JM Financial has announced its audited financial results for the fourth quarter and the financial year ending on 31st March, 2025.
The company reported a consolidated revenue of Rs. 1,027 crore and a profit after tax (PAT) of Rs. 210 crore for the quarter. The Board of Directors has recommended a dividend of Rs. 2.7 per share (face value of Re. 1 each) for the financial year.
During the year, JM Financial significantly increased its shareholding in JM Financial Credit Solutions Limited (JMFCSL) from 46.68 per cent to 97.02 per cent at a total consideration of Rs. 1,501 crore. This strategic move consolidates the group’s distressed credit business under JMFCSL, enabling the platform to better leverage its experienced talent pool to navigate economic cycles and generate improved risk-adjusted returns.
In line with its evolving strategy, JM Financial continued to scale down its wholesale credit exposure, pivoting from an on-balance sheet lending model to a syndication-focused approach. As a result, the total loan book in wholesale real estate, financial institutions, and MSME segments was reduced from Rs. 7,529 crore as of March 31, 2024, to Rs. 3,570 crore by March 31, 2025.
The company’s investment banking division successfully closed equity capital market transactions aggregating over Rs. 80,000 crore during FY25. Meanwhile, private wealth assets under management (AUM) grew by 11 per cent year-on-year to Rs. 75,804 crore.
The Asset and Wealth Management business also posted strong growth. The SEBI Margin Trade Financing book expanded by 12 per cent year-on-year to Rs. 1,583 crore. Retail and elite wealth AUM grew by 8 per cent and 36 per cent respectively, reaching Rs. 31,191 crore and Rs. 2,584 crore. The mutual fund business doubled its closing AUM to Rs. 13,419 crore, with equity scheme AUM rising to Rs. 9,968 crore from Rs. 3,857 crore a year earlier.
In the mortgage lending segment, strong repayments helped bring down the wholesale mortgage loan book by Rs. 3,218 crore over the year. The provision coverage ratio stood at 87 per cent as of March 31, 2025. In the retail mortgage space, the company expanded its branch network from 112 to 128, which supported a 26 per cent year-on-year growth in AUM to Rs. 2,832 crore.
JM Financial Asset Reconstruction Company’s AUM stood at Rs. 12,878 crore at the end of March 2025, down from Rs. 14,500 crore a year earlier. Gross recoveries for the quarter came in at Rs. 707 crore, while full-year recoveries totalled Rs. 3,050 crore. The company also received a refund order from the Deputy Commissioner of Income Tax for the assessment year 2008–09, entitling it to a refund of approximately Rs. 230 crore, including interest.
Commenting on the performance, Vishal Kampani, Vice Chairman and Managing Director of JM Financial, said that the capital market and M&A pipeline remains strong. He added that the company is focused on scaling up its wealth and asset management verticals, and with nearly 97 per cent stake in JM Financial Credit Solutions, it plans to develop an integrated private markets business. This includes private credit—covering corporate, bespoke, and real estate lending with a strong emphasis on syndication—and private investments like PE growth and REITs. He also noted that the affordable home loans business has expanded significantly with 128 branches and continues to grow robustly.
In terms of quarterly performance, fees, commission, and brokerage income rose 22 per cent quarter-on-quarter to Rs. 435 crore, while total income fell 8 per cent to Rs. 1,027 crore. Pre-provision operating profit declined 21 per cent to Rs. 318 crore. Profit before tax grew by 9 per cent to Rs. 311 crore, and net profit after tax, non-controlling interests (NCI), and share of associates stood at Rs. 210 crore, showing a stable performance from the previous quarter.
The company’s consolidated net worth increased to Rs. 9,675 crore, with book value per share rising to Rs. 101.2. Debt-to-equity ratio remained steady at 1.1x. Cash and cash equivalents stood at Rs. 3,660 crore.
Segment-wise, the investment banking division reported a net profit of Rs. 124 crore, mortgage lending Rs. 38 crore, alternative and distressed credit Rs. 10 crore, and the Platform AWS segment Rs. 17 crore. The consolidated net profit from focused businesses for FY25 was Rs. 821 crore, and excluding digital and asset management contributions, it stood at Rs. 913 crore.
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