Capital Markets
Jm Financial Limited (jmfinancil) Q2fy27: Revenue Up 1%, Interim Dividend Declared
JM Financial Limited (JMFINANCIL) reports consolidated revenue of Rs. 1,056 crore and PAT of Rs. 240 crore for Q2FY27.
JM Financial Limited announced its financial results for the quarter and half year ended September 30, 2026. The company reported consolidated revenue of Rs. 1,056 crore and a profit after tax (PAT) of Rs. 240 crore for Q2FY27. This marks a 1% increase in revenue compared to the same period last year. Notably, the company declared an interim dividend of Rs. 1.65 per share, contributing to a total dividend payout of Rs. 7.6 per share over the last six quarters.
Corporate Advisory and Capital Markets
The Investment banking business had one of its best quarters with profits growing four times sequentially to Rs. 127 crore. The company ranked #1 by deal value across IPOs and QIPs, closing 26 capital market transactions of ~Rs. 83,000 crores in Q2FY27.
Wealth Management
Recurring AUM increased by 16% year-on-year to Rs. 37,038 crore, while the wealth loan book grew by 30% YoY to Rs. 2,558 crore. Total recurring AUM (including loans) rose by 17% YoY to Rs. 39,596 crore.
Affordable Home Loans
The affordable home loans customer base increased by 30% YoY to 37,548, with AUM growing by 30% YoY to Rs. 3,929 crore and disbursements rising by 48% YoY to Rs. 331 crore.
Commenting on the results, Mr. Vishal Kampani, Vice Chairman and Managing Director, JM Financial Limited, said, “We are excited to report another quarter of robust performance. Our progress on the build out of the customer franchise across all businesses is encouraging. The visibility of earnings has improved with loan book growth across private markets, wealth management, and affordable home loans businesses.”
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of JM Financial Limited
JM Financial Limited belongs to the Financial Services › Capital Markets sector. Here’s a quick read on where the business and the stock stand today.
JM trades in the lower quarter of its 52-week range. The PEG of 0.43 is extremely low. Either the market misses the growth story, or there is a catch worth investigating. Industry-leading margins of 30.9% reflect exceptional pricing power and operational efficiency. The stock gains 0.8% in the last month, recovering from the three-month slide. However, it is too early to call this a confirmed reversal. Revenue grows at 19.1% and profits at 26.3% CAGR — a genuinely strong business. Nevertheless, the stock drops 2.3% in three months. The market sells the stock, not the story. Watch whether that changes at the next earnings. Check Fundamentals of JM Financial Limited.
Capital Markets
Dam Capital Advisors Limited Q2 FY27: Total Income Up 81%, PAT Surges
Dam Capital Advisors Limited (DAMCAPITAL) reports Q2 FY27 results: Total income up 81%, PAT surges to INR 13.5 crore.
Dam Capital Advisors Limited (NSE: DAMCAPITAL) announced its financial results for the quarter and half-year ended September 30, 2026. The company reported a significant increase in total income, up 81% quarter-over-quarter to INR 54.3 crore, compared to INR 30.0 crore in Q1 FY27. Profit After Tax (PAT) surged to INR 13.5 crore in Q2 FY27, compared to INR 0.15 crore in the previous quarter. This robust performance highlights the company’s strong execution capabilities and investor confidence.
Operational Highlights
The quarter saw a robust performance in equity capital markets (ECM) with 8 ECM transactions, including 5 IPOs, 2 OFS transactions, and 1 buyback, raising over INR 30,500 crore in aggregate. Notably, the IPOs included National Stock Exchange of India (INR 22,563 crore), Hero Motors (INR 1,000 crore), ESDS Software Solution (INR 720 crore), Caliber Mining & Logistics (INR 600 crore, including pre-IPO), and Prasol Chemicals (INR 595 crore, including pre-IPO).
Financial Highlights
Total income stood at INR 54.3 crore in Q2 FY27, up 81% q-o-q compared with INR 30.0 crore in Q1 FY27. Revenue from merchant banking stood at INR 34.3 crore in Q2 FY27, up 262% q-o-q compared with INR 9.5 crore in Q1 FY27. Profit After Tax (PAT) stood at INR 13.5 crore in Q2 FY27, compared with INR 0.15 crore in Q1 FY27. The PAT margin stood at 25.0% in Q2 FY27, compared with 0.5% in Q1 FY27. Net cash available as of September 30, 2026, stood at INR 314 crore.
Looking ahead, Dharmesh Mehta, Managing Director & CEO, said, “Q2 FY27 saw a pickup in primary market activity, with India’s capital markets demonstrating resilience amidst persistent global uncertainties, geopolitical tensions, and volatility in foreign capital flows. Healthy domestic liquidity and sustained investor confidence in quality issuances supported fundraising activity during the quarter. For DAM Capital, it was a good quarter in terms of deal execution. We successfully completed 5 IPO transactions, including 2 sole banker mandates, alongside 2 OFS transactions and a buyback. These transactions attracted strong participation from quality institutional investors, reaffirming the depth of our franchise, execution capabilities, and investor reach. Looking ahead, we remain optimistic about the structural growth prospects of India’s capital markets, supported by an expanding universe of businesses seeking access to capital and an increasingly stable domestic investor base. Q3 FY27 has begun on a positive note for us with the successful listing of the landmark Jio Platforms Limited IPO. We have a healthy pipeline of mandates which positions us well for the coming quarters. However, the pace of execution will remain dependent on prevailing market conditions and the broader global environment.”
