Market volatility delaying IPO executions
Volatile market conditions due to geopolitics and FII selling have slowed IPO launches; only one IPO executed in January despite strong pipeline.
JMFINANCIL / Q3-FY26 / risks
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Material risks this quarter
medium
Wealth management profitability pressure from investments
Continued investments in talent, branches, and technology are weighing on wealth management profitability; operating PAT fell to ₹19 crore from ₹30 crore YoY.
Talent cost inflation in capital markets
Rapid expansion in capital markets has led to rising talent costs; management noted difficulty in hiring quality talent at right compensation levels.
Real estate loan book recovery uncertainty
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.