JM Financial Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: May 1, 2025, 5:24 pm

Market Cap	9,706 Cr.
Current Price	102
High / Low	169/69.0
Stock P/E	17.8
Book Value	91.1
Dividend Yield	1.97 %
ROCE	10.1 %
ROE	0.78 %
Face Value	1.00
PEG Ratio	-2.15

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for JM Financial Ltd

Competitors of JM Financial Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
MKVentures Capital Ltd	582 Cr.	1,513	2,800/1,151	28.2	267	0.07 %	20.6 %	33.6 %	10.0
Modern Shares & Stockbrokers Ltd	13.4 Cr.	45.6	69.4/39.5	38.2	43.9	0.00 %	4.33 %	3.24 %	10.0
Monarch Networth Capital Ltd	2,444 Cr.	312	501/226	15.8	93.0	0.16 %	51.8 %	43.4 %	10.0
Monotype India Ltd	52.0 Cr.	0.74	2.42/0.67	6.51	0.13	0.00 %	438 %	%	1.00
Multipurpose Trading & Agencies Ltd	4.93 Cr.	9.95	13.3/7.93	26.0	10.2	0.00 %	4.44 %	3.91 %	10.0
Industry Average	6,385.88 Cr	1,380.84		87.23	5,265.79	0.35%	18.70%	17.15%	7.38

All Competitor Stocks of JM Financial Ltd

Quarterly Result

Metric	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Sales	952	810	791	859	928	846	1,067	1,197	1,236	1,261	1,077	1,191	1,106
Expenses	323	258	276	279	313	459	473	535	430	580	462	700	500
Operating Profit	629	552	515	580	615	387	594	663	806	681	615	491	607
OPM %	66%	68%	65%	67%	66%	46%	56%	55%	65%	54%	57%	41%	55%
Other Income	13	30	14	18	19	26	14	17	25	-831	17	21	14
Interest	283	250	261	270	301	347	366	388	400	407	370	343	318
Depreciation	9	10	10	10	10	12	12	13	14	14	16	15	16
Profit before tax	349	322	259	318	322	54	230	278	417	-572	245	154	287
Tax %	25%	29%	24%	25%	25%	40%	24%	26%	23%	18%	24%	6%	28%
Net Profit	261	228	198	238	240	32	177	206	322	-674	187	144	207
EPS in Rs	2.27	1.87	1.78	1.89	1.99	0.60	1.74	2.04	2.91	-2.39	1.79	2.43	2.19

Last Updated: February 28, 2025, 7:02 pm

Below is a detailed analysis of the quarterly data for JM Financial Ltd based on the most recent figures (Dec 2024) and their trends compared to the previous period:

For Sales, as of Dec 2024, the value is 1,106.00 Cr.. The value appears to be declining and may need further review. It has decreased from 1,191.00 Cr. (Sep 2024) to 1,106.00 Cr., marking a decrease of 85.00 Cr..
For Expenses, as of Dec 2024, the value is 500.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 700.00 Cr. (Sep 2024) to 500.00 Cr., marking a decrease of 200.00 Cr..
For Operating Profit, as of Dec 2024, the value is 607.00 Cr.. The value appears strong and on an upward trend. It has increased from 491.00 Cr. (Sep 2024) to 607.00 Cr., marking an increase of 116.00 Cr..
For OPM %, as of Dec 2024, the value is 55.00%. The value appears strong and on an upward trend. It has increased from 41.00% (Sep 2024) to 55.00%, marking an increase of 14.00%.
For Other Income, as of Dec 2024, the value is 14.00 Cr.. The value appears to be declining and may need further review. It has decreased from 21.00 Cr. (Sep 2024) to 14.00 Cr., marking a decrease of 7.00 Cr..
For Interest, as of Dec 2024, the value is 318.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 343.00 Cr. (Sep 2024) to 318.00 Cr., marking a decrease of 25.00 Cr..
For Depreciation, as of Dec 2024, the value is 16.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 15.00 Cr. (Sep 2024) to 16.00 Cr., marking an increase of 1.00 Cr..
For Profit before tax, as of Dec 2024, the value is 287.00 Cr.. The value appears strong and on an upward trend. It has increased from 154.00 Cr. (Sep 2024) to 287.00 Cr., marking an increase of 133.00 Cr..
For Tax %, as of Dec 2024, the value is 28.00%. The value appears to be increasing, which may not be favorable. It has increased from 6.00% (Sep 2024) to 28.00%, marking an increase of 22.00%.
For Net Profit, as of Dec 2024, the value is 207.00 Cr.. The value appears strong and on an upward trend. It has increased from 144.00 Cr. (Sep 2024) to 207.00 Cr., marking an increase of 63.00 Cr..
For EPS in Rs, as of Dec 2024, the value is 2.19. The value appears to be declining and may need further review. It has decreased from 2.43 (Sep 2024) to 2.19, marking a decrease of 0.24.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 6, 2025, 3:48 pm

