions and access to private capital for clients ✓ Capital, connectivity, innovation and solutions led expertise ✓ “Syndication/co-invest” approach to improve risk adjusted returns ✓ Strong resolutions of over Rs. 2,000 crore in Distressed Credit Affordable Home Loans Affordable segment ✓ Strong market opportunity ✓ Granular book (average ticket size ~Rs.10 lakhs) ✓ YoY Growth: AUM : 28%; Disbursements : 87% ✓ Further scale the business ✓ Expanding wallet share of clients ✓ Differentiated and counter cyclical elements to the business ✓ Fully capitalized ✓ Increased payout to shareholders (1.6x increase over last two years); Aggregate payout of Rs. 5.95 per share over last 5 quarters ✓ Pre-provision profit for Q1FY27 up by 21% (Rs. 469 crore) Wealth and Asset Management Manufacturing, distribution, advisory ✓ Unique Platform ✓ Strong multi-decadal growth opportunity ✓ Expansion into manufacturing products ✓ Wealth AUM: Rs. 112,635 crore (Recurring AUM: Rs. 33,394 crore) ✓ MF AAUM: Rs. 13,205 crore (Non-liquid AAUM: Rs. 10,521 crore) Affordable Home Loans Affordable segment * Excluding filed IPO transactions of Jio Platforms Limited and National Stock Exchange of India Limited
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Financial Performance Highlights 5 Net Revenue Networth Pre-provision operating profit 883 13% 469 21% 10,899 7% Q1 FY27 (Rs Cr) YoY (Increase) Distressed Credit Gross resolutions of over Rs. 2,000 crore; The Group’s share of cashflows is over Rs. 1,200 crore for the quarter PAT (ex-provisions) before NCI* 379 24% * Non-controlling interests
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6 Operating Performance Highlights Wealth - (RMs and Sales Employee Count) 1,004 6% (57) Wealth - Recurring AUM (Rs. Cr) 33,394 7% Wealth – Loans (Rs. Cr) 2,417 43% Affordable Home Loans AUM (Rs. Cr) 3,715 28% Q1 FY27 YoY (Increase) Filed IPO Transactions ~Rs.1,50,000 crore across 60 transactions* (IPOs yet to be filed would be additional) * Excluding filed IPO transactions of Jio Platforms Limited and National Stock Exchange of India Limited
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Summary Consolidated Profit & Loss Statement 7 *includes provision on account of Expected Credit Loss(ECL) ^Net Revenue numbers for FY26 are adjusted for receipt of interest on income tax refund amounting to Rs. 113 crore. PBT and PAT for FY26 adjusted for receipt of interest on income tax refund of Rs. 113 crore and statutory impact of new labour codes of ~Rs. 22 crore (net impact of Rs. 91 crore pre-tax and Non Controlling interest; Rs. 69 crore post tax and Non Controlling interests). Particulars (Rs Cr) Q1 FY27 Q1 FY26 YoY % Q4 FY26 QoQ % FY26^ Net Revenue 883 779 13.3% 584 51.2% 2,749 Employee cost 297 299 -0.8% 200 48.6% 1,054 Operating expenses 117 92 26.8% 143 -17.9% 443 Pre Provisioning profit (PPoP) 469 389 20.9% 241 94.3% 1,252 Impairment on Financial Instruments* 13 (204) N/M (2) N/M (237) PBT 456 593 -23.1% 243 87.4% 1,489 Tax expense 87 135 -35.7% 84 3.7% 380 PAT 369 458 -19.4% 159 2.3x 1,109 Share in profit of associates # 1 N/M 3 N/M 24 PAT (incl. Share in profit of Associates) 369 459 -19.7% 162 2.3x 1,133 NCI (Minorities) (77) (5) N/M 3 N/M # Operating Net profit 292 454 -35.7% 165 76.5% 1,133 Consolidated Net profit 292 454 -35.7% 165 76.5% 1,202 EPS (Rs./Share) 3.0 4.7 1.7 12.6 BVPS (Rs./Share) 113.9 106.4 110.9 110.9 Annualised Consolidated ROE (%) 10.9% 11.7%
