Tariffs and geopolitical conflicts fuelled global volatility
Fiscal 2026 was impacted by volatility, the events which inflicted pain kept on varying throughout the year. It started with US President Trumps Liberation Day tariff announcement in April 2025 and with every passing day the level of uncertainty global markets had to face, kept on increasing. The trade war between US and China, engulfed the entire world as the reciprocal tariffs were imposed on every trading partner of US, with an intent to correct the trade imbalance US had with these countries. India was subjected to 26% reciprocal tariffs while China was levied 34% import duty by the US. Tariffs did not remain static, as India was levied a punitive tariff (50%) in August 2025 in retaliation to Indias continued imports of Russian crude oil. By February 2026, India and US had agreed on an interim trade deal wherein US tariffs on India reduced to 18% and India agreed to cut tariffs on US goods to Nil. However, this positive development was short-lived after the supreme court in US deemed the country specific tariffs illegal. The tariffs were later brought down to 10% by US. Other than the tariff tantrums, global economy had to face a number of geo-political conflicts including between Israel-Palestine, Israel-Iran, unrest in Africa, India-Pakistan along with the ongoing conflict between Russia-Ukraine and the major escalation between US-Iran and Israel. Of all the conflicts, the one between Israel and Iran in June 2025 had a noticeable macro impact on a global scale as Brent crude oil prices surged +20% in the first 20 days in June 2025, which took 6 months to normalise. Equity markets in US were in a bull run since April 2025 on the back of AI adoption, broader index (S&P) gained 36%, the tech-led Nasdaq index was up ~ 50%. The 75 bps rate cuts by the Fed since September 2025 supported the investments in the AI but was in response to the weakening labour market and the anticipated inflationary surge fuelled by tariffs, which did not materialise. However, the major escalation in the conflict between US-Iran and Israel severely impacted global trade - mainly EM economies due to their heavy reliance (50-90%) on oil/gas in this region which got choked due to the closure of the Strait of Hormuz (SoH). Irans unexpected retaliation in the form of asymmetric warfare extended the conflict to more than a month. Crude oil price surged 60% since February, unlike in India the pump prices of fuel rose by +40% in developed economies like the US. Central banks in EU and US deliberated rate hike possibilities to address the anticipated inflationary concerns. The Dollar index reflected weakening bias throughout the year amidst volatility but the elevated crude oil price exerted pressure on the currencies of the EM economies. If we leave aside crude oil, gold outperformed every other asset class in FY 2025-26 with a 60% return. US treasury yields remained rangebound (4-4.5%) and closed the year at 4.31%.
India: From goldilocks to severe supply disruptions
Indias macroeconomic narrative revolved around the uncertainties from US tariffs to being a goldilocks scenario and later to one impacted by the severe supply disruptions caused by the month-long conflict in the West Asia. Market sentiments worsened on India being levied punitive tariffs by US and later for not having any AI play compared to other economies. FIIs consistently sold in Indian markets (USD 16.9bn, of which USD 19.7bn in equities) throughout the year but it intensified in March 2026 (USD 13.6bn, of which USD 12.7bn in equities) at the peak of West Asian conflict. INR (Rs. ) depreciated at a steep rate of 9.9% against the USD in FY 2025-26, of which 4.1% happened in March 2026. Amidst FII selling, SIP flows continued to grow at 20.8% YoY to 3.5tn in FY 2025-26. The deflationary phase throughout FY 2025-26 aided the domestic economy to navigate the supply shocks to some extent however it led to a lower nominal GDP growth of 8.6% in FY 2025-26. The RBI remained growth supportive by frontloading policy easing to the tune of 125bps rate cuts (100bps in FY 2025-26). Amidst uncertainties, India signed trade deals with a number of economies including UK, Oman, New Zealand and the deal with the European Union was termed as the mother of all trade deals during FY 2025-26. Considering these trade deals take time to be effective and the global trade was impacted by uncertainties, Indias trade deficit deteriorated to USD 333bn in FY 2025-26 versus USD 287bn in FY 2024-25, however Indias services surplus (USD 214bn in FY 2025-26 versus USD 189bn in FY 2024-25) continued to cushion Indias overall trade balance. Moreover, Indias forex reserves continued to remain comfortable at ~ USD 700bn with an import cover of ~11 times.
Fiscal situation remained tight
The central government continued on its fiscal consolidation path, however at a slower pace as the fiscal deficit target set for FY 2026-27 was set at 4.3% versus 4.4% in FY 2025-26. With an aim to revive consumption demand in the economy, the government announced measures like income tax exemption as well as GST rate rationalisation. Despite these consumption boosting measures, the government continued to push for capex, as reflected in the allocation of 12.2tn in FY 2026-27.
Governments fiscal position remains comfortable as per the revised estimates for FY 2025-26, as during April-February 2026, Indias fiscal deficit forms 80.4% of the annual estimate of 15.6tn. However, for FY 2026-27, elevated crude oil prices and restricted access to SoH could further disrupt the supply chains which would have fiscal implications depending on how the government reacts. Additional fiscal hit due to the escalation in West Asia would have implications on governments capex allocation. Bond markets had factored in an end to the rate cut cycle moreover it reflected fiscal pressures due to higher-than-expected gross borrowing. Yields hardened ~ 60bps since June 2025 to ~ 7% by the end of FY 2025-26, which later eased 21bps from its peak of 7.12% to 6.91%.
Inflation not a concern; services surplus acted as a cushion
India faced deflationary pressures throughout FY 2025-26, which aided consumption especially in rural areas however, nominal GDP growth moderated to 8.6% in FY 2025-26. Elevated oil prices deteriorated external balance however the sustained growth in services flows (IT services and GCCs) cushioned Indias external Balance. There is a risk of AI disruption and the geo-political conflict negatively impacting or moderating services flows including remittances. Such a scenario could exert further pressure on Indias external balance as well as the currency, as it would aggravate FII outflows as well. Inflation remained under control despite crude oil prices rising above the USD 100/bl mark in March 2026, as the government chose not to pass on the burden to the consumers and partially took the fiscal hit of excise duty cut ( 10/litre) on petrol and diesel.
DISCUSSION ON BUSINESSES AND OPERATIONAL PERFORMANCE
The corporate structure of JM Financial Group (the Group ) as at March 31, 2026 is presented below:
| JM Financial Limited | |||||||||
| 100% | 59.54% | 99.82% | 100% | 100% | 100% | 100% | 100% | 100% | |
| JM Financial Overseas Holdings Private Limited | JM Financial Asset Management Limited | JM Financial Products Limited | JM Financial Credit Solutions Limited | JM Financial Institutional Securities Limited | Infinite India Investment Management Limited | JM Financial Services Limited | CR Retail Malls (India) Limited | JM Financial Properties and Holdings Limited | |
| 100% | 100% | 89.81% | 100% | 90% | 90% | 25% | |||
| JM Financial Securities Inc. | JM Financial Singapore Pte Limited | JM Financial Home Loans Limited | JM Financial Asset Reconstruction Company | JM Financial Commtrade Limited Limited | Astute Investments | Arb Maestro | JM Financial Trustee Company Private Limited | ||
| 6.86% | 81.77% | 10% | 10% | ||||||
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. The core business area of the Group remains financial services. Since May 2024, the Group has embarked on journey involving well-structured transformation aimed at focusing on core-strengths, de-risking the balance sheet and ensuring sustainable, long-term value creation for stakeholders. The group has pivoted from capital-intensive on balance sheet wholesale credit to a syndication led ecosystem leveraging the origination, underwriting and the distribution expertise of the group. The businesses have accordingly been repositioned around four distinct growth pillars
- Corporate Advisory and Capital Markets, Wealth and Asset Management, Private Markets and Affordable Home Loans. The aforesaid structural realignment has enabled sharper strategic focus and efficient allocation of capital across businesses. The group shall be focused on growing fees and commission income and has made significant investments especially in the wealth and asset management businesses. Further, in alignment with the groups capital-light model, dividend to shareholders has increased.
Over the last four quarters, an aggregate of approximately 5.95 per share of dividend has been paid or proposed, resulting in a distribution of approximately 570 crore as dividend.
With the Groups initial investment and structural realignment phase now largely complete, the strategy and focus of the Group is to improve productivity, achieve higher operating leverage and continue to enhance the origination and distribution capabilities.
Corporate Advisory and Capital Markets
Corporate Advisory and Capital Markets is the fulcrum through which the firm is delivered. The group has maintained consistent leadership position backed by best in class relationships, client addition and significant repeat business. The pipeline of IPOs is exceptionally robust, at over 1,40,000 crore across 55 transactions filed with SEBI as of March 31, 2026. The focus is on enhancing the origination and distribution capabilities and garner further wallet share from clients.
Wealth Management
Having upfronted our human capital expansion by scaling our Relationship Manager and sales headcount by 30% to 1,046 professionals in FY 2025-26, this vertical is well positioned for significant operating leverage. The focus for the upcoming financial year shifts from rapid talent acquisition to driving productivity, increasing wallet share, and aggressive branch monetization. The group is focused on increasing the recurring revenue streams and continue the momentum on executing transactions to generate transaction-based revenues.
Asset Management
Our Asset Management business is focused on scaling Alternative Investment Funds ( AIF ) vertical and expanding the products offering in the mutual fund business. We are actively raising capital for a specialized pre-IPO fund and a dedicated credit fund, both targeted for first close in the financial year 2026-2027.
Private Markets
Within Private Markets, the group has transitioned from an on-balance-sheet lending model to an origination, syndication and distribution-led model. This approach leverages the groups longstanding origination capabilities, institutional relationships and distribution network while significantly reducing concentration risk and capital consumption. The strategy is expected to enhance risk-adjusted returns, improve earnings resilience and release capital for redeployment into higher-growth opportunities.
Affordable Home Loans
Our Affordable Housing Finance business represents a key growth engine, with Assets Under Management ( AUM ) expanding close to ~ 3,500 crore across the network of 151 branches. The business is focused on sustainable growth, superior asset quality and operational scalability, while creating a platform capable of delivering consistent profitability and long-term value creation.
Our business segments are discussed in detail below:
Corporate Advisory and Capital Markets
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, debt capital markets, mergers and acquisitions and private equity syndication. With a strong track record of over five decades, we have developed deep relationships into large and emerging corporates in India and have acted as their advisors for decades. These relationships have only strengthened over time and have enabled us to be the advisor of choice for managing marquee clients. Our deep expertise and long-standing client relationships have enabled us to manage some of the most complex, innovative, challenging and large transactions in India.
We aim to continue leveraging 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 the same over the course of FY 2026-27.
