JIO Financial Services Ltd (JIOFIN) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of JIO Financial Services Ltd stock ₹172, price ₹230, that is 25.0% below the price, quality 63 out of 100. Rating: overvalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
39‑month range ₹200.14 – ₹386.44 · fair‑value band ₹129.23 – ₹215.38 · the ₹229.62 price screens above the ₹172.31 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Jio Financial Services Limited, through its subsidiaries, engages in the business of investing and financing, insurance broking, payment bank and payment aggregator, and payment gateway services in India.
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The company provides loans, savings accounts, recharges, digital insurance, financial tracking, management tools, digital banking, unified payments interface transactions, bill payments, and insurance advisory; and asset and wealth management, and broking services, as well as operating lease solutions to consumers and businesses through a Device-as-a-Service model.
It also provides insurance broking services, such as car, bike, health, term, investment, SMEs, MSMEs, property, cyber risk, commercial lines, corporate, and education.
In addition, it offers digital banking services, including zero balance, savings, salary, wallet, and online and offline payment solutions; debit cards; payment systems, including aadhaar enabled payment and domestic money transfer; digital payment solutions.
Further, it provides home loan; home loan against balance transfer; loan against property, mutual funds, and shares; solar financing; corporate loans and lease; and distribution of life, non-life, and health insurance products.
The company was formerly known as Reliance Strategic Investments Limited and changed its name to Jio Financial Services Limited in July 2023. Jio Financial Services Limited was incorporated in 1999 and is based in Mumbai, India.
Stock analysis
JIO Financial Services Ltd (JIOFIN) currently trades at ₹229.62, while our model-based Fair Value estimate is ₹172.31, 25% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the data coverage at high.
Scenario range: ₹129.23 (bear) to ₹215.38 (bull), the price of ₹229.62 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
JIO Financial Services Ltd reported revenue of ₹35.4B in FY2026 versus ₹629K in FY2022, a compound +1,440.5%/yr. Reported net income was ₹15.6B in FY2026, compounding +452.1%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap ₹1.5T (≈ $15.4B) Large · P/E ratio 88.3 · P/S ratio 36.4 · EPS (TTM) ₹2.60 · Dividend yield 0.3% · Net margin 42.8% · Return on equity 1.3% · Return on assets (EBIT) 2.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 60 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at −25%, JIOFIN screens richer than that median.
Fair Value models
Bear₹129.23Fair Value ₹172.31Bull₹215.38
Price ₹229.62 · Downside -25.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (₹1.21 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+100.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+450.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+716.9%
Start year 2021 (pandemic)
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+54.7%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
2,347.3% (2021) → 46.7% (2026)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+54.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+28.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +47.9% a year for the price and +23.0% for the forecasts.
AI conclusion: The platform's main strength lies in leveraging Reliance's vast subscriber base for lending and payments growth alongside major partners, while its primary weakness remains the limited evidence of lasting advantage due to brief operating history.
Main risk: Rivals such as Bajaj Finance and HDFC Bank could capture lending and asset-management customers or force narrower margins through aggressive pricing and established distribution.
Bull case: By deepening its AI-native platform and leveraging partnerships with Bank of America and BlackRock the company could convert its telecom subscriber reach into lower acquisition costs and differentiated products that outpace rivals.
Bear case: If regulatory delays persist or established competitors match its platform reach the lending and payments businesses could face sustained margin pressure and slower customer adoption.
Jio Financial is rapidly scaling its lending and payments businesses by tapping into Reliance's huge telecom subscriber base alongside partners like Bank of America and BlackRock. Its latest quarter showed strong income growth but a sharp drop in profit as costs rose with expansion. Will the platform approach convert that user scale into consistent profitability or will margin pressure continue?
Compare JIO Financial Services Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 592 stocks
Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score63 · Above median
Fair Value upside−25.0% · Bottom 25%
Profitability
Return on equity (12 months)1.3% · Below median
Return on assets1.0% · Below median
Net margin (12 months)42.8% · Above median
Operating margin (12 months)49.3% · Above median
Growth and dividend
Revenue growth (quarter YoY)26.7% · Above median
Dividend yield (12 months)0.3% · Bottom 25%
Balance sheet
Debt / equity0.16× · Above median
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (12 months)88.3× · Priciest 25%
P/B1.09× · Pricier than median
P/S (12 months)36.43× · Priciest 25%
Price / free cash flow137.0× · Priciest 25%
EV/EBITDA84.4× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 57
FUTURE (revenue growth)100· sector 39
PAST (return on equity)5· sector 30
HEALTH (low debt)92· sector 96
DIVIDEND (yield)5· sector 79
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is JIO Financial Services Ltd (JIOFIN) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of ₹172.31 versus a price of ₹229.62, about 25% lower (overvalued).
What is the fair value of JIOFIN?
Our model-based fair value for JIO Financial Services Ltd is ₹172.31 (as of Nov 5, 2026), built from audited fundamentals. The current price: ₹229.62.
What is the quality score of JIOFIN?
JIO Financial Services Ltd has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for JIO Financial Services Ltd (JIOFIN)?
Our model-based price target is the fair value of ₹172.31 (as of Nov 5, 2026) from 2 valuation models. Cautious scenario ₹129.23, optimistic scenario ₹215.38. It is a calculation from audited fundamentals, not an analyst target.
What is the JIO Financial Services Ltd stock forecast for 2026?
Our models put fair value at ₹172.31, about 25% lower versus a price of ₹229.62 (overvalued). Cautious scenario ₹129.23, optimistic scenario ₹215.38. The calculation is refreshed regularly with new filings.
