JM Financial share price today (1 December 2025): Q2 FY26 results, SEBI settlement and 2026 outlook

JM Financial Limited (NSE: JMFINANCIL, BSE: 523405) was back in the spotlight on 1 December 2025, with the stock surging about 8% in morning trade and changing hands near ₹157–157.5 on the NSE. Intraday, it has traded between ₹146.5 and about ₹159, with volumes above 2.1 crore shares and a market capitalisation around ₹15,000 crore. ^[1]

The move caps a busy month that saw:

Q2 FY26 earnings with higher profit but weaker revenue
An interim dividend announcement
Fresh analysis of the group’s regulatory overhang after a SEBI settlement order
A flood of technical and fundamental forecasts as the stock swings nearly 27–30% below its 52‑week high of ₹199.8. ^[2]

Below is a structured look at what is driving JM Financial now and how different models and analysts are reading the stock.

JM Financial share price today: heavy volume and renewed interest

According to intraday data from Moneycontrol and Investing.com, JM Financial traded around ₹156–157 at 10:14 IST on 1 December 2025, up roughly 8% from the previous close of ₹145.35. The day’s range has been ₹146.5–158.9, with more than 2.1 crore shares changing hands across exchanges. ^[3]

MarketsMojo reports that the counter has been one of the most actively traded stocks on 1 December, with total volume of about 88.98 lakh shares and turnover exceeding ₹136.97 crore in one of its intraday updates, underscoring strong liquidity and heightened trader interest. ^[4]

Moneycontrol’s technical dashboard classifies the stock’s trend as “very bullish”, with the price trading above its 200‑day moving average but below the 20‑day moving average – a combination that typically signals strong medium‑term momentum but near‑term volatility. ^[5]

Key live metrics (approximate, intraday):

Price: ~₹157 per share
Market cap: ~₹15,014 crore
52‑week range: ₹80.2 – ₹199.8
TTM EPS: ₹11.94; TTM P/E: ~13.1x
P/B: ~1.7x; book value per share: ~₹91
Dividend yield: ~1.7% ^[6]

Q2 FY26: profit higher, revenue lower

JM Financial’s latest numbers are for Q2 FY26 (quarter ended 30 September 2025), released on 6–7 November. ^[7]

Highlights from the consolidated results and subsequent commentary:

Profit after tax (PAT): ₹270 crore, up 16% year‑on‑year (YoY). ^[8]
Total income: ₹1,044 crore, down from ₹1,211 crore a year ago (–13% YoY). ^[9]
Expenses: down 14–15% YoY, helping expand margins and offset the topline decline. ^[10]
Fee & commission income: ₹341 crore, up 20% YoY, reflecting the shift toward capital‑light, fee‑based businesses. ^[11]
Net worth (post minority interest): ~₹10,241 crore, up about 18% YoY. ^[12]

Kotak Securities’ result summary notes that while revenue fell 13.8% YoY and 6.9% quarter‑on‑quarter (QoQ), net profit grew 81.6% YoY but declined 42.9% QoQ, with Q2 EPS at ₹2.82. ^[13]

MarketsMojo’s post‑result analysis points to operating margin expansion from roughly 42% in Q2 FY25 to almost 60% in Q2 FY26 (excluding other income), driven by lower funding costs and tight operating expenses. However, it also flags that Q2 profit fell sharply versus Q1, underscoring volatility in earnings. ^[14]

In short: profitability looks better than revenue, and the market is debating how sustainable that margin profile is.

Business mix: more fee income, less risky credit

JM Financial is now a diversified financial group spanning investment banking, wealth management, asset management, private credit, affordable home loans, and an asset reconstruction business. ^[15]

The Q2 FY26 investor presentation and earnings call highlight three big shifts: ^[16]

Corporate advisory & capital markets
- JM was #1 in IPOs by value in Q2 FY26 and closed 15 capital‑market transactions worth ~₹28,000 crore.
- It has filed 56 IPOs aggregating to roughly ₹1.2 lakh crore, giving good visibility on near‑term deal flow.
- Q2 segment PAT rose to about ₹142 crore vs ₹101 crore in Q2 FY25, with margins above 50%.
Wealth management and broking
- Recurring wealth AUM reached ₹32,021 crore, up 26% YoY.
- The branch network expanded to 70, and sales/relationship managers rose 43% YoY to 1,015.
- Loans in the wealth franchise climbed to ~₹1,966 crore from ₹1,583 crore in March 2025.
Asset management
- Mutual fund average AUM jumped to ₹14,902 crore vs ₹11,445 crore a year earlier.
- Non‑liquid AUM and SIP flows also grew strongly, with SIP book at about ₹115 crore per month vs ₹72 crore a year ago.
Private markets, distressed credit and real‑estate book
- The non‑core and real‑estate loan book has shrunk by about 59% YoY to ₹2,312 crore, in line with management’s derisking guidance. ^[17]
- JM Financial Asset Reconstruction Company’s share of recoveries over the last 12 months is about ₹1,273 crore, largely deployed to repay debt. ^[18]
- Affordable home loans AUM has crossed ₹3,000 crore, with management emphasising cash‑flow‑backed, lower‑risk underwriting. ^[19]

On the Q2 call, vice‑chairman Vishal Kampani reiterated that the next decade in India is structurally favourable for capital markets, asset management and wealth management, and that the group’s strategy is to lean into these fee‑centric businesses while keeping credit risk under tight control. ^[20]

Regulatory backdrop: from RBI crackdown to SEBI settlement

Regulation has been the main overhang on JM Financial’s stock over the past 18 months.

