Interim report
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JM Financial Limited Corporate Identity Number: L67120MH1986PLC038784 Regd. Office: 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025. T: +91 22 6630 3030 F: +91 22 6630 3223 www.jmfl.com November 4, 2026 D ear Sirs, S ub: Outcome of the Board Meeting - November 4, 2026 I n continuation to our letters dated October 6, 2026 and October 30, 2026 and pursuant to Regulations 30 and 42 of the SEBI Listing Regulations, we wish to inform you that the Board of Directors of the Company (the “Board”), at its meeting held today i.e. November 4, 2026, has, inter alia: 1. A pproved the Unaudited Standalone and Consolidated Financial Results of the Company for the second quarter and half year ended September 30, 2026 (the “Financial Results”). In this context, we are enclosing the following: a. Fin ancial Results as reviewed by the Audit Committee and approved by the Board. The said Financial Results are also being uploaded on the website of the Company at https://www.jmfl.com/investor-relations/financial-results and can be accessed by scanning the QR Code. b. ‘ Limited Review Report’, as received from our Statutory Auditors, KKC & Associates LLP, on the Standalone and Consolidated Financial Results, with an unmodified opinion. 2. D eclared an interim dividend of ₹ 1.65 per equity share of face value of ₹ 1 each for the financial year 2026-27. The said interim dividend will be paid to those Members whose names appear in the Register of Members of the Company or in the records of the Depositories as beneficial owners of the shares as on the record date, viz., Wednesday, November 11, 2026. T he payment of interim dividend shall be made on or after Friday, November 20, 2026, and within a period of 30 days from its declaration. T he Board meeting commenced at 2:30 p.m. (IST) and concluded at 4.30 p.m. (IST). W e request you to kindly take the above on your record and disseminate the same on your website, as you may deem appropriate. T hank you. Y ours truly, For JM Financial Limited H emant Pandya Company Secretary & Compliance Officer En cl.: as above BSE Limited Department of Corporate Services 1st Floor, New Trading Ring Rotunda Building, P J Towers Dalal Street, Fort, Mumbai – 400 001 Security Code: 523405 National Stock Exchange of India Limited Exchange Plaza Plot No.C-1, G Block Bandra-Kurla Complex Bandra (East) Mumbai – 400 051 Symbol: JMFINANCIL
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kkc & associates lip Chartered Accountants (formerly Khimji Kunverji & Co LLP) Independent Auditor's Review Report on unaudited consolidated financial results for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 of JM Financial Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements} Regulations, 2015, as amended. To The Board of Directors of JM Financial Limited Introduction 1. We have reviewed the accompanying statement of unaudited consolidated financial results of JM Financial Limited ('the Parent' or 'the Company') and its subsidiaries (the Parent and its subsidiari es together referred to as 'the Group') and its share of the net profit after tax and tota l comprehensive income of its associates for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 ('the Statement'}, being submitted by the Company pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations'). We have init ialled the Statement for identifica tion purpose only. 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Account ing Standard ('Ind AS'} 34 'Interim Financial Reporting' prescribed under section 133 of the Companies Act, 2013 ('the Act'), read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compl iance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. Scope of Review 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements ('SRE') 2410 - 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity ', issued by the Institute of Chartered Accountants of India ('the ICAI'). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytica l and other review procedures. A review is substantia lly less in scope than an audit conducted in accordance with Standards on Auditing and consequentl y does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion . We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable. Sunshine Tower, Level 19, Senapati Bapat Marg, Elphinstone Road, Mumbai 400013, India T: +91 22 6143 7333 E: info@kkcllp.in W: www.kkcllp.in LLPIN: AAP-2267 Suite 52, Bombay Mutual Building, Sir Phirozshah Mehta Road, Fort, Mumbai 400001, India
