JIOFIN
Large CapJio Financial Services Limited
Financial Services
Jio Financial Services Limited (JIOFIN) is a publicly-listed holding company for a diverse financial services group. It operates an NBFC (JCL), Payments Bank (JPBL), Payment Solutions (JPSL), Insurance Broking (JIBL), and Asset Management (JioBlackRock AMC). The company aims to be a 360-degree platform offering in-house and third-party products across borrowing, investing, transacting, and protecting, leveraging AI and digital reach.
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.
Quarterly result analysis pending
No classified quarterly result is available yet. Financial-history charts below may still contain upstream data.
Where growth can come from, and what can break the case
JIOFIN reports robust operational growth in FY26 with NBFC AUM up 156% YoY to Rs. 25,711 Cr and Payment Solutions TPV up 145% YoY to Rs. 52,226 Cr. Consolidated Total Income (ex-dividend) grew 97% YoY to Rs. 3,274 Cr, but PPOP remained flat at Rs. 1,357 Cr due to investments and treasury impacts.
The company demonstrates strong operational momentum across its core financial services verticals, particularly in NBFC AUM and Payment Solutions TPV. While consolidated PPOP remained flat due to strategic investments and treasury volatility, the underlying business growth and expansion into new segments like asset management and reinsurance suggest the long-term thesis of building a comprehensive financial services platform remains on track. Execution on AI-native offerings and marketplace integration will be key.
Jio Credit Limited AUM Mix (Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
NBFC AUM Growth
JCL's AUM growth is driven entirely by organic originations, with strategic expansion into mortgage and other credit offerings.
Intelligent Finance Marketplace
Unveiled an AI-native, conversational finance marketplace with N=1 hyper-personalization, achieving 1.7mn downloads since launch.
Payment Solutions Scaling
Focus on scaling enterprise, SMB, and cross-border segments for profitable growth in Jio Payment Solutions Limited.
Asset Management Diversification
Diversifying opportunities for investors by introducing ETFs, Specialized Investment Funds (SIFs), and GIFT City funds alongside mutual funds.
Jio Credit Limited Offices
JCL operates 24 offices across 18 cities, expanding its physical footprint.
Jio Payments Bank BC Network
JPBL expanded its Business Correspondent (BC) network to over 378,000 touchpoints.
Jio Payment Solutions Merchant Network
JPSL has established a merchant network across 26 states.
Jio Insurance Broking PoSP Network
JIBL has a Point of Sales Person (PoSP) agent network in 22 states and 2 Union Territories.
Digital Adoption & User Base
23 million unique users across all digital properties and 9.3 million average MAU in Q4 FY26, indicating strong digital engagement.
AI/ML Integration for Efficiency
Enterprise-wide AI/ML models are driving higher conversion, quicker turnaround times, increased efficiency, and enhanced risk assessment.
Strategic Joint Ventures
Joint venture with Allianz Group for Reinsurance received regulatory approval in March 2026, with non-binding agreements for General and Life Insurance JVs.
Payments Bank Operating Loss
Consolidation of Jio Payments Bank's operating loss as a 100% subsidiary impacted Pre-Provisioning Operating Profit (PPOP).
Investments in Growth Companies
Continued investments in scaling growth companies and incubating nascent businesses impacted PPOP.
Treasury Income Volatility
Geopolitics-led volatility impacted treasury income on a higher capital base.
Competition in Marketplace Model
The marketplace model relies on integrating third-party products, implying competition for customer attention and supplier partnerships.
Regulatory Approvals
Awaiting final approval from IFSCA to set up a retail Fund Management Entity in GIFT City for JioBlackRock Asset Management.
Integration and Scaling Challenges
Scaling a diverse portfolio of financial services and integrating AI across all operations presents execution challenges.
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 provides a view of annual scaling and market penetration for a growing entity. QoQ comparison is crucial for tracking sequential momentum in disbursements, AUM, and the ramp-up of new business lines and digital initiatives.
NBFC AUM
NBFC AUM grew 156% YoY to Rs. 25,711 Cr in FY26. Q4 FY26 AUM was Rs. 25,711 Cr, up 45% QoQ from Rs. 19,049 Cr in Q3 FY26.
JCL Disbursements
Jio Credit Limited (JCL) quarterly disbursements increased 49% YoY to Rs. 10,629 Cr in Q4 FY26.
JCL Net Interest Income
JCL's Net Interest Income was Rs. 202 Cr in Q4 FY26, up 149% YoY from Rs. 81 Cr in Q4 FY25 and 22% QoQ from Rs. 165 Cr in Q3 FY26.
JCL Average Cost of Borrowing
JCL's Average Cost of Borrowing stood at 7.00% in Q4 FY26, compared to 6.99% in Q3 FY26.
360-Degree Financial Platform
Management aims to offer a robust 360-degree platform with proprietary and third-party products for all financial needs of 'Bharat'.
AI-Native & Conversational Approach
The company is building an AI-native, conversational, and hyper-personalized interface for its intelligent finance marketplace.
Customer-First Distribution
Transforming distribution by delivering integrated value to customers through hyper-personalized advisory, seamless UI/UX, and rewards programs.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| NBFC AUM Growth | Rs. 25,711 Cr (FY26) | Continued organic growth and successful diversification into broader credit segments like mortgages. |
| Consolidated PPOP Improvement | Rs. 327 Cr (Q4 FY26) | Evidence of PPOP improvement as investments in new businesses mature and operating losses from Payments Bank reduce. |
| JioBlackRock AMC AUM | Rs. 15,218 Cr (Q4 FY26) | Successful launch and scaling of new products like ETFs, SIFs, and operations in GIFT City. |
| Digital User Engagement | 23mn unique users, 9.3mn MAU (Q4 FY26) | Growth in Monthly Active Users (MAU) and increased adoption of the Account Aggregator framework and marketplace features. |
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
41NeutralSMA20 -11.9% / mo · near 52W low
Technical chart
JIOFINweekly · 6M-22.1%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 38.
- RSI(14) at 38 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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 10/15 to the score.
- Valuation contributes 3/30 to the score.
Main drags
- Fair-value margin of safety is negative at -188.5%.
- 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: +0 points.
Factor attribution
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 21st percentile of the scored universe and 37th 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: 37th pctile, median 62 · Large: 14th pctile, median 74
57 documents indexed, 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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 98.30
- P/B
- 1.09
- EV/EBITDA
- 74.07
- Market Cap
- 151113.00Cr
Profitability
- ROE
- 1.19%
- ROCE
- 1.86%
- ROA
- 0.95%
- Dividend Y
- 0.22%
Growth (CAGR)
- Revenue 5Y
- 783.55%
- EPS 5Y
- 269.27%
- Revenue 3Y
- 328.00%
- EPS 3Y
- 294.00%
Balance Sheet
- Debt/Equity
- 0.16
- Interest Coverage
- 3.09×
- Altman Z
- 4.51
- Book Value
- 211.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -15439.00 Cr
- EPS TTM
- 2.46
Shareholding
- Promoter Hold
- 49.13%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.