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; strong growth in high RoE businesses, especially corporate advisory, capital markets, and wealth management.

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

• Wealth and Asset Management expansion continues, with significant investments in talent, branches, and technology.

• Affordable Housing business AUM grew 23% YoY to INR 3,200 crore, with customer base surpassing 30,000 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 YoY; nine-month net profit was ₹1,039.12 crore, up from ₹538.57 crore YoY.

• Adjusted operating PAT for Q3: INR 244 crore (+17% YoY); nine months: INR 968 crore (+58% YoY).

• Book value per share at INR 109; consolidated net worth (excl. minority interest): INR 10,418 crore, up 17% YoY.

• Q3 fee and commission income: INR 306 crore (+32% YoY); recurring AUM in wealth grew 33% YoY to INR 33,100 crore.

Outlook and guidance

• IPO and M&A pipelines remain robust, with expectations of strong execution over the next 12–18 months.

• Private credit loan book targeted to grow 15–20% YoY, with syndication volumes expected to rise 30–40%.

• Wealth Management AUM per RM expected to grow 25%+ annually over the next 2–3 years.

• Affordable Housing AUM growth expected to sustain at 23–25% YoY.

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