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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) June 30, 2026 March 31, 2026 A Assets 1 Business assets* 24,185 24,490 2 Treasury and other assets** 1,609 1,995 TOTAL (1+2) 25,794 26,485 B Equity and Liabilities 1 Capital Employed 11,197 10,898 - Net Worth 10,899 10,605 - Non-controlling Interests 298 293 2 Borrowing 10,882 11,522 3 Other Liabilities and Provisions^ 3,715 4,065 TOTAL (1+2+3) 25,794 26,485 C Gross D/E 1.0x 1.1x
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Key Parameters 9 Particulars (Rs Cr) Q1 FY27 FY26 Capital Employed Revenue PAT* % Effective Holding Loan Book/ AUM** Capital Employed Revenue PAT* % Effective Holding Loan Book/ AUM** Corp Advisory and Capital Markets 861 138 32 100% - 829 946 347 100% - Private Markets# 6,814 596 235 96.7%^ 16,941 6,578 1,298 552 96.7%^ 17,574 Wealth Management 1,179 351 19 100% 1,15,295 1,157 1,403 132 100% 1,08,393 Asset Management 103 20 (7) 59.5% 12,710 110 56 (50) 59.5% 12,000 Home Loans 851 123 17 96.5% 3,715 833 455 76 96.5% 3,460 Treasury and others 1,389 51 1 100% - 1,391 263 67 100% - Total# 11,197 1,279 297 1,48,661 10,898 4,421 1,124 1,41,427 NCI (minority interests) / Inter Segment Elimination (298) (54) (5) (293) (273) 9 Total (post NCI) 10,899 1,225 292 10,605 4,148 1,133 Adjustments (net of tax and NCI)@ - - - - 113 69 Total (post NCI) 10,899 1,225 292 10,605 4,261 1,202 *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 @ PAT for FY26 adjusted for receipt of interest on income tax refund of Rs. 113 crore and statutory impact of new labour codes of ~Rs. 22 crore (net impact of Rs. 91 crore pre-tax and Non Controlling interest; Rs. 69 crore post tax and Non Controlling interests)
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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 ^PBT and PAT numbers for FY26 are adjusted for statutory impact of new labour codes of Rs. 3 crore (pre-tax and NCI; Rs. 2 crore post tax and NCI). ** Excluding filed IPO transactions of Jio Platforms Limited and National Stock Exchange of India Limited 76.8% 68.1%RoE 592 788 946 FY24* FY25 FY26 Revenue (Rs. Cr) Operating Profit Before Tax (Rs. Cr) Operating Profit After Tax (Rs. Cr) 242 322 347 FY24* FY25 FY26^ 215 138 Q1FY26 Q1FY27 328 421 452 FY24* FY25 FY26^ 96 38 Q1FY26 Q1FY27 77 32 Q1FY26 Q1FY27 FY24-26 CAGR: 17% FY24-26 CAGR : 20% 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 Q1FY27 Highlights ➢ Closed 9 equity capital market transactions of ~Rs. 22,000 crore ➢ 60 filed IPO transactions aggregating to ~Rs. 150,000 crore** (further IPOs to be filed would be additional) ➢ Strong pipeline of M&A and Advisory transactions ➢ 360+ companies under active research coverage ➢ 230+ business professionals Business Priorities Private Equity (Financial Sponsors) ➢ Expand the depth and breadth of the client base ➢ Recruiting top tier talent 47.8% 47.1% FY24-26 CAGR: 26%
