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]Jio Financial Serv
OverviewThe financial services business Reliance Industries Ltd got demerged into Jio Financial Services.[1][2]In July,24, the company received the final approval from the RBI to become a Core Investment Company - Non-Deposit taking - Systemically important Company from an NBFC.[3]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Jio Financial | 301.50 | 273.51 | 191547.18 | 0.17 | 456.45 | 49.74 | 520.49 | 35.98 | 2.64 | 943.67 | 80.28 | 700.23 | 456.45 | 6.62 | 2.21 | 0.00 |
| 2. | Aditya Birla Cap | 361.20 | 29.01 | 94535.72 | 0.00 | 882.47 | -14.09 | 10594.96 | 2.64 | 9.33 | 41693.04 | 36.34 | 3262.92 | 855.24 | 2.89 | 1.32 | 4.86 |
| 3. | Chola Financial | 1882.85 | 15.84 | 35355.66 | 0.07 | 1214.27 | 4.64 | 9461.41 | 16.95 | 10.57 | 36160.19 | 55.80 | 2228.18 | 549.92 | 2.57 | 2.36 | 13.68 |
| 4. | Tata Inv.Corpn. | 695.75 | 100.07 | 35201.67 | 0.39 | 148.16 | 19.78 | 153.98 | 8.07 | 1.21 | 319.58 | 87.61 | 351.79 | 148.16 | 1.10 | 0.92 | 0.00 |
| 5. | TVS Holdings | 15156.95 | 21.25 | 30665.71 | 0.63 | 880.08 | 59.15 | 14549.15 | 25.92 | 15.21 | 50450.82 | 15.80 | 1440.16 | 442.87 | 5.58 | 4.78 | 6.25 |
| 6. | JSW Holdings | 19056.35 | 179.62 | 21152.57 | 0.00 | 59.61 | -49.60 | 83.57 | -48.47 | 0.85 | 172.32 | 91.61 | 117.75 | 59.61 | 0.65 | 0.56 | 0.00 |
| 7. | Mah. Scooters | 14178.00 | 52.31 | 16203.43 | 1.13 | 267.07 | 76.68 | 271.02 | 66.10 | 0.59 | 312.73 | 98.11 | 309.75 | 267.07 | 0.49 | 0.55 | 0.00 |
| – | Median: 40 Co. | 450.2 | 37.5 | 924.75 | 0.0 | 11.91 | -7.44 | 18.17 | 2.73 | 2.09 | 53.62 | 51.93 | 29.41 | 11.41 | 0.8 | 1.05 | 0.0 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 35 | 134 | 137 | 215 | 134 | 134 | 18 | 141 | 152 | 3 | 149 | 383 | 520 |
Expenses | 4 | 33 | 44 | 6 | 33 | 35 | 1 | 33 | 45 | 0 | 22 | 51 | 62 |
Operating Profit | 31 | 101 | 93 | 209 | 101 | 99 | 17 | 107 | 106 | 3 | 127 | 332 | 459 |
Other Income | 0 | 0 | 10 | 0 | 0 | 0 | 3 | 0 | 23 | 0 | 0 | 0 | 20 |
Profit before tax | 31 | 98 | 101 | 196 | 98 | 96 | 20 | 104 | 126 | 3 | 124 | 329 | 475 |
Tax % | 74% | 28% | 25% | 26% | 27% | 26% | -16% | 25% | 23% | 26% | 28% | 7% | 4% |
Net Profit | 8 | 70 | 75 | 145 | 72 | 71 | 23 | 78 | 97 | 2 | 89 | 305 | 456 |
EPS in Rs | – | 0.11 | 0.12 | – | 0.11 | 0.11 | – | 0.12 | 0.15 | – | 0.14 | 0.48 | 0.72 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
Sales | 3 | -105 | 349 | 303 | 149 | 45 | 638 | 806 | 944 |
Expenses | 0 | 16 | 28 | 82 | 7 | -4 | 94 | 174 | 186 |
Operating Profit | 3 | -121 | 322 | 221 | 141 | 49 | 544 | 632 | 758 |
Other Income | 0 | 0 | 0 | 8 | 35 | 0 | 0 | 33 | 53 |
Interest | 1 | 248 | 128 | 111 | 0 | 0 | 10 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 12 | 13 |
Profit before tax | 2 | -369 | 194 | 118 | 177 | 49 | 521 | 653 | 798 |
Net Profit | 2 | -402 | 230 | 123 | 168 | 31 | 382 | 549 | 700 |
EPS in Rs | – | – | – | – | – | – | 0.60 | 0.86 | 1.10 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 58% | – |
