JM Financial Q2 FY27 Results (NSE: JMFINANCIL)
Signal: Earnings declined
The read
The Q2 inflection is weaker group momentum rather than an operating collapse: consolidated revenue grew only 2.1% YoY and fell 13.8% QoQ, while PAT declined 13.1% to ₹227.66 crore despite PBT growth to ₹323.01 crore; standalone PAT was stronger at ₹255.93 crore, highlighting subsidiary drag.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,056.15 Cr | +2.1% | -13.8% |
| EBIT | ₹323.01 Cr | +19.6% | |
| Net profit | ₹227.66 Cr | -13.1% | |
| EPS | ₹2.5 | -11.3% | |
| EBIT margin | 30.6% |
P&L walk
Revenue increased to ₹1056.15 crore, +2.1% YoY but -13.8% QoQ, while profit before tax rose to ₹323.01 crore, +19.6% YoY; PAT nevertheless declined to ₹227.66 crore, -13.1% YoY, and EPS fell to ₹2.50 from ₹2.82.
Segments
Corporate Advisory and Capital Markets remained the largest segment at ₹369.11 crore revenue and ₹170.98 crore result; the consolidated-versus-standalone gap is material, with standalone PAT of ₹255.93 crore exceeding group PAT of ₹227.66 crore by ₹28.27 crore, indicating dilution from subsidiaries and associates.
Key positives
- Loans increased to ₹11854.41 crore from ₹9832.15 crore at March 31, 2026, showing continued balance-sheet deployment despite the 13.8% sequential revenue decline.
- Standalone PAT rose 4.1% YoY to ₹255.93 crore as standalone expenses fell 7.7% to ₹104.85 crore.
- Corporate Advisory and Capital Markets generated ₹170.98 crore of segment result on ₹369.11 crore revenue, remaining the principal disclosed earnings contributor.
Key concerns
- Consolidated PAT fell 13.1% YoY to ₹227.66 crore despite revenue growth of 2.1% and PBT growth of 19.6%, indicating weaker below-PBT conversion.
- Consolidated revenue declined 13.8% QoQ from ₹1225.66 crore to ₹1056.15 crore, reversing the Q1FY27 recovery in the recent results series.
- Standalone PAT exceeded consolidated PAT by ₹28.27 crore, confirming that subsidiaries and associates diluted the parent-level result.
- EPS fell 11.3% YoY to ₹2.50, underperforming the 2.1% revenue growth.
Research and educational content only. Not investment advice.