Shareholders meeting

July 10, 2026 BSE Limited National Stock Exchange of India Limited Department of Corporate Services Exchange Plaza 1st Floor, New Trading Ring Plot No.C-1, G Block Rotunda Building, P J Towers Bandra-Kurla Complex Dalal Street, Fort, Bandra (East) Mumbai – 400 001 Mumbai – 400 051 Security Code: 523405 Symbol: JMFINANCIL Dear Sirs, Re: Annual Report for the financial year 2025-26 Pursuant to Regulation 34(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the “SEBI Listing Regulations”), we are enclosing herewith the Annual Report of the Company for the financial year 2025-26, including the Business Responsibility and Sustainability Report, together with the Notice convening the Forty First (41st) Annual General Meeting of the Company (“Annual Report”). The Annual Report is also available on the Company’s website at https://jmfl.com/annual-report and the same can be accessed by scanning the QR Code. The Annual Report is being sent electronically to those Members of the Company whose e-mail addresses are registered with the Company/the Registrar and Transfer Agent, or the Depository Participant(s). Further, in compliance with Regulation 36(1)(b) of the SEBI Listing Regulations, a written communication is being sent to those Members whose e-mail addresses are not registered, providing the web-link, exact path and QR Code to access the Annual Report on the Company’s website. We request you to take the above information on record and disseminate the same on your website, as you may deem appropriate. Thank you. Yours truly, For JM Financial Limited Hemant Pandya Company Secretary & Compliance Officer Encl.: as above JM Financial Limited Corporate Identity Number: L67120MH1986PLC038784 Regd. Office: 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025. T: +91 22 6630 3030 F: +91 22 6630 3223 www.jmfl.com JM Financial Limited Annual Report 2025-26 DRIVING PURPOSE FORWARD What’s Inside DRIVING Corporate Overview Statutory Reports Financial Statements About JM Financial 02 Directors' Report 50 Standalone Highlights of the Year 04 Management Discussion Independent Auditor’s Report 215 PURPOSE and Analysis Report 76 Key Performance Indicators 06 Balance Sheet 226 Report on Corporate Governance 113 From the Management’s Desk 08 Statement of Profit and Loss 227 General Shareholders’ Information 147 Board of Directors 12 Statement of Cash Flow 228 Business Responsibility & FORWARD Leadership Team 14 Statement of Changes in Equity 230 Sustainability Reporting 154 Business Segment Review 16 Notes to Financial Statements 231 Sustainability 30 Financial Information of Subsidiary Companies 294 Corporate Social Responsibility 36 Consolidated Human Capital 38 At JM Financial, we remain guided by the purpose At the heart of JM Financial is a culture that Independent Auditor’s Report 296 Thrive 42 that has shaped our progress over the past five encourages learning, values innovation, and Balance Sheet 308 decades. This core vision is the essence of embraces continuous development. A culture Brand Evolution 46 Statement of Profit and Loss 309 the distinctive identity of our organisation. It is that keeps us sharp, purposeful, and consistently Awards and Recognition 48 the compass that guides how we create value ahead of the curve in an increasingly competitive Statement of Cash Flow 310 Corporate Information 49 going ahead. and complex market landscape. Statement of Changes in Equity 312 In FY26, our businesses delivered sustained As we move forward, our resolve remains Notes to Financial Statements 314 growth. We strengthened our foundations, unwavering to grow in ways that matter, to ensure Learn more about us at www.jmfl.com Notice 394 expanded our reach, deepened relationships with every milestone creates a far-reaching impact, those we serve, and scaled platforms designed and to keep driving purpose forward with intent. to stand the test of time. Each milestone, from This philosophy finds expression on the onboarding marquee clients to securing capital, Annual Report’s cover, where a paper plane reflects deliberate choices and is the result of with our brand’s central visual, ‘Red Sail’, soars clarity of direction and purpose. confidently towards the horizon. Symbolising The year also tested our institutional strength as purposeful progress, clear direction, and the we navigated a dynamic operating environment. resolve to reach higher, it reflects our enduring commitment to creating value while navigating By staying true to the values that define us, the future with conviction. we not only grew responsibly but also created lasting value for our clients, our people, and the Now, onwards… communities we are part of. Corporate Overview About JM Financial Built for Every Our Core Values Our values form the foundation of our culture, guiding every decision and interaction as we work towards creating enduring Market Cycle value for all stakeholders. Client Focus Teamwork We always put the interest of We believe extensive teamwork is For over five decades, JM Financial has partnered clients through our clients before our own. We what makes it possible for us to changing market cycles, evolving business needs, and transformative understand our client needs, seek work together towards a common opportunities. As one of India’s leading diversified financial services new opportunities for them, address goal. We value and respect each them and deliver unique solutions as individual’s commitment to groups, we combine deep domain expertise, strong execution capabilities, per their expectations. The success group effort. and long-standing relationships to deliver solutions for all our business of our clients is the biggest reward for us. segments. Our approach is guided by a clear purpose: to create lasting value through insight, integrity, and disciplined execution. Integrity Implementation Integrity is fundamental to our Our expertise, experience and our business. We adhere to moral and continuous focus on the quality ethical principles in everything we of execution ensure effective do as professionals, colleagues and implementation of our strategies. Corporate Advisory and Capital Markets corporate citizens. Our reputation Corporate Advisory and Capital Markets caters to Institutional, Corporate, based on our high standards of Promoters, Government and Ultra-High-Net-Worth clients and includes integrity is invaluable. investment banking, and institutional equities and research. Wealth and Asset Management Innovation Performance Wealth and Asset Management includes wealth management business, broking, We understand our clients' needs and We believe in development of our PMS, Equity & Debt AIFs, and mutual fund business. develop solutions for the most complex people and continuously hone our Business or the simplest, the biggest or the smallest skills, setting higher targets of Segments financial transactions, whether for performance for ourselves. We strive Private Markets individuals or institutions. Creativity and to attract, develop and retain the innovation are key factors to everything we best talent. We recognise and Private Markets comprises of Private Credit (Corporate, Bespoke, Real Estate and do. We encourage new ideas which help reward talent based on merit. Distressed Credit) and Investments (Private equity funds, REITs etc.) us address unique opportunities. Affordable Home Loans Partnership Affordable Home Loans includes the affordable housing finance business. Our relationships with all our stakeholders reflect our spirit of partnership. Clients see us as trusted advisors, shareholders see us as partners and employees see Read more on Page 16 us as family. We respect, trust and support all our stakeholders. 02 JM Financial Limited Annual Report 2025-26 03 Corporate Overview Highlights of the Year Charting New Milestones Business Highlights Consolidated Our Presence Social Highligh [Showing first 8,000 characters — download PDF for full document]