JM Financial Q2 FY27 Results: Consolidated Net Profit ₹228 Crore on Total Income of ₹1,056 Crore
- Earnings
- financial services
Reviewed byRachit TripathiBlacklitt Research
JM Financial reported total income of ₹1,056.15 crore and net profit of ₹227.53 crore on a consolidated basis for the quarter ended 30 Sep 2026. On a standalone basis, total income was ₹398.24 crore and net profit ₹255.93 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹1,056.15 crore, down 13.8% from ₹1,225.66 crore in Q1 FY27
- Net profit and EPS: ₹227.53 crore, down 38.3% from Q1 FY27; basic EPS ₹2.50 against ₹3.05
- Tax expense: ₹95.48 crore, up 10.0% from Q1 FY27; profit before tax ₹323.01 crore
- Interim dividend: ₹1.65 a share; record date 11 Nov 2026; cash outflow ₹157.91 crore
Standalone
The company on its own, without its subsidiaries
- Total income: ₹398.24 crore, up 0.8% year on year from ₹395.16 crore
- Net profit and EPS: ₹255.93 crore, up 4.1% year on year; basic EPS ₹2.68 against ₹2.57
- Other income: ₹146.93 crore, up 22.5%; revenue from operations ₹251.31 crore, down 8.7%
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,056.15 | n/a | n/a | 1,225.66 | -13.8% | |
| Revenue from operations | 1,032.22 | n/a | n/a | 1,200.53 | -14.0% |
| Other income | 23.93 | n/a | n/a | 25.13 | -4.8% |
| 227.53 | n/a | n/a | 368.74 | -38.3% | |
| Profit before tax | 323.01 | n/a | n/a | 455.54 | -29.1% |
| Tax expense | 95.48 | n/a | n/a | 86.80 | +10.0% |
| EPS, basic (₹) | 2.50 | n/a | n/a | 3.05 | -18.0% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit fell by more than total income in the quarter. Net profit was ₹227.53 crore against ₹368.74 crore in Q1 FY27, down 38.3%, while total income fell 13.8% to ₹1,056.15 crore from ₹1,225.66 crore. Profit before tax fell 29.1% to ₹323.01 crore from ₹455.54 crore, and tax expense rose 10.0% to ₹95.48 crore.
Revenue from operations was ₹1,032.22 crore and other income ₹23.93 crore, which is 2.3% of total income this quarter. In Q1 FY27 the same lines were ₹1,200.53 crore and ₹25.13 crore.
Basic EPS was ₹2.50 against ₹3.05 in Q1 FY27, down 18.0%. Net profit attributable to owners of the company was ₹239.54 crore, against ₹291.92 crore in Q1 FY27.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 398.24 | 395.16 | +0.8% | 85.70 | +364.7% | |
| Revenue from operations | 251.31 | 275.23 | -8.7% | 82.26 | +205.5% |
| Other income | 146.93 | 119.93 | +22.5% | 3.44 | n/a |
| 255.93 | 245.89 | +4.1% | 2.50 | n/a | |
| Profit before tax | 293.39 | 281.52 | +4.2% | 2.78 | n/a |
| Finance costs | 0.97 | 1.18 | -17.8% | 1.00 | -3.0% |
| Depreciation | 3.28 | 3.05 | +7.5% | 3.16 | +3.8% |
| Tax expense | 37.46 | 35.63 | +5.1% | 0.28 | n/a |
| Net profit margin | 64.27% | 62.23% | +2.04 pp | 2.92% | +61.35 pp |
| EPS, basic (₹) | 2.68 | 2.57 | +4.3% | 0.03 | n/a |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 4.1% year on year to ₹255.93 crore from ₹245.89 crore, and profit before tax rose 4.2% to ₹293.39 crore from ₹281.52 crore.
Revenue from operations fell 8.7% to ₹251.31 crore from ₹275.23 crore, while other income rose 22.5% to ₹146.93 crore from ₹119.93 crore. Other income was 36.9% of total income of ₹398.24 crore.
Finance costs were ₹0.97 crore against ₹1.18 crore a year earlier, down 17.8%, and depreciation was ₹3.28 crore against ₹3.05 crore, up 7.5%. Tax expense was ₹37.46 crore, up 5.1%. Against Q1 FY27, standalone net profit was ₹2.50 crore and total income ₹85.70 crore.
Inference
In a filing on 04 Nov 2026, the board declared an interim dividend of ₹1.65 a share for FY 2026-27, with a record date of 11 Nov 2026 and payment on or after 20 Nov 2026. The notes say the dividend will be a cash outflow of ₹157.91 crore in the quarter ending 31 Dec 2026. The statutory auditors, KKC & Associates LLP, issued unmodified limited review reports on both sets of results.
The notes say JM Financial Credit Solutions Limited subscribed to a rights issue of JM Financial Asset Reconstruction Company Limited for ₹162.59 crore, raising the company's indirect shareholding in that entity from 81.77% to 84.87%. They also say JM Financial (Middle East) Limited was incorporated on 12 Oct 2026 in Abu Dhabi Global Market.
JM Financial Services Limited has appealed to the Bombay High Court against Income Tax Appellate Tribunal orders on arbitrage-business disallowances for assessment years 2012-13, 2013-14 and 2014-15. The company says the resulting tax demands, though likely to be material, cannot be quantified at this stage. The filing does not give a reason for the fall in consolidated net profit from Q1 FY27.
Filed with BSE on . Reference: Original filing (PDF)
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