Jio Financial Services Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1.37L Cr
- P/E
- 79.91
- ROE
- 1.19%
- PEG
- 0.27
- Price to sales
- 24.32
- Debt to equity
- 0.32
- 52W high / low
- ₹315 / ₹205
- EBITDA margin
- 64.65%
- Net profit margin
- 43.38%
- Promoter holding
- 49.13%
- Sales (last year)
- ₹5,623 Cr
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]
Guidance scorecard · Q2 FY27 call
What Jio Financial Services Ltd's management guided
and where it ranks in Finance
Finance
RevenueQ2 FY27 call
20–40%- Consolidated Total Income (ex-dividend) increased 132% YoY to Rs. 1,699 crore in Q2 FY27, showing strong revenue growth momentum.
- Interest Income rose 221% YoY, driven by organic traction in lending and treasury operations, indicating growing income streams.
- Jio Credit Limited's loan book expanded 154% YoY to Rs. 37,320 crore, with robust gross disbursements up 98% YoY, signaling strong volume growth.
- Payments vertical focusing on margin-accretive merchant segments, improving net processing margins and profitable growth over pure volume expansion.
- JioBlackRock AMC assets under management scaled 57% YoY to Rs. 22,746 crore, reflecting a growing investment business.
- Reinsurance and insurance JVs gaining traction with Rs. 510 crore gross written premium in six months, with life and general insurance ventures advancing.
2 more points from Jio Financial Services Ltd's call on revenue
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MarginsQ2 FY27 call
FlatSee what Jio Financial Services Ltd said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- Bank of America is set to invest approximately Rs. 9,500 crore in Jio Credit Limited, subject to regulatory and statutory approvals, to strengthen the balance sheet for future expansion.
- Strategic investments were made to incubate the general insurance joint venture with Allianz, which is in advanced stages for regulatory approvals.
- Investment in scaling nascent ventures including JioBlackRock asset management, wealth management, broking, and insurance broking businesses.
- JioBlackRock AMC continues product line expansion and distribution partnerships to accelerate AUM growth.
- Expansion of Jio Payments Bank’s infrastructure including Business Correspondent network and toll operations footprint.
2 more points from Jio Financial Services Ltd's call on capex
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FundraisingQ2 FY27 call
PlannedSee what Jio Financial Services Ltd said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
Ask what Jio Financial Services Ltd said on the order book →
Full Q2 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Finance
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Finance companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹2,742 Cr | 71.8 | |
| 2 | 40%+ | Up 2%+ | ₹464 Cr | 23.9 | |
| 3 | 40%+ | Up 0–2% | ₹961 Cr | 32.7 | |
| 4 | 40%+ | Flat | ₹23,820 Cr | 21.1 | |
| 5 | 40%+ | Flat | ₹16,498 Cr | 72.4 | |
| 6 | 40%+ | Flat | ₹15,549 Cr | — |
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Pro shows every company guiding 40%+ revenue growth →Full Finance rankingFinancials of Jio Financial Services Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Jio Financial Services Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 47.12% | 47.12% | 47.12% | 47.12% | 47.12% | 47.12% | 47.12% | 47.12% | 47.12% | 47.12% | 49.13% | 49.13% |
| FIIs + | 19.83% | 19.45% | 17.55% | 16.88% | 15.62% | 11.66% | 12.30% | 11.85% | 11.55% | 12.31% | 11.27% | 10.65% |
| DIIs + | 12.99% | 12.50% | 11.79% | 11.39% | 12.46% | 14.21% | 14.68% | 14.78% | 15.36% | 14.26% | 13.27% | 13.30% |
| Government + | 0.14% | 0.14% | 0.15% | 0.15% | 0.17% | 0.17% | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
| Public + | 19.92% | 20.77% | 23.39% | 24.46% | 24.61% | 26.83% | 25.70% | 26.07% | 25.77% | 26.11% | 26.15% | 26.74% |
| No. of Shareholders | 40,83,129 | 43,99,041 | 48,02,851 | 48,60,795 | 49,78,984 | 52,59,483 | 51,18,346 | 50,73,442 | 49,61,997 | 49,44,256 | 49,65,496 | 49,72,662 |
