Jio Financial Services Limited (JIOFIN.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-8.2%

₹196.39

vs ₹214.00 price

Levered DCF

-₹35.21

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.78

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	91.1×	90.72×	141.09×	5,058.94×	957.31×	1,310×	691.39×	-395.08×
P/B	1.06×	1.18×	1.63×	1.39×	7,097.45×	76.76×	8,164.12×	38.57×
P/S	40.14×	82.78×	126.12×	6,734.81×	832.15×	518.61×	459.78×	-720.82×
EV / EBITDA	82.62×	75.73×	114.03×	3,233.8×	894.06×	691.65×	491.8×	-1,308.16×
Gross margin	77.3%	97.3%	97.3%	100.0%	100.0%	100.0%	99.9%	100.2%
Operating margin	46.7%	91.5%	86.1%	181.8%	93.1%	75.0%	93.9%	52.9%
Net margin	44.1%	91.3%	89.2%	133.1%	88.4%	40.4%	66.9%	183.1%
Current ratio	0×	6.6×	113.19×	20.89×	22,687.89×	0×	11.33×	91.48×
Debt / equity	0.16×	0.03×	0×	0.01×	0×	0×	1.25×	0.03×
Interest coverage	0×	211.27×	150.83×	0×	0×	2.07×	2.53×	-0.47×
Dividend yield	0.2%	0.0%	0.0%	0.6%	0.0%	0.0%	0.0%	0.0%
Payout ratio	20.4%	0.0%	0.0%	2844.5%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.2%	1.3%	1.2%	0.0%	754.2%	6.0%	1187.1%	-9.8%
Return on invested capital	0.8%	1.0%	0.9%	0.0%	754.6%	1110.4%	737.3%	-0.9%
Return on assets	1.0%	1.2%	1.1%	0.0%	754.2%	6.0%	480.7%	-9.8%
Free cash flow yield	0.7%	-6.9%	-0.3%	1.3%	0.0%	0.0%	-0.0%	-0.2%
Earnings yield	1.1%	1.1%	0.7%	0.0%	0.1%	0.1%	0.1%	-0.3%
Enterprise value	₹1.6T	₹1.5T	₹2.3T	₹1.6T	₹1.6T	₹1.6T	₹1.6T	₹1.6T
Net debt / EBITDA	9.36×	1.74×	-0.07×	28.83×	-0×	-0×	0.08×	-1.06×
Cash conversion cycle (days)	-38	597	-5	5,466	0	0	60,301	-8