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JM Financial Limited – Q2FY27 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 ✓ Ranked #1 across IPOs + QIPs* ✓ Pipeline of IPO transactions : ~Rs. 130,000 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 ✓ Disbursements of Rs. 977 crore primarily in Bespoke vertical ✓ Standard Loans: Rs. 4,748 crore (YoY Growth: 22%) ✓ Strong market opportunity ✓ Granular book (average ticket size ~Rs.10 lakhs) ✓ AUM: Rs. 3,929 crore (YoY Growth: 30%); Disbursements: Rs. 331 crore (YoY Growth: 48%) ✓ Further scale the business ✓ Expanding wallet share of clients. The progress on build out of the customer franchise across all businesses is encouraging ✓ Differentiated and counter cyclical elements to the business ✓ Fully capitalized ✓ Declared Interim Dividend of Rs. 1.65 per share; Aggregate payout of Rs. 7.6 per share over last 6 quarters ✓ Loan book growth across businesses has improved visibility of earnings Wealth and Asset Management Manufacturing, distribution, advisory ✓ Unique Platform ✓ Expansion into manufacturing products ✓ Recurring Wealth AUM (including Loans) : Rs. 39,596 crore (YoY growth : 17%) ✓ First close of Maiden Pre-IPO Fund with commitments of Rs. 700 crore; ✓ MF AAUM (ex liquid): Rs. 11,243 crore Affordable Home Loans Affordable segment * By deal value in H1FY27 ^ Excluding IPO transaction of Jio Platforms Limited
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Performance Highlights 5* Excluding IPO transaction of Jio Platforms Limited Corporate Advisory and Capital Markets Private Markets Wealth and Asset Management Affordable Home Loans Wealth - Recurring AUM (including loans) AUM Asset Management – AIF Standard Loans Disbursements Disbursements Filed IPO Transactions League Tables Q2 FY27 (Rs. Cr) YoY (Increase) ~Rs. 1,30,000 crore across 48 transactions* (IPOs yet to be filed would be additional) Ranked #1 in IPOs + QIPs by deal value in H1 FY2027 First close of maiden Pre-IPO Fund (Commitments of Rs. 700 crore) 977 2x 4,748 22% 39,596 17% 331 48% 3,929 30%
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Summary Consolidated Profit & Loss Statement 6 *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) Q2 FY27 Q2 FY26 YoY % H1 FY27 H1 FY26 YoY % FY26^ Net Revenue 712 708 0.5% 1,595 1,488 7.2% 2,749 Employee cost 294 271 8.7% 591 569 3.7% 1,054 Operating expenses 110 101 8.8% 227 193 17.4% 443 Pre Provisioning profit (PPoP) 308 336 -8.6% 777 725 7.2% 1,252 Impairment on Financial Instruments* (15) (8) N/M (2) (212) N/M (237) PBT 323 344 -6.2% 779 937 -16.9% 1,489 Tax expense 95 89 6.7% 182 224 -18.8% 380 PAT 228 255 -10.7% 596 713 -16.3% 1,109 Share in profit of associates # 7 N/M # 8 N/M 24 PAT (incl. Share in profit of Associates) 228 262 -13.1% 596 721 -17.3% 1,133 NCI (Minorities) 12 8 N/M (65) 3 N/M # Operating Net profit 240 270 -11.3% 531 724 -26.6% 1,133 Consolidated Net profit 240 270 -11.3% 531 724 -26.6% 1,202 EPS (Rs./Share) 2.5 2.8 5.5 7.6 12.6 BVPS (Rs./Share) 114.9 107.1 114.9 107.1 110.9 Annualised Consolidated ROE (%) 9.8% 14.4% 11.7%
