Global uncertainty led by Trumps tariff policies
At the start of Fiscal year 2025, global economy was facing challenges in the form of unresolved and on-going geopolitical tensions between Russia and Ukraine and the second one between Israel and Iran. US economy performed at its best despite concerns around elevated debt levels. Strength in the labour market coincided with easing inflationary pressures which reflected in strong economic growth mainly on the back of robust consumption demand. Narratives were built around US exceptionalism (growth) while the global economy showed signs of sluggishness. Entire macro-economic narrative changed post the sweeping victory by the Republican candidate Donald Trump in the presidential elections in Jan-25 vis-?-vis the incumbent Joe Biden (Democrat). Trumps policies seemed radical vis-?-vis traditional policies favouring a diplomatic route followed generally. The plan to impose tariffs on trading partners and to abolish income tax was intended to transform US into a manufacturing hub. The decision to impose high tariffs on trading partners with elevated trade surplus with US led to retaliation mainly by China, Canada, Mexico and the European Union. Later the decision to levy reciprocal tariffs on every country was a step in the direction of a multipolar trade environment vs the standard trade policies set by the World Trade Organisation. Markets reflected risk off sentiments in favour of Gold which outperformed while even the US Dollar weakened as the safe haven flows reverted post the uncertainty around trade policies increased and its likely impact on the US economy seemed detrimental as higher tariffs would infiate prices in the US economy impacting consumption. Recessionary calls became louder as the uncertainty around tariffs increased. In the run up to the presidential elections, the Fed eased policy rates by 100bps to 4.5% September - December 2024. Powell indicated that although the exact impact of tariffs on inflation is unknown but he believed that the inflationary impact would be transitory.
India: Economic sluggishness addressed through accommodative monetary policy
The domestic economy was not prepared for a lower than expected mandate for the incumbent ruling party BJP in the general elections. Markets reacted negatively on the results day however were quick to regain post the announcement of government by NDA. However, it was in the run up to the elections and the model code of conduct which led to restricted government activity including slow capex intensity which led to a slowdown in the overall economic activity in FY25. Although the pace of capex improved in H2, it was not sufficient enough to fully recover and meet the revised estimates (lower) of INR 10.2Tn by the end of the fiscal year. GDP growth moderated to one of the lowest levels of 5.4% (later revised to 5.6%) in Q2 FY25, equity markets peaked in September 2024 which was not reclaimed by the end of FY25 (-10.3%). The unabated FII selling (USD 15.6Bn) exerted pressure on the equity markets in FY25, its impact was however cushioned by the consistent retail inflows through the monthly SIP route (averaging INR 241Bn/month).
The disinflationary policy rates in India by RBI continued through large part of FY25, as inflationary pressures remained elevated in the economy. There was a clear shift in RBIs policy decision post the appointment of Sanjay Malhotra as the RBI Governor (December 11, 2024), the policy focus shifted towards addressing growth concerns in the economy while inflation was said to be a supply side issue. RBI delivered its first rate cut of 25bps in February 2025 after keeping the policy rate restrictive at 6.5% for five years. INR traded in a tight range of 83-84/USD till October 2024, post November 2024 the sharp depreciation in INR (87.5/USD) led markets to believe that the RBIs FX strategy has turned easy. However, by the end of the fiscal INR appreciated to 85.5/USD.
Fiscal measure: Consumption boost through tax exemption
In addition to the monetary policy, the fiscal support was evident through the budgetary allocation (FY26) of INR 11.2Tn for capex forming 3.1% of GDP and with a growth of 10% over the revised estimate of FY25. Moreover, in order to address the sluggishness in the consumption demand, tax exemption worth INR 1Tn was announced for the salaried individuals. The government tried to balance the economys infrastructure needs with consumption boost while continuing on its fiscal consolidation path with fiscal deficit target of 4.4% for FY26.
Resilience in Domestic economy; Risk may emanate from the trade route
The domestic economy continued to remain resilient on major macro indicators including robust forex reserves (USD 676Bn), easing inflation (3.3% in March 2025), GDP growth expectation of 6.5% for FY25, Manufacturing PMI (58.1) remained robust compared to other Asian peers, INR appreciated against the USD to 86/USD, Trade deficit of USD 282Bn in FY25 was cushioned by the robust services surplus of USD 188Bn amidst the heightened uncertainty around tariffs and the trade tensions. However exports remained fiat (0.1%YoY) in FY25 while imports grew by 6.2%, indicating that the sluggishness in exports could deteriorate further as the elevated tariffs are implemented and restricted access of China to US markets would lead to large scale dumping in neighbouring countries, further deteriorating the trade imbalance.
DISCUSSION ON BUSINESSES AND OPERATIONAL PERFORMANCE
The corporate structure of JM Financial Group (the "Group") as at March 31, 2025 is presented below:
JM Financial Limited (the "Company") is the only entity in the Group whose equity shares are listed on the stock exchanges. In view of the above structure, the way to understand the business performance of the Company is to analyse the standalone businesses and the businesses of its Group Entities. Our Group has evolved over a period of time to a leading diversified financial services firm. We have a wide range of product offerings and cater to several customer segments. During the year ended March 31, 2025, the Board approved the transfer of the Private Wealth business to JM Financial Services Limited ("JMFSL"), a wholly-owned subsidiary of the Company through the slump sale on a going concern basis. The aforesaid transfer strengthens the overall product offering, expands the synergies and efficiencies and provides a strategic direction to the Private Wealth business. Accordingly, the Private Wealth business shall be classified under the Platform AWS segment with effect from April 1, 2025 and has been reported under the Integrated Investment Bank segment for the year ended March 31, 2025. The core business area of the Group remains financial services.
Our business segments are as follows:
• Integrated Investment Bank (IB): The integrated IB segment caters to Institutional, Corporate, Government and Ultra High Networth clients and includes investment banking, institutional equities and research, private equity funds, fixed income, private wealth management, PMS, syndication and finance.
• Mortgage Lending: Our mortgage lending segment includes wholesale mortgage and retail mortgage as follows:
- Wholesale mortgage which includes lending to real estate developers;
- Retail mortgage which includes affordable housing finance business and secured MSME lending.
• Alternative and Distressed Credit comprises the asset reconstruction business and alternative credit funds and
• Asset management, Wealth management and Securities business (Platform AWS) provides an integrated investment platform to individual clients and comprises retail and elite wealth management business, broking and mutual fund business.
The Board of Directors at its meeting held on May 24, 2024 had discussed and approved the strategic directions for the various businesses in the Group. An update post strategic decisions are as follows:
• Increase in shareholding of the Company in JM Financial Credit Solutions Limited (the "JMFCSL") from 46.68% to 97.02% for a consideration of H1,501 crore and consolidated the distressed credit business under JMFCSL. The platform will now leverage the experience of its talent pool through different economic cycles to achieve better risk adjusted returns.
• The Wholesale Credit Businesses (Real Estate, Bespoke, Distressed Credit and Financial Institutions Financing) have seen a significant shift in the risk adjusted return for wholesale focused financiers. The Group announced a refocus of its expertise in some of the wholesale credit businesses by pivoting from an on-balance sheet business model to originating and syndicating transactions to investors. Accordingly, the loan book across wholesale real estate, financial institutions and MSME has run down from H 7,529 crore as of March 31, 2024 to H 3,570 crore as of March 31, 2025.
• The Group will focus on an integrated private markets business. The private markets business comprises of Private Credit (Corporate, Bespoke and Real Estate) with a key focus on syndication, and Private investments (PE growth, REITs etc.).
• The Group has sharpened its focus to further scale its fee and commission generating high growth, high Return on Equity (ROE) businesses covering the entire breadth of capital markets, and wealth and asset management businesses.
• The affordable housing focused Retail Mortgage business continues to be an integral part of the Group and continues to demonstrate strong performance over the last few years.
Our business segments are discussed in detail as below:
Integrated Investment Bank (IB)
Investment Banking Business
Investment banking is one of the oldest businesses within the JM Financial group. We are a full-service investment banking franchise offering a comprehensive suite of products including equity capital markets, mergers and acquisitions and private equity syndication. With a strong track record of over five decades, we have deep relationships into large and emerging corporates in India and have acted as their advisors for decades. These relationships have strengthened over time and enabled us to be the advisor of choice for managing marquee transactions. Our deep expertise and long-standing client relationships have enabled us to manage some of the large, most complex, innovative and challenging transactions in India.
We aim to continue to leverage our relationships and domain expertise through our investment banking platform and deliver end-to-end solutions to our clients. We are committed to delivering the full capabilities of the firm to our clients and expanding our wallet share. Our pipeline of transactions is extremely healthy and subject to market conditions we would look to execute a large part of the same over the course of FY 2025-26.
Market Environment
Primary Market
The breakup of funds raised in public markets during FY 2024-25 as compared to the FY 2023-24 is as follows:
| FY2024-25 v/s | |||||
Capital market |
FY 2024 - 25 | FY 2023 - 24 | FY2023- 24 | ||
| No. | J in crore | No. | J in crore | Increase % | |
| Initial Public Offering ("IPO") | 78 | 1,62,387 | 76 | 61,922 | 162% |
| FPOs | 1 | 18,000 | - | - | - |
| InvITs | 3 | 7,653 | 5 | 13,916 | -45% |
| ReITs | - | - | 1 | 3,200 | - |
| Rights Issue | 18 | 15,512 | 16 | 19,595 | -21% |
| Qualified Institutions Placement ("QIP") | 89 | 1,42,206 | 67 | 80,462 | 77% |
| Offer for Sale ("OFS") | 25 | 30,763 | 31 | 24,569 | 25% |
Total Equity Raised |
214 | 3,76,521 | 196 | 2,03,664 | 85% |
| Total Debt raised through Public issue | 45 | 8,305 | 48 | 20,787 | -60% |
Total Amount Raised |
259 | 3,84,826 | 244 | 2,24,451 | 71% |
(Source: Prime Database as on March 31, 2025)
The Indian stock markets witnessed a fiat ending to FY25 across the board: Nifty rose by 5%, Nifty Midcap 50 by 6%, and Nifty Smallcap 50 by 7%. Indias market cap reached USD 4.6 tn, retaining its fifth rank in the world in terms of market capitalization for two consecutive years.
Despite muted primary capital activity globally, Indian primary capital markets reached new highs in FY25, and were one of best performing markets globally. The Indian markets witnessed H 3,27,758 crore equity raise via IPOs, QIPs and Rights (including REITs and InvITs) in FY25, increase of 83% over FY24. There were 81 IPOs (including REITs and InvITs) and 89 QIPs in FY25, the highest in the last decade.
JM Financial was one of the leading investment banks in Equity Capital Markets, successfully executed 44 transactions raising more than H 81,558 crore in FY25. JM Financial ranked #1 in QIP league tables in terms of volume, with successfully completing 15 QIPs and raising H 38,693 crore (ranking based on QIP deals worth H 400 crore and above). Through our unwavering commitment and in-depth market knowledge, we assisted our clients in raising capital, from top-tier investors.
Mergers and Acquisition
During FY2024-25, 1,479 deals were announced as compared to 1,286 deals in FY 2023-24. The total value of the deals announced in FY2024-25 was H 7.1 lakh crore(1) as against H 8.1 lakh crore(2)(3) for FY2023-24.
Domestic v/s Cross-Border Activity
During FY 2024-25, domestic transactions contributed 48% to the overall M&A activity with deal value aggregating H 3.4 lakh crore.
Source: Mergermarket after certain adjustments Notes:
1. This does not include 488 deals for which deal values were not available
2. This does not include 449 deals for which deal values were not available
3. Deals are prepared based on the announcement date (excluding lapsed/withdrawn bids)
4. Deals where both target and bidder are outside India are not considered
5. Excluded deals where there is direct investment by any holding company into its own subsidiary company
Source: Mergermarket after certain adjustments
Private Equity
In FY 2024-25, private equity deals worth H 2.8 lakh crore were announced compared to H 2.6 lakh crore in FY 2023-24 (Source: JM Financial Estimates)
The sectors that experienced the maximum interest from private equity investors include technology and business services, financial services and healthcare.
Operational Performance of Investment Banking Business
During FY25, we concluded the following equity capital market transactions:
• Book Running Lead Manager to the IPOs of:
- Bajaj Housing Finance Ltd. – H 6,560 crore
- Brainbees Solutions Ltd. – H 4,194 crore
- Acme Solar Holdings Ltd. – H 2,900 crore
- Inventurus Knowledge Solutions Ltd. – H 2,498 crore
- Ventive Hospitality Ltd. – H 1,600 crore
- TBO Tek Ltd. – H 1,551 crore
- Ajax Engineering Ltd. – H 1,269 crore
- Ceigall India Ltd. – H 1,253 crore
- Zinka Logistics Solutions Ltd. – H 1,115 crore
- Baazar Style Retail Ltd. - H 835 crore
- Le Travenues Technology Ltd. - H 740 crore
- Stanley Lifestyles Ltd. - H 537 crore
- Western Carriers (India) Ltd. - H 493 crore
• Managers to the OFS in:
- Hindustan Zinc Ltd. – H 3,098 crore
- ASK Automotive Ltd. – H 486 crore
• Book runner of Block Deals in:
- Nexus Select Trust by Blackstone – H 4,445 crore
- One Source by TPG and Promoter – H 1,200 crore
- Car Trade by Temasek, JP Morgan, Warburg Pincus – H 500 crore
- Sundram Fasteners Ltd. by Promoter – H 434 crore
- Car Trade by Highdell Investment Ltd. – H 375 crore
- Godrej Consumer Products by Promoter – H 278 crore
- SAMHI Hotels Ltd. by GTI Capital Alpha Pvt. Ltd. – H 193 crore
- Stanley Lifestyles Ltd. by Oman India – H 158 crore
- TVS Supply Chain Solutions by TVS Motor Company Ltd. – H 132 crore
- Campus Activewear Ltd. by Promoter – H 130 crore
- C.E. Info Systems Ltd. (MapMyIndia) by Jay Vilas Kate – H 116 crore
• Book Running Lead Managers to the QIP by:
- Vedanta Ltd. - H 8,500 crore
- Samvardhana Motherson International Ltd. - H 6,438 crore
- Prestige Estates Projects Ltd. - H 5,000 crore
- Torrent Power Ltd. - H 3,500 crore
- Bank of Maharashtra - H 3,500 crore
- Spicejet Ltd. - H 3,000 crore
- Sona BLW Precision Forgings Ltd. - H 2,400 crore
- PG Electroplast Ltd. - H 1,500 crore
- Lloyds Metals & Energy Ltd. - H 1,218 crore
- KEC International Ltd. - H 870 crore
- Keystone Realtors Ltd. - H 800 crore
- Cello World Ltd. - H 737 crore
- PDS Ltd. - H 430 crore
- Ami Organics Ltd. - H 400 crore
- Sundaram Clayton Ltd. - H 400 crore
• Book Running Lead Managers to the Rights Issues of:
- UPL Ltd. – H 3,378 crore
- Sobha Ltd. – H 1,999 crore
- Shiva Cement Ltd. – H 400 crore
Mergers & Acquisitions (M&A) and Private Equity (PE) Syndication
We are proud to maintain our growth momentum in the Indian M&A industry, having successfully announced and/ or completed 23 M&A and PE transactions with an aggregate deal value of ~H 54,740 crore during FY25.