Standalone figures in ₹ crores
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 0.02 | 2 | 2 | 2 | 2 | 2 | 6,353 | 6,353 | 6,353 |
Reserves | 21 | 1,705 | 1,935 | 2,058 | 2,226 | 24,052 | 18,084 | 18,632 | 22,799 |
Borrowings | 17 | 2,322 | 2,420 | 0 | 0 | 743 | 0 | 0 | 0 |
Other Liabilities | 0 | 72 | 426 | 0 | 0 | 6 | 37 | 110 | 116 |
Total Liabilities | 39 | 4,100 | 4,783 | 2,060 | 2,228 | 24,803 | 24,474 | 25,096 | 29,267 |
Fixed Assets | 0 | 0 | 0 | 0 | 0 | 49 | 37 | 28 | 23 |
Gross Block | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | 73.42 | 73.46 | 77.25 | – |
Accumulated Depreciation | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | 24.62 | 36.93 | 49.29 | – |
CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 37 | 3,144 | 206 | 57 | 181 | 19,401 | 19,720 | 22,706 | 27,545 |
Other Assets | 2 | 956 | 4,577 | 2,003 | 2,047 | 5,354 | 4,717 | 2,361 | 1,700 |
Total Assets | 39 | 4,100 | 4,783 | 2,060 | 2,228 | 24,803 | 24,474 | 25,096 | 29,267 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 2 | -1 | -3,687 | 2,434 | 123 | 2,053 | -283 | -1,772 |
Cash from Investing Activity | -0 | -2 | 3,649 | 163 | -123 | -1,164 | 1,041 | 1,776 |
Cash from Financing Activity | -2 | 3 | 37 | -2,597 | 0 | -889 | -753 | 0 |
Net Cash Flow | -0 | 0 | -1 | -0 | 0 | -0 | 5 | 4 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
Debtor Days | 49 | -108 | 8 | 0 | 0 | 0 | 0 | 0 |
Inventory Days | – | 0 | – | – | – | – | – | – |
Days Payable | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | 49 | -108 | 8 | 0 | 0 | 0 | 0 | 0 |
Working Capital Days | 189 | 3,231 | -256 | 57 | 99 | 829 | 9 | 10 |
ROCE % | – | -6% | 8% | 7% | 8% | 0% | 2% | 3% |
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Stock Analysis
Jio Financial Services Limited (JFSL) is a diversified financial services company operating across NBFC, asset management, payments, and broking segments, aiming to provide accessible and integrated digital financial services in India.
The preferential issue proceeds are being strategically deployed into subsidiaries and joint ventures, supporting growth in key verticals such as lending (NBFC AUM grew 4.5x YoY to ₹19,049 crore in Q3 FY26), payments (TPV increased 2.6x YoY to ₹16,315 crore), and asset management (AMC AUM reached ₹14,972 crore). Expansion into new ventures and digital platforms remains a key focus for future growth.
Currently no data available for Order Book.
The Monitoring Agency Report confirms no deviation in the utilization of preferential issue proceeds, indicating adherence to regulatory disclosures and no red flags related to fund deployment.
The Monitoring Agency Report covers the quarter ended December 31, 2025. The preferential issue warrants are convertible by March 2027. Future dates would include the next Q4 FY26 results announcement and subsequent monitoring reports.
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