Capital Markets
Jm Financial Limited Reports Highest Ever Annual PAT of Rs. 1,202 Crore for FY26
JM Financial Limited announced its FY26 results with a 46% YoY increase in PAT to Rs. 1,202 crore, proposing a final dividend of Rs. 1.75 per share.
JM Financial Limited announced its financial results for the quarter and year ended March 31, 2026, marking its highest-ever annual consolidated profit after tax (PAT) of Rs. 1,202 crore, a 46% year-on-year increase. The company also proposed a final dividend of Rs. 1.75 per share, up from Rs. 1.50 per share in the previous year. The return on equity (RoE) stood at approximately 12%.
Key Highlights for FY26
JM Financial’s fees, commission, and brokerage income increased by 10% year-on-year to Rs. 1,753 crore. The total dividend for the year increased to Rs. 3.25 per share, up from Rs. 2.7 per share in FY25. Wealth management saw a 30% increase in sales and wealth relationship managers (RMs) headcount, with 10 new branches added, resulting in a 10% year-on-year increase in recurring assets under management (AUM) to Rs. 30,838 crore. The loan book remained stable at Rs. 2,028 crore.
Segment Performance
The company’s Private Markets segment saw a significant de-risking, with resolutions in distressed credit and repayments in real estate loans. The Affordable Home Loans business expanded to over 150 branches, reporting a 22% year-on-year growth in AUM and a 45% increase in PAT. The Corporate Advisory and Capital Markets segment closed 41 capital market transactions of approximately Rs. 95,000 crore in FY26, with a strong pipeline of 55 filed IPO transactions aggregating to approximately Rs. 140,000 crore.
Commenting on the results and financial performance, Mr. Vishal Kampani, Vice Chairman and Managing Director of JM Financial Limited, said, ‘Escalating geopolitical tensions and its impact on the world continues to remain the dominant theme. These tensions are expected to impact key macroeconomic indicators in India. We reported our highest ever PAT crossing Rs. 1,200 crore for FY26 generating a return of equity of ~12%. The pipeline for equity and advisory transactions is swelling in the Corporate Advisory and Capital Markets segment. We’ve expanded significantly in people and infrastructure in wealth management over the last year and are now focused on improving productivity. Private Markets business has de-risked significantly with resolutions in distressed credit and repayments/pre-payments in real estate loans. Affordable home loans business has now expanded to over 150 branches and reported a strong 22% YoY growth in AUM and a 45% YoY growth in PAT.’
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 posts a 2.0% three-month gain, but softens in the last few weeks. The PEG stands at 5.10 — severely stretched. Any earnings miss could trigger a sharp de-rating. D/E of 1.24 is elevated. As a result, debt servicing will compress free cash flow in a high-rate environment. The stock gives back 4.7% in the last month despite a positive three-month run. As a result, the earlier momentum appears to be fading. Revenue grows at 0.6% and the stock moves sideways over three months. Neither side makes a strong case. The next earnings print will likely break this stock out of its current range. Check Fundamentals of JM Financial Limited.
Capital Markets
Indian Energy Exchange Limited (IEX) Achieves 77.2 BU Electricity Traded Volume in H1 FY’27
Indian Energy Exchange Limited (IEX) reports 77.2 BU electricity traded volume, a 14.2% YOY growth in H1 FY’27.
Indian Energy Exchange Limited (IEX) has reported a significant achievement in the first half of fiscal year 2027, with a total electricity traded volume of 77.2 BU, marking a robust 14.2% year-on-year growth. This impressive performance highlights IEX’s continued leadership in India’s electricity market. The exchange achieved a volume of 32.5 BU in the Real-Time Market (RTM), reflecting a 16.5% increase compared to the same period last year.
Electricity Market Performance
In the second quarter of FY’27, IEX saw a traded volume of 39.7 BU, a 12.7% increase from the previous year. The Day-Ahead Market (DAM) registered a total volume of 14,855 MU, a marginal 2.2% year-on-year increase. The Real-Time Market (RTM) experienced a 10.5% growth, reaching 16,490 MU. Notably, the Day Ahead Contingency and Term-Ahead Market (TAM) saw a remarkable 101.5% year-on-year growth, trading 5,477 MU in Q2 FY’27.
September 2026 Highlights
In September 2026, IEX achieved a monthly electricity traded volume of 12.2 BU, an increase of 10.4% year-on-year. The RTM volume for the month was 5.3 BU, up by 10.6% compared to September 2025. The highest ever single-day volume of 315 MU was recorded in the RTM on September 26, 2026. This surge in trading activity is indicative of the strong power demand in the country.