Metric	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	1,042	1,007	1,342	1,685	2,359	3,062	3,494	3,446	3,211	3,724	3,291	4,786	4,634
Expenses	399	402	448	459	582	767	743	933	1,009	1,296	1,170	2,017	2,241
Operating Profit	643	605	895	1,225	1,777	2,295	2,751	2,513	2,202	2,429	2,120	2,768	2,393
OPM %	62%	60%	67%	73%	75%	75%	79%	73%	69%	65%	64%	58%	52%
Other Income	-0	-1	61	-0	-0	35	6	8	15	39	53	-801	-780
Interest	377	308	420	512	782	1,139	1,446	1,386	1,111	1,082	1,179	1,562	1,439
Depreciation	12	15	18	20	23	26	27	41	40	38	42	53	62
Profit before tax	254	280	517	693	972	1,165	1,283	1,094	1,067	1,348	953	353	113
Tax %	30%	29%	30%	32%	34%	33%	35%	29%	24%	26%	26%	92%
Net Profit	199	225	379	526	649	785	837	778	808	992	709	31	-136
EPS in Rs	2.43	2.77	4.22	5.08	5.92	7.17	6.81	6.48	6.19	8.10	6.26	4.29	4.02
Dividend Payout %	37%	36%	32%	29%	25%	25%	15%	3%	8%	20%	29%	47%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	13.07%	68.44%	38.79%	23.38%	20.96%	6.62%	-7.05%	3.86%	22.77%	-28.53%	-95.63%
Change in YoY Net Profit Growth (%)	0.00%	55.38%	-29.66%	-15.40%	-2.43%	-14.33%	-13.67%	10.91%	18.92%	-51.30%	-67.10%

JM Financial Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	17%
5 Years:	7%
3 Years:	14%
TTM:	7%

Compounded Profit Growth
10 Years:	-11%
5 Years:	-35%
3 Years:	-52%
TTM:	-19%

Stock Price CAGR
10 Years:	8%
5 Years:	9%
3 Years:	12%
1 Year:	20%

Return on Equity
10 Years:	9%
5 Years:	7%
3 Years:	6%
Last Year:	1%

Last Updated: Unknown

Balance Sheet

Last Updated: December 14, 2024, 3:21 pm

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	75	76	78	79	79	84	84	84	95	95	95	96	96
Reserves	1,975	2,122	2,465	2,831	3,240	4,471	5,048	5,555	6,905	7,591	8,041	8,395	8,615
Borrowings	4,197	2,988	4,723	6,672	9,444	14,988	13,991	11,756	12,405	13,498	15,939	16,228	13,949
Other Liabilities	679	744	1,239	1,480	3,782	2,664	3,517	3,351	3,973	4,477	5,137	4,874	5,372
Total Liabilities	6,927	5,930	8,505	11,061	16,545	22,206	22,640	20,746	23,378	25,661	29,213	29,592	28,031
Fixed Assets	101	228	445	444	474	427	424	450	423	414	505	572	574
CWIP	0	1	2	1	2	3	1	1	1	3	7	4	8
Investments	568	495	640	772	2,156	2,388	2,933	4,014	5,802	3,639	3,584	4,724	5,810
Other Assets	6,258	5,207	7,418	9,844	13,913	19,388	19,282	16,280	17,153	21,605	25,116	24,292	21,638
Total Assets	6,927	5,930	8,505	11,061	16,545	22,206	22,640	20,746	23,378	25,661	29,213	29,592	28,031

