JM Financial Limited has reported a strong set of unaudited financial results for the third quarter and nine months ended December 31, 2025, with consolidated profit after tax (PAT) for Q3FY26 rising 50 per cent year-on-year to Rs. 313 crores, compared to Rs. 209 crores in the corresponding quarter last year.
For the nine-month period ended December 31, 2025, consolidated PAT stood at Rs. 1,037 crores, marking a 69 per cent increase over Rs. 612 crores reported in the same period last year.
Total operating PAT for 9MFY26 rose 58 per cent to Rs. 968 crores. During Q3FY26, fees and commission income increased 32 per cent YoY to Rs. 306 crores. Operating PAT for the quarter grew 17 per cent YoY to Rs. 244 crores. Earnings per share improved to Rs. 3.3 from Rs. 2.2 in Q3FY25, reflecting a 50 per cent rise.
Commenting on the results and financial performance, Vishal Kampani, Vice Chairman and Managing Director, JM Financial Limited said, “Our reported PAT has crossed Rs.1,000 crore in the first nine months. The progress on execution of our strategies is encouraging. Private Markets, which provides a natural hedge to volatility in the capital markets business, has witnessed a robust pipeline of syndication transactions and is continuing strong progress in recoveries. The expansion in wealth and asset management business is on track. The teams, products, distribution and reach are increasing. While there was volatility in transactional income, recurring AUMs in wealth management business grew by 33 per cent YoY to Rs. 33,000 crores. The pipeline of launch of alternate investment funds is encouraging. Corporate advisory and capital markets segment has added record number of clients in the last few years and has become a lot more diversified in terms of client revenues. Affordable home loans business continues to remain granular and had a strong quarter with 32 per cent YoY growth in customers and 23 per cent YoY growth in AUM.”
Consolidated net worth stood at Rs. 10,418 crores as of December 31, 2025, up 17 per cent YoY, while book value per share increased to Rs. 108.9. The company maintained a debt-to-equity ratio of 1.0x. The Corporate Advisory and Capital Markets segment posted PAT of Rs. 89 crores in Q3FY26, up 12 per cent YoY.
During the quarter, the company closed 12 capital market transactions aggregating approximately Rs. 36,000 crore and maintained a strong transaction pipeline. In CY25, JM Financial ranked number one in IPOs by number of deals above Rs. 500 crore and closed 37 equity capital market transactions aggregating around Rs. 87,000 crores.
The Private Markets business emerged as a key growth driver, delivering PAT of Rs. 111 crores in Q3FY26, an 82 per cent increase over the previous year.
For the nine-month period, PAT from this segment rose 3.6 times to Rs. 466 crores. The non-core loan book, including real estate exposure, reduced 53 per cent YoY to Rs. 1,984 crores, and the company successfully closed a large syndication transaction worth Rs. 3,300 crores during the quarter.
Wealth and Asset Management continued its expansion trajectory. Recurring AUM increased 33 per cent YoY to Rs. 33,144 crores.
The relationship manager and sales headcount rose 41 per cent YoY to 1,057, supported by the addition of 11 branches, taking the total to 73 branches. Average AUM of the mutual fund business stood at Rs. 14,344 crores, with non-liquid schemes averaging Rs. 12,021 crores.
The Affordable Home Loans business reported AUM growth of 23 per cent YoY to Rs. 3,183 crores, with the customer base expanding 32 per cent YoY to 30,759 borrowers. The average ticket size remained around Rs. 10 lakhs, reinforcing the segment’s granular retail focus.
The group maintained a strong balance sheet while continuing to invest in wealth, asset management, and private markets to support long-term growth.
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