JIO Financial Services Ltd.
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ABOUT
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company has delivered good profit growth of 40.8% CAGR over last 5 years
- Asset quality is healthy - gross NPA of just 0.0%
- Solid return on assets for a lender - ROA of 2.5%
- Promoters have been increasing their shareholding - up 2.0pp over 2 years
- Latest quarter profit grew 47.3% YoY, showing strong momentum
- Company has delivered good sales growth of 27.4% CAGR over last 5 years
CONS
- Company has a low return on capital employed of 2.6%
- Company has a low return on equity of 2.2% over last 3 years
- Equity base is being diluted - shares outstanding up 314411.9%
- Operating margins have contracted to 80.3% from 118.5%
- Stock is trading at 5.6x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJFINANCE | 1034.20 | 31.71 | 643888.19 | 0.58 | 6080.60 | 27.60 | 23165.45 | 20.37 | 10.87 | 70.70 |
| SHRIRAMFIN | 1028.00 | 21.37 | 241893.03 | 1.05 | 3452.77 | 59.90 | 13400.43 | 17.46 | 11.49 | 74.63 |
| CHOLAFIN | 1845.00 | 27.40 | 157575.18 | 0.11 | 1656.22 | 45.56 | 8856.29 | 21.89 | 9.70 | 70.07 |
| TATACAP | 362.80 | 28.50 | 154003.85 | 0.16 | 16281.80 | 1464.16 | 88219.30 | 1051.00 | 8.66 | 75.72 |
| JIOFIN | 230.00 | 73.49 | 151872.26 | 0.26 | 830.25 | 155.73 | 2004.47 | 227.28 | 2.11 | 69.71 |
| BAJAJHLDNG | 11120.70 | 13.97 | 123766.17 | 1.75 | 2708.08 | -92.27 | 394.33 | 23.34 | 14.81 | 684.72 |
| MUTHOOTFIN | 2794.40 | 9.86 | 112186.35 | 1.07 | 2824.84 | 43.08 | 8671.60 | 36.25 | 15.87 | 83.76 |
| ABCAPITAL | 398.60 | 26.59 | 109118.68 | 0.00 | 1223.85 | 43.85 | 12179.54 | 137.84 | 8.82 | 41.91 |
| LTF | 309.50 | 24.37 | 77571.61 | 0.89 | 915.99 | 30.70 | 5212.92 | 22.38 | 8.54 | 62.13 |
| SBICARD | 656.05 | 27.44 | 62432.55 | 0.38 | 664.44 | 19.51 | 5040.55 | 7.60 | 11.75 | 29.83 |
| HDBFS | 668.65 | 25.53 | 55549.10 | 0.60 | 785.20 | 38.31 | 4937.90 | 18.71 | 9.09 | 57.98 |
| SUNDARMFIN | 4714.65 | 23.60 | 52381.58 | 0.85 | 636.19 | 33.88 | 2644.13 | 23.37 | 9.35 | 80.61 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 215 | 149 | 134 | 141 | 134 | 383 | 137 | 152 | 134 | 520 | 159 | 135 | 219 | |
| 6 | 22 | 33 | 33 | 33 | 51 | 44 | 45 | 35 | 62 | 44 | 40 | 75 | |
| Operating Profit | 209 | 127 | 101 | 107 | 101 | 332 | 93 | 106 | 99 | 459 | 115 | 94 | 146 |
| OPM % | 97.41% | 85.06% | 75.20% | 76.20% | 75.40% | 86.61% | 68.01% | 70.04% | 73.99% | 88.12% | 72.49% | 69.99% | 66.85% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 23 | 0 | 20 | 0 | 0 | 0 |
| Interest | 10 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 2 |
| 196 | 124 | 98 | 104 | 98 | 329 | 101 | 126 | 96 | 475 | 112 | 91 | 144 | |
| Tax % | 25.66% | 28.16% | 27.89% | 25.24% | 26.69% | 7.27% | 25.38% | 22.92% | 25.68% | 3.87% | 34.77% | 12.49% | 26.89% |
| Net Profit | 145 | 89 | 70 | 78 | 72 | 305 | 75 | 97 | 71 | 456 | 73 | 80 | 105 |
| 281 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 943 | 296 | -105 | 349 | 283 | 149 | 42 | 638 | 806 | 949 | 1,034 | |
| 11 | 16 | 16 | 28 | 70 | 7 | 6 | 94 | 174 | 187 | 221 | |
| Operating Profit | 931 | 280 | -121 | 322 | 213 | 141 | 36 | 544 | 632 | 762 | 812 |
| OPM % | 98.79% | 94.65% | 115.27% | 92.08% | 75.28% | 95.03% | 86.64% | 85.19% | 78.46% | 80.28% | 78.60% |
| 1 | 1 | 0 | 0 | 16 | 36 | 13 | 0 | 34 | 26 | 20 | |
| Interest | 269 | 71 | 248 | 128 | 111 | 0 | 0 | 10 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 12 | 13 | 12 |
| Profit before Tax | 663 | 210 | -369 | 194 | 118 | 177 | 49 | 521 | 653 | 774 | 822 |
