JM Financial Ltd - Stock Valuation and Financial Performance

BSE: 523405 | NSE: JMFINANCIL | Finance - Investment | Small Cap

JM Financial Share Price

95.75 -2.60 -2.64%
as on 27-Feb'25 16:59

DeciZen - make an informed investing decision on JM Financial

Overall Rating
Bole Toh

1. Quality

2. Valuation

Somewhat Undervalued

3. Price Trend

JM Financial stock performance -

P/E Ratio (CD):
23.89
Market Cap:
9,151.5 Cr.
52-wk low:
69
52-wk high:
168.9

Is JM Financial Ltd an attractive stock to invest in?

1. Is JM Financial Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that JM Financial Ltd is a average quality company.

2. Is JM Financial Ltd undervalued or overvalued?

The key valuation ratios of JM Financial Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

3. Is JM Financial Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of JM Financial Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of JM Financial:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
JM Financial Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Operating Income (₹ Cr.)1,1961,4952,1593,0543,5493,4323,1973,7073,2724,7614,584
YoY Gr. Rt. %-25%44.5%41.4%16.2%-3.3%-6.8%15.9%-11.8%45.5%-
Adj EPS (₹ ) 4.25.15.97.26.86.56.28.16.34.34
YoY Gr. Rt. %-20.4%16.5%21.1%-5%-4.9%-4.5%30.9%-22.7%-31.5%-
BVPS (₹ )32.336.741.654.160.866.773.280.48588.793.3
YoY Gr. Rt. %-13.7%13.4%30%12.3%9.7%9.8%9.8%5.8%4.3%-
To view Net Profit/Total Funds (%) Colour Rating Guide click here
Net Profit/Total Funds (%)54.84.643.73.63.74.12.60.10

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Net Interest Income16.6%6.1%14.2%45.5%
Adj EPS0.2%-8.8%-11.5%-31.5%
BVPS11.9%7.8%6.6%4.3%
Share Price 6.2% -2.2% 12% -0.9%

Key Financial Ratios

RATIOS \ YEARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Margins
Net Profit Margin (%)30.131.529.525.623.622.725.226.821.70.68.4
Performance Ratios To view Performance Ratios Colour Rating Guide click here
Return on Equity (%)15.317.320.52017.414.512.813.690.34.3

Recent Performance Summary

Total Income has increased 14.19 CAGR in last 3 years

Total income growth is good in last 4 quarters

Return on Equity has declined versus last 3 years average to 4.40%

Net Profit has declined -11.50 CAGR in last 3 years

Latest Financials - JM Financial Ltd.

Standalone Consolidated
TTM EPS (₹) 4.5 4
TTM Sales (₹ Cr.) 776 4,584
BVPS (₹.) 45.3 93.3
Reserves (₹ Cr.) 4,229 8,822
P/BV 2.12 1.03
PE 21.20 23.89
From the Market
52 Week Low / High (₹) 69.00 / 168.85
All Time Low / High (₹) 0.04 / 190.95
Market Cap (₹ Cr.) 9,151
Equity (₹ Cr.) 95.6
Face Value (₹) 1
Industry PE 49.9

Management X-Ray of JM Financial:

Shareholding Pattern

JavaScript chart by amCharts 3.21.5
JavaScript chart by amCharts 3.21.5Promoters:56.43%Institutions:24.21%Non-Institutions:19.36%

Promoter's Holding & Share Pledging

JavaScript chart by amCharts 3.21.5Sep22Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec240%10%20%30%40%50%60%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

JM Financial – A Special Situation Opportunity with Multiple Catalysts - 10 Feb 2025

The company is trading at ~1.2x P/B, which is unusually low for businesses with a high proportion of asset-light fee-based income (investment banking, wealth management, asset management). Such businesses are usually valued on a P/E basis but JM Financial is valued on a Price-to-Book basis because of its exposure to lending and the P/B has been low for a prolonged period due to stress in the company’s wholesale lending and asset reconstruction business verticals. While investors may shun such businesses, and rightly so, some unrelated divisions that are a part of the company may be unjustifiably devalued as well. When good businesses get devalued for such reasons, value unlocking may happen through corporate restructuring. JM Financial presents a compelling investment opportunity, trading at a discount despite having a strong investment banking franchise, growing asset-light businesses, and a significant value unlocking from its ongoing corporate restructuring. 