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kkc & associates Up Chartered Accountants (formerly Khimji Kunverji & Co LLP) 4. The Statement includ es the result of the following entities: Sr. No Name of the entity 1 JM Financial Limited 2 JM Financial Institutional Securities Limited 3 JM Financial Services Limited 4 JM Financial Asset Management Limited 5 JM Financial Credit Solutions Limited 6 JM Financial Products Limited 7 JM Financial Asset Reconstruction Company Limited including its subsidiaries constituted as trusts together referred to as JM Financial Asset Reconstruction Company Limited Group 8 JM Financial Home Loans Limited 9 JM Financial Properties and Holdings Limited 10 JM Financial Commtrade Limited 11 CR Retail Malls (India) Limited 12 Infinite India Investment Management Limited 13 ARB Maestro (Association of Persons) 14 Astute Investments (Partnership Firm) 15 JM Financial Overseas Holdings Private Limited 16 JM Financial Singapore Pte. Ltd. 17 JM Financial Securities, Inc. 18 JM Financial Trustee Company Private limited 19 CFMARC Trust 166 20 CFMARC Trust 167 Conclusion Relationship The Parent Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Associate Associate Associate 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying •• Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS specified under Section 133 of the Act as amended, read with relevant rules issued thereunder and other accounting principles general ly accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Other Matters 6. We did not review the financial results of 6 subsidiaries included in the Statement, whose financial results, reflect (before consolidation adjustments) total assets of Rs. 11,880.60 Crores as at 30 September 2026, reflect total revenues of Rs. 245.72 Crores and Rs. 786.47 Crores, total net profit after tax of Rs. 15.00 Crores and Rs. 272.51 Crores, total comprehensive income of Rs. 15.27 Crores and of Rs. 272.91 Crores, for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively, and cash flows (net) of Rs. (83.71) Crores for the period from 01 April 2026 to 30 September 2026 as considered in the Statement. These financial results Sunshine Tower, Level 19, Senapati Ba pat Marg, Elphinstone Road, Mumbai 400013, India T: +9122 6143 7333 E: info@kkcllp.in W: www.kkcllp.in LLPIN: AAP-2267 Suite 52, Bombay Mutual Building, Sir Phirozshah Mehta Road, Fort, Mumbai 400001, India
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kkc & associates lip Chartered Accountants (formerly Khimji Kunverji & Co LLP) have been reviewed by other auditors and their reports, vide which they have issued an unmodified conclusion have been furnished to us by the Management and our conclusion on th e Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of the above matter. 7. The Statement include s the financial information of 6 subsidiaries which have not been reviewed by their auditors, whose financial information (before consolidation adjustme nts) refl ect total assets of Rs. 425.27 Crores as at 30 September 2026, reflec t total revenue of Rs. 8.04 Crores and Rs. 34.46 Crores, total net profit/{loss) after tax of Rs. (3.60) Crores and Rs. 4.39 Crores, total comprehensive income/{ loss) of Rs. (1.31) Crores and Rs. 8.78 Crores for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively, and cash flows (net) of Rs. (27.65) Crores for the period from 01 April 2026 to 30 September 2026 as considered in the Statement. The Statement also includ es the Group's share of net profit/(loss) after tax of Rs.0.13 crores and Rs. (0.04) Crores for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively, as considered in the Statement, in respect of 3 associates, based on their financi al information which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, these financial information are not material to t he Group. Our conclusion on the Statement is not modified in respect of the above matt er. For KKC & Associates LLP Chartered Accountants (formerly Khimji Kunverji & Co LLP) Firm Registration Number: 105146W/Wl00621 ~~ Hasmukh B Dedhia .- .. Partner ICAI Membership No: 033494 U DIN: 26033494TDCEKE3062 Place: Mumbai Date: 04 November 2026 Sunshine Tower, Level 19, Senapati Bapat Marg, Elphinstone Road, Mumbai 400013, India T: +9122 6143 7333 E: info@kkcllp.in W: www.kkcllp.in LLPIN: AAP-2267 Suite 52, Bombay Mutual Building, Sir Phirozshah Mehta Road, Fort, Mumbai 400001, India
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kkc & associates Up Chartered Accountants (formerly Khimji Kunverji & Co LLP) Independent Auditor's Review Report on unaudit ed standa lon e financial results for the quart er ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 of JM Financial Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. To The Board of Directors of JM Financial Limited Introduction 1. We have reviewed the accompanying statement of unaudited standa lon e financial results of JM Financial Limited ('t he Company') for th e quart er ended 30 September 2026 and year to date results for the period from 01 Apri l 2026 to 30 September 2026 ('the Statem ent'), being submitted by the Company pursuant to the requirements of Regulation 33 of the Securitie s and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations'). We have initialled the Statement for