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Summary Consolidated Balance Sheet 7 * Includes assets of operating segments **Includes treasury assets, unallocated surplus and others ^ Includes non-controlling interests of SR holders Sr. No. Particulars (Rs Cr) September 30, 2026 June 30, 2026 September 30, 2025 A Assets 1 Business assets* 23,674 24,185 22,428 2 Treasury and other assets** 2,060 1,609 2,103 TOTAL (1+2) 25,734 25,794 24,531 B Equity and Liabilities 1 Capital Employed 11,270 11,197 10,534 - Net Worth 10,993 10,899 10,241 - Non-controlling Interests 277 298 293 2 Borrowing 11,328 10,882 11,245 3 Other Liabilities and Provisions^ 3,136 3,715 2,752 TOTAL (1+2+3) 25,734 25,794 24,531 C Gross D/E 1.0x 1.0x 1.1x
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Key Parameters 8 Particulars (Rs Cr) H1 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 988 445 158 100% - 829 946 347 100% - Private Markets# 6,756 850 310 96.9%^ 17,047 6,578 1,298 552 96.7%^ 17,574 Wealth Management 1,210 703 49 100% 1,15,832 1,157 1,403 132 100% 1,08,393 Asset Management 86 37 (24) 59.5% 13,591 110 56 (50) 59.5% 12,000 Home Loans 871 256 36 96.5% 3,929 833 455 76 96.5% 3,460 Treasury and others 1,359 91 (1) 100% - 1,391 263 67 100% - Total# 11,270 2,382 528 1,50,399 10,898 4,421 1,124 1,41,427 NCI (minority interests) / Inter Segment Elimination (277) (101) 3 (293) (273) 9 Total (post NCI) 10,993 2,281 531 10,605 4,148 1,133 Adjustments (net of tax and NCI)@ - - - - 113 69 Total (post NCI) 10,993 2,281 531 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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9 Net Worth (Rs. Cr) and Book Value Per Share (Rs.) Operating Revenue (Rs. Cr) Operating EPS and DPS# (Rs.) Operating PAT (post NCI) (Rs. Cr) Consolidated Financial Performance 2,819 592 1,022 29 243 1,834 788 1,317 43 3631,298 946 1,403 56 455 850 445 703 37 256 Pvt Markets CACM Weath AMC AHL FY24** FY25 FY26* H1FY27 4.3 8.6 11.8 5.5 2.0 2.7 3.3 1.7 FY24 FY25 FY26* H1FY27^ EPS DPS 8,438 9,675 10,605 10,993 FY24 FY25 FY26 H1FY27 *Gross Revenue numbers for FY26 are adjusted for receipt of interest on income tax refund amounting to Rs. 113 crore. PAT and EPS 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). ^ Earnings per share (EPS) is not annualized for the half year. # Dividend per share (DPS) includes interim and final dividend, as applicable. ** Unaudited based on management estimates. @ Profits of Private Markets segment for FY26 includes impact of reversal of impairment provisions of Rs. 258 crore (Post tax: Rs. 193 crore) 88.3BVPS 101.2 110.9 114.9 FY24 : 4,832 FY25 : 4,453 FY26 : 4,148 H1FY27 : 2,281 (43) 242 65 (17) 24 139 151 322 130 (25) 51 194 543 347 132 (30) 74 67 305 158 49 (14) 35 (1) Pvt Markets@ CACM Weath AMC AHL Treasury & Others FY24** FY25 FY26* H1FY27 H1FY27 : 531FY24 : 410 FY25 : 821 FY26 : 1,133
