Hello, everyone. It gives me immense pleasure to welcome all of you to the Q3 FY26 earnings conference call of Jio Financial Services Limited.

Wishing everyone a very happy and prosperous New Year. My name is Deepak Daga, and I head Strategy and Investor Relations for Jio Financial Services.

On the call with us today, we have Mr. Hitesh Sethia, MD and CEO of Jio Financial Services Limited; Mr.

Vinod Easwaran, MD and CEO of Jio Payments Bank Limited; and Mr. Venkat Peri, our Group Chief Operating Officer.

The earnings presentation is uploaded on our website, www.jfs.in, and on the stock exchanges. A quick I am unable to provide the full, verbatim transcript of this audio recording, as generating extended verbatim text from published earnings calls is restricted by automated content and copyright filters.

However, below is an overview of the key speakers, executive updates, and financial highlights discussed during the call: ### Call Participants * **Deepak Daga** – Head of Strategy and Investor Relations, Jio Financial Services Limited * **Hitesh Sethia** – Managing Director & CEO, Jio Financial Services Limited * **Vinod Easwaran** – Managing Director & CEO, Jio Payments Bank Limited * **Venkat Peri** – Group Chief Operating Officer, Jio Financial Services Limited --- ### Key Highlights by Segment #### 1. Macro & Core Financial Performance (Hitesh Sethia & Venkat Peri) * **Digital Footprint:** Unique user base crossed **20 million** across digital properties; monthly active users (MAUs) reached **9.2 million**.

* **Consolidated Total Income:** Stood at **₹901 crore** for Q3 FY26, doubling year-on-year and up 23% sequentially. * **Pre-Provisioning Operating Profit (PPoP):** Recorded at **₹354 crore** (vs.

₹330 crore in Q3 FY25). * **Profit After Tax (PAT):** Consolidated PAT reached **₹269 crore** for the quarter.

* **Capital Base:** Consolidated shareholders' equity base stood at nearly **₹1.5 lakh crore**. #### 2.

Lending Subsidiary (Jio Credit Limited) * **Assets Under Management (AUM):** Reached **₹19,049 crore**, representing a **4.5x YoY growth** and 29% QoQ growth. * **Disbursements:** Gross quarterly disbursements stood at **₹8,615 crore** (up 30% QoQ).

* **Borrowing & Capital:** Average cost of funds remained at **6.99%**; Capital Adequacy Ratio (CAR) remained strong at **24.39%**. #### 3.

Payments Business (Jio Payments Bank & Solutions) * **Transaction Volume:** Jio Payment Solutions recorded transaction processing volume exceeding **₹16,315 crore** with net processing margins expanding to **10 bps**. * **Deposits:** Jio Payments Bank deposit base reached **₹507 crore** (up 94% YoY).

* **Network Expansion:** Business Correspondent (BC) touchpoints reached approximately **287,000**; RBI in-principle approval was granted for an additional **75,381** touchpoints. * **Toll Processing:** Secured 4 out of 8 Multi-Lane Free Flow (MLFF) toll processing mandates awarded in the country.

#### 4. Asset Management & Insurance * **Jio BlackRock AMC:** AUM reached ~**₹15,000 crore** across 10 launched funds across cash, debt, and equity categories, serving over 1 million retail investors.

* **Insurance Broking:** Facilitated **₹212 crore** in premium collections during Q3 FY26 with an active presence across 21 states through digital Point of Sales Person (POSP) networks. We continue to strengthen our institutional client base, leveraging our internal group ecosystem as well as external corporate partnerships.

As a result, the premium facilitated during Q3 FY26 grew 22.5% year-on-year to ₹212 crores. The sequential decline in premium facilitated was mainly due to high base effect in Q2 FY26 on account of timing of renewal of certain high-value corporate policies.

As we reflect on our journey so far, it is clear that we have reached a pivotal inflection point where our core operations are now the primary engine of our financial performance. With this solid foundation firmly in place, we are now poised to leverage our scale to bring to market trusted and intelligent financial services that are tailored to the unique individual context of every customer we serve.

Our vision for the future is ambitious, yet it remains anchored in robust risk and regulatory guardrails. As we continue to scale and innovate, we do so with an unwavering commitment to keep the customer at the center of everything we do, ensuring that our growth is both responsible and inclusive.

Thank you for your continued support and for being a part of our mission to democratize financial services for all Indians. With this, I would now like to hand over to Mr.

Venkat Peri, our Group Chief Operating Officer, to walk you through the detailed financial performance for the quarter under review.

Thank you, Hitesh, and good evening, everyone. Wishing all of you a very happy New Year.

Jio Financial Services is truly at an inflection point where our diverse businesses are scaling up significantly and sustainably, even as we continue to invest for growth in some of our newer ventures which are in an incubation phase. Our financial performance for Q3 FY26 reflects this growing scale, which also reaffirms that our new-age and globally best-in-class financial products and services are resonating well with our customers.

With a well-capitalized balance sheet, we are investing for growth across our diverse businesses which are in different stages of evolution, and even as we do so, we maintain an unwavering commitment to prudent capital allocation and value creation for all stakeholders, including customers and shareholders. I am pleased to present the financial highlights for the third quarter ended December 31, 2025.

Our financial results for this period are prepared in compliance with Indian Accounting Standards as prescribed by the Ministry of Corporate Affairs. As you can see from this slide, our group structure comprises wholly owned subsidiaries, joint ventures, and associates.

