JM Financial Limited submitted its investor presentation to BSE Limited and National Stock Exchange of India Limited on February 5, 2026, following the announcement of its Q3FY26 financial results. The presentation provides comprehensive insights into the company's performance for the quarter and nine months ended December 31, 2025.

Earnings Conference Call Audio Upload

Following the earnings conference call held on February 6, 2026, JM Financial has uploaded the audio recording on its official website. The company informed both stock exchanges through a regulatory filing that the audio recording of the earnings call discussing Q3FY26 financial performance is now available at https://www.jmfl.com/investor-relations/financial-results .

Regulatory Compliance and Submission

The company's Company Secretary and Compliance Officer, Hemant Pandya, digitally signed and submitted both the investor presentation and earnings call notification to stock exchanges. The submissions were made in continuation of the company's earlier letters containing unaudited financial results and press release for Q3FY26.

Key Performance Highlights

The presentation showcased strong financial performance metrics, including significant growth in fees and commission income of 32% year-on-year for Q3FY26. The company demonstrated robust consolidated profit after tax growth of 50% for the quarter, reflecting operational efficiency across business segments.

Business Segment Focus and Market Position

The investor presentation highlighted JM Financial's strategic focus on high growth and high return on equity businesses across four key segments. The company maintained its number one position in IPOs and successfully closed 37 equity capital market transactions worth approximately ₹87,000 crore during calendar year 2025.

The presentation outlined specific business priorities including expansion of client base in Corporate Advisory, infrastructure and talent expansion in Wealth Management, and scale building in Affordable Home Loans. The company's wealth management division expanded its branch network to 73 locations with 922 franchisee partners, demonstrating continued market penetration efforts.

With the Union Budget 2026-27 just weeks away and Brent crude hovering near $60 per barrel, JM Financial is urging investors to pick their oil and gas bets carefully. The brokerage has issued contrasting recommendations across the sector, backing upstream producers while warning of fiscal risks for downstream companies.

Upstream Producers Offer Medium-Term Value

JM Financial has reiterated buy ratings on both Oil India and ONGC, citing attractive valuations that already factor in weaker near-term crude realizations. The brokerage sees significant value in upstream stocks at current price levels.

For Oil India, JM Financial expects a compelling growth story driven by 20-25% cumulative oil and gas production growth and the expansion of the Numaligarh refinery from 3mmtpa to 9mmtpa. The brokerage describes it as a "15% earnings-compounding story over the next 2-3 years." ONGC is also expected to benefit from medium-term production growth, despite lower near-term Brent assumptions of $65 per barrel for FY26 and FY27.

Excise Duty Risk Looms for Marketing Companies

While subdued crude prices continue to support near-term marketing margins for oil marketing companies (OMCs), JM Financial cautions that the government could use the upcoming Budget to claw back revenue gains through higher excise duties on petrol and diesel.

The brokerage's analysis reveals significant scope for excise duty increases:

Mixed Outlook for Individual OMCs

JM Financial maintains cautious stances on the three major oil marketing companies, citing valuation concerns and policy risks:

HPCL faces particular challenges with its ₹730 billion Rajasthan refinery project, which may deliver only single-digit returns due to time and cost overruns. Despite strong near-term earnings prospects, IOCL and BPCL face stretched valuations and aggressive capital expenditure plans.

Near-Term Earnings Remain Robust

For the third quarter of FY26, JM Financial projects solid EBITDA growth across the OMCs, driven by strong diesel cracks and partial recovery in gross refining margins:

However, integrated margins are likely to moderate slightly, reflecting crude inventory losses and softer auto-fuel marketing margins.

Global Oversupply Pressures Persist

JM Financial points to persistent oversupply in global oil markets as a key factor keeping Brent prices subdued. The International Energy Agency expects a global oil surplus of approximately 2.30 million barrels per day in 2025, rising to nearly 3.80 million barrels per day in 2026. This oversupply is driven by OPEC+ output increases and non-OPEC supply growth, with potential easing of sanctions on Russia amid a peace deal with Ukraine potentially adding further pressure.

Against this backdrop, JM Financial's analysis suggests that upstream producers like Oil India and ONGC offer more reliable medium-term growth prospects compared to downstream marketing and refining companies, which face both valuation and policy headwinds as the government may tap into windfall gains from lower crude prices through the upcoming Budget.