About the Company

JM Financial is a diversified financial services group with a broad range of business segments. The firm operates in four key areas:

  1. Integrated Investment Banking (IB): Serving institutional, corporate, government, and ultra-high-net-worth clients, this segment encompasses investment banking, institutional equities and research, private equity, fixed income, private wealth management, portfolio management services (PMS), syndication, and financing solutions.

  2. Asset Management, Wealth Management, and Securities (Platform AWS): An integrated investment platform catering to individual investors, this division includes elite and retail wealth management, broking, and mutual fund operations.

  3. Mortgage Lending: This division includes both wholesale lending—primarily focused on real estate developers—and retail lending, which offers affordable home loans and secured loans for MSMEs.

  4. Alternative and Distressed Credit: This business segment covers asset reconstruction and alternative credit funds, providing solutions for distressed asset management.

As of December 31, 2024, JM Financial reported a consolidated loan AUM of approximately Rs.8,690 crores, distressed credit AUM of Rs.12,840 crores, wealth management AUM of Rs.1,10,000 crores, and an average mutual fund AUM of Rs.13,570 crores.

Balance Sheet

Cash & Cash Equivalents: The firm has cash and cash equivalents of Rs. 5840 of which nearly Rs 1,400 crores is under non-lending entities.  

However, the company is expected to engage in material transactions this quarter which would impact the net cash position by Rs. 426 crores as the increased shareholding would also lead to an increase in cash attributable to the company through higher ownership.

We assume a total of Rs. 5000 crores for the free cash available to the firm.

Investments: While the current value of the investments is Rs. 5810 for H1FY25, we value it at Rs. 4000 crores or 70% of the total value. The discount exists because Security Receipts (which are a part of the ARC business) account for 25% of the investments for FY24, and a more conservative 30% applied for H1FY25 since the details cannot be known. A conservative investor may further market the value down to Rs. 3500 crores as easily liquefiable investments, giving us a conservative estimate of Rs. 3500 crores to Rs. 4000 crores.

Business Segments

Discontinuing Businesses

According to strategic initiatives by the management, the company will move from the position of a lender with assets to co-investing or that of a syndicator, generating income from fees rather than interest. To achieve the same, the business has begun simplifying its corporate structure buy buying out its partners in various subsidiaries and consolidating the ownership of both the businesses under JM Financial Credit Solutions which will participate in syndication deals going forward. We assign a nil liquidation value to the business with the understanding that the assets in these businesses are more than sufficient to cover the outstanding debts. The value could be positive in the case of writebacks. The cash generated from these businesses has already been accounted for in the valuation.

  1. Wholesale Lending

The wholesale lending book, historically a drag on valuation, is rapidly unwinding and expected to be fully rundown within the next five quarters (by end of FY26), further reducing risk. The subsidiary responsible for this business is JM Financial Credit Solutions, and it has cash and cash equivalents Rs. 3,010 crores as a result of the unwinding, which is already factored into the cash holding of the company and the shareholding will be increased from 47% to 90% for Rs. 1,282 crores after RBI approval. The company will eventually purchase the remaining 10% shareholding as well.

The risk of these businesses leading to business related outflows is minimal but are possible due to execution and asset quality risks.

Execution Risk: From December 2023 to December 2024, JM Financial Credit Solutions scaled down the loan book from Rs. 8,752 crores to Rs. 4,584 crores, a 48% decrease. This gives us confidence that the company will execute the plan according to the expected timelines. 

Asset Quality Risk: Provision coverage ratio has increased to 94% during the quarter (77% as of September 30, 2024 and 65% as of June 30, 2024). As a result, necessary provisions have been made for Gross Non-Performing Assets.

Due to the low possibility of risks materializing, we do not assign a negative value to this vertical. 

  1. Asset Reconstruction

This business will also run-down over next 3 years. Assessing provisioning requirements here is a bit tricky, but we do not assign a negative value to the business based on management guidance on the quality of the assets currently owned. The effective ownership of the company in JM Financial Asset Reconstruction Company is 76.45%. We assume that the value of the going concern is nil, and that the cash and cash equivalents of the company already reflect any cash that will be generated by this subsidiary.

Continuing Businesses

The implied value of the continuing businesses can be derived from the difference between the market capitalisation and the value of the cash & equivalents and investments and discontinuing businesses. This method implies a value of Rs. 2500- Rs. 3,000 crores for the investment banking division, the Asset, Wealth Management and Securities (AWS) Platform and the affordable housing business.

