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Jio Financial Services Ltd

| Audited Consolidated Financial Results – Q4 & FY Ended March 31, 2026

Report Source

⬤17th Apr 26

Summary : Jio Financial Services reported strong FY26 results, recommended a dividend, appointed a new CFO, and expanded strategically through new joint ventures and an employee stock option plan, all with an unmodified audit opinion.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Consolidated: Finance costs, Impairment on financial instruments, Employee benefits, Depreciation/amortisation, Other expenses
  2. Standalone: Impairment on financial instruments, Employee benefits, Depreciation/amortisation, Other expenses
  3. Consolidated: Interest income, Dividend income, Fees/commission, Net gain on fair value changes
  4. Standalone: Interest income, Dividend income, Fees/commission, Net gain on fair value changes
  5. Consolidated Net cash used in operating activities (FY26): (Rs. 15,438.64 crore)
  6. Consolidated Net cash used in investing activities (FY26): (Rs. 5,696.60 crore)
  7. Consolidated Net cash generated from financing activities (FY26): Rs. 21,453.70 crore
  8. Standalone Net cash generated from operating activities (FY26): Rs. 1,360.12 crore
  9. Standalone Net cash used in investing activities (FY26): (Rs. 4,998.82 crore)
  10. Standalone Net cash generated from financing activities (FY26): Rs. 3,638.59 crore
  11. Consolidated Total Assets (March 31, 2026): Rs. 163,497.08 crore
  12. Consolidated Financial Assets (March 31, 2026): Rs. 162,780.22 crore (Loans Rs. 25,710.80 crore, Investments Rs. 133,088.67 crore)
  13. Consolidated Total Liabilities (March 31, 2026): Rs. 29,643.49 crore
  14. Consolidated Total Equity (March 31, 2026): Rs. 133,853.59 crore
  15. Standalone Total Assets (March 31, 2026): Rs. 29,436.38 crore
  16. Standalone Financial Assets (March 31, 2026): Rs. 29,381.82 crore (Loans Rs. 224.07 crore, Investments Rs. 28,094.50 crore)
  17. Standalone Total Liabilities (March 31, 2026): Rs. 130.90 crore
  18. Standalone Total Equity (March 31, 2026): Rs. 29,305.48 crore
  19. Warrants allotted to promoter group entities (Sikka Ports & Terminals, Jamnagar Utilities & Power)
  20. Both standalone and consolidated financial results are presented and audited
  21. Consolidated results include subsidiaries, associates, and joint ventures
  22. Standalone results pertain to the parent company only

Corporate Overview

  1. India
  2. Monitoring impact of new Labour Codes on employee benefits
  3. Investing & Financing
  4. Leasing
  5. Insurance Broking
  6. Payment Bank and Payment Aggregator
  7. Payment Gateway services
  8. Insurance & Reinsurance services
  9. Asset & Wealth Management services
  10. Appreciation for outgoing CFO's contributions
  11. Best wishes for new CFO's role
  12. Gratitude for board support and guidance
  13. Primarily investing & financing in India, constituting sole reporting segment
  14. Formation of 50:50 joint venture with Allianz for reinsurance business
  15. Plans for equally owned JVs for general and life insurance
  16. Incorporation of Jio Alternative Investment Manager Limited (JAIML)
  17. Approval of Employee Stock Option Plan 2026

Risk Factors

  1. Uncertainty from new Labour Codes.
  2. Reliance on other auditors' reports.
  3. Fair value changes impact financial results.
  4. Regulatory changes could impact operations.

Key Drivers

  1. Recommended dividend of Rs. 0.60 per share.
  2. New Group CFO appointed.
  3. Strategic joint ventures for reinsurance.
  4. Employee Stock Option Plan approved.

Auditor’s Report

  1. Unmodified opinion on Consolidated Financial Results
  2. Unmodified opinion on Standalone Financial Results

Board Commentary

  1. Shri Abhishek Haridas Pathak released as Group CFO and KMP
  2. Ms. Annapoorna Venkataramanan appointed as Group CFO and KMP
  3. Recommended dividend of Rs. 0.60 per equity share for FY26
  4. Potential impact of new Labour Codes on employee benefits
  5. Monitoring new Labour Codes (Code on Wages, Industrial Relations, Social Security, Occupational Safety)
  6. Allotment of 25 crore warrants for Rs. 3,956.25 crore
  7. Contribution of Rs. 150 crore each to Allianz Jio Reinsurance Limited
  8. Investment of Rs. 1 crore in Jio Alternative Investment Manager Limited

Corporate Governance

  1. Auditors comply with ICAI Code of Ethics
  2. Audit Committee
  3. Nomination and Remuneration Committee

Management Discussion & Analysis

Future Strategy

  1. Expanding into reinsurance and asset management through JVs and subsidiaries
  2. Implementing Employee Stock Option Plan for talent retention

Risk Control Measures

  1. Monitoring developments and seeking expert advice on Labour Codes

Critical Risks

  1. Uncertainty regarding final rules of new Labour Codes
  2. Potential adjustments to employee compensation framework