NSE:JIOFIN · Risk Score Report

NSE:JIOFINNSEFinancial Services

Jio Financial Services Limited

📊 Asset Management

Day ₹251

₹257 Overbought

52W ₹223

₹339 Oversold

₹255.30

▲ ₹4.49 (+1.79%)

Vol: 13,125,502 · Avg: 18,887,397

As of April 29, 2026 · 06:29 IST

COMPOSITE RISK SCORE

VAL:9/25 · FIN:20/25 · GRO:15/25 · TECH:16/25

📈 P/E RATIO

105.9x

Trailing

📖 P/B RATIO

1.2x

Price to Book

💰 EPS

₹2.41

TTM

🏛 MARKET CAP

₹168,578Cr

Large Cap

📊 ROE

1.2%

Return on Equity

📈 REV GROWTH

39.4%

YoY

🏢 Company Analysis · Jio Financial Services Limited

💼 BUSINESS MODEL

Jio Financial Services Limited, through its subsidiaries, engages in the business of investing and financing, insurance broking, payment bank and payment aggregator, and payment gateway services in India..
The company provides loans, savings accounts, recharges, digital insurance, financial tracking, management tools, digital banking, unified payments interface transactions, bill payments, and insurance advisory; and asset and wealth management, and broking services, as well as operating lease solutions to consumers and businesses through a Device-as-a-Service model..
It also provides insurance broking services, such as car, bike, health, term, investment, SMEs, MSMEs, property, cyber risk, commercial lines, corporate, and education..
In addition, it offers digital banking services, including zero balance, savings, salary, wallet, and online and offline payment solutions; debit cards; payment systems, including aadhaar enabled payment and domestic money transfer; digital payment solutions..
Operates in Asset Management within the Financial Services sector.

🏰 MOAT & COMPETITION

Mega-cap (₹168,578 Cr) — dominant market position with significant scale advantages.
Profit margin of 57.8% suggests pricing power / cost moat.
Key competitors: STEL Holdings, Aditya Birla Cap, Jindal Poly Inve, Chola Financial.

🚀 CATALYSTS

Jio Financial targets 2026 launch for life, general insurance businesses (Life Insurance International)
Allianz Expands India Reinsurance And US Annuities While Balancing Growth And Risk (Simply Wall St.)
IRDAI approves Allianz Jio Reinsurance and Kiwi General Insurance (Life Insurance International)
Revenue growing at 39% — strong top-line momentum.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹298 — ₹315 (mean ₹306, 2 analysts).
Moderate asymmetry — upside +23% vs downside +17% (1.4x).
P/E of 105.9x — premium valuation, growth must sustain to avoid de-rating risk.

🔭 FUTURE OUTLOOK

Analyst consensus: Strong Buy (2 analysts).
Latest quarter earnings declined -14% YoY — watch for recovery signals.

✅ PROS

Company is expected to give good quarter
Promoter holding has increased by 2.01% over last quarter.

❌ CONS

Company has a low return on equity of 1.23% over last 3 years.
Working capital days have increased from 4,699 days to 14,113 days

VALUATION

9/25

25% WEIGHT

P/E at 106x
P/B at 1.2x
Analyst target: ₹306 (+20.1%)
1Y return: -0.7%

FINANCIAL HEALTH

20/25

25% WEIGHT

ROE: 1.2%
Profit margin: 57.8%
Revenue growth: 39.4%
Debt/Equity: 16%

GROWTH

15/25

25% WEIGHT

Revenue growth: 39.4%
Earnings growth: -14.0%
Beta: 0.62
Sector: Financial Services

TECHNICAL

16/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

105.9x

Trailing twelve months

P/B RATIO

1.2x

Price to Book value

ROE

1.2%

Return on Equity

PROFIT MARGIN

57.8%

Net profit margin

OPM

43.1%

Operating profit margin

ANALYST TARGET

₹306

Range: ₹298 - ₹315

Yahoo Finance ↗

PEG RATIO

0.37

Price/Earnings to Growth

EV/EBITDA

N/A

Enterprise value ratio

CURRENT RATIO

234.53

Liquidity measure

DIVIDEND YIELD

0.20%

Annual yield

ROA

1.1%

Return on Assets

GROSS MARGIN

100.0%

Gross profit margin

INDUSTRY AVERAGES — INVESTMENT COMPANY

P/E 18.8x (above avg)

