JM Financial Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: May 21, 2025, 8:47 am

Market Cap	11,146 Cr.
Current Price	117
High / Low	169/69.0
Stock P/E	14.4
Book Value	102
Dividend Yield	2.32 %
ROCE	9.39 %
ROE	8.49 %
Face Value	1.00
PEG Ratio	2.13

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 ⇩
My Money Securities Ltd	45.2 Cr.	26.9	69.2/0.00	4.34	18.5	0.00 %	12.0 %	11.3 %	10.0
Nam Securities Ltd	44.2 Cr.	82.0	198/82.0	158	21.2	0.00 %	4.16 %	3.05 %	10.0
ICDS Ltd	74.3 Cr.	57.1	76.2/33.2	84.5	22.2	0.00 %	9.12 %	7.69 %	10.0
HCKK Ventures Ltd	61.0 Cr.	164	165/77.4	290	11.6	0.00 %	8.17 %	6.44 %	10.0
Ujjivan Financial Services Ltd	7,179 Cr.	590	/	8.75	299	0.59 %	10.3 %	32.1 %	10.0
Industry Average	17,805.64 Cr	1,687.22		42.71	4,077.42	0.47%	8.81%	10.33%	7.18

All Competitor Stocks of JM Financial Ltd

Quarterly Result

Metric	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Sales	810	791	859	928	846	1,067	1,197	1,236	1,261	1,077	1,191	1,106	1,004
Expenses	258	276	279	313	459	473	535	430	580	462	700	500	426
Operating Profit	552	515	580	615	387	594	663	806	681	615	491	607	578
OPM %	68%	65%	67%	66%	46%	56%	55%	65%	54%	57%	41%	55%	58%
Other Income	30	14	18	19	26	14	17	25	-831	17	21	14	23
Interest	250	261	270	301	347	366	388	400	407	370	343	318	274
Depreciation	10	10	10	10	12	12	13	14	14	16	15	16	16
Profit before tax	322	259	318	322	54	230	278	417	-572	245	154	287	311
Tax %	29%	24%	25%	25%	40%	24%	26%	23%	18%	24%	6%	28%	25%
Net Profit	228	198	238	240	32	177	206	322	-674	187	144	207	235
EPS in Rs	1.87	1.78	1.89	1.99	0.60	1.74	2.04	2.91	-2.39	1.79	2.43	2.19	2.19

Last Updated: May 19, 2025, 6:10 pm

Below is a detailed analysis of the quarterly data for JM Financial Ltd based on the most recent figures (Mar 2025) and their trends compared to the previous period:

For Sales, as of Mar 2025, the value is 1,004.00 Cr.. The value appears to be declining and may need further review. It has decreased from 1,106.00 Cr. (Dec 2024) to 1,004.00 Cr., marking a decrease of 102.00 Cr..
For Expenses, as of Mar 2025, the value is 426.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 500.00 Cr. (Dec 2024) to 426.00 Cr., marking a decrease of 74.00 Cr..
For Operating Profit, as of Mar 2025, the value is 578.00 Cr.. The value appears to be declining and may need further review. It has decreased from 607.00 Cr. (Dec 2024) to 578.00 Cr., marking a decrease of 29.00 Cr..
For OPM %, as of Mar 2025, the value is 58.00%. The value appears strong and on an upward trend. It has increased from 55.00% (Dec 2024) to 58.00%, marking an increase of 3.00%.
For Other Income, as of Mar 2025, the value is 23.00 Cr.. The value appears strong and on an upward trend. It has increased from 14.00 Cr. (Dec 2024) to 23.00 Cr., marking an increase of 9.00 Cr..
For Interest, as of Mar 2025, the value is 274.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 318.00 Cr. (Dec 2024) to 274.00 Cr., marking a decrease of 44.00 Cr..
For Depreciation, as of Mar 2025, the value is 16.00 Cr.. The value remains steady. There is no change compared to the previous period (Dec 2024) which recorded 16.00 Cr..
For Profit before tax, as of Mar 2025, the value is 311.00 Cr.. The value appears strong and on an upward trend. It has increased from 287.00 Cr. (Dec 2024) to 311.00 Cr., marking an increase of 24.00 Cr..
For Tax %, as of Mar 2025, the value is 25.00%. The value appears to be improving (decreasing) as expected. It has decreased from 28.00% (Dec 2024) to 25.00%, marking a decrease of 3.00%.
For Net Profit, as of Mar 2025, the value is 235.00 Cr.. The value appears strong and on an upward trend. It has increased from 207.00 Cr. (Dec 2024) to 235.00 Cr., marking an increase of 28.00 Cr..
For EPS in Rs, as of Mar 2025, the value is 2.19. The value remains steady. There is no change compared to the previous period (Dec 2024) which recorded 2.19.

