JM Value Fund
Value & ContraVery HighOPEN-ENDED
- NAV as on 9 Nov 2026
- ₹94.34+0.78%1 day
- Return since launch
- 14.7%
- 52-week range
- ₹80.32 — ₹98.37
- AUM
- ₹780 Cr
JM Value Fund is a Value & Contra equity fund from JM Financial Mutual Fund with ₹780 Cr under management, launched in 1997. Over three years it has returned 0.8% a year, against 12.3% for its category. The expense ratio is 2.75% and the SEBI riskometer reading is Very High.
Performance
JM Value Fund NAV and returns
Growth of the fund against its category average over the period you pick.
Over 1Y this fund returned -2.6% against -0.7% for its category.
Performance
Returns
How the fund has done against its category and its benchmark.
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1Y | 2.1% | +1.1 pts | 1.1% | 3.2% |
| 2Y | -0.2% | −4.1 pts | 3.9% | 3.1% |
| 3Y | 0.8% | −11.6 pts | 12.3% | 4.3% |
| 5Y | 10.5% | −0.8 pts | 11.3% | 10.4% |
| 7Y | 14.7% | 0.0 pts | 14.8% | 13.8% |
| 10Y | 14.4% | +1.2 pts | 13.2% | 13.1% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | 1.3% | −4.6 pts | 5.9% | 6.3% |
| 3M | -2.5% | −1.3 pts | -1.1% | -1.5% |
| 6M | 1.7% | −0.9 pts | 2.6% | 2.1% |
| 1Y | -2.8% | −3.9 pts | 1.1% | -0.2% |
| 2Y | -4.1% | −5.6 pts | 1.5% | 1.1% |
| 3Y | 9.6% | −2.8 pts | 12.3% | 11.7% |
| 5Y | 11.7% | +0.4 pts | 11.3% | 10.6% |
| 7Y | 15.9% | −0.1 pts | 16.1% | 15.0% |
| 10Y | 14.1% | +0.9 pts | 13.2% | 12.3% |
Since launch (25 Mar 1997): 14.7%
Calendar-year returns
Category average13.4%
36.3%
5.3%
47.7%
24.8%
-4.4%
Show as a table
| Period | Fund | vs category | Category |
|---|---|---|---|
| 2025 | -4.4% | −10.2 pts | 5.8% |
| 2024 | 24.8% | +2.6 pts | 22.2% |
| 2023 | 47.7% | +12.3 pts | 35.3% |
| 2022 | 5.3% | −2.1 pts | 7.5% |
| 2021 | 36.3% | −1.3 pts | 37.6% |
| 2020 | 13.4% | −3.7 pts | 17.1% |
Returns over one year are annualised. Shorter periods are absolute.
Costs & terms
Costs and terms
What the fund charges each year, and the rules around putting money in and taking it out.
Costs
2.71%
Expense ratio as on 6 Nov 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 2.02%
- Brokerage
- 0.11%
- Transaction charges
- 0.01%
- Statutory levies
- 0.57%
- Exit load
- Exit load of 1%, if redeemed within 30 days.
- Lock-in
- None
Terms
- Min SIP
- ₹3,000
- Min lumpsum
- ₹5,000
- Plan
- GROWTH
- Fund type
- OPEN-ENDED
- Benchmark
- BSE 500 TRI
- Short-term capital gains
- Returns taxed at 20% if you redeem before 1 year
- Long-term capital gains
- After 1 year, returns above ₹1.25 lakh in a financial year are taxed at 12.5%
Risk
Risk
What the riskometer means for this fund, and how its ratios sit against the category.
Very High
Your principal is treated as being at very high risk — typically small cap, sectoral and thematic equity schemes.