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of Dam Capital Advisors Limited
Dam Capital Advisors Limited belongs to the Financial Services › Capital Markets sector. Here’s a quick read on where the business and the stock stand today.
Dam falls 12.5% over three months and has not found a floor yet. The PEG of 0.14 is extremely low. Either the market misses the growth story, or there is a catch worth investigating. Industry-leading margins of 32.0% reflect exceptional pricing power and operational efficiency. The stock gains 6.4% in the last month, recovering from the three-month slide. However, it is too early to call this a confirmed reversal. Revenue grows at 39.6% and profits at 103.1% CAGR, with D/E of 0.00. Meanwhile, the stock dips 12.5% in three months without any fundamental deterioration. Consequently, the stock quietly becomes cheaper relative to earnings power. For long-term investors, that is a feature. Check Fundamentals of Dam Capital Advisors Limited.
Capital Markets
Motilal Oswal Financial Services Limited Appoints Suresh Shukla as CEO of Wealth Management Business
Motilal Oswal Financial Services Limited appoints Suresh Shukla as CEO of Wealth Management Business, marking a significant leadership transition.
Motilal Oswal Financial Services Limited (MOFSL) has announced the appointment of Mr. Suresh Shukla as the new CEO of its Wealth Management Business, effective from November 04, 2026. This strategic move underscores MOFSL’s commitment to strengthening its leadership capabilities and driving future growth.
Leadership Transition at Wealth Management
Suresh Shukla, with nearly 30 years of professional expertise in broking and wealth management, brings a wealth of experience to his new role. Prior to joining MOFSL, he had a distinguished career at Kotak Securities and SBI Securities, where he led a workforce of over 16,000 professionals across 180+ branches.
Strategic Focus on Wealth Management
The appointment of Mr. Shukla is part of MOFSL’s broader strategy to enhance its Wealth Management division. This move is expected to bolster MOFSL’s position in the competitive financial services industry, leveraging Mr. Shukla’s extensive experience in retail broking and digital transformation.
As MOFSL continues to expand its leadership pipeline and focus on succession planning, this appointment is seen as a significant step towards achieving sustained growth and innovation in the wealth management sector.
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of Motilal Oswal Financial Services Limited
Motilal Oswal Financial Services Limited belongs to the Financial Services › Capital Markets sector. Here’s a quick read on where the business and the stock stand today.
Motilal rises 9.4% over three months, with buying pressure holding steady. D/E of 1.32 is elevated. As a result, debt servicing will compress free cash flow in a high-rate environment. Premium net margins of 23.0% demonstrate strong cost discipline and a wide competitive moat. The stock trades at 92% of its 52-week range — near its best levels of the year. Clearly, the market pays a premium for this name. Both the business and the stock move in the right direction. Revenue grows at 29.1%, profits at 26.1%, and the PEG sits at 1.26 — below its growth rate. That combination is rare. Check Fundamentals of Motilal Oswal Financial Services Limited.
Capital Markets
Indian Energy Exchange Ltd (IEX) October’26: Electricity Traded Volume Up 16.5% YOY
Indian Energy Exchange Ltd (IEX) sees a 16.5% YOY rise in October 2026 electricity traded volume; market clearing prices surge.
Indian Energy Exchange (IEX), India’s premier electricity exchange, recorded a monthly electricity traded volume of 13,092 MUs in October 2026, marking a 16.5% year-on-year increase. According to government data, India’s energy consumption reached 159.8 BUs in October 2026, registering a 21.9% year-on-year growth. This rise in power demand drove buy bids in the Day-Ahead Market up 265% year-on-year, resulting in an increase in prices.
Market Clearing Prices Surge
The average market clearing price in the Day-Ahead Market registered a 149% increase year-on-year, rising from Rs 2.67/unit in October 2025 to Rs 6.66/unit in October 2026. The sharp increase was also attributable to the low base of the corresponding month last year, when power demand was relatively lower. Similarly, the average market clearing price in the Real-Time Market stood at Rs 5.78/unit during October 2026, registering an increase of 112% year-on-year.
Demand-Supply Dynamics Remained Volatile
However, demand-supply dynamics remained volatile even during October. Warmer weather due to El Niño and below-normal monsoon rainfall resulted in strong power demand in the first half, while cooler weather, rainfall and the impact of Cyclone Arnab led to an easing of demand during the latter days of the month. Higher supply liquidity during periods of subdued demand resulted in near-zero prices in the Real-Time Market (RTM) across multiple time blocks.
As a result, the energy market continues to adapt to changing weather patterns and demand fluctuations, ensuring efficient price discovery and trade execution.
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of Indian Energy Exchange Limited
Indian Energy Exchange Limited belongs to the Financial Services › Capital Markets sector. Here’s a quick read on where the business and the stock stand today.
Indian falls 12.4% over three months and has not found a floor yet. D/E stands at 0.01 with a 3.72% dividend yield. Furthermore, the business records zero revenue dips and zero loss quarters in five years — a fortress balance sheet. Industry-leading margins of 66.2% reflect exceptional pricing power and operational efficiency. The stock sits at 8% of its 52-week range, close to annual lows. Historically, value investors build positions at these levels — though cheap stocks can stay cheap. Revenue grows at 15.4% and profits at 17.2% CAGR — a genuinely strong business. Nevertheless, the stock drops 12.4% in three months. The market sells the stock, not the story. Watch whether that changes at the next earnings. Check Fundamentals of Indian Energy Exchange Limited.
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