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: May 15, 2025, 6:13 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales	1,007	1,342	1,685	2,359	3,062	3,494	3,446	3,211	3,724	3,291	4,786	4,378
Expenses	402	448	459	582	767	743	933	1,009	1,296	1,170	2,017	2,087
Operating Profit	605	895	1,225	1,777	2,295	2,751	2,513	2,202	2,429	2,120	2,768	2,290
OPM %	60%	67%	73%	75%	75%	79%	73%	69%	65%	64%	58%	52%
Other Income	-1	61	-0	-0	35	6	8	15	39	53	-801	75
Interest	308	420	512	782	1,139	1,446	1,386	1,111	1,082	1,179	1,562	1,305
Depreciation	15	18	20	23	26	27	41	40	38	42	53	64
Profit before tax	280	517	693	972	1,165	1,283	1,094	1,067	1,348	953	353	997
Tax %	29%	30%	32%	34%	33%	35%	29%	24%	26%	26%	92%	23%
Net Profit	225	379	526	649	785	837	778	808	992	709	31	774
EPS in Rs	2.77	4.22	5.08	5.92	7.17	6.81	6.48	6.19	8.10	6.26	4.29	8.59
Dividend Payout %	36%	32%	29%	25%	25%	15%	3%	8%	20%	29%	47%	31%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
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:	-9%

Compounded Profit Growth
10 Years:	9%
5 Years:	7%
3 Years:	0%
TTM:	1088%

Stock Price CAGR
10 Years:	10%
5 Years:	14%
3 Years:	23%
1 Year:	48%

Return on Equity
10 Years:	9%
5 Years:	7%
3 Years:	6%
Last Year:	8%

Last Updated: Unknown

Balance Sheet

Last Updated: May 13, 2025, 3:16 pm

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	76	78	79	79	84	84	84	95	95	95	96	96
Reserves	2,122	2,465	2,831	3,240	4,471	5,048	5,555	6,905	7,591	8,041	8,395	9,632
Borrowings	2,988	4,723	6,672	9,444	14,988	13,991	11,756	12,405	13,498	15,939	16,228	11,507
Other Liabilities	744	1,239	1,480	3,782	2,664	3,517	3,351	3,973	4,477	5,137	4,874	3,269
Total Liabilities	5,930	8,505	11,061	16,545	22,206	22,640	20,746	23,378	25,661	29,213	29,592	24,504
Fixed Assets	228	445	444	474	427	424	450	423	414	505	572	579
CWIP	1	2	1	2	3	1	1	1	3	7	4	10
Investments	495	640	772	2,156	2,388	2,933	4,014	5,802	3,639	3,584	4,724	5,464
Other Assets	5,207	7,418	9,844	13,913	19,388	19,282	16,280	17,153	21,605	25,116	24,292	18,451
Total Assets	5,930	8,505	11,061	16,545	22,206	22,640	20,746	23,378	25,661	29,213	29,592	24,504

Below is a detailed analysis of the balance sheet data for JM Financial Ltd based on the most recent figures (Mar 2025) and their trends compared to the previous period:

For Equity Capital, as of Mar 2025, 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 Mar 2025, the value is 9,632.00 Cr.. The value appears strong and on an upward trend. It has increased from 8,395.00 Cr. (Mar 2024) to 9,632.00 Cr., marking an increase of 1,237.00 Cr..
For Borrowings, as of Mar 2025, the value is 11,507.00 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 11,507.00 Cr., marking a decrease of 4,721.00 Cr..
For Other Liabilities, as of Mar 2025, the value is 3,269.00 Cr.. The value appears to be improving (decreasing). It has decreased from 4,874.00 Cr. (Mar 2024) to 3,269.00 Cr., marking a decrease of 1,605.00 Cr..
For Total Liabilities, as of Mar 2025, the value is 24,504.00 Cr.. The value appears to be improving (decreasing). It has decreased from 29,592.00 Cr. (Mar 2024) to 24,504.00 Cr., marking a decrease of 5,088.00 Cr..
For Fixed Assets, as of Mar 2025, the value is 579.00 Cr.. The value appears strong and on an upward trend. It has increased from 572.00 Cr. (Mar 2024) to 579.00 Cr., marking an increase of 7.00 Cr..
For CWIP, as of Mar 2025, the value is 10.00 Cr.. The value appears strong and on an upward trend. It has increased from 4.00 Cr. (Mar 2024) to 10.00 Cr., marking an increase of 6.00 Cr..
For Investments, as of Mar 2025, the value is 5,464.00 Cr.. The value appears strong and on an upward trend. It has increased from 4,724.00 Cr. (Mar 2024) to 5,464.00 Cr., marking an increase of 740.00 Cr..
For Other Assets, as of Mar 2025, the value is 18,451.00 Cr.. The value appears to be declining and may need further review. It has decreased from 24,292.00 Cr. (Mar 2024) to 18,451.00 Cr., marking a decrease of 5,841.00 Cr..
For Total Assets, as of Mar 2025, the value is 24,504.00 Cr.. The value appears to be declining and may need further review. It has decreased from 29,592.00 Cr. (Mar 2024) to 24,504.00 Cr., marking a decrease of 5,088.00 Cr..

However, the Borrowings (11,507.00 Cr.) are higher than the Reserves (₹9,632.00 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 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	1,058	-1,717	-918	-2,546	-3,584	773	3,164	969	-3,458	-2,307	3,635	5,569
Cash from Investing Activity +	585	-281	264	-326	-708	-148	-901	-2,249	2,614	-592	-2,090	-2,475
Cash from Financing Activity +	-1,594	1,783	1,305	2,424	4,540	-522	-2,205	1,296	1,281	2,160	162	-4,786
Net Cash Flow	48	-215	651	-448	247	103	58	16	437	-739	1,708	-1,692

Free Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Free Cash Flow	603.00	891.00	-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

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	71	62	77	182	102	72	34	58	49	135	43	54
Inventory Days
Days Payable
Cash Conversion Cycle	71	62	77	182	102	72	34	58	49	135	43	54
Working Capital Days	678	752	601	588	268	295	235	288	230	411	105	86
ROCE %	10%	14%	13%	15%	13%	13%	12%	10%	11%	8%	10%	9%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
Promoters	55.41%	56.02%	56.02%	56.49%	56.48%	56.47%	56.44%	56.44%	56.43%	56.43%	56.43%	56.50%
FIIs	21.13%	22.12%	22.14%	21.24%	20.72%	18.82%	17.92%	18.19%	16.83%	15.31%	17.02%	17.48%
DIIs	8.79%	8.30%	7.35%	7.47%	7.61%	8.06%	8.46%	8.46%	8.63%	8.57%	7.20%	7.07%
Public	14.67%	13.57%	14.49%	14.80%	15.19%	16.66%	17.17%	16.91%	18.11%	19.70%	19.36%	18.94%
No. of Shareholders	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	1,87,163

