Jio Financial Services Ltd (JFSL) reported a strong performance in the second quarter of FY26, marking a major milestone in its transition from a treasury-led NBFC to a full-fledged financial services powerhouse. The company’s revenue jumped 41% year-on-year to ₹981.4 crore, compared to ₹693.5 crore in Q2FY25, driven by robust growth across its lending, asset management, and payments segments.
The Reliance Group-backed NBFC posted a net profit of ₹695 crore, marginally higher than ₹689 crore in the same period last year. Total income rose 44% YoY to ₹1,002 crore, while net income from business operations surged nearly fivefold to ₹317 crore — surpassing treasury income for the first time.
“This marks a key inflection point, as core business income now drives profitability,” the company said in its statement. The contribution of business income to total net income climbed sharply to 52%, up from 14% a year ago, underscoring JFSL’s success in scaling its operating businesses.
Lending, Asset Management, and Payments Drive Growth
Jio Credit Ltd (JCL), the company’s lending arm, maintained its strong momentum with assets under management (AUM) rising 12 times YoY to ₹14,712 crore. The growth was supported by a robust secured loan portfolio, making JCL one of the fastest-growing NBFCs to achieve this level of scale.
On the asset management side, JioBlackRock Asset Management reported AUM of ₹15,980 crore, buoyed by its maiden flexi-cap new fund offer (NFO), which mobilised ₹1,500 crore. The AMC now caters to over 150 institutional and 6.35 lakh retail investors, reflecting rapid traction in the mutual fund space.
Meanwhile, Jio Payments Bank Ltd (JPBL) continued its aggressive expansion, with its customer base doubling to 2.95 million and deposits rising to ₹421 crore. Its Business Correspondent network grew exponentially to around 2 lakh agents, up from just 2,307 a year ago, extending its financial inclusion reach to underserved regions.
Jio Payment Solutions Ltd (JPSL) also recorded strong momentum, with transaction processing volumes climbing 167% YoY to ₹13,566 crore, driven by rising adoption of merchant payment services and digital transaction solutions.
Operational Highlights and Outlook
At the operating level, pre-provisioning operating profit (PPOP) stood at ₹579 crore, compared to ₹552 crore in Q2FY25. The company’s consolidated AUM rose sharply to ₹14,712 crore from ₹1,206 crore a year earlier, underscoring the scale of its lending operations.
JFSL highlighted that it has achieved this growth in just two years since its listing, supported by its expanding digital ecosystem, which now attracts over 18 million unique users through the JioFinance app within just 16 months of launch. This large user funnel, the company noted, is helping cross-sell a wide range of financial products.
Hitesh Sethia, Managing Director and CEO of JFSL, said,
“The significant growth in business income is a direct result of the initiatives taken over the last few quarters towards scaling up profitably, by pursuing a risk-calibrated growth strategy. Our expanding user base is a validation of the enthusiasm with which our offerings have been met in the market.”
He added that JFSL continues to leverage next-generation AI and analytics to deliver personalised and simplified digital financial products, positioning JioFinance as a trusted platform for the future of financial services in India.
Stock Performance
Shares of Jio Financial Services Ltd closed at ₹312.10 on the BSE on Thursday, down 0.18% from the previous session. Year-to-date, the stock has gained about 2.5%, and has risen over 45% since its listing in mid-2023, reflecting investor confidence in the company’s rapid diversification and growth potential.
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