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Revenue
₹1,111 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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Quarter read
What the record says.
JM Financial reported a stellar Q1 FY26 with highest-ever operating PAT of ~454 crores and net worth crossing 10,000 crores for the first time. Net revenue grew 22% YoY, driven by strong fee and commission income (up 13%) and brokerage income (up 29% QoQ). The corporate advisory and capital markets segment saw net revenue up 53% YoY, with PAT up 88%. Wealth management net revenue grew 29% YoY, with recurring AUM surging 37% YoY to 31,180 crores. The private markets segment benefited from a net reversal of impairment of 212 crores, leading to PAT of 278 crores. Management guided for continued growth, targeting 20% growth in capital markets revenue and a loan book of 5,000 crores in home loans within 2 years. Key risk: execution on wealth management hiring and integration amid intense competition.
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Guidance to track
- Management targets at least 20% growth in corporate advisory and capital markets revenue for FY26, assuming stable markets.
- The affordable home loan business aims to grow its loan book to 5,000 crores within 2 years and 10,000 crores by 2030, with an IPO planned in 2028-29.
- Cash flow-backed real estate loans are expected to grow at 15-20% annually for the next 2-3 years.
- Management reiterated its guidance of recovering 250-300 crores annually from NPAs over the next 3 years.
Risks flagged
- Aggressive hiring (RMs up 91% YoY) is upfronting costs, compressing PAT margins to ~10%, which may take time to normalize as new hires ramp up productivity.
- The 1 lakh crore IPO pipeline depends on favorable market conditions; any downturn could delay or reduce revenue realization.
- Intense competition for relationship managers could lead to higher costs or difficulty retaining talent, impacting growth plans.
- Management noted ample liquidity could lead to mispricing; they will avoid deals with inadequate risk-adjusted returns, potentially limiting loan book growth.
Key quotes
- We are not in the game of trying to go out and poach people at obnoxious commitments of either you know payouts or equity in the business or any of that.
- The best performing sector in India right now is the capital market sector. We are hoping that the economy catches up.
- We are going to integrate. Chira talked about the flywheel right and we have a strong brand deep connectivity more than enough capital.
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