Jio Financial Services Q2 FY27 Results: Consolidated Net Profit ₹340 Crore on Total Income of ₹1,699 Crore

Earnings
Financial Services

Blacklitt Research15 October 20263 min read

A stone bank building with tall columns and trees in front — Daderot, via Wikimedia Commons (CC0 1.0). Illustrative image.

Jio Financial Services reported consolidated total income of ₹1,699.41 crore and net profit of ₹340.44 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹677.72 crore and net profit was ₹575.34 crore.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹1,699 crore, up 69.5% YoY, down 15.2% QoQ
Net profit: ₹340 crore, down 51.0% YoY, down 59.9% QoQ
EPS: ₹0.51, against ₹1.10 in Q2 FY26
Finance costs: ₹577.73 crore, 4.3 times the ₹135.82 crore of a year earlier

Standalone

The company on its own, without its subsidiaries

Total income: ₹678 crore, up 25.5% YoY, up 209.4% QoQ
Net profit: ₹575 crore, up 26.0% YoY, up 446.7% QoQ
EPS: ₹0.87, against ₹0.72 in Q2 FY26
Tax as share of profit before tax: 6.5%, against 26.9% in June

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	1,699.41	1,002.40	+69.5%	2,004.54	-15.2%
Revenue from operations	1,699.28	981.39	+73.2%	2,004.47	-15.2%
Other income	0.13	21.01	-99.4%	0.07	+85.7%
	340.44	695.04	-51.0%	849.30	-59.9%
Finance costs	577.73	135.82	+325.4%	418.33	+38.1%
Depreciation	11.31	7.75	+45.9%	9.45	+19.7%
Tax expense	149.02	88.03	+69.3%	139.43	+6.9%
Net profit margin	20.03%	69.34%	-49.30 pp	42.37%	-22.34 pp
Tax as share of profit before tax	27.9%	15.6%	+12.39 pp	14.1%	+13.84 pp
EPS, basic (₹)	0.51	1.10	-53.6%	1.27	-59.8%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

The fall in profit is a dividend comparison, not a fall in business. Total income of ₹1,699.41 crore is the figure without dividend, up 132% on the company's own like-for-like basis, while reported net profit fell 51.0% to ₹340.44 crore because the year-earlier quarter and the June quarter included dividend income, ₹268.97 crore a year ago and ₹508.59 crore in June (derived from the release's totals). On the company's basis, profit before tax excluding dividend rose 51% to ₹489 crore.

Funding cost is the main new cost. Finance costs rose to ₹577.73 crore from ₹135.82 crore, and the lending arm's assets under management reached ₹37,320 crore, up 154%, so borrowing has grown with the book. The release reports Jio Credit's profit after tax at ₹120 crore, up 140%, the asset management arm's closing assets at ₹22,746 crore (+57%), and payment solutions' total payment value at ₹14,682 crore (+8%). Pre-provisioning operating profit excluding dividend rose 85% to ₹574 crore.

Per-share profit is on a larger share count. Paid-up equity share capital rose from ₹6,353.14 crore (635.31 crore shares) to ₹6,603.14 crore (660.31 crore shares), the promoter and promoter group holding became 49.13% from 47.12%, and 25 crore warrants remain; consolidated shareholders' equity is about ₹1.3 lakh crore.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	677.72	540.02	+25.5%	219.04	+209.4%
Revenue from operations	677.72	520.49	+30.2%	219.04	+209.4%
Other income	0.00	19.53	n/a	0.00	n/a
	575.34	456.45	+26.0%	105.24	+446.7%
Finance costs	0.00	0.00	n/a	0.00	n/a
Depreciation	2.50	3.36	-25.6%	2.48	+0.8%
Tax expense	40.10	18.37	+118.3%	38.70	+3.6%
Net profit margin	84.89%	84.52%	+0.37 pp	48.05%	+36.85 pp
Tax as share of profit before tax	6.5%	3.9%	+2.65 pp	26.9%	-20.37 pp
EPS, basic (₹)	0.87	0.72	+20.8%	0.16	+443.8%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

The parent earns more than the group. Standalone net profit of ₹575.34 crore is 1.7 times the consolidated ₹340.44 crore, so the subsidiaries together lose about ₹235 crore (derived), which is the cost of the businesses still being built. Standalone has no finance costs, and tax was 6.5% of profit before tax against 26.9% in June.

Standalone revenue rose 209% from June to ₹677.72 crore, and the margin of 84.89% shows it is mostly investment income rather than operating revenue; the filing's text does not break it down, nor explain the low tax share.

Inference

Jio Financial's lending, asset management and payments businesses are growing quickly, and the group's profit now sits under a large funding cost while dividend income no longer lifts it.

The parent's profit exceeds the group's by about ₹235 crore, and the filing does not say when the subsidiaries together are expected to cover their costs.

Reference: Original filing (PDF)

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Jio Financial Services Q2 FY27 Results: Consolidated Net Profit ₹340 Crore on Total Income of ₹1,699 Crore

Key highlights

Consolidated

Standalone

Summary

Inference

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