JM Financial (523405) investor relations material

Executive summary

• Q2 total income was ₹1,056.15 crore; net revenue was ₹712 crore. Net profit after associate results was ₹227.66 crore, while operating net profit was ₹240 crore.

• H1 total income was ₹2,280.81 crore; net revenue was ₹1,595 crore. Net profit after associate results was ₹596.23 crore, compared with operating net profit of ₹531 crore.

• Long-term blended growth ambition is at least 20% YoY over five years; management expects 15%-20% revenue growth to translate into 20%-25% profit growth.

Financial highlights

• Q2 PBT was ₹323.01 crore versus ₹344.39 crore a year earlier; basic and diluted EPS was ₹2.50 versus ₹2.82.

• H1 net revenue rose 7.2% YoY to ₹1,595 crore; PAT was ₹596 crore and operating net profit was ₹531 crore.

• Consolidated interest income increased 12% YoY to ₹437 crore; fees, commissions and brokerage rose 38% QoQ to ₹520 crore.

• Standard loans across private markets, wealth and affordable home loans grew 23% YoY to ₹10,270 crore.

Outlook and guidance

• Corporate advisory and capital markets are guided to grow 15%-20% over three to five years; management viewed 15% as reasonable for FY27.

• Private Markets guidance: ~20% loan-book growth and ~15% investment growth; non-core loan book expected to substantially run down over 9–12 months.

• Wealth AUM growth guidance is 20%-25%, subject to market movements; affordable home-loan AUM growth guidance is 25%-30%.

• Asset management growth is expected at 15%-20%; first close of the second performing credit fund expected before year-end.

• Priorities include expanding client reach, co-investments and origination, and building scale in wealth and affordable home loans.