| Ratio | Fund | Category avg | Read as |
|---|---|---|---|
| Alpha | -1.46 | 5.32 | Return earned above what the benchmark alone would have given. Higher is better. |
| Beta | 1.14 | 0.98 | How hard the fund moves when the market moves. Under 1 is steadier than the market. |
| Sharpe | 0.22 | 0.64 | Return earned for each unit of total risk taken. Higher is better. |
| Sortino | 0.35 | 0.92 | Return earned for each unit of downside risk. Higher is better. |
| Std. deviation | 19.68 | 16.67 | How widely monthly returns have varied around their own average. Lower is steadier. |
| Average of 5 category peers | |||
Portfolio
JM Value Fund portfolio
Portfolio as of 30 Sep 2026
Asset allocation
- Equity98.8%
- Other1.2%
Market cap split
- Large32.7%
- Mid7.4%
- Small59.9%
- P/E
- 22.13
- P/B
- 2.81
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| Redington Ltd. | Services | 4.70% | ₹36.63 Cr | +1.34% | — | — |
| ICICI Bank Ltd. | Financial | 3.78% | ₹29.47 Cr | +3.01% | — | +1.75% |
| Shriram Finance Ltd | Financial | 3.40% | ₹26.53 Cr | +4.04% | +3.84% | +1.05% |
| Larsen & Toubro Ltd. | Construction | 3.38% | ₹26.32 Cr | +3.30% | +3.67% | +3.38% |
| Bharti Airtel Ltd. | Communication | 2.70% | ₹21.08 Cr | +1.80% | +3.26% | +2.81% |
| Tata Motors Ltd. | Automobile | 2.55% | ₹19.88 Cr | +2.42% | +2.60% | — |
| Jana Small Finance Bank Ltd. | Financial | 2.55% | ₹19.86 Cr | +3.13% | +2.75% | +2.65% |
| Tech Mahindra Ltd. | Technology | 2.52% | ₹19.62 Cr | +1.54% | +1.92% | +3.01% |
| Infosys Ltd. | Technology | 2.43% | ₹18.93 Cr | +2.37% | +3.38% | +3.75% |
| JK Tyre & Industries Ltd. | Automobile | 2.26% | ₹17.63 Cr | +2.12% | +1.92% | +1.96% |
| Restaurant Brands Asia Ltd. | Services | 2.23% | ₹17.38 Cr | +3.75% | +3.09% | +2.99% |
| Godfrey Phillips India Ltd. | Consumer Staples | 2.14% | ₹16.66 Cr | +3.56% | +4.02% | +4.95% |
| Pine Labs Ltd. | Financial | 2.09% | ₹16.26 Cr | — | — | — |
| Life Insurance Corporation of India | Insurance | 1.88% | ₹14.62 Cr | — | — | — |
| HDFC Bank Ltd. | Financial | 1.82% | ₹14.17 Cr | +3.20% | +3.35% | +3.42% |
| Arvind Ltd. | Textiles | 1.80% | ₹14.03 Cr | +2.57% | +1.69% | +1.03% |
| Indo Count Industries Ltd. | Textiles | 1.77% | ₹13.81 Cr | +2.24% | +1.47% | +1.06% |
| Craftsman Automation Ltd. | Automobile | 1.75% | ₹13.65 Cr | +1.51% | — | — |
| Aptus Value Housing Finance India Ltd. | Financial | 1.69% | ₹13.16 Cr | +1.58% | +1.00% | +1.60% |
| Jyoti CNC Automation Ltd. | Capital Goods | 1.67% | ₹13.04 Cr | +0.62% | +0.77% | +1.48% |
| Motilal Oswal Financial Services Ltd. | Financial | 1.66% | ₹12.92 Cr | +1.82% | +1.38% | +2.71% |
| Equitas Small Finance Bank Ltd. | Financial | 1.64% | ₹12.75 Cr | +1.84% | +1.44% | +1.21% |
| CreditAccess Grameen Ltd. | Financial | 1.63% | ₹12.73 Cr | +2.21% | +2.41% | +3.05% |
