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Motilal Oswal Report
Jio Financial Services Ltd. posted a healthy quarter, with Jio Credit scaling up well as its AUM crossed Rs 30,00 crores. Other businesses have seen steady progress, with improving profitability in payments business and continued traction in its insurance and AMC franchises.
However, operating expenses remained high due to ongoing investments in incubating new businesses and scaling up existing operations.
The brokerage has cut its FY27/FY28 EPS estimates by 4%/6% to factor in high opex due to investments in ongoing businesses.
Jio Financial trades at 1x FY27E P/BV. The brokerage models a consolidated PAT CAGR of 46% over FY26-FY28 and reiterate its Buy rating on the stock with a target price of Rs 315 (based on Mar'28E SoTP).
The SoTP does not factor in valuation from businesses like insurance manufacturing, wealth management, broking and marketplace, which are still in their incubation phase.
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