JM Financial Q4 FY26 Earnings Call — Analysis (NSE: JMFINANCIL)
JM Financial reports 46% YoY PAT growth to ₹1,202 Cr in FY26, powered by private markets recoveries and broad-based segment revenue expansion, while Q4 was tempered by equity market volatility.
The take
Consolidated PAT (FY26) ₹1,202 Cr ( +46% YoY ) .
Results
Consolidated PAT rose 46% YoY to ₹1,202 Cr (adjusted operating PAT ₹1,133 Cr, +38% YoY); total fees, commission and brokerage grew 10% to ₹1,753 Cr; Private Markets PBT jumped 3.5x to ₹742 Cr, while Q4 CACM PAT at ₹39 Cr and Wealth segment profit ₹39 Cr reflected market headwinds.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Consolidated PAT (FY26) | ₹1,202 Cr | +46% | yoy · FY26 |
| Adjusted operating PAT (FY26) | ₹1,133 Cr | +38% | yoy · FY26 · excl. one-offs: ₹113 Cr IT refund gain, ₹22 Cr labour code impact |
| Total fees, commission & brokerage (FY26) | ₹1,753 Cr | +10% | yoy · FY26 |
| CACM net revenue (FY26) | ₹789 Cr | +11% | yoy · FY26 |
| Private Markets segment PBT (FY26) | ₹742 Cr | +3.5x | yoy · FY26 |
| Private Markets PAT post minority (FY26) | ₹543 Cr | +3.6x | yoy · FY26 |
| Wealth Management net revenue (FY26) | ₹775 Cr | +9% | yoy · FY26 |
| Affordable Home Loans revenue (FY26) | ₹455 Cr | +25% | yoy · FY26 |
| Affordable Home Loans AUM | ₹3,460 Cr | point_in_time · point_in_time · as of Mar 31, 2026 | |
| IPO pipeline (filed) | ₹1,40,000 Cr | point_in_time · point_in_time · as of call date | |
| Net worth | ₹10,605 Cr | point_in_time · point_in_time · as of Mar 31, 2026 | |
| Recurring Wealth AUM | ₹31,000 Cr | +10% | yoy · point_in_time · as of Mar 31, 2026 |
| Total dividend FY26 | ₹570 Cr | point_in_time · FY26 · aggregate over 4 quarters |
Guidance
FY27 targeted private markets recoveries of ₹250-300 Cr, loan book growth of 15-20% to ~₹5,000 Cr, Wealth Management net inflows of ~₹6,000 Cr (20-25% growth), and Affordable Home Loans AUM growth of 25%, with Wealth (ex-broking) break-even expected in FY27.
Key themes
Broad-based growth across segments amid equity market volatility
Operational commentary
- Corporate Advisory & Capital Markets: filed 55 IPOs aggregating ~₹1,40,000 Cr; closed 41 transactions totalling ~₹95,000 Cr in FY26; pipeline strengthening with potential to double by Oct 2026; Q4 execution hit by FPI outflows and geopolitical headwinds; positioned to convert when equity market window reopens, expected H2FY27.
- Private Markets: achieved over ₹270 Cr recoveries in FY26; successfully derisked real estate concentration through prepayments/repayments; now pivoting to origination-to-syndicate model with focus on corporate and distressed credit; loan book growth targeted at 15-20% p.a.; distressed credit book at ₹3,665 Cr seen growing ~15%.
- Wealth Management: expanded sales / RM strength to 1,046 (+30% YoY), branches to 72, franchisees to 874; recurring AUM ₹31,000 Cr (+10% YoY); transactional and recurring revenue evenly split; digital broking (BlinkX) costs to decline significantly with savings from Q1FY27; FY27 focus on productivity and margin expansion.
- Asset Management: mutual fund average non-liquid AUM ~₹10,500 Cr; management fees up 65% to ~₹44 Cr; launching pre-IPO fund (total close expected >₹1,000 Cr) and Select Credit fund; PE fund to follow; committed amount for first performing credit fund ₹347 Cr, near full deployment.
- Affordable Home Loans: AUM ₹3,460 Cr (+22% YoY); branch network 151, customers >33,000; collection efficiency 99.4%, GNPA 0.5%; Bajaj Allianz acquired 2.1% stake for ₹65 Cr at ₹3,100 Cr valuation; IPO targeted by 2028-29; AUM growth guidance 25% YoY.
- Capital allocation: Wealth & Asset Management and Affordable Home Loans will receive freed-up capital; CACM and Private Markets are self-funding; committed to distributing 50% of PAT as dividend annually; ₹570 Cr paid/proposed in FY26.
- Platform synergy: cross-referrals between investment banking and wealth management driving account openings and reverse origination; flywheel effect strengthening.
Research and educational content only. Not investment advice.