| Optiemus Infracom Ltd. | Services | 1.58% | ₹12.28 Cr | +0.90% | +0.66% | +1.02% |
| Carraro India Ltd. | Capital Goods | 1.53% | ₹11.91 Cr | +1.75% | +1.70% | +1.18% |
| EPL Ltd. | Materials | 1.52% | ₹11.85 Cr | — | — | — |
| Titagarh Rail Systems Ltd. | Automobile | 1.50% | ₹11.71 Cr | +1.53% | +1.16% | +1.74% |
| Cipla Ltd. | Healthcare | 1.47% | ₹11.44 Cr | +1.07% | — | — |
| Rolex Rings Ltd | Capital Goods | 1.44% | ₹11.22 Cr | — | — | — |
| Travel Food Services Ltd. | Services | 1.41% | ₹10.99 Cr | +1.47% | +1.60% | +1.20% |
| Bajaj Auto Ltd. | Automobile | 1.41% | ₹10.98 Cr | — | — | — |
| Fujiyama Power Systems Ltd. | Energy | 1.36% | ₹10.59 Cr | +0.96% | — | — |
| SML Mahindra Ltd. | Automobile | 1.35% | ₹10.52 Cr | +0.75% | — | — |
| Housing & Urban Development Corporation Ltd. | Financial | 1.35% | ₹10.52 Cr | +1.74% | +1.61% | +2.01% |
| Spandana Sphoorty Financial Ltd. | Financial | 1.33% | ₹10.36 Cr | +0.75% | +0.54% | +0.47% |
| Finolex Cables Ltd. | Capital Goods | 1.32% | ₹10.27 Cr | +1.15% | +0.76% | — |
| Axis Bank Ltd. | Financial | 1.26% | ₹9.81 Cr | +2.04% | +2.41% | — |
| PVR Inox Ltd. | Services | 1.24% | ₹9.69 Cr | +0.76% | +0.98% | +1.62% |
| Others | Others | 1.22% | ₹9.49 Cr | +1.65% | +1.35% | +0.23% |
| Kalpataru Projects International Ltd. | Capital Goods | 1.20% | ₹9.37 Cr | +1.13% | +0.75% | +1.88% |
| Amber Enterprises India Ltd. | Consumer Discretionary | 1.16% | ₹9.01 Cr | +1.42% | +2.04% | +2.14% |
| Jindal Saw Ltd. | Metals & Mining | 1.10% | ₹8.61 Cr | +1.00% | +0.64% | +1.07% |
| Paradeep Phosphates Ltd. | Chemicals | 1.07% | ₹8.33 Cr | +0.89% | +0.82% | — |
| Apar Industries Ltd. | Consumer Staples | 1.05% | ₹8.17 Cr | +1.88% | +1.53% | +2.04% |
| Hindustan Aeronautics Ltd. | Capital Goods | 1.02% | ₹7.94 Cr | +1.44% | — | — |
| Cohance Lifesciences Ltd. | Healthcare | 0.98% | ₹7.66 Cr | +1.28% | +1.08% | +1.76% |
| Hero Motors Ltd. | Automobile | 0.93% | ₹7.26 Cr | — | — | — |
| Power Grid Corporation Of India Ltd. | Energy | 0.90% | ₹7.03 Cr | +1.56% | +2.05% | — |
| Hindustan Zinc Ltd. | Metals & Mining | 0.89% | ₹6.95 Cr | +0.60% | — | — |
| Suraksha Diagnostic Ltd. | Healthcare | 0.88% | ₹6.86 Cr | +0.78% | +0.75% | +0.72% |
| Care Ratings Ltd. | Services | 0.81% | ₹6.34 Cr | +0.79% | +1.44% | +2.55% |
| Bharat Bijlee Ltd. | Capital Goods | 0.80% | ₹6.27 Cr | +1.21% | +0.90% | +1.26% |
| Diamond Power Infrastructure Ltd. | Capital Goods | 0.80% | ₹6.24 Cr | — | — | — |
| West Coast Paper Mills Ltd. | Consumer Staples | 0.72% | ₹5.64 Cr | — | — | — |
| Exicom Tele-Systems Ltd. | Energy | 0.68% | ₹5.27 Cr | +0.72% | +0.38% | +0.99% |
| Asset Reconstruction Company (India) Ltd. | Financial | 0.67% | ₹5.20 Cr | — | — | — |
| Whirlpool Of India Ltd. | Consumer Discretionary | 0.63% | ₹4.90 Cr | +0.96% | +1.92% | +2.92% |
| NTPC Ltd. | Energy | 0.62% | ₹4.84 Cr | +1.63% | +1.83% | — |
