JM Financial (523405) Q1 25/26 earnings summary

Executive summary

• Achieved highest ever quarterly operating PAT of ₹454 crore, up 166% year-over-year for Q1 FY26, with net worth surpassing ₹10,000 crore and book value at ₹106.4 per share.

• Net revenue grew 22% year-over-year to ₹779 crore, driven by strategic alignment and business focus.

• Strong client addition and expansion across business lines, with leadership in capital markets and wealth management.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2025, were reviewed and approved by the Board and Audit Committee, with unmodified auditor reports issued.

• Results prepared in accordance with Ind AS 34 and SEBI Listing Regulations.

Financial highlights

• Consolidated total income for Q1 FY26 was ₹1,121.23 crore, up from ₹1,027.21 crore in Q4 FY25.

• Net profit after tax and share in profit of associates stood at ₹458.77 crore, compared to ₹186.98 crore in Q1 FY25.

• EPS for Q1 FY26 at ₹4.75, up from ₹1.79 in Q1 FY25; Book value per share at ₹106.4.

• ROE annualized at 18.3% for Q1 FY26, compared to 8.0% in Q1 FY25.

• Gross D/E ratio improved to 1.0x from 1.4x year-over-year.

Outlook and guidance

• Targeting INR 250-300 crores of recoveries annually for the next three years, aiming to recover all provisions.

• Home loan book expected to reach INR 5,000 crores in two years and INR 10,000 crores by 2030, with IPO planned for 2028-2029.

• Real estate loan book expected to grow 15-20% year-over-year, focused on cash flow-backed lending.

• Non-core loan book expected to run down substantially in the next 9-12 months.

• Corporate advisory and capital markets targeting at least 20% growth for the year, contingent on market stability.