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Last Updated: April 2, 2026, 3:10 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 523405 | NSE: JMFINANCIL

JM Financial Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹72.59Overvalued by 39.51%vs CMP ₹120.00

P/E (9.1) × ROE (9.0%) × BV (₹108.00) × DY (2.24%)

₹122.49Fairly Valued by 2.08%vs CMP ₹120.00
MoS: +2% (Thin)Confidence: 43/100 (Low)Models: 2 Under, 2 Fair, 4 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹79.8326%Over (-33.5%)
Graham NumberEarnings₹177.9418%Under (+48.3%)
DCFCash Flow₹102.1115%Over (-14.9%)
Net Asset ValueAssets₹107.378%Over (-10.5%)
EV/EBITDAEnterprise₹130.4810%Fair (+8.7%)
Earnings YieldEarnings₹130.308%Fair (+8.6%)
ROCE CapitalReturns₹223.978%Under (+86.6%)
Revenue MultipleRevenue₹46.006%Over (-61.7%)
Consensus (8 models)₹122.49100%Fairly Valued
Key Drivers: Wide model spread (₹46–₹224) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 10.0%

*Investments are subject to market risks

Investment Snapshot

43
JM Financial Ltd scores 43/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health46/100 · Moderate
ROCE 9.4% AverageROE 9.0% AverageD/E 1.77 High debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding up 0.23% (6mo) Slight increaseDII holding down 1.31% MF sellingPromoter holding at 56.9% Stable
Earnings Quality40/100 · Moderate
OPM contracting (65% → 56%) Declining
Quarterly Momentum35/100 · Weak
Revenue (4Q): -11% YoY Declining
Industry Rank50/100 · Moderate
P/E 9.1 vs industry 171.3 Cheaper than peersROCE 9.4% vs industry 11.4% AverageROE 9.0% vs industry 25.6% Below peers3Y sales CAGR: 6% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

JM Financial Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
60/100
Moderate
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 9.1 vs Ind 171.3 | ROCE 9.4% | ROE 9.0% | CFO/NP N/A
Balance Sheet Stress
50/100
Manageable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 1.77x | IntCov 0.0x | Current 4.45x | Borrow/Reserve 1.11x
Cash Flow Reliability
29/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹774 Cr | CFO/NP N/A
Ownership Accumulation
+25
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII -0.67 pp | DII +0.15 pp | Prom +0.29 pp
Business Momentum
+11
Watch closely
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales -3.1% | Q NP +21.4% | Q OPM -3.0 pp
Derived FieldValueHow it is derived
Valuation Gap %+2.1%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves1.11xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change-0.67 ppLatest FII% minus previous FII%
DII Change+0.15 ppLatest DII% minus previous DII%
Promoter Change+0.29 ppLatest promoter% minus previous promoter%
Shareholder Count Change-604Latest shareholder count minus previous count
Quarterly Sales Change-3.1%Latest quarter sales vs previous quarter sales
Quarterly Profit Change+21.4%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change-3.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:10 am

Market Cap 11,505 Cr.
Current Price 120
Intrinsic Value₹122.49
High / Low 200/78.0
Stock P/E9.12
Book Value 108
Dividend Yield2.24 %
ROCE9.39 %
ROE9.01 %
Face Value 1.00
PEG Ratio0.91

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

View Share Price Target for JM Financial Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
JM Financial Ltd 11,505 Cr. 120 200/78.09.12 1082.24 %9.39 %9.01 % 1.00
Maharashtra Scooters Ltd 12,870 Cr. 11,261 18,538/9,22541.4 28,8871.42 %0.59 %0.61 % 10.0
IIFL Capital Services Ltd 8,120 Cr. 261 411/17014.1 90.41.15 %33.3 %31.6 % 2.00
Ujjivan Financial Services Ltd 7,179 Cr. 590 /8.75 2990.00 %10.3 %32.1 % 10.0
Pilani Investment & Industries Corporation Ltd 4,883 Cr. 4,410 5,980/3,8804,036 15,3470.34 %1.75 %0.64 % 10.0
Industry Average17,128.74 Cr1,145.63171.253,616.520.48%11.38%25.55%6.58

All Competitor Stocks of JM Financial Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 9288461,0671,1971,2361,2611,0771,1911,1061,0041,1111,031999
Expenses 313459473535430580462700500426261426436
Operating Profit 615387594663806681615491607578850605563
OPM % 66%46%56%55%65%54%57%41%55%58%76%59%56%
Other Income 1926141725-831172114231013105
Interest 301347366388400407370343318274251254248
Depreciation 10121213141416151616171920
Profit before tax 32254230278417-572245154287311593344400
Tax % 25%40%24%26%23%18%24%6%28%25%23%26%24%
Net Profit 24032177206322-674187144207235459262318
EPS in Rs 1.990.601.742.042.91-2.391.792.432.192.194.752.823.27

