Jio Financial Services reports Q2 profit drop. Jio Financial Services stock keeps INR 300.00 target

Published on 10/22/2026 at 12:08 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter revenue reached INR 16.99 billion, up 69.53 percent year on year. Consensus for Jio Financial Services stock averages INR 290.33.

Earnings and valuation context

Second-quarter net income fell to INR 3.40 billion on October 15, 2026.
Motilal Oswal reiterated its INR 300.00 target on October 15, 2026.
Jio Financial Services had an INR 1.4 trillion market capitalization on October 22, 2026.

Jio Financial Services, INE758E01017, Illustration mit AI erstellt.

Jio Financial Services (INE758E01017) reported second-quarter net income of INR 3.40 billion for the period ended September 30, 2026, down 51.02 percent from INR 6.95 billion a year earlier, according to MarketScreener. Motilal Oswal reiterated a Buy rating and an INR 300.00 target on October 15, 2026, according to Moneycontrol.

Income grew as profit fell

Revenue reached INR 16.99 billion in the September quarter, compared with INR 10.02 billion a year earlier, a 69.53 percent increase. The result shows the tension between expansion and earnings conversion: net interest income rose 165.00 percent year on year to INR 6.80 billion, while operating expenses increased 91.00 percent to INR 5.50 billion, according to Moneycontrol.

Pre-provision operating profit excluding dividend income increased 85.00 percent year on year to INR 5.70 billion. Credit costs rose to INR 408.00 million from INR 246.00 million in the preceding quarter, while profit after tax missed Motilal Oswal's estimate by 27.00 percent, according to the same October 15, 2026 research report carried by Moneycontrol.

What does the target mean?

Motilal Oswal's INR 300.00 target is based on a September 2028 sum-of-the-parts valuation, while the brokerage cut its fiscal 2027 earnings-per-share estimate by 6.60 percent because of higher provisions. It raised its fiscal 2028 estimate as stronger net interest income improved the longer-term earnings view, according to Moneycontrol.

Three dated milestones

On October 15, 2026, Jio Financial Services reported September-quarter revenue of INR 16.99 billion. On October 15, 2026, Motilal Oswal retained its INR 300.00 target. On October 16, 2026, the stock fell 2.60 percent to INR 213.05 on the BSE, as reported by Business Standard.

Earnings reset the debate

The September quarter leaves Jio Financial Services balancing rapid lending and interest-income growth against higher provisions and operating costs. On October 22, 2026, the company had an INR 1.4 trillion market capitalization, while its NSE India quote was last at INR 210.80 at 3:29 p.m. IST.