The consolidated net profit of Jio Financial Services for the quarter ended March declined 14% year-on-year to Rs 272.2 crore, despite the consolidated total income for the reporting quarter rising 97% to Rs 1,019.7 crore. The board has recommended a dividend of Rs 0.60 per share with a face value of Rs 10 each.
Consolidation Dynamics
The company said that effective June 18, 2025, Jio Payments Bank became a wholly owned subsidiary after it had acquired State Bank of India’s remaining stake in the joint venture. Following this, the bank’s financials are now consolidated on a line-by-line basis, compared with the earlier accounting treatment under share of profit from joint ventures and associates. As a result, the bank’s operating losses were directly absorbed into consolidated numbers.
The company continued investing in scaling its growth-stage ventures and incubating new businesses. It said a steep rise in treasury yields in late March 2026, triggered by geopolitical tensions, weighed on treasury income, particularly given its elevated capital base.
“Adjusting for the above, our PPOP (pre-provision operating profit) would have demonstrated much stronger underlying growth,” Hitesh Sethia, managing director and chief executive officer, said in the post-earnings analyst call. The consolidated PPOP for the reporting quarter fell 13% on year to Rs 327 crore.
Within total income, the other income declined to Rs 1.2 crore from Rs 25.1 crore a year ago. Total revenue from operations was up 106.5% on year to Rs 1,019 crore.
Net income from business operations which represents income generated from core financial services operations grew 272% on year to Rs 1,390 crore for FY26. This segment represented 54% of the consolidated net total income, against 20% in the previous financial year.
Operational Scale-up
The subsidiaries saw robust growth, with Jio Credit’s assets under management standing at Rs 25,711 crore, up 156% on year. Jio Payments Solutions’s total payment value grew 145% on year to Rs 14,626 crore. Jio Payments Bank’s total income grew 11 times on year and stood at 87 crore for the reporting quarter. The JioBlackRock Asset Management’s closing AUM was up 2% on year to Rs 15,218 crore as on March 31.
Separately, the board approved the resignation of Abhishek Pathak as the group chief financial officer (CFO), effective April 20, and approved the appointment of Annapoorna Venkataramanan as the new group CFO, effective May 11. Pathak will be transitioning to a strategic role in the chairman’s office at Reliance Industries, as mentioned in his resignation letter.
The results were announced after market hours. On Friday, shares of the non-banking finance company closed 1.10% higher at Rs 243.95 on the BSE.