From a downside perspective, it could be argued that the market values only the investment banking division, and that too extremely pessimistically. Given that the other two divisions are young and will take time to build, the market has valued them at nil. From a risk perspective, such a valuation explains the downside possibility, but a deeper understanding of the three segments will explain the possible upside. The upside valuation is a base case, not a bull case valuation and the markets may assign a higher value than described below. Our valuations do not take into consideration the profits from the syndication businesses as this business is yet to be built. 

  1.  Integrated Investment Banking:

    The Implied Valuation:

A pessimistic valuation would assume no growth prospects. At ~Rs. 2000 crores, the implied yearly profit is Rs. 240 crores (Valuing it as perpetuity with a 12% discount rate or 8.3 P/E multiple). DAM Capital, on the other hand, is worth Rs. 2000 crores and has a profit of Rs. 70 crore for FY24, 1/10th that of JM Financial’s Investment Bank. The valuation is extremely pessimistic given that Investment Banking Division reported a profit of Rs. 464 crores for 9MFY25 a nearly 14% growth YoY and Rs. 706 crores in FY24. The average investment banking profits over FY21-FY25(E) would be approximately Rs. 450 to Rs. 500 crores.

The market is valuing the business at ~50% lower than the no growth valuation, and the market would only be right if investors rightly believe that the Indian equity capital markets would be weaker in the coming future or that JM would significantly lose market share in the future in a growing capital market. 

Both cases seem unlikely and are explained in the estimated valuation.

The Estimated Valuation:

The estimated valuation, based on a 6% growth rate over the cyclically adjusted profit would still be significantly higher than the currently implied valuation. The growth assumptions are conservative given that the company is one of the top performing investment banks as evident from its standing in the league tables.

As shown in the table above, JM has an extremely high share of the merchant banking industry and maintains a market share of at least 25% over the last cycle. The business is based on relationships which makes business lumpy depending on the needs of promoters such bankers have relationships with, in addition to the capital market cyclicality. Additionally, the departure of key bankers could lead to loss of relationships for a firm. On this basis, a 6% growth over the cycle seems conservative, but fair.

2. Platform AWS:

The reported profits of the business significantly underrepresent the earning capacity of the business. Over the last 3 years, there have been significant investments made into the asset and wealth management businesses which have been expensed directly through the Profit & Loss Statement. However, these expenses are expected to stop in the next 12-15 months. We can conservatively value this business on a 12-13 P/FY27E. 

It must be noted that the Asset Management Division is loss making and will break even in FY27. The Wealth Management Division is currently the main contributor of profits, contributing unadjusted Rs. 100 crores and adjusted Rs. 148 crores for 9MFY25E.

*Investments made in Asset Management and Digital business

a. Wealth Management: Significant investments have been made in rebuilding the wealth management division over the last 3 years. The UHNI + Family Office sales force has doubled in the past 2 years, while the stock trading BlinkX Application was launched early in 2024 to improve the user experience. As a result of such investments and good market conditions, the company has witnessed a strong traction in terms of Average Daily Turnover and Margin Financing.

b. Asset Management: The asset management business is yet to hit scale and is expected to breakeven by FY27. However, the business has scaled up rapidly from a mutual fund AUM of ~Rs. 3000 crores in FY23 to nearly Rs. 14,000 crores in Q3FY25. By FY27, the business is expected to have an AUM of Rs. 25,000 crores, growing at a CAGR of ~30%.

3. Affordable Housing:

The affordable housing business is a new growth area for the business and has grown at a tremendous pace since FY20. The Return on Assets of over 2.4%, CRAR (Capital to Risk-Weighted Assets Ratio) of 44%, Debt to Equity of 1.9 and average ticket size of ~Rs. 11 lakhs suggest that the business can be highly profitable when appropriately levered, has significant room for leverage and is conservative in its lending practices, respectively.

ATS – Average Ticket Size for Home Loans

As the table above shows, there is a material relationship between Asset Quality and Valuations. While growth is important, all players have demonstrated the ability to grow while not all have demonstrated the ability to grow while maintaining asset quality. JM Financial Home Loans has an NPA of 1% for 9MFY25, highlighting that the asset quality is good and can command a decent valuation. While it may be difficult to state that it would command a premium or similar valuation to the likes of Aavas and Aptus given that the loan book is yet to scale up, the valuations would be closer to such peers rather than LIC Housing Finance, which has a lower asset quality. A valuation of around 2(x) Price to FY 28 Book value would be fair after incorporating execution and asset quality risk. However, we maintain that this segment must be actively monitored over the holding period given the short history.