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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 IPO transaction of Jio Platforms Limited 76.8% 68.1%RoE Revenue (Rs. Cr) Operating Profit Before Tax (Rs. Cr) Operating Profit After Tax (Rs. Cr) 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 Q2FY27 Highlights ➢ #1 by deal value in IPOs and QIPs for H1FY27 ➢ Closed 26 equity capital market transactions aggregating ~Rs. 83,000 crore ➢ 48 filed IPO transactions aggregating to ~Rs. 130,000 crore** (further IPOs to be filed would be additional) ➢ Strong pipeline of M&A and Advisory transactions ➢ 370 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% 592 788 946 445 FY24* FY25 FY26 H1FY27 FY24-26 CAGR: 26% 242 322 347 158 FY24* FY25 FY26^ H1FY27 32 127 Q1FY27 Q2FY27 FY24-26 CAGR: 20% 328 421 452 208 FY24* FY25 FY26^ H1FY27 37 171 Q1FY27 Q2FY27 FY24-26 CAGR: 17% 46.8% 35.7% 138 307 Q1FY27 Q2FY27 2.2x 4.6x 4x
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12 Revenue (Rs. Cr) Operating Profit Before Tax (Rs. Cr) Operating Profit After Tax (Rs. Cr) *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 Q2FY27 Highlights ➢ Standard loans up 22% YoY to Rs. 4,748 crore backed by strong growth in Bespoke vertical ➢ Strong build-up of pipeline for 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 2,842 1,834 1,298 850 FY24* FY25 FY26 H1FY27 287 254 Q2FY26 Q2FY27 FY24-26 CAGR: 26% (248) 209 742 477 FY24* FY25 FY26^ H1FY27 101 107 Q2FY26 Q2FY27 (43) 151 543 305 FY24* FY25 FY26^ H1FY27 77 77 Q2FY26 Q2FY27 3.5x 3.6x 8.3%RoE 1.7% 10.7%
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Summary Balance Sheet for Private Markets Segment (Rs. Cr)^Investments (Rs. Cr) 2,251 2,419 2,685 3,037 3,769 1,236 1,009 1,097 817 809 391 297 228 191 170 3,878 3,725 4,010 4,045 4,748 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Non-core (MSME and FIF) Real Estate Bespoke (incl LAS) Loan Book and Security ReceiptsStandard Loans (Rs. Cr) ➢ Yield for Q2FY27 : ~13% ➢ Disbursements at Rs. 977 crore (primarily in Bespoke) during the quarter (2x YoY Growth); H1FY27 Disbursements : Rs. 1,808 crore ➢ Non Core loan book expected to substantially run down in the next 9-12 months Private Markets 13 3,604 3,707 3,665 3,114 2,825 2,356 2,433 3,006 3,077 1,691 1,882 1,308 493 649 743 417 396 458 478 694 908 966 971 970 1,003 9,167 8,808 8,593 8,288 6,956 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Equity Alternatives*** Group ICDs CCE, G-sec and Bonds** Distressed Credit* FY24 FY25 FY26 H1FY27 Standard Loans 10,215 4,788 4,010 4,748 Net NPA 279 174 130 120 Investments (incl. Distressed Credit) 8,442 7,729 8,593 6,956 Real estate assets 237 245 236 235 Net current assets 177 214 262 247 Total Assets 19,350 13,150 13,231 12,306 Net worth# 6,538 6,171 6,578 6,756 Share of SR holders 71 89 408 236 Borrowing 12,741 6,890 6,245 5,314 Total Equity and Liabilities 19,350 13,150 13,231 12,306 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). Operating Profit Before Tax (Rs. Cr) Operating Profit After Tax (Rs. Cr) 65 130 132 49 FY24* FY25 FY26^ H1FY27 7.4% 