JM Financial Ltd. (JMFL) is an Indian financial services group headquartered in Mumbai and has branches across India. It also has overseas branches in Ebene, Singapore, New Jersey, and Dubai, although almost all the group's business are domestic operations in India. JM Financial was founded in 1973 by Mahendra Kampani and Nimesh Kampani as a spin-off from Jamnadas Morarjee Securities' investment banking arm and was originally set up as a consultancy practice. In 1986, it was incorporated as a private limited company to engage in the business of Stock-broking.
JM Financial Limited is an integrated and diversified financial service. The Company is engaged in the holding company activities, advisors in equity and debt capital markets, management of capital markets transactions, mergers and acquisitions, advisory, private equity syndication, corporate finance advisory business, and administration and management of private equity funds. The company has evolved from its origins as a consultancy practice to become one of India's most respected financial services groups over its five-decade journey.
JM Financial operates through four primary business segments that collectively form an integrated financial services ecosystem. The Group's primary businesses include:
- (i) Integrated Investment Bank (IB): Caters to Institutional, Corporate, Government and Ultra High Networth clients and includes investment banking, institutional equities and research, private equity funds, fixed income, private wealth management, PMS, syndication, and finance.
- (ii) Mortgage Lending: Includes both wholesale mortgage lending (primarily catering to real estate developers) and retail mortgage lending (affordable home loans and secured MSME).
- (iii) Alternative and Distressed Credit: Includes the asset reconstruction business and alternative credit funds.
- (iv) Asset management, Wealth management and Securities business (Platform AWS): Provides an integrated investment platform to individual clients and includes elite and retail wealth management business, broking, and mutual fund business.
The company manages capital markets transactions, advises on mergers & acquisitions, and private equity syndication. It also includes institutional equities business and research, private wealth management, PMS, private equity funds, fixed income, etc. The investment banking division has established itself as a market leader, with In FY24, the company ranked No. 1 in IPO and QIP with 47% and 38% market share, respectively, in terms of funds raised. It acted on some of the largest marquee transactions, with an 80% market share in the top 10 IPOs by size and a 60% market share in the top 5 QIPs by size.
JM Financial has demonstrated strong financial performance in recent quarters, showing significant improvement in profitability. JM Financial Ltd's net profit jumped 191.63% since last year same period to ₹209.53 Crore in Q4 FY2024-2025. This remarkable turnaround reflects the company's successful execution of its business strategy and effective management of its diverse portfolio.
For the full financial year 2025, the company achieved substantial growth metrics. Net profit rose 100.40% to ₹821.31 Crore in the year ended March 2025, as against ₹409.84 Crore during the previous year ended March 2024. However, Sales declined 8.23% to ₹4,319.01 Crore in the year ended March 2025, as against ₹4,706.55 Crore during the previous year ended March 2024.
- Revenue: ₹4,319.01 Crore (FY25)
- Net Profit: ₹821.31 Crore (FY25)
- Market Capitalization: As of July 3, 2025, 11:24 AM, the market cap of JM Financial Ltd stood at ₹15,712.15 Crore.
- Promoter Holding: Promoter holding in JM Financial Ltd has gone up to 56.50% as of March 2025 from 56.43% as of June 2024.
JM Financial has established itself as a dominant player in India's investment banking landscape. According to top metrics, JM Financial retained its leading position in the investment banking league table by holding a market share of 14.5% in the issuance of funds raised (₹1,43,500 Crore) in FY 2024. This leadership position is supported by the company's comprehensive service offerings and deep market expertise.
JM Financial's investment banking division has been a consistent market leader and has been ranked amongst the top investment banks in India for several years. The company's ability to execute complex transactions and provide innovative financial solutions has earned it recognition from clients and industry peers alike.
The Group has been pursuing a strategic shift towards a more integrated and diversified business model. One of the key aspects of this strategy is the transformation of the Group's business towards a more 'Principal' based model as against the traditional 'Agency' based model. This strategic pivot is designed to create more sustainable revenue streams and improve overall profitability.
Commenting on the results and financial performance, Vishal Kampani, Non-executive Vice Chairman, JM Financial, said, "The growth in the key economies has been resilient as underlying inflationary pressure has moderated and as a result, a number of central banks have adopted a less restrictive monetary policy. The Indian economy has demonstrated sustained resilience thanks to positive business outlook and consumer sentiment, robust private consumption and continued momentum in manufacturing and services. Resilient capital market and strong retail participation along with FIIs and DIIs have set the stage for robust activities."
The company continues to strengthen its position across its core business segments while exploring new opportunities in emerging areas of the financial services sector. The Group's diversified business model provides it with multiple revenue streams and helps it to navigate through different market cycles. The Group has been focusing on building a strong franchise in each of its business segments.
JM Financial is currently led by Vishal Kampani, who serves as the Non-executive Vice Chairman of the company. Under his leadership, the company has continued to expand its operations and strengthen its market position. The company maintains high standards of corporate governance and has built a strong reputation for ethical business practices throughout its operational history.
JM Financial's commitment to excellence and innovation in financial services, combined with its diversified business model and strong market position, positions it well for continued growth in India's evolving financial services landscape.