Probable Reasons for the Discount:

We are not certain that this list is exhaustive, the following reasons seem probable:

  1. Unusual Opportunity: The company does not offer a standard investment opportunity which is usually signified by historic growth metrics. In fact, the company has two unhealthy business and two businesses under incubation, which create a significant divergence of earnings from the actual earnings potential. On the surface, it is simple to say that the business has not performed well.

  2. Cyclical Business: The investment banking business is cyclical business and investors may shun such a business due to their focus on businesses with a higher earnings quality. Unlike a large number of cyclical businesses, the business is capital light. Given that the market has performed well, investors may look towards other industries with the belief that a correction may reduce the profitability of investment banking businesses.

  3. Complex Structure: The business operated through a large number of subsidiaries and has both lending and non-lending businesses that may make the business difficult to understand. As a result, some investors may avoid it entirely. While the structure is currently complex, the management has started taking steps to simplify the structure by bringing JM Financial Asset Reconstruction Company under JM Financial Credit Solutions, and has increased the firm’s ownership in both these subsidiaries.

  4. Conservative Balance Sheet: The cash and investments provide for an extremely liquid balance sheet which limits downside risk. However, unutilised cash may make investors wary about growth prospects and/or the intention of the management to return cash to shareholders. However, nearly Rs. 3000 crores of cash has been generated over the last 2 years in subsidiaries as a result of the wind-up where the parent company is increasing its ownership to 90%+ levels from sub 50% levels. This highlights that the company will gain effective possession of the cash and would be able to use it effectively.

  5. Lack of faith in the management: The situation exists because the company has entered businesses where they have not been able to generate significant wealth for shareholders. While it could be argued that macroeconomic factors had a role to play, we offer no justifications for the management. The management has taken decisive steps to correct past mistakes which signifies that the future would look different from the past.

Key Ratios of JM Financial

Adj EPS (Rs.)

Total Income (Cr.)

ROE (%)

BVPS (Rs.)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Income1,4031,6852,3593,1003,5693,4553,2323,7633,6404,832
Interest Income1,1961,4952,1593,0543,5493,4323,1973,7073,2724,761
Other Income 207190200462023355636871
Expenditure 8869921,3881,9352,2862,3612,1652,4152,6873,632
Interest Expense 4205127821,1391,4461,3861,1111,0821,1791,562
Operating Expenses 4334495386596966717469371,0641,424
Provisions 333168137144305308397445647
Exceptional Items 000000000-847
Profit Before Tax 5176939721,1651,2831,0941,0671,348953353
Taxes 156222335382446316261356244326
Profit After Tax 36147063778383677880699270928
Adjusted EPS (₹)4.25.15.97.26.86.56.28.16.34.3
Dividend Payout Ratio (%)32%29%25%25%15%3%8%20%29%47%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Equity Capital2,5432,9093,3194,5555,1325,6397,0007,6868,1368,491
Share Capital 78797984848495959596
Reserves 2,4652,8313,2404,4715,0485,5556,9057,5918,0418,395
Minority Interest65566911091918263424962676293931342566
Long Term Borrowings4072,6374,24110,10410,1842,8379,7209,44012,63913,367
Current Liabilities 4,9014,8467,8755,6304,6909,7743,9555,5085,2165,067
Trade Payables2083128233454174407648461,3231,316
Short term borrowings4,1513,8465,3785,0033,8849,0562,6984,0073,2522,803
Other Liabilities-4,360-4,158-6,202-5,348-4,301-9,496-3,462-4,853-4,575-4,119
Total Liabilities 8,50511,06116,54522,20622,64020,74623,35025,57429,12529,490

Assets

Non Current Asset 3,9995,7597,4171,3121,3301,1371,1651,3752,1512,517
Loan Asset 0000000000
Other Non Current Asset 3,9995,7597,4171,3121,3301,1371,1651,3752,1512,517
Current Asset 4,5055,3029,12820,89421,31019,60922,18624,19826,97526,972
Current Investment1582621,9581,7902,3183,6715,3883,0422,5293,382
Other Current Asset4,3475,0407,17019,10418,99215,93716,79821,15724,44523,590
Total Assets 8,50511,06116,54522,20622,64020,74623,35025,57429,12529,490