Market Environment Primary Market
The breakup of funds raised in public markets during FY 2025-26 as compared to the FY 2024-25 is as follows:
| FY 2025 \u2013 26 | FY 2024 \u2013 25 | FY 2025-26 v/s FY2024-25 | |||
| Particulars | No. | Rs. in Crore | No. | Rs. in Crore | Change % |
| Initial Public Offering (\u201cIPO\u201d) | 112 | 1,78,969 | 78 | 1,62,387 | 10% |
| FPOs | - | - | 1 | 18,000 | - |
| InvITs | 3 | 7,700 | 3 | 7,653 | 1% |
| ReITs | 1 | 4,800 | - | - | - |
| Rights Issue | 8 | 2,320 | 18 | 15,512 | -85% |
| Qualified Institutions Placement (\u201cQIP\u201d) | 34 | 74,921 | 89 | 1,42,206 | -47% |
| Offer for Sale (\u201cOFS\u201d) | 42 | 25,745 | 25 | 30,763 | -16% |
| Total Equity Raised | 200 | 2,94,455 | 214 | 3,76,521 | -22% |
(Source: Prime Database as on March 31, 2026)
The Indian stock markets witnessed an uneven ending to FY 2025-26: Nifty fell by 4%, Nifty Midcap 50 rose by 4%, and Nifty Smallcap 50 fell by 3%. Despite muted primary markets worldwide, Indian primary markets were one of the best performing globally. The Indian markets witnessed 2,94,455 crore equity raise via IPOs, QIPs and Rights (including REITs and InvITs) in FY 2025-26. There were 116 IPOs (including REITs and InvITs), and 34 QIPs in FY 2025-26.
JM Financial was one of the leading investment banks in Equity Capital Markets, successfully executed 43 transactions raising more than 94,854 crore in FY 2025-26. JM Financial ranked #1 in IPO league tables in terms of volume*. Through our unwavering commitment and in-depth market knowledge, we assisted our clients in raising capital, from top-tier investors.
* Based on IPO deals worth 500 crore and above
Mergers and Acquisition
During FY 2025-26, 1,656 deals were announced as compared to 1,758 deals in FY 2024-25. The total value of the deals announced in FY 2025-26 was 14.7 lakh crore(1) as against 12.5 lakh crore (2) for FY 2024-25.
Source: Mergermarket Notes:
1. This does not include 449 deals for which deal values were not available
2. This does not include 568 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
Domestic v/s Cross-Border Activity
During FY 2025-26, domestic transactions contributed 52% to the overall M&A activity with deal value aggregating 7.7 lakh crore.
Private Equity
In FY 2025-26, private equity deals worth 2.7 lakh crore were announced compared to 2.8 lakh crore in FY 2024-25 (Source: JM Financial Estimates)
The sectors that experienced the maximum interest from private equity investors include financial services, technology & business services and infrastructure & power.
Operational Performance of Investment Banking Business
During FY 2025-26, we concluded the following equity capital market transactions:
Book Running Lead Manager to the IPOs of:
ICICI Prudential Asset Management Company Ltd. 13,278 crore (incl. Pre-IPO 2,675 crore)
HDB Financial Services Ltd. 12,500 crore
Knowledge Realty Trust 6,200 crore (incl. Pre-IPO- 1,400 crore)
Tenneco Clean Air India Ltd. 4,040 crore (incl. Pre-IPO 440 crore)
JSW Cement Ltd. 3,600 crore
Leela Palaces Hotels & Resorts Ltd. (Schloss Bangalore) 3,500 crore
Anthem Biosciences Ltd. 3,395 crore
Emmvee Photovoltaic Power Ltd. 3,000 crore (incl. Pre-IPO 100 crore)
WeWork India Management Ltd. 3,000 crore
Ather Energy Ltd. 2,981 crore
Canara HSBC Life Insurance Company Ltd. 2,516 crore
Urban Company Ltd. 2,398 crore (incl. Pre-IPO 498 crore)
Vikram Solar Ltd. 2,079 crore
Rubicon Research Ltd. 1,937 crore (incl. Pre-IPO 560 crore)
Shadowfax Technologies Ltd. 1,907 crore
Oswal Pumps Ltd. 1,694 crore (incl. Pre-IPO 307 crore)
Kalpataru Ltd. 1,590 crore
Canara Robeco Asset Management Company Ltd. 1,326 crore
Ellenbarrie Industrial Gases Ltd. 1,243 crore (incl. Pre-IPO 390 crore)
Aequs Ltd. 1,225 crore (incl. Pre-IPO 303 crore)
Aye Finance Ltd. 1,010 crore
Brigade Hotel Ventures Ltd. 886 crore (incl. Pre-IPO 126 crore)
Capillary Technologies India Ltd. 878 crore
Indiqube Spaces Ltd. 700 crore
Corona Remedies Ltd. 655 crore
Smartworks Coworking Spaces Ltd. 583 crore
Arisinfra Solutions Ltd. 500 crore
GNG Electronics Ltd. 460 crore
Managers to the OFS in:
India Cements Ltd. 706 crore
Aether Industries Ltd. 652 crore
Swan Defence and Heavy Industries Ltd. 501 crore
Book runner of Block Deals in:
Authum Investment & Infrastructure Ltd. 2,558 crore
PG Electroplast Ltd. 1,133 crore
Cube Highways Trust 963 crore
ASK Automotive Ltd. 372 crore
Acutaas Chemicals Ltd. 300 crore
Privi Speciality Chemicals Ltd. 300 crore
OneSource Specialty Pharma Ltd. 138 crore
Lead Managers to the QIP by:
Brookfield India REIT 3,500 crore
Capri Global Capital Ltd. 2,000 crore
Syrma SGS Technology Ltd. 1,000 crore
Marathon Nextgen Realty Ltd. 900 crore
Navin Fluorine International Ltd. 750 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 14 M&A and PE transactions with an aggregate deal value of ~ 90,250 crore during FY 2025-26.
We were a part of below marquee M&A and PE transactions during FY 2025-26:
1. Financial advisor to UPL Limited for creation of an independent and focused crop protection platform through a composite scheme of arrangement;
2. Financial advisor to Brookfield India REIT on acquisition of Arliga Ecoworld Business Parks;
3. Manager to open offer by Blackstone to the public shareholders of Aadhar Housing Finance;
4. Exclusive financial advisor to SeQuent Scientific on amalgamation of Viyash Lifesciences and its subsidiaries into SeQuent Scientific;
5. Exclusive financial advisor to Gabriel India Limited for consolidation of its auto components business and related investments through a composite scheme of arrangement;
6. Manager to open offer by consortium led by Multiples PE to the public shareholders of VIP Industries;
7. Exclusive financial advisor to Coromandel International and Manager to open offer for acquisition of controlling stake in NACL Industries;
8. Exclusive financial advisor to Foseco India and Manager to open offer for acquiring controlling stake in Morganite Crucible (India);
9. Manager to open offer by Blackstone to the public shareholders of Kolte-Patil Developers 10. Exclusive financial advisor to Surya Childrens
Medicare and SeaLink Capital Partners on fundraise from Novo Holdings;
11. Financial advisor to JSW One Platforms on its fund raise led by Principal Asset Management with participation from OneUp, JSW Steel, Elpro International and others;
12. Exclusive financial advisor to TPG NewQuest on sale of its stake in Forus Health;
13. Exclusive financial advisor to Emmar Link Group and its shareholders in the divestment of their 100% stake in group companies to Keimed Private Limited; and
14. Fairness Opinion to Board of Directors of Belrise Industries Limited on share exchange ratio for amalgamation of Badve Autocomps Private Limited & Eximius Infra Tech Solutions Private Limited with and into Belrise Industries Limited.
Source: Mergermarket and JM Financial Internal Database
Institutional Equities
Institutional Equities offers full suite of brokerage services catering to domestic and foreign institutional clients across cash and derivatives segment. Business takes pride in providing differentiated research spanning 370+ companies, up 25% over FY 2024-25. Research continues to drive thought leadership across sectors, which is well demonstrated by thematic and India strategy reports. Clients have appreciated our ability to generate actionable stock ideas and analytical capabilities. Pillared by robust technology which not only supports complex trade execution but also manages seamless post-trade settlement, business is well aided by its experienced talent pool ensuring world class be-spoke client servicing and all-round coverage.
In FY 2025-26, Indian equities continued to witness strong participation across primary and secondary markets, supported by resilient domestic flows, even as global uncertainties remained elevated. Despite this momentum, yields in the institutional equities business came under pressure due to rising trade volumes, intensified competition, and greater automation. Even so, our strong performance reflected the strength of our differentiated offerings, high-touch servicing, and the deep expertise of our talent pool. These factors continue to reinforce our standing as one of Indias leading institutional stockbroking platforms.
The year was characterised by heightened geopolitical tensions in West Asia, leading to volatility in crude oil prices, alongside evolving global trade dynamics, including tariff-related developments from the US. These factors led to periods of uncertainty and market volatility globally. 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 stockbrokers in the country.
Indias structural growth trajectory continues to remain resilient, even as the global environment becomes more complex. In this backdrop, India has continued to stand out on a relative basis, supported by strong domestic demand, in-turn aided by policy measures such as income tax cuts, GST rationalisation and monetary easing. A key feature of the current cycle has been the growing dominance of DII flows, which have provided stability to equity markets amid volatile FII activity. Indian equity markets at this juncture are also backed by strong Systematic Investment Plan (SIP) flows, which remained at healthy levels. Total SIP contribution for FY 2025-26 was 3,49,589 crore compared to 2,89,352 crore in FY 2024-25, rising 21% 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 in FY 2025-26, as they absorbed heavy FII selling. Through FY 2025-26, FIIs were net sellers in Indian equities to the tune of 1,95,554 crore. This was counterbalanced by DII buying of 8,50,365 crore.
The reduction in transaction charges and brokerage rates mandated by SEBI for brokers the rationalization of AMCs brokerage pay-outs is reshaping the sell-side broking industry.
These changes shall add pressure on the margins of the sell-side brokers.
