Jio Financial Services: Jun Qtr Results and Business Update

研报英文原文证据摘录

Jio Financial Services: Jun Qtr Results and Business Update

India | Consumer Finance EquityJulyResearch16, 2026

Jio Financial Services: Jun Qtr Results and

Business Update

For Jun qtr, Jio FS's consol profit was Rs8.3bn (+156% YoY), aided

by dividend income of Rs5.1bn. Client base reached 25m & lending

AUM rose 20% QoQ. AMC JV with BlackRock manages Rs180bn in

QAAUM. Payments Bank & solutions saw operational turnaround. Insurance

distribution is ramping-up; reinsurance JV with Allianz commenced ops;

approvals awaited for GI/ health & LI still exploratory. Jio FS is building at a

steady pace, so we don't see a risk to financials.

JioFinance App: Unique users rose to 25m+ (18m in 2QFY26), of which 9m are avg. MAU. The

new app features a Neural Agentic Marketplace offering hyper-personalized, conversational

financial services. The app enabled 34K daily sales of own & third party products in Jun-26.

Lending Business: Jio Credit's AUM grew 163% YoY (20% QoQ) to Rs307bn, with home loans/

LAP at 45%, corporate & SME loans at 44%, & LAS at 10% of total. Focus is on higher-ticket

secured lending, with avg. mortgage ticket size of Rs13mn (16-yr tenor) and Rs11mn for LAS

(~3yr tenor). Disbursements grew 173% YoY (6% QoQ) to Rs113bn, aided by faster TAT and

organic sourcing. Avg. cost of borrowing remains stable at 7.1%. PAT rose 113% YoY to Rs

960mn, supported by AUM growth. The NBFC's net worth stands at Rs71bn (Mar-26), with a

D/E ratio of 3x & CAR of 22% as of Jun-26.

Asset Management Business: In AMC, the 50-50 JV with BlackRock now manages QAAUM

of Rs180bn (+8% QoQ) & serves 600+ institutional clients & 1.2m+ retail investors. Its liquid

fund crossed Rs100bn AUM in Apr-26, & product suite is broadened through the Prism SIF

NFO & approvals for an arbitrage FOF and silver ETF.