HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
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Research updated
Jio Financial Services Limited
NSE: JIOFINFinancial ServicesAsset Management
- Last close
- ₹204.50
- Day change
- −₹2.50 (−1.21%)vs
- Market cap
- ₹1.45 lakh crIndian rupees
- Research updated
- 3 reports
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About Jio Financial Services
Jio Financial Services Limited is a diversified financial services company operating primarily in India. It aims to redefine India's financial sector through innovative solutions and inclusive financial services. As a subsidiary of the Reliance Industries Limited, Jio Financial Services provides a robust platform for various financial products and services, significantly impacting the personal finance, insurance, and consumer lending sectors. The company's portfolio includes asset management, digital payment services, and consumer financing products, all designed to facilitate easier access to financial services for the Indian population. Positioned within a rapidly growing economy, Jio Financial Services leverages advanced technology to target underserved areas, enhancing financial inclusion and economic participation. The integration of technology with financial offerings positions Jio Financial Services as a transformative force in the Indian financial market landscape, contributing to the digitization and modernization of financial services in the region.
- Sector
- Financial Services
- Industry
- Asset Management
- Listing
- NSE: JIOFIN
- Chief executive
- Mr. Hitesh Kumar Sethia
- Employees
- 2,000
- Headquarters
- Mumbai, India
- ISIN
- INE758E01017
- Website
- jfs.in
Public research · Report of
Business model & financial foundation
Jio Financial Services (NSE: JIOFIN), Core Investment Company: NBFC lending, payments, AMC and insurance JVs: revenue of ₹3,513 crore in FY26 (+72.0% on FY25) and net profit of ₹1,561 crore.
- Revenue, FY26 (₹ crore)
- 3,513
- consolidated
- Revenue growth, FY26
- +72.0%
- on FY25
- Net profit, FY26 (₹ crore)
- 1,561
- to owners
- Return on equity, FY26
- 1.2%
- on average equity
- Market capitalisation (₹ crore)
- 1,44,615
- at the close of 15 Oct 2026
Company profile
Jio Financial Services is the Reliance group's financial-services holding company, demerged from Reliance Industries and listed in August 2023. It is an RBI-registered Core Investment Company that runs a fast-growing secured NBFC (Jio Credit, AUM Rs 37,320 crore at Sep 2026), a payments bank, a payment aggregator and insurance broking, with 50:50 JVs with BlackRock (asset management, wealth, broking) and Allianz (reinsurance, general insurance). Most of its book value is a ~6.1% stake in Reliance Industries plus treasury investments.
| Item | Value |
|---|---|
| Legal name | Jio Financial Services Limited (formerly Reliance Strategic Investments Limited) |
| Exchange and ticker | NSE: JIOFIN; BSE: 543940 |
| ISIN | INE758E01017 |
| Sector | Financial Services |
| Industry | Core Investment Company: NBFC lending, payments, AMC and insurance JVs |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP and Lodha & Co LLP (joint, FY25); PKF Sridhar & Santhanam replaced Lodha from the Aug 2026 AGM (since FY24) |
| Market capitalisation | ₹1,44,615 crore (15 Oct 2026) |
| Shares outstanding | 635.31 crore shares (FY26) |
| Price | ₹219.0 (close, 15 Oct 2026) |
| 52-week range | ₹208.5 - ₹316.9 (to 15 Oct 2026) |
| Website | https://www.jfs.in |
Corporate structure and shareholding
Parent: Promoter group of Mukesh D. Ambani (49.13% at Jun 2026).
