Jio Financial
Jio Financial
Financial Services F&OKey Fundamentals
LargecapNBFCFinancial ServicesTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Stock is trading at 1.01 times its book value
- Company is expected to give good quarter
- Promoter holding has increased by 2.01% over last quarter.
Weaknesses
1- Company has a low return on equity of 1.23% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
Jio Financial Services has a market capitalisation of about ₹1,49,924 crore and trades at 1.1x book value but 73.2x earnings. That gap reflects its low return on equity of about 1.23% over three years. Revenue grew 119% on a TTM basis and profit grew 29%, while the stock returned -23% over one year and 0% over three years.
- The stock trades at a P/B of 1.1x (about 1.08x book value). That is a small premium to net assets for a financial services platform, and it limits how much of the valuation depends on future growth assumptions.
- TTM compounded sales growth is 119%, which shows the lending, payments, insurance broking and asset management businesses are scaling from a small base.
- Three-year compounded sales growth of 328% and profit growth of 293% show a fast build-out of the revenue base since the demerger.
- Promoter holding rose by 2.01% in the last quarter. More promoter capital adds to the balance sheet and shows continued promoter commitment.
- Profit grew 29% on a TTM basis, so the business is growing earnings while still investing in new verticals.
- The company is expected to report a good quarter, which could keep earnings momentum going after 29% TTM profit growth.
- The stock is down 23% over one year and flat (0%) over three years. The valuation has therefore come down while revenue grew 119% TTM.
- Annualised ROE is only about 1.23%, so there is a lot of room to improve it. Each percentage point of ROE gained would change the earnings base a lot at a P/B of 1.1x.
- Three-year ROE of about 1.23% is well below the cost of equity for Indian financial companies, which is usually in the low double digits. The equity base is earning very little so far.
- A P/E of 73.2x means an earnings yield of about 1.4%. The valuation relies on future earnings growth, not current profits.
- Profit grew 29% TTM against 119% revenue growth. Costs, funding expenses or investment spending are absorbing most of the added revenue, so margins are under pressure.
- The stock is down 23% over one year and its three-year return is 0%, which means it has not rewarded holders despite 328% three-year sales growth.
- Dividend yield is only 0.26%, so it offers little income support while the operating businesses mature.
- A P/B of 1.1x combined with a P/E of 73.2x implies an ROE of about 1.5%. Much of the book value appears to be earning low returns, so the P/B discount may be less of a margin of safety than it looks.
- Three-year growth rates of 328% (sales) and 293% (profit) start from a very small post-demerger base. They are unlikely to repeat at this scale.
- Key figures such as debt-to-equity, ROCE and EPS are not available in this dataset (null). That makes it harder to judge leverage and capital efficiency as the lending book grows.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Fresh 52-week low, down 25%+ YTD Sep 29
Shares fell over 2% on September 29 to a fresh 52-week low during a broad market sell-off, taking the year-to-date decline past 25%. The stock has now broken below ₹230, which had acted as strong support earlier in the year.
- Bearish technicals, lower supports in sight Sep 29
SBI Securities says the stock has broken the ₹225–₹223 zone, with RSI below 40 on daily and weekly charts and ADX rising. Its levels are ₹224–₹226 as resistance, ₹215–₹213 as immediate support and ₹207–₹205 next, while Angel One sees a possible retest of ₹205–₹200.
- Core profit growth trails headline Sep 29
Excluding dividend income, Q1 FY27 PBT grew only 18% YoY to ₹461 crore and PPOP rose 38% to ₹505 crore. Including dividends, PBT surged 131% to ₹970 crore, so much of the headline growth came from dividend income.
- Q1 FY27 PAT jumps 156% Sep 29
Consolidated PAT rose 156% YoY to ₹830 crore in the quarter ended June 30, 2026, and total income excluding dividends climbed 141% to ₹1,496 crore. Growth came from lending, payments, asset management and insurance.
- ₹5,934 crore promoter capital tranche Sep 29
The company received a second promoter tranche of ₹5,934 crore during Q1 FY27, bringing total capital infusion to ₹9,890 crore. Consolidated shareholders' equity stood at ₹1.37 lakh crore as of June 30, 2026.
- ₹320 crore into Jio Allianz Sep 30
Jio Financial bought 32 crore shares of Jio Allianz General Insurance for ₹320.05 crore through a rights issue. This raises its investment in the insurance venture.
- J.P. Morgan investor meetings Sep 21
Executives attended the J.P. Morgan India Conference 2026 on September 21 and the J.P. Morgan India Financials Tour on September 24, both in Mumbai. The company said only public domain information would be discussed.