identification purpos e only. 2. This Statement, which is the responsibility of the Company's Management and approved by the Board of Director s of the Company, has been prepared in accordance with the recognition and measurement principl es laid down in the Indian Accounting Standard ('Ind AS') 34 'Interim Financial Reporting ' specified in section 133 of the Compan ies Act, 2013 ('the Act'), read with relevant rules issued th ereunder and oth er accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. Scope of Review 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements ('SRE') 2410 - 'Review of Interim Financial Information Performed by the Independ ent Auditor of the Entity' issued by the Institute of Chartered Accountants of India ('the ICAI'). This standard requires that we plan and perform th e review to obtai n moderate assurance as to whether the Statement is free of material misstatement. A review is limit ed primarily to inquiries of company's personnel and analytical procedures appl ied to financial data and thus provid es less assurance than an audit. We have not perform ed an audit and accordingly, we do not express an audit opinion. Sunshine Tower, Level 19, Senapati Ba pat Marg, Elphinstone Road, Mumbai 400013, India T: +91 22 6143 7333 E: info@kkcllp.in W: www.kkcllp.in LLPIN: AAP-2267 Suite 52, Bombay Mutual Building, Sir Phirozshah Mehta Road, Fort, Mumbai 400001, India
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kkc & associates Up Chartered Accountants (formerly Khimji Kunverji & Co LLP} Conclusion 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS, specified under Section 133 of the Act as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclo sed, or that it contains any material misstatement. For KKC & Associates LLP Chartered Accountants (formerly Khimji Kunverji & Co LLP) Firm Registration Number: 105146W/Wl00621 Hasmukh B Dedhia Partner ICAI Membership No: 033494 UDIN: 26033494ZJNCDU7499 Place: Mumbai Date: 04 November 2026 Sunshine Tower, Level 19, Senapati Ba pat Marg, Elphinstone Road, Mumbai 400013, India T: +91 22 6143 7333 E: info@kkcllp.in W: www.kkcllp.in LLPIN: AAP-2267 Suite 52, Bombay Mutual Building, Sir Phirozshah Mehta Road, Fort, Mumbai 400001, India
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- · s ... ~ o. I (o) - - (b) 2 (a) ~ - (<) . ..idL (r) 10 - - j 4 5 6 (a) (b) (<) 7 - -- 8 9 10 ---- - - - II 12 1l ---- --·- 14 >--- - I ~ 16 17 j JM Financial JM FINANCIAL LIMITED CONSOLIDATED STATEMENT OF PROFIT AND LOSS .-OR THE QUART ER AND IIALF YEAR ENDED SEPTEM BER JO. 2026 P:u1ic11la1"$ h1<·011u• RC'\'('1111<' from onc-ra lions (i) ln1ercs1 income (ii) Fe~s :lnd conunission income (iii) Brolcrrwe income (i\) Net i!Jin on fair ,alue chan~es (\") Nel g:un on dcrecognition offin:mcial ins1nimen1s carried at runoniscd cost (\I) Net (loss)on derecogmtlon ol fln:mc1al mslrnmcnt s CMTied :1;1 fair ,·aluc through OCI (, ii) O1her onernlm!.! income Totnl Rtnnu e rrom 01wration s Otht'r incom e' Total intomr Exn('nSt S Finance COSIS ~-s and commissio n c,pcnse lmn::urmcnt on financial ins1rumcn1s ~ lo,!;.'C b,:nefits e,pcnsc Dcnrec1311on. amon11atio n ~d 1ml)ainrn .. "11t O1her e.,oenses To t:11 t'X >f'IISt'S Profit bt'for <' t'Xrt'p lion:tl ittm and tax ( l•l) Exccp 11onal Item • S1:11u1or:,. impact ofnc" Labour Codes Profit h<'fort- tax (J +4) Tax ('X Pt'IIS ('S Curren! ta.x Dercrrcd 1a., Ta, :idjuslment of earlier, cars (ne t) Total lax uernst'S Nt't Profil for tht peii od / )'tar (5-6) Add .- Share m nrofi t/(loss) of associates ~<'t Profit aflC'r tax a nd shiu'f in profit /(loss) of associat es (7+8) Other romnrr hen:si,·e inr0lll(' (OC I) (1 J l1ems thou \\ ill k recbss1ficd 10 profit o r loss - E"h:u-1~1! di(fcn .. -i1ct.-S on trnnslation offo rci~n 0j!CrJllon s (11) l1cms that \\Ill not be reclassified to orofi l or loss - Rcmc:isurement of dl!fincd b!;.'n!;.'fit obli •ations • Shan! 1n other conlllrc hl!nSI\ e mcome ofa.ssoc1,:1.1e - Income 1a..x on 1hc abo,c Total otlwr r omn1'fh r nsh·c income Tota l C'0llll'l1>thcusin- i11romr for 1hr PC"iiod / ,·rar (9+10) :\'.et nrofit atllibutab le- to (9): Ow,1er'S oftl1t rom•>:mv Non-rontro llinP' iutt 1"t"st s Other como1't'hen si\'€' inco me :1thib111ablt 10 ( 10): .Q_\,ners or the comnany ~·££1llrollinlii: in1eres1s -Tol:il comert'htu Si\·(' inrome- at11ih111able t o ( 11): 0 \\ ncrs or the comnarl, '=on -controllmt• 1n1cres1s P:lld up cqu1I~ sh3re C:lp11al (Face ,.1lue Re. I/- 1>er share) Other \.'iluih ce,cludin!! re\ a\uation rcsen es)* Ea.min, ner Mu11~ sh:u-c cEPS),... B~,c EPS tm Rs.) D1lu1ed EPS 1111 Rs) • Net of Good\\ tll on consohd:111011 amountmg 10 Rs 52 ..J.J ( rorc . .. Not annualised for 1hc qunr1ers and half~car periods :, Dcnoh!S amoun t bclo,, Rs. 511.ltU0f• JM Financial Limited - 30.09.2026 Un:md itl'd 437 1' 355 04 l<,-t<, I 39 33 23 2X 10 7X) 13 {,O 1.032.22 23 93 1.056. 15 25X -1-1 l({i ] I( ()5 .JO) - 21.J.J 20 - :?2 25 K7 .J7 733.14 323.0 1 I 323.0 1 I 1(3 1XI i I I SR I I 95.