Our Corporate Advisory and Capital Markets 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 Corporate Advisory and Capital Markets Segment
(Rs. in crore)
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 946.01 | 787.50 |
| Operating Profit before tax | 451.75 | 420.81 |
| Operating Profit after tax | 346.59 | 321.72 |
| Segment Capital Employed | 829.55 | 638.29 |
Wealth and Asset Management
Wealth Management
Our wealth management business caters to ultra high networth individuals, family offices, corporates, institutions, high networth individuals, mass affluent and retail investors. Our open architecture platform, combined with the strength of the broader JM Financial ecosystem, enables us to deliver a comprehensive suite of solutions across asset classes including broking, equities, fixed income, commodities, currencies, real estate and alternatives. We offer integrated access to mutual funds, portfolio management services and alternative investments through both in-house and third-party managers, in house broking and margin financing, as well as robust execution across public and private market transactions. We offer research-based equity advisory and trading services to high net-worth individuals, corporates, and retail clients. In FY 2025-26, we continued to scale our platform through focused investments in talent and infrastructure. Our team of relationship managers ( RMs ) and sales employees crossed 1,000 and grew to 1,046 professionals (806 professionals in FY 2024-25), reflecting strong year-on-year growth and enabling deeper client engagement and coverage. We expanded our onshore footprint to 888 locations across 231 cities. Our offshore presence in UAE and Singapore further enhances our ability to serve clients. Our branch network stood at 72 (62 as of FY 2024-25), network of franchisees stood at 874 as of FY 2025-26 (852 as of FY 2024-25) and the independent financial advisors network grew to more than 15,400 as of FY 2025-26 (over 14,500 as of FY 2024-25). Complementing our distribution expansion, we further strengthened our Product Specialist team ensuring a structured coverage across key product lines underpinned by a rigorous execution framework. Our Assets Under Management ( AUM )* stood at 1,06,148 crore as of FY 2025-26 (FY 2024-25: 1,09,580 crore). Out of this, recurring AUM stood at 30,838 crore (FY 2024-25: 27,919 crore). We have seen encouraging momentum in building a more predictable and resilient revenue base, underpinned by a sustained shift towards recurring assets across segments.
SEBI Margin Trade Financing ( MTF ) is a lending facility that enables investors to invest in equities based on cash/stock margin. During the year, there was a focus on building SEBI MTF book and the book increased by 28% to 2,028 Crore as of March 31, 2026 as compared to 1,583 Crore as of March 31, 2025.
*Assets under Management (AUM) comprises distribution assets and advisory assets, as applicable.
Portfolio Management Services (PMS)
Our AUM decreased by 18% YoY from 1,711 Crore as of FY 2024-25 to 1,411 Crore as of FY 2025-26 on account of the volatility in the markets on account of geopolitical tensions. In the Discretionary Portfolio Management Services (DPMS), the AUM decreased by 6% YoY to 917 crore as of FY 2025-26 from 979 crore as of FY 2024-25. In the Non-Discretionary Portfolio Management Services (NDPMS), the AUM fell by 33% YoY to 494 Crore as of FY 2025-26 from 732 crore as of FY 2024-25.
Digital Properties JM Pro has emerged as next-generation investing and trading platform, delivering a seamless, intelligent, and high-performance digital experience for modern investors driven by a sharp focus on customer experience, performance, and research-led investing. Built with a product-first mindset, the platform integrates real-time portfolio insights, advanced analytics, research recommendations, IPO investing, and intuitive trading capabilities into a unified ecosystem designed to empower customers across investing journeys.
BlinkX
For , FY 2025-26 was a year of steady, quality-led growth. Our customer base grew consistently through the year closing at over 1.3 lakh customers, driven by a deliberate focus on attracting serious, active traders. Orders placed grew quarter-on-quarter, reflecting increasing engagement and platform adoption across our user base.
We expanded our distribution channels through DRAs (Digital Referral Associates) and established partnerships with digital platforms. In line with our focus on building differentiated, trader-first experiences, this year saw the rollout of several industry-first and high-impact features on the BlinkX App. These innovations reflect our continued emphasis on simplifying complexity while delivering powerful tools for serious traders.
Real Estate Consultancy Services (Dwello.in) is a tech-based real estate consulting division operating within the primary residential real estate space. We leverage cutting-edge technology and analytics and assists customers in making right decisions during their home buying journey.
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 fixed income securities to investors.
Financial performance of Wealth Management Business
(Rs. in crore)
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 1,403.24 | 1,316.89 |
| Operating Profit before tax | 165.29 | 169.61 |
| Operating Profit after tax | 131.92 | 129.33 |
| Segment Capital Employed | 1,156.85 | 1,031.63 |
Asset Management Mutual Fund
JM Financial Mutual Fund reported its performance across key business parameters for FY 2025-26 in the context of prevailing market conditions. The equity markets have continued their volatile journey in most of the financial year led by tariff and actual war situations which has impacted investment sentiments and portfolio valuations. The NSE Nifty 50 index ended the financial year with a one-year return of -5.1% and -11.3% return in the month of March 2026 alone. This had a cascading impact on the total Assets Under Management ( AUM ) which stood at 12,000 crore as of March 31, 2026, of which Equity AUM stood at 9,000 crore. The yearly average AUM grew from 11,665 crore in FY 24-25 to 14,114 crore in FY 2025-26, demonstrating an increase of around 21% YoY. Our total folio count stood at 8.8 lakh as of March 31, 2026.
The monthly SIP book stood at 96 crore, while the number of active SIP folios stood at over 3.1 lakh. Also, during the year, the fund house did a successful launch of its latest fund, the JM Large & Mid Cap Fund, an open ended equity scheme investing in both large cap and mid cap stocks, which has now reached an AUM size of 370 crore as on March 31, 2026. The distribution network was expanded during the year by empanelling 3,959 new distributors. The presence across digital channels included partnerships with over 51 platforms, along with associations with national distributors and banking partners.
This performance reflects the contribution of existing schemes, improved partner engagement, and targeted brand-building initiatives. The AMC continues to focus on scaling its current fund offerings. New fund launches, where undertaken, are aligned with the objective of completing the product suite.
To enhance its on-ground presence, the AMC opened two new branch locations in Rajkot & Nagpur during the year, further strengthening its reach. As of March 31, 2026, JM Financial Mutual Fund operates from 17 locations across the country, providing support and access to investors, Mutual Fund Distributors ( MFDs ) and partners.
Alternative Investment Funds
The Alternative Investment Fund division represents an important part of its investment platform, catering to a range of investors including institutions, family offices, ultra-high net worth individuals, and corporate treasuries.
During the year, the Alternatives Platform achieved the final close of JM Financial Credit Opportunities Fund I in June 2025. Since inception, the fund has built a diversified portfolio across nine investments of which six investments have been successfully exited. Gross portfolio investments at 479 crore of which 304 crore represents realised exits. Realised returns on the exited investments in the funds exceed the respective contractual rate of such investments, and total distribution to investors stand at 67 crore. The platform intends to continue to expand its credit strategies offering while building a portfolio of investments across sectors through a disciplined approach with an aim to deliver superior risk adjusted return to the investors. It has also received approval for a second fund under the performing credit strategy and Pre-IPO Fund, both of which are proposed to be launched in the financial year 2026-27.
Financial performance of Asset Management Business
(Rs. in crore)
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 55.39 | 43.07 |
| Operating Profit before tax | (49.11) | (42.73) |
| Operating Profit after tax before NCI* | (49.58) | (42.84) |
| Operating Profit after tax after NCI* | (29.51) | (25.62) |
| Segment Capital Employed | 109.75 | 155.75 |
* NCI - Non-controlling interests
Financial performance of Wealth and Asset Management Segment
(Rs. in crore)
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 1,458.63 | 1,359.96 |
| Operating Profit before tax | 116.18 | 126.88 |
| Operating Profit after tax before NCI* | 82.34 | 86.49 |
| Operating Profit after tax after NCI* | 102.41 | 103.71 |
| Segment Capital Employed | 1,266.60 | 1,187.38 |
* NCI - Non-controlling interests
Our Wealth and asset management 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 and regulatory changes.
traded funds, and passive funds and redemption pressures.
Private Markets
Private Markets comprises of Private Credit (Corporate,
Bespoke, Real Estate and Distressed Credit) and Investments (Private Equity Funds, REITs etc.). Private Markets is a differentiated platform with a focus on providing solutions to our clients.
Private Credit
Private Credit is a dedicated platform providing the entire gamut of arranging, syndication and financing solutions to our corporate, real estate clients and distressed credit solutions.
The private credit strategies include Bespoke Finance, Real Estate Financing and Distressed Credit.
Bespoke Finance and syndication
The Bespoke Finance Group (BFG) addresses a wide spectrum of financing requirements for corporates and promoters through tailored capital solutions. BFG specialises in structuring comprehensive financing strategies across business needs ranging from refinancing existing debt, capital structure optimisation, working capital, capex and growth funding, to acquisition and bridge financing for M&A or IPOs. 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 also deliver bespoke funding options to promoters, secured against listed or unlisted securities and real estate assets.
These solutions support strategic priorities such as private equity exits, shareholder buyouts, family settlements, stake increases, and capital structure realignment. Our structures include event-linked take-outs (IPOs or strategic exits) as well as standard refinancing mechanisms.
Over the years, BFG has cemented its position as a trusted partner for complex, high-value transactions, executed efficiently with minimal credit risk. Our edge lies in the ability to underwrite intricate deals and offer swift, end-to-end financing under a single roof. We continue to pursue a balanced portfolio strategy, combining short and medium-term opportunities while maintaining attractive average yields.
In FY 2025-26, the BFG team acted as Sole Financial Advisor and Arranger for the private placement of 3,300 crore of Non-
Convertible Debentures for the Vodafone Idea group, which was a landmark transaction and received wide support from active credit market participants such as marquee NBFCs, AIFs etc. The Bespoke Finance book as at March 31, 2026 stood at 2,738 crore.
Real Estate Financing and syndication
The Real Estate Financing and syndication business is focused on offering a solution-based approach to the clients in the real estate sector by catering to their various financing requirements under the backdrop of the typical nature of the real estate industry. We consider our clients as partners and aspire to have significant mind and wallet share of our clients when it comes to providing solutions.
As at March 31, 2026, the total loan book for real estate lending stood at 1,698 crore as compared to 2,787 crore as at March 31, 2025.
Distressed Credit Business and Syndication
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 stressed asset market for Asset Reconstruction
Companies ( ARCs ) is linked to the asset quality of the banks and financial institutions. As per the RBIs report on trend and progress of banking in India 2024-25, the GNPA ratio of Scheduled Commercial Banks declined to a multi-decadal low of 2.2% at end-March 2025. However, the ongoing geopolitical uncertainties and sector specific stress, particularly in MSMEs and retail loans, may result in higher slippages and moderate increase in GNPAs.
Looking ahead, ARCs are well-positioned to leverage their expertise in resolution and restructuring to capitalize on acquisition opportunities, while simultaneously driving SR redemptions through effective recovery strategies. The combinationofselectivestressinthefinancialsystem,proactive regulatory measures, and strong recovery frameworks provides a balanced outlook for sustainable growth in the ARC industry.
During FY 2025-26, we continued with the strategy of co-investment and strategic partnerships with investors enabling disciplined acquisitions and resolutions along with efficient capital deployment.
v We acquired dues of 3,298 crore during the year (FY 2024-25: 1,559 crore) while recoveries stood at 1,468 crore (FY 2024-25: 3,050 crore);
v Our AUM stands at 11,853 crore as of March 31, 2026 compared to 12,878 crore as of March 31, 2025. The portfolio is well-diversified across multiple sectors;
v The outstanding contribution of JMFARC stood at 3,264 crore as of March 31, 2026, compared to 3,387 crore as of the previous year end.