P/B 3.0x (sector fair)

ROCE 8.0% (below avg)

ROE 18% (sector good)

OPM 30% (sector good)

Div Yield 0.42%

D/E <200 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q3 FY25	₹247 Cr	—	₹295 Cr	—	N/A	155.1%
Q4 FY25	₹315 Cr	+27.6%	₹316 Cr	+7.2%	N/A	129.8%
Q1 FY26	₹416 Cr	+32.1%	₹325 Cr	+2.7%	N/A	125.8%
Q3 FY26	₹686 Cr	+64.8%	₹269 Cr	-17.2%	N/A	86.1%
Q4 FY26	₹864 Cr	+25.9%	₹272 Cr	+1.2%	N/A	74.6%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	N/A	—	N/A	—	N/A	—
FY23	₹21 Cr	—	₹31 Cr	—	₹2,055 Cr	—
FY24	₹1,171 Cr	+5424.3%	₹1,605 Cr	+5034.6%	₹-678 Cr	-133.0%
FY25	₹1,249 Cr	+6.7%	₹1,613 Cr	+0.5%	₹-10,083 Cr	-1388.2%
FY26	₹2,768 Cr	+121.7%	₹1,561 Cr	-3.2%	₹-15,439 Cr	-53.1%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Jio Financial Services Limited Makes Its Money

🏦 Snapshot of Jio Financial Services Limited's Balance Sheet

💸 Looking into Jio Financial Services Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales +	608	414	418	418	694	438	493	612	981	901	1,019
YOY Sales Growth %				1%	14%	6%	18%	47%	42%	106%	106%
Expenses +	66	94	98	74	140	125	155	156	293	346	414
Employee Cost %	5.12%	8.19%	9.41%	9.32%	9.76%	12.21%	11.10%	10.40%	9.64%	11.09%	12.67%
Operating Profit	542	320	320	344	553	313	338	457	688	555	605
OPM %	89%	77%	77%	82%	80%	71%	69%	75%	70%	62%	59%
Other Income +	218	67	78	62	226	70	71	67	238	36	40
Exceptional items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	28.57	0.00	0.00	0.00
Other income normal	217.82	66.83	77.69	61.92	226.06	69.62	71.23	38.45	238.18	36.11	40.01
Interest	0	0	0	0	0	0	8	99	136	212	298
Depreciation	5	5	5	5	6	6	6	6	8	8	8
Profit before tax	754	381	393	400	773	377	396	419	783	371	339
Tax %	11%	23%	21%	22%	11%	22%	20%	23%	11%	28%	20%
Net Profit +	668	294	311	313	689	295	316	325	695	269	272
Exceptional items AT	0	0	0	0	0	0	0	22	0	0	0
Profit excl Excep	668	294	311	313	689	295	316	303	695	269	272
Profit for PE	668	294	311	313	689	295	316	303	695	269	272
Profit for EPS	668	294	311	313	689	295	316	325	695	269	272
YOY Profit Growth %				-6%	3%	0%	2%	-3%	1%	-9%	-14%
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
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales +	45	1,855	2,043	3,513
Sales Growth %		4,036%	10%	72%
Expenses +	6	296	495	1,208
Employee Cost %	0.00%	6.41%	10.83%	11.02%
Other Cost %	12.40%	9.52%	13.38%	23.37%
Operating Profit	39	1,559	1,549	2,305
OPM %	88%	84%	76%	66%
Other Income +	10	429	428	381
Exceptional items	10	0	0	29
Other income normal	0	429	428	353
Interest	0	10	8	745
Depreciation	0	22	23	29
Profit before tax	49	1,956	1,947	1,912
Tax %	37%	18%	17%	18%
Net Profit +	31	1,605	1,613	1,561
Exceptional items AT	6	0	0	23
Profit excl Excep	25	1,605	1,613	1,538
Profit for PE	25	1,605	1,613	1,538
Profit for EPS	31	1,605	1,613	1,561
Profit Growth %		6,282%	0%	-5%
EPS in Rs		2.53	2.54	2.46
Dividend Payout %	0%	0%	20%	24%

