JM Financial Ltd: A Diversified Financials Behemoth Strained by NBFC Woes and Capital-Markets Cyclicality
JM Financial Ltd is one of the more curious mid-cap financial-services franchises on Indian markets — a single listed entity that holds within it an investment bank, a mid-tier retail broking franchise, a fast-growing non-banking lender, an asset-management joint venture, and a private-credit business. That breadth is both the bull case and the bear case. It is the reason a money manager will own the stock, and it is the reason an asset-quality bear will short it. With the stock at **₹120.75**,