Investments
Private Equity Funds
JM Financial India Fund II ( Fund II ) and JM Financial India Fund III ( Fund III ) are SEBI registered Alternative Investment Funds with an aggregate AUM of 1,017 crore.
Fund II and Fund III are 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 one full exit and partial divestments from two of its portfolio companies, resulting in distributions to investors of approx. 67% of paid-in capital, at attractive rates of return. As of March 31, 2026, Fund III has completed ten investments and is now fully deployed. Fund III has also concluded an exit from one of its portfolio companies.
In addition to the two operating Funds, we also managed the JM Financial India Fund ( Fund I ), a 2006 vintage (i.e. Final Close) India focused private equity fund. Fund I raised 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.
Additionally, we have a diversified portfolio of investments including equity investments (listed and unlisted), yield assets such as Real Estate Investment Trusts, G-Sec investments and liquid / overnight mutual funds.
Our Private Markets 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 and ability to exit some of the investments at the desired valuations;
Business specific threats such as increased intensity of competition from players across the industry creating downward pressure on yields, fees and commissions, regulatory challenges, technology innovations, and ability to raise new Alternative Investment Funds amongst others; and Regulatory changes and adverse sector changes including slowdown in the corporate sector, real estate sector, private equity and distressed credit.
Financial performance of Private Markets Segment
(Rs. in crore)
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 1,298.19 | 1,834.14 |
| Operating Profit before tax | 741.99 | 209.34 |
| Operating Profit after tax before NCI* | 560.67 | 116.70 |
| Operating Profit after tax after NCI* | 543.22 | 150.82 |
| Segment Capital Employed | 6,986.10 | 6,260.84 |
* NCI - Non-controlling interests
Affordable Home Loans
The Housing Finance (HFC) sector continued to navigate a nuanced operating environment during the financial year 2025-26. While structural tailwinds including accelerating urbanisation, a favourable demographic dividend, and sustained government impetus towards housing for all remain firmly intact, near-term growth momentum has been tempered by supply-side constraints, particularly in the affordable housing segment. The overall growth trajectory of the HFC sector is assessed to be moderate, with differentiated performance across borrower segments and geographies.
The supply side of affordable housing remained constrained due to elevated land acquisition costs, rising construction expenses, prolonged project approval timelines, and relatively lower profitability for developers in this segment. These factors have led many developers to shift their focus toward mid-premium and premium housing projects, resulting in a gradual tilt away from affordable housing.
Despite these challenges, the demand outlook for affordable housing finance remains positive. India continues to witness strong demand for affordable housing, particularly from the Economically Weaker Sections ( EWS ) and Low-Income Group ( LIG ) segments. Lower credit costs, improved borrower awareness, increasing formalization of income, and continued migration toward urban and semi-urban centres are expected to support steady growth in the retail housing loan segment.
Urbanization in Tier-2 and Tier-3 cities continues to reshape the housing market, with a significant share of future residential demand expected to emerge from these regions. Infrastructure development, improved employment opportunities, and enhanced connectivity are driving both housing demand and home loan penetration in these geographies.
The Union Budget 2025-26 reaffirmed the governments Viksit Bharat vision, positioning the housing sector as a primary engine for urban transformation and social equity. A cornerstone of this years fiscal roadmap is the operationalization of PMAY-U
2.0 (Pradhan Mantri Awas Yojana - Urban), which aims to address the housing needs of one crore additional families.
With a budgetary allocation of approximately 19,784 crore for the urban mission, the government has sharpened its focus on affordable and mid-income housing through a mix of interest subsidies and direct financial assistance.
A standout feature of the Union Budget 2025-26 was the official launch of SWAMIH Fund 2.0 with a fresh corpus of 15,000 crore. Building on the successful track record of the first phase which unlocked over 37,000 crore in capital and delivered more than 60,000 homes, the second iteration adopts a blended finance model. This phase seeks to involve participation from the government, PSU banks, and private investors to fast-track the completion of an additional 1 lakh stalled housing units across India.
The Union Budget 2025-26 also introduced the landmark Urban Challenge Fund (UCF) with a staggering total outlay of 1 lakh crore (allocated at 10,000 crore for the current fiscal). Unlike traditional urban schemes, the UCF is a performance-linked fund designed to incentivize cities to implement structural reforms. By supporting up to 25% of the project cost for bankable urban infrastructure, the fund mandates that the remaining 50% or more must be sourced through market-based instruments, including municipal bonds, bank loans, and PPPs.
Other Key Highlights and Regulatory Enhancements
Expansion of Interest Subsidies: The re-energized Credit Linked Subsidy Scheme ( CLSS ) under PMAY 2.0 now offers interest subsidies of 3% to 4% for the MIG (Middle Income Group) categories, significantly lowering the effective borrowing cost for first-time homebuyers.
Direct Tax Reforms: To boost secondary market demand and investment, the Budget increased the deduction limit on home loan interest for let-out properties under the new tax regime from 2 lakh to 3 lakh. Furthermore, the provision allowing homeowners to claim two self-occupied properties with nil annual value without conditions provides much-needed flexibility for the mobile workforce.
Infrastructure Synergy: The massive 11.2 lakh crore capital expenditure outlay (3.1% of GDP) for infrastructure, coupled with the development of City Economic Regions
(CERs) in Tier-II and Tier-III cities, is expected to unlock new geographical peripheries for residential development.
From a portfolio perspective, HFCs continue to maintain a dominant share of their loan books in the form of retail housing loans, reflecting the inherent stability and secured nature of the asset class. While yields may experience some pressure due to competitive intensity and product mix changes, asset quality across the sector remains broadly stable, supported by prudent underwriting practices and strong collateral coverage.
Overall, the HFC sector remains well-positioned for sustainable growth. While short-term challenges persist in the form of supply constraints, margin pressures, and product mix shifts, the long-term structural drivers such as urbanization, favorable demographics, policy support, and increasing formal housing demand-continue to provide strong growth momentum. The sector outlook for FY 2025-26 remains positive with a cautiously optimistic stance, particularly for institutions focused on affordable housing and granular retail 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.
During the year, Bajaj Life Insurance Limited, formerly known as Bajaj Allianz Life Insurance Company Limited ( Bajaj Life ) acquired ~ 2.1% of JMFHLL for 65.5 crore. The transaction with Bajaj Life has created a benchmark valuation of ~ 3,100 crore for the home loans business which has been built bottom up over the last 8 years.
In terms of operating performance as at March 31, 2026, the Asset Under Management stood at 3,460 crore as compared to 2,832 crore as at March 31, 2025. The Gross Non-Performing Assets ( GNPA ) was at 0.5% as of March 31, 2026.
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 128 to 151 during FY 2025-26.
The 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 151 branches in India with an average loan value of ~ 10 lakh. We offer home loan to customers in the affordable segment on a proactive basis.
Loans Against Property (LAP)
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.
Our Affordable Home Loans 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 and adverse sector changes including slowdown in the housing sector.
Financial performance of Affordable Home Loans Segment
(Rs. in crore)
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 455.21 | 363.49 |
| Operating Profit before tax | 99.84 | 73.62 |
| Operating Profit after tax before NCI* | 76.04 | 54.24 |
| Operating Profit after tax NCI* | 73.71 | 50.68 |
| Segment Capital Employed | 832.84 | 749.14 |
* NCI - Non-controlling interests
ANALYSIS OF FINANCIAL PERFORMANCE
Consolidated Financial Performance
The consolidated gross income of the Company stood at 4,260.59 crore as against 4,452.83 crore in the previous year, registering a decrease of 4% primarily due to decline in interest income. The interest income is lower primarily on account of the run-down/reduction of the loan book from a strategic perspective. Profit before depreciation and amortisation expense, finance cost and tax expense during the year stood at 2,679.28 crore as against 2,365.67 crore in the previous year.
Pre-Provision Operating Profit ( PPoP ) during the year stood at 1,343.26 crore as against 1,421.59 crore in the previous year The Profit before and after tax stood at 1,580.43 crore and 1,201.97 crore respectively as against the 996.85 crore and 821.31 crore in the previous year. The profit in the current year has increased by 46% to 1,201.97 crore from 821.31 crore in the previous year. The increase in the profitability was driven by performance across operating segments primarily led by Private Markets segment for which profits grew during the year to 541.76 crore from 150.82 crore in the previous year. The profits of Private Markets segment increased primarily because of reversal of impairment provision on account of resolution of NPA assets during the year.
The following table describes consolidated income during the year:
(Rs. in crore)
| For the Year ended | ||
| Particulars | March 31, 2026 | March 31, 2025 |
| Interest Income | 1,652.16 | 1,928.29 |
| Fees and Commission Income | 1,117.04 | 1,019.18 |
| Brokerage Income | 635.92 | 578.15 |
| Net gain on fair value changes | 570.73 | 735.47 |
| Net gain on derecognition of financial instruments carried at amortised cost | 73.72 | 39.60 |
| Net (loss)/gain on derecognition of financial instruments carried at fair value through Other Comprehensive Income (OCI) | (6.37) | 18.32 |
| Other Operating Income | 47.90 | 58.61 |
| Other Income | 169.49 | 75.21 |
| TOTAL | 4,260.59 | 4,452.83 |
Interest Income
Interest income from lending activities continued to be a major contributor to the gross revenue at 1,652.16 crore as against 1,928.29 crore during the previous year, constituting around 39% of the total revenue. Decrease in interest income is primarily on account of run-down of the loan book from a strategic perspective.
Fees and Commission Income
Fees and commission earned during the year stood at 1,117.04 crore as against 1,019.18 crore during the previous year, constituting 26% of the total revenue. The increase is primarily on account of increase in deal closures in investment banking and increase in fees under wealth & asset management and distressed credit business during the year.
Brokerage Income
Brokerage income earned during the year stood at 635.92 crore as against 578.15 crore during the previous year, constituting around 15% 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 570.73 crore as against 735.47 crore during the previous year, constituting around 13% 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 decrease is primarily on account of decrease in overall liquidity held by the Group and lower fair value changes on investment in equity instruments because of escalated geopolitical tensions and market volatility.
Net gain on de-recognition of financial instruments carried at amortised cost
Net gain on de-recognition of financial assets carried at amortised cost were 73.72 crore as against 39.60 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 (loss)/gain on de-recognition of financial instruments carried at fair value through OCI
Net (loss)/gain on de-recognition of financial assets carried at fair value through OCI were (6.37) crore as against 18.32 crore during the previous year. This is primarily due to reversal of gain because of foreclosure of certain portion of the MSME loan portfolio which were assigned on which gain was booked in the previous year.
Other operating income and other income comprising revenue from treasury operations and other activities were 217.39 crore as against 133.82 crore during the previous year, constituting around 5% of the total revenue. The increase is primarily on account of interest income of 112.80 crore received by the Company along with income tax refund during the year.
