Jio Financial Services

“Consequently, we chose to let go of certain high-volume, low-margin engagements, as our focus remains firmly on profitable growth rather than volume expansion alone.”

“Our reinsurance business, Allianz Jio Reinsurance Limited underwrote Rs. 244 crore in Gross Written Premium. This sequential moderation was driven by primary insurers recalibrating their exposure on account of crop insurance to align with current seasonal and environmental factors.”

“While this focus led to planned customer churn in lower-margin segments, it helped us realise higher net processing margins, giving us a base to grow volumes further with strong unit economics.”

“To drive profitable growth, we are actively pursuing high-margin segments, including small and medium businesses as well as exporters.”

“During the quarter, we expanded our participation in surety bonds through strategic partnerships with leading insurance carriers.”

“While our Average Monthly Active Users stood at approximately 80 lakhs during the quarter—reflecting a temporary moderation in high-frequency, price-sensitive transaction volumes like digital gold due to external market conditions—our core user engagement continues to deepen significantly.”

“18.6% of our retail customers are new to mutual funds, while over 40% of our retail AUM originates from beyond the top 30 cities in India.”

“We recorded a 199% year-on-year rise in Jio Gold purchase transactions. Tax filings on the platform increased by 40% year-on-year, while Fixed Deposit Gross Merchandise Value grew by 50% quarter-on-quarter.”

“During the quarter, we saw approximately 36,000 own and third-party products purchased daily across our digital platforms.”

“Our net processing margin increased to 14 basis points in Q2 FY27, up from 9 basis points in Q2 FY26 and 12 basis points in Q1 FY27.”

“On the expenses front, total expenses increased 166% year-on-year and 14% quarter-on-quarter to Rs. 1,125 crore. This was primarily due to a year-on-year and sequential increase in Finance Costs to Rs. 578 crore, in line with higher market borrowings to support the growth of our lending operations.”

“Provisions stood at Rs. 41 crore, in line with the regulatory provisioning requirement arising from the expansion of our loan book.”

“Staff expenses stood at Rs. 147 crore from Rs. 95 crore in Q2 FY26 and Rs. 156… Rs. 152 crore in Q1 FY27.”

“Other operating expenses stood at Rs. 401 crore, in line with the scale-up of our business infrastructure.”

“Total borrowings stood at a little over Rs. 42,000 crore, representing a 250% year-on-year growth and up sequentially from Rs. 28,120 crore in Q1 FY27.”

“Bank loans, including working capital demand loans and term loans, constitute around 50% of our total borrowings, down from 60% in Q2 FY26. Additionally, cost efficient borrowing through TREPS were introduced during the quarter”

“Our average cost of borrowing, excluding TREPS, stood at 7.08% in Q2 FY27, compared to 7.07% in Q1 FY27, demonstrating strong stability in a dynamic interest rate environment.”

“As on September 30, 2026, our Consolidated Net Worth was close to Rs. 1.3 lakh crore. Our Total Assets stood at over Rs. 1.81 lakh crore, with Total Consolidated Investments accounting for approximately Rs. 1.3 lakh crore.”

“Concurrently, interest expenses increased to Rs. 599 crore as the NBFC continued to tap external debt markets to fund its lending operations.”

“The increase was primarily due to the receipt of the second tranche of Rs. 5,934 crore last quarter for the preferential warrants issued to the Promoters.”

“During the quarter, we also received key regulatory approvals to launch our 3-in-1 Savings Account as well as to act as ‘Banker to the Issue’ for public offerings, including IPOs, which will open up new revenue streams for the payments bank.”

“Finally, another important milestone during the quarter was our GIFT City entity receiving regulatory approval from the IFSCA to launch the BlackRock Advantage World Equity Fund. The fund planned for launch during the current quarter, opens up global investment pipelines for Indian investors.”

“In general and health insurance, Jio Allianz General Insurance Limited is in advanced stages for securing regulatory approvals to commence operations.”

“We continue to be strongly engaged with Allianz under the non-binding agreement to strategise the launch of our life insurance JV.”

“while JioBlackRock Broking went live with its self-directed investing platform, featuring an introductory zero-brokerage structure across stocks, ETFs, and IPOs.”

“In the fiscal year ended March 2026, this dividend was paid in the second quarter; whereas in the current fiscal, this dividend was paid in the first quarter.”

“This line-by-line consolidation adds to our consolidated total income and pre-provisioning operating profit, without impacting our profit after tax.”

“This was with effect from April 29, 2026 and consequently, RSHL's financials are now consolidated on a line-by-line basis with the company.”

“We received a total dividend of Rs. 462 crore in Q2 FY26 and Rs. 509 crore in Q1 FY27 which includes dividend received on shares of Reliance Industries Limited held by Reliance Industrial Investments and Holdings Limited, or RIIHL, and RSHL.”

“On interest rate risk management, over 70% of our Assets Under Management are on floating rates, enabling interest rate adjustments to be seamlessly passed on to borrowers with minimal time lag.”

“We view this as a significant regulatory shift that will reshape the industry landscape and may lead to consolidation.”

“We are closely monitoring the developments surrounding these draft guidelines and will recalibrate our business strategy as appropriate based on the final regulations.”

“We continue to build a high-quality loan book anchored entirely in secured lending segments and high-rated corporate exposures, ensuring that our growth is both sustainable and value-accretive.”

“However, larger, well-capitalized, and technology-driven players like Jio Insurance Broking should be able to strengthen their presence, also benefiting from being part of a larger and integrated financial services ecosystem.”

“Gross Assets Under Management surged 154% year-on-year to reach Rs. 37,320 crore”

“During the quarter, gross disbursements reached a new all time high of Rs. 13,135 crore, representing a 98% year-on-year increase, and up from Rs. 11,252 crore in Q1 FY27.”

“Led by an expanding loan book, Jio Credit Limited saw Q2 Profit After Tax jump 140% year-on-year to Rs. 120 crore.”

“Excluding the impact of dividend in Q2 FY26, Consolidated Total Income grew 132% year-on-year to Rs. 1,699 crore for Q2 FY27; Pre-Provisioning Operating Profit reached Rs. 574 crore, registering a 85% growth year-on-year.”

“Consolidated Profit Before Tax, excluding this dividend impact, increased 51% year-on-year to Rs. 489 crore for the quarter. Profit after tax for the quarter stood at Rs. 340 crore.”