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Alongside a decent set of numbers, the Mukesh Ambani-helmed financial services co. has articulated a long-term playbook that could reshape the competitive landscape of financial services.

Jio Financial Services Ltd seems to be getting several things right. And, in doing so, appears to be taking a leaf out of the playbook of a larger and more seasoned peer—Bajaj Finserv.
The early signs of this came alongside JFSL’s December quarter results. The Mukesh Ambani-controlled financial services company on Thursday reported a 101% year-on-year jump in total income for Q3 of FY26.
The growth was driven largely by a sharp acceleration in its lending business. Income from lending surged 6.5x as the loan book expanded to Rs 19,049 crore during the quarter, from Rs 4,199 crore at the …
Purpose-driven finance has powered the digital lender’s growth, but its durability remains in question.
Surprisingly strong metrics alongside aggressive expansion mask a lurking balance-sheet risk. Moreover, competition is not going to be kind to the retail giant any time soon.
The beleaguered lender outperformed larger rivals—and itself—on several metrics in FY26, but one-offs and a still weak retail engine keep its investors on edge.