JM Financial Limited (JMFINANCIL) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published October 30, 2026 5 min read

Quick Details

Results date	November 04, 2026
Quarter	Q2 FY 2026-2027
Previous quarter revenue	Rs. 883 Cr (net revenue, +13% YoY, +51% QoQ)
Previous quarter PAT	Rs. 292 Cr (reported, post-NCI)
Market cap	Rs. 10,310.98 Cr
CMP	Rs. 107.78

JM Financial Limited Q2 Results Date and Time

The board of JM Financial Limited meets on November 4, 2026, to approve unaudited standalone and consolidated Q2/H1 FY27 results and consider an interim dividend for FY2026-27 "if any" — no amount specified. The trading window has been closed since October 1, 2026, and reopens 48 hours after the results.

The Q2 FY27 earnings call is scheduled for November 5, 2026, at 4:00 p.m. IST, hosted by DAM Capital Advisors. The transcript will be posted on www.jmfl.com.

Key Things To Watch

Guidance scorecard: Key targets management has set, and what to check against this quarter's print.

Group ROE — similar or better than last year's 11.5% — by FY27
Wealth growth / net inflows — 20% / ~Rs. 6,000 Cr — FY27
Private Markets core loan book — ~Rs. 5,000 Cr — March 2027
ARC recoveries — Rs. 250-300 Cr — FY27 (each of FY26-28; >Rs. 270 Cr achieved in FY26, "pretty much on target" for FY27)
Digital (BlinkX/JM Pro) breakeven — FY27, with burn reduction over 6-12 months
Affordable Home Loans separate listing — 2028-29

Fees vs the Rs. 341 Cr all-time-high base: The toughest YoY comp of the year sits in CACM.

Whether the July>June transaction-revenue momentum management flagged held through September or faded with the FPI turnaround
Any JM Financial mandate count in the July-August mainboard cohort and in the Jio Platforms deal, against guided economics of 80 bps to 1% of the IPO pipeline
IPO pipeline of Rs. 220,000 Cr including NSE and Jio Platforms filings (Rs. 150,000 Cr excluding them) and its conversion

Wealth productivity and SIP recovery: Delivery against the FY27 inflow guide and the cost trajectory.

Net inflow run-rate vs the ~Rs. 6,000 Cr FY27 guide
SIP book recovery vs the "next couple of quarters" timeline given in August 2026, after a 30% decline attributed to small/mid-cap scheme concentration
Employee cost as a percentage of revenue declining, as management flagged, with the major RM recruitment phase behind

Private Markets and ARC milestones: The segment management credits as the earnings cushion.

Core loan book trajectory vs ~Rs. 5,000 Cr by March 2027, and D/E path back to 2x from 0.8x within 3 years
Q2 recoveries vs the Rs. 250-300 Cr FY27 target, and whether the ARC became debt-free "soon" as anticipated — management has said recoveries can't be time-lined
SR book returns of 16-18% after debt paydown "by the end of this year"; SR book moved from Rs. 3,665 Cr to Rs. 3,114 Cr after Rs. 1,200 Cr cash flow and Rs. 600 Cr redeployment

Capital returns and balance sheet deployment: What the board and the balance sheet signal alongside the results.

The November 4 board meeting on an interim dividend ("if any") against the 50%-of-PAT distribution policy; Q2 FY26 carried an interim dividend of Rs. 1.5/share
Publication of the promised separate quantitative targets, after management said "we can provide them separately"
Deployment of Rs. 3,000 Cr cash earning 6% into higher-yielding assets, and Asset Management loss trajectory (Rs. 5 Cr in Q1 FY27) vs breakeven expectations

Frequently Asked Questions

What return does JM Financial target on its Private Markets loan book?

Management corrected an analyst's 8% assumption, stating "the target ROA on this business is anywhere between 3% to 4%" annually. It explained that syndication income and ARC resolution income are not booked strictly quarterly.

How large will JM Financial's Private Markets core loan book be by March 2027?

Management guided for 15-20% growth, with Vishal Kampani saying "You can assume roughly INR5,000 crores of book target for March '27." The focused loan book stood at Rs. 4,109 Cr in Q3 FY26 at a 13.6% yield.

Why is JM Financial's CACM employee cost rising faster than revenue?

CACM employee cost rose Rs. 100 Cr, from Rs. 165 Cr in FY24 to Rs. 265 Cr in FY26, against net revenue growth from Rs. 530 Cr to Rs. 789 Cr. Management did not provide a full margin response to this analyst-raised concern in the retrieved commentary.

How much in net inflows is JM Financial's wealth business targeting in FY27?

Management guided Wealth Management to grow 20% by FY27, translating to ~Rs. 6,000 Cr in net inflows, with the outlook framed at 20-25% — Chirag Negandhi said "on a conservative side, you can take 20%." Recurring AUM stood at Rs. 33,394 Cr in Q1 FY27.

Is JM Financial's revenue growing?

Q1 FY27 net revenue rose 13% YoY to Rs. 883 Cr and was up 51% QoQ, driven by the Private Markets segment where revenue grew 53% YoY to Rs. 596 Cr. However, CACM revenue fell 35.9% YoY on weak IPO issuance, and reported PAT declined 36% YoY.