The following table describes consolidated expenditure during the year:
(Rs. in crore)
| For the Year ended | ||
| Particulars | March 31, 2026 | March 31, 2025 |
| Finance costs | 999.19 | 1,304.93 |
| Fees and commission expense | 399.61 | 343.08 |
| Impairment on Financial Instruments | (237.17) | 424.74 |
| Employee Benefits Expense | 1,053.93 | 963.30 |
| Depreciation and amortisation expense | 78.37 | 63.79 |
| Other expenses | 364.94 | 356.14 |
| TOTAL | 2,658.87 | 3,455.98 |
Finance Cost
The decrease in finance cost from 1,304.93 crore in the previous year to 999.19 crore in the current year is on account of decrease in average borrowings corresponding to a decline in the 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 343.08 crore in the previous year to 399.61 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 (237.17) crore as against 424.74 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 reversal of provisions during the current year is because of resolution of significant portion of Stage-3 assets.
Employee Benefits Expense
The increase in employee cost by about 9.41% is mainly on account of increase in the head count in the current year as compared to previous year. The employee strength has increased from 4,680 as of March 31, 2025 to 5,250 as of March 31, 2026.
Depreciation and Amortisation Expenses
The increase in depreciation and amortisation expenses by about 22.85% is on account of fresh capital expenditure pursuant to increase in physical infrastructure during the year.
Other Expenses
It comprises administrative and establishment costs. These expenses increased by 2.47% is primarily attributable to increase in information technology expenses.
The break-up on a consolidated basis under key segments is as under:
(Rs. in crore)
| FY 2025-26 | FY 2024-25 | |||
| Particulars | Amount | % to total | Amount | % to total |
| Segment Revenue | ||||
| Corporate Advisory and Capital Markets | 946.01 | 22.20% | 787.50 | 17.69% |
| Wealth and Asset Management | 1,458.63 | 34.24% | 1,359.96 | 30.54% |
| Private Markets | 1,298.19 | 30.47% | 1,834.14 | 41.19% |
| Affordable Home Loans | 455.21 | 10.68% | 363.49 | 8.16% |
| Treasury and others | 376.09 | 8.83% | 324.65 | 7.29% |
| Total Segmental revenue | 4,534.13 | 106.42% | 4,669.74 | 104.87% |
| Less:- Inter segmental revenue | (273.54) | (6.42%) | (216.91) | (4.87%) |
| Total revenue | 4,260.59 | 100.00% | 4,452.83 | 100.00% |
| Segment Results (Profit Before Tax)* | ||||
| Corporate Advisory and Capital Markets | 451.75 | 28.20% | 420.81 | 42.21% |
| Wealth and Asset Management | 116.18 | 7.25% | 126.88 | 12.73% |
| Private Markets | 741.99 | 46.33% | 209.34 | 21.00% |
| Affordable Home Loans | 99.84 | 6.24% | 73.62 | 7.39% |
| Treasury and others | 191.96 | 11.98% | 166.20 | 16.67% |
| Total Results (Profit before tax) | 1,601.72 | 100.00% | 996.85 | 100.00% |
| Segment profit after tax (after non-controlling interest) | ||||
| Corporate Advisory and Capital Markets | 344.70 | 28.68% | 321.72 | 39.17% |
| Wealth and Asset Management | 92.30 | 7.68% | 103.71 | 12.63% |
| Private Markets | 541.76 | 45.07% | 150.82 | 18.36% |
| Affordable Home Loans | 72.67 | 6.05% | 50.68 | 6.17% |
| Treasury and others | 150.54 | 12.52% | 194.38 | 23.67% |
| Total Segment profit after tax (after non-controlling interest) | 1,201.97 | 100.00% | 821.31 | 100.00% |
* Before exceptional item - Statutory impact of new labour codes.
(Rs. in crore)
| As at March 31, 2026 | As at March 31, 2025 | |||
| Segment Capital Employed | Amount | % to total | Amount | % to total |
| Corporate Advisory and Capital Markets | 829.55 | 7.34% | 638.29 | 6.27% |
| Wealth and Asset Management | 1,266.60 | 11.20% | 1,187.38 | 11.67% |
| Private Markets | 6,986.10 | 61.79% | 6,260.84 | 61.51% |
| Affordable Home Loans | 832.84 | 7.37% | 749.14 | 7.36% |
| Treasury and others | 1,390.55 | 12.30% | 1,342.36 | 13.19% |
| Total Capital Employed | 11,305.64 | 100.00% | 10,178.01 | 100.00% |
Corporate Advisory and Capital Markets:
The Corporate Advisory and Capital Markets business registered revenue of 946.01 crore as against 787.50 crore in the previous year. During the year, the percentage of segment results to segment capital employed was 54.46% as against 65.93% in the previous year. This segment contributed 28.68% to our consolidated profit after tax.
Wealth and Asset Management:
This segment registered revenue of 1,458.63 crore as against 1,359.96 crore in the previous year. Percentage of segment results to segment capital employed in this segment was 9.17% as against 10.69% in the previous year. This segment contributed 7.68% to our consolidated profit after tax.
Private Markets:
This segment registered revenue of 1,298.19 crore as against 1,834.14 crore in the previous year. Percentage of segment results to segment capital employed in this segment was
10.62% as against 3.34% in the previous year. The contribution of this segment was 45.07% to our consolidated profit after tax.
Affordable Home Loans:
This segment registered revenue of 455.21 crore as against 363.49 crore in the previous year. During the year, the percentage of segment results to segment capital employed in the segment was 11.99% as against 9.83% in the previous year. This segment contributed 6.05% to our consolidated profit after tax.
Standalone Financial Performance
On a standalone basis, gross income was higher at 1,202.17 crore for the year ended March 31, 2025 as against 964.00 crore in the previous year, registering an increase of 25%. The profit before tax was higher at 811.13 crore as against 566.45 crore in the previous year, registering an increase of 43% and the profit after tax was higher at 693.14 crore as against 555.17 crore in the previous year, registering an increase of 25%. The increase in the profitability was primarily on account of higher fee and commission income, which grew to 572.15 crore during the year under review from 507.27 crore in the previous year, due to rise in deal closures in investment banking business. Additionally, interest income on Income Tax Refund of 112.80 crore and higher dividend income from the subsidiaries also contributed with 233.97 crore as against 183.91 crore in the previous year.
Key Financial Ratios
| Consolidated | Standalone | |||
| Ratios | FY 2025-26 | FY 2024-25 | FY 2025-26 | FY 2024-25* |
| Interest Coverage Ratio | 2.04 | 1.97 | NA | NA |
| Current Ratio | 1.80 | 2.08 | 4.69 | 2.98 |
| Debt Equity Ratio | 1.06 | 1.13 | - | - |
| Net Debt Equity Ratio | 0.70 | 0.77 | (0.01) | (0.04) |
| Cost to Net Total Income Ratio | 52.32% | 49.32% | 25.20% | 31.35% |
| Net Profit Margin | 28.19% | 17.37% | 57.66% | 57.59% |
| Return on Equity (ROE) | 11.73% | 9.41% | 14.97% | 13.05% |
| Return on Assets (ROA) | 4.86% | 2.79% | 14.00% | 12.04% |
* Ratios presented above are excluding Discontinued operations for comparable purpose.
Ratios where there has been significant change (i.e. change of 25% or more as compared to the immediately previous financial year) from FY 2024-25 to FY 2025-26: Net profit margin:
On a consolidated basis, the Net profit margin for the year ended March 31, 2026 was 28.19% as against 17.37% for the year ended March 31, 2025. The increase is primarily on account of increase in profitability during the year. The profit after tax pre non-controlling interests stood at 1,201.04 crore as against 773.59 crore in the previous year.
ROE and ROA:
On a consolidated basis, the ROE and ROA for the year ended March 31, 2026 were 11.73% and 4.86% as against 9.41% and 2.79% for the year ended March 31, 2025. The increase is primarily on account of rise in profitability during the year. The consolidated profit after tax pre and post non-controlling interests stood at 1,201.04 crore and 1,201.97 crore respectively as against 773.59 crore and 821.31 crore respectively in the previous year.
Interest Coverage Ratio:
On a standalone basis, the interest coverage ratio is not applicable given there is no outstanding borrowing.
Current Ratio:
On a standalone basis, the Current Ratio as at March 31, 2026 was 4.69 as against 2.96 as at March 31, 2025. The increase in ratio is primarily on account of decline in current liabilities of the Company.
RESOURCE MOBILISATION
The Group continued its focus on Asset and Liability Management (ALM) and maintained appropriate liquidity on its balance sheet. The consolidated debt outstanding at the financial year ended March 31, 2026 stood almost flat at 11,522 crore versus 11,419 crore a year earlier and net worth (including minorities) stood at 10,898 crore (FY 2024-25 stood at 10,088 crore). The debt / equity ratio stood at 1.1 times, same as previous financial year.
During the year,there was a significant reduction in the borrowing in the private markets business on account of the planned reduction in loan book. However, the wealth management and the affordable housing businesses borrowed actively from the markets. The long-term borrowing stood at 8,844 crore versus 9,204 crore a year earlier. The Groups long term: short term ratio stood at 77:23. The Groups short-term borrowing as at March 31, 2026 stood at 2,678 crore compared to 2,215 crore as at the previous year end. As at March 31, 2026, the liquidity in the Group stood at 3,890 crore. During the financial year ended March 31, 2026, the Group raised 1,896 crore as long-term borrowings from banks, financial institutions. corporates and mutual funds.
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 continued with their highest short-term rating of A1+ on all group companies having a rating.
| Company | ICRA | CRISIL | India Ratings |
| JM Financial Limited | AA / Stable | AA / Stable | - |
| JM Financial Products Limited | AA / Stable | AA / Stable | - |
| JM Financial Credit Solutions Limited | AA / Stable | - | AA / Stable |
| JM Financial Home Loans Limited | AA / Stable | AA / Stable | - |
| JM Financial Services Limited | AA / Stable | - | - |
| JM Financial Institutional Securities Limited | AA / Stable | - | - |
| JM Financial Properties and Holdings Limited | AA / Stable | - | - |
| JM Financial Asset Reconstruction Company Limited | AA- / Stable | AA- / Stable | - |
RISK MANAGEMENT
Risk management is a strategic priority for protecting the interests of all stakeholders, including our clients, shareholders, employees, vendors, regulators, lenders, the larger community, and our planet, whilst enabling sustainable growth of the business. 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, a deeply ingrained risk culture and risk ownership across the organization forms the bedrock of risk management, continuously reinforced through a framework of well-defined policies, operational guidelines, and stringent control procedures. The risk is managed through the 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. Risk exposure is monitored and controlled through a variety of separate but complementary financial, credit, operational, IT, 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. Detailed regulatory as well as regular inspections also help test our processes and compliances.