🏦 Balance Sheet Source: Screener ↗

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	2	6,353	6,353	6,353
Reserves	114,118	132,794	117,143	127,500
Borrowings +	743	0	3,970	21,768
Short term Borrowings	0	0	0	21,768
Other Borrowings	743	0	3,970
Other Liabilities +	66	5,715	6,033	7,875
Trade Payables	16	16	33	97
Advance from Customers	0	5	6
Other liability items	50	5,694	5,994	7,778
Total Liabilities	114,930	144,863	133,500	163,497
Fixed Assets +	158	172	180	418
Plant Machinery	71	0	0
Equipments	0	0	0
Computers	0	71	82
Furniture n fittings	0	0	0
Vehicles	0	0	0
Intangible Assets	101	100	100	364
Other fixed assets	34	69	88
Gross Block	205	240	271
Accumulated Depreciation	47	69	91
CWIP	38	3	14	13
Investments	108,141	133,292	118,910	133,089
Other Assets +	6,593	11,395	14,395	29,977
Trade receivables	14	14	15	61
Cash Equivalents	6,044	10,960	4,072	3,598
Loans n Advances	84	86	101	25,711
Other asset items	451	336	10,208	608
Total Assets	114,930	144,863	133,500	163,497

💰 Cash Flow Statement Source: Screener ↗

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	2,055	-678	-10,083	-15,439
Profit from operations	36	-139	-112	-19
Receivables	0	-66	2	-340
Payables	0	96	291	758
Loans Advances	0	-175	-9,875	-15,634
Operating borrowings	2,011	0	0	0
Operating Deposits	0	-59	-109	0
Other WC items	0	0	0	66
Working capital changes	2,011	-204	-9,691	-15,150
Direct taxes	0	-335	-280	-270
Other operating items	8	0	0	0
Cash from Investing Activity +	-1,110	1,441	6,406	-5,697
Fixed assets purchased	0	-1	-42	-105
Investments purchased	-3,471	-17,049	-28,924	-69,014
Investments sold	2,304	21,882	27,427	62,470
Interest received	0	960	860	598
Dividends received	0	217	403	441
Investment in group cos	0	-6	-428	-857
Redemp n Canc of Shares	0	0	0	0
Other investing items	56	-4,562	7,110	770
Cash from Financing Activity +	-889	-753	3,962	21,454
Proceeds from shares	0	0	0	3,956
Proceeds from borrowings	0	0	3,968	46,101
Repayment of borrowings	0	-743	0	-28,284
Interest paid fin	0	-10	-5	0
Dividends paid	-889	0	0	-318
Financial liabilities	0	0	0	-2
Net Cash Flow	56	11	285	318
Free Cash Flow	2,055	-678	-10,125	-15,544
CFO/OP	5,231%	-22%	-633%	-658%

📈 Key Financial 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	14,113
ROCE %		2%	1%	2%

🏭 Industry Peers — Investment Company

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	STEL Holdings ★	₹461	28.8	₹851	1.3%	+13877.8%	70
2	Aditya Birla Cap	₹350	25.8	₹91,771	9.3%	+40.3%	65
3	Jindal Poly Inve	₹1,121	1.3	₹1,178	12.8%	+2000.1%	63
4	Chola Financial	₹1,536	12.2	₹28,846	10.6%	+28.7%	61
5	TVS Holdings	₹14,602	18.9	₹29,542	15.2%	+33.1%	60
6	Vardhman Hold.	₹3,435	4.7	₹1,096	8.0%	-18.3%	58
7	PNB Gilts	₹72	7.2	₹1,297	6.1%	-82.5%	57
8	Indl.& Prud.Inv.	₹7,000	18.8	₹1,173	7.6%	+8.2%	55
9	Jio Financial	₹255	109.4	₹168,182	1.9%	-13.9%	53

