NSE: JIOFIN · BSE: 543940
JIO FIN SERVICES LTD
Operates a diversified financial services platform in India spanning lending, asset management, banking, payments, insurance broking and reinsurance. Through Jio Credit (NBFC), it lends to consumers and businesses, with gross assets under management of ₹30,667 crore as of Q1 FY27 and quarterly disbursements of ₹11,252 crore at an average cost of borrowing of 7.07%. JioBlackRock, the joint venture asset manager, ran ₹18,412 crore of mutual fund AUM across over 1.2 million retail investors and 400-plus institutional clients. Jio Payments Bank, now a wholly owned subsidiary, held ₹617 crore of deposits with 3.9 million CASA customers. Payment Solutions processed total payment value of ₹19,208 crore in Q1 FY27, while Allianz Jio Reinsurance underwrote ₹266 crore of premium in its first full quarter, and a 50:50 general insurance joint venture with Allianz was newly incorporated. Capital base stood at ₹1.37 lakh crore in consolidated shareholder equity, with promoters infusing ₹9,890 crore cumulatively through preferential warrants. Employee cost was 11% of revenue and other operating expenses 21.5% in FY26; with no materials input, the dominant cost is the cost of funds raised to on-lend. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Jio Credit (NBFC lending), JioBlackRock Asset Management, Payment Solutions, Jio Payments Bank, Allianz Jio Reinsurance, Insurance Broking. Asset-light financial services holding company with multiple greenfield businesses scaling rapidly from a low base
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,854 | 2,043 | 3,513 |
| EBITDA (ex other income) | 1,558 | 1,548 | 2,333 |
| margin % | 84.1 | 75.8 | 66.4 |
| Owners' profit | 1,605 | 1,613 | 1,561 |
| EPS, as reported (₹) | 2.53 | 2.54 | 2.41 |
| ROE % · ROCE % | 1.2 · — | 1.3 · — | 1.2 · — |
| Debt / equity (x) | — | — | — |
| Cash from operations | (678) | (10,083) | (15,439) |
| Capex | (1) | (42) | (105) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 694 | 438 | 493 | 612 | 981 | 901 | 1,019 | 2,004 |
| Profit before tax | 548 | 318 | 350 | 388 | 566 | 335 | 300 | 989 |
| Net profit | 689 | 295 | 316 | 325 | 695 | 269 | 272 | 830 |
| EPS (₹) | 1.09 | 0.46 | 0.50 | 0.47 | 1.10 | 0.42 | 0.43 | 1.27 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JIO FIN SERVICES LTD ◆ | 1,35,496 | 63.7 | 1.01 | — | 1.2 | — | — | 70.7 |
| ADITYA BIRLA CAPITAL LTD. | 97,598 | 22.8 | 2.65 | — | 10.5 | — | 18.8 | 40.8 |
| L&T FINANCE LIMITED | 61,858 | 19.4 | 2.21 | — | 10.6 | — | 5.5 | 62.3 |
| TATA INVESTMENT CORP LTD | 28,442 | 66.0 | 0.97 | — | 1.5 | — | 19.5 | 92.6 |
| CHOLAMANDALAM FIN HOL LTD | 24,545 | 9.2 | 0.72 | — | 16.2 | — | 23.0 | 58.4 |
| TVS HOLDINGS LIMITED | 23,883 | 12.1 | 1.85 | — | 26.3 | — | 23.4 | 16.4 |
| MAHARASHTRA SCOOTERS LTD | 13,373 | 48.0 | 0.48 | — | 1.1 | — | — | 84.1 |
| JSW HOLDINGS LIMITED | 12,440 | 90.6 | 0.38 | — | 0.4 | — | 14.1 | 84.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 63.7 | 19.9 | 44 of 51 | 14% |
| P/B | 1.0 | 0.6 | 41 of 63 | 36% |
| ROE | 1.2 | 1.3 | 36 of 65 | 45% |
| EBITDA margin | 70.7 | 61.6 | 29 of 62 | 54% |
| Revenue growth | 227.3 | 13.6 | 9 of 56 | 86% |
| Profit growth | 155.7 | 10.7 | 11 of 66 | 85% |
| Market cap | 135496 | 273 | 1 of 68 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Jio Financial Q2 FY27 earnings call transcript released | investor communications | medium | — | — |
| 15 Oct 2026 · Audio/video recording of Q2 FY27 results presentation available on website | investor communications | medium | — | — |
| 15 Oct 2026 · Monitoring Agency Report Q2 FY27 on Rs 15,825 crore warrant preferential issue | fund raising | medium | — | — |
| 15 Oct 2026 · Jio Financial Q2 FY27 Results: NBFC AUM up 154% YoY, Income up 132% | investor communications | medium | — | — |
| 15 Oct 2026 · Jio Fin Q2 FY26: revenue up 73% YoY, consolidated PAT dips 51% | results | high | — | — |
| 15 Oct 2026 · Jio Financial Q2 FY27: Revenue up 73% YoY; BofA to invest Rs 18,268 Cr in Jio Credit | results | high | — | — |
| 12 Oct 2026 · Analyst presentation on Q2 FY26 results on October 15, 2026 | results | low | — | — |
| 8 Oct 2026 · Board meeting on October 15, 2026 to approve Q2 and H1 FY27 results | results | low | — | — |
| 30 Sept 2026 · Investment in Jio Allianz General Insurance joint venture with Allianz | strategic transactions | high | — | — |
| 29 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.