Below is a detailed analysis of the balance sheet data for JM Financial Ltd based on the most recent figures (Sep 2024) and their trends compared to the previous period:

For Equity Capital, as of Sep 2024, the value is ₹96.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 96.00 Cr..
For Reserves, as of Sep 2024, the value is ₹8,615.00 Cr.. The value appears strong and on an upward trend. It has increased from 8,395.00 Cr. (Mar 2024) to ₹8,615.00 Cr., marking an increase of 220.00 Cr..
For Borrowings, as of Sep 2024, the value is ₹13,949.00 Cr.. The value appears to be improving (decreasing). However, Borrowings exceed Reserves, which may signal higher financial risk. It has decreased from 16,228.00 Cr. (Mar 2024) to ₹13,949.00 Cr., marking a decrease of 2,279.00 Cr..
For Other Liabilities, as of Sep 2024, the value is ₹5,372.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 4,874.00 Cr. (Mar 2024) to ₹5,372.00 Cr., marking an increase of 498.00 Cr..
For Total Liabilities, as of Sep 2024, the value is ₹28,031.00 Cr.. The value appears to be improving (decreasing). It has decreased from 29,592.00 Cr. (Mar 2024) to ₹28,031.00 Cr., marking a decrease of 1,561.00 Cr..
For Fixed Assets, as of Sep 2024, the value is ₹574.00 Cr.. The value appears strong and on an upward trend. It has increased from 572.00 Cr. (Mar 2024) to ₹574.00 Cr., marking an increase of 2.00 Cr..
For CWIP, as of Sep 2024, the value is ₹8.00 Cr.. The value appears strong and on an upward trend. It has increased from 4.00 Cr. (Mar 2024) to ₹8.00 Cr., marking an increase of 4.00 Cr..
For Investments, as of Sep 2024, the value is ₹5,810.00 Cr.. The value appears strong and on an upward trend. It has increased from 4,724.00 Cr. (Mar 2024) to ₹5,810.00 Cr., marking an increase of 1,086.00 Cr..
For Other Assets, as of Sep 2024, the value is ₹21,638.00 Cr.. The value appears to be declining and may need further review. It has decreased from 24,292.00 Cr. (Mar 2024) to ₹21,638.00 Cr., marking a decrease of 2,654.00 Cr..
For Total Assets, as of Sep 2024, the value is ₹28,031.00 Cr.. The value appears to be declining and may need further review. It has decreased from 29,592.00 Cr. (Mar 2024) to ₹28,031.00 Cr., marking a decrease of 1,561.00 Cr..

However, the Borrowings (13,949.00 Cr.) are higher than the Reserves (₹8,615.00 Cr.), which may signal higher financial risk.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	-402	1,058	-1,717	-918	-2,546	-3,584	773	3,164	969	-3,458	-2,307	3,635
Cash from Investing Activity +	167	585	-281	264	-326	-708	-148	-901	-2,249	2,614	-592	-2,090
Cash from Financing Activity +	256	-1,594	1,783	1,305	2,424	4,540	-522	-2,205	1,296	1,281	2,160	162
Net Cash Flow	21	48	-215	651	-448	247	103	58	16	437	-739	1,708

Free Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	639.00	603.00	891.00	-5.00	-8.00	-12.00	-11.00	-9.00	-10.00	-11.00	-13.00	-14.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	63	71	62	77	182	102	72	34	58	49	135	43
Inventory Days
Days Payable
Cash Conversion Cycle	63	71	62	77	182	102	72	34	58	49	135	43
Working Capital Days	1,072	678	752	601	588	268	295	235	288	230	411	105
ROCE %	11%	10%	14%	13%	15%	13%	13%	12%	10%	11%	8%	10%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Promoters	55.42%	55.41%	56.02%	56.02%	56.49%	56.48%	56.47%	56.44%	56.44%	56.43%	56.43%	56.43%
FIIs	21.83%	21.13%	22.12%	22.14%	21.24%	20.72%	18.82%	17.92%	18.19%	16.83%	15.31%	17.02%
DIIs	8.78%	8.79%	8.30%	7.35%	7.47%	7.61%	8.06%	8.46%	8.46%	8.63%	8.57%	7.20%
Public	13.97%	14.67%	13.57%	14.49%	14.80%	15.19%	16.66%	17.17%	16.91%	18.11%	19.70%	19.36%
No. of Shareholders	99,229	99,903	98,301	97,865	96,936	1,06,989	1,19,301	1,35,103	1,58,446	1,63,944	1,62,210	1,89,596

