Earnings calls / JMFINANCIL

JM Financial Limited Q1 FY27 Earnings Call Summary

JM Financial's Q1 FY27 consolidated net profit fell 35.7% YoY to ₹292 crore from ₹454 crore, despite operating revenue rising 9.2% to ₹1,225 crore. The fall came mainly from a base effect: Q1 FY26 had a ₹204 crore impairment reversal, while this quarter took a ₹13 crore charge and Corporate Advisory revenue dropped 35.9% to ₹138 crore. Private Markets revenue doubled to ₹596 crore on ARC resolutions of over ₹2,000 crore, with group cashflow share over ₹1,200 crore. Management expects the non-core loan book to substantially run down in the next 12 months; the main risk is credit cost if stressed-asset recoveries slow, with net NPA at ₹130 crore.

Revenue
Margin
Demand
Guidance
Tone

First, let me identify the key components:

  1. Company Name: JM Financial Limited
  2. Quarter: Q1 FY27 (quarter ended June 30, 2026)
  3. Date: August 3, 2026 (from the letter date)

The document doesn't have a traditional Q&A section - it's an investor presentation. I'll need to note that Q&A is not available.

Let me extract all financial metrics and KPIs from the presentation.

From the Summary Consolidated Profit & Loss Statement:

  • Net Revenue: Q1 FY27: ₹883 crore, Q1 FY26: ₹779 crore, YoY: 13.3%, Q4 FY26: ₹584 crore, QoQ: 51.2%, FY26: ₹2,749 crore
  • Employee cost: Q1 FY27: ₹297 crore, Q1 FY26: ₹299 crore, YoY: -0.8%, Q4 FY26: ₹200 crore, QoQ: 48.6%, FY26: ₹1,054 crore
  • Operating expenses: Q1 FY27: ₹117 crore, Q1 FY26: ₹92 crore, YoY: 26.8%, Q4 FY26: ₹143 crore, QoQ: -17.9%, FY26: ₹443 crore
  • Pre Provisioning profit (PPoP): Q1 FY27: ₹469 crore, Q1 FY26: ₹389 crore, YoY: 20.9%, Q4 FY26: ₹241 crore, QoQ: 94.3%, FY26: ₹1,252 crore
  • Impairment on Financial Instruments: Q1 FY27: ₹13 crore, Q1 FY26: (₹204) crore, Q4 FY26: (₹2) crore, FY26: (₹237) crore
  • PBT: Q1 FY27: ₹456 crore, Q1 FY26: ₹593 crore, YoY: -23.1%, Q4 FY26: ₹243 crore, QoQ: 87.4%, FY26: ₹1,489 crore
  • Tax expense: Q1 FY27: ₹87 crore, Q1 FY26: ₹135 crore, YoY: -35.7%, Q4 FY26: ₹84 crore, QoQ: 3.7%, FY26: ₹380 crore
  • PAT: Q1 FY27: ₹369 crore, Q1 FY26: ₹458 crore, YoY: -19.4%, Q4 FY26: ₹159 crore, QoQ: 2.3x, FY26: ₹1,109 crore
  • Share in profit of associates: Q1 FY27: # (negligible), Q1 FY26: ₹1 crore, Q4 FY26: ₹3 crore, FY26: ₹24 crore
  • PAT (incl. Share in profit of Associates): Q1 FY27: ₹369 crore, Q1 FY26: ₹459 crore, YoY: -19.7%, Q4 FY26: ₹162 crore, QoQ: 2.3x, FY26: ₹1,133 crore
  • NCI (Minorities): Q1 FY27: (₹77) crore, Q1 FY26: (₹5) crore, Q4 FY26: ₹3 crore, FY26: #
  • Operating Net profit: Q1 FY27: ₹292 crore, Q1 FY26: ₹454 crore, YoY: -35.7%, Q4 FY26: ₹165 crore, QoQ: 76.5%, FY26: ₹1,133 crore
  • Consolidated Net profit: Q1 FY27: ₹292 crore, Q1 FY26: ₹454 crore, YoY: -35.7%, Q4 FY26: ₹165 crore, QoQ: 76.5%, FY26: ₹1,202 crore
  • EPS: Q1 FY27: ₹3.0, Q1 FY26: ₹4.7, Q4 FY26: ₹1.7, FY26: ₹12.6
  • BVPS: Q1 FY27: ₹113.9, Q1 FY26: ₹106.4, Q4 FY26: ₹110.9, FY26: ₹110.9
  • Annualised Consolidated ROE: Q1 FY27: 10.9%, FY26: 11.7%

From Summary Consolidated Balance Sheet:

  • Business assets: June 30, 2026: ₹24,185 crore, March 31, 2026: ₹24,490 crore
  • Treasury and other assets: June 30, 2026: ₹1,609 crore, March 31, 2026: ₹1,995 crore
  • Total Assets: June 30, 2026: ₹25,794 crore, March 31, 2026: ₹26,485 crore
  • Capital Employed: June 30, 2026: ₹11,197 crore, March 31, 2026: ₹10,898 crore
  • Net Worth: June 30, 2026: ₹10,899 crore, March 31, 2026: ₹10,605 crore
  • Non-controlling Interests: June 30, 2026: ₹298 crore, March 31, 2026: ₹293 crore
  • Borrowing: June 30, 2026: ₹10,882 crore, March 31, 2026: ₹11,522 crore
  • Other Liabilities and Provisions: June 30, 2026: ₹3,715 crore, March 31, 2026: ₹4,065 crore
  • Gross D/E: June 30, 2026: 1.0x, March 31, 2026: 1.1x

From Key Parameters table:

  • Corporate Advisory and Capital Markets: Capital Employed ₹861 crore, Revenue ₹138 crore, PAT ₹32 crore, Capital Effective Holding 100%, Loan Book/AUM -
  • Private Markets: Capital Employed ₹6,814 crore, Revenue ₹596 crore, PAT ₹235 crore, Capital Effective Holding 96.7%, Loan Book/AUM ₹16,941 crore
  • Wealth Management: Capital Employed ₹1,179 crore, Revenue ₹351 crore, PAT ₹19 crore, Capital Effective Holding 100%, Loan Book/AUM ₹1,15,295 crore
  • Asset Management: Capital Employed ₹103 crore, Revenue ₹20 crore, PAT (₹7) crore, Capital Effective Holding 59.5%, Loan Book/AUM ₹12,710 crore
  • Home Loans: Capital Employed ₹851 crore, Revenue ₹123 crore, PAT ₹17 crore, Capital Effective Holding 96.5%, Loan Book/AUM ₹3,715 crore
  • Treasury and others: Capital Employed ₹1,389 crore, Revenue ₹51 crore, PAT ₹1 crore, Capital Effective Holding 100%, Loan Book/AUM -
  • Total: Capital Employed ₹11,197 crore, Revenue ₹1,279 crore, PAT ₹297 crore, Loan Book/AUM ₹1,48,661 crore
  • NCI/Inter Segment Elimination: Capital Employed (₹298) crore, Revenue (₹54) crore, PAT (₹5) crore
  • Total (post NCI): Capital Employed ₹10,899 crore, Revenue ₹1,225 crore, PAT ₹292 crore

From Segment Performance table:

  • Corporate Advisory and Capital Markets: Q1 FY27 Revenue ₹138 crore, Q1 FY26 ₹215 crore, YoY -35.9%, Q4 FY26 ₹170 crore, QoQ -18.9%, FY26 ₹946 crore
  • Private Markets: Q1 FY27 Revenue ₹596 crore, Q1 FY26 ₹390 crore, YoY 53.0%, Q4 FY26 ₹294 crore, QoQ 2.0x, FY26 ₹1,298 crore
  • Wealth Management: Q1 FY27 Revenue ₹351 crore, Q1 FY26 ₹354 crore, YoY -0.9%, Q4 FY26 ₹381 crore, QoQ -7.9%, FY26 ₹1,403 crore
  • Asset Management: Q1 FY27 Revenue ₹20 crore, Q1 FY26 ₹15 crore, YoY 36.3%, Q4 FY26 ₹17 crore, QoQ 16.3%, FY26 ₹56 crore
  • Affordable Home Loans: Q1 FY27 Revenue ₹123 crore, Q1 FY26 ₹100 crore, YoY 22.1%, Q4 FY26 ₹128 crore, QoQ -3.7%, FY26 ₹455 crore
  • Treasury and others: Q1 FY27 Revenue ₹51 crore, Q1 FY26 ₹107 crore, YoY -52.9%, Q4 FY26 ₹42 crore, QoQ 18.8%, FY26 ₹263 crore
  • Total Operating Segment Revenue: Q1 FY27 ₹1,279 crore, Q1 FY26 ₹1,181 crore, YoY 8.2%, Q4 FY26 ₹1,032 crore, QoQ 23.8%, FY26 ₹4,421 crore
  • Inter-segmental revenue: Q1 FY27 (₹54) crore, Q1 FY26 (₹60) crore, YoY -10.2%, Q4 FY26 (₹63) crore, QoQ -14.8%, FY26 (₹273) crore
  • Total Operating Revenue: Q1 FY27 ₹1,225 crore, Q1 FY26 ₹1,121 crore, YoY 9.2%, Q4 FY26 ₹969 crore, QoQ 26.4%, FY26 ₹4,148 crore
  • Total Consolidated Revenue: Q1 FY27 ₹1,225 crore, Q1 FY26 ₹1,121 crore, YoY 9.2%, Q4 FY26 ₹969 crore, QoQ 26.4%, FY26 ₹4,261 crore