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 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	1.00	1.00	1.00	1.00	1.00
Basic EPS (Rs.)	8.59	4.29	6.26	8.11	6.34
Diluted EPS (Rs.)	8.58	4.29	6.25	8.09	6.32
Cash EPS (Rs.)	8.74	0.84	7.86	10.80	8.88
Book Value[Excl.RevalReserv]/Share (Rs.)	101.78	88.85	85.21	111.37	101.56
Book Value[Incl.RevalReserv]/Share (Rs.)	101.78	88.85	85.21	111.37	101.56
Revenue From Operations / Share (Rs.)	45.80	49.82	34.20	38.85	33.56
PBDIT / Share (Rs.)	24.75	29.46	22.76	25.86	23.28
PBIT / Share (Rs.)	24.08	28.90	22.32	25.47	22.86
PBT / Share (Rs.)	10.43	3.70	9.98	14.13	11.20
Net Profit / Share (Rs.)	8.08	0.28	7.42	10.40	8.46
NP After MI And SOA / Share (Rs.)	8.59	4.29	6.26	8.10	6.19
PBDIT Margin (%)	54.03	59.12	66.55	66.56	69.35
PBIT Margin (%)	52.58	58.01	65.27	65.54	68.10
PBT Margin (%)	22.77	7.42	29.17	36.36	33.36
Net Profit Margin (%)	17.63	0.57	21.70	26.76	25.20
NP After MI And SOA Margin (%)	18.76	8.60	18.29	20.85	18.45
Return on Networth / Equity (%)	8.44	4.82	7.34	10.05	8.43
Return on Capital Employeed (%)	21.69	24.25	9.87	22.03	11.90
Return On Assets (%)	3.35	1.37	2.03	2.99	2.52
Long Term Debt / Equity (X)	0.00	0.00	1.23	0.00	1.21
Total Debt / Equity (X)	1.17	1.90	1.95	1.75	1.77
Asset Turnover Ratio (%)	0.16	0.16	0.11	0.04	0.02
Current Ratio (X)	1.66	1.54	3.59	1.68	4.45
Quick Ratio (X)	1.65	1.53	3.58	1.68	4.45
Dividend Payout Ratio (NP) (%)	0.00	20.96	32.76	12.33	2.85
Dividend Payout Ratio (CP) (%)	0.00	18.56	30.61	11.75	2.67
Earning Retention Ratio (%)	0.00	79.04	67.24	87.67	97.15
Cash Earning Retention Ratio (%)	0.00	81.44	69.39	88.25	97.33
Interest Coverage Ratio (X)	1.81	1.80	1.84	2.28	2.00
Interest Coverage Ratio (Post Tax) (X)	1.59	1.56	1.60	1.92	1.73
Enterprise Value (Cr.)	16599.27	20391.75	22305.26	20291.81	21020.03
EV / Net Operating Revenue (X)	3.79	4.28	6.83	5.47	6.57
EV / EBITDA (X)	7.02	7.24	10.26	8.22	9.48
MarketCap / Net Operating Revenue (X)	2.10	1.50	1.74	1.74	2.52
Retention Ratios (%)	0.00	79.03	67.23	87.66	97.14
Price / BV (X)	0.94	0.83	0.69	0.83	1.15
Price / Net Operating Revenue (X)	2.10	1.50	1.74	1.74	2.52
EarningsYield	0.08	0.05	0.10	0.11	0.07

