Jio Financial Services Q1: Profit Rises 4% To INR 325 Cr

Fintech company Jio Financial Services (JFS) reported a consolidated net profit of INR 324.7 Cr in Q1 FY26, up 4% from INR 312.6 Cr in the same quarter of previous year. On a sequential basis, this was an increase of 3% from INR 316.1 Cr. 

The company’s revenue jumped 48% to INR 612.5 Cr during the quarter from INR 417.8 Cr in Q1 FY25. On a QoQ basis, it grew 24% from INR 493.2 Cr.

A majority of the company’s business came from interest income, INR 362.9 Cr to be precise, while gain on fair value changes brought in INR 196 Cr and the remainder INR 53.6 Cr came from fees, commission and other services

Including other income of INR 7 Cr, the company’s total income for the quarter stood at INR 619.5 Cr. Meanwhile, total expenses surged 230% YoY and 55% QoQ to INR 260.5 Cr. 

The quarter saw the fintech company, which was spun off from Reliance Industries via a demerger in July 2023, focus on fortifying its business streams of banking (Jio Payments Bank Ltd), building its new mutual funds and investments business (JioBlackRock), doubling down on lending solutions via JioCredit, along with shaping its other verticals. 

“As we scale up, by nurturing businesses at various stages of maturity, our results reflect the measured and evolving nature of our growth curve. The significant capital received during the demerger uniquely positions us to support early stage businesses through returns on market investments, and deploy capital more assertively in businesses that exhibit strong unit economics and profitability,” JFS MD and CEO Hitesh Sethia said. 

A Deeper Look At JFS’ Super App Play

Perhaps one of the most noteworthy particular from the company’s financial update for Q1 FY26 was that the assets under management (AUM) for its AMC, JioBlackRock Asset Management, stood at INR 17,876 Cr as of July 2. 

JioBlackRock JV

The JV launched its NFO for three cash/debt funds on June 30, shortly after receiving the go-ahead from the market regulator SEBI. The NFO saw the JV raise $2.1 Bn from over 90 institutional investors and around 67,000 retail investors participated in the offer. After closing its first NFO, the JV yesterday got SEBI’s approval for five more passive funds. 

During the June quarter, JFS and BlackRock invested INR 66.5 Cr each in the JV. Besides, other subsidiaries, JioBlackRock Investment Advisers Pvt Ltd and JioBlackRock Broking Pvt Ltd, also received regulatory approvals to commence wealth management and securities broking operations, respectively, during the quarter. 

JFS said that the aforementioned businesses are currently in the process of building the teams and firming up their go-to-market (GTM) strategy.

Jio Credit

Meanwhile, the AUM for its NBFC, Jio Credit, surged to INR 11,665 Cr in the June quarter of 2025 from INR 217 Cr in Q1 FY25. This also marked a 16% jump on a sequential basis from INR 10,053 Cr AUM at the end of the March quarter. 

The lending arm recorded a net interest income of INR 118 Cr in Q1 FY26 and a profit after tax of INR 45 Cr.

JFS said that the NBFC commenced its market borrowings programme during the quarter and raised funding at a “competitive cost”. 

Jio Credit offers home loans, loans against property, loans against securities and corporate loans. In the quarter, Jio Credit expanded its presence across 11 cities along with an integrated framework for effective debt management. 

Jio Payments Bank

On the banking front, JFS completely acquired State Bank of India’s 14.96% stake in Jio Payments Bank Ltd (JPBL) for about INR 105 Cr to incorporate it as a wholly owned subsidiary during the quarter. Further, it also invested INR 190 Cr in the subsidiary on June 25. 

As on June 30, 2025, the payments bank’s CASA customers grew 12% QoQ to 2.58 Mn and its deposit base grew 21% QoQ to INR 358 Cr. Further, JPBL’s network of business correspondents grew 2.5X QoQ to over 50,000.

In the quarter, the payments bank was empanelled by the National Highway Authority of India (NHAI) and Indian Highway Management Company Ltd (IHMCL) as an acquirer bank for toll processing, and was awarded three plazas for toll collection.

“New business lines such as this will allow the payments bank to diversify its revenue stream,” the company said. 

JFS’ Super App Takes Shape 

With the fresh developments in the quarter, it is clear that JFS’ bid to build its fintech super app is in full momentum. Its JioFinance app, which is a unified digital storefront for its retail-focused products and services, recorded 8.1 Mn average monthly active users (MAU) across all digital properties in Q1 FY26.

Through the JioFinance app, customers can access a range of services including loans, savings accounts, UPI bill payments, recharges, digital insurance, financial tracking and management tools, investment solutions, broking services, among others. 

Shares of JFS ended today’s trading session 0.47% lower at INR 318.10 on the BSE. 

[Edited by: Vinaykumar Rai]