JM Financial shares gained 1.82% to close at ₹114 on the National Stock Exchange, shrugging off an 11% contraction in consolidated bottom-line profit. Net profit slipped to ₹240 crore for the quarter ended September 30, 2026, down from ₹270 crore in the corresponding quarter last year. Core lending income told an entirely different story. Core interest income surged 32.6% year-on-year to ₹179 crore from ₹135 crore, driven by double-digit loan book expansions across retail and structured credit.
Consolidated net revenue remained flat at ₹712 crore against ₹708 crore in the year-ago period. Diluted earnings per share retreated to ₹2.5 from ₹2.8. But balance-sheet capital deepened—consolidated net worth grew 7% to ₹10,993 crore. Rewarding shareholders, the board approved an interim dividend of ₹1.65 per share, bringing cumulative distributions over the last six quarters to ₹7.6 per share.
| Metric (Consolidated) | Q2 FY27 | Q2 FY26 | YoY Change (%) |
|---|---|---|---|
| Core Interest Income | ₹179 Cr | ₹135 Cr | +32.6% |
| Net Revenue | ₹712 Cr | ₹708 Cr | +0.6% |
| Profit After Tax (PAT) | ₹240 Cr | ₹270 Cr | -11.1% |
| Earnings Per Share (EPS) | ₹2.50 | ₹2.80 | -10.7% |
| Net Worth | ₹10,993 Cr | ₹10,241 Cr | +7.3% |
Corporate advisory and capital markets delivered one of the strongest investment banking runs in the firm's history. Segment profit jumped fourfold sequentially to ₹127 crore. Capital market desks locked down the top ranking by deal value across initial public offerings and qualified institutional placements during the first half of the fiscal year. The team closed 26 separate transactions worth roughly ₹83,000 crore during the second quarter alone.
Yet the immediate pipeline looks even heavier. The investment bank holds 48 filed public-issue mandates totaling approximately ₹1.3 lakh crore, excluding the planned mega-listing of Jio Platforms.
Credit growth accelerated across mortgage and wholesale books. Affordable home loan assets under management grew 30% year-on-year to ₹3,929 crore across 37,548 borrowers. Quarterly home loan disbursements jumped 48% to ₹331 crore. In private markets, loan disbursements doubled to ₹977 crore from ₹485 crore, lifting standard credit assets 22% to ₹4,748 crore. Wealth management recurring assets under management increased 16% to ₹37,038 crore, accompanied by a 30% rise in the wealth loan book to ₹2,558 crore.
Fund-raising initiatives met immediate traction. The group completed the first close of its maiden pre-IPO fund, securing commitments of ₹700 crore. "The company witnessed growth in its loan book across private markets, wealth management and affordable home loans," said Vishal Kampani, Vice Chairman and Managing Director of JM Financial, in the regulatory filing. Kampani confirmed the firm expects to hit the first close of its second performing credit fund before the current fiscal year ends.