| Entity | Holding | Business |
|---|---|---|
| Jio Credit Limited (formerly Jio Finance Limited) | 100% | NBFC lending: mortgages, LAP, loans against securities, corporate/supply-chain loans; BofA agreed (12 Aug 2026) to take 26.5% rising to 49.9%, pending approvals |
| Reliance Industrial Investments and Holdings Limited | 100% | Investment holding company holding 48.19 crore RIL shares (3.62% of RIL); with RSHL holds the ~6.1% RIL stake |
| Reliance Services and Holdings Limited | 100% | Holds 34.38 crore RIL shares (2.58%); controlled via Petroleum Trust until its dissolution on 30 Apr 2026, consolidated as subsidiary since |
| Jio Payments Bank Limited | 100% | Payments bank (became wholly owned subsidiary Jun 2025; was 85% JV with SBI) |
| Jio Payment Solutions Limited | 100% | Payment aggregator |
| Jio Insurance Broking Limited | 100% | Insurance broking |
| Jio Leasing Services Limited | 100% | Operating leasing |
| Jio BlackRock Asset Management / Investment Advisers / Broking | 50% | 50:50 JVs with BlackRock: mutual funds, wealth, broking |
| Allianz Jio Reinsurance / Jio Allianz General Insurance | 50% | 50:50 JVs with Allianz: reinsurance (operating from Mar 2026), general and health insurance |
About 6.1% of Reliance Industries (82.57 crore shares) is held through RIIHL and RSHL and carried at fair value through OCI; it is the bulk of the Rs 1.30 lakh crore net worth.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 47.12% | 47.12% | 47.12% | 49.13% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 11.85% | 11.55% | 12.31% | 11.27% |
| Domestic institutions | 14.87% | 15.45% | 14.35% | 13.36% |
| of which mutual funds | 6.47% | 7.16% | 5.97% | 4.95% |
| Retail | 26.10% | 25.80% | 26.10% | 26.20% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Peer | Why the dossier compares them |
|---|---|
| Bajaj Finance (BAJFINANCE) | |
| Aditya Birla Capital (ABCAPITAL) | Conglomerate-backed financial holding company (NBFC, HFC, AMC, insurance) |
| Cholamandalam Investment and Finance (CHOLAFIN) | Fast-growing secured NBFC incl. LAP and home loans |
| Tata Capital (TATACAP) | Conglomerate-backed diversified NBFC, AAA rated |
| L&T Finance (LTF) | Conglomerate-backed NBFC with digital retail push |
| Paytm (One 97 Communications) (PAYTM) | Digital payments and distribution platform comparable to JFSL payments businesses |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cost of revenue (vendor classification) * | 0.00 | 0.00 | 114.9 | 214.9 | 339.8 |
| Other operating costs (vendor classification) * | 0.13 | 5.43 | 166.5 | 351.9 | 699.6 |
| EBITDA (vendor classification) * | 1.41 | 43.8 | 920.6 | 1,977 | 2,724 |
| EBIT * | 1.41 | 43.8 | 899.0 | 1,955 | 2,657 |
| Diluted EPS (₹) * | 0.00 | 0.05 | 2.53 | 2.54 | 2.46 |
| Interest income (consolidated) | 938.0 | 853.0 | 1,902 | ||
| Dividend income (RIL dividend) | 217.0 | 241.0 | 269.0 | ||
| Fees and commission income | 152.0 | 155.0 | 597.0 | ||
| Net gain on fair value changes (treasury) | 547.0 | 794.0 | 745.0 | ||
| Revenue from operations (interest + dividend + fees + FV gain) | 1,854 | 2,043 | 3,513 | ||
| Other income | 1.00 | 36.0 | 29.0 | ||
| Finance cost | 0.00 | 8.00 | 745.0 | ||
| Staff expenses | 116.0 | 215.0 | 388.0 | ||
| Other operating expenses (incl. depreciation) | 209.0 | 262.0 | 783.0 | ||
| Provisions / impairment on financial instruments | 2.00 | 40.0 | 66.0 | ||
| Share of associates and JVs (net of tax) | 428.0 | 393.0 | 323.0 | ||
| Exceptional items | 0.00 | 0.00 | 29.0 | ||
| Profit before tax | 1,956 | 1,947 | 1,912 | ||
| Tax expense | 351.0 | 334.0 | 351.0 | ||
| Profit after tax | 1,605 | 1,613 | 1,561 | ||
