Financial Services stocks · Large cap · NSE
Jio Financial Services Limited is a diversified financial services holding company offering retail and corporate lending, digital payments, insurance broking, asset management, wealth management, and securities broking through various subsidiaries and joint ventures with global partners like BlackRock and Allianz.
full bear SMA stack · SMA20 -6.9% / mo · MACD + · near 52W low
Latest mapped FPI equity flow was not positive. View sector evidence
Adjusted completed-session prices, rebased to 100
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +227.4% · PAT +155.4% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Rev +227% YoY · PAT +155% YoY · +97% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,004 Cr | +227.4% | +96.7% |
| EBITDA | ₹1,397 Cr | +205.7% | +130.9% |
| Operating margin | 70.0% | -500 bps | +1100 bps |
| PAT | ₹830 Cr | +155.4% | +205.2% |
| PAT margin | 41.4% | -1168 bps | +1473 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 22/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Trend is weak — long-term trend down. RSI 35.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
Jio Financial Services reports robust AUM expansion and scaling across digital properties, with consolidated total income rising 132% YoY to Rs. 1,699 Cr in Q2 FY27, though profit before tax moderated due to lower dividend income.
The investment thesis remains intact as the core NBFC lending business (Jio Credit) demonstrates aggressive scale with gross AUM surging 154% YoY to Rs. 37,320 Cr, supported by a well-diversified low-cost borrowing mix and strong capitalization. Digital engagement metrics across payments, broking, and insurance are scaling rapidly, backed by strategic partnerships with BlackRock and Allianz.
Latest issuer-disclosed distribution across 3 reported categories.
Gross AUM reached Rs. 37,320 Cr in Q2 FY27, representing a 154% YoY growth driven by diversified secured lending across mortgages, LAS, and corporate loans.
Customer deposits grew 53% YoY to Rs. 643 Cr in Q2 FY27, and CASA customers expanded 38% YoY to 40 lakhs alongside a 3.2x expansion in the Business Correspondent network.
Quarterly Average AUM reached Rs. 22,746 Cr (up 57% YoY), while SIF AUM scaled to Rs. 478 Cr within 3 months of launch, ranking among the top 10 in its category.
Total premium facilitated reached Rs. 347 Cr in Q2 FY27, driven by retail digital POSP channel growth and institutional originations.
JCL expanded its physical presence to 19 cities with 26 offices as of Q2 FY27.
JPBL scaled its BC network to over 633,000 touchpoints compared to ~200,000 in Q2 FY26.
Unique users across digital properties reached 3.2 Cr, with significant automation gains in customer engagement, merchant onboarding TAT, and debt collection.
Partnerships with BlackRock across asset management, wealth, and broking, and ongoing agreements with Allianz for insurance and reinsurance initiatives.
Consolidated finance costs increased 325% YoY to Rs. 578 Cr in Q2 FY27 due to scaling borrowings for the lending business.
Consolidated provisions increased to Rs. 41 Cr in Q2 FY27 from Rs. 13 Cr in Q2 FY26 in line with portfolio growth.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are vital given the rapid year-over-year scaling of greenfield businesses and sequential momentum in AUM growth, disbursements, borrowing costs, and digital user adoption.
Rs. 37,320 Cr in Q2 FY27, up 154% YoY from Rs. 14,709 Cr in Q2 FY26 and up 22% QoQ from Rs. 30,667 Cr in Q1 FY27.
Rs. 22,746 Cr in Q2 FY27, up 57% YoY from Rs. 14,515 Cr in Q2 FY26 and up 24% QoQ from Rs. 18,412 Cr in Q1 FY27.
7.08% in Q2 FY27 compared to 7.07% in Q1 FY27.
18.50% as of September 30, 2026, compared to 31.41% in Q2 FY26 and 22.35% in Q1 FY27.
Management highlighted the maintenance of targeted investments to scale growth-stage and incubate nascent businesses across digital platforms and joint ventures.
Bank of America entered into a joint venture agreement in August 2026 to acquire up to 49.9% in Jio Credit, subject to regulatory approvals.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Gross AUM (JCL) | Rs. 37,320 Cr | Sustained momentum in secured retail and corporate lending without deterioration in asset quality. |
| Average Cost of Borrowing | 7.08% | Upward pressure on borrowing costs amid tightening liquidity or rate cycles. |
| JioBlackRock AUM & SIF Scaling | Rs. 22,746 Cr QAAUM | Retail participation and distribution expansion via the 15,000+ distributor network. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
India's projected GDP growth rate of around 7% will significantly benefit the financial services sector in the country.
"projected GDP growth rate of around 7% augurs very well for the financial services sector"
Outcome check: Revenue YoY averaged 106.2% across 2 later quarter(s).
Significant expansion of third-party products and services will be available on the JioFinance app.
"Over the next few quarters, you will see significant expansion of the range of third-party products"
The rollout of the self-onboarding platform for Digital PoSPs will enable a rapid scale-up of the insurance distribution network.
"once it is rolled out, it will allow for rapid scale-up of our insurance distribution network."
JioBlackRock Asset Management has a robust pipeline of future fund launches, including Specialised Investment Funds, Exchange-Traded Funds, and an expanded Mutual Fund offering.
"Looking ahead, we have a robust pipeline of fund launches subject to regulatory approvals."
Jio Financial Services has created a strong base to drive accelerated growth in the years to come.
"driving accelerated growth in the years to come."
Outcome check: Revenue YoY averaged 106.2% across 2 later quarter(s).
Our partnership with Allianz for insurance in India is going to be truly transformational by bringing convenient, affordable and accessible insurance solutions to an underpenetrated market.
"our partnership with Allianz for insurance in India is going to be truly transformational"
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 22nd percentile of the scored universe and 38th percentile within Financial Services. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Financial Services: 38th pctile, median 62 · Large: 13th pctile, median 73
61 documents have extracted text, but claim history is not strong enough yet.
2/6 claims checked · No contradicted claim yet
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
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