JM Financial Limited — Investor Meet, 20-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

JM Financial has announced a board meeting to consider the financial results for the quarter and half-year.

Strong FY25 growth was driven by consolidation of JM Financial Credit Solutions and a reduced real estate loan book (~Rs. 3,570 Cr). Fee income rose 22% QoQ to Rs. 435 Cr; full-year fees grew 15% YoY to Rs. 1,407 Cr. Q4 PAT was Rs. 210 Cr, pro forma Rs. 238 Cr (+13% QoQ). Home Loans AUM grew 26% YoY to ~Rs. 2,830 Cr with PAT up 49%. Asset Management AUM doubled YoY to Rs. 13,400 Cr, revenue +49% YoY. Net worth rose to Rs. 9,675 Cr; dividend raised to Rs. 2.7/share.

Management is shifting to an asset-light, private markets-focused model emphasizing origination-to-syndication and growth equity investments. Corporate Advisory is strong, with top QIP ranking and growing wealth management AUM (~Rs. 1.1 lakh Cr). Private credit book target is Rs. 10,000 Cr in three years, aiming for high-teens blended ROE. Home Loans targets 30%+ CAGR with 11.5%-14% ROE by FY28-30.

Disciplined lending prioritizes quality clients while treasury income will normalize as cash deploys into lending. Outlook remains cautiously confident with strong capital and improving operational leverage.