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12 Revenue (Rs. Cr) Operating Profit Before Tax (Rs. Cr) Operating Profit After Tax (Rs. Cr) (43) 151 543 FY24* FY25 FY26^ 3.6x 8.3%RoE 2,819 1,834 1,298 FY24* FY25 FY26 390 596 Q1FY26 Q1FY27 (248) 209 742 FY24* FY25 FY26^ 3.5x 377 371 Q1FY26 Q1FY27 278 228 Q1FY26 Q1FY27 *Unaudited based on management estimates. The aforesaid numbers are provided for relative comparison. RoE is annualized ^PBT and PAT numbers for FY26 are adjusted for statutory impact of new labour codes of Rs. 2 crore (pre-tax and NCI; Rs. 2 crore post tax and NCI). 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 Q1FY27 Highlights ➢ One of the best quarters for ARC business. Strong resolutions in Distressed credit of over Rs. 2,000 crore; Group’s share of cashflows is over Rs. 1,200 crore ➢ Further de-risking of balance sheet ➢ Strong build-up of pipeline for syndication transactions ➢ Further recovery efforts continue on stressed assets 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% Decline due to planned reduction of loan book in FY25 and FY26 53%
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Summary Balance Sheet for Private Markets Segment (Rs. Cr)^Investments (Rs. Cr) 2,941 2,251 2,419 2,685 3,037 1,444 1,236 1,009 1,097 817 538 391 297 228 191 4,923 3,878 3,725 4,010 4,045 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Non-core (MSME and FIF) Real Estate Bespoke (incl LAS) Loan Book and Security ReceiptsStandard Loans (Rs. Cr) ➢ Yield for Q1FY27 : ~14% ➢ Disbursements at ~Rs. 831 crore (primarily in Bespoke) during the quarter ➢ Strong resolutions in security receipts ➢ Non Core Loan book expected to substantially run down in the next 12 months Private Markets 13 3,500 3,604 3,707 3,665 3,114 1,610 2,356 2,433 3,006 3,077 1,459 1,882 1,308 493 649 346 417 396 458 478 932 908 966 971 970 7,847 9,167 8,808 8,593 8,288 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Equity Alternatives*** Group ICDs CCE, G-sec and Bonds** Distressed Credit* FY24 FY25 FY26 Q1FY27 Standard Loans 10,215 4,788 4,010 4,045 Net NPA 279 174 130 130 Investments (incl. Distressed Credit) 8,442 7,729 8,593 8,288 Real estate assets 237 245 236 235 Net current assets 177 214 262 181 Total Assets 19,350 13,150 13,231 12,879 Net worth# 6,538 6,171 6,578 6,814 Share of SR holders 71 89 408 299 Borrowing 12,741 6,890 6,245 5,766 Total Equity and Liabilities 19,350 13,150 13,231 12,879 Gross D/E 1.9x 1.1x 0.9x 0.8x ^ Management estimates # including non-controlling interests (NCI) * Related to investments in Security Receipts (part of Distressed business) ** CCE mainly comprises of Liquid Mutual Funds and Fixed Deposits *** Includes Investments in AIFs / REITs / InvITs