-'8 227.53 n 13 227.66 I --4 1)2 7 I 2 73 I (U.(,'JI I 6.96 I H>.62 239.5-1 (1 1.88) (1.IJ.t 1102 :?¥, -IX (I I.X<,) 1)5 70 2 5U I 2 So Corporate Identity Number: L67120MH1986PLC038784 Qu:111rr End C'd 30.0(,.20 26 30.09.2025 l lnaudited Umu1di1ed .J:2253 JX') 25 l 1JtJ 83 34 1 20 177.77 155.53 JXI J<, IIIX.85 j 15.50 15 10 (II')'-)) (0 (,3 ) -l 53 2 1.tJ8 1.200.53 1.03 1.28 2.J. 13 13 (K) I 1.22>.66 I .OH.28 I 2-16 56 154 22 1)5.()9 I( ) tJ5 13 57 (7 72) 2W1.-l6 270 (10 :?:? 07 11)20 •)5.31 Kl <i-1 169. 12 I 699.89 I a55.s4 I J -14J9 I I 455.54 I 34U9 I 11 X 53 M,.05 (32 35) 23 . .JI 062 86.80 89.46 368.1 • I 25-1.93 (0 17> <,_'){1 368.57 261.89 I (0 .52) tJ. 12 -- (0.30) (3. 19) OtlX O.XII (0.7>) 1 6.73 I 367.83 I 268.62 1 291.92 270.00 76.65 (8. 11) (tl ,73) 6 X2 (ti.Ill ) (001)) 2')] ] I) :?7fi X2 7(, <,➔ (X.20) 1)5 70 95 61 3115 :? X2 J 1)5 2.1<2 Regd. Office: 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025. T: +91 22 6630 3030 F: +91 22 6630 3330 www.jmf l.com (Ruoccs m Cro rc) Hair Ytar Ended Year Endt'd 30.09 .2026 30.09.2025 31.03.2026 Umutdiltd Unaudit ed Audiled X59.67 l'.17X.61 1.652. 1'1 l54.X7 573, 19 l, 11 7.U4 3-l2.3X ]1)1) ,Jl) (,35.92 -t:?0.(19 J l •J.93 570 73 3X.7X 26 35 73 72 I 1.77) (4 14) (6.37) 18. 13 3lU<9 -l7 90 2,232.75 2. 142.62 ,l.091.10 -HUI<, 22 I(') 169-19 2.280,81 2.165.5 1 '-260.59 505 00 505- 10 91.J<) JtJ IMl.27 172 XI JWC,I II X3) (211 17) (237 17) 5')0.(,{i 56933 1.05) .1)) 4-l.32 35 X7 78.37 182 X..J 157 (,:? 3(,.J 1)4 1,502.26 1.228-'6 2,658.87 778.55 936.95 1,601.72 121 :?9) 118.SS 936.95 1.580.43 202...JJ 1-lk 93 21W.33 (20. 77) 7(, Ofl I 17.K4 062 (0-ltJ) (3.(,2) 182.28 224.44 I 403.55 596.27 7 11-'il I 1.176.88 (0.04) X.15 :?-1. 16 596.23 720,66 1,20 1.04 -I.JU 9 JX 2(1 21< 2 -lJ (3 7'!) 0(10 # HJ.61) 0.95 (0. 15) 6.22 6.54 26.73 602.45 727.20 1.227.77 531.46 72J.8 1 1,20 1.97 64.77 (3.15) (0,93) (1.2 1 (,(,{, 2(,.15 U.0 1 (0 12) (U 02) 537 (,1 730 -17 l.22X 72 (>-I 7X (3 ~7) (1195) 95 70 1J5 (,2 95.<H 10.509.)5 5 55 1 51 I 12.57 5 5; 7 5(1 12.55
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j JM Financial JM f lNANCIAL LIMITED SEGMENTWISE DETA I LS ON CONSOLIDATED BASIS FOR THE QllAKTtR A NO IIALF YEAR ENDED SEPTEM BER JO. :?026 P:1rti r ul:1n Scl!llll'nl Rc\ cnuc ~ - ~·omora tc Ad\lsor,. and C:unt.il Markets _..!_ \\'calth ;ind Assc1 Man:h!.CIUCn l C Pri\atc Marl..cts D Afford:iblc Home Loans E Trca sul"\ and otl1crs Tu1al Si:c,ml'lll Rcn~nuc Less Inter • sc •menial rc,c1111c T otal Rl'H·nu1.· Sc~llll'nl Rl-sults - Odore l'tcc u1ion:1l item JO.O<J.20?6 Un:rntl ih:-d J<,•11.7 25:. n J.ltlJ.J,1 (➔ 7 l 'J) nuarlt·r Ended JtU16.W.?6 U11;1utlitcd DX~t 310.n 59(,21 122.8(1 511 .•7 1,27X.t, I I 1.224.66 I JO.OtJ.2025 Un:rndi tcd J21 .H 3-11 1-1 2X7 J'J 11)1-J,HI 1.12,UJ 1,0-H.?H 11:llf Yc.ir E1Hlctl J0.09.2026 Unau1li1cd 7-HJ.2.J lU9.9-I ?JSl.95 1101 1-1) ?,?KO.HI J IUltJ,2025 U11 :auditcd 70'J.X I 677. lfl 209.99 I 7UIJ ?JO:ii...16 ( 139,95) 2.165.~I /Rup, .. \.~ Ill fr-.iR ·I Yc:tr Entlctl JIJl3.:WU, Audill'tl 1.298 19 J76 09 -1 .53-1.IJ 1213 . .5-n ... 260.59 A CoroorntcAd\i SOl"\.'.lndCaoitalt\ larl.c1s 1709K J.7~4 Pl<,95 20!1.32 2113.0K 451.75 B \\"c.,lth:indA ssc1M:m.::a•e111ent 22.45 17.l'J 1953 39 74 (1335 116.18 (' Pmat e~farl.ets Jt)(,8 1 370J4 j IOIU'J 477.15 478.4 6 74 1.91) D Affordable Home Loans :?5.(,o 22. 74 17 (,•J 4K.J4 34.60 t)9.84 E Trc:mm and ot~hc~"'----------- - - 1-------'<~l ·c."''-'l+--------'-'7 .""83...._ ___ _ _:l..:.'lc.l :'-, +------'-'! .,;;;Ill:;_> +-------' 7-'-7·c:."::..' +------'-l '.:.;>1"'.9""(,'-1 Tot :11 Scgm1.·nt Rl·sulh hcfur1.· c,cc11tiont1I itt•m J ?J.01 455.~4 J-14.JIJ 77H.~$ 93<,.IJ~ 1.601. 72 __ l_ _______ _____ -1------1-----~-------+------+- ---- l----- --l ~(!lion:11 hem A Cornoratc Adi 1son .'.lnd ('an iul t\larl.cts _ o_ Wealth nnd Asset ~lnnng.emcnt C Pri1 :nc Marl..ets D Afford:1blc Home Loans Trca sun and others T otal En·1.· 11io n;1I lt1.·111 ~·nt Rcsulh - Afh-r c,ccution:1 I iu.:m A Cornora tc Adi 1son •md C':m11al ~13rl.cts B Wealth .'.lnd Asse t M:m:11:cmcnt (' Pm ale f,.1.Jrl.cts D Affordabk: Home Loails E Trcasul"' :md others Tomi Sc!.!ftH.·nt Rcsult11 .1f1l•r l'xcc ution:ll item (Profit hcfon· l:1'\) A Comorale Ad,ison · and C':uHtal Marl.els B Wealth and Asset Man31.!Cmcnt (' I Pm 3.IC Marl.els D Afford:ible Home Loans Trcasun and others Total As~cb Scl,!mt·nt Li.thilitic11 170 ')K 106.XI 32JJII I I 2!',73 -UO A Cornoratc ,\d, ,son and C:m1tal fl.larl.cts 11 7 IW J7)4 17 29 22 H 7 KJ 992 27 D.227.42 3.02') _;<, 25.7?4.HI I I l-'B"--l''"'"'"'•""hhcc•,,:n:,,_dc,A.e,SS:c,ct""~"'""'"•e,s"'c,c,;nc:cn,_1 ________ +---- ---'!~.;_o,C.9-'-9-+--- - ----';"'.{"",;°'; '.:c>lc_ :WK 32 101.0'J 477. 15 17 6') 19 l'.1 :'o .00 344.39 778.55 1.10.:-.81 5. 15X 40 l'.1.905 75 2.508 8.3 J.1511.Jll 1. 10:t 09 2.1159.75 ?4.5J I.IH 2~.734.20 I 17.K9 l--'-c-4'"Pnc,;'c=c•>:,_C-"~""'':.::'l"cl"-' ----- - - ------+- ------'!-". h"-l.'