Motilal Oswal keeps INR 300 target for Jio Financial Services stock

Jio Financial Services (ISIN INE758E01017) has an INR 300.00 target from Motilal Oswal Financial Services after the broker reiterated its Buy rating on October 15, 2026, according to DSIJ. The target was 44.76 percent above the INR 207.24 NSE price used for the comparison. Jio Financial Services stock was last at INR 207.24 on October 27, 2026 at 3:28 p.m. IST, up 0.98 percent from INR 205.23.

Revenue growth meets profit pressure

The September quarter delivered sharp operating growth but a weaker consolidated bottom line. ET Now reported that revenue from operations rose 73.15 percent year on year to INR 16.99 billion in the second quarter of fiscal 2027, from INR 9.81 billion a year earlier. Consolidated net profit fell 51.02 percent to INR 3.40 billion from INR 6.95 billion.

Net interest income increased 165 percent year on year to INR 6.80 billion, while total expenses rose 167.09 percent to INR 11.66 billion in the second quarter of fiscal 2027. The contrast matters for the valuation: income is scaling quickly, but expenses are expanding faster than revenue.

Loan book adds operating scale

Jio Credit, the lending subsidiary, reported a 154 percent year-on-year increase in assets under management to INR 373.20 billion in the second quarter of fiscal 2027. Gross quarterly disbursements nearly doubled year on year to INR 131.35 billion, while subsidiary profit after tax rose 140 percent to INR 1.20 billion, according to ET Now.

Motilal Oswal's October 15 update cited higher provisions as a reason for cutting its fiscal 2027 earnings-per-share estimate by 6.6 percent, while it raised its fiscal 2028 estimate on stronger net interest income. The same report placed Jio Financial Services at 0.90 times estimated fiscal 2027 price to book value and identified credit provisions, joint-venture losses and payments volumes as key watch items.

Valuation remains tied to execution

The latest quote implies a market capitalization of INR 1.37 trillion and a price-to-earnings ratio of 78.50 as of October 27, 2026. The NSE 52-week range was INR 202.51 to INR 316.85, placing the stock 34.51 percent below its high. That distance leaves earnings delivery and the build-out of lending, asset management and payments central to the valuation.

What the target depends on

The INR 300.00 target rests on a September 2028 sum-of-the-parts valuation that includes the Reliance Industries stake and cash investments, while assigning no value to several incubating businesses, according to DSIJ. This creates a clear split in the investment case: established businesses provide measurable operating figures, while newer insurance, wealth-management, broking and marketplace activities still depend on execution.

Stock position and outlook

Jio Financial Services combines lending, investments, payments and insurance distribution through its financial-services platform. The latest quarterly figures put the strongest momentum in revenue and net interest income, while the 51.02 percent profit decline keeps cost growth and provisions in view.

Market context: Market report BSE Sensex.

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