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14*Unaudited based on management estimates. The aforesaid numbers are provided for relative comparison ^ PBT and PAT numbers for FY26 are adjusted for statutory impact of new labour codes of Rs. 12 crore (pre-tax and NCI; Rs. 9 crore post tax and NCI). Revenue (Rs. Cr) Operating Profit Before Tax (Rs. Cr) Operating Profit After Tax (Rs. Cr) 65 130 132 FY24* FY25 FY26^ 7.4% 13.3%RoE 1,022 1,317 1,403 FY24* FY25 FY26 354 351 Q1FY26 Q1FY27 91 170 165 FY24* FY25 FY26^ 52 25 Q1FY26 Q1FY27 43 19 Q1FY26 Q1FY27 FY24-26 CAGR: 17% FY24-26 CAGR: 35% 8.9% 12.9% 11.8%Margin Wealth Management Clients UHNI / HNI Mass Affluent Institutions Family Offices ➢ Distribution ➢ Securities Broking ➢ PMS ➢ Advisory ➢ Loans Products / Services Q1FY27 Highlights ➢ Recurring AUM: Rs. 33,394 Cr, up 7% YoY ➢ Loans: Rs. 2,417 Cr, up 43% YoY (not included in recurring AUM) ➢ Major recruitment phase is over (Sales and wealth RMs headcount of 1,004); focus on productivity Business Priorities Retail ➢ Focus on productivity ➢ 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 12.0% FY24-26 CAGR: 42%
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174 203 Q1FY26 Q1FY27 15 * Assets under Management (AUM) comprises distribution assets, custody assets and advisory assets, as applicable. AUM across channels 68 71 Q1FY26 Q1FY27 Branch Network Franchisee Network Cash market share (%) 874 872 Q1FY26 Q1FY27 2.6% 2.7% Q1FY26 Q1FY27 Wealth RMs Sales Employees 773 801 Q1FY26 Q1FY27 17% 34% Wealth Management Total Wealth AUM* (Rs. Cr) 1,14,228 1,12,635 Q1FY26 Q1FY27 Loans (Rs. Cr) 1,691 2,417 Q1FY26 Q1FY27 43% Recurring AUM [ex. Loans] (Rs. Cr) 31,180 33,394 Q1FY26 Q1FY27 7% 27.3% 29.6%% of AUM
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16 Revenue (Rs. Cr) Operating Profit Before Tax (Rs. Cr) Operating Profit After Tax (Rs. Cr) (17) (26) (30) (5) (5) FY24* FY25 FY26^ Q1FY26 Q1FY27 29 43 56 FY24* FY25 FY26 15 20 Q1FY26 Q1FY27 (29) (43) (49) FY24* FY25 FY26^ (8) (8) Q1FY26 Q1FY27 36% FY24-26 CAGR: 38% *Unaudited based on management estimates. The aforesaid numbers are provided for relative comparison ^ PBT and PAT numbers for FY26 are adjusted for statutory impact of new labour codes of Rs. 2 crore (pre-tax and NCI; Rs. 1 crore post tax and NCI). Asset Management Clients UHNI / HNI Mass Affluent Institutions Family Offices ➢ Mutual Fund ➢ Equity and Debt AIFs Products / Services Q1FY27 Highlights ➢ MF Average AUM : Rs. 13,205 Cr (Q1FY26: Rs. 13,969 Cr) ➢ MF Average AUM of Equity Schemes : Rs. 10,131 Cr (Q1FY26: Rs. 10,781 Cr) ➢ SIP Book per month : Rs. 90 Cr (Q1FY26: Rs. 120 Cr) ➢ Strong pipeline of launch of AIF products 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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2,750 2,683 438 390 10,781 10,131 13,969 13,205 Q1FY26 Q1FY27 Equity Debt Others (Liquid) 17 Active Partners # Employees 202 222 Q1FY26 Q1FY27 MF AAUM (Rs. Cr) SIP Book per month (Rs. Cr) 120 90 Q1FY26 Q1FY27 5,498 6,108 Q1FY26 Q1FY27 11% 10%% 8 13 Q1FY26 Q1FY27 MF Management Fees (Rs. Cr) 62% Asset Management 9.2 8.6Folios (lakhs) Equity MF Yields (%) 0.27% 0.47% Q1FY26 Q1FY27 74%