Marquee M&A and PE transactions where JM Financial was an advisor during FY25 include:
• Financial Advisor to IDFC First Bank on the merger of IDFC Financial Holdings & IDFC with IDFC First Bank
• Financial Advisor to Shriram Finance, Valiant Partners and Shriram Housing Finance on sale of 100% stake in Shriram Housing Finance to Warburg Pincus
• Exclusive financial advisor to Kesoram Industries on the demerger of its cement business undertaking into UltraTech Cement
• Exclusive financial advisor to SeQuent Scientific on the amalgamation of Viyash Lifesciences and its subsidiaries into SeQuent Scientific
• Manager to Open offer to public shareholders of Aavas Financiers by CVC Capital Partners
• Exclusive Financial Advisor to Aditya Birla Real Estate on the sale of Century Pulp & Paper to ITC
• Sole and Exclusive Advisor to Advanta Enterprises and UPL on fundraise from Alpha Wave
• Fairness Opinion to the Board of Directors of Coforge on share exchange ratio for amalgamation of Cigniti with and into Coforge
• Exclusive Financial Advisor to Burman Group and manager to open offer to public shareholders of Religare Enterprises
• Exclusive Financial Advisor to JSW Infrastructure for acquiring 70.37% stake in Navkar Corporation from Promoters and Manager to Open Offer
• Exclusive Financial Advisor to Coromandel International and Manager to open offer for acquiring a controlling stake in NACL Industries
• Manager to Open Offer by Blackstone for acquiring 26% stake in Kolte-Patil Developers from public shareholders
• Exclusive Financial Advisor to Home Credit Group on the sale of their Indian business to TVS Holdings & Premji Invest
• Exclusive financial advisor to Mindspace on its acquisition of Sustain Properties
• Exclusive Financial Advisor to JK Paper for consolidation of its business operations through a Composite Scheme of Arrangement
• Manager to open offer to public shareholders of Prataap Snacks by Authum Investment and Infrastructure
• Exclusive Financial Advisor to My Home Industries for the sale of 1.5 MTPA Grinding Unit to Ambuja Cements
• Exclusive Financial Advisor to Bajaj Finserv Health on its acquisition of Vidal Healthcare
• Exclusive Financial Advisor to Pocket Aces & its shareholders on stake sale to Saregama India
• Financial Advisor to Universal Sportsbiz for an investment cum sale transaction to Aditya Birla Digital Ventures
• Financial Advisor to Escorts Kubota Limited on restructuring involving the merger of Kubota Agricultural Machinery India (KAI) & Escorts Kubota India (EKI) with Escorts Kubota
• Financial Advisor for the listing of OneSource Specialty Pharma pursuant to a Scheme of Arrangement (demerger) from Strides Pharma
• Financial Advisor to Jamshyd Godrej Family and Smita Godrej Family in connection with the family arrangement involving the Godrej Group
Source: Mergermaket and JM Financial Internal Database
Institutional Equities
Our Institutional Equities business offers a suite of products to domestic and foreign institutional investors, enabling efficient execution across cash and derivatives segment. We seek to deliver to our clients stock ideas, customised servicing, market insights, access to corporates across sectors and eventually efficient execution supported by after trade settlement. Our swift and seamless delivery is backed by our professional and experienced talent across sales, trading, research, operations, compliance and technology functions.
In FY25, Indian equities were supported by resilient flows which were witnessed in heightened primary and secondary market activity. However, yields in the business remain under pressure due to increasing volumes, competitive intensity and the rising use of automation. Nonetheless, our performance continued to remain strong primarily achieved by our talent pool across teams, client servicing, customized and differentiated offerings to our clients, coupled with industry tailwinds. This also reaffirmed our position to be one of the leading stock brokers / investment banks in the country.
Indias structural story remains intact backed by various narratives such as its reaffirmation of its political stability, China +1 theme, make in India, Production Linked Incentive (PLI) schemes, adoption of technology (UPI is applauded by the world), thrust on infrastructure, etc. The first degree impact of this would be witnessed in Indian equity markets which at this juncture are also backed by strong Systematic Investment Plan (SIP) flows, which remained at healthy levels despite a jittery market sentiment in H2 of the fiscal; total SIP contribution for FY25 was H 2.9 lakh crore vs H 2.0 lakh crore in FY24, rising 45% YoY. This highlights the rising participation of retail investors in Indian equities, as financial saving transition from cupboards to banks, and now to equity instruments. Further, the increasing importance of DIIs (ultimately retail participation) in Indian equities was made clear this fiscal, as they absorbed the heavy FII selling that we witnessed. Through FY25, FIIs were net sellers in Indian equities to the tune of H 1.3 lakh crore. This was counterbalanced by DII buying of H 6.1 lakh crore.
Leverage Products
Our portfolio under this segment can be broadly classified into the following: (i) Capital markets lending; (ii) Bespoke finance; (iii) Wholesale mortgage (overflow) lending; (iv) Financial institutional financing; and (v) Retail Mortgage (including purchase pool of assets and lending in retail mortgage lending).
Capital Markets lending
Our Capital Markets Lending group offers loans against shares, and other securities to meet the fund requirements of various categories of clients inter-alia Retail, HNI, HUFs, and Corporate entities. Loans under this segment are typically in the nature of short-term advances.
The capital markets loan book as at March 31, 2025 stood at H 120 crore as compared to H 348 crore as at March 31, 2024.
Bespoke Finance
The Corporate Financing Solutions Group ("CFSG") aims to meet the capital requirements of Promoters and operating companies, such as Promoter stake accretion, acquisition financing, debt refinancing and consolidation, growth funding, bridge to equity fund-raising etc. Our focus is to understand the exact requirement of our clients and structure an optimal financing package of traditional and structured lending products, across a range of tenors, backed by diverse collaterals and guarantees. We strive to add greater value to our clients by offering financing advisory and capital structure solutions along with balance sheet commitment. We differentiate our lending business basis our ability to provide large balance sheet commitment, strong syndication and placement capability, superior client management and efficient turnaround time.
In the past few years, we have been able to establish ourselves as one of the few players which could deliver large sized complex transactions with negligible credit costs. We are ramping up our syndication business with more originate-to-sell credit deals enabling balance sheet churn and higher profitability, whilst also creating a strong market recall for our transactions. The focus has been on originating shorter to medium tenor, higher yielding situational financing structures.
The Bespoke Finance book as at March 31, 2025 stood at H 2,035 crore as compared to H 2,936 crore as at March 31, 2024.
Given our overall low leverage and strong balance sheet position, we have a strong competitive advantage in underwriting complex transactions, thereby providing well-structured and speedy one stop financing solution to our clients. Our broader strategy continues to remain opportunistic in our approach and achieve a reasonable mix of short and medium tenor deals with attractive average yield at a portfolio level.
Financial Institutional Financing ("FIF")
Our Financial Institution Financing business provides customized credit facilities to Financial Institutions (FIs). FIF specialises in underwriting loans to FIs towards their onward lending programme to NBFIs that would typically be rated between BBB and AA. The strategy is to onboard clients that have a strong management team, high-quality investors as a part of their capital structure and scalable business model along with efficient processes and risk management framework.
The FIF loan book for March 31, 2025 stood at H 264 crore as compared to H 1,477 crore as at March 31, 2024.
Real Estate Consultancy Services (Dwello.in)
Dwello is a tech-based real estate consulting division operating within the primary residential real estate space. Dwello team, of experienced professionals and trained consultants, leverages cutting-edge technology and analytics and assists customers in making right decisions during their home buying journey.
Dwello has presence in top 4 Indian cities for residential real estate by volume viz., Mumbai, Pune, Bengaluru and NCR. Our portal displayed detailed information on over 17,700 projects, with 10,661 projects from Mumbai, 5,545 projects from Pune, 1,230 projects from Bengaluru, 18 projects from Delhi and 334 projects from Gurugram.
In the financial year 2024-25, our teams facilitated sales of 797 units spanning 7,12,000 sq.ft. of carpet area. These units were spread across 835 projects belonging to 249 developers across 4 cities. We made this possible by facilitating site visits of over 8,500 unique customers on almost 2,000 projects.
Private Equity Fund Management
JM Financial India Fund II ("Fund II") is a 2019 vintage (i.e., Final Close) private equity fund established as a trust under the Indian Trust Act, 1882 and registered with the Securities and Exchange Board of India (the "SEBI") under the SEBI (Alternative Investment Funds) Regulations 2012, as a Category II AIF.
Fund II is an India-focused, sector-agnostic private equity fund, with the primary objective to achieve superior risk-adjusted returns by investing growth capital in dynamic and fast-growing, small to mid-market Indian companies. We believe that the small to mid-market opportunity is relatively less crowded, allowing attractive investment opportunities in early-to-growth stage companies that are in their early phase of expansion.
Key sectors of interest include financial services, consumer, manufacturing, technology and others (logistics, agri-allied sectors, etc.). Fund II has completed ten investments and is fully deployed. In addition, Fund II has completed partial divestments from two of its portfolio companies, resulting in distributions to investors of approximately 65% of paid-in capital, at attractive rates of return.
JM Financial India Growth Fund III ("Fund III") is a 2023 vintage (i.e., Final Close) private equity fund established as a trust under the Indian Trust Act, 1882 and registered with the Securities and Exchange Board of India (the "SEBI") under the SEBI (Alternative Investment Funds) Regulations 2012, as a Category II AIF. As of March 31, 2025, Fund III has completed eight investments and continues to evaluate a strong pipeline of investment opportunities in its target segment. Similar to Fund II, Fund III is an India-focused, sector-agnostic private equity fund, with the primary objective to achieve superior risk-adjusted returns by investing growth capital in dynamic and fast-growing, small to mid-market Indian companies.
In addition to the two operating Funds, JM Financial also managed the JM Financial India Fund ("Fund I"), a 2006 vintage (i.e. Final Close) India focused private equity fund. Fund I raised H 952 crore and has successfully exited from all of its portfolio companies and distributed / appropriated an aggregate of 203% in rupee terms (before income tax related retentions and reserves), of the capital contributions. Fund I has made an application with SEBI to surrender its VCF registration.
Our Private Equity fund business may face challenges in terms of our ability to raise funds and being able to exit portfolio companies at desired valuations. Further, our portfolio investments are subject to business specific and macroeconomic threats.
Private Wealth Management
Private Wealth serves over 1,000 key clients in India, across Ultra High Net Worth Individuals (UHNIs), Family Offices, Corporates and Institutions. As of FY25, our team strength has crossed 173 employees as against 115 employees in FY24 with a strong presence across all eight Tier I cities and two offshore locations (Dubai and Singapore). Additionally, we are also active in rapidly growing Tier II hubs like Gurugram, Jaipur, Kochi & Lucknow underscoring our commitment to expanding into emerging urban centres. During the year, our team has grown by over 50% across functions and locations to offer enhanced coverage in upcoming cities of affluence. We remain focused on continued growth with an emphasis on deeper outreach in Tier II and Tier III cities.
Private Wealth AUM* (excluding custody assets) stood at H 75,804 crore as on March 31, 2025 as against H 68,105 crore as on March 31, 2024, demonstrating a growth of 11% YoY. Recurring Assets have grown by 54% to H 17,638 crore as on March 31, 2025 from H 11,459 crore as on March 31, 2024.
Private Wealth has a robust open-architecture platform offering products across different asset classes including equities, fixed income, commodities, currency, real estate and other alternatives. Our unique positioning, as part of the broader JM Financial platform, enhances our ability to offer industry leading products and solutions.
Our Private Wealth platform offers the entire gamut of wealth products including Mutual Funds, Portfolio Management Services, Alternative Investment Funds through in-house and third-party asset managers. We also offer in-house equity broking and lending solutions. The products proposition is ably complemented by transactional offerings, both in public and private markets.
In addition to the above, our offshore platform offers tailored advisory and structuring that aligns with both global opportunities and strong regulatory framework. It allows our clients access to international markets, institutional pricing and enhanced product suite, supported by robust compliance and risk frameworks.
*Assets under Management (AUM) comprises distribution assets and advisory assets, as applicable.
Portfolio Management Services (PMS)
Our AUM marginally decreased by 3% YoY from H 1,759 crore as of FY24 to H 1,711 crore as of FY25. In the Discretionary Portfolio Management Services (DPMS), the AUM grew by 26% YoY to H 979 crore as of FY25 from H 777 crore as of FY24. In the Non-Discretionary Portfolio Management Services (NDPMS), the AUM & AUA fell by 25% YoY to H 732 crore as of FY25 from H 982 crore as of FY24.
Over 85% of the total Discretionary AUM has reported positive alpha since Inception. Despite the recent volatility in the market all of our schemes have generated a positive Alpha over a 1-year & 2-year period. With CAGR of 15.7% since inception, our flagship scheme FOCUS continues to report a 1.1% Alpha. Additionally, with a CAGR of 20.3% since inception in February 2023, the latest scheme APEX reported an alpha of 1.5%.
International Operations
We have subsidiaries/step down subsidiaries in Mauritius, Singapore and USA to cater to and service overseas clients/ investors and to carry out permitted business activities in these jurisdictions. We also have a representative office in Dubai.
Regulatory Actions:
As reported during the year ended March 31, 2024, the Securities and Exchange Board of India (the "SEBI") had issued a confirmatory order dated June 20, 2024 (the "Order"), whereby SEBI, in line with the voluntarily undertakings of the Company, had directed the Company to not accept any new mandate as lead manager in public issue of debt securities up to March 31, 2025 or till such further date as may be specified by SEBI. The Order also clarified that the directions contained in it are limited to the Companys role as a lead manager to public issue of debt securities and does not relate to other activities of the Company, including acting as a lead manager to public issue of equity instruments.
The aforesaid matter is pending as of now, the impact of the above matter shall be assessed and given effect to, based on the outcome thereof in the appropriate future period.
The Reserve Bank of India (the "RBI"), vide its press release dated March 5, 2024 had directed JM Financial Products Limited (the "JMFPL") to cease and desist, with immediate effect, from doing any form of financing against shares and debentures, including sanction and disbursal of loans against initial public offering of shares as well as against subscription to debentures. The special audit instituted by the RBI was completed and JMFPL had submitted the response on August 5, 2024 on the remedial measures to the RBI.
The RBI, vide its letter dated October 18, 2024, has lifted the restrictions imposed by it on JMFPL. With this communication, JMFPL is permitted to provide, with immediate effect, the financing against shares and debentures in compliance with all applicable laws and regulations.
Our IB segment is subject to threats which include
• macro-economic factors such as abnormal monsoon, geopolitical tensions, global economic threats impacting the business, economic situation, liquidity situation in the market, cost effective availability of funding and capital market environment; and
• business specific threats such as increased intensity of competition from players across the industry creating downward pressure on yields, fees, commissions and brokerages, regulatory challenges, technology innovations, amongst others.
Financial Performance of Integrated Investment Bank Segment
| ( H in crore) | ||
Particulars |
FY 2024-25 | FY 2023-24 |
| Gross Income | 1,758.61 | 1,977.98 |
| Profit before tax | 676.85 | 911.27 |
Profit after tax before non-controlling interest |
587.43 | 706.75 |
Profit after tax after non-controlling interest |
587.00 | 705.53 |
| Segment Capital Employed | 3,269.21 | 3,092.32 |
Mortgage Lending
The mortgage lending business is divided into two parts (i) Wholesale Mortgage Lending and (ii) Retail Mortgage Lending.
Wholesale Mortgage Lending
The Wholesale Mortgage Lending business is focused on offering a solution based approach to the clients in the real estate sector by catering to their various financing requirements and by keeping in mind the typical nature of the industry. We consider our clients as partners and aspire to have significant mind share of our clients when it comes to financing requirements/solutions.
• Project Loans: Our wholesale mortgage financing business is primarily focused on providing project specific funding for ongoing residential and commercial projects which have received key regulatory approvals.
• Projects at Early Stage Loan: This is offered for projects that are expected to be launched in the near-term. These projects are typically in the approval stage and may be raising funds for development and/or for seeking relevant approvals. These loans are typically advanced in part as a portion of a refinancing of existing loans and in part, as project related funding. Repayment of the loan is expected from project cash flows that will accrue during the loan tenure.