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
ICICI Prudential Value Discovery Fund	12,040,504	0.3	98.43	12,040,504	2025-04-22 17:25:29	0%
Quant Small Cap Fund	10,969,161	0.94	89.67	10,969,161	2025-04-22 17:25:29	0%
ICICI Prudential Bluechip Fund	10,759,494	0.21	87.96	10,759,494	2025-04-22 17:25:29	0%
ICICI Prudential Multicap Fund	7,743,531	0.72	63.3	7,743,531	2025-04-22 17:25:29	0%
ICICI Prudential Infrastructure Fund	7,663,378	1.87	62.65	7,663,378	2025-04-22 10:07:49	0%
Axis Small Cap Fund	7,349,962	0.37	60.09	7,349,962	2025-04-22 17:25:29	0%
Nippon India Small Cap Fund	6,545,936	0.14	53.51	6,545,936	2025-04-22 17:25:29	0%
Aditya Birla Sun Life Banking And Financial Services Fund	2,536,597	0.74	20.74	2,536,597	2025-04-22 10:07:49	0%
ICICI Prudential Banking and Financial Services	2,074,606	0.25	16.96	2,074,606	2025-04-22 10:07:49	0%
Quant BFSI Fund	1,845,000	7.76	15.08	1,845,000	2025-04-22 17:25:29	0%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	1.00	1.00	1.00	1.00	1.00
Basic EPS (Rs.)	4.29	6.26	8.11	6.34	6.48
Diluted EPS (Rs.)	4.29	6.25	8.09	6.32	6.45
Cash EPS (Rs.)	0.84	7.86	10.80	8.88	9.73
Book Value[Excl.RevalReserv]/Share (Rs.)	115.70	118.03	111.37	101.56	96.70
Book Value[Incl.RevalReserv]/Share (Rs.)	115.70	118.03	111.37	101.56	96.70
Revenue From Operations / Share (Rs.)	49.82	34.20	38.85	33.56	40.80
PBDIT / Share (Rs.)	29.46	22.76	25.86	23.28	29.96
PBIT / Share (Rs.)	28.90	22.32	25.47	22.86	29.47
PBT / Share (Rs.)	3.70	9.98	14.13	11.20	13.00
Net Profit / Share (Rs.)	0.28	7.42	10.40	8.46	9.24
NP After MI And SOA / Share (Rs.)	4.29	6.26	8.10	6.19	6.48
PBDIT Margin (%)	59.12	66.55	66.56	69.35	73.43
PBIT Margin (%)	58.01	65.27	65.54	68.10	72.24
PBT Margin (%)	7.42	29.17	36.36	33.36	31.86
Net Profit Margin (%)	0.57	21.70	26.76	25.20	22.65
NP After MI And SOA Margin (%)	8.60	18.29	20.85	18.45	15.87
Return on Networth / Equity (%)	4.82	7.34	10.05	8.43	9.66
Return on Capital Employeed (%)	24.25	9.87	22.03	11.90	15.01
Return On Assets (%)	1.37	2.03	2.99	2.52	2.62
Long Term Debt / Equity (X)	0.00	1.23	0.00	1.21	1.46
Total Debt / Equity (X)	1.90	1.95	1.75	1.77	2.08
Asset Turnover Ratio (%)	0.16	0.02	0.04	0.02	0.02
Current Ratio (X)	1.54	3.59	1.68	4.45	4.71
Quick Ratio (X)	1.53	3.58	1.68	4.45	4.71
Dividend Payout Ratio (NP) (%)	0.00	32.76	12.33	2.85	7.70
Dividend Payout Ratio (CP) (%)	0.00	30.61	11.75	2.67	7.16
Earning Retention Ratio (%)	0.00	67.24	87.67	97.15	92.30
Cash Earning Retention Ratio (%)	0.00	69.39	88.25	97.33	92.84
Interest Coverage Ratio (X)	1.80	1.84	2.28	2.00	1.82
Interest Coverage Ratio (Post Tax) (X)	1.56	1.60	1.92	1.73	1.56
Enterprise Value (Cr.)	20391.75	22305.26	20291.81	21020.03	18335.05
EV / Net Operating Revenue (X)	4.28	6.83	5.47	6.57	5.34
EV / EBITDA (X)	7.24	10.26	8.22	9.48	7.27
MarketCap / Net Operating Revenue (X)	1.50	1.74	1.74	2.52	1.58
Retention Ratios (%)	0.00	67.23	87.66	97.14	92.29
Price / BV (X)	0.83	0.69	0.83	1.15	0.95
Price / Net Operating Revenue (X)	1.50	1.74	1.74	2.52	1.58
EarningsYield	0.05	0.10	0.11	0.07	0.10

