JM Financial Limited (JMFINANCIL) Fair Value & Analysis
Financial Services · IN · Market cap ₹124B
Fair value as of: Aug 13, 2026
From 13 valuation models · updated 4 days ago
Share price +2.9% over the past month.
A solid business, screening 28% undervalued on our models.
What matters now
- Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (₹97.09 to ₹204.10) leaves room in how you read the outcome.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range ₹51.57 – ₹188.25 · fair‑value band ₹97.09 – ₹204.10 · the ₹127.91 price screens below the ₹163.28 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
JM Financial Limited (JMFINANCIL) currently trades at ₹127.91, while our model-based Fair Value estimate is ₹163.28, implying the stock looks roughly 27.7% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Over the trailing twelve months, JM Financial Limited generated revenue of ₹35.0B at a net margin of 34.4%. It earns a return on equity of 11.1%. Net debt stands at ₹67.7B. The stock trades on a trailing P/E of 10.2. Fundamentals as of Aug 13, 2026
Our scenario range runs from ₹97.09 (bear case) to ₹204.10 (bull case); at ₹127.91, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 34% below its 52-week high and 16% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -22% fair-value upside, at 28%, JMFINANCIL screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 13 models by family
Widest divergence: Earnings-Based (₹203.98) versus Dividend Discount (₹67.57). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 36
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
JM Financial Limited, together with its subsidiaries, provides various integrated and diversified financial services to corporations, financial institutions, government organizations, high net-worth individuals, and retail customers in India and internationally.
Full company description
JM Financial Limited, together with its subsidiaries, provides various integrated and diversified financial services to corporations, financial institutions, government organizations, high net-worth individuals, and retail customers in India and internationally. The company operates through Investment Bank; Mortgage Lending; Alternative & Distressed Credit; and Asset Management, Wealth Management & Securities Business (Platform AWS) segments. The Investment Bank segment manages capital markets transactions, as well as advises on mergers and acquisitions, and private equity syndication. This segment also provides institutional equities business and research, portfolio management, private equity funds, fixed income, syndication, and finance services. The Mortgage Lending segment offers finance against commercial and residential real estate to a range of corporate and non-corporate clients; housing finance; and lending services to educational institutions. The Alternative & Distressed Credit segment provides securitization and reconstruction of financial assets and manages alternative credit funds. The Platform AWS segment offers investment advisory and distribution services, which include equity brokerage, elite and retail wealth management, and margin trade financing; distributes financial products; and manages mutual fund assets through various schemes. The company also provides real estate consulting and capital market lending services. The company was formerly known as J.M. Share and Stock Brokers Private Limited and changed its name to JM Financial Limited in September 2004. JM Financial Limited was founded in 1973 and is headquartered in Mumbai, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
JM Financial Limited reported revenue of ₹42.6B in FY2026 versus ₹37.5B in FY2022, a compound +3.2%/yr. Reported net income was ₹12.0B in FY2026, compounding +11.7%/yr from FY2022.
of which total revenue +9.7 pp · buybacks/dilution −2.3 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
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Peer Group
Capital Markets · 425 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Capital Markets median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Mirae Asset Securities Co 006800 | 38,050 KRW | 18,009 KRW | -53% |
| Meritz Financial Group 138040 | 118,600 KRW | 52,717 KRW | -56% |
| Korea Investment Holdings 071050 | 200,500 KRW | 189,335 KRW | -6% |
| NH Investment & Securities Co 005940 | 28,550 KRW | 22,396 KRW | -22% |
| Samsung Securities Co 016360 | 93,100 KRW | 75,573 KRW | -19% |
| Kiwoom Securities Co 039490 | 299,000 KRW | 214,812 KRW | -28% |
| SSI Securities Corporation SSI | 25,300 VND | 17,375 VND | -31% |
| Bolsas y Mercados Argentinos S.A BYMA | 313.75 ARS | 294.30 ARS | -6% |
| Daishin Securities Co 003540 | 26,950 KRW | 48,790 KRW | +81% |
| SK Securities Co 001515 | 4,285 KRW | 1,395 KRW | -67% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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