Last Updated: March 4, 2026, 6:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 4:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,0071,3421,6852,3593,0623,4943,4463,2113,7243,2914,7864,4104,146
Expenses 4024484595827677439331,0091,2961,1702,0172,0871,549
Operating Profit 6058951,2251,7772,2952,7512,5132,2022,4292,1202,7682,3232,596
OPM % 60%67%73%75%75%79%73%69%65%64%58%53%63%
Other Income -161-0-03568153953-80143151
Interest 3084205127821,1391,4461,3861,1111,0821,1791,5621,3051,027
Depreciation 15182023262741403842536473
Profit before tax 2805176939721,1651,2831,0941,0671,3489533539971,649
Tax % 29%30%32%34%33%35%29%24%26%26%92%23%
Net Profit 225379526649785837778808992709317741,274
EPS in Rs 2.774.225.085.927.176.816.486.198.106.264.298.5913.03
Dividend Payout % 36%32%29%25%25%15%3%8%20%29%47%31%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)68.44%38.79%23.38%20.96%6.62%-7.05%3.86%22.77%-28.53%-95.63%2396.77%
Change in YoY Net Profit Growth (%)0.00%-29.66%-15.40%-2.43%-14.33%-13.67%10.91%18.92%-51.30%-67.10%2492.40%

JM Financial Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:13%
5 Years:5%
3 Years:6%
TTM:-8%
Compounded Profit Growth
10 Years:10%
5 Years:9%
3 Years:2%
TTM:66%
Stock Price CAGR
10 Years:15%
5 Years:17%
3 Years:42%
1 Year:45%
Return on Equity
10 Years:10%
5 Years:8%
3 Years:7%
Last Year:9%

Last Updated: September 5, 2025, 8:25 am

Balance Sheet

Last Updated: December 4, 2025, 1:29 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 76787979848484959595969696
Reserves 2,1222,4652,8313,2404,4715,0485,5556,9057,5918,0418,3959,63210,198
Borrowings 2,9884,7236,6729,44414,98813,99111,75612,40513,49815,93916,22811,50711,360
Other Liabilities 7441,2391,4803,7822,6643,5173,3513,9734,4775,1374,8743,1122,930
Total Liabilities 5,9308,50511,06116,54522,20622,64020,74623,37825,66129,21329,59224,34724,584
Fixed Assets 228445444474427424450423414505572579599
CWIP 1212311137410168
Investments 4956407722,1562,3882,9334,0145,8023,6393,5844,7245,4644,302
Other Assets 5,2077,4189,84413,91319,38819,28216,28017,15321,60525,11624,29218,29419,514
Total Assets 5,9308,50511,06116,54522,20622,64020,74623,37825,66129,21329,59224,34724,584

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1,058-1,717-918-2,546-3,5847733,164969-3,203-2,3073,6355,569
Cash from Investing Activity + 585-281264-326-708-148-901-2,2492,616-592-2,090-2,475
Cash from Financing Activity + -1,5941,7831,3052,4244,540-522-2,2051,2961,0242,160162-4,786
Net Cash Flow 48-215651-4482471035816437-7391,708-1,692
Free Cash Flow 945-1,954-937-2,610-3,6057553,154963-3,220-2,4313,5825,536
CFO/OP 192%-173%-56%-125%-136%46%141%58%-113%-96%145%249%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow603.00891.00-5.00-8.00-12.00-11.00-9.00-10.00-11.00-13.00-14.00-9.00

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

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 716277182102723458491354353
Inventory Days
Days Payable
Cash Conversion Cycle 716277182102723458491354353
Working Capital Days -132-377-232-244-308-7123528823041110589
ROCE %10%14%13%15%13%13%12%10%11%8%10%9%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 56.49%56.48%56.47%56.44%56.44%56.43%56.43%56.43%56.50%56.51%56.61%56.90%
FIIs 21.24%20.72%18.82%17.92%18.19%16.83%15.31%17.02%17.48%17.69%18.38%17.71%
DIIs 7.47%7.61%8.06%8.46%8.46%8.63%8.57%7.20%7.07%6.53%5.61%5.76%
Public 14.80%15.19%16.66%17.17%16.91%18.11%19.70%19.36%18.94%19.27%19.42%19.64%
No. of Shareholders 96,9361,06,9891,19,3011,35,1031,58,4461,63,9441,62,2101,89,5961,87,1631,73,2901,77,1601,76,556