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity -1,717-918-2,546-3,5847733,164969-3,458-2,3073,635
Cash Flow From Investing Activity -281264-366-708-148-901-2,2492,614-592-2,090
Cash Flow From Financing Activity 1,7831,3052,4244,540-522-2,2051,2961,2812,160162
Net Cash Flow -215651-4882471035816437-7391,708
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Operational & Financial Ratios

EPS (₹)4567766864
DPS (₹)1122101222
BVPS (₹)32374254616773808589

Performance Ratios

ROA (%)5.04.84.64.03.73.63.74.12.60.1
ROE (%)15.317.320.520.017.414.512.813.69.00.3
ROCE (%)15.114.314.813.714.113.611.912.09.47.9

Valuation Parameters

Price/Book(x)1.51.02.12.41.61.01.20.80.70.8

JM Financial Ltd Stock News

JM Financial Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of JM Financial on 27-Feb-2025 16:59 is ₹95.75.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 27-Feb-2025 16:59 the market cap of JM Financial stood at ₹9,151.5.
The latest P/E ratio of JM Financial as of 27-Feb-2025 16:59 is 21.20.
The latest P/B ratio of JM Financial as of 27-Feb-2025 16:59 is 2.12.
The 52-week high of JM Financial is ₹168.8 and the 52-week low is ₹69.00.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of JM Financial is ₹776.3 ( Cr.) .

About JM Financial Ltd

JM Financial incorporated on January 30, 1986, is a financial services company. The company was incorporated under the name JM Share & Stock Brokers (JMSSB). The name of the company was changed to present one on October 29, 2004. It has pioneered several strategies and transactions for a wide client base spread across geographies and thus developed rich experience and expertise. Every idea is unique to the need of the client and supported by superior execution to deliver maximum benefits. In the course of company’s journey, it has partnered with several top Indian and International corporate houses and gained their trust and confidence. Its well established processes ensure total confidentiality for all its clients, thereby giving them absolute confidence on conflict management and maintenance of confidentiality.

Business area of the company

JM Financial is one of India’s prominent financial services groups, specialising in providing a spectrum of businesses to corporations, financial institutions, high net-worth individuals and retail investors. It is known for its diverse businesses which comprises of (a) Investment Banking, Wealth Management and Securities (IWS) which includes fee and fund based activities for its clients; (b) Mortgage Lending which includes both wholesale mortgage lending and retail mortgage lending (home loans, education institutions lending and LAP); (c) Distressed credit which includes the Asset Reconstruction business and (d) Asset Management which includes the mutual fund business.

Awards & Recognition

  • 2008: Ranked among Top 50 Companies by Great Places To Work Institute.
  • 2009: JM Financial Services has been recognized by Euromoney, amongst the Top 10 Best Private Banking Services.
  • 2010: Best Retail Broking House - Fastest Growing Equity Broking House (Large Firms).
  • 2011: JM Financial wins ’Team of the Year’ in the Indian Investment Banks category.
  • 2012: JM Financial Services honoured as the Best Performing National Financial Advisor – Institutional.
  • 2013: JM Financial Services has been recognized by BSE, amongst the Top 10 performers in the Equity Segment (Retail Trading).
  • 2014: JM Financial Services Limited - Ranked amongst ’India's 100 Best Companies To Work For 2015’ - Overall.
  • 2014: JM Financial Asset Management–Ranked 5th best in the Financial Services Industry category in ’India’s Best Companies to Work For 2015’.
  • 2015: JM Financial Institutional Securities awarded ‘Best Corporate and Institutional Bank –Domestic’ and ‘Best Equity House’.
  • 2015: JM Financial Institutional Securities Limited - awarded the M&A Deal Maker of the Year.
  • 2015: JM Financial Institutional Securities Limited - awarded Highest Independent Honour in India.
  • 2016: JM Financial Services has been recognized by National Stock Exchange, amongst the Top 10 performers in the Cash Segment for the year 2015-16.
  • 2016: JM Financial Institutional Securities has emerged as QIP Dealmaker of the Year in the Business World-PWC I-banking Survey 2016.
  • 2016: JM Financial Services has been recognized by BSE, amongst the Top Performers in Sovereign Gold Bonds.
  • 2017: JM Financial Services - Recognized as ‘India's Best Companies To Work For 2017 - Investments Industry’.
  • 2017: JM Financial Services has been awarded the Market Achievers Award in the Highest IPO Bidding - Non-Institutional Category.
  • 2017: JM Financial Services has been recognized by BSE, amongst the Top Performers in the Equity Broking Segment (Retail Trading).
  • 2018: JM Financial Limited - Ranked 43rd in India’s Great Mid-Size Workplaces.
  • 2018: JM Financial Services has been recognized by BSE Ltd., amongst the Top Performers in the Equity Broking Segment (Retail Trading).
  • 2018: JM Financial awarded for the Best M&A deal (Tata Chemicals US$ 400 million sale of the urea business to Yara International).
  • 2018: JM Financial awarded ‘Best M&A Adviser’.
  • 2019: JM Financial awarded the Best Investment Bank.
  • 2019: JM Financial Services Limited has been Recognized among India’s 20 Best Workplaces in BFSI - 2019 by Great Place to Work.
  • 2019: JM Financial Services has been recognized by BSE, amongst the Top Performers in Primary Market Segment (Debt Public Issue Bids - Members).
  • 2019: JM Financial awarded for the ‘Best IPO’ (Embassy Office Parks REIT US$ 688 million IPO).
  • 2020: JM Financial Asset Management, JM Financial (Institutional Businesses), JM Financial Products (Dwello), JM Financial Home Loans and JM Financial Services accredited as a ‘Great Place to Work-Certified’ by the Great Place to Work Institute.
  • 2020: JM Financial awarded for the CSR Healthcare Project, implemented by JM Financial Foundation in the Dumri Block-Giridih district, Jharkhand.
  • 2020: JM Financial Services has been recognized by BSE, amongst the Top Performers in Primary Market Segment (Equity – IPO/FPO Bids - Members).

