Jio Financial Q3 FY26 Results: Revenue Doubles to ₹901 Cr as Lending & AMC Scale Up

Jio Financial Services (JFSL) just dropped its Q3 FY26 numbers today, Thursday, January 15, 2026, and it’s a classic “growing pains” story. The revenue is exploding—literally doubled year-on-year to ₹901 crore—but the profit actually dipped about 9% to ₹269 crore.

Add businessleague.in as a Preferred Source

The thing is, the market doesn’t seem too bothered by the profit dip because the “core” engine is finally firing. Or nothing. Let’s be real, last year, 80% of their income was just interest from the massive pile of cash they were sitting on. Those too. Now, 55% of their income is coming from actual customers taking loans, swiping cards, and buying mutual funds. It’s an ongoing situation where they are spending heavily to “buy” the market, which is why expenses jumped over 300%.

Also Read |Tamil Nadu Voter List Purge: 97 Lakh Names Deleted in SIR Phase 1

The “Jio Fin Q3” Log: Field Notes

It’s an ongoing situation where the “Reliance playbook” of massive scale is being applied to banking.

• The Lending Surge: The loan book (AUM) is now ₹19,049 crore. The thing is, that’s a 4.5x jump from last year. They are giving out loans like candy—nearly ₹8,600 crore in just three months. And here’s the kicker—it’s mostly digital, so their “cost to serve” should drop once the scale hits.

• The Jio-BlackRock Machine: The mutual fund JV is already sitting on ₹14,972 crore. The thing is, they just launched two new “Low Duration” and “Short Duration” debt funds on January 8. And here’s the kicker—they just launched a new website (jioblackrock.com) on Tuesday to start their “investment advisory” business.

• Payments Bank Turnaround: Total income at the payments bank grew 10-fold. The thing is, they’ve finally crossed 3.2 million customers. It’s still small compared to Airtel or Paytm, but the 94% growth in deposits shows people are actually starting to trust the “Jio” name with their savings.

• The Hidden Cost: Finance costs hit ₹212 crore—up from zero last year. The thing is, they are now borrowing money to lend it out, rather than just using their own equity. It’s a sign that they are moving from a “startup” to a “real” bank.

Also Read |Tamil Nadu Voter List Purge: 97 Lakh Names Deleted in SIR Phase 1

JFSL Q3 FY26: The Scorecard

And Here’s the Kicker…

While the results are strong, the stock was actually down about 1.3% today, sitting around ₹284. The thing is, the market was expecting a bit more on the bottom line, and the Maharashtra civic poll holiday meant the trading volume was low.

It’s an ongoing situation where they are now “incubating” wealth management and insurance. The thing is, the Jio-Allianz reinsurance deal is still stuck in regulatory limbo. Once that clears, expect another massive spike in “other income.”

Also Read |Tamil Nadu Voter List Purge: 97 Lakh Names Deleted in SIR Phase 1

End…

Add businessleague.in as a Preferred Source