Jio Financial Q1 FY27: Profit Up 156%, BofA Anchors

Jio Financial Services Limited reported Q1 FY27 results for the June 2026 quarter on 16 July. Q1 FY27 numbers (consolidated): Revenue: Rs 2,004 crore, up from Rs 612 crore a year ago Net profit: Rs 830 crore, up 156% YoY from Rs 325 crore; up 205% QoQ from Rs 272 crore Total income excl. dividends Rs 1,496 crore, up 141% YoY PPOP excl. dividends Rs 505 crore, up 38% YoY JioCredit AUM Rs 30,667 crore, up 2.6 times YoY; disbursements Rs 11,252 crore Jio Payment Solutions TPV Rs 19,208 crore, up 2.5 times YoY Since results: Bank of America will acquire up to 49.9% of JioCredit for up to Rs 18,268 crore, initially 26.5% via preferential allotment and warrants. JioFinance app reached 25 million users. Jio Financial Services [][***** shares closed at Rs 234.86 on 4 September 2026, down 23 percent in a year and 26 percent below the Rs 318 high. P/E 73; P/B 1.15. My view: the operating numbers are accelerating but the profit optics need stripping. The Rs 830 crore includes Rs 509 crore of dividend income from investee companies; core PPOP excluding dividends was Rs 505 crore, up 38%. The core financial services business is building, not yet at a scale that justifies 73x; BofA validating JioCredit at Rs 18,268 crore caps the downside case, not the multiple question. At 1.15 times book near a 52-week low with BofA capital secured, this is the least demanding the stock has been. Patient accumulation, not a chase. Levels: Rs 223 to 232 support; Rs 260 to 265 the band to reclaim; Rs 318 the high. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.