The Risk Management and Environmental Social and Governance ( ESG ) Committee (the Committee ) of the Board was formulated in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Committee has adopted the Risk Management Policy which ensures that risks are overseen and monitored at all the levels. The Committee oversees the risk management policy, ESG policy and business continuity plan including functions relating to cyber security, identify and assess the risks, decide the measures to mitigate the risks. The Audit Committee also plays vital role in risk management by providing independent oversight in the area of financial risks and internal controls.
The Board reviews the effectiveness of risk management systems in place and evaluates the efficacy of internal control systems to ensure that all material risks are identified, mitigated, and managed in accordance with the established risk appetite and all applicable regulatory compliance mandates. A risk event update report is periodically placed before the Committee which includes, inter alia, the risk identification and control, risk classification, assessment of impact, risk mitigation/ remedial action, risk status and stress testing analysis of various risks.
The Committee reviews these reports along with the course of action taken or to be taken to manage and mitigate the risks.
Additionally, the Group has engaged independent Internal Audit firms to conduct comprehensive review and formally report on the business processes and policies for all operating companies in the Group. The findings and recommendations of audit reports are 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 mentioned in detail below:
| Key Risk | Description / Impact of Risk | Risk Mitigation |
| Credit Risk | 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. | We have a robust framework for identifying, mitigating and managing credit risk, supported by rigorous policies and procedures. |
| We are in the business of lending against cash- flows, mortgages and 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. | Counterparty credit risk is identified with a detailed credit appraisal, considering industry characteristics and key success factors, business risks, financial health, management strength, collateral analysis, credit bureau scores, etc. Risk concentration is prevented using borrower/ group limits as well as limits on industries, sectors, etc. | |
| Regular scenario analysis and stress testing is conducted to identify risks from evolving geo-political, macro-economic, and other risks. | ||
| A comprehensive review exercise is conducted periodically as a part of credit risk mitigation to identify early-warning signals and take corrective actions. | ||
| Effective credit risk management has enabled us to steer through the current geo-political and other stress conditions without any major impact. | ||
| Market Risk | 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. |
| As a part of its operations, the Group makes Investments in securities and other financial instruments from time to time. | Our portfolios and collaterals/ securities are continuously monitored. Regular stress testing is also conducted to access the impact of market fluctuations. | |
| We are exposed to potential changes in the value of financial instruments held by us caused by above factors. |
| Key Risk | Description / Impact of Risk | Risk Mitigation |
| Liquidity Risk | Liquidity risk is the risk arising due to unavailability of adequate funds at appropriate prices or tenure or asset liability mismatches. 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. |
| 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. | Liquidity requirements are closely monitored and necessary care is taken to maintain sufficient liquidity cushion for maturing liabilities and for any unforeseen requirements. | |
| Our clients may, due to certain circumstances not honour their commitments which would indirectly lead to our inability to meet the obligations. | We also ensure diversification in source of borrowing to reduce dependence on a single source. | |
| Operational Risk | 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. |
| 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. | A maker/ checker mechanism has been put in place to ensure compliance with laid down systems and procedures in all areas of functioning. | |
| Reputation Risk | 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. |
| Reputation risk is a very high risk and can cause long term and sometime irreparable loss of business/ revenue. | 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. | |
| Regulatory & Compliance Risk | Most of our businesses as well as the Company itself operate in strongly regulated business segments. The risk arising out of a change in laws and regulation governing our business. | We have a team of experienced professionals which takes care of compliance with applicable laws, rules, regulations and guidelines affecting our businesses. We also take external advice and appoint well qualified professionals in respective functions in various offices. |
| It could also arise on account of inadequate addressal of regulatory requirements or differences in interpretation of regulations vis-- vis the regulators. | All the new guidelines, circulars, notifications are complied with. Formulation of the policies as well as its implementation is taken due care of. | |
| New laws or regulations or changes in the enforcement of existing laws and regulations may adversely affect the business/ revenue/ profits. | Internal audit is carried out by external professional firms to monitor compliance with best practices, approved policies and applicable regulations. | |
| Non-compliance with regulations may invite strictures, penalties and even punitive action from the Regulators. |
| Key Risk | Description / Impact of Risk | Risk Mitigation |
| Competition Risk | 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. | Diversified and innovative product and services are offered to keep the customers and other stakeholders intact as well as continuous research and the development helps in mitigating the competition risk. Fair and transparent practices help the entity gain competitive advantage over other entities. |
| 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\u2019 financial assets. Entry of new players has increased the competition faced by us. It may also lead to attrition of our key personnel. | Our human resource policies and a healthy positive work environment help us attract and retain best talent on a continuous basis. | |
| 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 (\u201c BCP \u201d) to mitigate the impact of any such exigencies. |
| We continuously test check the processes laid out under the BCP and review the same. The records 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. | We have adopted measures to mitigate the cyber risks including round the clock Security Operations Centre (SoC), appropriate firewalls, providing regular advisories, training users, reviewing information technology assets and implementing measures against impersonation. |
| 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. | ||
| ESG-related Risk | As an integrated financial services group, the Company operates in a highly regulated and reputation-sensitive environment. | Board and senior management oversight on ESG and enterprise risk management frameworks. |
| ESG Risk includes inadequate integration of ESG considerations into business processes, product governance, lending practices and investment decisions, human capital management, or disclosure practices may result in regulatory action, reputational damage, loss of investor confidence, operational disruptions, or constraints on access to capital. | Integration of ESG considerations into credit evaluation, investment processes, product governance and compliance monitoring. Robust internal controls, audit mechanisms and regulatory compliance systems. Strong data protection, cybersecurity, and information security frameworks. | |
| Focused initiatives on employee engagement, diversity, ethics, and responsible business conduct. Continuous enhancement of ESG disclosures, data governance, and benchmarking against industry best practices. | ||
| Climate and Environmental Risk | Climate change may adversely impact borrower creditworthiness, collateral values, and sectoral asset quality. Transition risks arising from decarbonisation policies, carbon pricing, and stakeholder expectations could affect portfolio composition and capital allocation decisions. Increased regulatory focus on climate disclosures may also heighten compliance and reporting obligations. | Monitoring of sectoral exposures and gradual alignment with sustainable finance opportunities. Measurement and management of operational energy consumption and emissions, switching towards renewable power. Strengthening climate risk governance under Board and Risk Committee oversight. |
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.
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. To ensure independence, the internal audit function for our wholesale and retail lending business has a reporting line to the Audit Committee of the Board. 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 organization 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 efficacy 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) and Philanthropic Giving
Guided by a long-term vision of holistic development, the CSR initiatives of JM Financial Group during FY 2025-26 continued to adopt a lifecycle approach to community progress. Through its CSR arm, JM Financial Foundation (JMFF), the Group strengthened interconnected pillars of education, healthcare, agriculture and water conservation, livelihoods, and sports development, supporting individuals and families across different stages of life.
Through this integrated approach, the Foundation deepened its engagement with underserved communities in rural Bihar and Maharashtra, addressing barriers to opportunity and enabling sustainable progress. From supporting a childs education and a farmers agri-productivity to enhancing womens livelihoods and restoring eyesight among the elderly, the initiatives sought to strengthen community resilience and well-being.
These long-term interventions were supported through a total CSR contribution of 21.33 crore, recommended by the CSR Committees and approved by the Boards of respective entities.
In line with the CSR Policy and the Companies Act, 2013, JM Financial Limited contributed 4.56 crore towards JM Financial Shiksha Samarthan and Shri Vardhman Nidan Seva.
The following sections present the progress achieved across these initiatives during FY 2025-26.
EDUCATION
JM Financial Shiksha Samarthan (JMFSS)
Launched in May 2021 to support children who lost a parent during the pandemic, JMFSS continues to ensure uninterrupted education up to Grade 12. Over five academic years, the programme has supported 31,278 scholarships benefiting 7,981 students across 19 states and 3 Union Territories, with a cumulative scholarship assistance of 50.65 crore.
During FY 2025 26, a project aid of 9.47 crore supported 5,080 students. Of this, 7.61 crore was paid towards school fees for 2,674 students across 1,763 schools, while 1.86 crore supported the ancillary educational needs of 2,406 students.
Project Outreach
Private School Student - Fee Support
School fee support -
2,674
Students
1,763
Schools
Govt. School Students -Ancillary
| Education Support | |
| GUJARAT | |
| 1,627 | 33 |
| Students | Districts |
| MAHARASHTRA | |
| 648 | 31 |
| Students | Districts |
| UTDNHDD* | |
| 121 | 3 |
| Students | Districts |
* Union Territory of Dadra and Nagar Haveli and Daman and Diu
Beyond scholarships, a career counselling programme was initiated for 150 students, comprising group counselling, psychometric assessments, personalised reports, access to a career dashboard featuring 460+ careers, 25,000+ colleges and 350+ entrance examinations, and one-on-one counselling sessions. Further, 51 Grade 12 graduates received higher education scholarships totalling 13.61 lakh.
The annual Haldi-Kumkum celebration was also organised for supported students mothers, engaging 138 women in Pune and 68 in Mumbai.
Bachpan
Initiated in 2017, Bachpan provides early childhood education for children aged 3 6 years, who are unable to access government Anganwadis due to distance or capacity constraints. The centres integrate learning, play, nutrition and community participation to build foundational skills and school readiness.
FY 2025-26 began with 21 centres in Khaira and Sikandra blocks of Jamui, expanding to 23 centres during the year. A total of 496 children (242 girls and 254 boys) participated in preschool literacy and numeracy learning through 16 structured lesson plans.
Students profile - Bachpan Centres - FY 2025-26
| 49% | 51% |
| 242 girls | 254 boys |
Across 258 operational days, activity-based learning supported competency development across age groups. Two assessments conducted during the year showed improvements in learning, ranging from 2 12 percentage points. Teacher capacities were strengthened through 14 training sessions conducted by JMFF and external experts.
To strengthen Foundational Literacy and Numeracy (FLN), post-school sessions were initiated for 106 students across seven centres. JMFF also organised a four-day FLN workshop at DIET Jamui for 30 government school teachers and 22 Bachpan teachers, focusing on conceptual clarity, activity-based learning and continuous assessment.
JMFF Digital Saksharta (DS)
Launched in December 2021, Digital Saksharta seeks to bridge the digital divide through device access, contextualised content and teacher-led training. Operating through hub-and-spoke centres in Jamui (Bihar) and Palghar (Maharashtra), the project offers 14 courses for students from Grade 4 to graduation level and beyond.
During FY 2025 26, 737 students in Bihar and 1,070 students in Maharashtra were trained and certified. Industrial exposure visits benefited 95 students in Palghar and 28 in Jamui.
