Who are JM Financial's main competitors?

Named competitors: Edelweiss Financial Services (EDELWEISS.NS), Motilal Oswal Financial Services (MOTILALOFS.NS), IIFL Capital Services (IIFLCAPS.NS). The cockpit's measured peer set (industry) also includes Flow Traders (FLOW.AS), Tokai Tokyo Financial (8616.T), Gold.com (GOLD), IIFL Capital Services (IIFLCAPS.NS), Canaccord Genuity (CF.TO), Yuanta Futures (6023.TWO).

Is JM Financial expensive compared with its peers?

On forward p/e it trades at 8.0× against a peer median of 13.8×, 3rd cheapest of 12 in its peer set.

How has JM Financial stock performed?

Over six months to 6 Nov 2026 the shares returned -22.0% against -7.8% for the median peer; over one year -33.4%.

← CockpitCompetitor Analysis › JMFINANCIL.NS JM FinancialOpen in the cockpit ↗

JM FinancialJMFINANCIL.NSCompetitor analysis, valuation and peers

India · INR·Financials›Investment Banks/Brokers

Diversified Indian financial services group offering investment banking, wealth management, NBFC lending and asset reconstruction.

Momentum laggard 17

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$1.13B

US dollars, full cap

Free float

53%

of shares outstanding

$/day

$2.60M

20-day average traded

Fwd P/E

8.0×

forward earnings

ROIC−WACC

n/a

WACC 11.5%

Hurdle

n/a

no reverse DCF

Next earnings

100 days

14 Feb 2027

Close · INR₹111.42

1D+2.4%

1W+3.4%

1M-10.8%

3M-14.2%

6M-22.0%

YTD-25.8%

1Y-33.4%

ATR %4.2%

Beta1.48

52w lowhigh33.9% off high

What JM Financial does

Diversified Indian financial services group offering investment banking, wealth management, NBFC lending and asset reconstruction.

Income splits between fee businesses (deal advice, broking, managing wealth) and lending, which earns interest but relies on money borrowed from banks and bond investors, so access to funding matters. Nimesh Kampani founded the group, which is still promoter-led.

Products and services

Investment banking/capital markets
Wealth management
NBFC lending (real estate, distressed credit)
Asset reconstruction (ARC)

Customers

Corporates (investment banking)
HNI wealth clients
Real estate/distressed borrowers

Where it sits in the supply chain

Financial services
Diversified financial holding
Investment banking, wealth & NBFC…

What could go right

India capital markets activity growth
Wealth management AUM growth

What could go wrong

Regulatory action history on NBFC lending
Real estate credit cycle risk

Moat: narrow (brand, distribution). Long-established investment banking and wealth franchise, though its NBFC book has faced regulatory scrutiny.

Headquarters: Mumbai, India · Founded: 1973 · Employees: 5,250

Named competitors

Edelweiss Financial Services EDELWEISS.NS
Motilal Oswal Financial Services MOTILALOFS.NS
IIFL Capital Services IIFLCAPS.NS

JM Financial at a glance

Size JM Financial (JMFINANCIL.NS) is an India Financials company (Investment Banks/Brokers) with a market value of $1.13B, the 563rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹111.42 on 6 Nov 2026.

Performance Over six months the shares fell 22.0%, against -7.8% for the median peer and 0.0% for the India market (cap-weighted) — 4th lowest of 21 in its peer set.

Growth Revenue grew 1.4% over the last twelve months (peer median +16.0%); the operating margin is 32.4% (peer median 31.4%).

Valuation It trades at 8.0× forward earnings against a peer median of 13.8× (3rd cheapest of 12).

Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: JM Financial against the median of its 20 peers (local-currency closes).

JM Financial financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	₹43.8B	₹40.0B	₹42.5B	₹47.2B	₹34.3B
Revenue growth	—	-6%	-10%	+38%	—
Gross profit	₹28.8B	₹34.3B	₹37.4B	₹42.9B	₹31.3B
EBITDA	₹15.0B	₹24.3B	₹27.3B	₹33.4B	₹22.4B
Net income	₹10.1B	₹12.0B	₹8.21B	₹4.10B	₹5.97B
Free cash flow	n/a	₹3.44B	₹8.68B	₹24.6B	-₹5.43B
Capital expenditure	n/a	₹642M	₹340M	₹537M	₹1.25B
Total debt	₹114B	₹116B	₹115B	₹162B	₹159B

Quarterly statements and history in the cockpit →

JM Financial competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. JM Financial is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. JM Financial is the large dot.