| Tax % | 36.10% | -14.99% | -8.89% | -18.63% | -4.24% | 4.99% | 36.66% | 26.59% | 15.99% | 12.06% | 13.07% |
| Net Profit | 424 | 242 | -402 | 230 | 123 | 168 | 31 | 382 | 549 | 681 | 715 |
| EPS | 820.23 | 467.64 | -1988.32 | 444.90 | 238.10 | 325.13 | 60.46 | 0.60 | 0.86 | 1.07 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2846.89% | 0.00% | 57.87% | 55.97% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 15%
- 5 Years:
- 27%
- 3 Years:
- 184%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 41%
- 3 Years:
- 179%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -2%
- 1 Year:
- -26%
RETURN ON EQUITY
- 10 Years:
- 5%
- 5 Years:
- 3%
- 3 Years:
- 2%
- Last Year:
- 3%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 6,353 | 6,353 | 6,353 |
| 1,184 | 1,865 | 2,106 | 1,705 | 1,935 | 2,058 | 17,699 | 18,084 | 18,632 | 18,996 | |
| 471 | 1,560 | 1,737 | 2,321 | 2,420 | 0 | 743 | 0 | 0 | 0 | |
| Trade Payables | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 2 | 6 | 9 |
| 59 | 420 | 22 | 71 | 427 | -3 | 6,360 | 160 | 274 | 4,148 | |
| Total Liabilities | 1,716 | 3,846 | 3,867 | 4,100 | 4,783 | 2,056 | 24,803 | 24,599 | 25,266 | 29,506 |
| 0 | 0 | 0 | 0 | 0 | 0 | 49 | 37 | 28 | 16 | |
| 631 | 280 | 3,711 | 3,144 | 206 | 57 | 19,401 | 19,720 | 22,706 | 28,094 | |
| 514 | 2,576 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Cash & Bank | 153 | 352 | 2 | 1 | 0 | 0 | 5,250 | 4,590 | 558 | 1,028 |
| 418 | 638 | 154 | 955 | 4,577 | 1,998 | 104 | 253 | 1,974 | 368 | |
| Total Assets | 1,716 | 3,846 | 3,867 | 4,100 | 4,783 | 2,056 | 24,803 | 24,599 | 25,266 | 29,506 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1,455 | 339 | -42 | -3,948 | 2,035 | 139 | 2,045 | -283 | -1,772 | 1,360 | |
| Cash from Investing | 372 | -14 | -266 | 3,957 | 472 | -123 | -1,164 | 1,041 | 1,776 | -4,999 |
| Cash from Financing | -1,752 | -160 | 336 | 37 | -2,597 | 0 | -889 | -753 | 0 | 3,639 |
| 1 | -1 | 0 | -1 | -0 | 0 | -0 | 5 | 4 | -0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - This is further to the disclosure dated August 26, 2026 made by the Company. We wish to inform that the Company executives participated in the Institutional Investors' Meeting - Ashwamedh Elara India Dialogue 2026
2026-08-28 - The voting results along with the consolidated Scrutinizer's Report in respect of the Third Annual General Meeting (Post Listing) of the Company held on Wednesday, August 26, 2026, are attached
2026-08-26 - Jio Financial Services Limited has informed the Exchange regarding Change in Director(s) of the company.
2026-08-26 - Jio Financial Services Limited has informed the Exchange regarding Change in Auditors of the company.
2026-08-26 - Gist of the proceedings of the Third Annual General Meeting (Post Listing) of the Company held today, i.e. Wednesday, August 26, 2026, is attached
2026-08-26 - Presentation made to the members during the Third Annual General Meeting (Post Listing) of the Company
2026-08-26 - Please note that the Company executives will be participating in the Institutional Investors Meeting organised by a third party - Ashwamedh Elara India Dialogue 2026 on September 1, 2026 at Mumbai
2026-08-17 - This is further to the disclosure dated August 12, 2026 made by the Company. We wish to inform that the Company executives participated in the Institutional Investors Meeting.
2026-08-14 - Jio Financial Services Limited has informed the Exchange regarding 'Presentation on Item Nos. 6 and 7 of the notice of 3rd Annual General Meeting (Post Listing) of the Company'.
News
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