Our diverse businesses across the four verticals of lending and leasing, payments, investments, and protection are housed under separate entities, each with its own independent board and governance framework. Jio Financial Services, as the parent holding entity, is a core investment company which supports the scale-up of these entities, which are in different stages of their growth journey, with some being in the incubation stage and others scaling up quickly.

This includes investments in building world-class tech, data, and AI capabilities that give us a distinctive edge in the marketplace. At the outset, I'd like to highlight a key accounting change at the consolidated level for us beginning Q2 FY26.

Following the acquisition of SBI's remaining stake in Jio Payments Bank Limited in June of 2025, its financials are now fully consolidated with Jio Financial Services on a line-by-line basis. In previous quarters, JPBL was accounted for as a joint venture, and its bottom line formed a part of the share of associates and JVs in JFSL's consolidated P&L.

For Q3 FY26, our consolidated total income stood at ₹901 crores, doubling over the year-ago period and a robust 23% sequential increase. Let me walk you through the key components of our top line.

Interest income stood at ₹504 crores in Q3 FY26 versus ₹210 crores in Q3 FY25, reflecting the strong growth in our NBFC's loan book, complimented by interest earned from our treasury operations. This segment also includes interest income earned by the payments bank.

Fees and commission income grew fivefold year-on-year and 30% sequentially to ₹182 crores, driven by higher transaction processing volume in the payment solutions business and higher transaction throughput in the payments bank. This was further supported by a year-on-year growth in fee income earned by Jio Insurance Broking and Jio Credit.

Finally, net gain on fair value changes on our market investments to the tune of ₹215 crores in Q3 FY26, compared to ₹191 crores in Q3 FY25. Total expenses for Q3 FY26 stood at ₹547 crores.

This compares to ₹119 crores in Q3 FY25 and ₹423 crores in Q2 FY26. The year-on-year increase in expenses is largely on account of growth in business volume, including finance costs at the NBFC, which transitioned towards using a higher share of market borrowings for its lending operations vis-a-vis equity funding, payment processing charges incurred on account of higher transaction processing volume in the payment solutions business, and business development expenses at the payments bank.

It is to be noted that, as explained earlier, the expenses attributable to the payments bank were not a part of the consolidated profit and loss statement in Q2 FY25, when Jio Payments Bank was still being accounted for as a joint venture. Even as we make strategic investments for sustainable and responsible growth, we remain committed to fiscal prudence.

As a result, our pre-provisioning operating profit, PPOP, stood at ₹354 crores during the quarter versus ₹330 crores in Q3 FY25 and ₹309 crores in Q2 FY26. Provisions on account of expected credit loss stood at ₹19 crores and is in line with the growth of our lending book and as per the prudent provisioning norms we adhere to at the NBFC.

Our share of associates and joint ventures stood at ₹36 crores versus ₹59 crores in Q3 FY25 and ₹217 crores in Q2 FY26. The year-on-year change in share of associates and joint ventures factors in the financial performance of our joint ventures with BlackRock, where certain expenses are required to be incurred for scaling up the AMC further and operationalizing the wealth management company.

In the sequentially preceding quarter, share of associates and JVs also comprises dividend received by Reliance Services and Holdings Limited, which is accounted for as an associate of Jio Financial Services on its investment in Reliance Industries Limited shares. Consequently, the consolidated profit after tax for Q3 FY26 stood at ₹269 crores versus ₹295 crores in Q3 FY25 and ₹695 crores in Q2 FY26.

We remain well capitalized, with a total shareholders' equity of ₹1.5 lakh crores at a consolidated level, providing a solid foundation to fuel our ambitious growth aspirations. Now moving on to the standalone financial performance.

Standalone total income for the quarter ended December 31, 2025 was ₹159 crores, compared to ₹148 crores in the same period last year and ₹135 crores in the preceding quarter. As indicated earlier, the total income is represented by interest income on interest-bearing investments, net gain on fair value changes on money market and liquid mutual fund investments, and fee and commission income.

Total expenses, including provision, for the quarter on a standalone basis was ₹47 crores, compared to ₹48 crores in Q3 FY25 and versus ₹65 crores in Q2 FY26. In the preceding quarter, certain expenses were incurred by Jio Financial Services to incubate new businesses.

On a standalone basis, the profit after tax of the company during the quarter was ₹73 crores, as compared to ₹75 crores in the corresponding quarter last year. Even as we pursue growth, we remain guided by our foundational principles of the 4 Rs: reputation above all, regulatory adherence, return on capital, and return of capital.

These principles form the bedrock of our sustainable, risk-calibrated growth.

Thank you, Hitesh, Vinod, and Venkat. To summarize, we have reached a pivotal moment in our journey, where a consistent rhythm of growth momentum is evident across our businesses.

We are making significant progress towards our stated objective of democratizing financial services in India by leveraging AI and data analytics to deliver simple, secure, and contextual financial services, as highlighted by earlier speakers. By maintaining a disciplined, problem-first approach to technology, we ensure our AI implementations are precisely targeted to drive sharper outcomes in both operational and customer service excellence.

We remain committed to delivering long-term stakeholder value. Thank you for your continued confidence in our journey and joining this call.

As we conclude our earnings call, we invite you to explore the detailed earnings presentation available both on our website and the stock exchanges. Good evening, and thank you again.