| Fedbank Financial Services Ltd. | Financial | 0.60% | ₹4.67 Cr | +0.52% | +0.60% | — |
| Power Mech Projects Ltd. | Construction | 0.57% | ₹4.45 Cr | — | — | — |
| Hindustan Petroleum Corporation Ltd. | Energy | 0.54% | ₹4.21 Cr | +0.48% | — | +1.24% |
| Lumino Industries Ltd. | Capital Goods | 0.53% | ₹4.15 Cr | — | — | — |
| VA Tech Wabag Ltd. | Capital Goods | 0.53% | ₹4.10 Cr | +0.39% | — | — |
| Horizon Industrial Parks Ltd. | Services | 0.53% | ₹4.09 Cr | — | — | — |
| TD Power Systems Ltd. | Capital Goods | 0.48% | ₹3.78 Cr | +0.50% | +0.56% | +1.04% |
| M&B Engineering Ltd. | Construction | 0.48% | ₹3.76 Cr | +0.49% | +0.41% | +0.50% |
| Natco Pharma Ltd. | Healthcare | 0.48% | ₹3.72 Cr | — | — | — |
| V-Guard Industries Ltd. | Consumer Discretionary | 0.48% | ₹3.71 Cr | — | — | — |
| SBI Funds Management Ltd. | Financial | 0.29% | ₹2.25 Cr | — | — | — |
| Container Corporation Of India Ltd. | Services | 0.29% | ₹2.24 Cr | — | — | — |
| Canara Bank | Financial | 0.28% | ₹2.21 Cr | +2.52% | +3.42% | +1.36% |
| Varmora Granito Ltd. | Materials | 0.24% | ₹1.89 Cr | — | — | — |
| Dhanuka Agritech Ltd. | Chemicals | 0.23% | ₹1.76 Cr | +0.21% | — | +0.86% |
| OnEMI Technology Solutions Ltd. | Financial | 0.14% | ₹1.07 Cr | +0.10% | — | — |
| Gaja Alternative Asset Management Ltd. | Financial | 0.12% | ₹0.95 Cr | — | — | — |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| EPL Ltd. | 0.00% | 1.52% | +1.52% |
| Hero Motors Ltd. | 0.00% | 0.93% | +0.93% |
| Garden Reach Shipbuilders & Engineers Ltd. | 0.91% | 0.00% | -0.91% |
| Tata Motors Passenger Vehicles Ltd. | 0.76% | 0.00% | -0.76% |
| Infosys Ltd. | 3.12% | 2.43% | -0.69% |
| Shriram Finance Ltd | 4.07% | 3.40% | -0.67% |
| Asset Reconstruction Company (India) Ltd. | 0.00% | 0.67% | +0.67% |
| Spandana Sphoorty Financial Ltd. | 0.68% | 1.33% | +0.65% |
| NTPC Ltd. | 1.20% | 0.62% | -0.58% |
| West Coast Paper Mills Ltd. | 0.26% | 0.72% | +0.46% |
| Optiemus Infracom Ltd. | 1.12% | 1.58% | +0.45% |
| Pine Labs Ltd. | 1.71% | 2.09% | +0.38% |
| company:20164 | 0.37% | 0.00% | -0.37% |
| Redington Ltd. | 4.36% | 4.70% | +0.33% |
| ICICI Bank Ltd. | 4.09% | 3.78% | -0.31% |
| SML Mahindra Ltd. | 1.06% | 1.35% | +0.29% |
| Godfrey Phillips India Ltd. | 2.38% | 2.14% | -0.25% |
| Varmora Granito Ltd. | 0.00% | 0.24% | +0.24% |
| Finolex Cables Ltd. | 1.08% | 1.32% | +0.24% |
| Lumino Industries Ltd. | 0.31% | 0.53% | +0.23% |
| Hindustan Petroleum Corporation Ltd. | 0.76% | 0.54% | -0.22% |
| Carraro India Ltd. | 1.71% | 1.53% | -0.18% |
| Tech Mahindra Ltd. | 2.69% | 2.52% | -0.18% |
| Tata Motors Ltd. | 2.72% | 2.55% | -0.17% |
| Canara Bank | 0.44% | 0.28% | -0.16% |
| Hindustan Aeronautics Ltd. | 1.18% | 1.02% | -0.16% |
| Jana Small Finance Bank Ltd. | 2.70% | 2.55% | -0.16% |
| Jyoti CNC Automation Ltd. | 1.53% | 1.67% | +0.15% |