--1"-"l'-+ ___ a,'"'·'-'-' -"' ·"'(15-+------' 7CC.fc:>'J.c..)~1'c..J+--- .~! ,cc;<•l,.c)c..eA~'+-- - D Affordable Home Lo:ins 1 . .?K7 (,6 2.1 711 -1:'o 1.72K Kl 1.187 66 E Trcasun and Olhcl'$ 71111 14 2 19.2-1 770.41 7110.I~ !olal Li;tbilitil-~ U.228.111 14.297.HJ I I 13.(,7 1.28 u.22x.111 I I A Comoralc Ad\lson .::and C:mit:il MarJ.c1s 987.92 702 15 '}87.92 8 Wealth :lnd Asset ~1:u1:i •cmcm 1.232 00 1.295 79 C' Pri, ate M:lrl.c1s 6.')92.1><1 D AfTordablc Home Loans K70.72 X70 72 hrcas uf'\ and others 1.35').61 UR'J35 1.3~2 ())( U59fil I 1150(,.10 ll . .i96.27 I l0,H59.90 1150(,.IU I • Scgmcn1 Assc1s and C'apn:il Employed presented arc net ofGood\\tll on consollda11on amountmg 10 Rs 52 .-.i Cro n.~ Fooln ol<'S: (14.21 I a 011 ( 1.112) (21.29) 1K3 08 449 .21 139})2 1)8 JI) 77.46 IIJO ').I l)J(,. 9~ 1$80.43 5.158.4(1 D.905 . 75 2.508.83 2.111).09 2-l.."'31.18 26 .. U~-1.78 5..474.:;u 7.0'JJ.2') 1.7211 82 2.1111.54 7704 1 <,oJ.n IJ.(17 1.28 15. 179.1-1 702.75 81') 55 1.232.DO 6.KI 2.46 <,.'JKf,lfl 7Mt1.0I 1.332.68 I0,859.9 0 11.305.(,4 I On a consohd,ued basis. the Group has the following four reportable segments. namely. (1 I ("oqlora tt A,h•isor y :111d Capi tal M;u·kt ts which ca1ers 10 lns111u11onal. Corporate, rromoter s. Go"emmcn1 and Ultra High Net worth client s and mdudc s mvestmcn1 ban long . 111s1i1u1ional cqu111es and research . (11) Wea lth anti ,\ ssel J\1:magrment includes weallh management busmess. brokmg. Portfoli o Management Scrnccs. Equuy & Debi AIFs and mutual fund busmess. (11i) P.-iv1HC' i\1:u·kets which compri ses of Pm·atc Credit (Corporate. Bespoke. Re.ti Es1a1e :tnd Distressed C'rcd11) and lmcstmcnts ( Pnvat e Equity Funds. REITs !!IC). and (i\') Affordab le llom<" l.oan" ,,.hich mclud cs 1he affordab le ho using finance busmcss The revenue from Trl' asury and 01hcrs include propeny ren1al income and 111comc from surplus funds 1 The Company ~md 1hc Grou1> do 1101 have nny ma1enal operations outsi de India and hence disclosure of gl!ogr:1phic segments is nol required J. 1\:, per Inf.I /\S IOX ·opcr.11i11g Segnu.'.'n1.,·. 11Ctmc111-wi:oc dc1aib arc c.fo,doscd on a ron:.o lida1cd b,1:-.i:o and hcnn·. no :.cpar.ue di:-.do:,urc ha::, be 2
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j JM Financial JM Fl'.'IA:-.CIAL LIMITED STA:-.DALO:-.E STATD1E:-.T OF PROFIT A:-.D LOSS FOR THE QUART ER A:,;D HALF YEAR E:-.DED SEPTEM BER 30. 2026 ( R UllCC') in cn;re) Sr. Quarter Ended Half Year Ended Year Ended No. Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 Unaudited Unaudite d Unaudited UnauditC'd Unauditl'd Audited I I ncome (a) Revenue from opcrarions (i) Interest income 8.16 9.18 6.5 1 17.34 15.00 29.35 (ii) Fees and commission income 238.00 63.10 219.54 30 I.I 0 321 .38 572. I 5 {iii) Net gain on fair value changes 5.15 9.98 49.18 15. 13 185.11 234.07 Total rc\'enuc from operations 251.31 82.26 275.23 333.57 521.49 835.57 (b) 01hcr income 146.93 3.44 119.93 I 50.37 121.94 366.60 Tot:tl Income 398.24 85.7 0 395.16 483.94 643.43 1,202.17 2 E.xpensrs (a) Finance costs 0.97 1.00 1. 18 1.97 2.44 4.65 (b) Fees. Sub Brokerage and other direct expenses 10.64 22.04 41.12 32.68 53.17 106.56 (c) lmpainncnl on financial instruments (1.75) 0.88 0.15 (0.87) 1.61 '1.27 (d) Employee benefits L'xpcnsc 80.0 1 45.62 60.24 125.63 120.66 223.47 (e) Depreciation. amortisation and impain ncn1 3.28 3.16 3.05 6.44 6.19 12.3 1 (I) Other expe nses 11.70 10.22 7 90 21.92 15.66 39.09 Total expenses 104.85 82.92 113.64 187.77 199.73 388.35 3 Profit b(>forc cxccption::il item and rnx ( 1-2) 293.39 2.78 281.52 296.17 443.70 813,82 4 Exccp1ional item - Stalutory impact of new Labour Codes (2.69) 5 Profit before cax (3+4) 293.39 2.78 281.52 296.17 443.70 811.13 6 Tax expenses (a) Current tax 36.70 28.95 36.70 38.20 89.90 (b) Deferred 1ax 0.76 0.28 6.68 1.04 26. 16 31.88 (c) Tax adjustment of earlier years (net) - (3.79) Tota l tax expenses 37.46 0.28 35.63 37.74 64.36 117.99 7 Net profit for the period / year (S-6) 255.93 2.50 245.89 258.43 379.34 693.14 8 Othl'r comprehensive income (i) Items that will be reclassified to profit or loss (i i) Items that will not be reclassified 10 profit or loss - Remeasurement of defined benefit obligations 0.58 (0.13) 0.36 0.45 (0.07) 0.81 - Income tax on above (0.14) 0.03 (0.09) (0.11) 0.02 (0.20) Tot:il other comprchcns i\'C income 0.44 (0.10) 0.27 0.34 (0.05) 0.6 1 9 Tom i comprrhensive income for the period / year (7+8) 256.37 2.40 246.16 258.77 379.29 693.75 10 Paid up equity share capital (Face value Re. I/. per share) 95.70 95.70 95.62 95.70 95.62 95.64 JI Other Equity (excluding rc,·aluation reserves) 4.663.41 12 Eamings per equi ty share (EPS)* Basic EPS (in Rs.) 2.68 0.03 2.57 2.70 3.97 7.25 Diluted EPS ( in Rs.) 2.67 0.03 2.57 2.70 396 7.24 • Not :mnuahs!!d tor !ht: 4u;irtcrs and half year pcnods 3