| Non-controlling interest | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to owners | 1,605 | 1,613 | 1,561 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 22.3 | 1,14,120 | 1,39,148 | 1,23,496 | 1,33,854 |
| Borrowings * | 1,486 | 0.00 | 3,970 | 21,768 | |
| Cash and cash equivalents * | 0.01 | 56.6 | 67.2 | 352.3 | 665.0 |
| Trade receivables * | 13.8 | 14.0 | 15.0 | 60.7 | |
| Trade payables * | 16.4 | 16.3 | 33.3 | 97.1 | |
| Net property, plant and equipment * | 70.5 | 71.3 | 78.9 | 103.7 | |
| Capital work in progress * | 6.63 | 12.6 | |||
| Total assets * | 22.3 | 1,14,930 | 1,44,863 | 1,33,510 | 1,63,497 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | -0.09 | 2,022 | 728.1 | -8,885 | -15,439 |
| Free cash flow (vendor definition) * | 1.23 | 2,055 | -678.4 | -10,125 | -15,544 |
| Dividends paid (the provider's sign: an outflow is negative) * | -888.9 | -317.7 | |||
| Capital expenditure (the provider's sign: an outflow is negative) * | 0.00 | -0.79 | -41.8 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 635.33 | 635.33 | 635.33 | 634.88 | 635.31 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Cost of revenue (vendor classification) * | 53.5 | 54.8 | 63.7 | 100.0 | 129.0 | 152.0 | ||
| Other operating costs (vendor classification) * | 71.5 | 100.5 | 91.9 | 246.0 | 284.9 | 436.1 | ||
| EBITDA (vendor classification) * | 383.0 | 409.2 | 495.3 | 591.0 | 644.6 | 1,397 | ||
| EBIT * | 377.2 | 403.5 | 517.8 | 583.5 | 636.6 | 1,388 | ||
| Diluted EPS (₹) * | 0.46 | 0.50 | 0.51 | 0.42 | 0.43 | 1.27 | ||
| Interest income (consolidated) | 210.0 | 276.0 | 363.0 | 392.0 | 504.0 | 643.0 | 962.0 | 1,258 |
| Dividend income (RIL dividend on shares held via RIIHL/RSHL) | 0.00 | 0.00 | 0.00 | 269.0 | 0.00 | 0.00 | 509.0 | 0.00 |
| Fees and commission income | 37.0 | 39.0 | 53.0 | 140.0 | 182.0 | 221.0 | 325.0 | 277.0 |
| Net gain on fair value changes (treasury) | 191.0 | 178.0 | 196.0 | 180.0 | 215.0 | 155.0 | 210.0 | 165.0 |
| Revenue from operations (interest + dividend + fees + FV gain) | 438.0 | 493.0 | 612.0 | 981.0 | 901.0 | 1,019 | 2,006 | 1,700 |
| Other income | 11.0 | 25.0 | 7.00 | 21.0 | 0.00 | 1.00 | 0.00 | 0.00 |
| Finance cost | 0.00 | 8.00 | 99.0 | 136.0 | 212.0 | 298.0 | 418.0 | 578.0 |
| Staff expenses | 54.0 | 55.0 | 64.0 | 95.0 | 100.0 | 129.0 | 152.0 | 147.0 |
| Other operating expenses (incl. depreciation) | 65.0 | 81.0 | 90.0 | 193.0 | 235.0 | 265.0 | 421.0 | 401.0 |
| Provisions / impairment on financial instruments | 12.0 | 24.0 | 7.00 | 13.0 | 19.0 | 27.0 | 25.0 | 41.0 |
| Share of associates and JVs (net of tax) | 59.0 | 46.0 | 31.0 | 217.0 | 36.0 | 39.0 | -19.0 | -44.0 |
| Exceptional items | 0.00 | 0.00 | 29.0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 377.0 | 396.0 | 419.0 | 783.0 | 371.0 | 338.5 | 970.0 | 489.0 |
| Tax expense | 82.0 | 80.0 | 94.0 | 88.0 | 102.0 | 66.3 | 139.0 | 149.0 |
| Profit after tax | 295.0 | 316.0 | 325.0 | 695.0 | 269.0 | 272.0 | 830.0 | 340.0 |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners | 295.0 | 316.0 | 325.0 | 695.0 | 269.0 | 272.0 | 830.0 | 340.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 10.2% | 72.0% | |||
| Net margin | 86.6% | 79.0% | 44.4% | ||
| Return on equity | 1.3% | 1.2% | 1.2% | ||
| Return on assets | 1.2% | 1.2% | 1.1% | ||
| Dividend payout | 20.3% | ||||
| EPS, diluted (₹) | 0.00 | 0.05 | 2.53 | 2.54 | 2.46 |
| Book value per share (₹) | 0.04 | 179.6 | 219.0 | 194.5 | 210.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Jio Financial Services includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Jio Financial Services
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- Research report
- Research report
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 2 Nov 2026.
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