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 25, the value is 1.00. This value is within the healthy range. There is no change compared to the previous period (Mar 24) which recorded 1.00.
For Basic EPS (Rs.), as of Mar 25, the value is 8.59. This value is within the healthy range. It has increased from 4.29 (Mar 24) to 8.59, marking an increase of 4.30.
For Diluted EPS (Rs.), as of Mar 25, the value is 8.58. This value is within the healthy range. It has increased from 4.29 (Mar 24) to 8.58, marking an increase of 4.29.
For Cash EPS (Rs.), as of Mar 25, the value is 8.74. This value is within the healthy range. It has increased from 0.84 (Mar 24) to 8.74, marking an increase of 7.90.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 101.78. It has increased from 88.85 (Mar 24) to 101.78, marking an increase of 12.93.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 101.78. It has increased from 88.85 (Mar 24) to 101.78, marking an increase of 12.93.
For Revenue From Operations / Share (Rs.), as of Mar 25, the value is 45.80. It has decreased from 49.82 (Mar 24) to 45.80, marking a decrease of 4.02.
For PBDIT / Share (Rs.), as of Mar 25, the value is 24.75. This value is within the healthy range. It has decreased from 29.46 (Mar 24) to 24.75, marking a decrease of 4.71.
For PBIT / Share (Rs.), as of Mar 25, the value is 24.08. This value is within the healthy range. It has decreased from 28.90 (Mar 24) to 24.08, marking a decrease of 4.82.
For PBT / Share (Rs.), as of Mar 25, the value is 10.43. This value is within the healthy range. It has increased from 3.70 (Mar 24) to 10.43, marking an increase of 6.73.
For Net Profit / Share (Rs.), as of Mar 25, the value is 8.08. This value is within the healthy range. It has increased from 0.28 (Mar 24) to 8.08, marking an increase of 7.80.
For NP After MI And SOA / Share (Rs.), as of Mar 25, the value is 8.59. This value is within the healthy range. It has increased from 4.29 (Mar 24) to 8.59, marking an increase of 4.30.
For PBDIT Margin (%), as of Mar 25, the value is 54.03. This value is within the healthy range. It has decreased from 59.12 (Mar 24) to 54.03, marking a decrease of 5.09.
For PBIT Margin (%), as of Mar 25, the value is 52.58. This value exceeds the healthy maximum of 20. It has decreased from 58.01 (Mar 24) to 52.58, marking a decrease of 5.43.
For PBT Margin (%), as of Mar 25, the value is 22.77. This value is within the healthy range. It has increased from 7.42 (Mar 24) to 22.77, marking an increase of 15.35.
For Net Profit Margin (%), as of Mar 25, the value is 17.63. This value exceeds the healthy maximum of 10. It has increased from 0.57 (Mar 24) to 17.63, marking an increase of 17.06.
For NP After MI And SOA Margin (%), as of Mar 25, the value is 18.76. This value is within the healthy range. It has increased from 8.60 (Mar 24) to 18.76, marking an increase of 10.16.
For Return on Networth / Equity (%), as of Mar 25, the value is 8.44. This value is below the healthy minimum of 15. It has increased from 4.82 (Mar 24) to 8.44, marking an increase of 3.62.
For Return on Capital Employeed (%), as of Mar 25, the value is 21.69. This value is within the healthy range. It has decreased from 24.25 (Mar 24) to 21.69, marking a decrease of 2.56.
For Return On Assets (%), as of Mar 25, the value is 3.35. This value is below the healthy minimum of 5. It has increased from 1.37 (Mar 24) to 3.35, marking an increase of 1.98.
For Long Term Debt / Equity (X), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 0.2. There is no change compared to the previous period (Mar 24) which recorded 0.00.
For Total Debt / Equity (X), as of Mar 25, the value is 1.17. This value exceeds the healthy maximum of 1. It has decreased from 1.90 (Mar 24) to 1.17, marking a decrease of 0.73.
For Asset Turnover Ratio (%), as of Mar 25, the value is 0.16. There is no change compared to the previous period (Mar 24) which recorded 0.16.
For Current Ratio (X), as of Mar 25, the value is 1.66. This value is within the healthy range. It has increased from 1.54 (Mar 24) to 1.66, marking an increase of 0.12.
For Quick Ratio (X), as of Mar 25, the value is 1.65. This value is within the healthy range. It has increased from 1.53 (Mar 24) to 1.65, marking an increase of 0.12.
For Dividend Payout Ratio (NP) (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 20. It has decreased from 20.96 (Mar 24) to 0.00, marking a decrease of 20.96.
For Dividend Payout Ratio (CP) (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 20. It has decreased from 18.56 (Mar 24) to 0.00, marking a decrease of 18.56.
For Earning Retention Ratio (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 40. It has decreased from 79.04 (Mar 24) to 0.00, marking a decrease of 79.04.
For Cash Earning Retention Ratio (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 40. It has decreased from 81.44 (Mar 24) to 0.00, marking a decrease of 81.44.
For Interest Coverage Ratio (X), as of Mar 25, the value is 1.81. This value is below the healthy minimum of 3. It has increased from 1.80 (Mar 24) to 1.81, marking an increase of 0.01.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 25, the value is 1.59. This value is below the healthy minimum of 3. It has increased from 1.56 (Mar 24) to 1.59, marking an increase of 0.03.
For Enterprise Value (Cr.), as of Mar 25, the value is 16,599.27. It has decreased from 20,391.75 (Mar 24) to 16,599.27, marking a decrease of 3,792.48.
For EV / Net Operating Revenue (X), as of Mar 25, the value is 3.79. This value exceeds the healthy maximum of 3. It has decreased from 4.28 (Mar 24) to 3.79, marking a decrease of 0.49.
For EV / EBITDA (X), as of Mar 25, the value is 7.02. This value is within the healthy range. It has decreased from 7.24 (Mar 24) to 7.02, marking a decrease of 0.22.
For MarketCap / Net Operating Revenue (X), as of Mar 25, the value is 2.10. This value is within the healthy range. It has increased from 1.50 (Mar 24) to 2.10, marking an increase of 0.60.
For Retention Ratios (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 30. It has decreased from 79.03 (Mar 24) to 0.00, marking a decrease of 79.03.
For Price / BV (X), as of Mar 25, the value is 0.94. This value is below the healthy minimum of 1. It has increased from 0.83 (Mar 24) to 0.94, marking an increase of 0.11.
For Price / Net Operating Revenue (X), as of Mar 25, the value is 2.10. This value is within the healthy range. It has increased from 1.50 (Mar 24) to 2.10, marking an increase of 0.60.
For EarningsYield, as of Mar 25, the value is 0.08. This value is below the healthy minimum of 5. It has increased from 0.05 (Mar 24) to 0.08, marking an increase of 0.03.