• Loan against Property: These loans are advanced against fully constructed residential and/or commercial units that have been granted an occupation certificate. Repayment of the loan is expected from sale of the units.
The real estate sector is expected to navigate a complex landscape. The broad-based market uptick observed earlier has slowed, with selective micro-markets continuing to perform well. Changing geo-political conditions globally and regionally are likely to prolong buying decision conversion period, impacting market sentiment and transaction volumes. In this environment, we anticipate opportunities for consolidation among developers to strengthen, driven by the need for scale, efficiency, and financial stability. Our focus remains on prudent risk management, prioritizing distribution of credit risk and rewards over warehousing it. We will continue to explore opportunities that meet our risk-return expectations while minimizing exposure to high credit risk.
As we move into FY26, we will prioritize business which includes extending credit primarily to corporates with a focus on syndication. Our primary consideration will be ensuring that our exposures meet our risk-return expectations, while maintaining a disciplined approach to credit risk management. We will continue to look for opportunities to grow our business, while being mindful of the changing market dynamics and geopolitical landscape; and navigate the complexities of the lending and syndication market in FY26 and capitalize on emerging opportunities.
As at March 31, 2025, the total loan book for wholesale mortgage lending stood at H 2,787 crore as compared to H 4,917 crore as at March 31, 2024.
Retail Mortgage Lending
Our housing finance business commenced operations in 2017 in order to expand groups presence in retail mortgage space with a focus on affordable housing finance. JM Financial Home Loans Limited (the "JMFHLL"), the Groups housing finance entity, offers the whole gamut of housing finance products including various kinds of home loans and loan against residential property. We chose to serve the growing needs of housing finance customers in the low and middle-income segments of sub-urban and rural India, going contrary to the industrys preference to serve the customers in the metro cities and urban regions of the country. The majority of our customers have limited access to formal banking credit facilities. We work to bridge this gap by providing affordable and reliable credit to the doors to several Indians who are willing to have house of their own and have limited access to formal banking credit facilities. We are customer centric and are primarily focused on servicing our customers.
Though the policy rates were reduced by 50 bps during the previous year, there was a transition to the transmission to our cost of borrowing which had a bearing during the current year. During the current year, there is no change in our PLR compared to previous year.
In terms of operating performance as at March 31, 2025, the Asset Under Management grew by 26% YoY to H 2,832 crore. The Gross Non-Performing Assets (GNPA) was at 0.9% as of March 31, 2025. The GNPA is below industry average GNPA despite focusing on the affordable housing segment, which reflects that the conservative credit underwriting approach as well as a robust risk framework. We expanded our branch network from 112 to 128 during financial year 2024-25.
The various product offering has evolved over a period of time based on our experiences across geographies and our close association with our customers:
Home Loans
We offer home loans for ready to move in homes, home construction, home improvement, home extension, plot plus construction, balance transfer and top up loans to customers across 128 branches in India with an average loan value of ~ H 9.5 Lakh. We offer home loan to customers in the affordable segment on a proactive basis.
MSME
We offer Loans Against Property (LAP) to SMEs, MSMEs, self-employed individuals and professionals against mortgage of their residential and commercial properties. This product helps clients address funding requirements for both personal and business needs. Clients leverage the economic worth of their property without giving away ownership.
During the financial year 2024-25, the Board of JM Financial Products Limited (the "JMFPL"), a material subsidiary of the Company, had approved the assignment of its entire loan portfolio under one of the loan products namely, "MSME", for an amount aggregating up to H 1,000 crore to one or more parties, in one or more tranches, subject to such approvals, if any, and to the extent required. Additionally, JMFPL shall not originate any new loans towards its MSME loan product.
JMFPL has assigned MSME loans aggregating to H 462 crore ("Assigned Portfolio") and recognized the net gain on derecognition of the Assigned Portfolio. The impact of the assignment of the balance MSME portfolio shall be accounted for in the period when such assignment(s) take place.
Our mortgage lending segment is subject to threats which include:
• Macro-economic factors such as geopolitical tensions, global economic threats impacting the business, economic situation, liquidity situation in the market, cost effective availability of funding;
• Business specific threats such as increased intensity of competition from players across the industry creating downward pressure on yields, fees, commissions and brokerages, regulatory challenges, technology innovations, amongst others; and
• Regulatory changes and adverse sector changes including slowdown in the real estate sector and housing.
Financial performance of Mortgage Lending Segment
(H in crore)
Particulars |
FY 2024-25 | FY 2023-24 |
| Gross Income | 1,317.00 | 1,530.58 |
| Profit before tax | 133.30 | 88.11 |
Profit after tax before non-controlling interest |
96.81 | 58.44 |
Profit after tax after non-controlling interest |
85.47 | 30.93 |
| Segment Capital Employed | 3,888.55 | 4,610.76 |
Alternative and Distressed Credit Business
Our Distressed Credit team is engaged in the acquisition and resolution of distressed assets and has built a strong expertise driven track record of over 15 years in this business. We have a team of professionals from diverse backgrounds who are experienced in banking, corporate debt restructuring and bankruptcy. The team is also involved in financial and legal due diligence for acquisitions and resolution. We also closely work with diverse sector-specific professionals and firms for revival of the acquired units.
The Asset Reconstruction (ARC) industry faced growth headwinds during the year due to low GNPA levels in the banking sector, which limited the availability of stressed assets. Nevertheless, recovery momentum remained strong, supported by IBC, restructuring and settlements and underlying stress in certain pockets continues to offer opportunities for ARCs;
• GNPAs of Scheduled Commercial Banks (SCBs) remain sizeable at H 4.2 lakh crore as of March 2025.
• The share of large borrower accounts (above H 5 crore) remains significant at 43.9%, indicating concentration of stress in bigger exposures.
• For NBFCs, GNPA stood at 3.4%, with early stress signs visible as SMA-1 and SMA-2 accounts aggregating 3.5%.
• Higher stress levels are observed particularly in MSME and Retail Lending segments, especially among NBFCs.
• There has been an increase in write-offs across certain loan segments.
• Both Banks and NBFCs have accelerated the sale of distressed assets to ARCs, creating renewed acquisition opportunities despite the overall lower GNPA environment.
The regulatory environment continued to evolve positively during FY25, providing strong support for the asset reconstruction business. RBI allowed all NBFCs to purchase Security Receipts (SRs) issued by ARCs, as opposed to the earlier restriction applicable only to NBFCs with asset sizes above H 100 crore. RBI relaxed norms for settlement of loans up to H 1 crore by ARCs, simplifying operational execution for smaller exposures. These regulatory enhancements are expected to foster efficiency and provide push to the ARCs.
During FY25, JM Financial Asset Reconstruction Company Limited ("JMFARC") demonstrated resilience and operational excellence despite sectoral headwinds:
• We acquired dues of H 1,559 crore during FY25 as against H 4,255 crore during FY24;
• Recoveries stood strong at H 3,050 crore, an increase of 7% over the previous years H 2,855 crore, underlining our focus on recoveries;
• Security Receipts (SRs) worth H 2,459 crore were redeemed, an increase of 89% over the previous years H 1,303 crore, reflecting our expertise in resolutions;
• Our AUM stands at H 12,878 crore as of March 31, 2025 compared to H 14,500 crore as of March 31, 2024. The portfolio is well-diversified across multiple sectors, minimizing concentration risk;
• The outstanding contribution of JMFARC stood at H 3,387 crore as of March 31, 2025, compared to H 3,789 crore as of the previous year end.
Since inception till March 31, 2025:
• We have acquired total dues of H 79,321 crore at a gross consideration of H 24,839 crore;
• We have successfully completed 97 exits (trusts) across various sectors, which is a testament to our strong track record and expertise in distressed asset resolution.
We continue to leverage strategic partnerships and co-investment models with domestic investors and foreign funds to enhance acquisition opportunities and ensure timely exits. Going forward, our focus remains on predictable growth through diversified acquisitions, resolution excellence and fee-based revenue stability.
Real Estate Fund
During FY25, the Property Fund had exited from all its pending portfolio investments and filed an application for surrendering its Venture Capital Fund licence with SEBI. With this the JM Financial Property Fund is being wound up.
Our alternative and distressed credit segment is subject to threats which include:
• macro-economic factors such as abnormal monsoon, geopolitical tensions, global economic threats impacting the business, economic situation, liquidity situation in the market, cost effective availability of funding;
• business specific threats such as increased intensity of competition from players across the industry creating downward pressure on yields, fees, amongst others; and
• regulatory changes, delays and adverse sector changes affecting the acquisition and resolution of assets.
Financial performance of Alternative and Distressed Credit Segment
| ( H in crore) | ||
Particulars |
FY 2024-25 | FY 2023-24 |
| Gross Income | 226.77 | 326.17 |
| (Loss) before tax | (32.11) | (905.40) |
| (Loss) after tax before non-controlling | (60.88) | (923.09) |
| interest | ||
(Loss) after tax after non-controlling interest |
(18.61) | (527.07) |
Adjusted (Loss) / Profit after tax after non- controlling interest** |
(18.61) | 46.98 |
| Segment Capital Employed* | 1,288.48 | 720.22 |
* Includes non-controlling interest of Security receipts holders under distressed credit business ** FY23-24 numbers are adjusted for additional provision considered in Security Receipts ("SRs") on a few accounts and loans in our distressed credit business in FY24 (post tax and non-controlling interest) of H 574.05 crore.
Asset management, Wealth management and Securities business (Platform AWS)
Equity Brokerage Group
The Equity Brokerage Group offers research based equity advisory and trading services to high net-worth individuals, corporates, and retail clients. The Equity Brokerage Group has its presence in 224 cities in India through a network of 65 branches and 852 franchisees across 867 locations. The combination of branches and franchisees has helped us in achieving a de-risked business model and a widespread presence.
We shall continue to focus on strengthening our branch and franchisee network. We have expanded our reach and visibility through expanding our presence in eastern India and other Tier II and III cities.
We have made hires to strengthen our product and investment counselors team for in-house and third-party investment products through our broking channel.
SEBI MTF is a lending facility that enables investors to invest in equities based on cash/stock margin. During the year, SEBI MTF book increased by 12% to H 1,583 crore as of March 31, 2025 as compared to H 1,410 crore as of March 31, 2024.
The year on year comparative details of average daily turnover in the Cash and Derivative segments of BSE and NSE are given below:
| ( H in crore) | |||
Particulars |
FY 2024-25 | FY 2023-24 | % Increase |
| Cash Market | 1,29,270 | 94,975 | 36% |
| Derivative | 4,25,36,607 | 3,57,47,273 | 19% |
Total |
4,26,65,877 | 3,58,42,248 | 19% |
(Source: SEBI, NSE, BSE)
During FY 2024-25, our average daily volume grew by 38% to H 58,752 crore as compared to H 42,468 crore in FY 2023-24.
Digital Business Group
At , we positioned the brand to align with our core target audience—Digital DIY traders. We introduced our tagline BlinkX - #ItsATraderThing, and refreshed all brand touchpoints to reflect this identity. We launched a successful brand Awareness campaign, "Asli Trader Ke Liye Asli Trading Platform" targeting serious traders through digital platforms, print media, and national television.
This year, we also launched a new tier based pricing model, with Silver, Gold and Platinum plans, having a daily quota of brokerage free NSE FO traded lots with option to subscribe for 2/6/12 months duration. This model gives our customers the flexibility to choose a plan according to their trading behaviours with a substantial savings in brokerage charges. With this pricing model and brand campaign, we are now able to attract high quality Digital DIY traders on the platform, which is seen from the higher percentage of active derivative traders on our App (66%) as compared to the industry average (21%).
We focused on building an Advanced Options Trading platform for our clients by offering new features like, GTT, Order Slicing, BSE Options Chain, Trading in BSE FO, Chart based trading, Basket Orders in Option Chain, Flash trade, Commodity
Trading, MTF Watchlist, etc. The App launched innovative offerings like Gen-AI Newsfeed and Elastic Search.
With modifications in the App interface through UI/UX enhancement to Home Page, Lot Limit Visibility, Positions and Portfolio Screen, we aimed to provide a delightful trading experience to our clients. This year, we also introduced smart trading features like Dark mode, Smart Order Pad, Low Cost Options to cater to our client needs.
We have also launched the first phase of our Web Platform for our existing and new clients and we are working towards developing it into a Full Fledged Options Trading platform in upcoming year.
Our Customer experience team provides 24/7 query resolution service, with 99% resolution rate and a stellar 4.5 app rating based on over 10,500 customer reviews in FY24-25. We also hit a milestone of 1 million App downloads in November 2024.
Elite Wealth Management
Elite Wealth Management focuses on clients with net worth in the range of H 50 Lakh to H 10 crore seeking diverse investment objectives such as creating regular income, wealth creation and wealth preservation. It is currently present in nine cities across India and caters to mass af_uent individuals with a team of 84 as of March 31, 2025 exhibiting a growth of 22% (69 as on March 31, 2024). We endeavour to offer holistic and solution-oriented investment options for our clients such as Retirement Planning, Goal-based Investment Products, Asset Allocation based on investment objectives, etc.
Assets under management (AUM)* grew by 36% YoY to H 2,584 crore as at March 31, 2025 as against H 1,901 crore as at March 31, 2024. Recurring Assets have grown by 15% to H 1,286 crore as on March 31, 2025 from H 1,118 crore as on March 31, 2024.
Retail Wealth Management
Retail Wealth Management has a network of 14,500+ active Independent Financial Distributors (IFDs) who distribute various financial products such as Mutual Funds, SIPs, Fixed Deposits, IPOs and Bonds to retail and high-net-worth customers nationwide. A snapshot of the performance is as follows:
• We have procured more than 1.80 crore applications for IPOs across FY25.
• Mobilized over H 2,289 crore in various Equity and Debt Mutual Fund schemes and more than H 4,816 crore in various corporate Fixed Deposits and Bonds.
• AUM* grew by 8% YoY to H 31,191 crore as of March 31, 2025 from H 28,795 crore as of March 31, 2024.
• 1,838+ New partners from different cities joined us as partners.
• We have reached ~1.6 million clients spread across 10,738 pin codes through our IFD network. Our presence in India accounts for 55% of PAN India pin codes.
• Strengthened its digital presence with substantial growth in online accounts for paperless transactions in mutual funds, fixed deposits, and public issues. ~98% of the transactions across all products are done digitally.
• To help investors in remote areas we initiated Digi-link (for existing MF Investors), Client Investment link (for New Investors), Corporate FD online and Mobile App for investors & partners.
*Assets under Management (AUM) comprises distribution assets and advisory assets, as applicable.
Bondskart
– JM Financials Online Bond Platform, offering a portfolio of corporate bonds ranging from AAA to A credit rating continued to strengthen its reach during the year. The platform provides convenient buying and selling of securities to investors.
Asset Management
JM Financial Mutual Funds closing Assets under Management ("AUM") has more than doubled this financial year. We started FY25 at an AUM of H 6,189 crore as of March 31, 2024 and ended the year with H 13,419 crore as of March 31, 2025. The Average AUM has increased from H 4,352 crore for FY 2023-24 to H 11,665 crore for FY 2024-25 demonstrating an increase of around 168% YoY. The Equity AUM of JM Financial Mutual Fund increased by 158% to H 9,968 crore as of March 31, 2025.
Furthermore, we witnessed a folio count increase from 2.63 lakh as on March 31, 2024 to 9.03 lakh as on March 31, 2025, having YoY growth of 242%.
