Jio Financial Services Limited — Q1 FY27 earnings call

Call held 16 Jul 2026

Management summary

Jio Financial Services Limited reported a strong Q1 FY27, with consolidated total income growing 141% year-on-year to ₹1,496 crores and PAT increasing 156% year-on-year to ₹830 crores. Key business segments like lending (Jio Credit AUM up 2.6x YoY to ₹30,667 crores) and asset management (JioBlackRock AUM up 21% QoQ to ₹18,412 crores) showed robust growth. Both Jio Payments Bank and Jio Payment Solutions achieved operational turnarounds, contributing positively to unit economics, while the JioFinance app expanded its user base to over 25 million.

Highlights

  • Consolidated Total Income (ex-dividends) grew 141% YoY to ₹1,496 crores.

  • Consolidated PAT increased 156% YoY and 205% QoQ to ₹830 crore.

  • Jio Credit's Gross AUM surged 2.6x YoY to ₹30,667 crores, with disbursements over ₹11,000 crores.

  • Jio Payments Bank and Jio Payment Solutions achieved operational turnarounds, contributing positively to unit economics.

  • JioBlackRock AMC closing AUM reached ₹18,412 crores, up 21% sequentially.

  • JioFinance app surpassed 25 million unique users, demonstrating rapid growth.

Key financials

  1. Consolidated Total Income (ex-dividends) ₹1,496 Cr +141%YoY
  2. Consolidated PPOP ₹505 Cr +38%YoY
  3. Consolidated PBT (incl. dividend) ₹970 Cr +131%YoY
  4. Consolidated PBT (ex-dividend, ex-exceptional) ₹461 Cr +18%YoY
  5. Consolidated PAT ₹830 Cr +156%YoY
  6. Total Consolidated Shareholders' Equity ₹1.37L Cr
  7. Total Borrowings ₹28,000 Cr
  8. Debt-to-Equity Ratio 3.9×
  9. Average Cost of Borrowing 7.1%
  10. Consolidated Interest Income ₹962 Cr +165%YoY
  11. Consolidated Fees and Commission Income ₹325 Cr +506%YoY
  12. Consolidated Net Gain on Fair Value Changes ₹210 Cr +7%YoY
  13. Consolidated Total Expenses ₹991 Cr
  14. Consolidated Finance Charges ₹418 Cr
  15. Consolidated Staff Expenses ₹152 Cr
  16. Consolidated Other Operating Expenses ₹421 Cr
  17. Consolidated Provisions ₹25 Cr
  18. Consolidated Share of Associates and JVs ₹-19 Cr
  19. Consolidated Dividend Received ₹509 Cr
  20. Standalone Total Income ₹219 Cr +63%YoY
  21. Standalone Interest Income ₹105 Cr +181%YoY
  22. Standalone Total Expenses ₹69 Cr
  23. Standalone Staff Expenses ₹31 Cr
  24. Standalone Other Operating Expenses ₹38 Cr
  25. Standalone PAT ₹105 Cr +47%YoY

What they filed

Q1 FY27: revenue up 227.5%, net profit up 155.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue694 438 493 612 981 +41%901 +106%1,019 +107%2,004 +227%
EBITDA553 313 338 457 688 +24%555 +77%605 +79%1,397 +206%
Net profit689 295 316 325 695 +1%269 −9%272 −14%830 +155%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

  • Jio Credit (NBFC)
    ₹30,667 Cr Gross AUM₹11,000 Cr Quarterly Disbursements₹257 Cr Net Interest Income (NII)₹683 Cr Interest Income₹425 Cr Interest Expenses₹273 Cr Net Total Income₹154 Cr Pre-provisioning Operating Profit (PPOP)₹96 Cr Profit After Tax (PAT)
  • Jio Payments Bank
    ₹617 Cr Customer Deposits₹83 Cr Total Income3.9 Mn CASA Customer Base₹1,540 Average Balance per Customer5,27,000 Business Correspondent Network Touchpoints
  • Jio Payment Solutions
    ₹19,000 Cr Total Payment Value (TPV)₹176 Cr Gross Fee and Commission Income₹24 Cr Net Fee & Commission Income12 bps Net Processing Margin
  • JioBlackRock AMC
    ₹18,412 Cr Closing AUM₹17,979 Cr Quarterly Average AUM1.2 Mn Retail Investors₹10,000 Cr Liquid Funds AUM₹150 Cr Prism SIF NFO Raised
  • Allianz Jio Reinsurance
    ₹266 Cr Underwritten Premium
  • Jio Insurance Broking
    ₹238 Cr Total Premium Facilitated₹61 Cr Total Fee and Commission Income11× Digital POSP Agent Network Expansion

Capital allocation

high confidence
  • Debt Gross ₹28,000 Cr Cost 7.1%
    • New borrowing Raised through Non-Convertible Debentures in June 2026, against a Board-approved fiscal limit of ₹15,000 crores. ₹1,500 Cr
    Our total borrowings reached around ₹28,000 crores, anchored by a comfortable Debt-to-Equity ratio of 3.9x, leaving immense balance sheet room for future growth. Our average cost of borrowing trends at 7.07%, which remains amongst the lowest in the industry, reflecting credit market's high confidence in our structural underwriting strength and corporate governance.
  • M&A Jio Allianz General Insurance Limited Joint venture · Incorporated

    To bring world-class general and health insurance solutions to India.

    Finally, our newly operationalized reinsurance business, Allianz Jio Reinsurance, underwrote ₹266 crores premium during its very first full quarter of activity.
  • M&A Jio BlackRock Broking Private Limited Joint venture · Pending regulatory

    To expand investment solutions.