JM Financial competitors and peer comparison

Head to head with its named competitors (JMFINANCIL.NS vs EDELWEISS.NS vs MOTILALOFS.NS vs IIFLCAPS.NS)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
JM Financial JMFINANCIL.NS	$1.13B	-22%	+1%	32%	8.0×	n/a
Edelweiss Financial Services EDELWEISS.NS	$1.28B	+6%	+16%	11%	n/a	n/a
Motilal Oswal Financial Services MOTILALOFS.NS	$7.03B	+24%	+44%	31%	22.1×	n/a
IIFL Capital Services IIFLCAPS.NS	$1.17B	0%	+8%	25%	n/a	n/a

How JM Financial compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

JM Financial against its 20 peers (data as of 6 Nov 2026)
Measure	JMFINANCIL.NS	Peer median	Rank in peer set
1-month return	-10.8%	-5.5%	8th lowest of 21
6-month return	-22.0%	-7.8%	4th lowest of 21
Distance from 52-week high	-33.9%	-25.3%	8th lowest of 21
Revenue growth (TTM)	+1.4%	+16.0%	4th lowest of 21
Operating margin	32.4%	31.4%	11th highest of 21
Forward P/E	8.0×	13.8×	3rd cheapest of 12

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
JM Financial JMFINANCIL.NS	India	$1.13B	-22%	+1%	32%	8.0×	n/a	n/a
Flow Traders FLOW.AS	Netherlands	$1.13B	-20%	-4%	43%	7.2×	n/a	n/a
Tokai Tokyo Financial 8616.T	Japan	$1.14B	+2%	+16%	18%	12.5×	n/a	n/a
Gold.com GOLD	United States	$1.09B	-17%	+132%	1%	13.8×	n/a	n/a
IIFL Capital Services IIFLCAPS.NS	India	$1.17B	0%	+8%	25%	n/a	n/a	n/a
Canaccord Genuity CF.TO	Canada	$1.08B	+17%	+32%	12%	11.0×	n/a	n/a
Yuanta Futures 6023.TWO	Taiwan	$1.07B	-9%	+10%	-22%	n/a	n/a	n/a
OSL 0863.HK	Hong Kong	$1.19B	-20%	+12,274%	-2%	n/a	n/a	n/a
Ruida Futures 002961.SZ	China	$1.22B	-21%	-51%	82%	10.6×	n/a	n/a
Gielda Papierow Wartosciowych w Warszawie GPW.WA	Poland	$1.04B	+19%	+22%	34%	16.3×	n/a	n/a
Indian Energy Exchange IEX.NS	India	$1.03B	-18%	+13%	80%	18.1×	n/a	n/a
Japan Securities Finance 8511.T	Japan	$1.02B	-6%	+73%	82%	n/a	n/a	n/a
Edelweiss Financial Services EDELWEISS.NS	India	$1.28B	+6%	+16%	11%	n/a	n/a	n/a
Nihon M&A Center 2127.T	Japan	$1.28B	-7%	+5%	36%	14.1×	n/a	n/a
Bright Smart Securities & Commodities 1428.HK	Hong Kong	$1.28B	-51%	-2%	67%	14.9×	n/a	n/a
JSW JSWHL.NS	India	$1.29B	-16%	+55%	94%	n/a	n/a	n/a
Oppenheimer OPY	United States	$963M	-5%	+14%	12%	n/a	n/a	n/a
Okasan Securities 8609.T	Japan	$1.33B	+5%	+36%	29%	n/a	n/a	n/a
DAOU TECHNOLOGY 023590.KS	South Korea	$919M	-35%	+134%	6%	n/a	n/a	n/a
Daishin Securities 003540.KS	South Korea	$868M	-44%	+44%	53%	2.9×	n/a	n/a
M&A Capital Partners 6080.T	Japan	$855M	+32%	+12%	38%	17.5×	n/a	n/a

Questions

Who are JM Financial's main competitors?: Named competitors: Edelweiss Financial Services (EDELWEISS.NS), Motilal Oswal Financial Services (MOTILALOFS.NS), IIFL Capital Services (IIFLCAPS.NS). The cockpit's measured peer set (industry) also includes Flow Traders (FLOW.AS), Tokai Tokyo Financial (8616.T), Gold.com (GOLD), IIFL Capital Services (IIFLCAPS.NS), Canaccord Genuity (CF.TO), Yuanta Futures (6023.TWO).
Is JM Financial expensive compared with its peers?: On forward p/e it trades at 8.0× against a peer median of 13.8×, 3rd cheapest of 12 in its peer set.
How has JM Financial stock performed?: Over six months to 6 Nov 2026 the shares returned -22.0% against -7.8% for the median peer; over one year -33.4%.