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 22, 2025 is: 102.08

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 22, 2025, JM Financial Ltd is Overvalued by 12.75% compared to the current share price 117.00

Intrinsic Value of JM Financial Ltd as of May 22, 2025 is: 108.99

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 22, 2025, JM Financial Ltd is Overvalued by 6.85% compared to the current share price 117.00

Last 5 Year EPS CAGR: 6.77%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The company has shown consistent growth in sales (2.58 cr) and profit (397.50 cr) over the years.	The stock has a low average ROCE of 11.50%, which may not be favorable. The stock has a high average Working Capital Days of 378.08, which may not be favorable. The stock has a high average Cash Conversion Cycle of 78.25, which may not be favorable. The company has higher borrowings (11,178.25) compared to reserves (5,524.67), 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: 17.63%
  - 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: 21.69% (Industry Average ROCE: 8.81%)
  - 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%: 8.44% (Industry Average ROE: 10.33%)
  - 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): 1.59
  - 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: 1.65
  - 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: 14.4 (Industry average Stock P/E: 42.71)
  - 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: 1.17
  - 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. 837.20 Cr. and Equity Capital is Rs. 95.58 Cr. for the Year ended 31/03/2025.

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 21 May 2025) is ₹102.08 — 12.75% lower the current market price of 117.00, indicating overvalued. Calculated using the PE ratio method, this valuation considers the company's 11,146 Cr. market cap, FY2025-2026 high/low of ₹169/69.0, reserves of 9,632 Cr, and liabilities of 24,504 Cr.

What is the Market Cap of JM Financial Ltd?

The Market Cap of JM Financial Ltd is 11,146 Cr..

What is the current Stock Price of JM Financial Ltd as on 21 May 2025?

The current stock price of JM Financial Ltd as on 21 May 2025 is 117.

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 14.4.

What is the Book Value of JM Financial Ltd?

The Book Value of JM Financial Ltd is 102.

What is the Dividend Yield of JM Financial Ltd?

The Dividend Yield of JM Financial Ltd is 2.32 %.

What is the ROCE of JM Financial Ltd?

The ROCE of JM Financial Ltd is 9.39 %.

What is the ROE of JM Financial Ltd?

The ROE of JM Financial Ltd is 8.49 %.

What is the Face Value of JM Financial Ltd?

The Face Value of JM Financial Ltd is 1.00.