13.3%RoE 91 170 165 64 FY24* FY25 FY26^ H1FY27 37 39 Q2FY26 Q2FY27 30 30 Q2FY26 Q2FY27 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 Q2FY27 Highlights ➢ Recurring AUM (ex loans) : Rs. 37,038 Cr, increase of 16% YoY ➢ Loans: Rs. 2,558 Cr, increase of 30% YoY ➢ Recurring AUM (including loans) : Rs. 39,596 Cr, increase of 17% YoY ➢ Recurring Revenue : Rs. 216 Cr, increase of 20% YoY 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% 9.1% 7% 8.3% Revenue (Rs. Cr) 458 671 741 420 564 645 663 283 1,022 1,317 1,403 703 FY24* FY25 FY26 H1FY27 Recurring Transactional, Brokerage & Others FY24-26 CAGR: 17% 180 216 149 137 329 353 Q2FY26 Q2FY27 7% 20%47% 10%
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89 131 211 177 FY24 FY25 FY26 H1FY27 15 * Assets under Management (AUM) comprises distribution assets, custody assets and advisory assets, as applicable. AUM across channels Branch Network Franchisee Network Cash market share (%) Wealth RMs Sales Employees Wealth Management : Focus on Productivity Total Wealth AUM* (Rs. Cr) Loans (Rs. Cr)Recurring AUM [ex. Loans] (Rs. Cr) 563 675 835 771 FY24 FY25 FY26 H1FY27 55 62 72 71 FY24 FY25 FY26 H1FY27 801 852 874 898 FY24 FY25 FY26 H1FY27 98,801 1,09,580 1,06,148 1,13,522 FY24 FY25 FY26 H1FY27 20,315 27,919 30,838 37,038 FY24 FY25 FY26 H1FY27 1,410 1,583 2,028 2,558 FY24 FY25 FY26 H1FY27 3.8% 2.9% 2.6% 3.0% FY24 FY25 FY26 H1FY27
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16 Revenue (Rs. Cr) Operating Profit Before Tax (Rs. Cr) Operating Profit After Tax (Rs. Cr) (17) (26) (30) (14) (10) (10) FY24* FY25 FY26^ H1FY27 Q2FY26 Q2FY27 29 43 56 37 FY24* FY25 FY26 H1FY27 12 16 Q2FY26 Q2FY27 (29) (43) (49) (24) FY24* FY25 FY26^ H1FY27 (17) (17) Q2FY26 Q2FY27 41% 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 Q2FY27 Highlights ➢ First close of maiden Pre-IPO fund securing commitments of Rs. 700 Cr; Expecting first close of second performing credit fund before year end ➢ MF Average AUM : Rs. 13,500 Cr (Q2FY26: Rs. 14,902 Cr) ➢ MF Average AUM of Equity Schemes : Rs. 10,856 Cr (Q2FY26: Rs. 11,690 Cr) ➢ SIP Book per month : Rs. 87 Cr (Q1FY27: Rs. 90 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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2,790 2,257 422 387 11,690 10,856 14,902 13,500 Q2FY26 Q2FY27 Equity Debt Others (Liquid) 17 Active Partners # Employees 211 219 Q2FY26 Q2FY27 MF AAUM (Rs. Cr) AIF AUM* (Rs. Cr) 5,712 6,239 Q2FY26 Q2FY27 9% 8% 10 12 Q2FY26 Q2FY27 MF Management Fees (Rs. Cr) 24% Asset Management 9.3 8.5Folios (lakhs) Equity MF Yields (%) 0.29% 0.44% Q2FY26 Q2FY27 50% 331 363 700 331 1,063 Q2FY26 Q2FY27 Equity Debt 3.2x * Including Commitments
