JM Financial (523405) Q3 25/26 earnings summary

Executive summary

• Consolidated PAT for nine months exceeded INR 1,000 crore, with Q3 PAT at INR 313 crore, up nearly 50% YoY; operating PAT for Q3 at INR 244 crore, up 17% YoY.

• Achieved strong growth in high RoE businesses, with leadership in corporate advisory, capital markets, and wealth management.

• Expanded client base and increased recurring revenue streams, especially in wealth and asset management.

• Affordable home loans segment saw significant AUM growth and improved asset quality.

• Unaudited standalone and consolidated financial results for Q3 and nine months ended December 31, 2025, were approved and reviewed without qualification by auditors.

Financial highlights

• Q3 consolidated PAT after minority interest: INR 313 crore (+50% YoY); nine months PAT: INR 1,037 crore (+69% YoY).

• Q3 consolidated net profit after tax and share in associates was ₹318.46 crore, up from ₹207.39 crore in Q3 FY24; nine-month net profit was ₹1,039.12 crore, up from ₹538.57 crore year-over-year.

• Fee and commission income rose 32% YoY to INR 306 crore, reflecting robust dealmaking and wealth management activity.

• Book value per share: INR 109; consolidated net worth: INR 10,418 crore.

• Q3 income includes INR 113 crore from income tax refund and INR 21 crore statutory labor code impact.

Outlook and guidance

• Expect 20% YoY growth in private credit loan book over next three years, with syndication volumes rising 30-40%.

• Wealth and Asset Management to focus on productivity after major RM hiring; AUM per RM expected to grow 25%+ annually.

• Affordable Housing AUM growth targeted at 23-25% YoY, with continued geographic focus on Gujarat and Maharashtra.

• Focus remains on scaling high-growth, high RoE businesses and expanding product offerings.

• Continued investment in talent, digital infrastructure, and client acquisition to drive future growth.