Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
JM FinancialNSE:JMFINANCIL +0.67%68 Cyclically Adjusted PS Ratio is 3.97 as of Aug. 03, 2026, which is 4% above its 10-year median of 3.81. GuruFocus rates NSE:JMFINANCIL with a GF Score™ of 68/100 and a GF Value™ of ₹139.56 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 606 Capital Markets companies, JM Financial ranks worse than 54.29% on this metric.
The historical rank and industry rank for JM Financial's Cyclically Adjusted PS Ratio or its related term are showing as below:
NSE:JMFINANCIL'
s Cyclically Adjusted PS Ratio Range Over the Past 10 Years
Min: 2.45 Med: 3.81 Max: 6.6
Current: 3.96
During the past years, JM Financial's highest Cyclically Adjusted PS Ratio was 6.60. The lowest was 2.45. And the median was 3.81.
NSE:JMFINANCIL's Cyclically Adjusted PS Ratio is ranked worse than 54.29% of 606
companies
in the Capital Markets industry
Industry Median: 3.36
vs NSE:JMFINANCIL: 3.96
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.
JM Financial's adjusted revenue per share data for the three months ended in Mar. 2026 was ₹7.581. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is ₹30.80 for the trailing ten years ended in Mar. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
JM Financial (NSE:JMFINANCIL) Cyclically Adjusted PS Ratio Explanation
Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.
JM Financial Cyclically Adjusted PS Ratio Related Terms
JM Financial Cyclically Adjusted PS Ratio Historical Data
* Premium members only.
The historical data trend for JM Financial's Cyclically Adjusted PS Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NSE:JMFINANCIL vs MS, GS, SCHW: Cyclically Adjusted PS Ratio Comparison
For the Capital Markets subindustry, JM Financial's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
JM Financial Cyclically Adjusted PS Ratio vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, JM Financial's Cyclically Adjusted PS Ratio distribution charts can be found below:
* The bar in red indicates where JM Financial's Cyclically Adjusted PS Ratio falls into.
JM Financial Cyclically Adjusted PS Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.
JM Financial's Cyclically Adjusted PS Ratio for today is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PS Ratio of 3.97 mean?
JM Financial (NSE:JMFINANCIL) has a Cyclically Adjusted PS Ratio of 3.97 as of Aug. 03, 2026. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on JM Financial and its competitors. This is near median its historical median of 3.81. Over the past decade, JM Financial's Cyclically Adjusted PS Ratio has ranged from 2.45 to 6.60. According to the industry distribution chart, JM Financial ranks #329 out of 606 companies in the Capital Markets industry, placing it in the top 54.3%.
Is JM Financial's Cyclically Adjusted PS Ratio too high?
JM Financial's current Cyclically Adjusted PS Ratio of 3.97 is near median its 10-year median of 3.81. Over the past 10 years, this metric has ranged from a low of 2.45 to a high of 6.60. The Capital Markets industry median Cyclically Adjusted PS Ratio is 3.36. JM Financial's value of 3.97 is 18.2% above this industry median. Based on the distribution chart, JM Financial ranks #329 out of 606 companies in the Capital Markets industry, which is below the industry midpoint. Overall, JM Financial has a GF Score™ of 68/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does JM Financial's Cyclically Adjusted PS Ratio compare to MS and GS?
According to the Capital Markets industry distribution chart, JM Financial ranks #329 out of 606 companies for Cyclically Adjusted PS Ratio. This places JM Financial in the lower half of its industry. The industry median Cyclically Adjusted PS Ratio is 3.36. JM Financial's value of 3.97 is 18.2% above this benchmark. Historically, JM Financial's own Cyclically Adjusted PS Ratio has ranged from 2.45 to 6.60 over the past decade. While the company's 10-year median is 3.81 vs. the industry median of 3.36, JM Financial has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PS Ratio for a Capital Markets company?
The median Cyclically Adjusted PS Ratio among Capital Markets companies is 3.36, based on 606 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. JM Financial's current Cyclically Adjusted PS Ratio of 3.97 is 18.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PS Ratio mean?
A high Cyclically Adjusted PS Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on JM Financial and its competitors. For the Capital Markets industry, the median Cyclically Adjusted PS Ratio is 3.36 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. JM Financial's current Cyclically Adjusted PS Ratio is 3.97, which is near median its own 10-year median of 3.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is JM Financial stock overvalued right now?
Based on GuruFocus' analysis, JM Financial (NSE:JMFINANCIL) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹139.56, compared to a current price of ₹122.16 — trading 12.5% below its estimated fair value. The current Cyclically Adjusted PS Ratio is 3.97, which is near median its 10-year median of 3.81 and 18.2% above the Capital Markets industry median of 3.36. JM Financial's overall GF Score™ is 68/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PS Ratio calculated?
Cyclically Adjusted PS Ratio is calculated from a company's financial statements. For JM Financial (NSE:JMFINANCIL), the current Cyclically Adjusted PS Ratio is 3.97 as of Aug. 03, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is JM Financial (NSE:JMFINANCIL) Overvalued in 2026?
Based on GuruFocus' analysis, JM Financial stock appears to be undervalued.
The current stock price of ₹122.16 is trading 12.5% below its estimated GF Value™ of ₹139.56.
GuruFocus considers JM Financial to be Modestly Undervalued.
Key valuation signals for NSE:JMFINANCIL:
Cyclically Adjusted PS Ratio: 3.97 (near median its 10-year median of 3.81)
GF Value™: ₹139.56 vs. price of ₹122.16 (12.5% below fair value)
Industry Position: 18.2% above the Capital Markets median (#329 of 606)
No single metric tells the full story. See the NSE:JMFINANCIL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
JM Financial Ltd is an India-based financial services group, specialising in providing a range of businesses to corporations, financial institutions, high-net-worth individuals, and retail investors. Its operating segment includes Investment Banking; Asset Management, Wealth Management and Securities Business (Platform AWS); Mortgage Lending; Alternative & Distressed Credit; and Others. The Investment Banking segment, which is the key revenue-generating segment, includes management of capital markets transactions, advising on mergers & acquisitions, and private equity syndication. This segment also includes institutional equities business and research, private wealth management, PMS, private equity funds, fixed income, syndication, and finance.
68GF Score
Get the complete analysis for NSE:JMFINANCIL
Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
NSE:JMFINANCIL has been successfully added to your 
