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The fintech major’s top line surged past the ₹2,000 Cr mark in Q1 FY27

PAT grew multifold on a YoY and sequential basis in the June quarter after dipping slightly in the previous quarters

Operating revenue crossed the ₹2,000 Cr mark during the June quarter, surging 227% YoY and 97% QoQ to ₹2,004.5 Cr and expenses skyrocketed 290% YoY to ₹1,015.8 Cr

Fintech company Jio Financial Services’ (JFS) net profit zoomed 2.6X to ₹830.3 Cr in the first quarter (Q1) of FY27 from ₹324.7 Cr in the year-ago period. On a sequential basis, profit grew 205% from ₹272.2 Cr.

Operating revenue crossed the ₹2,000 Cr mark during the June quarter, surging 227% YoY and 97% QoQ to ₹2,004.5 Cr. Interest income rose 165% YoY to ₹ 961.6 Cr, while fee and commission income zoomed more than fivefold to ₹324.5 Cr.

The company’s other income stood at ₹7 Lakh.

Meanwhile, total expenses rose 291% YoY and 43% QoQ to ₹1,015.8 Cr. The uptick was driven by a sharp increase in finance cost (up 323% YoY), staff expenses (up 139% YoY) and other operating expenses, as the company continued to scale its super app ambitions.

JFS said it continued to witness strong momentum across all its operating businesses during the quarter, backed by growth in lending, payments, insurance and asset management.

Here’s a breakdown of the performance of the company’s key verticals during the quarter:

Jio Credit

Maintaining its strong growth trajectory, JFS’ NBFC arm saw its gross disbursements zoom 173% YoY to ₹11,252 Cr. Gross assets under management (AUM) also jumped 163% YoY to ₹30,667 Cr, while borrowings expanded 227% to ₹28,120 Cr as the company continued to scale its lending book.

Net interest income (NII) climbed 118% YoY to ₹257 Cr, while profit rose 113% to ₹96 Cr. The company’s capital adequacy ratio stood at 22.35%, while the average borrowing cost was at 7.07%.

Jio Payments Bank

Jio Payments Bank continued its operational turnaround during the quarter, with total income surging 7.7X YoY to ₹83 Cr. Customer deposits increased 72% YoY to ₹617 Cr, while overall customer base rose 51% to 3.9 Mn.

The bank also commenced FASTag ANPR-based multi-lane free flow toll processing operations, with 19 toll plazas and one MLFF corridor becoming operational during the quarter.

Jio Payment Solutions

The payments vertical saw its total payment value (TPV) grow 2.5X YoY to ₹19,208 Cr. Gross fee and commission income jumped 6.4X to ₹176 Cr, while net fee and commission income increased 3.4X to ₹24 Cr, aided by improving operating leverage and margin expansion.

The company also launched cross-border collection services during the quarter, enabling Indian exporters to accept international payments.

Asset Management & Insurance

JioBlackRock Asset Management continued to gain traction, with the closing AUM rising 21% QoQ to ₹18,412 Cr.

During the quarter, the company expanded its product suite with the Prism Specialised Investment Fund (SIF) and received regulatory approval to set up a retail fund management entity in GIFT City.

Meanwhile, Jio Insurance Broking facilitated premiums worth ₹238 Cr during the quarter, up 55% YoY, while fee and commission income rose 131% to ₹61 Cr.

The company’s reinsurance joint venture, Allianz Jio Reinsurance, underwrote gross written premiums of ₹266 Cr during its first full quarter of operations. During the quarter, JFS also incorporated Jio Allianz General Insurance as a 50:50 joint venture with Allianz, while regulatory approvals for the business remain under process.

Shares of JFS ended today’s trading session 0.36% lower at ₹235.65 on the BSE.