Jio Financial Services (JFS) posted a consolidated net profit of ₹324.7 Cr for the first quarter of FY26, reflecting a 4% increase from ₹312.6 Cr recorded in the same period last year. Sequentially, the fintech company’s profit rose 3% from ₹316.1 Cr in the previous quarter.
The company’s revenue saw a significant 48% year-on-year jump, rising to ₹612.5 Cr from ₹417.8 Cr in Q1 FY25. Quarter-on-quarter, revenue grew by 24% from ₹493.2 Cr. A substantial portion of the revenue came from interest income, which stood at ₹362.9 Cr, while ₹196 Cr was attributed to gains on fair value changes. Income from fees, commissions, and other services contributed ₹53.6 Cr. Including other income of ₹7 Cr, JFS reported a total income of ₹619.5 Cr for the quarter.
Total expenses surged to ₹260.5 Cr, marking a 230% increase year-on-year and a 55% rise quarter-on-quarter.
Spun off from Reliance Industries in July 2023, JFS continues to build out its diverse fintech ecosystem, including Jio Payments Bank, JioBlackRock mutual funds, Jio Credit lending platform, and other emerging 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.
JioBlackRock Sees Strong Start
One of the quarter’s highlights was the asset under management (AUM) of JioBlackRock Asset Management, which reached ₹17,876 Cr as of July 2. The joint venture launched its new fund offer (NFO) for three cash/debt funds on June 30, raising $2.1 Bn from over 90 institutional investors and around 67,000 retail investors. It has also received SEBI’s nod to launch five additional passive funds.
During the quarter, both JFS and BlackRock invested ₹66.5 Cr each into the JV. In addition, JioBlackRock Investment Advisers Pvt Ltd and JioBlackRock Broking Pvt Ltd secured regulatory approvals to begin operations in wealth management and securities broking, respectively.
Lending Arm Jio Credit Reports AUM Surge
Jio Credit, the NBFC arm of JFS, witnessed substantial growth, with AUM rising to ₹11,665 Cr in Q1 FY26, compared to ₹217 Cr in the same quarter last year. This also represented a 16% increase over the previous quarter. Jio Credit posted a net interest income of ₹118 Cr and a profit after tax of ₹45 Cr during the quarter.
The NBFC began its market borrowings programme in Q1, raising funds at what the company described as a “competitive cost”. It offers a variety of loan products, including home loans, loans against property and securities, and corporate loans. Jio Credit also expanded its reach to 11 cities and implemented a framework for effective debt management.
Jio Payments Bank Becomes Wholly Owned Subsidiary
In the June quarter, JFS acquired State Bank of India’s 14.96% stake in Jio Payments Bank Ltd (JPBL) for approximately ₹105 Cr, making it a wholly owned subsidiary. It also invested an additional ₹190 Cr in JPBL on June 25.
As of June 30, 2025, JPBL’s CASA customer base grew 12% quarter-on-quarter to 2.58 Mn, while its deposit base rose 21% to ₹358 Cr. The bank’s network of business correspondents expanded 2.5 times to over 50,000.
JPBL 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 Accelerates Super App Development
With the progress made across multiple verticals, JFS continues to work towards building its unified fintech super app. Its JioFinance app, designed as a digital storefront for retail customers, recorded 8.1 Mn average monthly active users (MAUs) across digital platforms in Q1 FY26.
Through the app, users can access a wide range of services, including savings accounts, loans, UPI payments, recharges, digital insurance, financial planning tools, investments, and broking services.
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