Shareholding Pattern Chart

No. of Shareholders

JM Financial Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Quant Small Cap Fund 16,714,161 0.79 215.5310,969,1612025-12-08 05:09:3852.37%
Motilal Oswal Small Cap Fund 8,495,345 1.99 109.558,047,0612026-02-22 05:44:525.57%
ICICI Prudential Infrastructure Fund 7,767,424 1.24 100.167,854,7982025-12-15 00:06:28-1.11%
ICICI Prudential Dividend Yield Equity Fund 5,450,505 1.1 70.28N/AN/AN/A
Axis Small Cap Fund 4,765,585 0.24 61.457,349,9622025-12-08 05:09:38-35.16%
ICICI Prudential Multicap Fund 1,936,119 0.16 24.977,743,5312025-12-08 05:09:38-75%
Taurus Banking And Financial Services Fund 8,200 0.9 0.11N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 8.594.296.268.116.34
Diluted EPS (Rs.) 8.584.296.258.096.32
Cash EPS (Rs.) 8.740.847.8610.808.88
Book Value[Excl.RevalReserv]/Share (Rs.) 101.7888.8585.21111.37101.56
Book Value[Incl.RevalReserv]/Share (Rs.) 101.7888.8585.21111.37101.56
Revenue From Operations / Share (Rs.) 45.8049.8234.2038.8533.56
PBDIT / Share (Rs.) 24.7529.4622.7625.8623.28
PBIT / Share (Rs.) 24.0828.9022.3225.4722.86
PBT / Share (Rs.) 10.433.709.9814.1311.20
Net Profit / Share (Rs.) 8.080.287.4210.408.46
NP After MI And SOA / Share (Rs.) 8.594.296.268.106.19
PBDIT Margin (%) 54.0359.1266.5566.5669.35
PBIT Margin (%) 52.5858.0165.2765.5468.10
PBT Margin (%) 22.777.4229.1736.3633.36
Net Profit Margin (%) 17.630.5721.7026.7625.20
NP After MI And SOA Margin (%) 18.768.6018.2920.8518.45
Return on Networth / Equity (%) 8.444.827.3410.058.43
Return on Capital Employeed (%) 21.6924.259.8722.0311.90
Return On Assets (%) 3.351.372.032.992.52
Long Term Debt / Equity (X) 0.000.001.230.001.21
Total Debt / Equity (X) 1.171.901.951.751.77
Asset Turnover Ratio (%) 0.160.160.110.040.02
Current Ratio (X) 1.661.543.591.684.45
Quick Ratio (X) 1.651.533.581.684.45
Inventory Turnover Ratio (X) 32.100.000.000.000.00
Dividend Payout Ratio (NP) (%) 23.2720.9632.7612.332.85
Dividend Payout Ratio (CP) (%) 21.5918.5630.6111.752.67
Earning Retention Ratio (%) 76.7379.0467.2487.6797.15
Cash Earning Retention Ratio (%) 78.4181.4469.3988.2597.33
Interest Coverage Ratio (X) 1.811.801.842.282.00
Interest Coverage Ratio (Post Tax) (X) 1.591.561.601.921.73
Enterprise Value (Cr.) 16599.2720391.7522305.2620291.8121020.03
EV / Net Operating Revenue (X) 3.794.286.835.476.57
EV / EBITDA (X) 7.027.2410.268.229.48
MarketCap / Net Operating Revenue (X) 2.101.501.741.742.52
Retention Ratios (%) 76.7279.0367.2387.6697.14
Price / BV (X) 0.940.830.690.831.15
Price / Net Operating Revenue (X) 2.101.501.741.742.52
EarningsYield 0.080.050.100.110.07

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

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. 837.20 Cr. and Equity Capital is Rs. 95.58 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Finance & Investments7th Floor, Cnergy, Appasaheb Marathe Marg, Mumbai Maharashtra 400025Contact not found
Management
NamePosition Held
Mr. Nimesh KampaniNon Executive Chairman
Mr. Vishal KampaniVice Chairman & Mng.Director
Mr. Adi PatelManaging Director
Mr. Hariharan AiyarNon Executive Director
Mr. Pradip KanakiaInd. Non-Executive Director
Mr. P S JayakumarInd. Non-Executive Director
Mr. Navroz UdwadiaInd. Non-Executive Director
Ms. Roshini BakshiInd. Non-Executive Director
Mr. Sumit BoseInd. Non-Executive Director

FAQ

What is the intrinsic value of JM Financial Ltd and is it undervalued?

As of 05 April 2026, JM Financial Ltd's intrinsic value is ₹122.49, which is 2.07% higher than the current market price of ₹120.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (9.01 %), book value (₹108), dividend yield (2.24 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of JM Financial Ltd?

JM Financial Ltd is trading at ₹120.00 as of 05 April 2026, with a FY2026-2027 high of ₹200 and low of ₹78.0. The stock is currently in the middle of its 52-week range. Market cap stands at ₹11,505 Cr..

How does JM Financial Ltd's P/E ratio compare to its industry?

JM Financial Ltd has a P/E ratio of 9.12, which is below the industry average of 171.25. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is JM Financial Ltd financially healthy?

Key indicators for JM Financial Ltd: ROCE of 9.39 % is on the lower side compared to the industry average of 11.38%. Dividend yield is 2.24 %.

Is JM Financial Ltd profitable and how is the profit trend?

JM Financial Ltd reported a net profit of ₹774 Cr in Mar 2025 on revenue of ₹4,410 Cr. Compared to ₹992 Cr in Mar 2022, the net profit shows a declining trend.

Does JM Financial Ltd pay dividends?

JM Financial Ltd has a dividend yield of 2.24 % at the current price of ₹120.00. This is a relatively attractive yield for income-seeking investors.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in JM Financial Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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