| Fujiyama Power Systems Ltd. | 1.50% | 1.36% | -0.14% |
| PVR Inox Ltd. | 1.10% | 1.24% | +0.14% |
| Rolex Rings Ltd | 1.30% | 1.44% | +0.13% |
| Bharat Bijlee Ltd. | 0.93% | 0.80% | -0.13% |
| PNC Infratech Ltd. | 0.12% | 0.00% | -0.12% |
| Life Insurance Corporation of India | 1.99% | 1.88% | -0.12% |
| Amber Enterprises India Ltd. | 1.26% | 1.16% | -0.10% |
| JK Tyre & Industries Ltd. | 2.36% | 2.26% | -0.09% |
| Bajaj Auto Ltd. | 1.50% | 1.41% | -0.09% |
| Larsen & Toubro Ltd. | 3.46% | 3.38% | -0.09% |
| TD Power Systems Ltd. | 0.57% | 0.48% | -0.09% |
| CreditAccess Grameen Ltd. | 1.72% | 1.63% | -0.09% |
| HDFC Bank Ltd. | 1.74% | 1.82% | +0.08% |
| Housing & Urban Development Corporation Ltd. | 1.43% | 1.35% | -0.08% |
| Others | 0.24% | 0.32% | +0.08% |
| Titagarh Rail Systems Ltd. | 1.43% | 1.50% | +0.07% |
| Aptus Value Housing Finance India Ltd. | 1.75% | 1.69% | -0.07% |
| Power Mech Projects Ltd. | 0.51% | 0.57% | +0.07% |
| Motilal Oswal Financial Services Ltd. | 1.72% | 1.66% | -0.07% |
| V-Guard Industries Ltd. | 0.53% | 0.48% | -0.05% |
| Diamond Power Infrastructure Ltd. | 0.75% | 0.80% | +0.05% |
| Restaurant Brands Asia Ltd. | 2.28% | 2.23% | -0.05% |
| Indo Count Industries Ltd. | 1.72% | 1.77% | +0.05% |
| Suraksha Diagnostic Ltd. | 0.83% | 0.88% | +0.05% |
| Travel Food Services Ltd. | 1.46% | 1.41% | -0.05% |
| Craftsman Automation Ltd. | 1.80% | 1.75% | -0.04% |
| VA Tech Wabag Ltd. | 0.48% | 0.53% | +0.04% |
| Bharti Airtel Ltd. | 2.66% | 2.70% | +0.04% |
| Horizon Industrial Parks Ltd. | 0.57% | 0.53% | -0.04% |
| Equitas Small Finance Bank Ltd. | 1.67% | 1.64% | -0.04% |
| Kalpataru Projects International Ltd. | 1.16% | 1.20% | +0.04% |
| Apar Industries Ltd. | 1.08% | 1.05% | -0.04% |
| Arvind Ltd. | 1.77% | 1.80% | +0.03% |
| Jindal Saw Ltd. | 1.14% | 1.10% | -0.03% |
| Power Grid Corporation Of India Ltd. | 0.87% | 0.90% | +0.03% |
| OnEMI Technology Solutions Ltd. | 0.11% | 0.14% | +0.03% |
| Exicom Tele-Systems Ltd. | 0.70% | 0.68% | -0.03% |
| Container Corporation Of India Ltd. | 0.31% | 0.29% | -0.03% |
| Cohance Lifesciences Ltd. | 0.96% | 0.98% | +0.02% |
| SBI Funds Management Ltd. | 0.31% | 0.29% | -0.02% |
| Care Ratings Ltd. | 0.83% | 0.81% | -0.02% |
| Axis Bank Ltd. | 1.27% | 1.26% | -0.01% |
| Natco Pharma Ltd. | 0.46% | 0.48% | +0.01% |
| M&B Engineering Ltd. | 0.49% | 0.48% | -0.01% |
| Paradeep Phosphates Ltd. | 1.06% | 1.07% | +0.01% |
| Whirlpool Of India Ltd. | 0.64% | 0.63% | -0.01% |
| Fedbank Financial Services Ltd. | 0.59% | 0.60% | 0.00% |
| Gaja Alternative Asset Management Ltd. | 0.13% | 0.12% | 0.00% |
| Hindustan Zinc Ltd. | 0.89% | 0.89% | 0.00% |
| Cipla Ltd. | 1.47% | 1.47% | 0.00% |
| Dhanuka Agritech Ltd. | 0.23% | 0.23% | 0.00% |
Compare
Similar funds
The rest of the category, so this fund’s numbers have something to sit against.
