Jio Financial Services Limited (JIOFIN)
Large CapFinancial Services stocks · Large cap · NSE
Jio Financial Services Limited (JIOFIN) is a financial services holding company in India. It operates through subsidiaries like Jio Credit (NBFC), Jio Payments Bank, Jio Payment Solutions, and Jio Insurance Broking. It also has JVs with BlackRock for Asset & Wealth Management and Allianz for Reinsurance & General/Life Insurance, leveraging a full-stack digital ecosystem and AI.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 2/6 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 72/100Rev +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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
JIOFIN reported strong Q1 FY27 results with Consolidated PBT up 131% YoY to Rs. 970 Cr. NBFC Gross AUM surged 2.6x YoY to Rs. 30,667 Cr, driven by 173% YoY disbursement growth. Payments Bank and Payment Solutions achieved operational turnarounds, while JVs expanded product offerings and market reach.
The company demonstrates robust execution across its diverse financial services portfolio. Significant AUM growth in NBFC, coupled with operational improvements in payments businesses, validates its multi-pronged strategy. Strategic partnerships and AI integration position it for continued expansion, leveraging its its strong capital base.
NBFC AUM Mix
Latest issuer-disclosed distribution across 3 reported categories.
NBFC AUM Growth
Jio Credit Limited (JCL) maintained strong organic growth, with quarterly disbursement exceeding Rs. 11,000 Cr.
Payments Bank Operational Turnaround
Jio Payments Bank Limited (JPBL) achieved operational turnaround through product diversification and sharp execution.
Payment Solutions Margin Expansion
Jio Payment Solutions Limited (JPSL) drove margin expansion and operating leverage through focus on high-margin businesses.
Strategic Joint Ventures
JVs with BlackRock and Allianz are expanding product offerings in asset management, wealth, broking, reinsurance, general and life insurance.
JCL Office Expansion
Jio Credit Limited (JCL) expanded its footprint to 18 cities with 25 offices.
JPBL Business Correspondent Network
Jio Payments Bank Limited (JPBL) widened its Business Correspondents (BC) network to 527,000+ from 50,000+ in Q1 FY26.
JPSL Merchant Network
Jio Payment Solutions Limited (JPSL) strengthened its merchant network across 26 states.
JioBlackRock AMC Distributor Partnerships
JioBlackRock AMC partnered with 800+ distributors for its Specialised Investment Fund (SIF).
AI-Native & Conversational Interface
AI/ML-led hyper-personalisation on the app drives 56% customer conversion and 10% conversions via data-led propensity campaigns.
Operational Efficiency through AI
AI agents enable 76% lower TAT for credit assessment, 60%+ reduction in product go-live time, and 90%+ higher efficiency in chargeback processing.
Structural Moats
Management highlights Brand Strength, Strong Capital Base, Cost Engineering at Scale, Late Entrant Advantage, and Zero Tech-Debt as structural moats.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing long-term growth trends and the impact of strategic initiatives. QoQ comparison is vital for tracking sequential momentum in AUM, disbursements, and operational profitability, especially in a rapidly evolving financial services landscape.
NBFC Gross AUM
NBFC Gross AUM grew 2.6x YoY and 20% QoQ to Rs. 30,667 Cr in Q1 FY27.
NBFC Disbursements
Quarterly disbursements exceeded Rs. 11,000 Cr, growing 173% YoY and 6% QoQ to Rs. 11,252 Cr in Q1 FY27.
NBFC Net Interest Income
NBFC Net Interest Income increased 118% YoY and 27% QoQ to Rs. 257 Cr in Q1 FY27.
Payment Solutions Net Processing Margin
Net Processing Margin was 12bps in Q1 FY27, up from 9bps in Q1 FY26 and flat QoQ from 12bps in Q4 FY26.
Consolidation of RSHL
Full consolidation of Reliance Services and Holdings Limited (RSHL) as a 100% step-down subsidiary, effective April 30, 2026.
Investment in Growth & Incubation
Management maintained targeted investments to scale growth-stage and incubate nascent businesses.
New Fund Offerings
NFO for Prism SIF Hybrid Long-Short fund closed on July 13, 2026, raising Rs. 150 Cr+.
Broking JV Beta-Launch
Beta-launch for the JioBlackRock Broking Private Limited JV is scheduled for Q2 FY27.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| NBFC Gross AUM Growth | Rs. 30,667 Cr (2.6x YoY, 20% QoQ) | Sustained sequential growth in AUM and disbursements, indicating continued market traction. |
| Consolidated PBT (ex-dividend) | Rs. 461 Cr (Q1 FY27) | Continued operational profitability and margin expansion across segments, excluding one-off dividend income. |
| New Product/JV Rollouts | Broking JV beta-launch scheduled for Q2 FY27; General Insurance JV regulatory approvals in process. | Successful launch and ramp-up of new offerings and JVs, contributing to revenue diversification. |
| Payments Bank & Payment Solutions Profitability | Achieved operational turnaround. | Sustained profitability and margin improvement in these segments, demonstrating operating leverage. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
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"
Trend score and candlestick chart
36BearishMACD −
Technical chart
JIOFINdaily · 1Y · AUTO-1.5%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 44. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 44 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 26% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 1.4% of the 30-week proxy.
- The 30-week proxy changed -1.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 38 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 38 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 24/25 to the score.
- Balance sheet contributes 9/15 to the score.
- Valuation contributes 1/30 to the score.
Main drags
- Fair-value margin of safety is negative at -169.7%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
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.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 23rd percentile of the scored universe and 39th percentile within Financial Services. Main check: cash conversion is weak at 28/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-15439 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 39th pctile, median 62 · Large: 13th pctile, median 73
55 documents have extracted text, but claim history is not strong enough yet.
2/6 claims checked · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 2%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-15439 Cr.
- ▸Only 0 years of positive FCF.
- ▸ROCE is low at 1.9%.
- ▸ROE is low at 1.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 76.50
- P/B
- 1.14
- EV/EBITDA
- 54.88
- Market Cap
- 158145.00Cr
Profitability
- ROE
- 1.19%
- ROCE
- 1.86%
- ROA
- 0.95%
- Dividend Y
- 0.25%
Growth (CAGR)
- Revenue 5Y
- 377.69%
- EPS 5Y
- 269.27%
- Revenue 3Y
- 328.00%
- EPS 3Y
- 293.00%
Balance Sheet
- Debt/Equity
- 0.16
- Interest Coverage
- 3.05×
- Altman Z
- 4.69
- Book Value
- 211.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -15439.00 Cr
- EPS TTM
- 3.20
Shareholding
- Promoter Hold
- 49.13%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 17%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
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.