JM Financial Limited (JMFINANCIL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+39.2%

₹156.89

vs ₹112.68 price

Levered DCF

-₹70.52

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	9.04×	11.22×	18.66×	9.52×	8.34×	13.34×	9.99×	13.61×
P/B	1.02×	0.95×	0.9×	0.7×	0.84×	1.12×	0.97×	1.52×
P/S	2.55×	2.29×	1.8×	1.75×	1.72×	2.43×	1.58×	2.24×
EV / EBITDA	10.48×	19.04×	53.23×	21.22×	13.48×	17.54×	14.45×	16.05×
Gross margin	63.5%	67.6%	63.3%	63.7%	71.2%	65.6%	59.8%	58.5%
Operating margin	32.0%	24.8%	8.3%	29.3%	35.9%	33.0%	31.7%	36.8%
Net margin	28.2%	20.4%	9.6%	18.4%	20.6%	18.3%	15.8%	16.4%
Current ratio	0×	0×	1.7×	0.4×	1.49×	16.8×	30.33×	1.8×
Debt / equity	1.09×	1.18×	1.91×	1.96×	1.76×	1.77×	2.08×	2.73×
Interest coverage	1.37×	0.76×	0.23×	0.81×	1.25×	0.96×	0.79×	0.89×
Dividend yield	3.7%	2.1%	1.1%	3.5%	1.5%	0.2%	0.8%	2.2%
Payout ratio	33.4%	23.9%	21.2%	32.9%	12.4%	3.0%	8.4%	30.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.3%	8.4%	4.8%	7.3%	10.1%	8.4%	9.7%	11.1%
Return on invested capital	3.8%	2.6%	0.1%	13.4%	15.0%	4.4%	5.8%	110.1%
Return on assets	4.5%	3.4%	1.4%	2.0%	3.0%	2.5%	2.6%	2.5%
Free cash flow yield	3.2%	60.0%	32.2%	-45.2%	-50.0%	12.2%	57.9%	9.6%
Earnings yield	11.1%	8.9%	5.4%	10.5%	12.0%	7.5%	10.0%	7.3%
Enterprise value	₹176.3B	₹201.9B	₹216.3B	₹211B	₹186.8B	₹194.1B	₹163.9B	₹210.3B
Net debt / EBITDA	4.02×	10.34×	34.42×	15.5×	8.83×	10.43×	9.65×	10.11×
Cash conversion cycle (days)	-491	612	-274	-226	-4,548	-190	1,212	-3,346