JM Financial Limited is a leading Indian diversified financial services company with businesses spanning investment banking, asset management, wealth management, and credit (including home loans and structured finance). Founded in 1973 as a brokerage firm, it has evolved into a full-service financial institution with a strong presence in corporate advisory, capital markets, and alternative investments. As of January 2026, JM Financial is delivering robust performance—74.01% YoY profit growth, 16.61% sales growth, and a 12.59% ROE—while trading at a reasonable P/E of 20.98x and offering a 2.11% dividend yield. This article provides a data-driven outlook on the JM Financial share price target 2026–2030.
JM Financial: Company Overview
- Founded: 1973
- Chairman & Managing Director: Mr. Nimesh Kampani
- NSE Symbol: JMFINANCIL
- Core Segments:
- Investment Banking & Capital Markets (45%)
- Asset Management & Wealth (30%)
- Credit & Lending (25%)
- Market Position: Among India’s top 5 private investment banks; key player in real estate financing and IPO book-building
JM Financial benefits from deep relationships with promoters, real estate developers, and institutional investors, though it remains smaller than giants like ICICI Securities or Kotak Mahindra.
JM Financial: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹128.20 |
| Market Capitalization | ₹12,260.23 Cr |
| No. of Shares Outstanding | 95.63 Cr |
| P/E Ratio (TTM) | 20.98 |
| P/B Ratio | 2.67 |
| EPS (TTM) | ₹6.11 |
| Book Value (TTM) | ₹47.96 |
| ROE | 12.59% |
| ROCE | 12.98% |
| Dividend Yield | 2.11% |
| Face Value | ₹1 |
| Operating Revenue | ₹837.20 Cr |
| Net Profit | ₹538.74 Cr |
| Promoter Holding | 56.90% |
| Sales Growth (YoY) | 16.61% |
| Profit Growth (YoY) | 74.01% |
JM Financial Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹140 – ₹156 |
| 2027 | ₹154 – ₹174 |
| 2028 | ₹168 – ₹194 |
| 2029 | ₹182 – ₹216 |
| 2030 | ₹196 – ₹240 |
JM Financial Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹140 | ₹156 |
JM Financial reported 74.01% YoY profit growth and 16.61% sales growth in FY2025, driven by strong capital market activity and improved credit quality. Trading at a P/E of 20.98x and P/B of 2.67x, the stock is fairly valued for a mid-sized financial services firm. The 2026 target range assumes continued deal flow and stable asset quality.
JM Financial Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹154 | ₹174 |
If the company sustains 20–25% earnings growth and benefits from IPO revival and real estate recovery, EPS could reach ₹6.80–₹7.20 by FY27. Assuming a P/E of 21–22x, the 2027 target range is justified.
JM Financial Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹168 | ₹194 |
By 2028, benefits from wealth management expansion and structured credit monetization should reflect in margins. A P/E of 22–23x on projected EPS of ₹7.20–₹7.60 supports the ₹168–₹194 band.
JM Financial Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹182 | ₹216 |
Long-term tailwinds include India’s rising HNI population, IPO pipeline, and real estate formalization. If competition doesn’t erode pricing, EPS could reach ₹7.80–₹8.30 by FY29. At a P/E of 22–24x, the 2029 target is ₹182–₹216.
JM Financial Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹196 | ₹240 |
Over a five-year horizon, JM Financial remains a high-quality niche financial compounder. A terminal P/E of 23–25x on FY30 EPS (~₹8.20–₹8.80) justifies the ₹196–₹240 range.
JM Financial: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters | 56.90% |
| Public & Retail | 19.63% |
| Foreign Institutional Investors (FII) | 17.71% |
| Domestic Institutional Investors (DII) | 5.76% |
High promoter holding ensures strategic continuity. Strong FII interest reflects confidence in governance and niche expertise.
JM Financial: Strengths vs Risks
Strengths:
- Strong legacy in investment banking and real estate finance
- Consistent dividend payer (2.11% yield + 45%+ payout)
- Low advances-to-equity ratio (minimal balance sheet risk)
- Trusted name in promoter circles and capital markets
Risks:
- Smaller scale vs. Kotak, ICICI, or Axis
- Exposure to the real estate sector volatility
- Dependence on capital market cycles
- Contingent liabilities of ₹1,200 Cr require monitoring
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | Moderate |
| Ideal Time Horizon | 5+ years |
| Volatility | Higher than market average |
| Dividend/Income Potential | Moderate (2.11% yield) |
| Best For | Investors seeking exposure to India’s capital markets and private banking niche |
Final Verdict
JM Financial is a high-integrity, niche financial services player with consistent profitability and shareholder returns. While not a high-growth stock, its capital market expertise and dividend policy offer reliable compounding.
Our JM Financial share price target 2026–2030 (₹140 to ₹240) reflects steady earnings growth, multiple stability, and sustained investor confidence. Upside is substantial if IPO activity revives; downside is cushioned by dividend support and promoter credibility.
Disclaimer: Price targets are estimates based on publicly available data and sector analysis. They are not investment advice. Consult a SEBI-registered advisor before making decisions.
Sources
- Screener.in – JM Financial Consolidated Page (FY2025 + TTM)
- Finology Ticker – JMFINANCIAL Financials & Analysis
- JM Financial Investor Presentation (Q3 FY26, Jan 2026)
- SEBI Annual Compliance Reports
- BSE/NSE Corporate Filings
