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Jio Financial Services Ltd (JFSL), the fintech arm of Reliance Industries, reported a 14% drop in consolidated net profit to Rs 272.2 crore for the fourth quarter ended March 31 (Q4 FY26) due to higher expenditure. The company had posted a net profit of Rs 316.1 crore in the same quarter last year. On a quarter-on-quarter basis, profit after tax rose marginally from Rs 269 crore.
A combination of factors took a toll on the bottom line:
- Jio Payments Bank Ltd (JPBL), a 70:30 joint venture between Jio Financial and State Bank of India, became a 100% subsidiary of JFSL in June 2025. While JPBL’s operating loss was previously accounted for under the share of profit from JVs and associates, it is now reflected in JFSL’s own books.
- Continued investments in scaling up core business verticals and incubating early-stage businesses. For instance, JFSL forayed into India’s alternative assets market during Q4FY26 and invested Rs 1 crore in its new entity, Jio Alternative Investment Manager Ltd.
- Geopolitics-led volatility impacted treasury income on a higher capital base.
The lower profits came despite a surge in revenue, led by sharp growth in its core businesses. Revenue from operations more than doubled to Rs 1,018.5 crore during the quarter under review, compared to Rs 493.2 crore in Q4 FY25.
How did Jio Financial’s lending arm perform? Jio Credit Limited, the company’s non-banking financial company (NBFC) arm, continued to scale rapidly.
- Assets under management (AUM) grew 156% year-on-year and 35% sequentially to Rs 25,711 crore. Home loans and loans against properties accounted for 45% of AUM, while corporate loans accounted for 44%. The remaining came from loans against securities.
- Gross loan disbursements during the quarter stood at Rs 10,629 crore, rising 49% on-year.
- Net interest income from the lending business rose 149% year-on-year to Rs 202 crore, while pre-provisioning operating profit surged 155% to Rs 120 crore.
Customer base expands across the payments ecosystem: Jio Payments Bank had 3.7 million current account and savings account (CASA) customers as of March 2026, up 61% year-on-year and 16% on a quarterly basis.
- Jio Payments Bank reported an 11x surge in total income to Rs 87 crore in Q4 FY26, while deposits across CASA and wallets increased 84% year-on-year to Rs 544 crore.
- Payment banks operate like any other bank but at a smaller scale, without assuming any credit risk, as they cannot issue credit cards or make loans. Other players in this space include Fino and Paytm Payments Bank.
- Jio Payment Solutions Ltd, the company’s full-stack payments platform for merchants, reported a total payment value (TPV) of Rs 15,000 crore in Q4 FY26, up 145% from Rs 6,000 crore in the year-ago quarter. Under this business vertical, JFSL provides payment gateway and payment aggregator services to online merchants, facilitating digital payments via UPI,…
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