Jio Financial Services Ltd(JIOFIN)

NSE: JIOFINBSE: 543940

₹ 205-2.84%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 1.35 L crWebsite: www.jfs.inUpdated: 24 Oct 2026

About

Jio Financial Services Limited (JFSL) is a Core Investment Company (CIC) registered with the RBI. It works in lending, payments, asset management, insurance broking and reinsurance through seven subsidiaries and five joint ventures. Its NBFC arm Jio Credit had gross AUM of Rs 37,320 Cr in Q2 FY27, and the JioBlackRock AMC had closing AUM of Rs 22,746 Cr. FY26 revenue was Rs 3,513.26 Cr.^[1][2]

Business structure

JFSL operates through seven subsidiaries: Jio Credit, Jio Leasing Services, Jio Insurance Broking, Jio Payment Solutions, Jio Finance Platform and Service, Jio Payments Bank, and Jio Alternative Investment Manager (as of FY26).^[3]
Joint ventures include Jio BlackRock Asset Management, Jio BlackRock Investment Advisers, Jio BlackRock Broking, Allianz Jio Reinsurance, and Jio Allianz General Insurance (as of FY26).^[3]
JFSL addresses four customer needs (Borrow, Invest, Transact, Protect) through the JioFinance app, its unified Neural Agentic Marketplace (as of FY26).^[3]
The group reports a single segment, Investing and Financing in India, under Ind AS 108 (FY26).^[3]
Net Income from Business Operations grew 272% YoY to Rs 1,390 crore in FY26, rising from 20% to 54% of consolidated net total income.^[4]
RSHL has been fully consolidated as a 100% step-down subsidiary since April 29, 2026; it was earlier accounted for under share of associates and JVs.^[2]

NBFC lending (Jio Credit)

Gross AUM rose 154% YoY to Rs 37,320 Cr in Q2 FY27 (from Rs 14,709 Cr), up 22% QoQ from Rs 30,667 Cr in Q1 FY27.^[2]
Disbursements were Rs 13,135 Cr in Q2 FY27 (+98% YoY); full-year FY26 disbursements were Rs 29,995 crore (+116% YoY).^[2][5]
NII was Rs 302 Cr in Q2 FY27 (+116% YoY); cost of borrowing was 7.08%; capital adequacy ratio was 18.50%.^[2]
NBFC PAT rose 140% YoY to Rs 120 Cr in Q2 FY27.^[2]
AUM mix in Q1 FY27: Mortgages (Home Loan + LAP) 45.4%, Corporate/SME loans 44.2%, Retail Loan Against Securities 10.4%.^[5]
Consolidated gross loan book was Rs 25,816.92 crore in FY26 with ECL provision of Rs 106.12 crore; all loans were Stage 1 or Stage 2, with no Stage 3/NPA.^[3]
Physical presence of 24 locations across 18 cities in India as of FY26.^[3]

Asset management (JioBlackRock AMC)

Closing AUM rose 57% YoY to Rs 22,746 Cr in Q2 FY27, from Rs 18,412 crore in Q1 FY27.^[2][5]
Launched a Nifty 50 ETF, a Balanced Advantage Fund and a Long-Short SIF in Q2 FY27; the SIF reached Rs 478 Cr AUM within 3 months and was among the top 10 in its category.^[2]
The AMC had 400+ institutional investors and 1.1 million+ retail investors by end-FY26; 40% of retail AUM comes from beyond the top-30 cities; 88% of investors are new to mutual funds.^[4]
JFSL had an uncalled capital commitment of Rs 890 crore to Jio BlackRock Asset Management as of March 31, 2026.^[3]

Payments and banking

Jio Payment Solutions holds RBI licences for Payment Aggregator-Online, Physical and Cross-Border operations (as of FY26).^[3]
Jio Payment Solutions TPV was Rs 19,208 Cr in Q2 FY27; net processing margin was 14bps vs 9bps in Q2 FY26 and 12bps in Q1 FY27. Tap-and-Pay was launched on POS terminals.^[2]
Jio Payments Bank's BC network grew 3.2x to 633,000+ points in Q2 FY27 vs ~200,000 in Q2 FY26; deposits rose 53% YoY to Rs 643 Cr.^[2]
Toll processing was live across 18 toll plazas in 8 states via NETC (FASTag) and MLFF as of FY26; Jio Payments Bank holds 4 of 8 MLFF mandates awarded.^[3]

Insurance

Allianz Jio Reinsurance, India's third licensed domestic reinsurer, wrote Rs 510 Cr GWP in its first six months of operations (H1 FY27).^[2][5]
Premium facilitated by insurance broking was Rs 346 Cr in Q2 FY27 vs Rs 238 Cr a year earlier; the retail share rose to 21% from 9%.^[2]
Jio Insurance Broking facilitated total premium of Rs 982 crore in FY26, covering 1.81 million assets/lives.^[3]
Jio Insurance Broking partners with 22 insurers for 85 direct-to-customer plans and serves 28 states and 5 UTs (as of FY26).^[3]

Distribution and customers

The JioFinance app surpassed 25 million unique users with ~9 million average MAU; daily product purchase run-rate was ~34,000 in June 2026.^[5]
JFSL's distribution footprint spans more than 19,000 PIN codes in India (as of FY26).^[3]

Expansion and pipeline

The GIFT City entity plans to launch the JioBlackRock Advantage World Equity Fund (IFSC) in Q3 FY27.^[2]
The JioFinance360 financial health assessment tool is to be launched shortly (stated in Q2 FY27).^[2]
General and life insurance are to be launched; the general insurance JV was in advanced stages of regulatory approval as of Q2 FY27.^[2]
The board approved an NCD limit of Rs 15,000 Cr for FY27 at Jio Credit.^[2]

Recent developments

In August 2026, Bank of America signed a JV agreement with JFSL to acquire up to 49.9% of Jio Credit, subject to approvals and warrant exercise.^[2]
MD & CEO Hitesh Sethia was re-appointed for five years from November 15, 2026, subject to shareholder approval.^[3]
Jio Payments Bank became a wholly owned subsidiary on June 18, 2025, after JFSL bought SBI's remaining 17.8% stake for Rs 104.54 crore.^[3]
Board recommended a final dividend of Rs 0.60 per share for FY26, up from Rs 0.50 in FY25.^[3]

Market Cap

₹1,35,364 Cr

High / Low

₹317 / 203

Stock P/E

78.2

Price / Book

1.0

Book Value

₹211

EPS

₹2.5

No. of Shares

635.31 Cr

ROCE

1.8%

ROE

1.2%

Sales

₹3,513 Cr

Net Profit

₹1,561 Cr

Promoter holding

49.1%

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Jio Financial Services Ltd(JIOFIN)

About

Business structure

NBFC lending (Jio Credit)

Asset management (JioBlackRock AMC)

Payments and banking

Insurance

Distribution and customers

Expansion and pipeline

Recent developments

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