Jio Financial Services’ consolidated net profit fell 51% YoY and 59% sequentially to ₹340.4 Cr in Q2 FY27
The profit decline came amid higher expenses and the absence of dividend income during the quarter
Operating revenue rose 73% to ₹1,699.3 Cr from ₹981.4 Cr in Q2 FY26 but declined 15.2% sequentially
Jio Financial Services’ consolidated net profit declined 51% to ₹340.4 Cr in the second quarter of the financial year ended March 2027 (FY27) from ₹695 Cr in the year-ago quarter.
Operating revenue rose 73% to ₹1,699.3 Cr from ₹981.4 Cr in Q2 FY26. The company also registered an other income of ₹13 Lakh during the quarter as against ₹21.1 Cr other income registered in the year-ago quarter.
Sequentially, net profit fell 59% from ₹830.3 Cr, while operating revenue declined 15.2% from ₹2,004.5 Cr.
The profit decline came amid higher expenses and the absence of dividend income during the quarter. Jio Financial Services had recorded dividend income of ₹269 Cr in Q2 FY26 and ₹508.6 Cr in Q1 FY27.
Total expenses for the quarter rose 167% YoY and 15% QoQ to ₹1,166.1 Cr. The uptick in costs was primarily driven by higher finance costs (up 325% YoY to ₹577.7 Cr) as the group expanded its borrowings to fund asset expansion, alongside elevated operational and staff costs as JFS continued to scale its digital financial ecosystem and super app ambitions.
The company’s top line during the quarter was largely driven by sustained momentum and scale-up in core operational verticals — particularly disciplined loan book expansion at Jio Credit, robust growth in fee income from insurance broking, and expansion in asset management AUM under joint ventures.
“FY27 marked yet another quarter of strong operational growth across our financial services platform. Our strategic playbook is now visibly taking shape with key global partnerships established across our core pillars — lending with Bank of America, investments with BlackRock, and insurance with Allianz Group. These marquee JVs bring world-class capabilities, institutional track records, and global best practices to India, while we drive growth on our digital platform and customer engagement ecosystem,” said JFS CEO and MD Hitesh Sethia.
Here’s a breakdown of the performance of the company’s key verticals during the quarter.
Jio Credit
Continuing its strong growth momentum, JFS’ NBFC arm saw its gross disbursements expand nearly double YoY to ₹13,135 Cr in Q2 FY27. Assets under management (AUM) jumped 154% YoY to ₹37,320 Cr. During the quarter, Bank of America entered into a landmark joint venture agreement with JFS to acquire up to 49.9% in Jio Credit for an investment of up to ₹18,268 Cr, subject to regulatory approvals.
Jio Payments Bank
Jio Payments Bank continued to expand its footprint, with total income surging 213% YoY to ₹94 Cr in Q2 FY27. Customer deposits grew 53% YoY to ₹643 Cr, while CASA customer accounts expanded to around 40 Lakh accounts, with an average balance per customer of ₹1,573.
Jio Payment Solutions
The digital payments vertical recorded total payment value (TPV) of ₹14,682 Cr, representing an 8% YoY increase. Gross fee and commission income grew 70% YoY to ₹130 Cr, while net fee and commission income rose 74% YoY to ₹21 Cr. Operating leverage and merchant mix optimisation helped expand the net processing margin to 14 bps.
Emerging Businesses
Jio BlackRock Asset Management saw its closing AUM expand 57% YoY to ₹22,746 Cr. Its Liquid Fund sustained quarterly average AUM above ₹10,000 Cr, ranking number one since inception, while the recently launched Prism Specialised Investment Fund (SIF) scaled to ₹478 Cr in AUM.
Regulatory approval was also received from IFSCA for the JioBlackRock Advantage World Equity Fund (IFSC) in GIFT City.
In insurance, Jio Insurance Broking facilitated insurance premiums worth ₹346 Cr in Q2 FY27, generating fee and commission income of ₹54 Cr (up 46% YoY).
On the digital front, the JioFinance App reached 3.2 Cr unique users and logged an average of about 36,000 product purchases per day. New ecosystem features introduced during the quarter included JioFinance+, JioFinance360 and JioSilver.