RBI’s March 2024 action and its reversal

On 5 March 2024, the Reserve Bank of India (RBI) barred subsidiary JM Financial Products Ltd (JMFPL) from financing against shares and debentures and from providing IPO/NCD financing, citing governance concerns and repeated instances of funding certain clients’ IPO and NCD bids with weak underwriting and thin margins. ^[21]
JM Financial disputed the severity of these findings, but the order triggered a one‑day share‑price fall of about 20%. ^[22]
On 18 October 2024, after remediation, RBI lifted the restrictions, allowing JMFPL to resume such financing activities. Regulatory filings emphasised that identified deficiencies had been addressed and that the firm would maintain stricter compliance standards going forward. ^[23]

SEBI’s bond‑issue case and settlement

Separately, the Securities and Exchange Board of India (SEBI) has been probing JM Financial’s role in a past non‑convertible debenture (NCD) issue and related debt capital‑market practices:

A March 2024 interim order barred JM Financial from acting as a lead manager in new public debt issues while SEBI investigated allegations of structuring and mis‑selling of NCDs. ^[24]
A confirmatory order in June 2024 extended the bar on public debt issue mandates until 31 March 2025, even as equity capital‑markets activities were allowed to continue. ^[25]
On 23 September 2025, JM Financial and two group entities reached a settlement with SEBI, paying around ₹3.9 crore and voluntarily agreeing not to act as manager, arranger or distributor in public debt issues for an additional three months. ^[26]

As of 1 December 2025, the RBI restrictions are fully lifted, but SEBI’s voluntary three‑month bar is still running, keeping some overhang on the bond capital‑markets franchise.

Regulatory risk remains a key consideration for investors, even though JM Financial stresses that its controls and underwriting standards have been significantly strengthened.

Dividend profile and shareholder base

Despite the regulatory noise, the board has maintained a regular dividend track record.

For FY26, JM Financial declared an interim dividend of ₹1.50 per share, with record date 14 November 2025. ^[27]
Combined with earlier payouts, trailing twelve‑month dividends total roughly ₹4.20 per share, implying a yield of around 2–3% at recent prices, with a payout ratio near 20–25%. ^[28]

Ownership is broad but promoter‑anchored:

Promoters: 56.6%
Foreign institutional investors (FIIs): 18.38%
Mutual funds: 5.0%
Retail & others: about 19–19.5% ^[29]

MarketsMojo notes that promoter holding is stable with no pledged shares, while FII stake has inched up over the last year even as domestic mutual‑fund holdings have ticked down. ^[30]

Valuation: fair, cheap or expensive? Depends on the model

The market can’t quite agree on JM Financial’s intrinsic value, and that disagreement is exactly where trading opportunities arise.

Using Moneycontrol’s live numbers for 1 December 2025:

Price: ~₹157
TTM EPS: ₹11.94 → P/E ≈ 13.1x
Book value per share: ₹91.08 → P/B ≈ 1.7x
Dividend yield: about 1.7% ^[31]

Relative to peers in the broader finance/investment space, the stock trades at a discount to the sector P/E (~44x) but a mid‑range P/B, reflecting better profitability than a pure NBFC but lower return ratios than top‑tier private banks or wealth players. ^[32]

Now for the model wars:

MarketsMojo tags the valuation as “FAIR”, with a fair‑value band of ₹170–180 (5–11% upside), rating the stock a Hold. Its framework emphasises strong margins and cash generation but flags weak long‑term revenue growth and modest ROE (around 8–10%). ^[33]
ValueInvesting.io estimates intrinsic value at about ₹204 per share, implying ~40% upside from levels near ₹145–150 when that analysis was run, and labels the stock undervalued. ^[34]
Smart‑Investing.in and AlphaSpread run more conservative discounted‑cash‑flow and residual income models and conclude that JM Financial is overvalued, with base‑case fair value closer to ₹90–110 per share depending on assumptions. ^[35]
The Tax Heaven’s long‑term fundamental/technical blog projects ₹165–180 for 2025, ₹185–210 for 2026, rising gradually to ₹290–325 by 2030, assuming steady growth in AUM and earnings. ^[36]

In other words, depending on how optimistic your growth and ROE assumptions are, JM Financial screens as mildly cheap, roughly fairly valued, or somewhat expensive.