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18 Revenue (Rs. Cr) Operating Profit Before Tax (Rs. Cr) Operating Profit After Tax (Rs. Cr) 243 363 455 FY24* FY25 FY26 100 123 Q1FY26 Q1FY27 22%% 36 74 100 FY24* FY25 FY26^ FY 24-26 CAGR: 66% 24 50 74 FY24* FY25 FY26^ FY 24-26 CAGR: 76% *Unaudited based on management estimates. The aforesaid numbers are provided for relative comparison ^PBT and PAT numbers for FY26 are adjusted for statutory impact of new labour codes of Rs. 1 crore (pre-tax and NCI; Rs. 1 crore post tax and NCI). Affordable Home Loans Clients Retail – Salaried Retail – Self Employed ➢ Home Loans ➢ Loan Against Property Products / Services Q1FY27 Highlights ➢ AUM : Rs. 3,715 Cr, up by 28% YoY ➢ Portfolio assigned : Rs. 103 Cr ➢ Branch network : 151; Employees : 2,288 ➢ Average Ticket : ~Rs. 10 Lakhs; Average LTV : 59% ➢ Salary / Self employed customers : 42%:58% ➢ GNPA / NNPA : 0.75% / 0.50% (1.5% / 1.0% in Q1FY26) Business Priorities ➢ Build Scale ➢ Increase Productivity ➢ Further penetration in existing geographies ➢ Technology driven sourcing, monitoring and client servicing 17 23 Q1FY26 Q1FY27 34% 14 17 Q1FY26 Q1FY27 16% FY 24-26 CAGR: 37%
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Affordable Home Loans 19 Diversified Liability Profile (%) Spread Analysis (%)Branch Network 128 151 Q1FY26 Q1FY27 2,911 3,715 Q1FY26 Q1FY27 AUM (Rs. Cr) Disbursement (Rs. Cr) Split of branches (151) - 9 States (%) 193 360 Q1FY26 Q1FY27 23 28% 13.2% 13.0% 13.0% 13.1% 13.1% 8.6% 8.6% 8.5% 8.5% 8.4% 4.6% 4.4% 4.5% 4.6% 4.7% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Yield % CoF % Spread % 26% 22% 14% 12% 10% 6% 5% 4% 1% GUJARAT MAHARASHTRA TAMIL NADU TELANGANA MADHYA PRADESH ANDHRA PRADESH KARNATAKA RAJASTHAN CHHATTISGARH 86% 79%On-book % Banks and FI 56% Mutual Funds 19% NHB 22% Others 3% 87% Borrowing O/s – Rs. 2,107 Cr
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20 Asset Quality Liability Profile Branches and Employees Affordable Home Loans – Five year track record 55 93 112 128 151 FY22 FY23 FY24 FY25 FY26 0.7% 0.8% 0.7% 0.9% 0.5% 0.4% 0.4% 0.3% 0.6% 0.3% FY22 FY23 FY24 FY25 FY26 GNPA % NNPA % 1,844530 870 1,313 2,106 FY22-26 CAGR: 29% 10% 6% 5% 5% 3% 17% 21% 24% 28% 24% 10% 7% 23% 20% 63% 73% 64% 44% 53% FY22 FY23 FY24 FY25 FY26 Banks and FI Mutual Funds NHB Others 2.2x1.7x 3.0x 2.4x 2.3xGross D/E Employees Branches * Includes Convertible Instruments Portfolio Quality – Collection Efficiency (CE) 6,485 10,835 18,054 23,764 32,208 61 59 164 358 184 FY22 FY23 FY24 FY25 FY26 # of accounts not collected # of accounts collected 98.5%99.1% 99.5% 99.1% 99.4%CE % AUM (Rs Cr) 510 887 1,185 1,020 1,173 FY22 FY23 FY24 FY25 FY26 Disbursements (Rs Cr) 942 1,522 2,256 2,832 3,460 FY22 FY23 FY24 FY25 FY26 FY22-26 CAGR: 38% 10.814.0 14.7 11.9 11.0ATS (lakhs) Pure-play HFC with no Developer LoanStrategic shift to lower ticket size 108100 25 225 NilEquity Infusion (Rs Cr)* 8,3753,037 4,850 8,345 9,858 # of Customers added
