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Swing Capital

JM Financial Ltd

NSE: JMFINANCIL BSE: 523405Banking

JM Financial Ltd is an integrated and diversified financial services group. Its primary businesses include mortgage lending, distressed credit, asset management. It is also engaged in investment banking and the management of private equity funds. [1]

₹128
52W: ₹112 — ₹200
PE 15.2 · Book ₹48 · +167% vs book
Market Cap₹12,286 Cr
Stock P/E15.2Price to Earnings
ROCE12.8%Return on Capital
ROE12.6%Return on Equity
Div. Yield2.02%Face Value ₹1

Strengths

  • +Company is almost debt free.
  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 33.4% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 58.9%
  • +Company's median sales growth is 25.2% of last 10 years
  • +Company's working capital requirements have reduced from 52.1 days to 28.4 days

Weaknesses

  • −Stock is trading at 2.73 times its book value
  • −Tax rate seems low
  • −Company has a low return on equity of 9.13% over last 3 years.
  • −Earnings include an other income of Rs.368 Cr.
  • −Debtor days have increased from 31.8 to 38.7 days.

Shareholding Pattern

Promoters57.07%
FIIs17.16%
DIIs5.88%
Public19.89%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters56.43%56.43%56.43%56.5%▲0.156.51%▲0.056.61%▲0.156.9%▲0.357.07%▲0.2
FIIs16.83%15.31%▼1.517.02%▲1.717.48%▲0.517.69%▲0.218.38%▲0.717.71%▼0.717.16%▼0.6
DIIs8.63%8.57%▼0.17.2%▼1.47.07%▼0.16.53%▼0.55.61%▼0.95.76%▲0.15.88%▲0.1
Public18.11%19.7%▲1.619.36%▼0.318.94%▼0.419.27%▲0.319.42%▲0.219.64%▲0.219.89%▲0.3

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales167218191119226195225246275195
Expenses100981217013895768210998
Operating Profit681207049879915016516697
OPM %40%55%36%41%39%51%66%67%60%50%
Net Profit14290273529970135133246288
EPS ₹1.490.940.290.363.130.741.411.42.573.01

AI Insights

Revenue Trend

TTM revenue at ₹942Cr, down 9% YoY. OPM at 61%.

Debt Position

Borrowings at ₹46Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Institutional Flow

DIIs: 5.88% (-1.73pp change). FIIs: 17.16% (-3.56pp change). Promoters hold 57.07%.

Margin & Efficiency

ROCE improving from 5% (Mar 2014) to 13% (Mar 2025). Working capital days: 28.

Valuation

PE 15.2x with 12.8% ROCE. Price is 167% above book value of ₹48. Dividend yield: 2.02%.

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