Jio Financial Services Ltd

₹ 205 -2.74%

23 Oct - close price

About

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]

Key Points

Overview

The 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]

Website BSE NSE F&O

Market Cap ₹ 1,35,384 Cr.
Current Price ₹ 205
High / Low ₹ 317 / 203
Stock P/E 162
Book Value ₹ 53.8
Dividend Yield 0.29 %
ROCE 2.85 %
ROE 2.51 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Company is expected to give good quarter
Company has delivered good profit growth of 40.8% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 38.0%

Cons

Stock is trading at 3.81 times its book value
Tax rate seems low
Company has a low return on equity of 2.12% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Financial Services Financial Services Finance Investment Company

Part of Nifty 50 BSE 500 BSE 100 BSE 200 BSE Dollex 200 Nifty 500 Nifty 100 BSE Dollex 100 Nifty Services Sector Nifty 200 Nifty Financial Services Nifty High Beta 50 Nifty 100 Equal Weight BSE Financial Services BSE SENSEX 50 BSE 100 ESG BSE 250 LargeMidCap Index BSE Diversified Financials Revenue Growth Nifty 50 Equal Weight BSE 100 LargeCap TMC Index Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty Financial Services 25/50 Nifty100 ESG Nifty Total Market BSE SENSEX Next 30 Nifty100 Enhanced ESG BSE 200 Equal Weight BSE Sensex Sixty 65:35 BSE Sensex Sixty Nifty Financial Services Ex-Bank Nifty India Select 5 Corporate Groups Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted BSE Select IPO BSE India 150 BSE 1000 Nifty India FPI 150

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	149	134	141	134	383	137	152	134	520	159	135	219	678
	22	33	33	33	51	44	45	35	62	44	40	73	60
Operating Profit	127	101	107	101	332	93	106	99	459	115	94	146	618
OPM %	85%	75%	76%	75%	87%	68%	70%	74%	88%	72%	70%	67%	91%
	0	0	0	0	0	10	23	0	20	0	0	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	3	3	3	3	3	3	3	3	3	3	3	2	2
Profit before tax	124	98	104	98	329	101	126	96	475	112	91	144	615
Tax %	28%	28%	25%	27%	7%	25%	23%	26%	4%	35%	12%	27%	7%
	89	70	78	72	305	75	97	71	456	73	80	105	575
EPS in Rs	0.14	0.11	0.12	0.11	0.48	0.12	0.15	0.11	0.72	0.12	0.13	0.16	0.87
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	3	-105	349	303	149	45	638	806	949	1,191
	0	16	28	82	7	-4	94	174	181	217
Operating Profit	3	-121	322	221	141	49	544	632	768	974
OPM %	94%		92%	73%	95%	110%	85%	78%	81%	82%
	0	0	0	8	35	0	0	33	20	0
Interest	1	248	128	111	0	0	10	0	0	0
Depreciation	0	0	0	0	0	0	12	12	13	12
Profit before tax	2	-369	194	118	177	49	521	653	774	963
Tax %	-15%	9%	-19%	-4%	5%	37%	27%	16%	12%
	2	-402	230	123	168	31	382	549	681	834
EPS in Rs							0.60	0.86	1.07	1.28
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	58%	56%

Compounded Sales Growth
10 Years:	%
5 Years:	26%
3 Years:	177%
TTM:	26%

Compounded Profit Growth
10 Years:	%
5 Years:	41%
3 Years:	179%
TTM:	19%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	-2%
1 Year:	-33%

Return on Equity
10 Years:	%
5 Years:	2%
3 Years:	2%
Last Year:	3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	0.02	2	2	2	2	2	6,353	6,353	6,353	6,603
Reserves	21	1,705	1,935	2,058	2,226	24,052	18,084	18,632	22,952	28,918
	17	2,322	2,420	0	0	743	0	0	0	0
	0	72	426	0	0	6	37	110	131	136
Total Liabilities	39	4,100	4,783	2,060	2,228	24,803	24,474	25,096	29,436	35,657
	0	0	0	0	0	49	37	28	16	11
CWIP	0	0	0	0	0	0	0	0	0	0
Investments	37	3,144	206	57	181	19,401	19,720	22,706	28,094	30,993
	2	956	4,577	2,003	2,047	5,354	4,717	2,361	1,326	4,653
Total Assets	39	4,100	4,783	2,060	2,228	24,803	24,474	25,096	29,436	35,657

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2	-1	-3,687	2,434	123	2,053	-283	-1,772	1,360
	-0	-2	3,649	163	-123	-1,164	1,041	1,776	-4,999
	-2	3	37	-2,597	0	-889	-753	0	3,639
Net Cash Flow	-0	0	-1	-0	0	-0	5	4	-0
Free Cash Flow	2	-1	-3,687	2,434	123	2,053	-283	-1,776	1,359
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	121%	1%	-1,132%	1,102%	98%	4,160%	-29%	-273%	188%

Ratios

Standalone / View Consolidated

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	49	-108	8	0	0	0	0	0	0
Inventory Days		0
Days Payable
Cash Conversion Cycle	49	-108	8	0	0	0	0	0	0
Working Capital Days	189	3,231	-256	57	99	829	9	10	14
ROCE %		-6%	8%	7%	8%	0%	2%	3%	3%

Insights

In beta

Mar 2024

Mar 2025

Mar 2026

Jio Insurance Broking Premium Facilitated
Rs. Cr

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xx	xxx	xxx
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Jio Payment Solutions TPV
Rs. Cr

Jio Payments Bank Deposits
Rs. Cr

NBFC AUM (Jio Credit)
Rs. Cr

Unique Users across all Digital Properties
million

Jio Payments Bank CASA Customers
million

NBFC Quarterly Disbursements (Jio Credit)
Rs. Cr

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	47.12%	47.12%	47.12%	47.12%	47.12%	47.12%	47.12%	47.12%	47.12%	47.12%	49.13%	49.13%
	19.83%	19.45%	17.55%	16.88%	15.62%	11.66%	12.30%	11.85%	11.55%	12.31%	11.27%	10.65%
	12.99%	12.50%	11.79%	11.39%	12.46%	14.21%	14.68%	14.78%	15.36%	14.26%	13.27%	13.30%
	0.14%	0.14%	0.15%	0.15%	0.17%	0.17%	0.18%	0.18%	0.18%	0.18%	0.18%	0.18%
	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

	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	47.12%	47.12%	47.12%	49.13%
	19.45%	11.66%	12.31%	10.65%
	12.50%	14.21%	14.26%	13.30%
	0.14%	0.17%	0.18%	0.18%
	20.77%	26.83%	26.11%	26.74%
No. of Shareholders	43,99,041	52,59,483	49,44,256	49,72,662

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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