After reviewing the key financial ratios for JM Financial Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 24, the value is 1.00. This value is within the healthy range. There is no change compared to the previous period (Mar 23) which recorded 1.00.
For Basic EPS (Rs.), as of Mar 24, the value is 4.29. This value is below the healthy minimum of 5. It has decreased from 6.26 (Mar 23) to 4.29, marking a decrease of 1.97.
For Diluted EPS (Rs.), as of Mar 24, the value is 4.29. This value is below the healthy minimum of 5. It has decreased from 6.25 (Mar 23) to 4.29, marking a decrease of 1.96.
For Cash EPS (Rs.), as of Mar 24, the value is 0.84. This value is below the healthy minimum of 3. It has decreased from 7.86 (Mar 23) to 0.84, marking a decrease of 7.02.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 115.70. It has decreased from 118.03 (Mar 23) to 115.70, marking a decrease of 2.33.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 115.70. It has decreased from 118.03 (Mar 23) to 115.70, marking a decrease of 2.33.
For Revenue From Operations / Share (Rs.), as of Mar 24, the value is 49.82. It has increased from 34.20 (Mar 23) to 49.82, marking an increase of 15.62.
For PBDIT / Share (Rs.), as of Mar 24, the value is 29.46. This value is within the healthy range. It has increased from 22.76 (Mar 23) to 29.46, marking an increase of 6.70.
For PBIT / Share (Rs.), as of Mar 24, the value is 28.90. This value is within the healthy range. It has increased from 22.32 (Mar 23) to 28.90, marking an increase of 6.58.
For PBT / Share (Rs.), as of Mar 24, the value is 3.70. This value is within the healthy range. It has decreased from 9.98 (Mar 23) to 3.70, marking a decrease of 6.28.
For Net Profit / Share (Rs.), as of Mar 24, the value is 0.28. This value is below the healthy minimum of 2. It has decreased from 7.42 (Mar 23) to 0.28, marking a decrease of 7.14.
For NP After MI And SOA / Share (Rs.), as of Mar 24, the value is 4.29. This value is within the healthy range. It has decreased from 6.26 (Mar 23) to 4.29, marking a decrease of 1.97.
For PBDIT Margin (%), as of Mar 24, the value is 59.12. This value is within the healthy range. It has decreased from 66.55 (Mar 23) to 59.12, marking a decrease of 7.43.
For PBIT Margin (%), as of Mar 24, the value is 58.01. This value exceeds the healthy maximum of 20. It has decreased from 65.27 (Mar 23) to 58.01, marking a decrease of 7.26.
For PBT Margin (%), as of Mar 24, the value is 7.42. This value is below the healthy minimum of 10. It has decreased from 29.17 (Mar 23) to 7.42, marking a decrease of 21.75.
For Net Profit Margin (%), as of Mar 24, the value is 0.57. This value is below the healthy minimum of 5. It has decreased from 21.70 (Mar 23) to 0.57, marking a decrease of 21.13.
For NP After MI And SOA Margin (%), as of Mar 24, the value is 8.60. This value is within the healthy range. It has decreased from 18.29 (Mar 23) to 8.60, marking a decrease of 9.69.
For Return on Networth / Equity (%), as of Mar 24, the value is 4.82. This value is below the healthy minimum of 15. It has decreased from 7.34 (Mar 23) to 4.82, marking a decrease of 2.52.
For Return on Capital Employeed (%), as of Mar 24, the value is 24.25. This value is within the healthy range. It has increased from 9.87 (Mar 23) to 24.25, marking an increase of 14.38.
For Return On Assets (%), as of Mar 24, the value is 1.37. This value is below the healthy minimum of 5. It has decreased from 2.03 (Mar 23) to 1.37, marking a decrease of 0.66.