Another retail aspect which has seen growth is Systematic Investment Plans (SIPs), with a folio count surge of 5x approximately to ~3,55,000 count in FY25 as compared to FY24 ~76,000 count and SIP book per month was up by ~3x (i.e. H 120 crore in March 2025 as compared to H 35 crore in March 2024) in the financial year.
We have empanelled 7,281 new Distributors in FY25. Our initiatives around digital and Institutional distribution tie ups i.e. Bank and National Distributors (NDs) have started gaining traction and now with a presence over 50+ Digital Partners and few NDs & Banks on boarding us, we expect to see this segment growing in future.
Growth of various business vectors can be attributed to the consistent performance of all existing schemes and increasing partner engagement. We continue to firmly believe in existing scheme ramp up and have not launched a slew of NFOs, barring the JM Small Cap Fund NFO which was launched in June 2024.
The social media presence of the AMC is witnessing steady engagement and seems to be aiding in building brand traction. The drive for quality content across all formats fosters not only increased views but also results in partner engagement, as evidenced by our LinkedIn page having close to 20,000 followers.
We are now operational in central India, with the opening of a branch located in the city of Bhubaneshwar, Odisha as on March 31, 2025, we now operate out of 15 locations pan India. This strategic move aims to provide convenient and local access for our Mutual Fund Distributors (MFDs) and partners, enabling them to effectively offer JM Financial Mutual Funds products to their clients with local branch support. Over the past year, we have increased our presence across various media platforms to raise awareness of our brand.
On the Alternative Asset Management platform, our flagship JM Financial Credit Opportunities Fund - I closed seven deals on the platform (across logistics, conglomerates, consumer/ aviation, auto ancillary, manufacturing and professional services sectors) till date and deployed over H 1,200 crore across the Fund and ancillary investments by syndication to investors. The Fund was able to effect profitable exits in four investments (three in full and one partial exit) and continues to explore further deployment opportunities across sectors. Our application for a Co-investment Portfolio Management Services licence has been filed with the regulator and we expect to substantially scale the numbers across both the fund management and co-participations over the next several years.
Our Platform AWS segment is subject to threats which include:
• macro-economic factors such as abnormal monsoon, geopolitical tensions, global economic threats impacting the business, economic situation, liquidity situation in the market; and
• business specific threats such as increased competition affecting market share and fees, higher commissions to distributors, regulatory changes, threats from exchange traded funds, and passive funds and redemption pressures.
Financial performance of Platform AWS Segment
H ( in crore)
Particulars |
FY 2024-25 | FY 2023-24 |
| Gross Income | 1,213.87 | 978.51 |
Profit before tax (adjusted for investments in digital and asset management business) |
229.27 | 217.93 |
| Profit before tax | 109.88 | 117.00 |
Profit after tax before non-controlling interest |
66.99 | 78.36 |
Profit after tax after non-controlling interest |
84.21 | 90.16 |
| Segment Capital Employed | 1,070.91 | 949.11 |
ANALYSIS OF FINANCIAL PERFORMANCE
Consolidated Financial Performance
The consolidated gross income of the Group stood at H 4,452.83 crore as against H 4,832.16 crore in the previous year, registering a decrease of 8% primarily due to decline in Interest income on account of run down of the loan book from a strategic perspective. Profit before depreciation and amortisation expense, finance cost and tax expense during the year stood at H 2,365.57 crore as against H 2,814.78 crore in the previous year. Pre-Provision Operating Profit ("PPoP") for the year stood at H 1,421.59 crore as against H 930.60 crore in the previous year, thereby registering a YoY increase of 53%. The Profit before and after tax stood at H 996.85 crore and H 821.31 crore respectively as against the H 353.37 crore and H 409.84 crore in the previous year. The profit in the current year has increased by 100% to H 821.31 crore from H 409.84 crore in the previous year. This is primarily because in the previous year, there was an impact of H 985 crore on account of additional provision (including exceptional loss of H 846.86 crore) considered in Security Receipts ("SRs") on a few accounts and loans in our distressed credit business.
The following table describes consolidated income during the year:
H ( in crore)
For the Year ended |
||
Particulars |
||
| March 31, 2025 | March 31, 2024 | |
| Interest Income | 1,928.29 | 2,555.59 |
| Fees and Commission Income | 1,019.18 | 1,097.78 |
| Brokerage Income | 578.15 | 491.86 |
| Net gain on fair value changes | 735.47 | 559.55 |
| Net gain on derecognition of | 39.60 | 1.77 |
| financial instruments carried at | ||
| amortised cost | ||
| Net gain on derecognition of | 18.32 | - |
| financial instruments carried | ||
| at fair value through Other | ||
| Comprehensive Income (OCI) | ||
| Other Operating Income | 58.61 | 54.17 |
| Other Income | 75.21 | 71.44 |
TOTAL |
4,452.83 | 4,832.16 |
Interest Income
Interest Income from lending activities continued to be a major contributor to the gross revenue at H 1,928.29 crore as against H 2,555.59 crore during the previous year, constituting around 43.30% of the total revenue. Decrease in interest income is primarily on account of reduction of the loan book from a strategic perspective.
Fees and Commission Income
Fees and commission earned during the year were H 1,019.18 crore as against H 1,097.78 crore during the previous year, constituting 22.89% of the total revenue. The decrease is primarily on account of decline in management fees under Alternative and distressed credit segment which is partially off-set by increase in fee income on account of increase in deal closures in investment banking and advisory and distribution services under Platform AWS segment during the year.
Brokerage Income
Brokerage income earned during the year was H 578.15 crore as against H 491.86 crore during the previous year, constituting around 12.98% of the total revenue. The increase in brokerage income is on account of increase in average daily turnover during the year.
Net gain on fair value changes
Net gain on fair value changes stood at H 735.47 crore as against H 559.55 crore during the previous year, constituting around 16.52% of the total revenue. This primarily includes realised gains on de-recognition as well as mark-to-market changes on account of fair value of investments in equity shares, bonds, mutual funds, security receipts and financial assets under distressed credit business during the year. The increase is primarily on account of increase in fair value gains on investment in equity instruments and security receipts during the year.
Net gain on de-recognition of financial instruments carried at amortised cost
Net gain on de-recognition of financial instruments carried at amortised cost were H 39.60 crore as against H 1.77 crore during the previous year. This is primarily due to gain on assignment of retail mortgage loans which were carried at amortised cost during the year.
Net gain on de-recognition of financial instruments carried at fair value through OCI
Net gain on de-recognition of financial instruments carried at fair value through OCI were H 18.32 crore as against Nil during the previous year. This is primarily due to gain on assignment of MSME loan portfolio which were classified and carried at fair value through OCI during the year.
Other operating income and other income comprising revenue from treasury operations and other activities were H 133.82 crore as against H 125.61 crore during the previous year, constituting around 3.01% of the total revenue.
The following table describes consolidated expenditure during the year:
| ( H in crore) | ||
For the Year ended |
||
Particulars |
March 31, 2025 | March 31, 2024 |
| Finance costs | 1,304.93 | 1,561.52 |
| Fees and commission expense | 343.08 | 294.24 |
| Impairment on Financial | 424.74 | 577.23 |
| Instruments | ||
| Employee Benefits Expense | 963.30 | 795.44 |
| Depreciation and amortisation | 63.79 | 53.03 |
| expense | ||
| Other expenses | 356.14 | 350.47 |
TOTAL |
3,455.98 | 3,631.93 |
Finance Cost
The decline in finance cost from H 1,561.52 crore in the previous year to H 1,304.93 crore in the current year is on account of decrease in borrowings corresponding to declining loan book during the year.
Fees and commission expense
It comprises sub-brokerage, fees and commission relating to secondary market and distribution business. The increase in fees and commission expense from H 294.24 crore in the previous year to H 343.08 crore in the current year is primarily on account of corresponding increase in brokerage and fee income in the current year.
Impairment on Financial Instruments
Impairment on Financial Instruments stood at H 424.74 crore as against H 577.23 crore during the previous year. This is on account of provisioning based on expected credit loss model on the loans, investments, trade receivables and other financial assets carried at amortised cost or fair value through OCI. The decrease is primarily on account of reversal of provisions because of reduction in loan book, which is partially off-set by higher provisioning on increase in Stage 3 assets as compared to previous year.
Employee Benefits Expense
The increase in employee cost by about 21% is mainly on account of increase in the head count, fixed compensation and performance-based variable compensation of the employees in the current year as compared to previous year.
Depreciation and Amortisation Expenses
The increase in depreciation and amortisation expenses by about 20% is on account of fresh capital expenditure during the year.
Other Expenses
It comprises administrative and establishment costs. These expenses increased by about 2% is primarily attributable to increase in legal and professional fees and information technology expenses.
The break-up on a consolidated basis under key segments is as under:
H ( In crore)
FY 2024-25 |
FY 2023-24 |
|||
Particulars |
Amount | % to total | Amount | % to total |
Segment Revenue |
||||
| Investment Bank (IB) | 1,758.61 | 39.49% | 1,977.98 | 40.93% |
| Mortgage Lending | 1,317.00 | 29.58% | 1,530.58 | 31.67% |
| Alternative & | 226.77 | 5.09% | 326.17 | 6.75% |
| Distressed Credit | ||||
| Asset Management, | 1,213.87 | 27.26% | 978.51 | 20.25% |
| Wealth Management | ||||
| & Securities | ||||
| Business (Platform | ||||
| AWS) | ||||
| Others | 154.98 | 3.48% | 204.10 | 4.23% |
Total Segment |
4,671.23 | 104.90% | 5,017.34 | 103.83% |
revenue |
||||
| Less:- Inter | (218.40) | (4.90%) | (185.18) | (3.83%) |
| segmental revenue | ||||
Total revenue |
4,452.83 | 100.00% | 4,832.16 | 100.00% |
Segment Results |
||||
(Profit Before Tax) |
||||
| Investment Bank (IB) | 676.85 | 67.90% | 911.27 | 257.88% |
| Mortgage Lending | 133.30 | 13.37% | 88.11 | 24.93% |
| Alternative & | (32.11) | (3.22%) | 79.60 | 22.53% |
| Distressed Credit** | ||||
| Asset Management, | 109.88 | 11.02% | 117.00 | 33.11% |
| Wealth Management | ||||
| & Securities | ||||
| Business (Platform | ||||
| AWS) | ||||
| Others | 108.93 | 10.93% | 142.39 | 40.29% |
Adjusted Profit |
996.85 | 100.00% | 1,338.37 | 378.74% |
before tax** |
||||
Additional provision on Security Receipts** |
- | - | (985.00) | (278.74%) |
Total Results (Profit before tax) |
996.85 | 100.00% | 353.37 | 100.00% |
| ( H In crore) | ||||
FY 2024-25 |
FY 2023-24 |
|||
Particulars |
Amount | % to total | Amount | % to total |
Segment profit after tax (after non- controlling interest) |
||||
| Investment Bank (IB) | 587.00 | 71.47% | 705.53 | 172.15% |
| Mortgage Lending | 85.47 | 10.41% | 30.93 | 7.55% |
| Alternative & | (18.61) | -2.27% | 46.98 | 11.47% |
| Distressed Credit** | ||||
| Asset Management, | 84.21 | 10.25% | 90.16 | 22.00% |
Wealth Management & Securities |
||||
| Business (Platform | ||||
| AWS) | ||||
| Others | 83.24 | 10.14% | 110.29 | 26.90% |
Adjusted |
821.31 | 100.00% | 983.89 | 240.07% |
Segment profit after tax (after non-controlling interest)** |
||||
Additional provision on Security |
- | - | (574.05) | (140.07%) |
| Receipts* | ||||
Total Segment profit after tax (after non- controlling interest) |
821.31 | 100.00% | 409.84 | 100.00% |
** FY24 numbers are before considering the impact of H 985 crore on account of additional provision (including exceptional loss of H 846.86 crore) considered in Security Receipts ("SRs") on a few accounts and loans. Net Profit after tax and after non-controlling interest for FY24 is prior to adjusting a loss of H 574.05 crore.
| ( H in crore) | ||||
Segment Capital |
March 31, | March 31, | ||
| % to total | % to total | |||
Employed |
2025 | 2024 | ||
| Investment Bank (IB) | 3,269.21 | 32.12% | 3,092.32 | 28.10% |
| Mortgage Lending | 3,888.55 | 38.21% | 4,610.76 | 41.90% |
| Alternative & | 1,288.48 | 12.66% | 720.22 | 6.55% |
| Distressed Credit | ||||
| Asset Management, | 1,070.91 | 10.52% | 949.11 | 8.63% |
| Wealth Management | ||||
| & Securities | ||||
| Business (Platform | ||||
| AWS) | ||||
| Others | 660.86 | 6.49% | 1,631.18 | 14.82% |
Total Capital |
10,178.01 | 100.00% | 11,003.59 | 100.00% |
Employed |
Investment Bank (IB):
The Investment bank business registered revenue of H 1,758.61 crore as against H 1,977.98 crore in the previous year. During the year, the percentage of segment results to segment capital employed was 20.70% as against 29.47% in the previous year. This segment contributed 71.47% to our consolidated profit after tax.
Mortgage Lending:
This segment registered revenue of H 1,317.00 crore as against H 1,530.58 crore in the previous year. Percentage of segment results to segment capital employed in this segment was 3.43% as against 1.91% in the previous year. This segment contributed 10.41% to our consolidated profit after tax.
Alternative & Distressed Credit:
This segment registered revenue of H 226.77 crore as against H 326.17 crore in the previous year. Percentage of segment results to segment capital employed in this segment was (2.49%) as against (125.71%) in the previous year. The contribution of this segment was (2.27%) to our consolidated profit after tax.
During FY24, this segment had accounted for an additional provision (including exceptional loss) in Security Receipts ("SRs") on a few accounts and loans to the tune of H 985 crore. Net Profit of the segment after tax and after non-controlling interest was lower by H 574.05 crore.
Asset Management, Wealth Management & Securities Business (Platform AWS):
This segment registered revenue of H 1,213.87 crore as against H 978.51 crore in the previous year. During the year, the percentage of segment results to segment capital employed in the segment was 10.26% as against 12.33% in the previous year. This segment contributed 10.25% to our consolidated profit after tax.
Standalone Financial Performance:
On a standalone basis, gross income was higher at H 1,037.27 crore for the year ended March 31, 2025 as against H 820.41 crore in the previous year, registering an increase of 26.43%. The profit before tax was higher at H 549.10 crore as against H 410.20 crore in the previous year, registering an increase of 33.86% and the profit after tax was higher at H 538.74 crore as against H 309.60 crore in the previous year, registering an increase of 74.01%. The profit in the current year increased primarily on account of increase in the fee income from H 508.24 crore in the previous year to H 575.14 crore in the current year due to increase in deal closures in investment banking segment and increase in dividend income from subsidiaries from H 87.18 crore in the previous year to H 183.91 crore in the current year.
Key Financial Ratios: |
||||
Consolidated |
Standalone | |||
Ratios |
FY | FY | FY | FY |
| 2024-25 | 2023-24 | 2024-25 | 2023-24 | |
| Interest Coverage | 1.97 | 1.42 | 67.74 | 74.68 |
| Ratio | ||||
| Current Ratio | 2.08 | 2.13 | 2.98 | 11.83 |
| Debt Equity Ratio | 1.13 | 1.48 | - | - |
| Net Debt Equity | 0.77 | 1.04 | (0.04) | (0.28) |
| Ratio | ||||
| Cost to Net Total | 49.32% | 40.28% | 37.16% | 33.02% |
| Income Ratio | ||||
| Net Profit Margin | 17.37% | 0.64% | 51.94% | 37.74% |
| Return on Equity | 9.41% | 4.89% | 12.67% | 7.74% |
| (ROE) | ||||
| Return on Assets | 2.79% | 0.10% | 11.69% | 7.16% |
| (ROA) | ||||
Ratios where there has been significant change (i.e. change of 25% or more as compared to the immediately previous financial year) from FY 2023-24 to FY 2024-25:
Net profit margin:
On a consolidated basis, the Net profit margin for the year ended March 31, 2025 was 17.37% as against 0.64% for the year ended March 31, 2024. The increase is primarily on account of increase in profitability during the year. The profit after tax pre non-controlling interests stood at H 773.59 crore as against H 30.75 crore in the previous year. On a standalone basis, the Net profit margin for the year ended March 31, 2025 was 51.94% as against 37.74% for the year ended March 31, 2024. The increase is primarily on account of increase in profitability during the year from H 538.74 crore for the current as against H 309.60 crore in the previous year.
