Jio Financial Q1 FY27 Results (NSE: JIOFIN)
Signal: Earnings declined
The read
The trajectory is a renewed scale-up: NBFC AUM rose 163% YoY to ₹30,667 crore, disbursements rose 173% to ₹11,252 crore and consolidated EBITDA margin rebounded to 70.7% from 59% QoQ, but the reported XBRL PAT of ₹0 conflicts with the presentation's ₹830 crore PAT and must be resolved before the earnings signal is reliable.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,004.47 Cr | +223.7% | +96.5% |
| EBIT | ₹1,407.06 Cr | N/A | |
| Net profit | ₹0 Cr | -100% | |
| EPS | ₹1.27 | +149.0% | |
| EBIT margin | 70.7% |
P&L walk
XBRL revenue of ₹2004.47 crore grew 223.7% YoY and 96.5% QoQ, with EBITDA of ₹1416.51 crore and a 70.7% margin; however, XBRL PAT is reported as ₹0 versus ₹830 crore in the accompanying presentation, preventing a reliable bottom-line read.
Segments
The NBFC was the clearest operating engine, with gross AUM up 163% YoY to ₹30,667 crore and PAT up 113% to ₹96 crore, while Payments Bank and Payment Solutions moved toward operational turnaround.
Key positives
- Jio Credit gross AUM rose 163% YoY to ₹30,667 crore and quarterly disbursements increased 173% YoY to ₹11,252 crore, while NBFC PAT grew 113% YoY to ₹96 crore.
- Jio Credit's average borrowing cost remained low at 7.07% and capital adequacy was 22.35%, supporting continued balance-sheet expansion.
- Payments Bank deposits increased 72% YoY to ₹617 crore and its business-correspondent network expanded to 527,037 from 50,192 YoY.
- Payment Solutions TPV increased to ₹19,208 crore from ₹7,719 crore YoY, while net processing margin improved to 12bps from 9bps.
- Consolidated EBITDA margin rebounded 1170bps QoQ to 70.7%, reversing part of the contraction seen through FY26.
Key concerns
- Jio Credit borrowings increased 227% YoY to ₹28,120 crore and debt/equity rose to 3.9x from 1.7x, making funding discipline and asset quality increasingly important as AUM scales.
- Consolidated finance cost increased 323% YoY to ₹418 crore, materially faster than the reported operating scale-up.
- Consolidated other operating expenses increased 362% YoY to ₹421 crore, reflecting the cost of building the broader ecosystem before all businesses reach mature profitability.
- The consolidated EBITDA margin of 70.7% remained 430bps below Q1FY26's 75%, despite the sequential recovery.
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