Financials of Jio Financial Services Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 608 | 414 | 418 | 418 | 694 | 438 | 493 | 612 | 981 | 901 | 1,019 | 2,004 | 1,699 |
| Expenses + | 66 | 94 | 98 | 74 | 140 | 125 | 155 | 156 | 293 | 346 | 414 | 607 | 621 |
| Operating Profit | 542 | 320 | 320 | 344 | 553 | 313 | 338 | 457 | 688 | 555 | 605 | 1,397 | 1,078 |
| OPM % | 89% | 77% | 77% | 82% | 80% | 71% | 69% | 75% | 70% | 62% | 59% | 70% | 63% |
| Other Income + | 218 | 67 | 78 | 62 | 226 | 70 | 71 | 67 | 238 | 36 | 40 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 99 | 136 | 212 | 298 | 418 | 578 |
| Depreciation | 5 | 5 | 5 | 5 | 6 | 6 | 6 | 6 | 8 | 8 | 8 | 9 | 11 |
| Profit before tax | 754 | 381 | 393 | 400 | 773 | 377 | 396 | 419 | 783 | 371 | 339 | 970 | 489 |
| Tax % | 11% | 23% | 21% | 22% | 11% | 22% | 20% | 23% | 11% | 28% | 20% | 14% | 30% |
| Net Profit + | 668 | 294 | 311 | 313 | 689 | 295 | 316 | 325 | 695 | 269 | 272 | 830 | 340 |
| EPS in Rs | 1.05 | 0.46 | 0.49 | 0.49 | 1.08 | 0.46 | 0.50 | 0.51 | 1.09 | 0.42 | 0.43 | 1.26 | 0.52 |
Financials of Jio Financial Services Ltd
Profit & Loss
Annual income statement trend
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|
| Sales + | 45 | 1,855 | 2,043 | 3,521 | 5,623 |
| Expenses + | 6 | 296 | 495 | 1,208 | 1,988 |
| Operating Profit | 39 | 1,559 | 1,549 | 2,312 | 3,635 |
| OPM % | 88% | 84% | 76% | 66% | 65% |
| Other Income + | 10 | 429 | 428 | 374 | 76 |
| Interest | 0 | 10 | 8 | 745 | 1,507 |
| Depreciation | 0 | 22 | 23 | 29 | 36 |
| Profit before tax | 49 | 1,956 | 1,947 | 1,912 | 2,169 |
| Tax % | 37% | 18% | 17% | 18% | |
| Net Profit + | 31 | 1,605 | 1,613 | 1,561 | 1,712 |
| EPS in Rs | 2.53 | 2.54 | 2.46 | 2.63 | |
| Dividend Payout % | 0% | 0% | 20% | 24% |
Financials of Jio Financial Services Ltd
Balance Sheet
Capital structure and asset base
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 2 | 6,353 | 6,353 | 6,353 | 6,603 |
| Reserves | 114,118 | 132,794 | 117,143 | 127,500 | 122,992 |
| Borrowings + | 743 | 0 | 3,970 | 21,768 | 41,325 |
| Other Liabilities + | 66 | 5,715 | 6,033 | 7,845 | 10,745 |
| Total Liabilities | 114,930 | 144,863 | 133,500 | 163,467 | 181,666 |
| Fixed Assets + | 158 | 172 | 180 | 326 | 538 |
| CWIP | 38 | 3 | 14 | 105 | 12 |
| Investments | 108,141 | 133,292 | 118,910 | 133,089 | 130,348 |
| Other Assets + | 6,593 | 11,395 | 14,395 | 29,947 | 50,767 |
| Total Assets | 114,930 | 144,863 | 133,500 | 163,467 | 181,666 |
Financials of Jio Financial Services Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Cash from Operating Activity + | 2,055 | -678 | -10,089 | -15,439 |
| Cash from Investing Activity + | -1,110 | 1,441 | 6,406 | -5,652 |
| Cash from Financing Activity + | -889 | -753 | 3,968 | 21,454 |
| Net Cash Flow | 56 | 11 | 285 | 363 |
| Free Cash Flow | 2,055 | -678 | -10,089 | -15,439 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 5,231% | -22% | -633% | -656% |
Financials of Jio Financial Services Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 113 | 3 | 3 | 6 |
| Inventory Days | ||||
| Days Payable | ||||
| Cash Conversion Cycle | 113 | 3 | 3 | 6 |
| Working Capital Days | 3,644 | 21 | -37 | -112 |
| ROCE % | 2% | 1% | 2% |
Guidance history
How Jio Financial Services Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 20–40% | Flat | Planned | Planned | — |
| Q1 FY27 call → | 40%+ | Flat | Planned | Planned | Rising |
| Q4 FY26 call → | 40%+ | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
11 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −33.4% | 18% |
| Last 6 months | −18.2% | 23% |
| Last 3 months | −17.8% | 24% |
The price is 46.3% below its all-time high of ₹381.75 (26 Apr 2024). Stocks more than 20% below their peak have their score halved, so 21 became 11.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Jio Financial Services Ltd: 0.4 × 18 + 0.4 × 23 + 0.2 × 24 = 21, halved to 11 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 28 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Jio Financial Services Ltd's management said in earlier quarters
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