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Revenue
₹999 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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Where this quarter sits.
Quarter read
What the record says.
JM Financial reported a strong Q3 FY26 with consolidated PAT of ₹313 crore, up 50% YoY, driven by robust fee and commission income growth of 32% YoY to ₹306 crore. The corporate advisory and capital markets segment saw net revenue rise 30% YoY to ₹210 crore, supported by a strong IPO pipeline of 54 filings worth ₹1.21 lakh crore. Wealth and asset management continued to invest in expansion, with RM headcount up 41% YoY and recurring AUM growing 33% YoY to ₹33,100 crore. The affordable housing loan book grew 23% YoY to ₹3,200 crore, with improving asset quality. Management remains bullish on India's capital markets trajectory, targeting 15-20% revenue growth in core segments. Key risk: market volatility could delay IPO executions and impact transactional revenues.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to grow affordable housing AUM at over 25% year-on-year for the next three years.
- Targeting roughly 20% year-on-year growth in the private credit loan book, though actual may vary between 10-25% based on risk-adjusted returns.
- The current recruitment phase for wealth management RMs will largely complete by June-July 2026, after which focus shifts to productivity.
- Management expects revenue growth of 13-15% and profitability growth in high teens for capital markets and corporate advisory over the long term.
Risks flagged
- Volatile market conditions due to geopolitics and FII selling have slowed IPO launches; only one IPO executed in January despite strong pipeline.
- Continued investments in talent, branches, and technology are weighing on wealth management profitability; operating PAT fell to ₹19 crore from ₹30 crore YoY.
- Rapid expansion in capital markets has led to rising talent costs; management noted difficulty in hiring quality talent at right compensation levels.
- While the real estate book has shrunk to ~₹1,000 crore, future growth depends on market conditions; management expects a pickup but timing is uncertain.
Key quotes
- I've never seen it in my career of the last three decades so it remains very strong.
- We will use calendar year 26 also as a year of investments to increase the size and the reach of both the wealth management and the asset management businesses.
- The reason the income line has not moved up is because the real estate book has degrown from 10,000 crores to almost 1,100 crores today.
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