Segment PAT:

  • Corporate Advisory and Capital Markets: Q1 FY27 ₹32 crore, Q1 FY26 ₹77 crore, YoY -58.9%, Q4 FY26 ₹39 crore, QoQ -18.3%, FY26 ₹347 crore
  • Private Markets: Q1 FY27 ₹228 crore, Q1 FY26 ₹278 crore, YoY -17.8%, Q4 FY26 ₹78 crore, QoQ 2.9x, FY26 ₹543 crore
  • Wealth Management: Q1 FY27 ₹19 crore, Q1 FY26 ₹43 crore, YoY -55.9%, Q4 FY26 ₹39 crore, QoQ -51.5%, FY26 ₹132 crore
  • Asset Management: Q1 FY27 (₹5) crore, Q1 FY26 (₹5) crore, N/M, Q4 FY26 (₹5) crore, N/M, FY26 (₹30) crore
  • Affordable Home Loans: Q1 FY27 ₹17 crore, Q1 FY26 ₹14 crore, YoY 15.5%, Q4 FY26 ₹25 crore, QoQ -33.3%, FY26 ₹74 crore
  • Treasury and others: Q1 FY27 ₹1 crore, Q1 FY26 ₹47 crore, N/M, Q4 FY26 (₹11) crore, N/M, FY26 ₹67 crore
  • Total Operating PAT: Q1 FY27 ₹292 crore, Q1 FY26 ₹454 crore, YoY -35.7%, Q4 FY26 ₹165 crore, QoQ 76.5%, FY26 ₹1,133 crore
  • Total Consolidated PAT: Q1 FY27 ₹292 crore, Q1 FY26 ₹454 crore, YoY -35.7%, Q4 FY26 ₹165 crore, QoQ 76.5%, FY26 ₹1,202 crore

From segment-specific slides:

Corporate Advisory and Capital Markets:

  • Closed 9 equity capital market transactions of ~₹22,000 crore
  • 60 filed IPO transactions aggregating to ~₹150,000 crore (excluding Jio Platforms and NSE)
  • Strong pipeline of M&A and Advisory transactions
  • 360+ companies under active research coverage
  • 230+ business professionals
  • Revenue FY24-26 CAGR: 26%
  • Operating Profit Before Tax FY24-26 CAGR: 17%
  • Operating Profit After Tax FY24-26 CAGR: 20%
  • Q1 FY27 Revenue: ₹115 crore (from segment P&L), Q1 FY26: ₹182 crore, YoY -36.9%
  • Q1 FY27 Operating PBT: ₹38 crore, Q1 FY26: ₹96 crore, YoY -61.2%
  • Q1 FY27 Operating PAT after NCI: ₹32 crore, Q1 FY26: ₹77 crore, YoY -58.9%
  • Annualised Operating Segment ROE: 14.9% (Q1 FY27), 47.1% (FY26)

Private Markets:

  • One of the best quarters for ARC business. Strong resolutions in Distressed credit of over ₹2,000 crore; Group's share of cashflows is over ₹1,200 crore
  • Further de-risking of balance sheet
  • Strong build-up of pipeline for syndication transactions
  • Further recovery efforts continue on stressed assets
  • Standard Loans: Q1 FY27: ₹4,045 crore (Bespoke: ₹2,419 crore, Real Estate: ₹1,097 crore, Non-core: ₹191 crore, Investments: ₹338 crore)
  • Yield for Q1 FY27: ~14%
  • Disbursements at ~₹831 crore (primarily in Bespoke) during the quarter
  • Strong resolutions in security receipts
  • Non Core Loan book expected to substantially run down in the next 12 months
  • Investments: Q1 FY27: ₹8,288 crore (Equity: ₹3,665 crore, Alternatives: ₹3,114 crore, Group ICDs: ₹970 crore, CCE/G-sec/Bonds: ₹478 crore, Distressed Credit: ₹61 crore)
  • Summary Balance Sheet: Total Assets ₹12,879 crore, Net worth ₹6,814 crore, Share of SR holders ₹299 crore, Borrowing ₹5,766 crore, Gross D/E 0.8x
  • Net NPA: ₹130 crore (consistent from Q4 FY26)
  • Revenue FY24-26: FY24 ₹2,819 crore, FY25 ₹1,834 crore, FY26 ₹1,298 crore
  • Q1 FY27 Net Revenue: ₹462 crore, Q1 FY26: ₹233 crore, YoY 2.0x
  • Q1 FY27 Impairment: ₹

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