TL;DR: Jio Financial's fundamentals are improving: Q1 FY27 PAT rose 156% to ₹830 crore, income grew 141%, and promoters have injected ₹9,890 crore in total, giving it a ₹1.37 lakh crore equity base. The stock is moving the other way, hitting a 52-week low with a 25%+ YTD fall after breaking key supports, and core PBT growth excluding dividends was only 18%. Price momentum is getting worse even as the business scales. Watch the ₹215–₹205 support zone and whether core operating profit growth speeds up in Q2 FY27 to close the gap between fundamentals and sentiment.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 414 | 608 | 414 | 418 | 418 | 694 | 438 | 493 | 612 | 981 | 901 | 1,019 | 2,004 |
| Expenses | 38 | 66 | 94 | 98 | 74 | 140 | 125 | 155 | 156 | 293 | 346 | 414 | 607 |
| Operating Profit | 376 | 542 | 320 | 320 | 344 | 553 | 313 | 338 | 457 | 688 | 555 | 605 | 1,397 |
| OPM % | 91% | 89% | 77% | 77% | 82% | 80% | 71% | 69% | 75% | 70% | 62% | 59% | 70% |
| Other Income | 67 | 218 | 67 | 78 | 62 | 226 | 70 | 71 | 67 | 238 | 36 | 40 | 0 |
| Interest | 10 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 99 | 136 | 212 | 298 | 418 |
| Depreciation | 5 | 5 | 5 | 5 | 5 | 6 | 6 | 6 | 6 | 8 | 8 | 8 | 9 |
| PBT | 427 | 754 | 381 | 393 | 400 | 773 | 377 | 396 | 419 | 783 | 371 | 339 | 970 |
| Tax % | 22% | 11% | 23% | 21% | 22% | 11% | 22% | 20% | 23% | 11% | 28% | 20% | 14% |
| Net Profit | 332 | 668 | 294 | 311 | 313 | 689 | 295 | 316 | 325 | 695 | 269 | 272 | 830 |
| EPS in Rs | — | 1.05 | 0.46 | 0.49 | 0.49 | 1.08 | 0.46 | 0.5 | 0.51 | 1.09 | 0.42 | 0.43 | 1.26 |
Profit & Loss
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|
| Sales | 45 | 1,855 | 2,043 | 3,521 | 4,905 |
| Expenses | 6 | 296 | 495 | 1,208 | 1,660 |
| Operating Profit | 39 | 1,559 | 1,549 | 2,312 | 3,245 |
| OPM % | 88% | 84% | 76% | 66% | 66% |
| Other Income | 10 | 429 | 428 | 374 | 314 |
| Interest | 0 | 10 | 8 | 745 | 1,065 |
| Depreciation | 0 | 22 | 23 | 29 | 33 |
| PBT | 49 | 1,956 | 1,947 | 1,912 | 2,462 |
| Tax % | 37% | 18% | 17% | 18% | — |
| Net Profit | 31 | 1,605 | 1,613 | 1,561 | 2,066 |
| EPS in Rs | — | 2.53 | 2.54 | 2.46 | 3.2 |
| Div. Payout % | 0% | 0% | 20% | 24% | — |
Balance Sheet
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 2 | 6,353 | 6,353 | 6,353 |
| Reserves | 1,14,118 | 1,32,794 | 1,17,143 | 1,27,500 |
| Borrowings | 743 | 0 | 3,970 | 21,768 |
| Other Liabilities | 66 | 5,715 | 6,033 | 7,845 |
| Total Liabilities | 1,14,930 | 1,44,863 | 1,33,500 | 1,63,467 |
| Fixed Assets | 158 | 172 | 180 | 326 |
| CWIP | 38 | 3 | 14 | 105 |
| Investments | 1,08,141 | 1,33,292 | 1,18,910 | 1,33,089 |
| Other Assets | 6,593 | 11,395 | 14,395 | 29,947 |
| Total Assets | 1,14,930 | 1,44,863 | 1,33,500 | 1,63,467 |
Cash Flow
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Operating | 2,055 | -678 | -10,089 | -15,439 |
| Investing | -1,110 | 1,441 | 6,406 | -5,652 |
| Financing | -889 | -753 | 3,968 | 21,454 |
| Net Cash Flow | 56 | 11 | 285 | 363 |
| Free Cash Flow | 2,055 | -678 | -10,089 | -15,439 |
| CFO/OP | 5,231 | -22 | -633 | -656 |
Ratios
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Debtor Days | 113 | 3 | 3 | 6 |
| Cash Conversion Cycle | 113 | 3 | 3 | 6 |
| Working Capital Days | 3,644 | 21 | -37 | -112 |
| ROCE % | — | 2% | 1% | 2% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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53 extracted metrics + investor summaries across FY23–FY27.
Documents
Frequently Asked Questions about Jio Financial
What does Jio Financial Services Ltd do?
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Company Information
JFSL was originally incorporated as Reliance Strategic Investments Private Limited in July, 1999 under the Companies Act 1956. Jio Financial Services Limited was incorporated in July, 23. JFSL is a NBFC-ND-SI registered with RBI. The company is a holding company and will operate its financial services business through its consumer-facing subsidiaries namely Jio Finance Limited (JFL), Jio Insurance Broking Limited (JIBL), and Jio Payment Solutions Limited (JPSL) and joint venture namely Jio Payments Bank Limited (JPBL).[1]
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