What is the revenue of JIO Financial Services Ltd (JIOFIN)?
JIO Financial Services Ltd reported trailing-twelve-month revenue of about ₹40.0B (latest available figure, as of Nov 5, 2026).
Does JIO Financial Services Ltd pay a dividend?
JIO Financial Services Ltd currently shows a dividend yield of 0.26% relative to its recent price (as of Nov 5, 2026).
What growth is priced into JIO Financial Services Ltd (JIOFIN)?
For today's price to be fair in a discounted-cash-flow model, JIO Financial Services Ltd would have to grow free cash flow by +54.0 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +716.9 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of JIOFIN use?
Our models discount JIO Financial Services Ltd at 10.4 %: a base by market capitalisation (large), damped by beta 0.52, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For JIO Financial Services Ltd that is +54.0 % per year a year over ten years, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has JIO Financial Services Ltd (JIOFIN) delivered so far?
Over the past 5 years revenue at JIO Financial Services Ltd grew +716.9 % a year. The price currently implies +54.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of JIO Financial Services Ltd (JIOFIN) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into JIO Financial Services Ltd (+54.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of JIO Financial Services Ltd (JIOFIN)?
The free-cash-flow yield on the price is 0.73 %: that much free cash flow JIO Financial Services Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of JIO Financial Services Ltd (JIOFIN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For JIO Financial Services Ltd it is ₹172.31 per share (as of Nov 5, 2026), against a price of ₹229.62. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is JIO Financial Services Ltd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, JIOFIN trades above its calculated fair value: price ₹229.62, fair value ₹172.31, a gap of about −25% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of JIOFIN?
No. The price is what the market pays today (₹229.62); the fair value is what the company's own numbers justify (₹172.31). For JIO Financial Services Ltd the two are ₹57.31 per share apart. That gap is exactly why we show both numbers side by side.
How much is JIO Financial Services Ltd worth?
The market values JIO Financial Services Ltd at about ₹1.5T (market capitalisation, as of Nov 5, 2026). Per share that is ₹229.62; our models calculate a fair value of ₹172.31 per share.
What do the bullish and bearish scenarios say about JIOFIN?
Our models span a range for JIO Financial Services Ltd: cautious scenario ₹129.23, base ₹172.31, optimistic ₹215.38 per share (as of Nov 5, 2026, price ₹229.62). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of JIOFIN?
JIO Financial Services Ltd trades at a price-to-earnings ratio of 88.3 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹172.31 is built from several models across several years. Other multiples: P/B 1.1, P/S 36.4, EV/EBITDA 84.4.
How solid is the balance sheet of JIO Financial Services Ltd (JIOFIN)?
Balance-sheet figures for JIO Financial Services Ltd (as of Nov 5, 2026): return on equity 1.3%, debt of 0.16 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is JIOFIN from its 52-week high?
JIO Financial Services Ltd trades at ₹229.62, about 27% below its 52-week high of ₹314.16 and 12% above the low of ₹204.50 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ₹172.31 is for.
Which stocks are comparable to JIO Financial Services Ltd?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is JIO Financial Services Ltd stock attractive at the current price?
The data as of Nov 5, 2026: price ₹229.62, calculated fair value ₹172.31 (−25%), Quality Score 63/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of JIOFIN calculated?
We run JIO Financial Services Ltd through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹172.31, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.0% above its aggregate fair value. JIO Financial Services Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of JIO Financial Services Ltd (JIOFIN)?
The closing price on Nov 5, 2026 was ₹229.62. Our model-based fair value is ₹172.31, about 25% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with JIO Financial Services Ltd right now?
The price sits above even our optimistic bull case (₹215.38). The favourable scenario is already priced in. Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of JIO Financial Services Ltd (JIOFIN) come from?
Earnings per share at JIO Financial Services Ltd grew +48.0 % a year from 2015 to 2026. Broken into its drivers: revenue per share +50.6 %, EBIT margin −4.3 %, tax rate +0.0 %, residual (interest, one-offs) +2.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of JIO Financial Services Ltd
How large is the market capitalisation of JIO Financial Services Ltd (JIOFIN)?
The market capitalisation of JIO Financial Services Ltd is ₹1.5T (≈ $15.4B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of JIO Financial Services Ltd (JIOFIN)?
The price-to-sales ratio of JIO Financial Services Ltd is 36.4 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of JIO Financial Services Ltd (JIOFIN)?
Earnings per share at JIO Financial Services Ltd are ₹2.60 (price ÷ EPS = P/E 88.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of JIO Financial Services Ltd (JIOFIN)?
The dividend yield of JIO Financial Services Ltd is 0.3% (payout 23.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of JIO Financial Services Ltd (JIOFIN)?
The net margin of JIO Financial Services Ltd is 42.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of JIO Financial Services Ltd (JIOFIN)?
The return on equity (ROE) of JIO Financial Services Ltd is 1.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of JIO Financial Services Ltd (JIOFIN)?
On an EBIT basis the return on assets of JIO Financial Services Ltd is 2.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of JIO Financial Services Ltd (JIOFIN)?
The operating margin of JIO Financial Services Ltd is 49.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at JIO Financial Services Ltd (JIOFIN)?
Revenue at JIO Financial Services Ltd is growing +26.7% versus a year earlier (3y avg +451%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at JIO Financial Services Ltd (JIOFIN)?
Earnings per share at JIO Financial Services Ltd are growing −53.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does JIO Financial Services Ltd (JIOFIN) carry?
The net debt of JIO Financial Services Ltd is ₹182B (fiscal year 2026, ≈ 17.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 5, 2026