Shares of Jio Financial Services Limited fell 0.72 per cent to ₹235.44 on the NSE on Tuesday, as investors digested a weaker-than-expected quarterly earnings report and ongoing concerns about near-term profitability.

The Reliance Industries-backed financial services company reported a consolidated net profit of ₹2.72 billion for the March 2026 quarter, down 14 per cent from ₹3.16 billion a year earlier. The decline came despite strong operational growth across its lending and payments businesses, with rising operating expenses — up 188 per cent year-on-year — and a drag from treasury income amid volatile markets weighing on the bottom line.

The stock has been a notable underperformer in 2026. While the Nifty 50 is down about 6 per cent year-to-date, Jio Financial has shed over 20 per cent in the same period, trading well below its 52-week high of ₹338.60 hit in August 2025. The 52-week low of ₹223.30, touched just weeks ago in late March, remains in recent memory.

At Tuesday’s session, sell-side pressure was visible, with 53.24 per cent of the traded quantity on the sell side against 46.76 per cent on the buy side. Traded volume stood at 157.90 lakh shares, with a traded value of ₹372.30 crore. Total market capitalisation was approximately ₹1.49 lakh crore.

On the operational side, the picture was more encouraging. The NBFC lending book surged 35 per cent quarter-on-quarter to ₹257 billion, disbursements rose 49 per cent year-on-year, and the JioBlackRock AMC managed quarterly average assets of ₹167 billion. The platform now counts 23 million unique users. The board also recommended a dividend of ₹0.60 per share for FY26.

Motilal Oswal maintained a Buy rating with a target price of ₹315, implying roughly 34 per cent upside from current levels. The stock trades at a P/E of 121.75, reflecting a premium valuation contingent on growth businesses delivering on their longer-term promise.

Published on April 21, 2026