The call ran from 4:01 PM to 5:10 PM IST (1 h 9 min).
Key takeaways
Q2 FY27 net revenue ₹712 Cr; H1 revenue +7% to ~₹1,600 Cr, H1 PAT ₹531 Cr. Growth is uneven: private markets is lumpy, deal sizes were cut, and Q2 PAT is not stated.
| Management target | Revenue 20.0% |
|---|
| Revenue growth | H1 net revenue +7% to ~₹1,600 Cr; Q2 ₹712 Cr. |
|---|---|
| Margins | Wealth gross yield ~51bps, net ~35bps; wealth broke even September. |
| Demand visibility | Pipeline ₹1.3 lakh Cr filed; October 'decent'; hopeful Nov-Dec. |
| Management confidence | Optimistic, but hedged: 'hopeful' on Nov–Dec, 'lumpy' private credit. |
Growth
H1 PAT ₹531 Cr; H1 revenue +7%. Management's 63% private-markets growth rests on ARC recoveries and write-backs, so it is lumpy.
Outlook
Guides ~20% blended growth for five years; wealth full-year profit in FY28; recurring AUM to grow double digits.
Risks
Deal-size cuts (~₹40–50 Cr fee loss), ARC lumpiness, equity mark-to-market on holdings, and falling broking income.
Last quarter's promises, checked
Partly delivered
- Pipeline ~₹1.5 lakh Cr ex-NSE/Jio, rising → ₹1.3 lakh Cr filed (= PARTIAL; basis unclear)
Missed
- Wealth profit 'this year and next', new RMs profitable in ~1 yr (4 Aug) → full-year profit slipped to FY28 (= MISS)
- Wealth revenue above industry's early-to-mid-teens → H1 group revenue +7% (= MISS; group, not wealth-only)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
JM Financial Q2 FY27 Results: Net Profit ₹227.7 Cr, Down 13.1% YoY
JM Financial Ltd reported revenue from operations of ₹1,032 Cr (+0.1% YoY) and net profit of ₹227.7 Cr (-13.1% YoY) for Q2 FY27.
- Key figure
- Net profit ₹227.7 Cr · -13.1% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Targeting 15% revenue growth and 15% ROE; Affordable Home Loans IPO planned for 2028-29.
Growth they described
FY26 revenue up 11% to ₹789cr in CACM; Private Markets PBT grew 3.5x to ₹742cr.
Call details
| Company | JM Financial Ltd |
|---|---|
| NSE symbol | JMFINANCIL |
| ISIN | INE780C01023 |
| Call | Q2 FY27 earnings call |
| Date | Thursday, 5 November 2026 |
| Time | 4:00 PM IST |
| Length | 1 h 9 min |
| Audio | Our stream on YouTube ↗ |
JM Financial Ltd: key numbers
- Share price
- ₹108.79
- Market cap
- ₹10,411 Cr
- Revenue (annual)
- ₹4,091 Cr
- Net profit (annual)
- ₹1,202 Cr
- P/E (TTM)
- 10.3×Sector 22.4×
- Promoter holding
- 57.95%+0.92% QoQ
- FII holding
- 16.87%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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