★ STEL Holdings ranks higher on combined P/E, ROCE, and growth metrics in Investment Company

🏛 Shareholding Pattern

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Apr 2026
Promoters	47.12%	47.12%	47.12%	47.12%	47.12%	49.13%
FIIs	11.66%	12.30%	11.85%	11.55%	12.31%	11.61%
DIIs	14.21%	14.68%	14.78%	15.36%	14.26%	13.34%
Government	0.17%	0.18%	0.18%	0.18%	0.18%	0.18%
Public	26.83%	25.70%	26.07%	25.77%	26.11%	25.75%
No. of Shareholders	52,59,483	51,18,346	50,73,442	49,61,997	49,44,256	49,76,390

🟢 CATALYSTS

🏆Revenue Growth 39%: Above sector norm of 15% — strong top-line momentum.

💹Healthy Margins (57.8%): Above sector norm of 30%.

🔀Analyst Upside (20%): Mean target of ₹306 above current price.

🇮Low Beta (0.62): Less volatile than market — defensive play.

🔴 RISKS

📜High P/E (105.9x): Well above sector expensive threshold of 35x — leaves little room for error.

💰Market Risk: Broader market correction or sentiment shift could impact stock.

🔓Sector Risk: Regulatory or competitive changes in Financial Services space.

🕸 Factor Analysis · Radar

Momentum 6/10
1M +13.9%, 6M -17.6%, RSI 59, MACD bullish, Below 200DMA

Sentiment 8/10
Analyst upside +20.1%, Rec: strong buy

Value 5/10
P/E 105.9, P/B 1.2, PEG 0.37

Quality 8/10
ROE 1.2%, Margin 57.8%, D/E 16, CR 234.53

Low Volatility 8/10
Beta 0.62, Ann. vol 28%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 20.1% analyst upside	OPM of 43% provides margin buffer; P/E 106x vs sector median 19x is a risk
HOLD	Retain existing position; wait for better entry; FII stake falling (-0.70%)	Miss further upside if momentum continues; 1M return of +13.9% shows momentum
SELL	Lock in -0.7% 1Y return; redeploy into STEL Holdings at lower P/E	Avoid further drawdown; P/E compression risk at 106x

REASONS TO BUY

Analyst upside of 20.1% with mean target of ₹306
Revenue growing at 39.4% YoY (sector norm: 6%)
Operating margin of 43% shows pricing power (sector norm: 30%)

REASONS TO SELL / AVOID

P/E of 105.9x is 5.6x the sector median of 19x
FII stake falling (-0.70%) — institutional exit signal
STEL Holdings offers lower P/E (28.8) with ROCE of 1.3% in the same sector

📰 Latest News

JFSL, Allianz formalise equal joint venture for India insurance

Life Insurance International · 2026-04-23T11:08

Jio Financial targets 2026 launch for life, general insurance businesses

Life Insurance International · 2026-03-30T08:47

Allianz Jio Reinsurance begins underwriting in India

Life Insurance International · 2026-03-27T11:18

Allianz Expands India Reinsurance And US Annuities While Balancing Growth And Risk

Simply Wall St. · 2026-03-12T09:13

IRDAI approves Allianz Jio Reinsurance and Kiwi General Insurance

Life Insurance International · 2026-03-10T11:14

Indian telecom firm Bharti Airtel to invest $2.2 billion to expand digital lending

Reuters · 2026-02-23T11:15

RECOMMENDATION

SPECULATIVE BUY

COMPOSITE SCORE

60/100

Jio Financial Services Limited trades at ₹255.30 with a composite risk score of 60/100. The stock scores 9/25 on valuation, 20/25 on financial health, 15/25 on growth, and 16/25 on technicals. The company is currently profitable with moderate return on equity.

Analyst consensus suggests upside of 20.1% with a mean target of ₹306. Revenue growth is at 39.4% — a strong positive signal.

Within Investment Company, STEL Holdings (P/E 28.8, ROCE 1.3%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Positive for Financial Services but monitor closely. The current recommendation is SPECULATIVE BUY.

PROFITABLE STRONG GROWTH UPSIDE POTENTIAL EXPENSIVE