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j JM Financial Ji\l FINANCIAL Lii\lITED CO~SOLIDATED BALANCE SIIEET AS .-\T SEPTDIUER 30, 2026 (Rupees in Crore) As at As at Sr. September 30, 2026 March 31, 2026 l\o. Unaudited Audited ASSETS (I) Financial Assets (a) Cash and cash equivalents 2 18.95 472. 19 (b) Bank balances other than (a) above 3.953.63 4.395.92 (c) Trade receivables (net of Impairment loss allowance) 1.375.79 1.430.55 (d) Loans (net of Impairment loss allowance) 11.854.4 1 9.832.15 (e) Investments 4.874.87 6.209.45 (t) Other financia l assets 2. 11 0.42 2.726.56 Total Financial Assets 24,388.07 25,066.82 (2) !\on-financial Assets (a) Invento ries* 127.21 127.50 (b) Current tax assi;ts 163.66 245.15 (c) De fer red tax assets 275.84 259.72 (d) Property. plant and equipment 521.35 539.71 (c) Capital work in progress 158.88 159.60 (I) Other intangible assets 30.25 33.02 (g) Goodwill on consolidation 52.44 52.44 (h) Other non-financial assets 68.94 53.26 Total Non-financial Assets 1,398.57 1,470.-t0 Total Assets 25,786.64 26,537.22 LIABILITIES AND EQUITY LIABILITIES (I) Financial Liabilities (a) Trade payables total outstanding dues of micro enterprises and small enterprises 1.55 7.43 total outstanding dues of creditors other than micro enterprises and small enterprises 1.379.93 2. 173.49 (h) Debt securit ies 8.557.28 8.830.53 (c) Borrow ings (other than Debt securities) 2.770.74 2,69 1.33 (<l) Lease liabilities 102.25 I 12.77 (c) Other financial liabilities 1.042.27 .. 977.88 Total Financial Liabilities 13,854.02 14,793.-B (2) Non-Financial Liabilities (a) Current tax liabil ities 15.16 2.89 (h) Provis ions 83.28 89. 12 (c) Deferred tax liabi lities 196.23 200.25 (d) Other non-finan cial liabilities 79.41 93.45 Total Non-Financial Liabilities 374.08 385.71 (3) F.Ql 'I'fY (a) Equity share capital 95.70 95.64 (b) Other equity 10.949 .94 10.561.79 Equity attributable to owners of the Company 11,045.64 10,657.43 (c) Non-controlling interests 276.98 292.92 (d) Non-controlling interests of Security receipts holders under Distressed Credit Business 235.92 407.73 Total Equity 11,558.54 11,358.08 Total Liabilities and Equity 25,786.64 26,537.22 * Comprises properties held as mventones 4
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Sr. No. (I) (a) (b) ( c) (d) ( c) (t) (2) (a) (b) (c) (d) (l) (a) (b) (c) (2) (a) (b) (c) (3) (a) (b) j JM Financial JM FINANCIAL LIMITED STANDALONEBALANCESHEETASATSEPTEMBER3~2m6 As at September 30, 2026 Unaud ited ASSETS Financial Assets Cash and cash equivalen ts 8.31 Bank balance s other than (a) above 3.19 Trad e Receivable s (net of lmpainnent loss allowance) 199. 13 Loans (net of lmpainnent loss allowance) 550.8 1 Investments 4,273.62 Other Financia l assets 24.96 Total Financia l Asse ts 5,060.02 Non-financial Assets Current tax Assets (Net) 39.93 Propc11y, Plant and Equipment 29.95 Other Intangib le assets 1.53 Other non-financial assets 6.66 Total Non-financial Assets 78.07 Tota l Assets s, 138.09 LIABILITIES AND EQUITY LIABILITIES Financial Liabilities Trade Payables Total outstand ing dues of micro ente rprises and small enterpr ises 0.03 Total outstanding dues of creditors other than micro enterprises 13.76 and small enterpri ses Lease liabilitie s 35.49 Other financial liabilitie s 62.79 Total Financial Liabilities 112.07 Non-Financial Liabilities Provisions 15.70 Deferred tax liabilities (Net) 136.06 Other non-fi nancial liabilitie s 19.25 Total Non-Financial Liabilities 171.01 EQUITY Equity Share capita l 95.70 Other Equity 4,759.31 Total Equity 4,855.01 Total Liabilities and Equity 5,138.09 (Rupees in Crore) As at March 31, 2026 Audited 16.52 2.45 71.39 614.6 1 4,265.77 12.29 4,983.03 68.47 34.31 0.59 4.35 107.72 5,090.75 1.06 21.04 40.92 100.22 163.24 15.40 134.89 18.17 168.46 95.64 4,663.41 4,759.05 5,090.75 5
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j JM Financial Ji\l FINANCIAL LIMITED CONSOLIDATE D STATEM ENT OF C'ASII FLOWS FOR T HE HA I.F VF.AR F.NDF.D SEPTEMBER 30, 2026 { Rupees in Crorc) For the half yea r ended For the half year ended Sr. Septem ber 30, 2026 September 30, 2025 No. l lnaudited l lnaudited A Cash flow from operatin g activities Profit before tax 778.55 936.95 Adjustment for: Depreciation, amortization and impairment 44.32 35.87 Amorti sation of deferred employee compensati on (ESOP) 5.63 7.34 Impairment on fin ancial instrum ents ( 1.83) (2 12.1 7) {Gain)lloss on sale of Property. Plant and Equipment (PPE) (0 10) 0.03 Net gain on fair value changes (420 .69) (3 19.93) Dividend income ( 15.86) (1 6.20) Interest income (859 .67) (878.61) Interest income - others (24.5 1) (6.42) Finance costs 505.00 505. 10 Ope rating 11rofit before wo.