To scale the initiative in partnership with government institutions, JMFF established seven new school-based centres five in Mokhada block and two in Jamui reaching 1,564 students across Kasturba Gandhi Balika Vidyalaya(s), Zilla Parishad schools, an Adivasi High School and an aided Ashramshala.
In collaboration with DIET Jamui, the project also trained 4,051 government school teachers across 24 batches on UDISE+, e-Shikshakosh, digital reporting tools, data management and cyber security awareness.
| FY 2025-26 IMPACT IN EDUCATION | |
| 31,278 | 496 |
| Scholarships | Pre-school students |
| 1,807 | 231 |
| Digital literacy trainees | Districts |
HEALTHCARE
Shri Vardhman Nidan Seva (SVNS)
Initiated in December 2020, SVNS addresses gaps in rural healthcare access through two Mobile Health Units (MHUs) serving 45 villages and 69 hamlets across Khaira, Sikandra and Laxmipur blocks of Jamui.
During FY 2025-26, the project treated 24,767 OPD patients, predominantly women, with orthopaedic, dermatological, respiratory, cardiovascular and gastrointestinal conditions being the most common.
Alongside curative services, the project emphasises preventive healthcare. Through 554 community health sabha(s ), 11,000+ participants were educated on tuberculosis, menstrual hygiene, hypertension, maternal health, family planning and related subjects.
Focused interventions against anaemia supported 598 pregnant women, 245 lactating mothers and 66 adolescent girls through screening, monitoring, counselling, supplementation and nutrition support. A total of 1,513 Poshan (nutrition) kits were distributed. As a result, 44% of severely anaemic pregnant women and 49% of severely anaemic lactating mothers showed improvement in their iron levels, moving beyond the high-risk category.
The project also screened 1,274 children for malnutrition and provided ongoing support to 354 individuals identified with hypertension through regular monitoring, consultations and medication.
Maitri Karuna Netralaya (MKN)
Operational since January 2023, JMFFs Maitri Karuna Netralaya has emerged as a trusted eye-care institution in Jamui. During FY 2025-26, the hospital performed 5,201 surgeries and conducted 32,815 OPD consultations. Since inception, it has completed 13,565 surgeries and treated 92,667 OPD patients.
A major milestone during the year was the establishment of a Vision Centre in Chakai block, extending primary and pre-surgical eye-care services to nearly 600 remote villages through refraction, slit-lamp examination and teleconsultation facilities.
The Mobile Eye Clinic continued outreach across nine blocks, conducting 114 clinics and screening 6,233 patients, thereby reducing travel burden and strengthening referrals to the Netralaya.
| FY 2025-26 IMPACT IN HEALTHCARE | |
| 57,696 | 5,201 |
| OPDs | eye-surgeries |
| 20+ | |
| districts | |
AGRICULTURE AND WATER CONSERVATION
Model Village Development Project
Jamui district of Bihar faces persistent agrarian distress and regional imbalances, caused by a number of factors including, and not limited to - drought conditions, undulating hilly wastelands unfit for cultivation, small and fragmented landholdings, limited mechanization, poor access to market infrastructure and so on. The Model Village Development Project is premised on these challenges, not as a standalone intervention, but as a systematic, long-term effort to strengthen farmers livelihoods, enhance agricultural resilience and promote water security. The project is implemented across 22 villages of Khaira and Sikandra blocks with a three-pronged approach encompassing - Farmers training and capacity-building, Seeds and sapling inputs, and Water Conservation 1 .
Farmers Training and Capacity Building
During FY 2025-26, 35 training sessions were organised for 1,759farmersonnaturalfarming,hydrology,watermanagement, turmeric cultivation, System of Rice Intensification (SRI), fertiliser management, and seed production and preservation. Additionally, 34 village-level planning meetings engaged 1,063 farmers. The projects 19,800 sq. ft. Model Farm served as a demonstration site, attracting 1,262 farmers visits across seven crop demonstration plots.
Seeds and Sapling inputs
The project facilitated a total distribution of 12,460 kg of quality seeds and 21,750 chilli saplings to 2,191 (cumulative) farmers. Kharif inputs covered 5,860 kg of seeds benefiting 1,133 farmers across 461 acres, while Rabi inputs included 6,600 kg of seeds and 21,750 saplings benefiting 1,058 farmers across 283 acres. Nutrition Gardens continued to promote household nutrition and food security, with 1,220 seed kits distributed to farmers in two seasonal cycles.
Water Conservation and Allied Interventions
Water conservation remained a core intervention. Building upon 120 wells rejuvenated up to FY 2024 25, JMFF restored an additional 75 wells during FY 2025-26, taking the total to 195 wells.
The intervention follows a structured process involving surveys, feasibility assessments, community mobilisation, desilting, repairs, infrastructure development and community handover.
Over four years, 195 rejuvenated wells have benefited 5,000+ households across 135 villages, improved household water access, reduced drudgery for women, recharged groundwater supporting over 300 acres of cultivation, and increased adoption of short-duration crops.
Integrated Village Development Project (IVDP)
Implemented across 22 villages of Mokhada block, Palghar, the IVDP adopts an integrated approach encompassing agriculture, water conservation and access to government entitlements.
Agriculture and Allied Interventions
During FY 2025-26, 112 training sessions benefited 1,698 farmers through classroom and field demonstrations on crop management, organic inputs, nutrient management and pest control.
The project also supported 23 SHGs 1 through 45 entrepreneurship trainings. Notably, Vikas Bachat Gat 2 sold over 13,000 bottles of Nirgudi oil 3 , generating revenue exceeding 13.20 lakh. Further, 2,859 kg of quality seeds were distributed to 369 farmers across 124 acres, while 250 farmers received kitchen garden seed kits.
Water Conservation
The project completed an additional 3,566 Continuous Contour Trenches (CCTs), complementing the existing 13,178 structures. Spread across 54 acres, these CCTs were integrated with plantation of 750 cashew and 1,450 mango saplings. An additional 130 Jalkund(s) were constructed, increasing the cumulative total to 547. Each structure stores up to one lakh litres of rainwater and provides irrigation support for approximately 10 years.
Linking community to public entitlements
Ten village helpdesks continued facilitating access to government schemes. During FY 2025-26, cumulative benefits worth over 11.00 crore were accessed by 7,759 beneficiaries, in addition to 9 crore worth schemes mobilised till FY 2024 25.
Integrated Livestock Development Centres (ILDC)
Livestock remains a critical source of income, nutrition and resilience for marginal farmers in Jamui, Bihar. However, limited awareness of scientific animal husbandry practices, poor nutrition and inadequate access to quality veterinary services continue to constrain cattle productivity.
To address these challenges, JMFF launched the ILDC project in FY 2017 18. Today, the initiative operates through 22 para-veterinary clinics across Laxmipur, Khaira and Chakai blocks, managed by trained local youth known as Gopals , who provide round-the-clock livestock healthcare and advisory support. Over the past seven years, Gopals have emerged as trusted frontline livestock service providers, delivering preventive, curative and extension services:
Sustainability
Foder plots [541]
Cattle health camps [105]
Education sessions [730]
Treatment & Support
First-Aid [7,625]
Infertility Treatment [1,804]
High volume preventive treatments
Deworming [25,539]
De-ticking [23,892]
On average, every month, the Gopals :
Provide 100+ deworming and de-ticking treatments;
Extend first-aid care to 30+ animals;
Conduct 3 farmers extension education sessions;
Perform 7+ infertility treatments; and
Visit 40+ farmers and their livestock, contributing to project outreach among 8,000+ farmers.
Alongside healthcare services, the project promotes improved milk productivity through scientific animal husbandry and green fodder cultivation. During FY 2025-26, 633 kg of Sudan grass seed was distributed to 326 farmers. With a yield of approximately 1.40 kg per sq. ft., just 250 grams of seed produced an average of 2,286 kg of green fodder from one kattha 1 in a single harvest.
Azolla plot (left) and Sudan grass green fodder plot (right) promoted with farmer beneficiaries
The project also promoted Azolla cultivation, a low-cost, nutrient-rich livestock feed containing 30 35% protein along with essential amino acids, vitamins and minerals, through the establishment of 215 demonstration plots.
| FY 2025-26 IMPACT IN AGRICULTURE | |||||
| 25,500+ kg | 23,000+ | 75 | 130 | 3,566 | 02 |
| Seeds inputs | Sapling inputs | Wells | Jalkund | Trenches | Districts |
SPORTS DEVELOPMENT
JM Financial Sports Project
Launched in FY 2020 21, the JM Financial Sports Project identifies and nurtures rural sporting talent in Jamui, Bihar, through structured coaching, infrastructure, equipment support and competitive exposure in football and athletics. From a single training ground, the initiative has evolved into a district-wide grassroots sports ecosystem comprising six training centres, with a new sports ground established in Kodasi village of Sikandra block during FY 2025-26.
During the year, 641 trainees participated in age-appropriate sports development programmes through six-day-a-week morning and evening coaching sessions aligned with school schedules. Comprehensive athlete support included certified coaches, curriculum-based training, 902 units of sports equipment, 554 football kits, 180 athletics kits, 573 pairs of studs, joggers and spikes, along with competition support covering registration, travel and documentation.
To strengthen coaching quality, three capacity-building workshops enabled 26 coaches to pursue AIFF D Licence and NIS1 certifications. As a result of sustained investments in training and exposure, project athletes recorded notable achievements across football and athletics:
| 141 | 10 | 74 | 11 | 03 |
| Athletics medals | Football trophies | State selections | National selections | Sports scholarships until age 18 |
1 NIS: National Institute of Sports; AIFF: All India Football Federation
More than 120 trainees participated in competitions such as the Khelo India School Games, Mashaal Games and the AIFF
Blue Cubs League, gaining valuable competitive exposure. Community engagement through Parent-Teacher Meetings, Gram Sabhas (s), school outreach and village mobilisation reached over 3,000 households, strengthening enrolment and girlsparticipation.Coachdevelopmenteffortsfurthersustained a technically trained pool of 16 active project coaches.
LIVELIHOODS AND ENTREPRENEURSHIP
Shri Vardhman Utkrshtata Kendra (SVUK)
Inaugurated in Jamui, Bihar, in December 2024, SVUK completed its first full year of operations in FY 2025-26. Established to formalise and strengthen womens livelihoods through structured training in industrial tailoring and embroidery, the centre responds to strong local demand for market-linked skilling, quality standards and income-generation opportunities. During the year, the project transitioned from establishment to early livelihood outcomes through completion of training batches, emergence of micro-enterprises and operationalisation of a hub-and-spoke model.
The Industrial Tailoring programme completed four batches, each undergoing six months (750 hours) of training in industrial sewing machine operations, garment production, finishing standards and workflow efficiency. Training focused on high-demand products such as petticoats, salwar suits, blouses, frocksandalterations,whilealsoincorporatingentrepreneurship modules on pricing, marketing and customer management. From the first batch of 40 trainees, 17 women established micro-enterprises, earning 7,000 9,000 per month, verified through JMFF home visits.
