Jio Financial Services Limited

JIOFIN.NS

Asset Management · Financial Services

Price

₹242.00

-2.00 (-0.82%)

Market Cap

₹1.60T

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 25, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Weak

Stability

Good

Valuation

Mixed

Dividends

Weak

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Winston Score History

The full picture

Jio Financial Services is an Indian financial services company spun off from Reliance Industries in 2023. It offers lending, insurance, payments, and asset management products aimed at both individual consumers and businesses across India. It is part of the broader Jio ecosystem, which includes one of India's largest telecom networks with hundreds of millions of users.

The company earns money through interest income on loans, fees from insurance and mutual fund distribution, and returns on its investment portfolio. It operates primarily in India and benefits from its connection to the massive Jio digital platform, giving it built-in access to a huge customer base. The key growth driver is India's large underbanked population and rising demand for digital financial services, though the company faces intense competition from established banks and fast-growing fintech rivals.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+96.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-14.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

49.6%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹1.6T cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Jio Financial Services Limited grew revenue 97% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 6.35B (2022) → 6.35B (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

78.2%

Premium pricing power — 78.2% gross margin

Profit after running costs

Operating Margin

50.6%

Excellent — 50.6% operating margin

Return on the money invested

ROCE

1.7%

Weak — 1.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+116.1%

Fast-growing sales (+116.1% YoY)

Profit growth

EPS YoY

+25.4%

Earnings growing fast (+25.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

-223%

Weak — only -223% of profit becomes cash

Spare cash per sale

FCF Margin

-94.7%

Burning cash (-94.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

75.4x

Expensive — P/E 75.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+2.1

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

0.25%

Small dividend — 0.25% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

Data not available

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