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Segment Performance 21 Segment Revenue (Rs Cr) Q1 FY27 Q1 FY26 YoY % Q4 FY26 QoQ % FY26^ Corporate Advisory and Capital Markets 138 215 -35.9% 170 -18.9% 946 Private Markets 596 390 53.0% 294 2.0x 1,298 Wealth Management* 351 354 -0.9% 381 -7.9% 1,403 Asset Management* 20 15 36.3% 17 16.3% 56 Affordable Home Loans 123 100 22.1% 128 -3.7% 455 Treasury and others 51 107 -52.9% 42 18.8% 263 Total Operating Segment Revenue 1,279 1,181 8.2% 1,032 23.8% 4,421 Less: Inter - segmental revenue (54) (60) -10.2% (63) -14.8% (273) Total Operating Revenue 1,225 1,121 9.2% 969 26.4% 4,148 Total Consolidated Revenue 1,225 1,121 9.2% 969 26.4% 4,261 Segment PAT (Rs Cr) Q1 FY27 Q1 FY26 YoY % Q4 FY26 QoQ % FY26^ Corporate Advisory and Capital Markets 32 77 -58.9% 39 -18.3% 347 Private Markets 228 278 -17.8% 78 2.9x 543 Wealth Management* 19 43 -55.9% 39 -51.5% 132 Asset Management* (5) (5) N/M (5) N/M (30) Affordable Home Loans 17 14 15.5% 25 -33.3% 74 Treasury and others 1 47 N/M (11) N/M 67 Total Operating PAT 292 454 -35.7% 165 76.5% 1,133 Total Consolidated PAT 292 454 -35.7% 165 76.5% 1,202 * Unaudited based on management estimates. The aforesaid numbers are provided for relative comparison ^Revenue numbers for FY26 adjusted for receipt of interest on income tax refund amounting to Rs. 113 crore PAT for FY26 adjusted for receipt of interest on income tax refund of Rs. 113 crore and statutory impact of new labour codes of ~Rs. 22 crore (net impact of Rs. 91 crore pre-tax and Non Controlling interest; Rs. 69 crore post tax and Non Controlling interest).
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Corporate Advisory & Capital Markets 22 *Unaudited based on management estimates. The aforesaid numbers are provided for relative comparison ^ PBT and PAT numbers for FY26 are adjusted for statutory impact of new labour codes of Rs. 3 crore (pre -tax and NCI; Rs. 2 crore post tax and NCI). Particulars (Rs Cr) Q1 FY27 Q1 FY26 YoY % Q4 FY26 QoQ % FY26 Segment Net worth + NCI 861 714 20.5% 829 3.8% 829 Net Revenue 115 182 -36.9% 119 -3.8% 789 Employee cost 58 70 -17.1% 47 22.4% 265 Operating expenses 19 16 18.8% 20 -5.0% 72 Operating PBT^ 38 96 -61.2% 52 -28.3% 452 Tax expense 6 19 -70.2% 13 -56.9% 105 Operating PAT after NCI^ 32 77 -58.9% 39 -18.3% 347 Segment PAT after NCI 32 77 -58.9% 39 -18.3% 345 Annualised Operating Segment ROE (%) 14.9% 47.1%
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Private Markets 23 Particulars (Rs Cr) Q1 FY27 Q1 FY26 YoY % Q4 FY26 QoQ % FY26^ Segment Net worth + NCI** 6,814 6,457 5.5% 6,578 3.6% 6,578 Net Revenue# 462 233 2.0x 154 3.0x 682 Impairment on Financial Instruments 4 (212) N/M (3) N/M (258) Employee cost 58 48 20.5% 8 7.6x 108 Operating expenses 29 20 45.0% 31 -6.5% 90 Operating PBT 371 377 -1.9% 118 3.2x 742 Tax expense 63 91 -31.9% 45 39.8% 204 Operating PAT 308 286 7.8% 73 4.2x 538 Share in profit of associates (1) - - 4 - 23 Operating PAT before NCI 307 286 7.7% 77 3.0x 561 Non Controlling Interests (NCI) (79) (8) N/M 1 N/M (18) Operating PAT after NCI 228 278 -17.8% 78 2.9x 543 Segment PAT after NCI 228 278 -17.8% 78 2.9x 542 Annualised Operating Segment ROE (%) 17.4% 17.6% 8.3% ** Excluding non-controlling interests of SR holders ^ PBT and PAT numbers for FY26 are adjusted for statutory impact of new labour codes of Rs. 2 crore (pre -tax and NCI; Rs. 2 crore post tax and NCI).