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18 Revenue (Rs. Cr) Operating Profit Before Tax (Rs. Cr) Operating Profit After Tax (Rs. Cr) 243 363 455 256 FY24* FY25 FY26 H1FY27 109 133 Q2FY26 Q2FY27 22%% 36 74 100 48 FY24* FY25 FY26^ H1FY27 FY 24-26 CAGR: 66% 24 50 74 35 FY24* FY25 FY26^ H1FY27 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 Q2FY27 Highlights ➢ AUM : Rs. 3,929 Cr, up by 30% YoY ➢ Portfolio assigned : Rs. 175 Cr ➢ Branch network : 152; Employees : 2,488 ➢ Average Ticket : ~Rs. 10.5 Lakhs; Average LTV : 60% ➢ Salary / Self employed customers : 43%:57% ➢ GNPA / NNPA : 1.1% / 0.7% (1.6% / 1.0% in Q2FY26) Business Priorities ➢ Build Scale ➢ Increase Productivity ➢ Further penetration in existing geographies ➢ Technology driven sourcing, monitoring and client servicing 18 26 Q2FY26 Q2FY27 45% 13 18 Q2FY26 Q2FY27 41% FY 24-26 CAGR: 37%
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Affordable Home Loans 19 Diversified Liability Profile (%) Spread Analysis (%)Branch Network 134 152 Q2FY26 Q2FY27 18 3,031 3,929 Q2FY26 Q2FY27 AUM (Rs. Cr) Disbursements (Rs. Cr) Split of branches (152) - 9 States (%) 225 331 Q2FY26 Q2FY27 30% 13.0% 13.0% 13.1% 13.1% 13.1% 8.6% 8.5% 8.5% 8.4% 8.3% 4.4% 4.5% 4.6% 4.7% 4.8% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Yield % CoF % Spread % 26% 22% 14% 12% 10% 6% 5% 4% 1% GUJARAT MAHARASHTRA TAMIL NADU TELANGANA MADHYA PRADESH ANDHRA PRADESH RAJASTHAN KARNATAKA CHHATTISGARH 84% 76%On-book % Banks and FI 59% Mutual Funds 18% NHB 20% Others 3% 48% Borrowing O/s – Rs. 2,196 Cr 418 692Half year
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Segment Performance 20 Segment Revenue (Rs Cr) Q2 FY27 Q2 FY26 YoY % H1 FY27 H1FY26 YoY % FY26^ Corporate Advisory and Capital Markets 307 321 -4.5% 445 537 -17.1% 946 Private Markets 254 287 -11.7% 850 677 25.5% 1,298 Wealth Management* 353 329 7.1% 703 683 3.0% 1,403 Asset Management* 16 12 40.9% 37 27 38.4% 56 Affordable Home Loans 133 109 21.8% 256 210 22.0% 455 Treasury and others 40 65 -37.7% 91 172 -47.1% 263 Total Operating Segment Revenue 1,103 1,124 -1.8% 2,382 2,306 3.3% 4,421 Less: Inter - segmental revenue (47) (80) -40.9% (101) (140) -27.7% (273) Total Operating Revenue 1,056 1,044 1.1% 2,281 2,166 5.3% 4,148 Total Consolidated Revenue 1,056 1,044 1.1% 2,281 2,166 5.3% 4,261 Segment PAT (Rs Cr) Q2 FY27 Q2 FY26 YoY % H1 FY27 H1FY26 YoY % FY26^ Corporate Advisory and Capital Markets 127 142 -11.2% 158 219 -27.9% 347 Private Markets 77 77 -0.5% 305 355 -14.0% 543 Wealth Management* 30 30 0.4% 49 73 -32.9% 132 Asset Management* (10) (10) -2.7% (14) (15) -6.4% (30) Affordable Home Loans 18 13 41.5% 35 27 27.9% 74 Treasury and others (2) 18 N/M (1) 65 N/M 67 Total Operating PAT 240 270 -11.3% 531 724 -26.6% 1,133 Total Consolidated PAT 240 270 -11.3% 531 724 -26.6% 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 21 ^ 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) Q2 FY27 Q2 FY26 YoY % H1FY27 H1FY26 YoY % FY26^ Segment Net worth + NCI 988 703 40.6% 988 703 40.6% 829 Net Revenue 286 278 2.8% 400 459 -12.9% 789 Employee cost 97 73 34.0% 155 142 9.0% 265 Operating expenses 17 18 -4.8% 37 34 8.6% 72 Operating PBT^ 171 187 -8.5% 208 283 -26.4% 452 Tax expense 45 45 -0.2% 50 64 -21.4% 105 Operating PAT after NCI^ 127 142 -11.2% 158 219 -27.9% 347 Segment PAT after NCI 127 142 -11.2% 158 219 -27.9% 345 Annualised Operating Segment ROE (%) 35.7% 63.3% 47.1%