Key events and milestones

  • 1973: JM Financial & Investment Consultancy Services (JMFICS), established in Mumbai.
  • 1979-1980: JMFICS filed first offer document for listing securities of an Indian client with FSA, London.
  • 1979-1980: JMFICS became the first to introduce fully convertible debentures in Indian Capital Markets.
  • 1986: JM Financial Share & Stock Brokers, now known as JM Financial (holding company), was incorporated to engage in the business of Stock Broking and Securities.
  • 1986: Regional office set up in Delhi.
  • 1989-1994: JMFICS introduced equity warrants in the Indian Capital Markets.
  • 1989-1994: JM Financial Limited listed on the Bombay, Ahmedabad and Delhi Stock Exchanges.
  • 1989-1994: JMFICS introduced Deep Discount Bond in Indian Capital Markets.
  • 1989-1994: JMFICS managed four transactions of Securities Offerings in excess of Rs. 100 crores each, a size unmatched till then in Indian markets.
  • 1989-1994: JM Financial Asset Management, the first private sector Mutual Fund, commenced operations.
  • 1989-1994: Tied up with CSFB, S. G. Warburg & Co. Morgan Grenfell and DZ, British Investment Banks on informal basis.
  • 1999: Formed a joint venture with Morgan Stanley in the areas of Investment Banking and Securities business.
  • 2002-2006: Managed India’s first IPO through Book Building.
  • 2002-2006: Recorded three firsts in India - first Indian dual tranche FCCB issue, first billion dollar IPO, first conditional IPO.
  • 2002-2006: Launched Private Equity Fund.
  • 2007: Separated from joint venture with Morgan Stanley.
  • 2007: Continued to lead the Indian Investment Banking / Financial Services industry as a 100% Indian Company.
  • 2007: Acquired ASK Securities (renamed as JM Financial Institutional Securities), a institutional securities firm.
  • 2007: Launched Real Estate Fund.
  • 2008-2012: Initiated expansion of business in International Jurisdictions.
  • 2008-2012: Commenced Asset Reconstruction Business.
  • 2008-2012: Expanded operations in Fixed Income Business.
  • 2008-2012: Managed India’s first IDR issue.
  • 2012-2017: Announced partnership in the Real Estate NBFC with an fund, managed by Mr. Vikram Pandit and associates.
  • 2012-2017: Established step down subsidiary in the USA to cater to and service overseas clients/investors.
  • 2012-2017: Received license for Housing Finance from National Housing Bank (NHB).
  • 2012-2017: Commenced SME Business.
  • 2020: Raised Rs 770 crore by issuing shares to a set of investors through qualified institutional placement (QIP).
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