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Wealth and Asset Management 24 Particulars (Rs Cr) Q1 FY27 Q1 FY26 YoY % Q4 FY26 QoQ % FY26^ Segment Net worth + NCI 1,282 1,222 4.9% 1,267 1.2% 1,267 Net Revenue 204 225 -9.4% 210 -2.6% 827 Impairment on Financial Instruments 4 1 N/M 1 N/M 4 Employee cost 127 134 -5.2% 94 35.0% 482 Operating expenses 56 46 21.7% 70 -20.0% 225 Operating PBT 17 44 -60.5% 45 -61.5% 116 Tax expense 5 9 -37.9% 14 -58.9% 34 Operating PAT before NCI 12 35 -66.3% 31 -62.6% 82 Non Controlling Interests (NCI) 2 3 -13.8% 4 -8.7% 20 Operating PAT after NCI 14 38 -61.6% 35 -57.5% 102 Segment PAT after NCI 14 38 -61.6% 35 -57.5% 92 * Unaudited based on management estimates. The aforesaid numbers are provided for relative comparison ^ PBT and PAT numbers for FY26 are adjusted for statutory impact of new labour codes of Rs. 14 crore (pre -tax and NCI; Rs. 10 crore post tax and NCI).
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Affordable Home Loans 25 * Unaudited based on management estimates. The aforesaid numbers are provided for relative comparison ^ PBT and PAT numbers for FY26 are adjusted for impact of new labour codes on Gratuity liability amounting to Rs. 1 crore (pre -tax and NCI; Rs. 1 crore post tax and NCI) Particulars (Rs Cr) Q1 FY27 Q1 FY26 YoY % Q4 FY26 QoQ % FY26^ Segment Net worth + NCI 851 765 11.3% 833 2.2% 833 Total Income 123 100 22.1% 128 -3.7% 455 Finance cost 44 36 19.0% 40 9.4% 153 Net Total Income 79 64 23.9% 88 -9.6% 302 Impairment on Financial Instruments 4 5 -9.5% # N/M 16 Employee cost 36 29 23.7% 35 6.6% 128 Operating expenses 16 13 23.0% 19 -15.8% 58 Operating PBT 23 17 34.5% 34 -33.8% 100 Tax expense 6 3 135.7% 8 -35.1% 24 Operating PAT before NCI 17 14 17.8% 26 -33.3% 76 NCI # # N/M (1) N/M (2) Operating PAT after NCI 17 14 15.5% 25 -33.3% 74 Segment PAT after NCI 17 14 15.5% 25 -33.3% 73
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Section : 3 Annexure 26
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Effective Shareholding : June 30, 2026 27 Name of the Subsidiary / Associate Company Effective Ownership of JM Financial Limited June 2026 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 96.5% 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
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JM Financial Home Loans – RoA Analysis* 28 Particulars (Rs Cr) Q1FY27 Q1FY26 Total Income 16.2% 15.6% Finance cost 5.7% 5.7% Net Total Income 10.5% 9.9% Operating expenses 6.9% 6.6% Impairment on Financial Instruments 0.6% 0.7% PBT 3.0% 2.6% Tax expense 0.7% 0.4% ROA 2.3% 2.2% * Above analysis is based on JM Financial Home Loans Limited and not as per Affordable Home Loans segment reporting