JIOFIN's Q2 FY27 numbers came in strong, with revenue of Rs. 1,699.28 Cr (+73.14% YoY) and PAT growth of -51.02% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 15, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 1,699.28 Cr (+73.14% YoY) |
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| PAT (Q2) | Rs. 340.44 Cr (-51.02% YoY) |
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| EBITDA margin | 33.78% (-681 bps YoY) |
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| EPS (Q2) | Rs. 0.51 (-53.64% YoY) |
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| Market cap | Rs. 144,913.17 Cr |
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| CMP | Rs. 219.01 |
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Quarter Snapshot
JIOFIN's operating engine scaled: PPOP grew 98.5% YoY to Rs.574 Cr with margin stable sequentially at 33.8%, while Jio Credit AUM grew 154% YoY to Rs.37,320 Cr, lifting lending segment PAT 95% YoY to Rs.147.90 Cr. Reported PAT fell 51% YoY to Rs.340.44 Cr on non-recurrence of Q2 FY26 dividend income and associates/JV gains, but normalized operating PAT grew 63% YoY. BofA's committed investment of up to Rs.18,268.22 Cr in Jio Credit and promoter warrant infusion of Rs.5,934.38 Cr underpin the lending scale-up, against PPOP margin compression of 681 bps YoY from finance costs at 34.0% of revenue.
Key Investment Insights
Key Positives
- Interest income grew 221% YoY to Rs.1,257.68 Cr on Jio Credit AUM of Rs.37,320 Cr (+154% YoY)
- PPOP (ex-dividend) grew 98.5% YoY to Rs.574 Cr; margin stable sequentially at 33.8% vs 33.7% in Q1 FY27
- Lending segment revenue grew 206% YoY to Rs.920.36 Cr and segment PAT grew 95% YoY to Rs.147.90 Cr
- Normalized operating PAT (ex-dividend, ex-associate swing) grew 63% YoY to Rs.340.44 Cr vs Rs.208.90 Cr in Q2 FY26
- Fees, commission and other services grew 98% YoY to Rs.277.09 Cr; AMC AUM up 57% YoY to Rs.22,746 Cr
- BofA (NB Holdings Corporation) committed up to Rs.18,268.22 Cr in Jio Credit — 26.50% equity, up to 49.90% post warrant conversion
- Promoter group infused Rs.5,934.38 Cr via warrant conversion at Rs.316.50 per share; shareholding rose to 49.13% from 47.12%
- Credit cost at 0.11% of lending segment assets; self-directed investing platform launched in Q2 FY27, meeting the Q1 FY27 broking beta commitment
Risk Factors
- PPOP margin compressed to 33.8% from 40.6% YoY as finance costs rose 325% YoY to Rs.577.73 Cr, consuming 34.0% of revenue vs 13.8%
- Others segment loss widened to Rs.46.16 Cr from Rs.31.90 Cr YoY and Rs.36.09 Cr in Q1 FY27
- Investing segment revenue fell 28% YoY to Rs.521.42 Cr and segment PAT fell 63% YoY to Rs.238.70 Cr
- Lending segment debt/equity at ~4.7×; consolidated D/E rose from 0.22× to 0.40× over H1 FY27
- OCI loss of Rs.7,567.38 Cr in Q2 FY27 (equity instruments −Rs.8,830.10 Cr) cut net worth 3.2% to Rs.1,29,595.57 Cr
- Average borrowing cost rose to 7.08% from 7.00% in Q4 FY26; repo hike to 5.50% in October adds upward pressure