As a result, the average market clearing price in the Day-Ahead Market increased by 46% to Rs 5.7/unit during Q2 FY’27, and in the Real-Time Market, it rose by 49% to Rs 5.2/unit. These price increases reflect the growing energy consumption and demand in India, which touched 502 BUs in Q2 FY’27, marking an 11.5% year-on-year growth.
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 14.8% over three months and has not found a floor yet. D/E stands at 0.01 with a 3.77% 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. RSI stands at 24, well into oversold territory. Yet sellers still dominated on 20 of recent sessions versus 8 for buyers, so the pressure has not fully lifted. Revenue grows at 15.4% and profits at 17.2% CAGR. However, the stock falls 14.8% in three months and RSI hits 24. The fundamentals argue for patience. The price action argues for caution. Your time horizon decides which wins. Check Fundamentals of Indian Energy Exchange Limited.
Capital Markets
Sg Finserve Limited (sgfin) Announces Loan Book Growth of 98% Yoy for H1-fy27
SG Finserve Limited (SGFIN) reports a strong loan book growth of approximately INR 5,694 crores for H1-FY27, marking a 98% year-on-year increase.
SG Finserve Limited (SGFIN) has announced its impressive financial performance for the first half of FY27. The company closed H1-FY27 with a loan book of approximately INR 5,694 crores, marking a robust year-on-year growth of ~98%.
Strong Year-on-Year Growth
The significant growth in the loan book is a testament to SGFIN’s strong business momentum. Compared to the same period last year, the loan book has expanded by a remarkable 98%. This growth reflects the company’s ability to leverage its extensive network and technological capabilities to provide tailored financing solutions to corporate and MSME customers.
Quarter-on-Quarter Growth
Moreover, SGFIN has demonstrated impressive quarter-on-quarter growth, with a ~25% increase in the loan book from June 30, 2026, to September 30, 2026. This consistent growth highlights the company’s capacity to attract and retain a growing customer base.
As a result, SG Finserve Limited continues to reinforce its position as a reliable and strong financial institution, with an AA-/Stable/A1+ rating from CRISIL and AA(CE)/Stable/A1+ rating from ICRA. The company remains committed to delivering exceptional financial services through its digital first, supply chain-focused approach.
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of SG Finserve Limited
SG Finserve Limited belongs to the Financial Services › Capital Markets sector. Here’s a quick read on where the business and the stock stand today.
SG falls 8.6% over three months and has not found a floor yet. The PEG of 0.25 is extremely low. Either the market misses the growth story, or there is a catch worth investigating. D/E of 1.37 is elevated. As a result, debt servicing will compress free cash flow in a high-rate environment. The stock holds at 70% of its 52-week range with RSI at 37. In other words, neither side has a clear edge right now. Revenue grows at 102.3% and profits at 90.7% CAGR, with D/E of 1.37. Meanwhile, the stock dips 8.6% 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 SG Finserve Limited.
Capital Markets
Indian Energy Exchange Limited Expands Energy Markets Footprint
Indian Energy Exchange Ltd (IEX) announced its subsidiary Indian Coal Exchange Ltd applies for licence with Coal Controller Organisation, expanding its energ.
Indian Energy Exchange Limited (IEX) announced today that its wholly owned subsidiary, Indian Coal Exchange Limited, has applied for a licence with the Coal Controller Organisation (CCO). This move marks a significant expansion of IEX’s energy markets footprint.
Expansion into Coal Market
Indian Coal Exchange Limited, incorporated on June 1, 2026, with an authorised share capital of Rs 100 crore, will be a physical delivery-based coal trading exchange. It aims to provide an organised, transparent, and technology-enabled marketplace for coal trading in accordance with the Coal Exchange Rules, 2026.
Facilitating Efficient Trades
By bringing buyers and sellers together on a single, neutral platform, Indian Coal Exchange will facilitate trades at designated delivery points, enabling efficient price discovery and wider market access. This initiative is backed by IEX’s 18 years of experience in building transparent, technology-driven, and market-based trading platforms.
Complementing IEX’s electricity market business, the Indian Gas Exchange (IGX), and its role in facilitating I-REC issuance in India, Indian Coal Exchange will further broaden the group’s energy market offerings across the energy value chain.
As a result, IEX is poised to enhance its position as a leading player in the energy sector, providing a comprehensive and integrated trading platform for various energy commodities.
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 9.8% over three months and has not found a floor yet. D/E stands at 0.01 with a 3.60% 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. Sellers drive 1.7x the volume of buyers. Furthermore, they controlled 21 of recent sessions versus 7 for buyers — a clear distribution signal. Revenue grows at 15.4% and profits at 17.2% CAGR — a genuinely strong business. Nevertheless, the stock drops 9.8% 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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