The Embroidery programme completed nine batches and evolved from a skill-based intervention into a product and enterprise-oriented model. Alongside traditional techniques such as Aari, Zardosi, Kantha and Sujni, the curriculum was aligned with market demand and integrated with tailoring to enable value addition on stitched garments.
To improve access and overcome mobility barriers, SVUK established its first village-level spoke centre in Kodasi village of Sikandra block in June 2025. Operating from a 270 sq. ft. community hall equipped with five traditional sewing machines, one Single Needle Lock Stitch machine and essential tools, the centre graduated 28 women through two batches of a four-month (350-hour) training programme.
To strengthen advanced skills and enterprise readiness, a five-day workshop was conducted for 69 trainees in December 2025, facilitated by industry experts from Raymond. The programme covered fabric science, quality standards, costing, enterprise planning and training methodologies. In addition, a trainer refresher course on mens garments was organised in collaboration with Jan Shikshan Sansthan.
EMPLOYEE VOLUNTEERING
During FY 2025-26, 19 employee volunteers actively contributed to JMFFs CSR initiatives.
In October 2025, seven volunteers from the Finance Department of JM Financials Mumbai (Cnergy) office conducted sessions on financial literacy, household budgeting and business planning for 57 mothers associated with JMFF under the JM Financial Shiksha Samarthan.
Additionally, in November 2025, 12 employee volunteers from across the JM Financial Group participated in a week-long immersion in CSR projects in Jamui, Bihar, gaining first-hand exposure to community interventions and engaging directly with project beneficiaries across multiple development sectors.
ACCOLADES
ASSOCHAM National Awards 2025
JM Financial
Institutional Securities Limited was awarded the ASSOCHAM National Water Award 2025 - CSR Initiatives under the Water for Community - CSR Initiatives by Industry category. Social Impact Awards 2025 JMFF received recognition of outstanding commitment for creating positive social impact under the Health, Nutrition and WASH category, for Maitri Karuna Netralaya.
PHILANTHROPIC GIVING
Since inception, JMFF has consistently stayed committed to philanthropy, actively backing numerous, commendable endeavours, spearheaded by various charitable organizations, championing the causes of education, healthcare, sports development, skilling and livelihood, arts, assistance for Persons with Disabilities (PWDs), and animal welfare. Given below is the impact created through our support during the Financial Year:
Education: JMFF extended fellowships to seven rural women to tutor dropout, rural children, while also supporting teachers training, a public library programme, operational expenses for an aided higher primary school, and uniforms, caps and refreshments for 76 children in 3 balwadi(s) .
Healthcare: Our support culminated in 34 childrens surgeries in 17 hospitals, 167 cataract surgeries, seven health camps, four paediatric, cardiac surgeries, and medicine and nutrition support for 59 children.
Spor ts Development: Training and sports-related support for 18 athletes and three para-athletes.
Skilling and Livelihoods: Tuition support for 35 girls pursuing postgraduate programmes in Information Technology, along with initiatives for youth de-addiction and mental rehabilitation.
Arts and Culture: Support to four organisations for annual cultural events and music festivals promoting Indias rich artistic traditions.
Assistance for Persons with Disabilities (PWDs): Support for a multidisciplinary therapeutic healthcare centre, provision of artificial limbs, callipers, crutches and hearing aids to 127 beneficiaries, and educational excursions for 327 children with disabilities.
Animal Welfare: Assistance for conservation of lesser-known animal species and habitats, along with support to 20 cattle shelters [ panjrapole(s) ] caring for over 60,000 cattle.
HUMAN RESOURCES
At JM Financial, our growth is anchored in the strength and capability of our people. As of March 31, 2026, our strength of talent has expanded to 5,250 employees, up from 4,680 in FY 2024-25 and 4,000 in FY2023-24, reflecting a net addition of 570 employees during the year and 1,250 over the past two financial years. This growth has been aligned with business expansion, particularly across our non-institutional segments, including wealth & asset management, and home loans segment.
We continue to focus on attracting and onboarding high-quality talent across functions, with a strong emphasis on aligning our talent strategy to evolving business priorities. Our Human Resources function plays a critical role in enabling this growth by building capability, strengthening leadership, and supporting workforce effectiveness across the organization.
In a dynamic operating environment, we remain committed to fostering a culture of collaboration, innovation, and high performance, while ensuring a workplace that is inclusive, compliant, and aligned to long-term organizational objectives.
Engagement Surveys - Great Place to Work
The Groups continued focus on building a high-trust, inclusive, and performance-driven culture has been recognized externally. JM Financial Group has been accredited as a Great Place to Work-Certified organization by the Great Place to Work Institute across all seven participating businesses for the period February 2026 to February 2027. In addition, JM Financial Limited has been recognized among Indias Top 100 Best Workplaces for Women 2025 in the mid-size category, reflecting the organizations sustained commitment to fostering an inclusive and equitable workplace. Further, JM Financial Services Limited has been recognized among Indias Best Workplaces in Investments 2025, reinforcing the Groups focus on creating a high-trust and employee-centric work environment.
Talent Management
Investing in our people remains central to driving long-term, sustainable success. We continue to prioritize talent management as a strategic imperative, with a focus on strengthening recruitment, enriching the onboarding experience, enhancing learning and development initiatives, and building robust career progression and succession planning frameworks.
110 JM Financial Limited
Through this integrated approach, we aim to cultivate a highly engaged, capable, and future-ready workforce, aligned with our organizational priorities and equipped to support sustained business growth.
Diversity
Our commitment to building a diverse and inclusive workforce is anchored in the principle of equal opportunity for all. We strive to foster a workplace that is respectful, equitable, and free from discrimination or harassment across all stages of the employee lifecycle.
Our policies and practices ensure that individuals are treated fairly and with dignity, irrespective of race, colour, religion, age, gender, sexual orientation, national origin, citizenship, disability, marital status, pregnancy (including maternity protection), veteran status, or any other characteristic protected under applicable laws. This commitment underpins our efforts to create an environment where diverse perspectives are valued and every individual is empowered to contribute meaningfully.
Hiring
Our people are central to our success, and we view employees as long-term partners in driving client-centric outcomes and strengthening our competitive advantage. Our approach to hiring extends beyond recruitment, with a strong emphasis on identifying individuals who align with our values, demonstrate strong cognitive ability, curiosity, and a willingness to learn, attributes that signal long-term potential. Where required, we invest in structured learning and support to enable individuals to build the capabilities needed to succeed.
Our hiring process is designed to attract and identify high-quality talent through a structured and rigorous approach. We leverage multiple channels, including our LinkedIn Careers page and leading job portals, to build a diverse talent pipeline. Candidates undergo a comprehensive evaluation process, including technical and behavioural assessments through virtual and in-person interactions, followed by detailed background and credential verification. Selected candidates are then supported through a seamless onboarding experience to ensure effective integration into the organization. At the Group level, a centralized campus recruitment function drives our early talent strategy, enabling consistent engagement with premier institutions across management, finance, law, and social sciences. Through internships, live projects, and structured placement programs, we continue to build a robust pipeline of future-ready talent aligned with our evolving business needs.
Rewards and Recognition
We recognize that timely and meaningful appreciation is integral to driving motivation, engagement, and performance. Our approach to rewards and recognition is designed to reinforce a culture of meritocracy and acknowledge contributions aligned with organizational goals.
Recognition is embedded across levels through structured initiatives and real-time appreciation platforms such as iCheer, enabling employees to acknowledge and celebrate each others contributions. This sustained focus on recognition strengthens engagement, reinforces desired behaviors, and supports a high-performance culture across the organization.
Employee Engagement & Culture
We continued to invest in building a workplace that fosters connection, inclusion, and a strong sense of belonging.
Leadership engagement remained a key focus through initiatives such as Expresso Yourself Leadership Connect, which enabled open dialogue between new joiners and senior leaders, strengthening transparency, trust, and accessibility across the organization. We also recognized key employee milestones, including retirements, reinforcing a culture that values long-term contribution and institutional legacy.
Festive celebrations across locations, including Diwali, Christmas, Holi, and national occasions, contributed to a vibrant and inclusive environment, encouraging cross-team interaction and cultural cohesion. Large-scale initiatives such as Family Fiesta, with participation from over 1,400 employees and their families, further strengthened community engagement and organisational pride.
A strong culture of engagement was reinforced through sporting initiatives that brought together employees across regions and functions. Flagship events such as the Zonal and Regional Cricket Championships, the JM Financial Football Championship 2026, and Indoor Games tournaments witnessed participation from over 1,500 employees across formats and locations. These platforms enabled cross-functional collaboration, strengthened teamwork, and fostered a shared sense of identity, while promoting well-being and camaraderie. Additionally, team outings, branch-level activities, and zonal engagements provided opportunities for employees to connect beyond work, building stronger interpersonal relationships. Structured interventions such as onboarding programs, leadership inductions, and branch visits further supported alignment with business priorities and enhanced employee engagement.
Collectively, these initiatives reflect our continued commitment to creating a workplace where employees feel valued, connected, and empowered to perform at their best.
Employee Wellbeing Initiatives
We remain committed to supporting the physical, mental, and emotional well-being of our employees. Our approach to wellbeing is centered on enabling a balanced and sustainable work environment through thoughtfully designed policies and initiatives.
Key interventions include access to services such as Doctor on Call, alongside comprehensive leave and paid time-off frameworks that encourage rest, recovery, and overall well-being. Through these measures, we aim to create an environment where employees are supported holistically, enabling them to perform effectively while maintaining a healthy work-life 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
We foster an inclusive environment by empowering high-potential employees to take on greater responsibilities. In collaboration with Human Resources, managers design personalized development plans that include carefully curated work experiences. These initiatives are supported by targeted training and mentoring to strengthen their skills and prepare them for future leadership roles.
Learning and Development
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.
Additionally, members of the HR function participated in industry-wide up-skilling initiatives such as HR 30 Under 30,40 Under 40, and 50 Under 50, conducted by Jombay, as part of a structured learning journey aimed at building future-ready
HR leadership.
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.
SAFE HARBOUR
This report describing our activities, projections and expectations for the future, may contain certain forward looking statements within the meaning of applicable laws and regulations. The actual results of business may differ materially from those expressed or implied due to various risk factors and uncertainties. These risk factors and uncertainties include the effect of domestic as well as global economic and political events, volatility in interest rates and in the securities market, new regulations and government policies that may impact our businesses as well as ability to implement our strategies. We are under no obligation to publicly amend, modify or revise any forward-looking statements on the basis of any subsequent developments, information or events and assume no liability for any action taken by anyone on the basis of any information contained herein.
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1860-267-3000 / 7039-050-000
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+91 9892691696
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