For Long Term Debt / Equity (X), as of Mar 24, the value is 0.00. This value is below the healthy minimum of 0.2. It has decreased from 1.23 (Mar 23) to 0.00, marking a decrease of 1.23.
For Total Debt / Equity (X), as of Mar 24, the value is 1.90. This value exceeds the healthy maximum of 1. It has decreased from 1.95 (Mar 23) to 1.90, marking a decrease of 0.05.
For Asset Turnover Ratio (%), as of Mar 24, the value is 0.16. It has increased from 0.02 (Mar 23) to 0.16, marking an increase of 0.14.
For Current Ratio (X), as of Mar 24, the value is 1.54. This value is within the healthy range. It has decreased from 3.59 (Mar 23) to 1.54, marking a decrease of 2.05.
For Quick Ratio (X), as of Mar 24, the value is 1.53. This value is within the healthy range. It has decreased from 3.58 (Mar 23) to 1.53, marking a decrease of 2.05.
For Dividend Payout Ratio (NP) (%), as of Mar 24, the value is 0.00. This value is below the healthy minimum of 20. It has decreased from 32.76 (Mar 23) to 0.00, marking a decrease of 32.76.
For Dividend Payout Ratio (CP) (%), as of Mar 24, the value is 0.00. This value is below the healthy minimum of 20. It has decreased from 30.61 (Mar 23) to 0.00, marking a decrease of 30.61.
For Earning Retention Ratio (%), as of Mar 24, the value is 0.00. This value is below the healthy minimum of 40. It has decreased from 67.24 (Mar 23) to 0.00, marking a decrease of 67.24.
For Cash Earning Retention Ratio (%), as of Mar 24, the value is 0.00. This value is below the healthy minimum of 40. It has decreased from 69.39 (Mar 23) to 0.00, marking a decrease of 69.39.
For Interest Coverage Ratio (X), as of Mar 24, the value is 1.80. This value is below the healthy minimum of 3. It has decreased from 1.84 (Mar 23) to 1.80, marking a decrease of 0.04.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 24, the value is 1.56. This value is below the healthy minimum of 3. It has decreased from 1.60 (Mar 23) to 1.56, marking a decrease of 0.04.
For Enterprise Value (Cr.), as of Mar 24, the value is 20,391.75. It has decreased from 22,305.26 (Mar 23) to 20,391.75, marking a decrease of 1,913.51.
For EV / Net Operating Revenue (X), as of Mar 24, the value is 4.28. This value exceeds the healthy maximum of 3. It has decreased from 6.83 (Mar 23) to 4.28, marking a decrease of 2.55.
For EV / EBITDA (X), as of Mar 24, the value is 7.24. This value is within the healthy range. It has decreased from 10.26 (Mar 23) to 7.24, marking a decrease of 3.02.
For MarketCap / Net Operating Revenue (X), as of Mar 24, the value is 1.50. This value is within the healthy range. It has decreased from 1.74 (Mar 23) to 1.50, marking a decrease of 0.24.
For Retention Ratios (%), as of Mar 24, the value is 0.00. This value is below the healthy minimum of 30. It has decreased from 67.23 (Mar 23) to 0.00, marking a decrease of 67.23.
For Price / BV (X), as of Mar 24, the value is 0.83. This value is below the healthy minimum of 1. It has increased from 0.69 (Mar 23) to 0.83, marking an increase of 0.14.
For Price / Net Operating Revenue (X), as of Mar 24, the value is 1.50. This value is within the healthy range. It has decreased from 1.74 (Mar 23) to 1.50, marking a decrease of 0.24.
For EarningsYield, as of Mar 24, the value is 0.05. This value is below the healthy minimum of 5. It has decreased from 0.10 (Mar 23) to 0.05, marking a decrease of 0.05.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of JM Financial Ltd as of May 2, 2025 is: 10.32

