Who are Jio Financial Services's main competitors?

Named competitors: Bajaj Finance (BAJFINANCE.NS), One97 Communications (Paytm) (PAYTM.NS), Bajaj Finserv (BAJAJFINSV.NS), HDFC Bank (HDFCBANK.NS). The cockpit's measured peer set (industry) also includes L E Lundbergforetagen (LUND-B.ST), Julius Baer Gruppe (BAER.SW), HAL Trust (HAL.AS), Investment AB Latour (LATO-B.ST), Ares Capital (ARCC), Bajaj Holdings & Investment (BAJAJHLDNG.NS).

Is Jio Financial Services expensive compared with its peers?

On forward p/e it trades at 74.6× against a peer median of 11.8×, most expensive of 17 in its peer set.

How has Jio Financial Services stock performed?

Over six months to 6 Nov 2026 the shares returned -7.9% against +1.9% for the median peer; over one year -25.4%.

← CockpitCompetitor Analysis › JIOFIN.NS Jio Financial ServicesOpen in the cockpit ↗

Jio Financial ServicesJIOFIN.NSCompetitor analysis, valuation and peers

India · INR·Financials›Financial Conglomerates

Reliance's newly spun-off financial-services arm building lending, insurance, payments and asset management.

≈ A fintech-conglomerate startup, part bank, part payments appMomentum neutral 46

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$16.2B

US dollars, full cap

Free float

50%

of shares outstanding

$/day

$34.3M

20-day average traded

Fwd P/E

74.6×

forward earnings

ROIC−WACC

n/a

WACC 15.0%

Hurdle

n/a

no reverse DCF

Next earnings

76 days

21 Jan 2027

Close · INR₹231.20

1D+0.7%

1W+13.1%

1M+6.8%

3M-12.1%

6M-7.9%

YTD-21.6%

1Y-25.4%

ATR %2.4%

Beta1.52

52w lowhigh27.0% off high

What Jio Financial Services does

Reliance's newly spun-off financial-services arm building lending, insurance, payments and asset management.

Spun out of Reliance Industries in 2023 with a large equity base and little lending history, so it is building income from scratch: interest on loans, fees for payments and insurance broking, and asset-management fees through a joint venture with BlackRock. It relies on Reliance's mobile and retail arms to bring in customers.

In one line: A fintech-conglomerate startup, part bank, part payments app.

Products and services

Digital lending (consumer & merchant)
Payments & UPI
Insurance broking
Asset management (JV with BlackRock)

Customers

Reliance Jio's telecom subscriber base
Reliance Retail ecosystem shoppers
Merchants

Where it sits in the supply chain

Financial-services conglomerate
Digital lending, payments, insurance…
Consumer/merchant loans, UPI payments…

What could go right

Cross-sell into Reliance's 450M+ customer base
Under-penetrated Indian retail financial services

What could go wrong

Execution risk as a new, unproven lender
Intense competition from established NBFCs/banks

Moat: narrow (distribution, brand, scale). Access to Reliance Jio/Retail's huge customer base and data, but lending/asset-management scale is still early.

Headquarters: Mumbai, India · Founded: 2023 · Employees: 2,000

Named competitors

Bajaj Finance BAJFINANCE.NS
One97 Communications (Paytm) PAYTM.NS
Bajaj Finserv BAJAJFINSV.NS
HDFC Bank HDFCBANK.NS

Jio Financial Services at a glance

Size Jio Financial Services (JIOFIN.NS) is an India Financials company (Financial Conglomerates) with a market value of $16.2B, the 63rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹231.20 on 6 Nov 2026.

Performance Over six months the shares fell 7.9%, against +1.9% for the median peer and 0.0% for the India market (cap-weighted) — 4th lowest of 20 in its peer set.

Growth Revenue grew 117.2% over the last twelve months (peer median +2.4%); the operating margin is 40.3% (peer median 35.0%).

Valuation It trades at 74.6× forward earnings against a peer median of 11.8× (most expensive of 17).

Next results Next results expected around 21 Jan 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Jio Financial Services against the median of its 20 peers (local-currency closes).

Jio Financial Services financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	₹56.2B	₹32.6B	₹17.3B	₹18.0B	₹235M
Revenue growth	—	+88%	-4%	+7,558%	—
Gross profit	₹40.8B	₹28.9B	₹16.7B	₹17.7B	n/a
EBITDA	₹23.0B	₹24.1B	₹16.4B	₹15.7B	₹427M
Net income	₹17.1B	₹15.6B	₹16.1B	₹16.0B	₹312M
Free cash flow	n/a	₹10.6B	₹11.2B	₹7.22B	₹441M
Capital expenditure	n/a	₹1.05B	₹418M	₹7.90M	₹0
Total debt	₹413B	₹218B	₹39.7B	₹0	₹7.43B

Quarterly statements and history in the cockpit →

Jio Financial Services competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Jio Financial Services is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Jio Financial Services is the large dot.