ROE and ROA:
On a consolidated basis, the ROE and ROA for the year ended March 31, 2025 were 9.41% and 2.79% as against 4.89% and 0.10% for the year ended March 31, 2024. The increase is primarily on account of increase in profitability during the year. The consolidated profit after tax pre and post non-controlling interests stood at H 773.59 crore and H 821.31 crore respectively as against H 30.75 crore and H 409.84 crore respectively in the previous year. On a standalone basis, the ROE and ROA for the year ended March 31, 2025 were 12.67% and 11.69% as against 7.74% and 7.16% for the year ended March 31, 2024. The increase is primarily on account of increase in profitability during the year from H 538.74 crore for the current as against H 309.60 crore in the previous year.
Net Debt Equity Ratio:
On a consolidated basis, the net debt equity ratio as at March 31, 2025 stood at 0.77 times as against 1.04 times as at March 31, 2024. The decrease is on account of decline in borrowings during the year. (Refer Note 50 of the Notes to the Consolidated Financial Statements). On a standalone basis, the net debt equity ratio as at March 31, 2025 stood at (0.04) times as against (0.28) times as at March 31, 2024. The increase is on account of decline in cash and cash equivalents during the year. (Refer Note 39(a) of the Notes to the Standalone Financial Statements)
Interest Coverage Ratio:
On a consolidated basis, the interest coverage ratio for the year ended March 31, 2025 was 1.97 as against 1.42 for the year ended March 31, 2024. The increase is on account of increase in profitability during the year. The consolidated profit after tax pre non-controlling interests stood at H 773.59 crore as against H 30.75 crore in the previous year.
Current Ratio:
On a standalone basis, the Current Ratio as at March 31, 2025 was 2.98 as against 11.83 as at March 31, 2024. The decrease in ratio is primarily on account of decline in investment in liquid mutual funds which are current in nature for making long-term investments in the Subsidiary companies.
RESOURCE MOBILISATION
• After retaining the policy repo rate at 6.5% since February 2023, the Monetary Policy Committee (MPC) had embarked on monetary easing in H2:2024-25. It changed the stance from withdrawal of Accommodation to Neutral in October 2024; cut the policy repo rate by 25 bps to 6.25% in February 2025; and followed with a repo rate cut of 25 bps in April 2025 policy; along with change of stance from Neutral to Accommodative. The change of stance, signals the intended direction of policy rates going forward. Going forward, absent of any shocks, the MPC is considering only two options – status quo or a rate cut.
• In the FY2024-25, the Centres gross market borrowings amounted to H 14.01 lakh crore. For the FY2025-26; Centres gross market borrowings and net borrowings, are budgeted at H 14.82 lakh crore and H 11.54 lakh crore respectively.
• Q4 of FY24-25 was marked by large systemic liquidity deficit, mainly on account of RBI intervention in the forex market and seasonal pick up in currency in circulation. Additional outflow on account of monthly excise and GST payments and quarterly advance taxes; would lead to a steep drop in the systemic liquidity. To ease liquidity conditions, the cash reserve ratio (CRR) of banks was reduced by 50 basis points to 4.0 per cent of net demand and time liabilities (NDTL) in December 2024, releasing primary liquidity to the tune of H 1.16 lakh crore to the banking system. Additionally, RBI injected durable liquidity through OMO Purchase, OMO Purchase auction route, Term Repo Auctions, USD/INR Buy Sell swap auction etc. In all, RBI injected around H 8.0 lakh crore of liquidity.
JP Morgan included Indian government bonds to its benchmark Emerging Market Index effectively from June 28, 2024. Inclusion was staggered over 10 months till March 2025; with weights to touch 10% of the index. This, along with other bond indexes inclusion; could amount to estimated inflow of USD 40-45 billion to India over the period. However as per FAR data; FY24-25 saw H 80,691 crore inflow (USD 9.38 billion).
Below table portrays the rate hike movements during the FY25:
Period / Instruments |
March 2025 | March 2024 | Change in BPS |
| Repo Rate | 6.25% | 6.50% | (25) bps |
| Certificate of Deposits – CD | 7.30% | 7.77% | (47) bps |
| (3 Months) (AAA) | |||
| Commercial Paper – CP (3 | 7.80% | 8.50% | (70) bps |
| Months) (AAA) | |||
| Government Security (1 | 6.47% | 7.08% | (61) bps |
| Year) (T-Bill) | |||
| Bonds – AAA (1 Year) | 7.71% | 8.00% | (29) bps |
| SBI - 1 year MCLR | 9.00% | 8.65% | 35 bps |
Source: www.rbi.org.in, www.sebi.gov.in, www.fbil.com, JM Financial Analysis and others
The Group continued its focus on ALM and maintaining appropriate liquidity on its balance sheet. The Consolidated debt outstanding at the financial year ended March 31, 2025 stood at H 11,419 crore versus H 16,145 crore a year earlier (a decrease of approximately H 4,726 crore). For the respective NBFCs in the Group the focus mainly was on reducing the outstanding borrowing out of the prepayment from clients and for HFC and Broking / Investment Advisory business, the respective companies continued their efforts of diversifying the sources and maturities. The long-term borrowing stood at H 9,204 crore versus H 13,837 crore a year earlier. The Groups long term: short term ratio stood at 81:19. The Groups short-term borrowing as at March 31, 2025 stood at H 2,215 crore compared to H 2,308 crore as at the previous year end. As at March 31, 2025, the liquidity in the Group stood at H 3,660 crore. During the financial year ended March 31, 2025, the Group raised H 1,210 crore as long term borrowings from banks, financial institutions. corporates and mutual funds. Respective companies in the Group have focused on maintaining righteous ALM, elongating maturities, optimising interest cost and maintaining necessary liquidity buffers. The Group continues to explore variety of new avenues of financing to further diversify its borrowing profile.
CREDIT RATING
• The credit rating agencies have continued with their long term rating and outlook on all companies within the Group as per the table below.
• The credit rating agencies have continued with their highest short-term rating of A1+ on all companies within the Group.
Company |
ICRA | CRISIL | India Ratings |
| JM Financial Limited | AA / Stable | AA / Stable | - |
| JM Financial Products | AA / Stable | AA / Stable | - |
| Limited | |||
| JM Financial Credit | AA / Stable | - | AA / Stable |
| Solutions Limited | |||
| JM Financial Home Loans | AA / Stable | AA / Stable | - |
| Limited | |||
| JM Financial Services | AA / Stable | - | - |
| Limited | |||
| JM Financial Institutional | AA / Stable | - | - |
| Securities Limited | |||
| JM Financial Properties and | AA / Stable | - | - |
| Holdings Limited | |||
| JM Financial Asset | AA- / Stable | AA- / Stable | - |
| Reconstruction Company | |||
| Limited |
RISK MANAGEMENT
Risk is an integral part of the business and almost every business decision requires the management to balance risk and reward. The ability to manage risks across geographies, products, asset classes, customer segments and functional departments is of paramount importance for the hindrance free growth of every organisation.
Due to increasing globalisation, integration of world markets, newer and more complex products & transactions and an increasingly stringent regulatory framework, the financial services industry is subject to continuously evolving legislative and regulatory environment.
Presence of JM Financial Group in several businesses, asset classes and geographies, exposes it to various risks. The risk also emanates from various businesses of operating entities within the Group.
At JM Financial, risk management forms an integral part of the business operations and monitoring activities. The risk is managed through risk management framework approved by the Board of Directors, encompassing independent identification, measurement and management of risk across various businesses of the Group. The Company has formulated comprehensive risk management policies and processes to identify, evaluate, manage and mitigate the risks that are encountered during conduct of business activities in an effective manner. We have established a system of risk management and internal controls consisting of an organizational risk management framework, policies, risk management system tools and procedures that we consider to be appropriate for our business operations.
The Group is exposed to a variety of risks including liquidity risk, interest rate risk, market risk, credit risk, operational risk, regulatory and compliance risk, reputational risk, business continuity risk, legal risk, competition risk, cyber risk, sustainability risk, succession planning risk, crisis management risk, money laundering risk, data protection risk.
Risk exposure is monitored and controlled through a variety of separate but complementary financial, credit, operational, compliance and legal reporting systems. A team of experienced and competent professionals, at business level as well as group level, identify and monitor these risks on an on-going basis and evolve processes / systems to monitor and control the same to keep the risks to minimum levels. On-going monitoring by our officials helps in identifying the risks at an early stage. There is a continuous focus on the maker-checker processes. Detailed regulatory as well as regular inspections also help test our processes and compliances.
The Risk Management Committee of the Board was formulated in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board of Directors at its meeting held on February 12, 2024 had amended the nomenclature of the Risk Management Committee to Risk Management and Environmental Social and Governance Committee (the "Committee") and had assigned the additional role and responsibilities pertaining to ESG matters. Further, the Committee has adopted the Risk Management Policy which ensures that risks is overseen and monitored at all the levels. The Committee oversees the risk management policy including functions relating to cyber security, identify and assess the risks, decide the measures to mitigate the risks. The Board reviews the effectiveness of risk management systems in place and ensures that the risks are effectively managed. The Audit Committee has additional oversight in the area of financial risks and controls.
A risk event update report is periodically placed before the Committee which includes, inter alia, the risk identification, risk classification, assessment of impact, risk mitigation/ remedial action, risk status amongst others. The Committee reviews these reports along with the course of action taken or to be taken to manage and mitigate the risks. Additionally, independent Internal Audit firms have been appointed to review and report on the business processes and policies for all operating companies in the Group. The report of internal auditors on set processes is reviewed and discussed by the Audit Committee of the Company and respective operating companies. Apart from the above, the Committee also overview the Business Continuity Plan of the Company.
Various risks associated with the businesses of JM Financial Group are discussed in detail below:
Key Risk |
Description/Impact of Risk |
Risk Mitigation |
The risk associated with the failure of the borrower to meet financial obligations to the lender in accordance with the agreed terms is known as Credit Risk. If any of our borrowers fail to discharge their obligations to us, it would result in financial loss. |
A comprehensive review exercise is conducted for credit approvals, ensuring proper documentation, carrying out extensive credit appraisal, conducting periodic reviews etc., is done as a part of credit risk mitigation. Exposure limits are sanctioned to counterparties based on their credit worthiness. |
|
Credit Risk |
We are in the business of lending against mortgages and providing securities backed loans. Any material unexpected credit losses or failure of the borrowers to repay debt on time, may have an adverse and negative effect on our business. |
Credit risk monitoring mechanism ensures that exposure to clients is diversified and remains within stipulated limits. Careful selection of quality and quantum of collateral is key for a client limit. Effective credit risk management has enabled us to steer through the current environmental stress conditions without any major impact. Various norms for customer identification and evaluation procedure for prospective credit proposals have been stipulated as a part of risk mitigation. Regular portfolio risk analysis is done on various financial and policy parameters, for making required changes in the credit policy as a proactive approach to risk management. |
Market risk is the risk arising from the adverse movements in market price of various securities, which may impact value of portfolio of investment in securities. The risk may pertain to interest bearing securities (interest rate risk), equities (equity price risk) and foreign exchange rate risk (currency risk). |
In order to monitor market risk, a comprehensive set of reports and limits has been put in place that track positions and various risk parameters. The risk framework ensures that the risks are monitored and necessary timely action is taken for every single instance of breach, in case they occur. Our portfolios and collaterals / securities are continuously monitored and also the usage of derivative instruments which minimises the impact of market risk. |
|
Market Risk |
As a part of its operations, the Group makes investments in securities andother financial instruments from time to time. We are exposed to potential changes in the value of financial instruments held by us caused by above factors. Any decline in the price of investments in quoted securitiesmay affectour financial performance and position. |
|
Liquidity risk is the risk arising due to unavailability of adequate funds at appropriate prices or tenure. It also refers to the risk that arises from the difficulty of selling an asset without a high impact cost. |
We maintain sufficient liquidity cushion to meet our borrowing obligation and borrower side funding requirement. We have a strong financial position and all our businesses are adequately capitalized, have good credit rating and appropriate credit lines available to address liquidity risks. We also maintain a part of our capital in liquid assets to manage any sudden liquidity needs. Additionally, the asset liability mismatch and collateral margins are regularly assessed. |
|
Liquidity Risk |
Our liquidity is mainly dependent upon our timely access to, and costs associated with raising funds. Any lack of liquidity in the market could adversely affect our ability to access funds at competitive rates. Our liquidity shall be affected due to severe liquidity crunch in the market or due to market disruptions where we cannot access public funds. Our clients may, due to certain circumstances, not honour their commitments which would indirectly lead to our inability to meet the obligations. |
Liquidity requirements are closely monitored and necessary care is taken to maintain sufficient liquidity cushion for maturing liabilities and for any unforeseen requirements. We also ensure diversification in source of borrowing to reduce dependence on a single source. We also pro-actively modify our liabilities profile in sync with the changing assets profile to ensure that we do not carry any material asset liability mismatch. |
Key Risk |
Description/Impact of Risk | Risk Mitigation |
Operational |
Operational risks can result from a variety of factors, including failure to obtain proper internal authorizations, improperly documented transactions, failure of operational and information security procedures, computer systems, software or equipment, fraud, inadequate training and employee errors. | Well defined policies, operational processes and systems have been devised for our operations. Regular audits are done by internal auditors to monitor the adherence of policies and processes. We also get our systems audited periodically by competent external audit firms. A maker/checker mechanism has been put in place to ensure compliance with laid down systems and procedures in all |
Risk |
Our businesses are dependent on people and processes. Shortcomings or failure in internal processes or systems may have material adverse impact on the financial position as well as affect its operation. | areas of functioning. Also, the key management team consists of professionals with high level of commitment and the team is well versed in the key issues relevant to the holding company structure. They have a good understanding of all the groups businesses helping the group companies to grow in a compliant manner. |
Reputation |
Reputation Risk is the current or prospective risk to business, earnings and capital arising from adverse perception of the organisation on the part of customers, counterparties, shareholders, investors or regulators. | We conduct our business with diligence keeping in mind the stakeholders and their needs. Adequate training is provided to employees to conduct their activities with utmost care and diligence keeping in mind the reputation and status enjoyed by the Company. |
Risk |
Reputation risk is a very high risk and can cause long term and sometime irreparable loss of business/ revenue. Most of our businesses as well as the Company itself operate in strongly regulated business segments. | We have a team of experienced professionals which takes care of compliance with applicable laws, rules, regulations and guidelines affecting our businesses. |
| The risk can arise out of a change in laws and regulation governing our business. It could also arise on account of inadequate addressal of regulatory requirements or differences in interpretation of regulations vis-?-vis the regulators. This risk is heightened in setting up global offices as familiarisation with global regulations and practices can take time as well as lead to risk of inadequate understanding. | We also take external advice and appoint well qualified professionals in respective functions in various offices. All the new guidelines, circulars, notifications are complied with. Formulation of the policies as well as its implementation is taken due care of. Internal audit is carried out by internal team / external professional firms to monitor compliance with best practices, approved policies and applicable regulations. | |
Regulatory and Compliance Risk |
In recent times, these risks have spread to tax laws and unexpected demands being raised by various tax authorities. | Our business team is strongly supported by our Corporate Functions team to quickly calibrate our actions in event of change in regulatory environment. |
Competition Risk |
New laws or regulations or changes in the enforcement of existing laws and regulations may adversely affect the business/revenue/profits. Non-compliance with regulations may invite strictures, penalties and even punitive action from the Regulators. The industry in which the Company operates is growing at a rapid pace and is exposed to tremendous competition at the national as well as international level. Strong growth prospects combined with liberalization of financial services sector have prompted the entry of newer foreign and domestic financial services companies. We operate in a highly competitive market and face significant competition from other players in the financial services industry and from companies seeking to attract our customers financial assets. Entry of new players has increased the competition faced by us. It may also lead to attrition of our key personnel. | Diversified and innovative product an services are offered to keep the customers and other stakeholders intact as well as continuous research and development helps in mitigating the competition risk. Fair and transparent practices help the entity gain competitive advantage over other entities. Our human resource policies and a healthy positive work environment help us attract and retain best talent on a continuous basis. |
Key Risk |
Description/Impact of Risk | Risk Mitigation |
Business Continuity Risk |
In the event of disruption in the conduct of business due to incidents like fire, natural calamity, breakdown of infrastructure, acts of terrorism etc., we are exposed to the risk of loss of data, clients and/or business that can adversely affect our financial results. | We have in place Business Continuity Plan ("BCP") to mitigate the impact of any such exigencies. We continuously test check the processes laid out under the BCP and review the same. Therecords with respect to confidential data are preserved and are secured. |
Cyber Risk |
Cyber risks include risks which could emanate from the failure or compromise of cyber resources / information technology. Cyber threats include phishing attacks, malware attacks, impersonation of group and senior management, ransomware attacks etc., and can result in loss of data, control over information systems and adverse impact on the operations. | We have adopted measures to mitigate the cyber risks including appropriate firewalls, providing regular advisories, training users, reviewing information technology assets and implementing measures against impersonation. These measures include creating a dedicated email ID to verify whether individuals are interacting with legitimate representatives issuing caution advertisements, etc. |
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
We have adequate internal control systems to commensurate with the nature of business and size of operations for ensuring:
• orderly and efficient conduct of business,
• adherence to the Groups policies and procedures, • safeguarding of all our assets against loss from unauthorised use or disposal, • prevention and detection of frauds and errors, • accuracy and completeness of accounting records, • timely preparation of reliable financial information; and • compliance with applicable laws and regulations. Policies, guidelines and procedures are in place to ensure that all transactions are authorised, recorded and reported correctly as well as provide for adequate checks and balances.
