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Swing Capital

Jio Financial Services Ltd

NSE: JIOFIN BSE: 543940Banking

JFSL was originally incorporated as Reliance Strategic Investments Private Limited in July, 1999 under the Companies Act 1956. Jio Financial Services Limited was incorporated in July, 23. JFSL is a NBFC-ND-SI registered with RBI. The company is a holding company and will operate its financial services business through its consumer-facing subsidiaries namely Jio Finance Limited (JFL), Jio Insurance Broking Limited (JIBL), and Jio Payment Solutions Limited (JPSL) and joint venture namely Jio Payments Bank Limited (JPBL).[1]

₹232
52W: ₹223 — ₹339
PE 225 · Book ₹46.1 · +403% vs book
Market Cap₹1,53,028 Cr
Stock P/E225Price to Earnings
ROCE2.85%Return on Capital
ROE2.51%Return on Equity
Div. Yield0.21%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 40.8% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 38.0%
  • +Promoter holding has increased by 2.01% over last quarter.

Weaknesses

  • −Stock is trading at 4.99 times its book value
  • −Tax rate seems low
  • −Company has a low return on equity of 2.12% over last 3 years.

Shareholding Pattern

Promoters49.13%
FIIs11.61%
DIIs13.34%
Public25.75%
CategorySep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Apr 2026
Promoters47.12%47.12%47.12%47.12%47.12%47.12%47.12%49.13%▲2.0
FIIs16.88%15.62%▼1.311.66%▼4.012.3%▲0.611.85%▼0.511.55%▼0.312.31%▲0.811.61%▼0.7
DIIs11.39%12.46%▲1.114.21%▲1.814.68%▲0.514.78%▲0.115.36%▲0.614.26%▼1.113.34%▼0.9
Public24.46%24.61%▲0.126.83%▲2.225.7%▼1.126.07%▲0.425.77%▼0.326.11%▲0.325.75%▼0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales134141134383137152134520159135
Expenses33333351444535624440
Operating Profit101107101332931069945911594
OPM %75%76%75%87%68%70%74%88%72%70%
Net Profit7078723057597714567380
EPS ₹0.110.120.110.480.120.150.110.720.120.13

AI Insights

Revenue Trend

Mar 2026 revenue at ₹949Cr, up 17.7% YoY. OPM at 81%.

Debt Position

Borrowings at ₹0Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Institutional Flow

DIIs: 13.34% (-0.30pp change). FIIs: 11.61% (-9.97pp change). Promoters hold 49.13%.

Margin & Efficiency

ROCE improving from 0% (Mar 2018) to 3% (Mar 2026). Working capital days: 13.

Valuation

PE 225x with 2.85% ROCE. Price is 403% above book value of ₹46.1. Dividend yield: 0.21%.

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