JM Financial Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 1,032.22 Cr (+0.09% YoY) and PAT growth of -11.28% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 04, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,032.22 Cr (+0.09% YoY) |
| PAT (Q2) | Rs. 239.54 Cr (-11.28% YoY) |
| EPS (Q2) | Rs. 2.50 (-11.35% YoY) |
Q2 FY27 consolidated owners PAT fell 11.28% YoY to Rs.239.54 Cr on flat revenue (+0.09%), with cost-to-income deteriorating 240 bps to 69.42% and effective tax rate up ~358 bps. Positives include record fees of Rs.355.04 Cr, a 121.87% QoQ CACM rebound, and Affordable Home Loans result growth of 44.71% YoY. Management's ~11.5% ROE and CACM ≥20% FY27 growth targets both require a steep H2 step-up, making delivery the key watch item.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| CACM "recovered QoQ from Q1's Rs.138 Cr but faces in-line-to-behind YoY risk" | Sequential recovery, tough base | 306.63; QoQ +121.87%, YoY −4.55% | Played out |
| Fees vs "Rs.341 Cr all-time-high Q2 FY26 base" | Watch whether record held | 355.04, +4.06% YoY — new high, modest | Played out |
| Record SIP flows support Wealth/AM | Flow tailwind should read through | W&AM rev +8.25% YoY, margin 6.08% vs 5.72%; no AUM KPI | Partially |
| "Cost-income ratio to remain the pressure point" | Sector-wide cost absorption | 69.42% vs 67.02% | Played out |
| Interim dividend "if any" at Nov 4 board | Watch for declaration | Rs.1.65/share, Rs.157.91 Cr | Played out |
| CACM 20% FY27 target "highly challenging" | H2-loaded path | H1 CACM −17.12% YoY | Played out |
| Toughest YoY base of the year | Q2 FY26 operating PAT Rs.270 Cr, CACM PAT Rs.142 Cr | Owners PAT −11.28% YoY | Played out |
| PM book ~Rs.5,000 Cr; ARC recoveries Rs.250–300 Cr; ARC debt-free "soon" | Call watch items | No book/recovery KPI in filing | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Group ROE ≥ ~11.5% | Q1 FY27 earnings call (Aug 2026) | 9.80% annualized H1 FY27 — H2 must step up (see §9 | Stretch |
| Wealth growth 20% / ~Rs.6,000 Cr net inflows | Q4 FY26 call (Jun 2026), reiterated Q1 FY27 call | W&AM segment revenue +8.25% YoY (Q2), +4.29% (H1); no AUM/flow KPI in filing — revenue proxy | Stretch |
| AHL AUM growth 25% | Q4 FY26 call (Jun 2026); reiterated Q3 FY26 call | AHL segment assets +25.88% YoY; revenue +21.78%; result +44.71% — asset/revenue proxy | On Track |
| Dividend = 50% of PAT | Ongoing policy | Rs.1.65/share declared = 65.92% of Q2 owners PAT — declared | Met |
| CACM ≥20% FY27 revenue growth | Q1 FY27 call (Aug 2026) | H1 CACM revenue −17.12% YoY; Q2 −4.55% YoY | Stretch |
| "Early signs of recovery in Capital Markets" | Q1 FY27 call (Aug 2026) | CACM revenue +121.87% QoQ to Rs.306.63 Cr; fees & commission all-time high Rs.355.04 Cr — on Q2 data | Confirmed |
| Private Markets provides the countercyclical earnings cushion | Management commentary in filings/calls | PM result +5.66% YoY on −11.71% revenue; margin 42.10% vs 35.18% | Confirmed |
| FY26 the trough for Private Markets income | Management commentary, FY26/Q1 calls | PM revenue still −11.71% YoY in Q2 (QoQ drop is FV-gain timing) | Too Early |
| Dividend policy 50% of PAT | Ongoing policy | 65.92% of Q2 owners PAT declared | Confirmed |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.