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of May 2, 2025, JM Financial Ltd is Overvalued by 89.88% compared to the current share price 102.00

Intrinsic Value of JM Financial Ltd as of May 2, 2025 is: 9.47

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of May 2, 2025, JM Financial Ltd is Overvalued by 90.72% compared to the current share price 102.00

Last 5 Year EPS CAGR: -8.27%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The company has shown consistent growth in sales (2.46 cr) and profit (318.46 cr) over the years.	The stock has a low average ROCE of 11.67%, which may not be favorable. The stock has a high average Working Capital Days of 371.00, which may not be favorable. The stock has a high average Cash Conversion Cycle of 79.00, which may not be favorable. The company has higher borrowings (10,829.08) compared to reserves (5,173.38), which may suggest financial risk.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in JM Financial Ltd:
1. Net Profit Margin: 0.57%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 24.25% (Industry Average ROCE: 18.7%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 4.82% (Industry Average ROE: 17.15%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 1.56
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 1.53
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 17.8 (Industry average Stock P/E: 87.23)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 1.9
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

JM Financial Ltd. is a Public Limited Listed company incorporated on 30/01/1986 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L67120MH1986PLC038784 and registration number is 038784. Currently Company is involved in the business activities of Activities auxiliary to financial service activities. Company's Total Operating Revenue is Rs. 717.93 Cr. and Equity Capital is Rs. 95.56 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
Finance & Investments	7th Floor, Cnergy, Mumbai Maharashtra 400025	ecommunication@jmfl.com http://www.jmfl.com

Management
Name	Position Held
Mr. Nimesh Kampani	Non Executive Chairman
Mr. Vishal Kampani	Non Executive Vice Chairman
Mr. Adi Patel	Managing Director
Mr. Pradip Kanakia	Independent Director
Ms. Jagi Mangat Panda	Independent Director
Mr. P S Jayakumar	Independent Director
Mr. Navroz Udwadia	Independent Director
Ms. Roshini Bakshi	Independent Director
Mr. Sumit Bose	Independent Director

FAQ

What is the intrinsic value of JM Financial Ltd?

JM Financial Ltd's intrinsic value (as of 01 May 2025) is ₹10.32 — 89.88% lower the current market price of 102.00, indicating overvalued. Calculated using the PE ratio method, this valuation considers the company's 9,706 Cr. market cap, FY2025-2026 high/low of ₹169/69.0, reserves of 8,615 Cr, and liabilities of 28,031 Cr.

What is the Market Cap of JM Financial Ltd?

The Market Cap of JM Financial Ltd is 9,706 Cr..

What is the current Stock Price of JM Financial Ltd as on 01 May 2025?

The current stock price of JM Financial Ltd as on 01 May 2025 is 102.

What is the High / Low of JM Financial Ltd stocks in FY 2025-2026?

In FY 2025-2026, the High / Low of JM Financial Ltd stocks is ₹169/69.0.

What is the Stock P/E of JM Financial Ltd?

The Stock P/E of JM Financial Ltd is 17.8.

What is the Book Value of JM Financial Ltd?

The Book Value of JM Financial Ltd is 91.1.

What is the Dividend Yield of JM Financial Ltd?

The Dividend Yield of JM Financial Ltd is 1.97 %.

What is the ROCE of JM Financial Ltd?

The ROCE of JM Financial Ltd is 10.1 %.

What is the ROE of JM Financial Ltd?

The ROE of JM Financial Ltd is 0.78 %.

What is the Face Value of JM Financial Ltd?

The Face Value of JM Financial Ltd is 1.00.