Please find attached transcript of the earnings conference call of the Company held on Tuesday, August 4, 2026.

August 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, 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 Tuesday, August 4, 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 Q1FY27 Earnings Conference Call August 4, 2026 Page 1 of 16 JM Financial Limited August 4, 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 zero 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. Vishal Kampani. Thank you, and over to you, sir. Vishal Kampani: Thank you. On behalf of JM Financial, we extend a very warm welcome to all of you to our earnings conference call to discuss our financial results for the quarter ended June 2026. You would have seen our results presentation and press release on the stock exchanges and the website. I hope you've had a chance to go through the same. On the call, we also have Sonia Dasgupta, MD and CEO of Investment Banking; Anuj Kapoor, Head of our Private Wealth; Manish Sheth, MD and CEO of our Home Loans business; and Nishit Shah, our Group CFO. I will give the key updates and hand over to Nishit, who will take you all through the numbers. Quarter 1 results demonstrate the strength of our diversified business model, and pleased to report that the Private Markets segment provided very strong cushion to the earnings amidst volatility in Capital Markets. We have always maintained that Private Markets business can be a strong countercyclical force to the volatility in Capital Markets, and our Q1 results validate the same. Net revenue for us increased 13% Y-o-Y to INR883 crores. Pre-provision operating profit increased by 21% year-on-year to INR469 crores, and PAT (ex-provisions) before minorities increased by 24% Y-o-Y to INR379 crores. In Private Markets, we witnessed one of the best quarters for our Asset Reconstruction business with very strong resolutions in distressed credit assets during the quarter, where we collected over INR2,000 crores and the group share of that cash flow was over INR1,200 crores. Corporate Advisory and Capital Markets had a slow quarter, primarily because of lack of IPO issuances and primary market activity. However, our pipeline of transactions is extremely strong with almost INR220,000 crores of pipeline of DRHP filed IPO transactions. The INR220,000 crores number includes filings of National Stock Exchange as well as Jio Platforms. Even if you were to exclude those two large IPOs, we've seen a decent growth, and the pipeline is at INR150,000 crores. We are witnessing early signs of recovery in Capital Markets, which will help us execute, hopefully, majority of our pipeline in the rest of the year. Page 2 of 16 JM Financial Limited August 4, 2026 The month of July, our revenues on the transaction side in Corporate Advisory and Capital Markets for the month of July already exceed what we have done in June, which is a very, very positive sign. And we've also seen the reversal of FDI flows to becoming net buyers from being net sellers. And if that trend were to continue or even remain stable, we are hopeful that we should be able to pull through with a significant amount of our pipeline. In Wealth Management, performance was a little subdued because of weak transactional business, which is again related to the markets and also the primary market issuance, but the recurring AUM and loans have shown good traction. In Asset Management, we are increasing the bouquet of mutual fund products and recently launched JM Multi Asset Allocation Fund. On the AIF front, we launched our JM Pre-IPO fund as well as our JM Credit Fund. We're expecting very good numbers in most of these funds and we continue to invest in the Asset Management business. We have outlined INR150 crores investment further into Asset Management over the next 2 years. On our Affordable Housing business, it reported a strong Y-o-Y growth in disbursements of 87% and a 28% Y-o-Y growth in AUM. That business is now on a solid footing. And again, we focus on listing that separately in a span of 2 to 3 years. With this brief update, I'm handing over the call to Nishit, to take you through the financials in detail. Nishit Shah: Thank you, Vishal. On the financial numbers for Q1 FY27, net revenue increased by 13% Y-o- Y to INR883 crores, and pre-provision operating profit increased by 21%. Profit after tax, (ex-provisions) before minority interests, increased by 24% to INR379 crores, and profit after tax, (ex-provisions) after minority, stood flat at INR302 crores. Reported PAT for the quarter stood at INR292 crores, resulting in an annualized ROE of approximately 11%. The consolidated net worth stood at INR10,900 crores, translating to a book value of approximately INR114 per share. The leverage is 1x. On to the business segments, Corporate Advisory and Capital Markets: This includes the investment banking and the institutional equities business. We closed 9 Capital Markets transactions aggregating to approximately INR22,000 crores in Q1 FY27. In addition, we have filed documents for 60 IPOs aggregating to an issue size of approximately INR150,000 crores and the pipeline of transactions is increasing. That pipeline does not include IPO transactions of Jio Platforms and National Stock Exchange. For Q1 FY27, net revenue for the segment stood at INR115 crores as against INR182 crores and PAT stood at INR32 crores. The performance for the quarter was impacted by lack of primary issuances. Page 3 of 16 JM Financial Limited August 4, 2026 Wealth and Asset Management: On Wealth Management, our sales and RM strength is over 1,000 professionals with 71 branches and approximately 870 franchisees. Wealth loan book grew by 43% year-on-year to INR2,417 crores and recurring AUM of our wealth business grew to approximately INR33,400 crores. The proportion of recurring to total AUM has now increased to 30%. On a Y-o-Y basis, net revenue stood at INR185 crores as against INR211 crores and PAT stood at INR19 crores. The performance for the quarter was impacted by slow transaction business. In the mutual fund space, the closing AUM from non-liquid funds showed signs of recovery and stood at approximately INR10,900 crores, up 16% on a quarter-on-quarter basis. The employee strength in the Asset Management business has increased by 10% year-on-year to 222 employees. [Showing first 8,000 characters — download PDF for full document]