PAT down over 8% YoY to Rs 268 crore, revenue jumps 105% - Quarterly earnings details of Mukesh Ambani's firm ~ PARN HARIT

The company you are referring to is Jio Financial Services (JFSL), the financial services arm of Mukesh Ambani’s Reliance Group.

The firm released its Q3 FY26 (October–December 2025) results on January 15, 2026. While the company saw a massive surge in its top-line revenue due to the rapid scaling of its new business verticals, its bottom-line profit saw a year-on-year (YoY) decline as it continues to invest heavily in its expansion phase.

Key Financial Highlights (Q3 FY26)

Parameter	Current Quarter (Q3 FY26)	Year-on-Year (YoY) Change
Net Profit (PAT)	Rs 269 crore	Down ~8.2% (from Rs 293 crore)
Total Revenue	Rs 901 crore	Up 105% (from Rs 440 crore)
Operating Profit	Rs 354 crore	Up 7%
Total Assets (AUM)	Rs 19,049 crore	Up 4.5x (from ~Rs 4,200 crore)

What Drove These Numbers?

1. Revenue Explosion (+105%)

The doubling of revenue was driven by the aggressive "operationalization" of its core segments:

Lending (Jio Credit): Gross disbursements reached Rs 8,615 crore, nearly doubling from the previous year. The focus has shifted toward high-yield retail and MSME loans.
Payments Bank & Solutions: Total income from Jio Payments Bank grew 10x YoY to Rs 61 crore, while transaction volume on its payment platforms reached Rs 16,315 crore.
Insurance Broking: Facilitated premiums grew by 23% YoY, aided by a 5x growth in its digital "Point of Sale Person" (PoSP) channel.

2. Why the Profit (PAT) Dipped (-8%)

The decline in profit despite the revenue jump is attributed to "Incubation Costs":

High Operating Expenses: As JFSL scales up, it is spending significantly on technology, branding, and hiring for new verticals like Wealth Management and Securities Broking.
Jio BlackRock JV: Lower "Share of Profit from Associates" (Rs 36 crore vs Rs 59 crore last year) occurred because the company is reinvesting capital into the AMC (Asset Management) and Wealth Management joint ventures with BlackRock to gain market share.
Credit Provisioning: With a growing loan book (AUM up 4.5x), the company has to set aside more capital for potential bad loans (provisions), which impacts the immediate net profit.

The Road Ahead: 2026 and Beyond

The management highlighted that 55% of the company's income now comes from active business operations, compared to just 20% a year ago. This suggests the company is successfully transitioning from an "investment holding firm" into a full-scale digital financial powerhouse.