Analyst and algorithmic views

Street and platform consensus

Aggregators that compile brokerage estimates show a broadly constructive stance:

ValueInvesting.io’s consensus, based on seven covering analysts, classifies JMFINANCIL as a “BUY”, with 3 Buy, 3 Strong Buy and 1 Hold recommendation, and no Sell ratings. ^[37]
Crowd‑sentiment polls on Trendlyne suggest more than 80% of participating users vote “Buy”, although such polls are more sentiment than rigorous research. ^[38]

A number of domestic brokers (including smaller outfits whose reports are behind paywalls or access restrictions) have issued Q2 FY26 updates that generally acknowledge strong margin performance but emphasise the need for revenue stabilisation and clarity on regulatory issues before the stock can re‑rate meaningfully.

Technical and quant forecasters

Several algorithmic and technical platforms are also tracking JM Financial closely:

StockInvest.us notes that the stock closed at ₹145.35 on 28 November 2025 after falling in 6 of the last 10 sessions, and labels it a “hold/accumulate” idea. Their model anticipates elevated volatility and sees potential downside toward the ₹140–145 band (and, in a weaker scenario, the ₹120–130 zone) over the next three months, even as the long‑term trend remains positive. ^[39]
WalletInvestor’s BSE‑based forecast describes JM Financial as being in a bullish cycle, with a 14‑day price target around ₹149–150 and multi‑year projections rising gradually toward the ₹200+ area by 2028, though such algorithmic paths are inherently speculative. ^[40]
MunafaSutra (where only snippets are accessible) classifies the long‑term trend as an uptrend, with nearby upside levels at roughly ₹155, ₹164, ₹173 and ₹193 serving as possible resistance/target zones. ^[41]
TradingView ideas from individual chartists include tactical “buy near ₹180 with stop below ₹145, target ₹280” type calls – useful as a window into trader psychology rather than as formal research. ^[42]

Credit quality and balance‑sheet risk

On the credit side, third‑party models still view JM Financial as relatively low‑risk:

Martini.ai assigns an internal rating of A3 with a probability of default of about 0.65%, indicating low credit risk in its framework. ^[43]
Earlier ICRA rationales (October 2023) took a consolidated view of the group and highlighted diversified businesses, adequate capitalisation and comfortable liquidity, while cautioning on wholesale credit exposures and the then‑large real estate and structured credit book. ^[44]

MarketsMojo, however, flags a net debt‑to‑equity ratio of around 1.18x, calling it “elevated compared to peers” – one of the reasons its quality grade is only “Average” and ROE remains under double digits. ^[45]

The takeaway: credit risk looks manageable but not trivial, and the derisking of the non‑core loan book will need to continue.

Key drivers to watch in 2026

Across broker reports, company commentary and quant platforms, a few common watch‑items emerge: ^[46]

Revenue stabilisation
- Q2 FY26 was the third consecutive quarter of YoY revenue decline. A shift back to flat or positive growth would be an important signal that the down‑cycle is ending.
Margin sustainability
- Operating margins near 55–60% are attractive, but investors will want evidence that this isn’t just a temporary result of cost cuts and lower credit costs.
Return on equity (ROE)
- ROE still sits in high single digits. A move toward 12–15% would more convincingly justify a re‑rating toward higher P/B multiples.
Regulatory closure
- Completion of the current voluntary SEBI bar on public debt mandates and absence of fresh enforcement action will be crucial for sentiment.
Capital‑markets cycle
- JM Financial is highly sensitive to IPO activity, secondary market turnover and M&A. A supportive market in 2026 could disproportionately benefit its fee businesses.
AUM growth in wealth and asset management
- Recurring AUM in wealth (₹32,021 crore) and fast‑growing MF AUM are central to the “capital‑light compounding” story. Sustained growth here reduces reliance on volatile investment banking income.

Bottom line: how does JM Financial look at current levels?

Putting the pieces together:

The core franchise is clearly healthier than it was during the last credit cycle: the risky real‑estate book is smaller, ARC recoveries are strong, and fee income is rising. ^[47]
Valuation is not stretched in absolute terms (P/E ~13x vs sector ~44x), but a sub‑10% ROE and falling revenue make the discount understandable. ^[48]
Regulatory risk has eased but not disappeared: RBI restrictions are behind the company, yet SEBI’s bond‑issue case and related settlement still color perceptions. ^[49]
Independent analyses are split: some DCF models see 30–40% upside, others see the stock as 30–40% overvalued, while platforms like MarketsMojo land in the middle with a Hold and fair‑value band just above current levels. ^[50]

For more conservative investors, JM Financial may currently look like a Hold awaiting evidence: one or two quarters of revenue stability and better ROE could justify a re‑rating, but until then the stock may oscillate in a band defined by support near ₹140–145 and resistance in the ₹170–180 zone that many models cite as fair value. ^[51]

For higher‑risk investors who believe India’s capital‑markets cycle will remain strong and that JM can convert its IPO pipeline, wealth franchise and housing‑finance arm into sustained growth, today’s valuation could be seen as a leveraged play on that theme—with regulatory and earnings volatility as the price of admission.

Either way, the next few quarters – especially Q3 FY26, which will capture festive‑season activity – will likely decide whether this December’s surge marks the start of a durable up‑trend or just another sharp move in a still‑range‑bound stock.

References