Adherence to these processes is ensured through frequent internal audits. The internal control system is supplemented by an extensive program of internal audit and reviews by the team of senior management. We have appointed independent internal audit firms for the Company and all our operating subsidiary companies to assess and improve the effectiveness of risk management, control, operations and processes. To ensure independence, the internal audit function has a reporting line to the Audit Committee of the Board.
Internal audit
Internal Auditors follow Standards on Internal Audit along with guidelines issued by regulators from time to time. The Internal Audit function operates under the supervision of the
Audit Committee of the Board. With a view to strengthen the internal audit across the group, we have appointed the head of risk based internal audit supported by an internal team for our wholesale and retail lending business. The Group also appoints external professionals who provide an independent view and assurance by assessing the adequacy and effectiveness of internal controls, compliance to internal and external guidelines, and risk management practices across the group companies.
Internal audits are conducted periodically to ensure that the assigned responsibilities are carried out effectively.
The team of senior management regularly reviews the findings and recommendations of the internal auditors so as to continuously monitor and improve internal controls to match the organisations pace of growth and increasing complexity of operations as well as to meet the changes in statutory and accounting requirements.
The Audit Committee of the Board of the respective companies reviews the performance of the audit and the adequacy of internal control systems and compliance with regulatory guidelines. Significant deviations are brought to the notice of the Audit Committee of the respective companies and corrective measures are recommended for implementation. The Audit Committee provides necessary oversight and directions to the internal audit function and periodically reviews the findings and ensures corrective measures are taken. They also recommend improving the ef_cacy of the existing internal audit and internal control systems. This system enables us to achieve efficiency and effectiveness of operations, reliability and completeness of financial and management information and compliance with applicable laws and regulations.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
In FY 2024-25, the JM Financial Groups Corporate Social Responsibility (CSR) initiatives continued to espouse an integrated approach to community development. Through our CSR arm – JM Financial Foundation (JMFF), we focused on education, healthcare, agriculture and water conservation, sports development and livelihoods enhancement. We remained committed to reaching some of Indias most challenging and remote geographies in rural Bihar and Maharashtra, where systemic deprivation is often deep-seated, and opportunities scarce.
India lives in its villages, and through our CSR, we extended ourselves to these villages and beyond. Whether it was a farmer struggling for a second crop, a widowed mother rebuilding her life, a pre-school child exploring her world, or an elderly hoping to see again – JM Financial stood by them. We engaged with some of the most marginalized, vulnerable, and socio-economically excluded populations, offering them a dignified platform to dream and aspire.
Each project supported reflects resilience and possibility. From classrooms in distant villages to eye camps in the hinterlands –
JM Financial sought to create environments where aspirations could take root and thrive. The journey has been one of shared progress—walking alongside communities to co-create change that is long-term, meaningful and transformative.
The CSR projects implemented by the Foundation were fuelled by a total CSR contribution of H 23.37 crore, guided by the CSR Committees and approved by the Boards of Directors of respective Group entities. These sanctions complied with the applicable provisions of the Companies Act, 2013, including all amendments and announcements thereafter, and the CSR Policy by all constituent entities of the JM Financial Group. Of the total amount, JM Financial Limited approved and contributed H 4.88 crore, to be allocated and utilized towards the project – JM Financial Shiksha Samarthan.
Towards the end of the year, our ongoing CSR projects also underwent a third-party impact assessment, conducted by the Centre for Excellence in CSR (CECSR) of the Tata Institute of Social Sciences, Mumbai. Beyond mere compliance, this assessment was a reflection of the good governance measures that the Group always strives for.
The sections below highlight the progress made in the aforementioned project, along with others supported group-wide, under their respective Annual Action Plans.
JM Financial Shiksha Samarthan
While the world has moved past Covid-19, families supported by JM Financial Shiksha Samarthan continue to struggle with its devastating impact—losing loved ones, financial stability, and education access, forming just a portion of their worries. Launched in May 2021, the project ensures that children who lost parent/s to the pandemic continue their education at least up till grade 12. Since the project inception, the JM Financial group of Companies has supported 26,198 scholarships for 7,981 students with a total scholarship aid of H 40.82 crores. In
FY 2024-25, the project supported a total of 5,755 students covering private school fees of 3,041 students from 18 states and 3 union territories and ancillary education needs of 2,714 government school students. The initiative implemented by the Foundation as a flagship project, has become a lifeline for families rebuilding their futures gradually.
(Note: All numbers reported for this project are basis the CSR support from across the JM Financial group of Companies)
Nearly 93 per cent of the 3,041 supported students come from tragedy, that are being supported by JMFF, through some of families that have lost their fathers. Though only reported here, their toughest times. these numbers represent families thrown into uncertainty and
Over and above the scholarship support remitted, JM Financial Shiksha Samarthan has made small but significant strides in uplifting the families emotionally and financially.
FY 2024-25 began with a meeting in Mumbai to assess the skills and livelihood aspirations of 33 mothers. Based on this, JMFF identified and enrolled seven mothers in a five-month, customized Professional Beauty Course at Enrich Salon and Academy, Mumbai.
These mothers are now professionally trained on skin and make-up, and will complete the module on hair by August 2025. Attending this course for five hours a day excluding the commute has been a challenge for them, given the compromises theyve had to make on their household responsibilities and current income-generating activities. However, with JMFFs constant motivation and belief in them, the mothers have stayed put, and started their journey to a financially strong future.
Bachpan
Project Bachpan brings the joy of learning and growth to the youngest minds of Jamui district, transforming muddy village lanes into pathways of opportunity. As dawn breaks, children across 19 villages gather at Bachpan Centres, their voices united in song, their hearts eager to learn. For four vibrant hours, they play, explore, and blossom—nurtured by a program designed to ignite their potential.
Spread across 11 villages of Sikandra and eight villages of Khaira blocks in Jamui, Project Bachpan runs 19 brightly coloured pre-school centres to impart play-based, child-centric learning to children aged 2.5 years to 6 years. Begun in 2017 with four centres in Sikandra, the project has expanded its footprint, educating children who belong to some of the most ignored families, owing to the sheer student intake restrictions at the government- run Anganwadis or due to other socio-economic factors.
The academic year 2024-25 saw, a total of 424 children (213 girls, 211 boys) enrolled and learning in 19 Bachpan Centres.
Spanning 17 age-appropriate themes, our project curriculum fosters development across five domains: cognitive, physical, language, social, and emotional. The 40-week academic year includes 32 weeks of core learning, four weeks of revision, and four weeks of assessment. Daily four-hour sessions feature circle time, language and math activities, thematic lessons, physical play, and meal breaks.
From April 2024 – March 2025, students learned 20 Hindi alphabets, two-letter words, and incremental math concepts. The centres remained operational for a total of 256 days, during which, our students maintained an excellent average monthly attendance of 88 per cent.
Three intensive teacher workshops led by an external curriculum expert were held in April 2024 (4 days), November 2024 (3 days), and March 2025 (3 days). Alongside, 24 handholding sessions were held by the JM Financial Foundation team for 19 teachers and 19 sahayikas to be guided on their weekly lesson planning, implementation and review.
Each of our 19 Bachpan Centres radiates with cheerful yellow walls adorned with rainbows, animals, and childrens artwork. Inside, classrooms display student creativity and teacher resources, while outdoor play areas offer safe, colourful equipment. The centres retain their rural charm, with nutritious meals lovingly prepared by volunteering mothers on a monthly roster.
JMFF Digital Saksharta
JM Financial Foundation conceptualized and initiated the JMFF Digital Saksharta project in FY 2021-22, to bring children and youth of Jamui district, Bihar and Palghar district, Maharashtra out from the shrouds of digital illiteracy. In both regions, the project followed a model of reaching out to the most digitally deprived communities, through accessible physical centres set up purposively in their midst.
In Jamui district, the centres in Sikandra block are located in Lachhuar, Jansidih, Nauwadih villages, while that in Khaira block is located in the premises of the Utkramit Madhya Vidyalaya Government school in Deepakarhar village.
The project has been operational in Palghar district by way of a hub centre in Mokhada block, in collaboration with Rayat Shikshan Sansthan. In August 2024, JM Financial Foundation identified, set up and intitiated its second centre as a spoke, at the Khodala Vibhag School – a government-aided school. Through the year, the centres in Jamui have trained 816 students (373 females, 443 males) in 84 batches and those in Palghar have trained 623 students (282 females, 341 males). The training has been imparted in 10 types of courses, with varying content, length and difficulty-level, matched with students, basis their interest and aptitude.
In addition to core computer education, students have received training in English and soft skills, which includes English grammar, life skills, values, workplace ethics, and job-readiness skills. Bilingual course books, developed by our project implementation partner NIIT Foundation, are provided to students for all these courses. In an effort to build community interest and ownership in children and youths digital literacy, the project team organized and conducted 29 Parent-Teacher Meetings, each of which was attended by an average of 30 parents. These meetings are a regular feature in the project, conducted with the objective of engaging with parents of students, strengthening their connect to the centres and bringing them up to speed with the progress of their wards in digital literacy.
In October 2024, 27 students from the Palghar chapter visited CG Power in Nashik, gaining hands-on exposure to industrial operations, manufacturing, and career opportunities in the power sector. They learned about circuit breakers, switchgears, and key departments like R&D, Production, Quality Assurance, and Stores, understanding roles, required skills, and career paths.
Through the JMFF Digital Saksharta project, JM Financial Foundation has taken significant strides in bridging the digital divide in the underserved regions of the two states. By creating access to structured digital education and essential life skills, the Foundation is not only equipping children and youth with the tools needed for a brighter future but also fostering a digitally aware and empowered community.
Pune International Centre
JM Financial Foundation supported the Pune International Centre (PIC), a think-tank established in 2011, for the construction of a new state-of-the-art campus spread over 1.5 lakh aq. ft. at Pashan, Pune. PIC aims to foster economic, social, educational and cultural pursuits, contributing to national development. The campus has been built on 2.8 hectares of land sanctioned by the Government of Maharashtra, considering the notable work done by PIC in the past 12 years towards nation-building. Initiated in April 2023, the first phase of construction - the Research and Administrative building and Amphitheatre - stands complete as of January 2025, and the centre has been formally inaugurated on January 26, 2025. The second and final phase of construction with Library building, Residential building, is underway and shall be completed by the year-end.
JM Financial Centre for Financial Research – Indian Institute of Management, Udaipur
The JM Financial Centre for Financial Research (JMFCFR) at the Indian Institute of Management, Udaipur (IIM-U) was inaugurated on November 29, 2023, with CSR support from the JM Financial Group, towards its new infrastructure and planned research. The JMFCFR aims to facilitate cutting-edge research in finance, accounting, and related fields while maintaining strong industry and regulatory connections. It aims to advance research on traditional topics like financial markets, corporate finance, and accounting quality, with a focus on current issues such as ESG (Environmental, Social and Governance) investing, climate finance, sustainability, FinTech, and inclusive growth.
The JMFCFR is open to 649 students who are currently pursuing their post-graduation, and the institute staff. Since its opening, research assignments have been undertaken at the Centre on topics like - The impact of weather exposure on business decisions, CEO network centrality and firm internationalization, Uncertainty and accounting estimates and Trading around unscheduled announcements, among others.
In FY 2024-25, the JMFCFR has organized eight research talks, three interactive sessions, four brown bag seminars and three workshops. On January 31, 2025, an industry roundtable was organized by the JMFCFR, on the theme – ‘India @2047: The Role of BFSI wherein the participants included top industry-leaders.
JM Financial Sports Project
In the rural hinterlands of our country where quality education is still a distant dream, aspirations in sports often collide with harsh realities. Childrens raw potential remains unseen and ambitions fade before they can take any concrete shape. Recognizing this untapped capacity, the JM Financial Sports Project was launched in 2020-21 with a singular vision: to unearth and nurture sporting talent from the most remote corners of Jamui district, Bihar, where opportunities are scarce but dreams run large and deep.
Beginning with the set-up of a single sportsground in Lachhuar, the project has been operational with four satellite sports training centres to train, nurture and promote children and young adults in football and athletics. These centres are located at Lachhuar village in Sikandra, Chakai village in Chakai, Sonkhar village in Aliganj, and Bela village in Lakshmipur blocks of Jamui, Bihar. In FY 2024-25, the Foundation has expanded the project footprint by inaugurating the fifth satellite training centre at Gidhaur block of the same district.
The project is executed via a six-step model per satellite centre, comprising – ground identification, infrastructure setup, childrens mobilization, trainees enrollment and training, participation in tournaments, and review & evaluation. Training sessions for football and athletics are conducted twice daily, in the morning and evening, with seasonal adjustments to the timings.
Trainees are assessed quarterly on 22 parameters under technical, tactical, physical and personality development areas. The project offers comprehensive support to trainees, including access to quality sports facilities, professional trainers, equipment, training kits, footwear, and nutrition. It also assists with documentation, competition participation, career guidance, and aims to change societal views on sports. Moreover, indirectly but significantly, the project also helps bring about behavioral changes in young ones, channeling their energies in a positive direction. This holistic approach ensures trainees performance and growth in their athletic pursuits.