| Fund | AUM | Expense | 1Y | 3Y | 5Y |
|---|---|---|---|---|---|
| Category average | ₹2,879 Cr | 2.41% | 12.1% | 10.0% | 14.5% |
 HDFC Value Fund | ₹8,039 Cr | 1.87% | 10.9% | 9.3% | 13.7% |
 DSP Value Fund | ₹2,225 Cr | 2.35% | 9.2% | 10.7% | 14.2% |
 Quant Value Fund | ₹1,917 Cr | 2.31% | 8.0% | 7.3% | — |
 Axis Value Fund | ₹1,877 Cr | 2.20% | 13.0% | 10.5% | 15.8% |
 LIC MF Value Fund | ₹336 Cr | 3.33% | 19.4% | 12.2% | 14.2% |
About
About this fund
The scheme’s own words, its benchmark and the people running it.
Investment objective
The scheme aims to provide long term capital growth by investing primarily in a well-diversified portfolio of undervalued securities.
Fund managers
- Asit BhandarkarMr. Bhandarkar is a B.Com (H) and MMS.Prior to joining JM Financial he has worked with Lotus India AMC Pvt. Ltd. and SBI Funds Management Pvt. Ltd.
- Ruchi FozdarMs. Ruchi is a graduate in science and PGDBM in financePrior to joining JM Mutual Fund, she was associated with few brokers and institutions like Reliance Life Insurance Co. Ltd. and Mahindra Manulife Mutual Fund
- Satish RamanathanMr. Ramanathan holds a B.Tech degree and has done MBA and CFA.Prior to joining JM Mutual Fund, he has worked with Sundaram BNP Paribas AMC and has an extensive experience in the asset management business with stints in Research division of Sundaram AMC and managing funds for Franklin Templeton. He has also worked with ICICI Securities for 4 years, with Birla Merlin & Dewoo Finance for 1 year, with ICRA Ltd. for 2 years and for 1 year with Tata Economic Consultancy Services.
Tools
Return calculator
What ₹10,000 a month in this fund would have grown to over each period, based on its past returns.
₹
| Over the past | Total investment | Would’ve become | Growth | Returns |
|---|---|---|---|---|
| 6 months1.66% absolute | ₹60,000 | ₹60,996 | 1.66% | |
| 1 year−2.81% annualised | ₹1,20,000 | ₹1,18,189 | −1.51% | |
| 3 years9.56% annualised | ₹3,60,000 | ₹4,18,342 | 16.21% | |
| 5 years11.74% annualised | ₹6,00,000 | ₹8,18,968 | 36.49% |
Returns for 1 year and longer are annualised (CAGR); 6-month figures are absolute. Past returns are not a forecast.
How this is calculated
Each monthly instalment grows at the fund’s annualised return ÷ 12 per month until the end of the period, the same formula as our SIP calculator.
The amount compounds once a year at the fund’s CAGR for that period, the same formula as our lumpsum calculator.
Questions
Frequently asked questions
The things people ask about this scheme.
What is the NAV of JM Value Fund?
The NAV of JM Value Fund is ₹94.34 as on 9 Nov 2026.
What is the expense ratio of JM Value Fund?
The expense ratio of JM Value Fund is 2.75% per year.
What is the minimum SIP amount for JM Value Fund?
You can start a SIP in JM Value Fund with ₹3,000 a month.
What returns has JM Value Fund given?
JM Value Fund has returned 2.1% over 1 year, 0.8% over 3 years and 10.5% over 5 years (annualised).
Is there a lock-in or exit load on JM Value Fund?
Lock-in: None. Exit load: Exit load of 1%, if redeemed within 30 days..
How risky is JM Value Fund?
JM Value Fund is rated Very High on the SEBI riskometer and belongs to the Value & Contra category.
Which fund house manages JM Value Fund?
JM Value Fund is managed by JM Financial Mutual Fund, which runs 17 schemes with ₹13,500 Cr under management.