-king capital changes 10.84 51.96 Adjustment for: Decrease/( increase) in trade receivables 53.5 1 (9605) ( lncrease)/decrease in loans (net) ( 1.97 1.96) 889.07 Decrease/( increase) in other tinan cial assets 829.99 (841.33) Decrease in Inventories 0.29 2.40 (Increase) in other non financial assets ( 16.99) ( 1630) ( Decrease) in trade payables ( 799.44) ( 153.25) lncrease/(decrease) in other financial liabilities 64.39 (267 79) ( Dccrcase)/increase in provisions (3.41 ) 6.50 ( Decrease) in other non fin ancial liabilities ( 14 04) (74.48) Interest income received 802.30 850.40 Interest expense paid (553 .52) (525.82) Cash (used in) operations (1,598.04) (174.69) Direct taxes paid ( net) ( 109 29) ( 143 14) Net cash ( used in) operat ing activities (1,707.33) (317.83) B Cash flow from investing activities Purchase of investments (668.36) (496. 16) Proceeds from sale of investments 2,224.25 1,985.52 Purchase of Property. Plant and Equipme nt ( PPE) ( 10.74 ) (31 2 1) Proceeds from sale of Property. Plant and Equipment ( PPE) 0. 16 8.42 Decrease/(lncrease) in other bank balances 442.29 (258 22) Interest income - others recei ved 24.51 6.42 Divi dend received 15.86 16.20 Net cas h generated from inwstin g activitie s 2.027.97 1,230.97 C Cash flow from financin g ncth·itics Proceeds from issue of shares on exercise or options of the Company 0.06 0.70 Proceeds from issue of shares to non-controlling interest (NCI ) shareholders or subsidiaries 0.0-1 0.0 1 Proceeds from issue of security receipts (SRs) to Non-controlling SR holders - 156.89 ( Repayment) on redemption of SRs / distribut ion to Non-controlling SR holders (24 01 7) (0.66) Proceeds from debt securit ies 3.467 .11 1.421 .68 ( Repayment of) debt securitie s (3.675 -14) ( 1,893.89) Proceeds from other borrow ings 1,025.98 1.330.39 ( Repayment of) other borrowings (net ) (95 7 05) (1,006.17) ( Repayment) of lease liabilities (includin g interest) (26 92) (23.36) Dividend paid on equit y shares ( 167.49) (258.24 ) Net cash (used in) financi ng activities (573 .88) (272.65) Net (dcc.-ease)/increasc in Cash and cas h equivaknt s (253.2 -1 ) 640.49 Cash and cash equivalents at the beginning of the period 472. 19 540.00 Cash and cash equivalents at the end of the period 218.95 1,180.49 6
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j JM Financial JM FINANCIAL LIMITED STANDALONE STATEM ENT OF CASH FLOWS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2026 Sr. Particulars No. A Cash flow from operating activities Profit before tax Adjustment for : Depreciat ion. amortisation and impair ment Impairment on financial instruments Amortisat ion of shared based payments to employees (ESO P) Finance cost on lease liabilities Gain on modification of lease Net gain arising on financial asset measured at FYTPL Net gain on sale of Property. Plant and Equipment (PPE) Interest income Interest received on IT Refund Interest income on investments Divide nd income Operating (loss)/profit befor e working capital changes / interest received Adjustment for : Decrease in Loans and Advances (Increase) in Tra de Receivables (Increase) in Other Financial Assets (Increase) in Other Non-Financial Assets (Decrease ) / Increase in Trade Payab les Increase in Provisions (Decrease) in Other Financial Liabilities Increase / (Decrease) in Other Non-Fi nancial Liabilities Interest rece ived Cash generated from operations Direct taxes (paid) / refund (net) :"let cash generated from operating activities B Cash flow from investing activities Purchase of investments in subsidiaries Purchase of investments in other than subsidiaries Proceeds from sale of investments other tha n subsidiaries Purchase of Property. Plant and Equipment (PPE) Proceeds from sale of Property . Plant and Equip ment (PPE) Proceeds from transfer of the Private Wealth Business Interest receive d on investment Interest received on IT Refund Movement in bank balances other than cash and cash equivalents Dividend rece ived from subsidiaries Dividend rece ived from others :"let cash generated from investing activities C Cash flow from financing activities Proceeds from issue of equi ty shares Repayment of lease liabilities (including interest) Dividend pa id Net cash (used in) financing activiti es Net (decrease) in cash and cash equivalents Cash & cash equ ivalents at the beginning of the period Cash & cash c uivalenls at the end of the eriod # Denotes amount below ~ 50.000 /- (Rupees in Crore) For the half year For the half year ended ended Sept ember 30, 2026 Septemb er 30, 2025 Unaudited Unaudited 296.17 443.70 6.44 6. 19 (0.87) 1.61 0.45 1.95 1.93 2.40 (0.40) ( 15. 13) ( l 85. 11) (0.02) (0.01) ( 17.30) (1 4.95) ( I. 19) # (0.05) ( 144.66) (1 17.33) 125.82 138.00 64.04 135.17 ( 127. 10) (8 1.63) (8.6 1) (6.92) (2.31) ( 1.89) (8.3 1) 20. 19 0.76 1.58 (37.42) (43. 17) 1.09 (72.66) 17.30 14.95 25.26 103.62 (8.16) (34.43) 17.IO 69. 19 (0.05) (90.58) (2.260 .03) (1,243.16) 2.267.35 1.335.69 (2.00) (0.15) 0.0 1 0.03 8.45 0.05 1. 19 (0.74) 0.55 134.10 106.77 10.56 10.56 150.39 128.21 0.06 0.70 (8.38) (7.96) ( 167.38) (258. 10) (175.70) (265.36) (8.21) (67.96) 16.52 75.59 7.63 7