The project efforts have culminated into some stellar results, visible in our trainees participation in 10 national, seven state, one district and six block level events in football and athletics. As an added mark of their achievement, our participating trainees have bagged 37 gold, 36 silver and 23 bronze medals in athletics.
The JMFF sports project is designed to provide not just training but also mentorship to ensure that young athletes have the guidance and resources to pursue sports as a viable career path. By investing in grassroots sports development, the project aims to create a generation of long-term athletes who can represent their communities, district, state and nation with pride, both on and off the field.
Deepak, born deaf and mute, grew up in Jagdishpur village watching life unfold in silence. His world changed when his cousin Mahi joined a football program. Curious, Deepak watched from the sidelines, captivated but hesitant. Encouraged by the coach and supported by Mahi, he finally expressed his wish to play.
The beginning was tough—fast drills and unfamiliar rules—but the coach adapted with hand signals, and Mahi helped bridge the gap. Deepaks dedication soon stood out. The academy gifted him a jersey, and he never missed a session, even in winter. "Hes our most disciplined child," says his coach.
Once unsure, Deepaks parents now see his growth. "He feels accepted and has changed so much," says his mother. Today, the village sees Deepak, not with his limitations, but with his courage. His journey shows that silence isnt weakness—just a different kind of strength
Model Village Development Project
Agriculture is crucial for Indias economy, supporting 42 per cent1 of the population and contributing 18 per cent2 to the GDP. In Bihar, 77 per cent3 of the workforce relies on farming, but faces challenges like low productivity, fragmented lands, and increasing climate risks. Over 17 lakh population in Jamui, mostly farmers, struggle with small landholdings, annual droughts, and falling levels of groundwater. Against this backdrop, JMFF has launched the Model Village Development Project in 2018-19 to promote sustainable farming and improve livelihoods of small and marginal farmers.
Initially spanning across 15 villages of Sikandra block, since the last two years, it has entered nine villages of the adjacent Khaira, block basis visible backwardness in agricultural practices and resultant yield that is low in quality, quantum and variety. In totality, the project outreach covers over 2,400 farmer families with a three-pronged approach encompassing – farmers education, providing agri-inputs and strengthening water conservation4.
Farmers education
Educating farmers takes shape of organized training sessions as well as one-on-one, need-based guidance provided by our project team. This year, the project team has conducted 54 ongoing, group-based farmers training sessions, which have been attended by over 1,700 farmers, up till end of March 2025.
Seeds and saplings were provided along with trainings across the year, topics such as disease management, high value crops, horticulture, Kharif crop, Jivamrut making etc were covered with live demonstration.
1
https://pib.gov.in/PressReleasePage.aspx?PRID=2034943 2https://pib.gov.in/PressReleasePage.aspx?PRID=2034943 3https://state.bihar.gov.in/krishi/CitizenHome.html4
Covered under Water Conservation project, implemented by JM Financial FoundationApart from the training sessions, the project team also collaborated with institutions like Krishi Vigyan Kendra and the block and district level agriculture offices, to invite seven external subject-matter experts to conduct seven thematic training sessions. These sessions were attended by a total of 648 farmers, whereby they gathered technical know-how on topics like – nursery management, weed and pest management, cultivation of medicinal plants, government schemes related to agriculture and soil conservation. To supplement theoretical learning with practical exposure, JMFF organized two farmers exposure visits as well, orienting 126 farmers to agroforestry, exotic _oriculture and horticulture.
Providing agri-inputs
In addition to training and ongoing support, providing farmers with high-quality seeds and saplings is crucial to achieving the project objectives. This year, we have enabled farmers to cultivate robust quality of staples, along with some high-value, marketable varieties:
Crop |
Total Farmers | Input Type | Input Provided | Area under cultivation (in acres) | Production (in quintals) |
Kharif Season (June to Dec) |
|||||
| Paddy | 649 | 4,596 | 253 | 3,341 | |
| Paddy – SRI | 55 | "Seeds | 228 | 14 | 235 |
| Maize | 369 | (in kg)" | 466 | 85 | 256 |
| Pigeon Pea (Arhar) | 357 | 399 | 73 | 112 | |
Rabi Season (Jan to May) |
|||||
| Wheat | 204 | 3,000 | 68 | 246.5 | |
Mustard |
215 | "Seeds | 300 | 137 | 97 |
Gram (Chana) |
325 | (in kg)" | 1,200 | 41 | 57 |
| Lentils (Masoor) | 164 | 500 | 23 | 23 | |
| Watermelon | 16 | 0.24 | 1 | 2.4 | |
| Chili | 32 | Saplings | 23,250 | 1.5 | 232.5 |
Horticultural varieties |
|||||
Jackfruit |
53 | 242 | Planted along farm | Production in | |
| Bamboo | 40 | Saplings | 119 | bunds nascent stages |
|
| Drumstick | 155 | 366 | |||
The aforementioned seed varieties have been procured from reputed institutes and organizations like Birsa Agricultural University, Kanke – Ranchi (Jharkhand), National Seeds Corporation - Patna and Indian Council of Agricultural Research (ICAR)) Research Complex for Eastern Region – Patna.
The project continues promoting green vegetables through Nutrition Gardens, which in this year, has been done in two phases – 402 gardens in August–September 2024 and 530 in February 2025, with an equal number of farmers. Ranging from 200–700 sq. ft., these homestead gardens optimize water use and ensure diverse yields. This years kits have produced over 800 quintals of vegetables, improving dietary habits in 14+ villages.
Integrated Village Development Project
Nestled in Maharashtras Palghar district, 59 tribal villages dot the rural, hilly terrain of Mokhada block. Since 2018, JM Financial Foundations Integrated Village Development Project has focused on seven mid-eastern villages. Here, small farmers struggle with rocky land, soil erosion, and rain-dependent mono-cropping. Poor irrigation, distant markets, and low yields dwindle their earnings. Tribal farmers face added hardships — scant training, farming informed only by tradition, weak healthcare, and minimal infrastructure — forcing them to farm only to survive, not thrive.
The project aims to uplift small and marginal farmers by improving agriculture, promoting water conservation, and ensuring access to government schemes — building resilience in this fragile yet crucial ecosystem. Last year marked the seventh consecutive year of project implementation, planned as a phase-out with the agriculture and water interventions, and with a planned scale-up of our government convergence efforts. The segments below highlight the progress achieved with the aforementioned methodology.
Strengthening agriculture
Similar to the Foundations approach in agri-interventions in Jamui, Bihar, here too, the project has espoused an approach of educating farmers on scientific agriculture, combined with providing them with high quality seed and sapling inputs. Through FY 2024-25, 27 training sessions have been conducted by the project team, disseminating scientific agri-knowhow to 400+ farmers on subjects like – water conservation, pest and disease management, cultivation and management of Cashew, Mango and French Beans, paddy transplantation, insect and disease management in chickpea cultivation, System of Rice Intensi_cation and jasmine pruning. Additionally, 50 farmers were also provided with practical understanding at two exposure visits to – large, wholesale French Beans market managed by the Agriculture Product Market Committee (APMC) and to Krishithon 2024.
Seeds inputs provided |
|||
Crop |
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| Input provided | Farmers | Land coverage (approx. in acres) | |
Kharif Season |
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| Daftari Paddy | 1,500 kg | 150 | 150 |
| Blue Rice | 250 kg | 50 | 12.50 |
Rabi Season |
|||
| Chickpea | 800 kg | 100 | 25 |
| French Beans | 1.500 kg | 20 | 5 |
Water conservation
JM Financial Foundation in collaboration with Deepak Foundation has researched and implemented the following two ecologically-friendly water conservation models that help arrest and harvest the abundant rainfall received in this region:
Continuous Contour Trenches (CCT)
Since FY 2019-20, the project team has mobilized farmers to dig 12,660 CCTs along hill slopes, each 2 ft. deep, helping reduce downstream water flow and promote water percolation. This year, 518 additional CCTs were dug, with the potential to conserve over 8 lakh litres of rainwater. These CCTs were also lined with 808 mango and 545 cashew saplings provided to the farmers, which will help prevent soil erosion during heavy rains.
Farm Ponds (Jalkund)
Similar to CCTs, the project has also promoted jalkund (farm ponds) – low-cost, dug farm ponds on farmers fiatland plots, to aid irrigation in dry seasons. This year, 70 new jalkund have been excavated and lined, bringing over 100 acres under irrigation cover.
Linking community to public entitlements
Two village-level helpdesks have been established and operational since the projects initiation, to educate communities on government schemes and facilitate their linkages with the same. Over the years, the project has helped disburse nearly INR 9 crore in public entitlements.
Integrated Village Development Project – Scale-up
In Mokhada block of Palghar district in Maharashtra, tribal communities struggle to access welfare schemes due to systemic barriers. Low literacy, poor awareness, and remote locations hinder outreach. Weak infrastructure—lack of roads, electricity, and internet—impedes access to government offices. Poverty and seasonal migration force families to prioritize survival over scheme enrollment. These challenges are further compounded by bureaucratic complexities and documentation challenges that intimidate and exclude eligible beneficiaries.
These woes, combined with the community trust gained by the existing two project helpdesks lent to JM Financial Foundation the rationale for scaling up the existing initiative with eight new helpdesks. Prior to the set-up and operationalization of the new helpdesks, the project team conducted 63 camps for beneficiary registrations and new applications. This was followed by 4,032 households census survey to gain insights into demographics, existing schemes availed of by the community and important documents available with them.
The scaled-up helpdesks were operationalized in August 2024 in eight Gram Panchayats, in the existing Panchayat buildings, with written consent from the Tehsildar, Mokhada.
Each of these has a water storage capacity of up to 1 lakh litres. Up until FY 2024-25, 347 jalkund had been created under the project.
Waterwheels
In a related effort, 200 waterwheels were distributed to the same number of farmer families in four project villages. Introduced last year with 350 waterwheels, these 45-litre rolling drums have eased the task of transporting water over long distances, reducing the physical burden on women and children.
Snapshot of applications received and processed at eight new helpdesks (FY 2024-25)
Up till March 31, 2025, the eight new helpdesks have facilitated the aforementioned convergence under 58 government schemes for communities residing across 10 Panchayats of Mokhada block.
Water Conservation and Allied Interventions
Bihar faces a water crisis marked by stark geographical contrasts, with flooding in the north and drought-like conditions in the south. Jamui district in southern Bihar is severely affected, with groundwater levels often extremely low. Despite numerous water connections, daily access to water remains erratic. Rivers like the Kuil have dried up, exacerbating water scarcity.
JMFF launches its water conservation initiative in FY 2022-23, identifying and rejuvenating traditional wells in want of repair. The Foundation team did not limit itself to a specific geography, but visited each well across Khaira, Chakai and Sikandra blocks of Jamui, following the project methodology for the rejuvenation of 60 decrepit wells. In FY 2024-25, our project efforts were extended to Laxmipur and Barhat blocks in the district, facilitating the renovation of an additional 60 wells. The methodology for project execution included:
Identification of decrepit wells, whereby 344 wells were visited in four blocks, and categorized basis repair urgency.
Wells in want of repair/reconstruction were identified and assessed basis their history, ownership, structural integrity, community usage, water level and yield, proximity to vulnerable populations, and challenges. Sabhas to Sabha (village meetings) were organized to secure community approvals prior to commencement of civil work.
Each well underwent close to a month-long process of renovation, including – cleaning, de-silting, wall repairs and elevation, platform reconstruction, and installation of lids/pulleys. Maintaining the project design from the previous year, this year too, JMFF facilitated the construction of 46 bath sheds for women and two cattle water tanks in the vicinity of some of the wells.
Once completed, the renewed wells were lined up for a ceremonial handover to the respective communities with large-scale community meetings. The water level in each renovated well will be measured monthly for a year post project intervention, to evaluate their impact.
An impact evaluation conducted through by a third-party in September 2024, for 12 of the first few wells renovated in FY 2022-23 revealed a positive scenario. Nine of 12 renovated wells were reported by the village-residents to yield water year-round, irrigating 27.32 hectares—a 40.8% increase from the previous year. Farmers claimed that crop yields had risen by 18.8%, with household farm incomes increasing significantly. Water quality was measured to be containing safe counts of TDS (Total Dissolved Solids) composition. These results, complemented by a monsoon plus year in the region, affirm the projects tangible benefits in strengthening water security and livelihoods in Jamui.
Integrated Livestock Development Centres
Livestock sustains rural India by providing income, nutrition, and economic security for the larger proportion of farmers with marginal and small landholdings. In Bihar, 78% of farmers have small landholdings, making cattle-rearing vital yet tough. Limited vet care, poor nutrition, and lack of scientific knowledge hinder productivity. To help address these concerns, JM Financial Foundation launched the Integrated Livestock Development Centres (ILDCs) in 2017-18 across Chakai, Jhajha, and Sikandra blocks of Jamui district, Bihar. Our efforts took the form of 21 ILDCs being set up and run as para-veterinary care clinics, operated by Gopals – rural para-vet professionals trained and equipped under the project, providing 24*7 cattle healthcare services. As on date, the project runs 22 ILDCs with the inclusion of Khaira block as well.
Since the project inception, the Gopals have provided a range of clinical and preventive services to over 12,000 farmers and their livestock, significantly improving farmers awareness and ensuring access to veterinary care in remote villages.
Over the past seven years, the project Gopals have consistently gone above and beyond their duty to ensure the availability of medical and emergency care for cattle. The healthcare services they provide include de-ticking, de-worming, vaccinations, first aid, infertility treatment, and cattle health camps. Simultaneously, the project has worked to increase milk yield and improve farmers livelihoods by offering green fodder seed support and extensive scientific education to raise awareness about preventive and advanced cattle rearing practices.
Farmer beneficiaries under the project have reported receiving benefits in the form of:
Reduction in their expenses on veterinary treatment for livestock, and therefore, better savings.
Ability to diagnose cattle healthcare issues early and appropriately, leading to timely treatment and recovery, preventing morbidity, mortality, with consequent economic losses.
Infertility treatment, combined with optimal care practices, which has enhanced their cattles calf-bearing capacity and milk productivity.
Increased per capita availability and consumption of milk among the cattle owning families.
Shri Vardhman Nidan Seva
Access to healthcare is a fundamental right, yet millions in rural India remain underserved. The system faces critical shortages of personnel, awareness gaps, high costs, and reliance on untrained practitioners, leaving many without proper care.
For rural families, illness brings not just suffering but despair. Distance, terrain, and lack of facilities turn medical needs into relentless struggles.
Shri Vardhman Nidan Seva bridges this gap with Mobile Health Units (MHUs), delivering doctors, medicines, and hope to remote communities. Each visit restores health and dignity to those long neglected.
In Jamui, an Aspirational District over 17 lakh population, healthcare infrastructure is severely lacking. Over four years, our project has emphasized curative over preventive preventive care, raising awareness and reducing dependence on unqualified practitioners.
The project is implemented with two Mobile Health Units (MHUs), staffed with a clinical and non-clinical team. The project operates across 30 villages and extends its reach to 55 tolas (hamlets) from the surrounding areas of these villages. Both MHUs provide healthcare services to communities in the Khaira and Sikandra blocks.
Through a total of 24,940 OPD consultations, the two MHUs have treated 11,443 patients, most of who are aged 40+ years and have sought treatment with the MHUs largely owing to orthopedic, dermatological, respiratory, cardiovascular and gastrointestinal ailments.
Preventive healthcare
As part of Behaviour Change Communication, and in a bid to avoid the recurrence of preventable ailments, the project team plans and executes a yearly training calendar to educate themselves and the communities on major health ailments every month, through MHU clinic-based sessions and door-to-door awareness. Through the year, a total of 550+ sessions have been held in the village communities, covering subjects like tuberculosis, menstrual health, hypertension, monsoon diseases, antenatal care, anaemia, malnutrition, family planning and diabetes.
