J M Financial has become a full-fledged financial service conglomerate offering services across the spectrum including lending services, asset management, ARC business, investment banking, wealth management, broking and securities business and private equity. Over the years, its various business segments have achieved decent size and scale and are higher profitable as well. For e.g. mortgage lending business has ROA/ROE of 4.3%/17.4%, AMC's ROE 23%, ARC's IRR is 34%. Management approach to grow assets conservatively but good quality assets has worked well for them. Despite NBFC crisis which has been one of the toughest, asset quality of company has held up well. In nutshell, business model has become more resilient and less volatile and less dependent on uncertain securities business. It is present across all high-growth and important business lines where the size of opportunity is big. More importantly, management bandwidth is strong. Although, recently, Q3FY19 performance has been marred by higher borrowing cost, we are optimistic that growth will resume in FY20 and higher...