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Private Markets 22 Particulars (Rs Cr) Q2 FY27 Q2 FY26 YoY % H1FY27 H1FY26 YoY % FY26^ Segment Net worth + NCI** 6,756 6,487 4.1% 6,756 6,487 4.1% 6,578 Net Revenue 120 124 -3.3% 582 357 63.1% 682 Impairment on Financial Instruments (19) (19) N/M (15) (231) N/M (258) Employee cost 15 23 -35.5% 72 71 2.4% 108 Operating expenses 18 19 -6.1% 47 39 22.1% 90 Operating PBT 107 101 5.7% 477 478 -0.3% 742 Tax expense 36 32 12.4% 98 123 -20.5% 204 Operating PAT 71 69 2.5% 379 355 6.8% 538 Share in profit of associates - 6 N/M (1) 6 N/M 23 Operating PAT before NCI 71 75 -6.1% 378 361 4.7% 561 Non Controlling Interests (NCI) 6 2 N/M (73) (6) N/M (18) Operating PAT after NCI 77 77 -0.5% 305 355 -14.0% 543 Segment PAT after NCI 77 77 -0.5% 305 355 -14.0% 542 Annualised Operating Segment ROE (%) 10.7% 10.9% 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 23 Particulars (Rs Cr) Q2 FY27 Q2 FY26 YoY % H1FY27 H1FY26 YoY % FY26^ Segment Net worth + NCI 1,296 1,232 5.2% 1,296 1,232 5.2% 1,267 Net Revenue 204 200 2.0% 408 426 -4.0% 827 Impairment on Financial Instruments # 1 N/M 4 3 N/M 4 Employee cost 126 127 -0.9% 253 261 -3.1% 482 Operating expenses 56 53 5.8% 112 99 13.3% 225 Operating PBT 22 20 15.0% 40 63 -37.3% 116 Tax expense 9 6 34.0% 15 15 -6.7% 34 Operating PAT before NCI 13 13 4.8% 25 48 -47.4% 82 Non Controlling Interests (NCI) 7 7 -2.8% 10 10 -6.5% 20 Operating PAT after NCI 20 20 2.1% 35 58 -40.0% 102 Segment PAT after NCI 20 20 2.1% 35 58 -40.0% 92 ^ 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 24 ^ 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) Q2 FY27 Q2 FY26 YoY % H1FY27 H1FY26 YoY % FY26^ Segment Net worth + NCI 871 780 11.6% 871 780 11.6% 833 Total Income 133 109 21.8% 256 210 22.0% 455 Finance cost 46 38 18.9% 89 75 18.9% 153 Net Total Income 87 71 23.4% 167 135 23.6% 302 Impairment on Financial Instruments 4 10 N/M 8 14 N/M 16 Employee cost 41 30 33.7% 77 60 28.8% 128 Operating expenses 18 13 34.2% 33 26 28.7% 58 Operating PBT 26 18 44.7% 48 35 39.7% 100 Tax expense 7 5 54.3% 12 7 83.7% 24 Operating PAT before NCI 19 13 41.7% 36 28 29.3% 76 NCI # # N/M (1) (1) N/M (2) Operating PAT after NCI 18 13 41.5% 35 27 27.9% 74 Segment PAT after NCI 18 13 41.5% 35 27 27.9% 73
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Section : 3 Annexure 25
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Shareholding Information : September 30, 2026 26 Name of the Subsidiary / Associate Company Effective Ownership of JM Financial Limited September 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 84.9% 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 Shareholders Shareholding of JM Financial Limited September 2026 June 2026 Promoter /Promoter group 58.0% 57.0% Institutional 21.9% 22.5% Non-institutional / others 20.1% 20.5% Total 100.0% 100.0%
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27 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