### **Overview** JM Financial Ltd is a leading integrated financial services group with over five decades of presence in the Indian financial landscape. Headquartered in Mumbai, the company operates through a diversified yet strategically aligned portfolio across investment banking, wealth and asset management, private markets, and affordable housing finance. Listed on both the BSE and NSE, JM Financial leverages its strong brand, deep client relationships, capital adequacy, and digital innovation to serve institutional, corporate, government, ultra-high-net-worth (UHNW), and retail clients. --- ### **Core Business Segments (Consolidated Structure)** As of August 2025, the company is organized into four primary segments: 1. **Corporate Advisory and Capital Markets (Integrated Investment Bank)** 2. **Wealth and Asset Management** 3. **Private Markets (Alternative & Distressed Credit)** 4. **Affordable Home Loans (via JM Financial Home Loans Limited - JMFHLL)** This structure enables cross-selling, capital optimization, and strategic synergy across business lines. --- ### **1. Corporate Advisory & Capital Markets** - **Nature of Business**: Full-service investment bank offering ECM (Equity Capital Markets), M&A advisory, private equity syndication, debt capital markets, institutional equities, research, and balance sheet financing. - **Track Record**: Has facilitated **$128.1 billion in M&A** and **$53.7 billion in ECM transactions** historically, positioning it among the top players in India. - **FY25 Highlights**: - Executed **44 ECM deals**, raising over **₹81,558 crore** for clients. - Ranked **#1 in QIPs (Qualified Institutional Placements)** by volume, completing **15 deals** raising **₹38,693 crore**. - Notable mandates: Sale of Shriram Housing Finance to Warburg Pincus (₹5,854 cr), Century Pulp & Paper sale to ITC (₹3,498 cr). - **M&A Advisory**: Advised on high-profile cross-border and domestic transactions with an emphasis on strategic structuring, fair opinions, and execution support. - **Client Base**: Large corporates, promoters, government entities, PE funds, and institutional investors. - **Research Coverage**: Covers over **290 companies** (72% of NSE 500), enhancing advisory credibility. - **Future Focus**: Expand client base, deepen syndication capabilities, and capitalize on the rising private equity deal volume in India, projected to reach $100 billion annually by 2031. --- ### **2. Wealth & Asset Management (Platform AWS)** A digitally integrated platform serving ~390,000 HNIs and mass-affluent customers across 224+ cities with 867 physical locations. #### **Private Wealth Management** - **AUM (Mar 2025)**: ₹**75,804 crore** (11% YoY growth), with **recurring revenue assets up 54% to ₹17,638 crore**. - **Client Base**: Over **1,000 UHNIs, family offices, corporates, and institutions**. - **Geographic Reach**: Operates in all **eight Tier-I cities**, expanding into Tier-II markets (Gurugram, Jaipur, Kochi, Lucknow). - **Team Strength**: Wealth team expanded to **173 employees** (from 115 in FY24), with offshore hubs in Dubai and Singapore. - **Model**: Open-architecture platform offering equities, fixed income, commodities, real estate, and alternative investments via in-house and third-party managers. Supports global access and structured offshore investments. #### **Retail Wealth Management** - **AUM (Mar 2025)**: ₹**31,191 crore** (8% YoY growth). - **Distribution Network**: ~**14,500 active Independent Financial Distributors (IFDs)** across **10,738 pin codes (55% of India)**. - **FY25 Mobilization**: - **Mutual Funds**: ₹2,289 crore - **Corporate Fixed Deposits & Bonds**: ₹4,816 crore - **Digital Adoption**: ~98% of transactions conducted online (paperless), driven by tech-enabled IFD onboarding. #### **Mutual Funds & Alternative Investments** - **AUM Growth**: Tripled since Sep 2023 — from ₹2,811 crore to ₹12,516 crore by Sep 2024. - **Equity Scheme Focus**: 75%+ of mutual fund AUM allocated to equity, including the successful JM Small Cap Fund NFO (June 2024). - **Alternative AUM**: ₹3,835 crore across PMS, PE funds, and credit funds. - **Brand Rebuilding**: Strong digital presence, consistent SIP inflows, and top-quartile performance in active equity schemes. #### **BlinkX – Digital Broking Arm** - **Target Audience**: DIY traders, with brand positioning via tagline **“It’s a Trader Thing”**. - **Key Features**: - Tiered pricing (Silver, Gold, Platinum) with **brokerage-free NSE F&O lots**. - Advanced tools: GTT, Order Slicing, Basket Orders, Chart-based trading, Flash Trade. - **Performance (FY25)**: - **258% growth in average daily turnover** – from ₹4,972 cr (Apr 2024) to ₹17,776 cr (Mar 2025), with peak at ₹25,695 cr. - **User Profile**: **66% of users are active derivative traders** (vs. 21% industry average), indicating high-quality client base. - **User Experience**: Gen-AI newsfeed, dark mode, smart order pad, and 99% query resolution rate; app rating: **4.5/5 (10,500+ reviews)**. --- ### **3. Private Markets & Alternative & Distressed Credit** #### **Private Markets Division** - **Focus**: Debt and equity financing for private, unlisted companies — serving family-run businesses, entrepreneurs, and promoters. - **Product Suite**: - Loans against shares (LAS) - Structured corporate finance - Private credit & co-investments - REITs, PMS, AIFs, PE fund participation - **Business Model**: Balance sheet + syndication + advisory integration; targets counter-cyclical opportunities. - **Syndication Strategy**: Retains 10–20% of loans, sells down the rest to anchor investors, improving capital turnover. #### **JM Financial Credit Solutions (JMFCSL)** - **Ownership**: **100% owned as of Aug 2025** (up from 46.68% in FY24), consolidating distressed credit under one entity. - **Purpose**: Scale syndication platform for corporate, real estate, and distressed credit; enhance risk-adjusted returns. - **Strategic Shift**: Pivot from on-balance-sheet lending to **originate-to-distribute model** to release capital (~₹2,000 crore targeted over 3–4 years). #### **Distressed Credit & ARC Business (JMFARC)** - **AUM (Mar 2025)**: ₹**12,878 crore**. - **Performance (FY25)**: - Security Receipt (SR) redemptions: ₹**2,459 crore (+89% YoY)** - Recoveries: ₹**3,050 crore** - Trust exits completed: **97** - **Historical Acquisitions**: ₹**79,321 crore** in dues acquired for ₹**24,839 crore**. - **Capital Strengthening**: Received **₹595 crore rights issue** from parent in FY25. - **Future Plan**: Transition into **fee-based AIF model**, leveraging investment banking network to syndicate deals. #### **Private Equity Funds** - **Fund I (2006 Vintage)**: Fully exited; delivered **203% return** (pre-tax, pre-reserve). - **Fund II (2019 Vintage)**: Sector-agnostic, mid-market growth capital; **fully deployed** across 10 companies. Achieved **two partial exits**, returned **~65% capital**. - **Fund III (2023 Vintage)**: Eight investments made as of Mar 2025; focused on **financial services, consumer, tech, and agri-allied sectors**. --- ### **4. Affordable Home Loans (JMFHLL)** Launched in 2017 to tap India’s underserved affordable housing segment. - **Focus**: Economically Weaker Sections (EWS), Low- and Middle-Income Groups (LIG/MIG) in **suburban and rural India**. - **Product Range**: Home loans, loans against property, balance transfer, plot+construction. - **Market Positioning**: Fills credit gap for customers overlooked by urban-focused lenders; benefits from **PMAY Urban 2.0 (₹10 lakh crore outlay)**. - **Key Metrics (June 2025)**: - **Loan Book**: ₹**1,691 crore** - **Recurring AUM (Wealth)**: ₹**31,180 crore** (+37% YoY) - **Average Ticket Size**: ₹**10 lakh** - **Loan-to-Value (LTV)**: **58%** - **Yield**: **13.2–13.3%**, Cost of Funds: ~**8.6%** → Spread of **~4.6%** - **Asset Quality**: GNPA **0.9%**, NNPA **0.6%** - **Ratings**: AA (stable) from ICRA & CRISIL → strong liability diversification. - **Expansion**: - Branches: Expanded to **126+** (as of Nov 2024), targeting **120–125** by mid-2025. - Plans to scale to **₹5,000 crore loan book by 2027**, **₹10,000 crore by FY30**. - **IPO Roadmap**: Intends to **list JMFHLL in 2028–2029**. - **Strategic Investment**: Received **₹107 crore** infusion during FY25 to support growth. #### **Wholesale Mortgage Lending** - **Loan Book (Mar 2025)**: ₹**4,473 crore** to 100+ developers. - **Target Markets**: Tier I cities — Mumbai, Pune, Bangalore, NCR, Chennai, Hyderabad. - **Product Types**: Project financing (post-approvals), early-stage funding, loans against land. - **Risk Management**: Geographically diversified, cash flow-backed lending. --- ### **Digital & Technology Initiatives** #### **Dwello (Real Estate Tech Platform)** - **Function**: Tech-driven real estate consultancy operating in **Mumbai, Pune, Bengaluru, NCR**. - **Features**: - Database: **17,775+ residential projects**, **1.46M+ transaction-level insights**, primary research. - Services: Legal insights, site visits, loan consulting, pricing support. - **FY25 Performance**: - Facilitated **₹1,250 crore** in sales across **835 projects, 249 developers**. - Supported by **8,500+ unique homebuyers**. - **Strategic Value**: Drives home loan originations and cross-sells financial products; enhances customer funnel. #### **Bondskart** - **Purpose**: Digital platform for fixed-income securities (corporate bonds, debentures). - **Features**: Curated portfolio, intuitive UI, CRM integration, SEBI-registered platform. - **Role in AWS**: Expands fixed income distribution capabilities for retail and HNI investors. --- ### **Leadership & Governance** - **Founder & Non-Executive Chairman**: **Mr. Nimesh Kampani** - **Corporate Philosophy**: Long-term value creation through client trust, cross-selling, and disciplined capital deployment. - **Risk Management**: Low-leverage balance sheet, strong credit underwriting, diversified asset base, and counter-cyclical business mix. ---