JM Financial Limited , a prominent financial services firm, has received a substantial income tax refund of Rs 223.32 crore from tax authorities, as disclosed in a recent regulatory filing. This development comes as a result of a tax assessment order for the financial year 2007-08 (assessment year 2008-09).

Refund Details

The company had initially been granted a refund of Rs 230.00 crore, as per an order received from the Deputy Commissioner of Income Tax in February. However, the final refund amount was adjusted to Rs 223.32 crore after certain tax adjustments by the authorities. The refund was credited to JM Financial's bank account on November 14.

Timeline of Events

To provide a clear picture of the refund process, here's a chronological breakdown of the key events:

Regulatory Compliance

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, JM Financial promptly informed the stock exchanges about this material development.

Impact on Financials

While the specific impact on JM Financial's financials was not detailed in the disclosure, the substantial refund is expected to have a positive effect on the company's cash position. This influx of funds could potentially be utilized for various corporate purposes, including investments, debt reduction, or operational improvements.

The receipt of this significant tax refund, relating to an assessment from over a decade ago, underscores the complexity and long-term nature of tax proceedings in the corporate sector. It also highlights the importance of proper financial management and engagement with tax authorities in resolving historical tax matters.

JM Financial , a leading financial services group, has reported robust financial results for the second quarter of fiscal year 2026, demonstrating strong performance across its diverse business segments.

Key Financial Highlights

• Profit After Tax (PAT) rose 77.3% to Rs 255.00 crore in Q2FY26
• Interim dividend declared at Rs 1.50 per share
• Fees and commission income reached a record high of Rs 341.00 crore, showing 20% year-on-year growth for two consecutive quarters
• Consolidated net worth increased to Rs 10,241.00 crore, translating to a book value per share of Rs 107.00
• Annualized Return on Equity (ROE) based on half-year numbers stood at 14.40%

Strong Performance in Investment Banking

JM Financial's Investment Banking division demonstrated exceptional performance in the quarter:

• Closed 15 capital market transactions worth Rs 28,000.00 crore
• Filed documents for 56 Initial Public Offerings (IPOs) aggregating approximately Rs 120,000.00 crore
• Maintained leadership position in IPOs

Wealth Management and Asset Management Growth

The company's Wealth Management and Asset Management businesses showed significant progress:

• Wealth Management business crossed the milestone of 1,000 sales personnel
• Recurring Assets Under Management (AUM) in Wealth Management grew 26% year-on-year to Rs 32,000.00 crore
• Mutual Fund's Systematic Investment Plan (SIP) book increased by 59% year-on-year to Rs 115.00 crore per month
• Average AUM from non-liquid assets in mutual funds increased by 36% year-on-year to approximately Rs 12,100.00 crore
• Wealth management franchise expanded with 2x increase in wealth Relationship Managers (RMs)

Affordable Housing Finance Business

JM Financial's Affordable Housing Finance business continued its growth trajectory:

• Assets Under Management (AUM) reached Rs 3,031.00 crore, showing 28% year-on-year growth
• Expanded to 134 branches, indicating a strong focus on market penetration

Management Commentary

The management expressed satisfaction with the company's performance, highlighting the strong results across corporate advisory, wealth management, and home loans segments. The robust growth in PAT and the expansion of the wealth management franchise were particularly noted as key achievements.

Outlook

JM Financial remains optimistic about its growth prospects, particularly in the capital markets, asset management, and wealth management segments. The company's strong capital base, experienced management team, and diversified business model position it well to capitalize on the structural shift in India's savings and investment patterns.

With a robust pipeline of deals, particularly in the IPO market, and continued expansion in wealth and asset management, JM Financial is well-positioned to maintain its growth momentum in the second half of FY26 and beyond.