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j JM Financial Notes to the standalone and consolidated financial results: I) The aforesaid standalone and consolidated linancial results for the second quarter and half year ended September 30. 2026 of JM Financial Lim ited (the "Com pany ") have been reviewed by the Aud it Committee. and on its recommendation. have been approved by the Board of Directors (the "Boa rd") at their respectiv e meetings held on November 4. 2026 in accordance with the provisions of Regulation 33 of Securities and Exchange Board of India (Listing Obligation s and Disclosure Requirements) Regulations. 2015. as amended (the "List ing Regulations"). The said results have been subjected to limited review by the statutory auditors. who have issued unmodili ed reports thereon. 2) These standalone and consolidated financial results have been prepared in accordance with the recognition and measurement principles laid down in the Indian Acco unting Standard 34 " Interim Financial Reporting " (Ind AS 34) prescribed under Section 133 of the Companies Act, 20 13 (the "Act") and other account ing principle s generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. 3) The said consolidated financial results include the results of the Company along with its fourteen ( 14) subsidiary companies (including step-do wn subsidiari es). one (I) partnership lirm and one ( I ) associati on of persons (collectively referred to as " the Croup'") and three (3) associates . .IM financial (M iddle East) Limited has been incorpora ted on October 12. 2026. in /\bu Dhabi Global Market. as a whol ly owned subsidiar y or JM Financial Overseas Holdings Private Limited and thereby as a step-down subsidiary or the Company. Further . JM Financial Private Wealth. Inc which was incorporated in the United States of America on November I 0. 2025 has been dissolved during the quarter ended September 30. 2026 upon completion of the necessary regulatory formalitie s. 4) The Board of Director s has declared an interim dividend of Rs. 1.65 per share of the face value of Re. 1/- each on November 4. 2026. This will result in cash outflow or Rs. 157.9 1 crore in the next quarter (quarter ending December 3 1. 2026). 5) During the quarter ended September 30. 2026. the Allotment Comm ittee of the Board has allotted an aggregate of 45.000 equity shares of the face value of Re. 1/- each to the Eligible Employees upon exercise of their stock optio ns. As a result. the total paid up equity share capital of the Company has increased to Rs. 95.70.04.936/- (Rupees Ninety -li ve crore seventy lakh four thousand nine hundred and thirty-six on ly) representing 95.70.04.936 equity shares of the lace value of Re. 1/- each. The gross charge for the share-based payments in respect of the stock options granted by the Company is Rs. I crorc and Rs. 1.53 crore for the quarter and half year ended September 30. 2026. respectiv ely. 6) During the quarter ended Scpte111bcr 30. 2026. JM Financial Credit Soluti ons Limit ed (the "JMFCSL "). a wholly owned subsidiary or the Company has subscribed to the rights issue of JM Fi nancial Asset Reconstruction Company Limited (the "JMFARC"), a subsidi ary of JMrCSL and a step-down subsidiary of the Company. and has been allotted 16.25.85.928 equity shares of the lace value of Rs. 10/- each for an amount aggregating to Rs. 162.59 crore. Post the investment in the aforesaid rights issue. the shareholding of .IMFCSL and consequently. the indirect shareholding of the Company in .IMFARC has increased from 81 . 77% to 84.87%. 7) As reported in the results or the earli er periods. JM Financial Services Limited (the "JMFSL"). a who lly owned subsidi ary or the Company had received orders from the Income Tax Appellate Tribunal. Mu111bai ("ITAT") regarding disallowances related to the arbitrage busin ess for the Assessment Years 2012-13.2013- 14 and 20 14-15. Considering the lavourable orders received by JMFSL in simila r matters for earlier assessment years and as legall y advised . .IMFSL continues to helieve that it has a good case to succeed on merit in higher legal forums. Accordingly . .IMFSL has tiled appeals before the Honourable Bo111bay High Court. at Mumbai against the IT AT orders for all the aforesaid Assess111ent Years. The impending tax de111ands pursuant to the said orders of the !TAT. though like l y to be material. cannot be quantilied at this stage as the Order Giving Ertect to the above !TAT orders is still pending. JMFSL will continu e to carefully 111onitor the develop ments and the financial impact. if any. arising fro111 this 111atter. 8
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j JM Financial 8) The aforesa id stand alone and conso lidated financial results are being uploaded on the Compa ny's websi te viz .. www. jmfl.co m and the websites of BSE Limited and National Stock Exc hange of India Limited viz .. www.bseindia.com and www.nseindia.co m I respec tively. Place: Mumba i Date: Nove mber 4. 2026 For and on behalf of the Board of Directors v; s ~ _,J - '------- Vishal Kampani Vice-Chairman and Managing Director ( DIN: 00009079) 9