Jio Financial Services Ltd reported strong expansion across its core operating businesses in the December quarter, even as higher operating costs and a decline in treasury income weighed on overall profitability. The company’s board approved the unaudited results for Q3 FY26, with consolidated total income more than doubling year-on-year to ₹901 crore, driven by rapid scaling across lending, payments, asset management, and insurance distribution.
Profit after tax for the quarter stood at ₹269 crore, down 9% from ₹295 crore in the same period last year. On a sequential basis, profit fell sharply from ₹695 crore in Q2 FY26, primarily due to lower treasury gains and a sharp rise in operating expenses. Total income also declined 10% quarter-on-quarter from ₹1,002 crore in the September quarter.
Despite pressure on the bottom line, operating momentum remained healthy. Pre-provisioning operating profit increased 7% year-on-year to ₹354 crore, although the benefit of higher income was partially offset by rising expenses linked to volume-led growth. Total expenses jumped to ₹566 crore from ₹131 crore a year ago, while finance costs rose to ₹212 crore compared with nil in the year-ago quarter.
The contribution of operating businesses to consolidated net income continued to rise, with business income accounting for 55% of net income in Q3 FY26, up from 20% a year earlier. This highlights Jio Financial’s transition from treasury-led earnings to operating income-led growth. However, share of profit from associates and joint ventures declined to ₹36 crore from ₹59 crore last year, reflecting continued investments in asset and wealth management.
The non-banking finance business remained the largest growth engine. Assets under management surged to ₹19,049 crore as of December 31, 2025, a 4.5x increase year-on-year. Gross disbursements nearly doubled to ₹8,615 crore, while net interest income rose 166% to ₹165 crore. Pre-provisioning operating profit in lending grew 130% year-on-year to ₹99 crore.
Other verticals also gained traction. Interest income at the consolidated level rose 140% to ₹504 crore, while fee and commission income jumped 392% to ₹182 crore. The asset management business reached ₹14,972 crore in AUM across 10 mutual fund schemes, supported by strong retail participation. Payments, banking, and insurance broking businesses posted sharp growth, while the JioFinance app recorded 20 million unique users during the quarter.
Commenting on the performance, managing director and CEO Hitesh Sethia said, “We are witnessing a secular trend in business momentum across all our operating verticals, which has now gained significant velocity. At the same time, we continue to invest for growth across new businesses, positioning them for long-term success.”