Jio Financial Services competitors and peer comparison

Head to head with its named competitors (JIOFIN.NS vs BAJFINANCE.NS vs PAYTM.NS vs BAJAJFINSV.NS)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Jio Financial Services JIOFIN.NS	$16.2B	-8%	+117%	40%	74.6×	n/a
Bajaj Finance BAJFINANCE.NS	$71.6B	+12%	+19%	44%	26.2×	n/a
One 97 Communications PAYTM.NS	$12.2B	+50%	+24%	2%	94.4×	n/a
Bajaj Finserv BAJAJFINSV.NS	$31.6B	+2%	+17%	43%	25.3×	n/a
HDFC Bank HDFCBANK.NS	$129B	-1%	+5%	35%	14.9×	n/a

How Jio Financial Services compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Jio Financial Services against its 20 peers (data as of 6 Nov 2026)
Measure	JIOFIN.NS	Peer median	Rank in peer set
1-month return	+6.8%	+4.1%	6th highest of 21
6-month return	-7.9%	+1.9%	4th lowest of 20
Distance from 52-week high	-27.0%	-12.7%	5th lowest of 21
Revenue growth (TTM)	+117.2%	+2.4%	4th highest of 21
Operating margin	40.3%	35.0%	10th highest of 21
Forward P/E	74.6×	11.8×	most expensive of 17

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Jio Financial Services JIOFIN.NS	India	$16.2B	-8%	+117%	40%	74.6×	n/a	n/a
L E Lundbergforetagen LUND-B.ST	Sweden	$15.3B	+16%	-4%	28%	n/a	n/a	n/a
Julius Baer Gruppe BAER.SW	Switzerland	$17.1B	+2%	0%	30%	11.3×	n/a	n/a
HAL Trust HAL.AS	Netherlands	$17.2B	+1%	-5%	14%	12.5×	n/a	n/a
Investment AB Latour LATO-B.ST	Sweden	$14.2B	+19%	+3%	15%	n/a	n/a	n/a
Ares Capital ARCC	United States	$13.8B	+1%	-8%	61%	9.9×	n/a	n/a
Bajaj Holdings & Investment BAJAJHLDNG.NS	India	$13.0B	+4%	-14%	80%	n/a	n/a	n/a
Washington H. Soul Pattinson and SOL.AX	Australia	$12.5B	+12%	+143%	-9%	28.0×	n/a	n/a
China Resources New Energy 001248.SZ	China	$21.5B	n/a	0%	42%	n/a	n/a	n/a
BitMine Immersion Technologies BMNR	United States	$11.3B	-15%	+1,022%	-485%	25.9×	n/a	n/a
SBI 8473.T	Japan	$11.2B	-13%	+20%	40%	5.9×	n/a	n/a
Industrivarden INDU-A.ST	Sweden	$23.4B	+9%	-1%	569%	9.6×	n/a	n/a
M&G MNG.L	United Kingdom	$10.3B	+7%	+68%	8%	11.3×	n/a	n/a
Exor EXO.AS	Netherlands	$26.2B	+10%	+59%	-384%	26.3×	n/a	n/a
Ts Financial 2887.TW	Taiwan	$29.2B	+62%	+200%	19%	12.2×	n/a	n/a
Aker AKER.OL	Norway	$8.60B	-7%	-17%	226%	14.3×	n/a	n/a
Brookfield Business BBUC.TO	Canada	$6.15B	-9%	+106%	13%	5.4×	n/a	n/a
Onex ONEX.TO	Canada	$5.91B	-7%	+2%	173%	22.3×	n/a	n/a
Azimut AZM.MI	Italy	$5.70B	-1%	+17%	46%	10.6×	n/a	n/a
Blue Owl Capital OBDC	United States	$5.39B	-4%	+1%	54%	8.2×	n/a	n/a
Main Street Capital MAIN	United States	$5.33B	+6%	+3%	91%	15.0×	n/a	n/a

Questions

Who are Jio Financial Services's main competitors?: Named competitors: Bajaj Finance (BAJFINANCE.NS), One97 Communications (Paytm) (PAYTM.NS), Bajaj Finserv (BAJAJFINSV.NS), HDFC Bank (HDFCBANK.NS). The cockpit's measured peer set (industry) also includes L E Lundbergforetagen (LUND-B.ST), Julius Baer Gruppe (BAER.SW), HAL Trust (HAL.AS), Investment AB Latour (LATO-B.ST), Ares Capital (ARCC), Bajaj Holdings & Investment (BAJAJHLDNG.NS).
Is Jio Financial Services expensive compared with its peers?: On forward p/e it trades at 74.6× against a peer median of 11.8×, most expensive of 17 in its peer set.
How has Jio Financial Services stock performed?: Over six months to 6 Nov 2026 the shares returned -7.9% against +1.9% for the median peer; over one year -25.4%.