    As our JVs with BlackRock for asset management and wealth management are at a nascent stage, they require certain necessary expenses to be incurred for scaling them up. During the quarter, we also made investments necessary to incubate Jio BlackRock Broking Private Limited and the reinsurance and general insurance joint ventures with Allianz.

  • M&A Life Insurance JV with Allianz Joint venture · Pending regulatory

    To establish a Life Insurance JV.

    Simultaneously, the regulatory approval process for Jio Allianz General Insurance are progressively... are progressing satisfactorily, and our non-binding agreements remain active to establish our Life Insurance JV.

Guidance & targets

Product Launch

  • Securities Broking platform beta launch Product Launch · Q2 FY27 · High confidence Q2 FY27
    Looking ahead, our Wealth Management vertical is moving fast, and we are now well-positioned for the beta launch of our Securities Broking platform in Q2 FY27.

    — Mr. Hitesh Sethia

  • Stock broking JV with BlackRock commencement Product Launch · near-term · Medium confidence soon
    We also look forward to our stock broking joint venture with BlackRock to commence soon.

    — Mr. Dipak Daga

  • Personal CFO for every Indian Product Launch · near future · Medium confidence rolling out
    We are delighted to share that in the near future we are rolling out a personal CFO for every Indian. Powered by our upcoming proprietary financial fitness index, this conversational Al will perform 24/7 financial health checks, dynamically identifying gaps in key financial enablers for an individual – like their insurance protection level or savings – and provide unbiased advice regarding the best course of action.

    — Mr. Hitesh Sethia

Regulatory Approval

  • Jio Allianz General Insurance Limited regulatory approval Regulatory Approval · ongoing · Medium confidence progressing satisfactorily
    Simultaneously, the regulatory approval process for Jio Allianz General Insurance are progressively... are progressing satisfactorily, and our non-binding agreements remain active to establish our Life Insurance JV.

    — Mr. Hitesh Sethia

What to watch in Q2 FY27

Securities Broking platform beta launch

Q2 FY27
Current Well-positioned for launch
Target Beta launch in Q2 FY27

Why it matters

Indicates expansion into wealth management and new revenue streams.

Looking ahead, our Wealth Management vertical is moving fast, and we are now well-positioned for the beta launch of our Securities Broking platform in Q2 FY27.

3 min read 7 chapters

Detailed narrative

Strong Financial Performance and Consolidation Impact

Jio Financial Services Limited reported a robust Q1 FY27, with consolidated total income (excluding dividends) growing 141% year-on-year to ₹1,496 crores. Consolidated Profit After Tax (PAT) saw an impressive increase of 156% year-on-year and 205% quarter-on-quarter, reaching ₹830 crore. This quarter also marked the full line-by-line consolidation of Reliance Services and Holdings Limited (RSHL) as a 100% step-down subsidiary, which contributed to the growth in total income and pre-provisioning operating profit.

Robust Growth in Lending Business (Jio Credit)

The lending arm, Jio Credit, demonstrated significant expansion, with Gross Assets Under Management (AUM) surging 2.6x year-on-year to ₹30,667 crores. Quarterly loan disbursements grew by 173% year-on-year, exceeding ₹11,000 crores. The NBFC's Profit After Tax (PAT) more than doubled, increasing 113% year-on-year to ₹96 crores, driven by a 118% year-on-year rise in Net Interest Income (NII) to ₹257 crores.

Operational Turnaround in Payments Businesses

Both Jio Payments Bank and Jio Payment Solutions achieved operational turnarounds in Q1 FY27, now contributing positively to unit-level economics. Jio Payments Bank's total income rose 7.7x year-on-year to ₹83 crores, with customer deposits growing 72% year-on-year to ₹617 crores and its CASA customer base expanding 51% to 3.9 million. Jio Payment Solutions recorded a Total Payment Value (TPV) of over ₹19,000 crore, representing a 2.5x year-on-year growth, and its net processing margin expanded to 12 basis points from 9 basis points in Q1 FY26.

Scaling Investment and Insurance Ventures

The investment vertical saw JioBlackRock AMC's closing AUM increase 21% sequentially to ₹18,412 crores, serving 1.2 million retail investors. In insurance, Allianz Jio Reinsurance underwrote ₹266 crores premium in its first full quarter of activity. Jio Insurance Broking facilitated ₹238 crores in premiums, leading to a 131% year-on-year surge in Total Fee and Commission Income to ₹61 crores, with its digital POSP agent network expanding 11x year-on-year.

Strategic Capital Infusion and Balance Sheet Strength

Jio Financial Services received the second tranche of ₹5,934 crore from its Promoters through preferential warrants, bringing the cumulative fund infusion to ₹9,890 crore. This infusion reinforced the company's structural strength, with Total Consolidated Shareholders' Equity standing at ₹1.37 lakh crores as of June 30, 2026. Total borrowings reached ₹28,000 crores, maintaining a comfortable Debt-to-Equity ratio of 3.9x and an average cost of borrowing of 7.07%.

AI-Native Digital Ecosystem and Future Initiatives

The JioFinance app, now a 'Neural Agentic Marketplace', has surpassed 25 million unique users, driven by 16 autonomous AI Agents and 10 advanced Machine Learning models. The platform recorded a daily run-rate of approximately 34,000 product purchases in June 2026. The company plans to roll out a 'personal CFO' feature, powered by conversational AI, to provide 24/7 financial health checks and hyper-personalized advice to customers.

Expansion of Physical and Digital Footprint

To support its growth, Jio Credit expanded its physical footprint to 25 offices across 18 major cities. Jio Payments Bank significantly scaled its Business Correspondent network to over 527,000 touchpoints, a more than 10x growth compared to Q1 FY26. Additionally, the company received regulatory approval from IFSCA to establish a retail Fund Management Entity in GIFT City, opening new global investment pipelines for Indian savers.

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