Special focus interventions
Over the past two years, Shri Vardhman Nidan Seva has made attempts to gradually uproot, some chronic health concerns, such as anaemia, malnutrition and hypertension, that have presented themselves as frequent and ubiquitous in the region. This has facilitated greater awareness-building and encouraged the community members to discuss health issues without any hesitation with the project team and seek timely diagnosis and treatment.
a) Addressing anemia for Antenatal Care patients
Antenatal Care encompasses the well-being of women during pregnancy, childbirth, and the postpartum period. Many women in our project geography remain unaware of pregnancy due to an absence of sonography services, relying only on symptoms like nausea or missed menstruation cycle. Economic hardship and social norms force these undetected pregnant women into strenuous labor, while household food inequity leaves them undernourished. Frequent pregnancies normalize childbirth, reducing attention to maternal and child health. To address these criticalities, Shri Vardhman Nidan Seva has developed and deployed a three-pronged strategy elaborated below:
1. Early pregnancy Detection & Registration
• Pregnancies confirmed at MHUs; 668 women registered (Apr 2024 – Mar 2025).
• Women issued ANC cards, linked to ANMs, encouraged for Iron-Folic Acid /calcium tablet intake; 3+ lakh tablets distributed.
2. Doorstep Ante-Natal Care (ANC) Services
• Home visits reduced travel and late detection of pregnancy.
• Women guided to use project-provided ANC cards to obtain government Mother & Child Protection Cards.
3. Nutritional Support
• 2,273 nutrition kits given to 668 pregnant women, containing roasted chickpea _our, groundnuts, pulses, and soya to boost maternal nutrition.
b) Maternal and child healthcare
Recognizing the socio-economic and cultural factors influencing maternal and newborn care practices, the project has expanded its postpartum care interventions for mothers and infants. One-on-one counselling sessions educating mothers on critical aspects of postpartum care, including but not limited to delayed bath for hypothermia prevention, early initiation of breastfeeding, non-disposal of colostrum, timely vaccinations for the new born, and so on. Of the 294 lactating mothers registered with the project, 74 per cent were at moderate and severe levels of anaemia in April 2024, which by the year-end had reduced to 37 per cent.
Malnutrition remains a critical issue in our project geography due to low food security, poor dietary diversity and resultantly, stunting in children. To combat this, the project has screen 1,163 children aged 6 to 59 months. Moderately malnourished childrens families have been counseled on home-based care with nutritional support. Severely malnourished children have been referred to the district-level Nutrition and Rehabilitation Centre for intensive therapy. c) Adolescent anemia and menstrual health
• Registered adolescent girls undergo height, weight, and haemoglobin screenings to detect anaemia.
• Iron Folic Acid (IFA) supplements and nutrition garden seeds are distributed annually to boost iron intake and dietary diversity.
• Interactive health sessions cover anaemia prevention, iron-rich diets, menstrual hygiene, and myth-busting through engaging activities like role-plays and quizzes.
Maitri Karuna Netralaya
In the heart of Bihars rural landscape, where healthcare remains a distant dream for many, Maitri Karuna Netralaya stands as a strong pillar for underprivileged communities. It is a place where sight is restored from the depths of despair. For countless elderly people left in darkness, children struggling with a hazy world, and breadwinners losing their livelihoods to preventable blindness, our Netralaya is more than a hospital; it is a second chance at life. The Netralaya revives lost aspirations, restores dignity, enables independence, and reaffirms that blindness should never be worsened by geography, distance, or socio-economic challenges.
Since January 2023, Maitri Karuna Netralaya in Jamui, Bihar, has been a beacon of hope and the only specialty eyecare facility. As of March 31, 2025, the Netralaya has performed 8,364 (cumalative) eye surgeries.
The Netralaya manages a daily footfall of about 150+ OPDs and 25+ (average) surgeries per day, with an increased in_ux of patients during peak seasons i.e. September to March.
To enhance early detection of severe eye ailments Netralaya has started weekly Glaucoma and Retina clinics since October 2024, which are equipped with the following: Optical Coherence Tomography (OCT) – The OCT machine provides non-invasive, high-resolution, detailed cross-sectional images of the retina and its layers. Visual Field Analyzer – A visual field analyzer assesses peripheral vision loss, particularly in glaucoma and neurological disorder patients. It also helps to examine, measure, and monitor peripheral vision loss.
During the reporting period, the advanced equipment helped diagnose 628 patients with sight-threatening conditions like retinal detachment, diabetic retinopathy, macular degeneration and other chronic eye ailments, which helped in timely treatment and referral.
As an extension of the Netralaya services and to effectively manage the OPD patient load, JMFF launched a Mobile Eye Clinic (Netra Chikitsa Vaahan) to diagnose eye-ailments in remote villages and provide doorstep eyecare services. The fully equipped van features a slit lamp, an auto kerato-refractometer, and vision testing tools.
Staffed by an optometrist, patient care assistant, and driver-mobilizer, it helps in: Spreading awareness about the Netralaya, far and wide, promoting early detection of cataract and other vision issues Screening patients at their doorstep Establishing fixed follow-up camp locations across the district
LIVELIHOODS AND ENTREPRENEURSHIP
Shri Vardhman Utkrshtata Kendra
On December 6, 2024, the Foundation took a defining step in the direction of empowering livelihoods, with the set up and inauguration of Shi Vardhman Utkrshtata Kendra (Centre of Excellence in skilling), designed to impart training in superior quality tailoring and embroidery.
This initiative in collaboration with JK Trust (Raymond Group) is a major step in building the capacities of local communities, by imparting lucrative skills that catalyze economic independence and encourage self-employment.
In the preparatory stages, the centre was technically designed and set up to align with the projects objectives, ensuring a well-equipped and structured learning environment. It includes a tailoring laboratory housing 20 single-thread automatic machines, an interlock machine, and five traditional machines for hands-on training. The embroidery room features five frames (6 x 3 ft) to accommodate 10 students in a batch, while the theory room is designed to accommodate 40 students.
The project currently offers training in two skill-areas i.e. Industrial Tailoring and Embroidery. Courses are five-month (700 hours) covering essential skills such as measurement, cutting, and stitching stiching basic and designer clothes. Embroidery course is three-month program focusing on traditional and native embroidery techniques like Aari, Zardosi, Kantha and Sujni. January 2025 onwards 42 trainees are undergoing training at the Centre.
The projects primary goal is to create self-employment opportunities for trained individuals. Upon completing these courses, trainees will be equipped to stitch various garments and perform intricate embroidery, enabling them to establish their micro-enterprises, such as boutiques/tailor shops or secure employment in reputed garment industries through project-facilitated placements.
EMPLOYEE VOLUNTEERING
This year, #BroCode, a mentorship program, was initiated as a part of JM Financial employee volunteering and Thrive initiative. The initiative essentially was meant to support students under Shiksha Samarthan project receive mentorship by JM Financial volunteers. Under this program, the Foundation conducted three workshops – two in Mumbai head-office and one in Bengaluru between November and January 2025. During the period, 52 students formed meaningful connections with 26 employee volunteers over three of_ine group interactions and a total of 69 one-on-one online sessions.
HUMAN RESOURCES
At JM Financial, the success of our organisation is deeply rooted in the growth and achievements of our people. As of March 31, 2025, our employee strength stood at 4,680, a significant increase from 4,000 employees in the previous year and 3,259 employees as of March 31, 2023. This reflects a net addition of 680 employees in FY25 and 1,421 employees over the past two financial years.
Our expansion has been driven by the growth of our businesses, particularly in the non-institutional segments such as asset management, wealth & distribution, and retail mortgages. In line with this, we continue to actively identify and attract high-calibre professionals to build and strengthen teams across all functions.
Our Human Resources team remains at the heart of this journey, playing a strategic role in aligning our talent priorities with business goals. Their efforts are focused on attracting, nurturing, and retaining the right talent to fuel long-term, sustainable growth.
Despite an ever-evolving environment, our HR team has remained steadfast in fostering a workplace culture that is dynamic, inclusive, and compliant. Our commitment remains to build an organisation where collaboration, innovation, and performance _ourish ensuring JM Financial continues to be a place where people can do their best work.
Engagement Surveys – Great Place to Work
JM Financial Group has been accredited as Great Place to Work-Certified™ by the Great Place to Work Institute for all seven participating entries/ businesses for the period February 2025 – February 2026.
Talent Management
We believe that investing in our people is essential to driving long-term success, and we remain committed to making talent management a top priority in the years ahead. Our focus includes strengthening recruitment efforts, enriching the onboarding journey, enhancing learning and development initiatives, and building robust career growth and succession planning frameworks to foster a highly engaged and motivated team.
Workforce Diversity
At JM Financial, our commitment to building a diverse and inclusive workforce is rooted in our strong foundation of providing equal employment opportunities to all. We are dedicated to ensuring a workplace free from discrimination or harassment based on race, colour, religion, age, gender, sexual orientation, national origin, citizenship, disability, marital status, pregnancy or veteran status.
Hiring
At JM Financial, we believe our people are central to everything we do. We see employees as true partners in our journey, driving client-focused outcomes and strengthening our competitive edge. Our talent strategy goes well beyond hiring; we are committed to developing potential through robust learning initiatives that empower individuals to grow and create lasting impact.
Our hiring approach across the Group is thoughtfully designed to attract high-potential talent and offer clear, structured pathways for career progression and development.
While experience is valued, we place even greater importance on cultural alignment and shared values. We seek individuals with strong cognitive ability, intellectual curiosity, and a growth mindset, traits we believe signal long-term potential. Where skill gaps exist, we provide targeted training and continuous support to set our people up for success.
To further strengthen our talent pipeline, we have established a centralised campus recruitment team at the Group level. This dedicated team plays a critical role in cultivating strong, long-term partnerships with leading B-Schools, Professional institutes, Law colleges, and Social Studies schools. Through ongoing engagement, they collaborate closely with these institutions to offer projects, internship programs, and final placement opportunities—ensuring a consistent inflow of fresh talent aligned with our business needs and cultural values.
Rewards and Recognition
At JM Financial, we understand the importance of recognising and rewarding employees for their dedication and contributions toward our shared goals. A culture of timely and fair recognition helps drive motivation, engagement, and performance across the organisation. To support this, we regularly celebrate achievements at all business levels through structured rewards and recognition initiatives and use platforms like iCheer, enabling team members to appreciate and acknowledge each others efforts in real time.
Employee Engagement
At JM Financial, celebrations are about more than just confetti and cake—they are a harmonious blend of joy, team connection, and renewed purpose, forming a vital part of our success.
While we enjoy festive occasions like birthday celebrations and holiday gatherings, our approach to celebrations goes further. We actively recognize and reward individual and team achievements, creating moments of shared pride that inspire motivation and encourage others to excel. Together, we turn every accomplishment into a reason to celebrate and strengthen our collective spirit.
For International Yoga Day team sessions led by branch heads promoted wellness. In other initiatives rewards and recognition were conducted celebrating team efforts. Onam was celebrated in traditional attire and Pookalam designs showcased creativity and unity. For Ganesh Chaturthi a pan-india potluck brought teams together in festive spirit. Flag hoisting and tricolour attire celebrated patriotism on Independence Day. Navratri was celebrated with a garba competition with prizes for best dancers and best dressed along with snacks created a fun, cultural evening. Diwali Mela, and festive lunches lit up all branches. Christmas fever was in the air with Secret Santa, a festive Bazaar, and potlucks which spread holiday cheer.
We had Indoor Games with a record 824 registrations across our offices for Carrom, Table tennis, and Chess in 5 categories. In addition to all other initiatives, we actively promoted employee engagement through a series of high-energy sporting events across football, bowling, and cricket. Highlights included hosting the Football Championship with 42 teams and 336 players, and organizing a successful Bowling Championship with over 100 teams participating. Our Cricket Championship saw record-breaking participation from 28 Mens teams for leather ball cricket, 22 Mens box cricket teams and 9 Womens box cricket teams with nearly 700 participants. Additionally, regional box cricket tournaments were organized in Ahmedabad, Delhi, Bangalore and Calcutta for employees in respective regions. We also participated in inter-corporate events for football and cricket, reinforcing our commitment to teamwork, wellness, and camaraderie through sport.
Employee Wellbeing Initiatives
At JM Financial, we are dedicated to supporting our employees in achieving their best physical, mental, and emotional well-being. To help make this a reality, weve introduced thoughtful initiatives such as Doctor on Call and robust Leave & Paid Time Off policies that prioritize health, rest, and balance.
Performance Management
We follow a comprehensive and structured performance evaluation process for our annual reviews, which has been fully digitalized with the launch of a performance evaluation calendar. This approach enables us to assess employee capabilities effectively and utilize their strengths. It also allows us to identify development areas, which are addressed through targeted training programs based on a detailed Training Needs Analysis. Additionally, training sessions are conducted for new joiners to familiarize them with the appraisal process and the associated systems.
Compensation and Benefits
Our compensation framework is thoughtfully designed to align employee interests with the long-term goals of the organization and its stakeholders. At JM Financial, we also offer a range of benefits tailored to support the diverse needs of our employees. These benefits form a core part of our employee value proposition, providing meaningful support to employees and their families throughout their journey with JM Financial.
Succession Planning
Our succession planning framework is designed to identify, develop, and prepare future leaders for key roles across the organisation. The objective is to build a strong and sustainable leadership pipeline, ensure smooth transitions, and maintain business continuity, whether in response to planned changes or unforeseen circumstances.
The process involves identifying critical roles in collaboration with business leaders, assessing internal talent, understanding future leadership requirements, and creating targeted development plans. Regular reviews are conducted to track progress and refine the approach, ensuring readiness and alignment with evolving organisational needs.
Learning and Development
At JM Financial, Learning and Development has continued to be a cornerstone of our people-first philosophy. Through a blended learning approach—combining virtual and in-person sessions—we equip our employees with the knowledge, skills, and mindset necessary to succeed in a dynamic business environment. Our monthly training calendars, Knowledge Community initiatives, and "iLearn" our Online Learning Management System helped promote a culture of continuous learning and industry awareness.
Our past initiatives spanned a wide range of focus areas. Capability Building Programs included Teach-In Sessions—specialized internal knowledge-sharing forums tailored for the Investment Banking team. New campus hires participated in the Trainee Immersion Program, which provided a comprehensive onboarding experience across sales, products, communication skills, business etiquette, and grooming.
We also conducted sessions focused on Soft Skills and Personal Development, covering topics such as client interaction for new joiners, High-Impact Presentation Skills for experienced professionals, ABCD of Image Management, Attention to Detail, and Listening Skills.
Our Technical and Business Skills Enhancement efforts featured expert-led sessions on Advanced Excel and Microsoft PowerPoint Mastery. We also explored the use of emerging tools in sessions like PR Writing Automation with AI.
In collaboration with external partners, we launched Strategic Upskilling Programs on topics such as Power BI, AI Marketing, Financial Planning, Communication, and Time Management—nominating selected employees based on relevance and business need.
A notable initiative was the Jombay 1000 Women Leaders Program, where eight women employees were nominated to participate in a leadership development journey aimed at nurturing future CXOs.
For interns, we rolled out a structured development journey, including workshops on Advanced Excel, Bloomberg, Financial Modelling, and Impactful Communication—laying the foundation for strong early career development.
We remain committed to fostering a learning culture that supports holistic employee growth. By leveraging both internal expertise and external collaborations, our L&D efforts have empowered our people with critical skills, enhanced role effectiveness, and helped build a strong pipeline of future-ready leaders.
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+91 9892691696
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