Analysts/Institutional Investor Meet/Con. Call Updates

November 9, 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, Sub: Transcript of the Earnings Conference Call Pursuant to Regulation 30 of the SEBI Listing Regulations, read with Para A of Part A of Schedule III thereto, we are enclosing the transcript of the earnings conference call of the Company held on Thursday, November 5, 2026. The said transcript has also been uploaded on the website of the Company at https://www.jmfl.com/investor-relations/financial-results and the same can be accessed by scanning the QR Code. We request you to kindly take the above on your 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 Q2FY27 Earnings Conference Call November 5, 2026 Page 1 of 21 JM Financial Limited November 5, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Earnings Conference Call for JM Financial Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing * then 0 on your touchtone phone. Kindly note that any forward-looking statements made on this call are based on the management's current expectations. However, the actual results may vary significantly, and therefore the accuracy and completeness of this expectation cannot be guaranteed. Please note that this conference is being recorded. I now hand the conference over to Mr. Parth Jariwala from DAM Capital. Thank you, and over to you, sir. Parth Jariwala: Thank you. Good afternoon, everyone, and welcome to Q2FY27 Earnings Call of JM Financial. On behalf of DAM Capital, I thank the management for giving us the opportunity to host the call. On the call, we have Vishal Kampani, Vice Chairman and Managing Director. We have Sonia Dasgupta, Managing Director and CEO of Investment Banking, Anuj Kapoor, Head of Private Wealth, Amitabh Mohanty, CEO of JM Financial Asset Management Limited, Manish Sheth, MD and CEO of JM Financial Home Loans, and Nishit Shah, Group CFO. Without further ado, I will give the call to Vishal to take you through the key updates. Thank you and over to you, Vishal. Vishal Kampani: Thank you, Parth. Thank you, everyone, for joining the call. We have seen very good progress on the build-out of our customer franchise across each of our businesses. The Q2 FY27 results are supported by a very strong performance in corporate advisory and capital markets businesses. All the operating parameters in most of the businesses are showing healthy trends. Pleased to report that we were ranked #1 across IPOs and QIPs and closed transactions of INR83,000 crores in Q2. The pipeline for our equity, our debt, our advisory business is extremely robust. We still have INR130,000 crores worth of transactions, which are already filed with the regulator for execution over the next 12 months, and many more to be filed this quarter and next quarter. On the private markets business, we witnessed strong disbursements during the quarter. I had earlier guided for around 20% growth year-on-year. We have kind of already hit that target in the first six months of the year, with almost INR1,000 crores of disbursement during the quarter. A significant portion of that is to our franchise clients, which are our corporate advisory clients under the bespoke vertical. The standard loans have grown by 22% on a Y-o-Y basis in the private markets business. Our cash and cash equivalents have reduced quarter-on-quarter from approximately INR3,000 crores to INR1,700 crores, largely because of these disbursements and also because we have repaid some borrowings without the need to borrow significantly. Over the next one year, because of Page 2 of 21 JM Financial Limited November 5, 2026 the growth that we are seeing ahead, we will resume adding to leverage on the private markets balance sheet. In wealth management, recurring AUM and loans continue to show very good traction. They have grown approximately 17% to almost INR40,000 crores. And the focus has been on improving productivity. We are, as mentioned in my earlier two calls, carefully monitoring the performance of our sales teams across ultra HNI, HNI and the retail segments, and making sure that all the sales teams are adding to productivity on a month-on-month basis. This will continue to be our endeavor and our focus for the next six months. In asset management, we achieved the first close of our maiden Pre-IPO Fund. In the first close itself, we have raised over INR700 crores. We are also expecting the first close of our second performing credit fund within this financial year. So, very pleased to report that we have seen very good traction in the alternative space, and we look to build upon that. Our affordable housing finance business reported a 30% year-on-year growth in AUM and a 48% year-on-year growth in disbursements. The AUM in the business now stands at almost INR4,000 crores. In line with our earlier guidance of higher distribution, we have declared an interim dividend of INR1.65 per share, now taking the total payout to INR7.6 per share over the last six quarters. This INR7.6 per share represents a dividend payout of INR727 crores in the last six quarters. With this brief update, I will ask Nishit to take you through the numbers, and then we can open up for Q&A. Thank you. Nishit Shah: Thank you, Vishal. Consolidated interest income increased by 12% year-on-year to INR437 crores. Standard loan book across private markets, wealth, and affordable home loans business has increased 23% year-on-year to INR10,270 crores. Fees, commission, and brokerage income increased by 38% quarter-on-quarter to INR520 crores on the back of investment banking transactions and growth in recurring AUM in the wealth management business. For Q2 FY27, consolidated net revenue stood at INR712 crores, and profit after tax after non- controlling interest stood at INR240 crores. For the half year, net revenue grew by 7% to almost INR1,600 crores, and profit after tax and non-controlling interests stood at INR531 crores. The consolidated net worth, excluding non-controlling interests, stood at approximately INR11,000 crores, translating to a book value of INR115 per share. Consolidated gross leverage is 1x. Coming to the business segments. Corporate Advisory and Capital Markets. This includes the investment banking business and the institutional equities business. For Q2 FY27, net revenue grew 2.5x quarter-on-quarter to INR286 crores, and profit after tax grew 4x quarter-on-quarter to INR127 crores. During the quarter, we have witnessed reduction in deal values in some of the transactions. For the half year, net revenue stood at INR400 crores, and profit after tax stood at INR158 crores. Annualized ROE for the segment stood at approximately 36%. Page 3 of 21 JM Financial Limited November 5, 2026 Next Segment is Private Markets. This business comprises of private credit, which is bespoke real estate and distressed credit, and investments, which include private equity funds, REITs, etcetera. Disbursements in the private markets for the second quarter doubled to INR977 crores, primarily in the bespoke category. Standard loans have grown by 22% to INR4,748 crores. With the increase in loan book, the cash and cash equivalents for this [Showing first 8,000 characters — download PDF for full document]