New Delhi, June 18 -- JM Financial's stock has bounced back sharply, rising 60% from a low of Rs.88 on 7 April to Rs.141 on 17 June. The rally reflects investor optimism around the company's efforts to achieve steady growth and improve returns.

The company has shifted away from risky wholesale lending to fee-based capital markets and retail housing finance. With the clean-up largely done, it's now eyeing a leaner, asset-light model, with a sharper focus on its core capital markets businesses.

The benefits of this shift are expected to emerge gradually from FY26. So, how is the company repositioning for this transition?

Wholesale book shrinks, retail picks up

This wholesale lending segment stems from the mortgage lending vertical, spli...